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INCOME TAXES (Tables)

12 Months Ended

Jul. 31, 2021

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,
						2021						2020						2019
United States						$	725,262					$	258,483					$	200,859
Foreign						119,319						14,413						(16,193)
Total						$	844,581					$	272,896					$	184,666

Schedule of Components of Provision (Benefit) for Income Taxes

The components of the provision for income taxes are as follows:

						For the Fiscal Year Ended July 31,
Income Taxes:						2021						2020						2019
U.S. Federal						$	148,706					$	49,494					$	48,757
U.S. state and local						26,344						9,891						5,921
Foreign						17,571						1,842						6,611
Total current expense						192,621						61,227						61,289
U.S. Federal						162						6,472						10,862
U.S. state and local						(365)						(197)						(36)
Foreign						(8,707)						(15,990)						(19,914)
Total deferred expense (benefit)						(8,910)						(9,715)						(9,088)
Total income tax expense						$	183,711					$	51,512					$	52,201

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,
						2021						2020						2019
Provision at federal statutory rate						$	177,362					$	57,308					$	38,779
Differences between U.S. federal statutory and foreign tax rates						(16,857)						(50,898)						1,478
Foreign currency remeasurement (gains) losses						1,595						30,246						(12,942)
U.S. state and local income taxes, net of federal benefit						20,407						7,616						4,642
Nondeductible compensation						6,418						2,249						2,401
Nondeductible acquisition costs						—						—						3,031
Nondeductible foreign currency forward contract loss on acquisition						—						—						14,863
Federal income tax credits and incentives						(3,530)						(1,738)						(3,373)
Change in uncertain tax positions						1,209						1,101						1,279
Other						(2,893)						5,628						2,043
Total income tax expense						$	183,711					$	51,512					$	52,201

Schedule of Deferred Income Tax Balances

A summary of the deferred income tax balances is as follows:

						July 31,
						2021						2020
Deferred income tax asset (liability):
Inventory basis						$	3,158					$	1,000
Employee benefits						10,485						7,353
Self-insurance reserves						6,949						4,923
Accrued product warranties						53,258						53,586
Accrued incentives						4,403						4,316
Sales returns and allowances						934						1,027
Accrued expenses						7,496						6,733
Property, plant and equipment						(36,662)						(28,438)
Operating leases						10,615						9,110
Deferred compensation						19,260						15,876
Intangibles						(173,360)						(147,423)
Net operating loss and other carryforwards						38,669						32,877
Unrealized loss						609						4,892
Unrecognized tax benefits						3,946						3,046
Other						(4,949)						4,558
Valuation allowance						(17,193)						(18,500)
Deferred income tax (liability), net						$	(72,382)					$	(45,064)

Schedule of Changes in Unrecognized Tax Benefit

Changes in the unrecognized tax benefit during fiscal years 2021, 2020 and 2019 were as follows:

 

						2021						2020						2019
Beginning balance						$	14,238					$	13,848					$	13,004
Tax positions related to prior years:
Additions						72						73						—
Reductions						(277)						(129)						(263)
Tax positions related to current year:
Additions						4,346						1,966						2,062
Settlements						(3,363)						—						(773)
Lapses in statute of limitations						(2,701)						(1,520)						(918)
Tax positions acquired						4,710						—						736
Ending balance						$	17,025					$	14,238					$	13,848

Components of Total Unrecognized Tax Benefits

The components of total unrecognized tax benefits are summarized as follows:

						July 31,
						2021						2020
Unrecognized tax benefits						$	17,025					$	14,238
Reduction to unrecognized tax benefits which offset tax credit and loss carryforwards						(725)						(809)
Accrued interest and penalties						2,967						2,516
Total unrecognized tax benefits						$	19,267					$	15,945
Short-term, included in “Income and other taxes”						$	3,423					$	3,180
Long-term						15,844						12,765
Total unrecognized tax benefits						$	19,267					$	15,945

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 2018 – Fiscal 2020
United States – State						Fiscal 2018 – Fiscal 2020
Germany						Fiscal 2016 – Fiscal 2019
France						Fiscal 2017 – Fiscal 2019
Italy						Fiscal 2016 – Fiscal 2020
United Kingdom						Fiscal 2020

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