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v3.23.3

INCOME TAXES (Tables) | 12 Months Ended
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Jul. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The sources of income before income taxes are as follows:
|  | For the Fiscal Year Ended July 31,
|  | 2023 |  | 2022 |  | 2021
United States |  | $ | 315,939 |  |  | $ | 1,359,841 |  |  | $ | 725,262 |
Foreign |  | 183,414 |  |  | 100,023 |  |  | 119,319 |
Total |  | $ | 499,353 |  |  | $ | 1,459,864 |  |  | $ | 844,581 |
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: |  | 2023 |  | 2022 |  | 2021
U.S. Federal |  | $ | 102,919 |  |  | $ | 296,716 |  |  | $ | 148,706 |
U.S. state and local |  | 14,803 |  |  | 55,159 |  |  | 26,344 |
Foreign |  | 45,174 |  |  | 17,848 |  |  | 17,571 |
Total current expense |  | 162,896 |  |  | 369,723 |  |  | 192,621 |
U.S. Federal |  | (28,819) |  |  | (21,317) |  |  | 162 |
U.S. state and local |  | (3,447) |  |  | (2,089) |  |  | (365) |
Foreign |  | (5,517) |  |  | (24,696) |  |  | (8,707) |
Total deferred expense (benefit) |  | (37,783) |  |  | (48,102) |  |  | (8,910) |
Total income tax expense |  | $ | 125,113 |  |  | $ | 321,621 |  |  | $ | 183,711 |
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,
|  | 2023 |  | 2022 |  | 2021
Provision at federal statutory rate |  | $ | 104,864 |  |  | $ | 306,571 |  |  | $ | 177,362 |
Differences between U.S. Federal statutory and foreign tax rates |  | (41,300) |  |  | 58,573 |  |  | (16,857) |
Foreign currency remeasurement (gains) losses |  | 33,737 |  |  | (73,914) |  |  | 1,595 |
U.S. state and local income taxes, net of federal benefit |  | 9,524 |  |  | 38,919 |  |  | 20,407 |
Global Intangible Low-Taxed Income |  | 10,936 |  |  | 2,000 |  |  | — |
Other |  | 7,352 |  |  | (10,528) |  |  | 1,204 |
Total income tax expense |  | $ | 125,113 |  |  | $ | 321,621 |  |  | $ | 183,711 |
Schedule of Deferred Income Tax Balances | A summary of the deferred income tax balances is as follows:
|  | July 31,
|  | 2023 |  | 2022
Deferred income tax asset (liability): |  |  |  |
Inventory basis |  | $ | 10,226 |  |  | $ | 6,596 |
Employee benefits |  | 10,306 |  |  | 10,171 |
Self-insurance reserves |  | 4,968 |  |  | 6,792 |
Accrued product warranties |  | 71,800 |  |  | 68,083 |
Accrued incentives |  | 9,110 |  |  | 7,064 |
Sales returns and allowances |  | 2,282 |  |  | 2,447 |
Accrued expenses |  | 5,641 |  |  | 4,866 |
Property, plant and equipment |  | (49,036) |  |  | (44,508) |
Operating leases |  | 13,086 |  |  | 11,193 |
Deferred compensation |  | 29,667 |  |  | 26,924 |
Intangibles |  | (212,478) |  |  | (219,726) |
Net operating loss and other carryforwards |  | 38,064 |  |  | 40,814 |
Unrealized loss |  | (8,843) |  |  | (17,925) |
Unrecognized tax benefits |  | 2,965 |  |  | 4,013 |
Research and development |  | 10,816 |  |  | — |
Other |  | 2,395 |  |  | (6,155) |
Valuation allowance |  | (10,867) |  |  | (8,630) |
Deferred income tax (liability), net |  | $ | (69,898) |  |  | $ | (107,981) |
Schedule of Changes in Unrecognized Tax Benefit | Changes in the unrecognized tax benefit during fiscal years 2023, 2022 and 2021 were as follows:
|  | 2023 |  | 2022 |  | 2021
Beginning balance |  | $ | 17,998 |  |  | $ | 17,025 |  |  | $ | 14,238 |
Tax positions related to prior years: |  |  |  |  |  |
Additions |  | 649 |  |  | 705 |  |  | 72 |
Reductions |  | (1,588) |  |  | (1,280) |  |  | (277) |
Tax positions related to current year: |  |  |  |  |  |
Additions |  | 974 |  |  | 4,660 |  |  | 4,346 |
Settlements |  | (2,531) |  |  | (2,453) |  |  | (3,363) |
Lapses in statute of limitations |  | (1,790) |  |  | (3,010) |  |  | (2,701) |
Tax positions acquired |  | — |  |  | 2,351 |  |  | 4,710 |
Ending balance |  | $ | 13,712 |  |  | $ | 17,998 |  |  | $ | 17,025 |
Components of Total Unrecognized Tax Benefits | The components of total unrecognized tax benefits are summarized as follows:
|  | July 31,
|  | 2023 |  | 2022
Unrecognized tax benefits |  | $ | 13,712 |  |  | $ | 17,998 |
Reduction to unrecognized tax benefits which offset tax credit and loss carryforwards |  | (414) |  |  | (668) |
Accrued interest and penalties |  | 2,694 |  |  | 2,867 |
Total unrecognized tax benefits |  | $ | 15,992 |  |  | $ | 20,197 |
Short-term, included in “Income and other taxes” |  | $ | 1,157 |  |  | $ | 2,954 |
Long-term |  | 14,835 |  |  | 17,243 |
Total unrecognized tax benefits |  | $ | 15,992 |  |  | $ | 20,197 |
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 2020 – Fiscal 2022
United States – State |  | Fiscal 2020 – Fiscal 2022
Germany |  | Fiscal 2016 – Fiscal 2021
France |  | Fiscal 2020 – Fiscal 2022
Italy |  | Fiscal 2016– Fiscal 2021
United Kingdom |  | Fiscal 2022

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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