Income Taxes

9 Months Ended

Oct. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

For the three months ended October 31, 2019 and 2018, our effective tax rates were 8.6% and 5.3%, respectively. During the three months ended October 31, 2019 as compared to the prior year period, our effective tax rate increased primarily due to the reduction in excess tax benefits related to equity compensation. We recognized such excess tax benefits in our provision for income taxes of $8.9 million and $12.0 million for the three months ended October 31, 2019 and 2018, respectively.

For the nine months ended October 31, 2019 and 2018, our effective tax rates were 5.4% and 6.6%, respectively. During the nine months ended October 31, 2019 as compared to the prior year period, our effective tax rate decreased primarily due to an increase in excess tax benefits related to equity compensation. We recognized such excess tax benefits in our provision for income taxes of $39.5 million and $31.0 million for the nine months ended October 31, 2019 and 2018, respectively.