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INCOME TAXES (Tables) | 12 Months Ended
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Jul. 31, 2019
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The sources of earnings before income taxes are as follows:
|  | For the Fiscal Year Ended July 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
United States |  | $ | 200,859 |  |  | $ | 633,029 |  |  | $ | 556,386 |
Foreign |  |  | (16,193 | ) |  |  | – |  |  |  | – |
Total |  | $ | 184,666 |  |  | $ | 633,029 |  |  | $ | 556,386 |
Schedule of Components of Provision (Benefit) for Income Taxes | The components of the provision (benefit) for income taxes are as follows:
|  | For the Fiscal Year Ended July 31, |
Income Taxes: |  | 2019 |  |  | 2018 |  |  | 2017 |
U.S. Federal |  | $ | 48,757 |  |  | $ | 166,402 |  |  | $ | 200,370 |
U.S. state and local |  |  | 5,921 |  |  |  | 21,025 |  |  |  | 20,941 |
Foreign |  |  | 6,611 |  |  |  |  |  |  |  |  |
Total current expense |  |  | 61,289 |  |  |  | 187,427 |  |  |  | 221,311 |
U.S. Federal |  |  | 10,862 |  |  |  | 17,820 |  |  |  | (37,033 | )
U.S. state and local |  |  | (36 | ) |  |  | (2,369 | ) |  |  | (2,146 | )
Foreign |  |  | (19,914 | ) |  |  | – |  |  |  | – |
Total deferred expense (benefit) |  |  | (9,088 | ) |  |  | 15,451 |  |  |  | (39,179 | )
Total income tax expense |  | $ | 52,201 |  |  | $ | 202,878 |  |  | $ | 182,132 |
Schedule of Differences Between Income Tax Expense at Federal Statutory Rate and Actual Income Taxes | The differences between income tax expense at the federal statutory rate and the actual income tax expense are as follows:
|  | For the Fiscal Year Ended July 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Provision at federal statutory rate |  | $ | 38,779 |  |  | $ | 170,095 |  |  | $ | 194,735 |
Differences between U.S. federal statutory and foreign tax rates |  |  | 1,478 |  |  |  |  |  |  |  |  |
U.S. state and local income taxes, net of federal benefit |  |  | 4,642 |  |  |  | 14,255 |  |  |  | 11,021 |
Nondeductible compensation |  |  | 2,401 |  |  |  | – |  |  |  | – |
Nondeductible acquisition costs |  |  | 3,031 |  |  |  | – |  |  |  | – |
Nondeductible foreign currency forward contract loss on acquisition |  |  | 14,863 |  |  |  | – |  |  |  | – |
Nontaxable foreign currency remeasurement gains |  |  | (12,942 | ) |  |  |  |  |  |  |  |
Federal income tax credits and incentives |  |  | (3,373 | ) |  |  | (3,518 | ) |  |  | (3,228 | )
Domestic production activities deduction |  |  | – |  |  |  | (16,175 | ) |  |  | (19,527 | )
Change in uncertain tax positions |  |  | 1,279 |  |  |  | 396 |  |  |  | 375 |
Effect of the U.S. Tax Act |  |  | – |  |  |  | 38,620 |  |  |  | – |
Other |  |  | 2,043 |  |  |  | (795 | ) |  |  | (1,244 | )
Total income tax expense |  | $ | 52,201 |  |  | $ | 202,878 |  |  | $ | 182,132 |
Schedule of Deferred Income Taxe Balances | A summary of the deferred income tax balances is as follows:
|  | July 31, |
|  | 2019 |  |  | 2018 |
Deferred income tax asset (liability): |  |  |  |  |  |  |  |
Inventory basis |  | $ | 807 |  |  | $ | 922 |
Employee benefits |  |  | 5,272 |  |  |  | 3,427 |
Self-insurance reserves |  |  | 5,185 |  |  |  | 6,368 |
Accrued product warranties |  |  | 62,563 |  |  |  | 62,332 |
