INCOME TAXES (Tables)

12 Months Ended

Jul. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Provision (Benefit) for Income Taxes

The components of the provision (benefit) for income taxes from continuing operations are as follows:

	July 31,
Income Taxes:	2018			2017			2016
Federal	$	166,402		$	200,370		$	126,846
State and local		21,025			20,941			12,716
Total current expense		187,427			221,311			139,562
Federal		17,820			(37,033	)		(13,079	)
State and local		(2,369	)		(2,146	)		(1,192	)
Total deferred expense (benefit)		15,451			(39,179	)		(14,271	)
Total income tax expense	$	202,878		$	182,132		$	125,291

Schedule of Differences Between Income Taxes at Federal Statutory Rate and Actual Income Taxes

The differences between income taxes at the federal statutory rate and the actual income taxes are as follows:

	July 31,
	2018		2017		2016
Provision at federal statutory rate	$	170,095	$	194,735	$	134,160
State and local income taxes, net of federal benefit		14,255		11,021		6,599
Federal income tax credits and incentives		(3,518)		(3,228)		(4,194)
Domestic production activities deduction		(16,175)		(19,527)		(12,609)
Change in uncertain tax positions		396		375		611
Effect of U.S. federal tax reform		38,620		–		–
Other		(795)		(1,244)		724
Total income tax expense	$	202,878	$	182,132	$	125,291

Schedule of Deferred Income Taxes

A summary of deferred income taxes is as follows:

	July 31,
	2018		2017
Deferred income tax asset (liability):
Inventory basis	$	922	$	1,460
Employee benefits		3,427		6,471
Self-Insurance Reserves		6,368		9,940
Accrued product warranties		62,332		73,393
Accrued incentives		5,235		6,175
Sales returns and allowances		1,741		2,340
Accrued expenses		1,905		3,399
Property, plant and equipment		(9,060)		(8,151)
Deferred compensation		12,864		14,556
Intangibles		(9,151)		(17,184)
Unrecognized tax benefits		2,581		3,925
Other		(720)		(3,355)
Deferred income tax asset, net	$	78,444	$	92,969

Schedule of Changes in Unrecognized Tax Benefit

Changes in the unrecognized tax benefit during fiscal years 2018, 2017 and 2016 were as follows:

	2018		2017		2016
Beginning balance	$	12,671	$	13,269	$	13,156
Tax positions related to prior years:
Additions		353		75		1,546
Reductions		(2,203)		(1,510)		(920)
Tax positions related to current year:
Additions		3,629		3,853		3,123
Settlements		(192)		(1,450)		(956)
Lapses in statute of limitations		(1,254)		(1,566)		(2,680)
Ending balance	$	13,004	$	12,671	$	13,269

Components of Total Unrecognized Tax Benefits

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

	July 31,
	2018		2017
Unrecognized tax benefits	$	13,004	$	12,671
Reduction to unrecognized tax benefits for tax credit carry forward		(955)		(1,882)
Accrued interest and penalties		1,290		1,209
Total unrecognized tax benefits	$	13,339	$	11,998
Short-term, included in “Income and other taxes”	$	893	$	1,735
Long-term		12,446		10,263
Total unrecognized tax benefits	$	13,339	$	11,998