INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Jul. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

The components of amortizable intangible assets are as follows:


	July 31, 2021				July 31, 2020
	Cost		Accumulated Amortization		Cost		Accumulated Amortization
Dealer networks/customer relationships	$	861,562	$	327,751	$	766,198	$	252,320
Trademarks	311,208		62,675		275,775		47,743
Design technology and other intangibles	215,956		62,237		213,468		40,654

Non-compete agreements	1,400		292		—		—
Total amortizable intangible assets	$	1,390,126	$	452,955	$	1,255,441	$	340,717

Estimated annual amortization expense is as follows:


For the fiscal year ending July 31, 2022	$	124,151
For the fiscal year ending July 31, 2023	105,779
For the fiscal year ending July 31, 2024	95,960
For the fiscal year ending July 31, 2025	87,817
For the fiscal year ending July 31, 2026	79,049
For the fiscal year ending July 31, 2027 and thereafter	444,415
	$	937,171

For goodwill impairment testing purposes, the Company’s reporting units are generally the same as its operating segments, which are identified in Note 3 to the Consolidated Financial Statements. During the fiscal quarter ended January 31, 2020, there was an interim impairment assessment performed related to two groups of tangible and intangible assets within the North American towables reportable segment, using Level 3 inputs as defined by ASC 820, as it was determined that each group of assets would be sold before the end of their previously estimated useful lives and within the next twelve months. The Company recognized an aggregate impairment charge of $10,057 related to these assets during the fiscal quarter ended January 31, 2020, which included a goodwill impairment charge of $1,036. The sales of these assets were completed during the fiscal quarter ended April 30, 2020.

The Company completed its annual goodwill impairment test for fiscal 2021 as of May 31, 2021, and no impairment was identified. There were no impairments of goodwill during fiscal 2020 or 2019 other than the impairment of $1,036 noted above.

Changes in the carrying amount of goodwill by reportable segment as of July 31, 2021 and July 31, 2020 are summarized as follows:


	North American Towables		North American Motorized		European		Other		Total
Net balance as of July 31, 2019	$	334,822	$	—	$	980,339	$	42,871	$	1,358,032
Fiscal year 2020 activity:
Goodwill acquired	—		—		—		62,366		62,366
Measurement period adjustment	—		—		1,282		(411)		871
Foreign currency translation and other	—		—		56,308		—		56,308
Impairment charge	(1,036)								(1,036)
Net balance as of July 31, 2020	$	333,786	$	—	$	1,037,929	$	104,826	$	1,476,541
Fiscal year 2021 activity:
Goodwill acquired	18,845		43,491		—		17,882		80,218
Measurement period adjustment	(7,656)		10,384		—		—		2,728
Foreign currency translation and other	—		—		3,768		—		3,768

Net balance as of July 31, 2021	$	344,975	$	53,875	$	1,041,697	$	122,708	$	1,563,255

The components of the goodwill balances as of July 31, 2021 and July 31, 2020 are summarized as follows:


	North American Towables		North American Motorized		European		Other		Total
Goodwill	$	355,124	$	71,127	$	1,041,697	$	122,708	$	1,590,656
Accumulated impairment charges	(10,149)		(17,252)		—		—		(27,401)
Net balance as of July 31, 2021	$	344,975	$	53,875	$	1,041,697	$	122,708	$	1,563,255


	North American Towables		North American Motorized		European		Other		Total
Goodwill	$	343,935	$	17,252	$	1,037,929	$	104,826	$	1,503,942
Accumulated impairment charges	(10,149)		(17,252)		—		—		(27,401)
Net balance as of July 31, 2020	$	333,786	$	—	$	1,037,929	$	104,826	$	1,476,541