INCOME TAXES (Tables)
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12 Months Ended |
Jan. 31, 2023 |
INCOME TAXES [Abstract] |
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Schedule of components of income tax provision |
| | | | | | | | | | | | Year Ended January 31, | | | 2023 | | 2022 | | 2021 | | | | (In thousands) | Current | | | | | | | | | | Federal | | $ | 27,982 | | $ | 39,283 | | $ | (15,828) | State and city | | | 8,278 | | | 4,484 | | | (491) | Foreign | | | 14,647 | | | 5,991 | | | 3,803 | | | | 50,907 | | | 49,758 | | | (12,516) | Deferred | | | | | | | | | | Federal | | | (50,764) | | | 17,090 | | | 22,770 | State and city | | | (4,457) | | | 2,116 | | | 3,364 | Foreign | | | 526 | | | 1,911 | | | (1,415) | | | | (54,695) | | | 21,117 | | | 24,719 | Income tax expense (benefit) | | $ | (3,788) | | $ | 70,875 | | $ | 12,203 | Income (loss) before income taxes | | | | | | | | | | United States | | $ | (106,086) | | $ | 234,034 | | $ | 37,727 | Non-United States | | | (32,084) | | | 36,942 | | | (2,001) | | | $ | (138,170) | | $ | 270,976 | | $ | 35,726 |
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Schedule of significant components of net deferred tax assets |
| | | | | | | | | 2023 | | 2022 | | | | (In thousands) | Deferred income tax assets: | | | | | | | Compensation | | $ | 879 | | $ | 1,807 | Inventory | | | 12,197 | | | 7,918 | Provision for bad debts and sales allowances | | | 15,237 | | | 15,972 | Supplemental employee retirement plan | | | 688 | | | 710 | Net operating loss | | | 33,749 | | | 10,949 | Operating lease liability | | | 56,519 | | | 32,721 | Foreign tax credit carryforward | | | 3,865 | | | 2,805 | Section 174 R&D amortization | | | 478 | | | — | Other | | | — | | | 782 | Gross deferred income tax assets | | | 123,612 | | | 73,664 | Less: valuation allowance | | | (33,087) | | | (14,481) | Net deferred income tax assets | | | 90,525 | | | 59,183 | Deferred income tax liabilities: | | | | | | | Depreciation and amortization | | | (6,268) | | | (56,901) | Intangibles | | | (48,760) | | | (9,576) | Operating lease asset | | | (50,995) | | | (27,272) | Accrued expenses | | | (57) | | | (59) | Prepaid expenses and other | | | (2,279) | | | (1,826) | Other | | | (560) | | | — | Total deferred income tax liabilities | | | (108,919) | | | (95,634) | Net deferred tax liabilities | | $ | (18,394) | | $ | (36,451) |
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Schedule of reconciliation of statutory federal income tax rate to effective rate reported in financial statements |
| | | | | | | | | | | | 2023 | | | 2022 | | | 2021 | | 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 | | (2.1) | | | 2.0 | | | (0.6) | | Permanent differences | | (2.1) | | | 2.8 | | | 6.6 | | U.S. tax on foreign earnings(1) | | (6.0) | | | 1.5 | | | 6.2 | | Foreign tax rate differential | | 1.2 | | | — | | | (0.3) | | Share-based payments | | (0.1) | | | — | | | 12.5 | | Foreign tax credit | | 7.9 | | | (3.4) | | | (7.3) | | Valuation allowance | | (3.1) | | | 0.8 | | | 13.7 | | Net operating loss carryback | | — | | | — | | | (18.6) | | Goodwill Impairment | | (17.3) | | | — | | | — | | Non-taxable capital gain | | 5.1 | | | — | | | — | | Other, net | | (1.8) | | | 1.5 | | | 1.0 | | Actual provision for income taxes | | 2.7 | % | | 26.2 | % | | 34.2 | % |
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Schedule of reconciliation of the beginning and ending amounts of gross unrecognized tax benefits (excluding interest and penalties) |
| | | | | | | | | | | | | | | | | | | | | | 2023 | | 2022 | | 2021 | | | | (In thousands) | Balance at February 1, | | $ | 2,442 | | $ | 2,293 | | $ | 2,111 | Additions based on tax positions related to the current year | | | 245 | | | — | | | — | Additions for tax positions of prior years | | | 895 | | | 595 | | | 182 | Lapses of statues of limitations | | | — | | | (446) | | | — | Balance at January 31, | | $ | 3,582 | | $ | 2,442 | | $ | 2,293 |
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