Accrued incentives |  |  | 6,144 |  |  |  | 5,235 |
Sales returns and allowances |  |  | 1,516 |  |  |  | 1,741 |
Accrued expenses |  |  | 3,617 |  |  |  | 1,905 |
Property, plant and equipment |  |  | (22,699 | ) |  |  | (9,060 | )
Deferred compensation |  |  | 15,247 |  |  |  | 12,864 |
Intangibles |  |  | (143,861 | ) |  |  | (9,151 | )
Net operating loss and other carryforwards |  |  | 15,725 |  |  |  | – |
Unrealized gain/loss |  |  | (4,546 | ) |  |  | – |
Unrecognized tax benefits |  |  | 2,689 |  |  |  | 2,581 |
Other |  |  | 2,759 |  |  |  | (720 | )
Valuation allowance |  |  | (12,945 | ) |  | $ | – |
Deferred income tax asset (liability), net |  | $ | (62,527 | ) |  | $ | 78,444 |
Schedule of Total Deferred Tax Assets And Liabilities | Total deferred tax assets and deferred tax liabilities at July 31, 2019 and 2018 are as follows:
|  | July 31, |
|  | 2019 |  |  | 2018 |
Deferred tax assets |  | $ | 273,273 |  |  | $ | 97,375 |
Deferred tax liabilities |  |  | (322,855 | ) |  |  | (18,931 | )
Valuation allowance |  |  | (12,945 | ) |  |  | – |
Net deferred tax assets / (liabilities) |  | $ | (62,527 | ) |  | $ | 78,444 |
Schedule of Changes in Unrecognized Tax Benefit | Changes in the unrecognized tax benefit during fiscal years 2019, 2018 and 2017 were as follows:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Beginning balance |  | $ | 13,004 |  |  | $ | 12,671 |  |  | $ | 13,269 |
Tax positions related to prior years: |  |  |  |  |  |  |  |  |  |  |  |
Additions |  |  | – |  |  |  | 353 |  |  |  | 75 |
Reductions |  |  | (263 | ) |  |  | (2,203 | ) |  |  | (1,510 | )
Tax positions related to current year: |  |  |  |  |  |  |  |  |  |  |  |
Additions |  |  | 2,062 |  |  |  | 3,629 |  |  |  | 3,853 |
Settlements |  |  | (773 | ) |  |  | (192 | ) |  |  | (1,450 | )
Lapses in statute of limitations |  |  | (918 | ) |  |  | (1,254 | ) |  |  | (1,566 | )
Tax positions acquired from EHG |  |  | 736 |  |  |  | – |  |  |  | – |
Ending balance |  | $ | 13,848 |  |  | $ | 13,004 |  |  | $ | 12,671 |
Components of Total Unrecognized Tax Benefits | The components of total unrecognized tax benefits are summarized as follows:
|  | July 31, |
|  | 2019 |  |  | 2018 |
Unrecognized tax benefits |  | $ | 13,848 |  |  | $ | 13,004 |
Reduction to unrecognized tax benefits which offset tax credit and loss carryforwards |  |  | (1,916 | ) |  |  | (955 | )
Accrued interest and penalties |  |  | 1,758 |  |  |  | 1,290 |
Total unrecognized tax benefits |  | $ | 13,690 |  |  | $ | 13,339 |
Short-term, included in “Income and other taxes” |  | $ | 2,891 |  |  | $ | 893 |
Long-term |  |  | 10,799 |  |  |  | 12,446 |
Total unrecognized tax benefits |  | $ | 13,690 |  |  | $ | 13,339 |
Summary of Income Tax Examinations | The major tax jurisdictions we file in, with the years still subject to income tax examinations, are listed below:
Major Tax Jurisdiction |  | Tax Years Subject to Exam |
United States – Federal |  | Fiscal 2016 – Fiscal 2018 |
United States – State |  | Fiscal 2016 – Fiscal 2018 |
Germany |  | Fiscal 2016 – Fiscal 2018 |
France |  | Fiscal 2016 – Fiscal 2018 |
Italy |  | Fiscal 2015 – Fiscal 2018 |
United Kingdom |  | Fiscal 2018 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=117331294&loc=d3e36027-109320 + Details
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