XML 32 R20.htm IDEA: XBRL DOCUMENT v3.20.2
Provision for Income Taxes
3 Months Ended
Oct. 31, 2020
Income Tax Disclosure [Abstract]  
Provision for Income Taxes Provision for Income Taxes
The overall effective income tax rate for the three months ended October 31, 2020 was 21.0%. This rate was favorably impacted by certain foreign rate differences, which include certain interest income not subject to corporate income tax. The overall effective income tax rate for the three months ended October 31, 2019 was 24.5%, which was favorably impacted by certain foreign rate differences, which includes certain interest income not subject to corporate income tax. This benefit was partially offset by additional income tax expense resulting from the vesting of share-based compensation awards during the three months ended October 31, 2019.

Within the next 12 months, the Company anticipates a decrease of approximately $5,000 in unrecognized tax benefits, and $1,320 in accrued interest related to unrecognized tax benefits recorded as of October 31, 2020, from expected settlements or payments of uncertain tax positions and lapses of the applicable statutes of limitations. Actual results may differ from these estimates.
The Company files income tax returns in the U.S. federal jurisdiction and in many U.S. state and foreign jurisdictions. For U.S. federal income tax purposes, fiscal years 2017 through 2019 remain open and could be subject to examination. In major state and major foreign jurisdictions, fiscal years 2017 through 2019 generally remain open and could be subject to examination. The Company is currently under exam by certain U.S. state tax authorities for the fiscal years ended July 31, 2015 through 2017. The Company believes it has adequately reserved for its exposure to additional payments for uncertain tax positions in its liability for unrecognized tax benefits.