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Income Taxes (Tables) | 12 Months Ended
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Jul. 31, 2012
Schedule of Components of Provision (Benefit) for Income Taxes | The components of the provision (benefit) for income taxes are as follows:
Income Taxes: |  | 2012 |  |  | 2011 |  |  | 2010 |
Federal |  | $ | 57,736 |  |  | $ | 48,943 |  |  | $ | 55,462 |
State and local |  |  | 4,658 |  |  |  | 250 |  |  |  | 9,337 |
Foreign |  |  | – |  |  |  | – |  |  |  | (11) |
Total current expense |  |  | 62,394 |  |  |  | 49,193 |  |  |  | 64,788 |
Federal |  |  | (3,387) |  |  |  | (2,989) |  |  |  | (3,430) |
State and local |  |  | (55) |  |  |  | 150 |  |  |  | (29) |
Total deferred benefit |  |  | (3,442) |  |  |  | (2,839) |  |  |  | (3,459) |
Total income tax expense |  | $ | 58,952 |  |  | $ | 46,354 |  |  | $ | 61,329 |
Schedule of Components of Total Current Income Tax Expense | The table below shows the components of the total current income tax expense for fiscal 2012, 2011 and 2010:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Federal tax expense at statutory rates |  | $ | 63,242 |  |  | $ | 53,420 |  |  | $ | 59,988 |
State tax expense at various state tax rates (net of federal benefit) |  |  | 1,054 |  |  |  | 956 |  |  |  | 5,153 |
Current tax expense effect of accrued product warranties |  |  | 2,371 |  |  |  | 1,698 |  |  |  | 3,622 |
Current tax expense effect of other temporary items |  |  | (270) |  |  |  | 1,989 |  |  |  | (407) |
Federal income tax credits and incentives |  |  | (980) |  |  |  | (2,421) |  |  |  | (1,069) |
Domestic production activities deduction |  |  | (5,645) |  |  |  | (5,236) |  |  |  | (3,745) |
Executive compensation limitation |  |  | 38 |  |  |  | – |  |  |  | 1,578 |
Change in uncertain tax positions |  |  | 2,540 |  |  |  | (1,426) |  |  |  | (1,931) |
Adjustments to current tax payable |  |  | (301) |  |  |  | (1,169) |  |  |  | 807 |
Other permanent items |  |  | 345 |  |  |  | 1,382 |  |  |  | 792 |
Total Current Income Taxes |  | $ | 62,394 |  |  | $ | 49,193 |  |  | $ | 64,788 |
Schedule of Differences Between Income Taxes at Federal Statutory Rate and Actual Income Taxes | The differences between income taxes at the federal statutory rate and the actual income taxes are as follows:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Provision at federal statutory rate |  | $ | 63,242 |  |  | $ | 53,420 |  |  | $ | 59,988 |
State and local income taxes (net of federal benefit) |  |  | 975 |  |  |  | 978 |  |  |  | 5,124 |
Federal income tax credits and incentives |  |  | (980) |  |  |  | (2,421) |  |  |  | (1,069) |
Domestic production activities deduction |  |  | (5,645) |  |  |  | (5,236) |  |  |  | (3,745) |
Change in uncertain tax positions |  |  | 1,619 |  |  |  | (1,124) |  |  |  | (278) |
Executive compensation limitation |  |  | 38 |  |  |  | – |  |  |  | 1,578 |
Reduction of excess current tax payable and deferred tax liabilities |  |  | (642) |  |  |  | (645) |  |  |  | (1,061) |
Other permanent Items |  |  | 345 |  |  |  | 1,382 |  |  |  | 792 |
Income Taxes |  | $ | 58,952 |  |  | $ | 46,354 |  |  | $ | 61,329 |
Schedule of Deferred Income Taxes |
A summary of deferred income taxes is as follows: |  | July 31, |  |  | July 31, |
|  | 2012 |  |  | 2011 |
Current deferred tax asset (liability): |  |  |  |  |  |  |  |
Inventory basis |  | $ | (589) |  |  | $ | (251) |
Employee benefits |  |  | 2,026 |  |  |  | 3,102 |
Self-insurance reserves |  |  | 8,556 |  |  |  | 8,036 |
Accrued product warranties |  |  | 26,690 |  |  |  | 24,443 |
Accrued incentives |  |  | 2,369 |  |  |  | 2,948 |
Sales returns and allowances |  |  | 1,145 |  |  |  | 1,231 |
Accrued expenses |  |  | 1,399 |  |  |  | 2,938 |
Unrecognized tax benefits |  |  | 963 |  |  |  | 597 |
Other |  |  | (1,662) |  |  |  | (1,456) |
Total current net deferred tax asset |  |  | 40,897 |  |  |  | 41,588 |
Long-term deferred tax asset (liability): |  |  |  |  |  |
Property basis |  |  | (4,482) |  |  |  | (5,166) |
Investments |  |  | (433) |  |  |  | (898) |
Deferred compensation |  |  | 5,069 |  |  |  | 4,836 |
Intangibles |  |  | (35,524) |  |  |  | (37,513) |
Unrecognized tax benefits |  |  | 14,436 |  |  |  | 13,882 |
Total net long-term deferred tax liability |  |  | (20,934) |  |  |  | (24,859) |
Net deferred tax asset |  | $ | 19,963 |  |  | $ | 16,729 |
Schedule of Changes in Unrecognized Tax Benefit | Changes in the unrecognized tax benefit during fiscal year 2012, 2011 and 2010 were as follows:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Beginning balance |  |  |  | $ | 32,174 |  |  |  |  | $ | 31,039 |  |  |  |  | $ | 30,235 |
Tax positions related to prior years: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Additions |  |  |  |  | 562 |  |  |  |  |  | 1,817 |  |  |  |  |  | 760 |
Reductions |  |  |  |  | (284) |  |  |  |  |  | (1,062) |  |  |  |  |  | (1,883) |
Tax positions related to current year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Additions |  |  |  |  | 3,995 |  |  |  |  |  | 3,713 |  |  |  |  |  | 4,095 |
Settlements |  |  |  |  | (1,364) |  |  |  |  |  | (2,642) |  |  |  |  |  | (817) |
Lapses in statute of limitations |  |  |  |  | (1,183) |  |  |  |  |  | (691) |  |  |  |  |  | (1,351) |
Ending balance |  |  |  | $ | 33,900 |  |  |  |  | $ | 32,174 |  |  |  |  | $ | 31,039 |
Components of Total Unrecognized Tax Benefits | The components of total unrecognized tax benefits are summarized as follows:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Unrecognized tax benefits |  |  |  | $ | 33,900 |  |  |  |  | $ | 32,174 |  |  |  |  | $ | 31,039 |
Accrued interest and penalties |  |  |  |  | 13,265 |  |  |  |  |  | 12,533 |  |  |  |  |  | 13,326 |
Total unrecognized tax benefits |  |  |  | $ | 47,165 |  |  |  |  | $ | 44,707 |  |  |  |  | $ | 44,365 |
Short-term, included in “Income and other taxes” |  |  |  | $ | 2,649 |  |  |  |  | $ | 1,683 |  |  |  |  | $ | 8,679 |
Long-term |  |  |  |  | 44,516 |  |  |  |  |  | 43,024 |  |  |  |  |  | 35,686 |
Total unrecognized tax benefits |  |  |  | $ | 47,165 |  |  |  |  | $ | 44,707 |  |  |  |  | $ | 44,365 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 9 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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