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Income Taxes (Tables)

12 Months Ended

Jan. 31, 2015

Schedule of Income before Income Tax, Domestic and Foreign

Earnings from operations before income taxes consisted of the following:



	Years Ended January 31,
(in thousands)	2015		2014		2013
United States	$	484,467	$	65,164	$	510,853
Foreign	253,070		189,702		132,723
	$	737,537	$	254,866	$	643,576

Schedule of Components of Income Tax Expense (Benefit)

Components of the provision for income taxes were as follows:



	Years Ended January 31,
(in thousands)	2015			2014			2013
Current:
Federal	$	130,901		$	39,028		$	167,462
State	18,193			9,897			28,461
Foreign	66,552			52,427			50,778
	215,646			101,352			246,701
Deferred:
Federal	25,156			(28,640		)	378
State	13,217			(2,265		)	223
Foreign	(661		)	3,050			(19,883		)
	37,712			(27,855		)	(19,282		)
	$	253,358		$	73,497		$	227,419

Schedule of Effective Income Tax Rate Reconciliation

Reconciliations of the provision for income taxes at the statutory Federal income tax rate to the Company's effective income tax rate were as follows:



	Years Ended January 31,
	2015		2014		2013
Statutory Federal income tax rate	35.0	%	35.0	%	35.0	%
State income taxes, net of Federal benefit	2.8		2.0		3.0
Foreign losses with no tax benefit	0.7		1.3		0.5
Undistributed foreign earnings	(4.2	)	(7.8	)	(3.4	)
Net change in uncertain tax positions	0.3		0.5		0.9
Domestic manufacturing deduction	(1.3	)	(2.5	)	(1.4	)
Other	1.1		0.3		0.7
	34.4	%	28.8	%	35.3	%

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets (liabilities) consisted of the following:



	January 31,
(in thousands)	2015			2014
Deferred tax assets:
Pension/postretirement benefits	$	203,045		$	106,585
Accrued expenses	36,441			38,141
Share-based compensation	17,280			22,719
Depreciation	14,406			52,530
Amortization	11,415			11,305
Foreign and state net operating losses	22,911			27,806
Sale-leaseback	36,321			47,900
Inventory	72,715			66,227
Financial hedging instruments	14,050			14,141
Unearned income	11,188			11,407
Other	37,018			37,052
	476,790			435,813
Valuation allowance	(16,232		)	(17,693		)
	460,558			418,120
Deferred tax liabilities:
Foreign tax credit	(34,744		)	(40,246		)
Net deferred tax asset	$	425,814		$	377,874

Summary of Income Tax Contingencies

The following table reconciles the unrecognized tax benefits:



							January 31,
(in thousands)	2015			2014			2013
Unrecognized tax benefits at beginning of year	$	27,626		$	28,217		$	25,509
Gross increases – tax positions in prior period	960			345			4,426
Gross decreases – tax positions in prior period	(5,395		)	(391		)	(1,713		)
Gross increases – tax positions in current period	105			115			156
Settlements	(14,837		)	(284		)	—
Lapse of statute of limitations	(126		)	(376		)	(161		)
Unrecognized tax benefits at end of year	$	8,333		$	27,626		$	28,217

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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