INCOME TAXES (Tables)
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12 Months Ended |
Jan. 31, 2022 |
Income Tax Disclosure [Abstract] |
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Schedule of components of income tax provision |
| | | | | | | | | | | | Year Ended January 31, | | | 2022 | | 2021 | | 2020 | | | | (In thousands) | Current | | | | | | | | | | Federal | | $ | 39,283 | | $ | (15,828) | | $ | 22,471 | State and city | | | 4,484 | | | (491) | | | 4,856 | Foreign | | | 5,991 | | | 3,803 | | | 10,615 | | | | 49,758 | | | (12,516) | | | 37,942 | Deferred | | | | | | | | | | Federal | | | 17,090 | | | 22,770 | | | 8,250 | State and city | | | 2,116 | | | 3,364 | | | 315 | Foreign | | | 1,911 | | | (1,415) | | | (8,246) | | | | 21,117 | | | 24,719 | | | 319 | Income tax expense | | $ | 70,875 | | $ | 12,203 | | $ | 38,261 | Income before income taxes | | | | | | | | | | United States | | $ | 234,034 | | $ | 37,727 | | $ | 138,292 | Non-United States | | | 36,942 | | | (2,001) | | | 43,806 | | | $ | 270,976 | | $ | 35,726 | | $ | 182,098 |
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Schedule of significant components of net deferred tax assets |
| | | | | | | | | 2022 | | 2021 | | | | (In thousands) | Deferred income tax assets: | | | | | | | Compensation | | $ | 1,807 | | $ | 2,673 | Inventory | | | 7,918 | | | 6,780 | Provision for bad debts and sales allowances | | | 15,972 | | | 18,531 | Supplemental employee retirement plan | | | 710 | | | 584 | Net operating loss | | | 10,949 | | | 12,703 | Operating lease liability | | | 32,721 | | | 35,658 | Foreign tax credit carryforward | | | 2,805 | | | 4,962 | Other | | | 782 | | | 3,792 | Gross deferred income tax assets | | | 73,664 | | | 85,683 | Less: valuation allowance | | | (14,481) | | | (13,272) | Net deferred income tax assets | | | 59,183 | | | 72,411 | Deferred income tax liabilities: | | | | | | | Depreciation and amortization | | | (56,901) | | | (41,185) | Intangibles | | | (9,576) | | | (14,271) | Operating lease asset | | | (27,272) | | | (30,182) | Accrued expenses | | | (59) | | | — | Prepaid expenses and other | | | (1,826) | | | (2,028) | Total deferred income tax liabilities | | | (95,634) | | | (87,666) | Net deferred tax liabilities | | $ | (36,451) | | $ | (15,255) |
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Schedule of reconciliation of statutory federal income tax rate to effective rate reported in financial statements |
| | | | | | | | | | | | 2022 | | | 2021 | | | 2020 | | Provision for Federal income taxes at the statutory rate | | 21.0 | % | | 21.0 | % | | 21.0 | % | State and local income taxes, net of Federal tax benefit | | 2.0 | | | (0.6) | | | 1.9 | | Permanent differences resulting in Federal taxable income | | 4.3 | | | 12.8 | | | 5.9 | | Foreign tax rate differential | | — | | | (0.3) | | | (3.8) | | Share-based payments | | — | | | 12.5 | | | (0.8) | | Foreign tax credit | | (3.4) | | | (7.3) | | | (3.5) | | Valuation allowance | | 0.8 | | | 13.7 | | | 0.9 | | Net operating loss carryback | | — | | | (18.6) | | | — | | Other, net | | 1.5 | | | 1.0 | | | (0.6) | | Actual provision for income taxes | | 26.2 | % | | 34.2 | % | | 21.0 | % |
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Schedule of reconciliation of the beginning and ending amounts of gross unrecognized tax benefits (excluding interest and penalties) |
| | | | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | | | | (In thousands) | Balance at February 1, | | $ | 2,293 | | $ | 2,111 | | $ | — | Additions for tax positions of prior years | | | 595 | | | 182 | | | 2,111 | Lapses of statues of limitations | | | (446) | | | — | | | — | Balance at January 31, | | $ | 2,442 | | $ | 2,293 | | $ | 2,111 |
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