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ACQUISITIONS (Tables) | 12 Months Ended
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Jul. 31, 2021
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of the Tiffin Group net assets acquired on the acquisition date. The Company is in the process of finalizing the fair value analysis, but this analysis has not been fully completed. The provisional amounts included below, related to deferred income tax liabilities and certain accrued expenses, remain subject to potential adjustment. The Company expects to finalize these values as soon as practical and no later than one year from the acquisition date.
Cash |  | $ | 13,074 |
Inventory |  | 116,441 |
Other assets |  | 53,860 |
Property, plant and equipment |  | 48,262 |
Amortizable intangible assets: |  |
Dealer network |  | 92,200 |
Trademarks |  | 32,100 |
Non-compete agreements |  | 1,400 |
Backlog |  | 4,800 |
Goodwill |  | 65,064 |
Current liabilities |  | (81,423) |
Deferred income tax liabilities |  | (37,263) |
Other liabilities |  | (7,203) |
Total fair value of net assets acquired |  | 301,312 |
Less cash acquired |  | (13,074) |
Total cash consideration for acquisition, less cash acquired |  | $ | 288,238 |
During the fiscal quarter ended July 31, 2020, the Company made immaterial measurement period adjustments primarily to deferred income taxes and goodwill to better reflect the facts and circumstances that existed at the 2020 Agreement effective date. The table below summarizes the final fair value of Togo Group assets acquired and liabilities assumed as of the 2020 Agreement effective date.
Cash | $ | 326 |
Accounts receivable | 466 |
Other assets | 749 |
Property, plant and equipment | 362 |
Amortizable intangible assets |
Trade names and trademarks | 1,130 |
Developed technology | 5,700 |
Other | 1,350 |
Goodwill | 61,955 |
Liabilities | (2,595) |
Non-controlling interest | (16,835) |
Total fair value of net assets acquired | $ | 52,608 |
The following table summarizes the final fair values of the EHG assets acquired and liabilities assumed as of the acquisition date.
Cash | $ | 97,887 |
Inventory | 593,053 |
Other assets | 435,747 |
Property, plant and equipment, rental vehicles | 80,132 |
Property, plant and equipment | 437,216 |
Amortizable intangible assets: |
Dealer network | 355,601 |
Trademarks | 126,181 |
Technology assets | 183,536 |
Backlog | 11,471 |
Goodwill | 1,009,754 |
Guarantee liabilities related to former EHG North American subsidiaries | (115,668) |
Other current liabilities | (851,774) |
Debt – Unsecured notes | (114,710) |
Debt – Other | (166,196) |
Deferred income tax liabilities | (152,186) |
Other long-term liabilities | (17,205) |
Non-controlling interests | (12,207) |
Total fair value of net assets acquired | 1,900,632 |
Less: cash acquired | (97,887) |
Total fair value of net assets acquired, less cash acquired | $ | 1,802,745 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2021 acquisition of the Tiffin Group had occurred at the beginning of fiscal 2020, the fiscal 2020 acquisition of the Togo Group had occurred at the beginning of fiscal 2019 and the fiscal 2019 acquisition of EHG had occurred at the beginning of fiscal 2018. The disclosure of pro forma net sales and earnings does not purport to indicate the results that would actually have been obtained had the acquisition been completed on the assumed date for the periods presented, or which may be realized in the future. The unaudited pro forma information does not reflect any operating efficiencies or cost savings that may be realized from the integration of the acquisition.
|  | Fiscal 2021 | Fiscal 2020 | Fiscal 2019
Net sales |  | $ | 12,581,282 |  | $ | 8,870,746 |  | $ | 9,067,750 |
Net income |  | $ | 667,308 |  | $ | 223,861 |  | $ | 136,831 |
Basic earnings per common share |  | $ | 12.06 |  | $ | 4.06 |  | $ | 2.54 |
Diluted earnings per common share |  | $ | 11.98 |  | $ | 4.04 |  | $ | 2.53 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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