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INCOME TAXES (Tables) | 12 Months Ended
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Jul. 31, 2016
Schedule of Components of Provision (Benefit) for Income Taxes | The components of the provision (benefit) for income taxes from continuing operations are as follows:
|  | July 31, |
Income Taxes: |  | 2016 |  |  | 2015 |  |  | 2014 |
Federal |  | $ | 126,846 |  |  | $ | 98,504 |  |  | $ | 83,374 |
State and local |  |  | 12,716 |  |  |  | 1,222 |  |  |  | (1,383) |
Total current expense |  |  | 139,562 |  |  |  | 99,726 |  |  |  | 81,991 |
Federal |  |  | (13,079) |  |  |  | (7,785) |  |  |  | (3,805) |
State and local |  |  | (1,192) |  |  |  | (1,055) |  |  |  | (883) |
Total deferred (benefit) |  |  | (14,271) |  |  |  | (8,840) |  |  |  | (4,688) |
Total income tax expense |  | $ | 125,291 |  |  | $ | 90,886 |  |  | $ | 77,303 |
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: |
|  | July 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Provision at federal statutory rate |  | $ | 134,160 |  |  | $ | 102,513 |  |  | $ | 88,487 |
State and local income taxes, net of federal benefit |  |  | 6,599 |  |  |  | 5,144 |  |  |  | 3,748 |
Federal income tax credits and incentives |  |  | (4,194) |  |  |  | (2,207) |  |  |  | (772) |
Domestic production activities deduction |  |  | (12,609) |  |  |  | (9,519) |  |  |  | (7,947) |
Change in uncertain tax positions |  |  | 611 |  |  |  | (5,650) |  |  |  | (6,631) |
Change in current tax payable and deferred tax liabilities |  |  | 103 |  |  |  | 218 |  |  |  | 125 |
Other permanent items |  |  | 621 |  |  |  | 387 |  |  |  | 293 |
Total income tax expense |  | $ | 125,291 |  |  | $ | 90,886 |  |  | $ | 77,303 |
Schedule of Deferred Income Taxes | A summary of deferred income taxes is as follows:
|  | July 31, |
|  | 2016 |  |  | 2015 |
Current deferred income tax asset (liability): |  |  |  |  |  |  |  |
Inventory basis |  | $ | – |  |  | $ | 467 |
Employee benefits |  |  | – |  |  |  | 3,625 |
Self-insurance reserves |  |  | – |  |  |  | 10,411 |
Accrued product warranties |  |  | – |  |  |  | 39,486 |
Accrued incentives |  |  | – |  |  |  | 3,959 |
Sales returns and allowances |  |  | – |  |  |  | 1,520 |
Accrued expenses |  |  | – |  |  |  | 2,067 |
Unrecognized tax benefits |  |  | – |  |  |  | 367 |
Other |  |  | – |  |  |  | (2,038) |
Total net current deferred income tax asset |  | $ | – |  |  | $ | 59,864 |
|  | July 31, |
|  | 2016 |  |  | 2015 |
Long-term deferred income tax asset (liability): |  |  |  |  |  |  |  |
Inventory basis |  | $ | 1,196 |  |  | $ | – |
Employee benefits |  |  | 4,587 |  |  |  | – |
Self-Insurance Reserves |  |  | 10,504 |  |  |  | – |
Accrued product warranties |  |  | 43,388 |  |  |  | – |
Accrued incentives |  |  | 5,154 |  |  |  | – |
Sales returns and allowances |  |  | 1,642 |  |  |  | – |
Accrued expenses |  |  | 2,607 |  |  |  | – |
Property, plant and equipment |  |  | (4,164) |  |  |  | (707) |
Deferred compensation |  |  | 9,145 |  |  |  | 6,367 |
Tax credit carry forward |  |  | 256 |  |  |  | 110 |
Intangibles |  |  | (22,308) |  |  |  | (30,246) |
Unrecognized tax benefits |  |  | 4,105 |  |  |  | 3,913 |
Other |  |  | (2,695) |  |  |  | – |
Total net long-term deferred income tax (liability) |  |  | – |  |  |  | (20,563) |
Net deferred tax asset |  | $ | 53,417 |  |  | $ | 39,301 |
Schedule of Changes in Unrecognized Tax Benefit | Changes in the unrecognized tax benefit during fiscal year 2016, 2015 and 2014 were as follows:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Beginning balance |  | $ | 13,156 |  |  | $ | 20,813 |  |  | $ | 32,733 |
Tax positions related to prior years: |  |  |  |  |  |  |  |  |  |  |  |
Additions |  |  | 1,546 |  |  |  | 126 |  |  |  | 9 |
Reductions |  |  | (920) |  |  |  | (7,695) |  |  |  | (9,281) |
Tax positions related to current year: |  |  |  |  |  |  |  |  |  |  |  |
Additions |  |  | 3,123 |  |  |  | 2,858 |  |  |  | 3,804 |
Settlements |  |  | (956) |  |  |  | (1,898) |  |  |  | (5,002) |
Lapses in statute of limitations |  |  | (2,680) |  |  |  | (1,048) |  |  |  | (1,450) |
Ending balance |  | $ | 13,269 |  |  | $ | 13,156 |  |  | $ | 20,813 |
Components of Total Unrecognized Tax Benefits | The components of total unrecognized tax benefits are summarized as follows:
|  | July 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Unrecognized tax benefits |  | $ | 13,269 |  |  | $ | 13,156 |  |  | $ | 20,813 |
Reduction to unrecognized tax benefits for tax credit carry forward |  |  | (2,255) |  |  |  | (2,109) |  |  |  | (657) |
Accrued interest and penalties |  |  | 1,547 |  |  |  | 1,895 |  |  |  | 5,200 |
Total unrecognized tax benefits |  | $ | 12,561 |  |  | $ | 12,942 |  |  | $ | 25,356 |
Short-term, included in “Income and other taxes” |  | $ | 2,586 |  |  | $ | 997 |  |  | $ | 1,667 |
Long-term |  |  | 9,975 |  |  |  | 11,945 |  |  |  | 23,689 |
Total unrecognized tax benefits |  | $ | 12,561 |  |  | $ | 12,942 |  |  | $ | 25,356 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
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