Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Oct. 31, 2014 | |
Document Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 31-Oct-14 |
Document Fiscal Year Focus | '2015 |
Document Fiscal Period Focus | 'Q1 |
Trading Symbol | 'THO |
Entity Registrant Name | 'THOR INDUSTRIES INC |
Entity Central Index Key | '0000730263 |
Current Fiscal Year End Date | '--07-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 53,388,563 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $313,627 | $289,336 |
Accounts receivable, trade, less allowance for doubtful accounts of $339 and $348, respectively | 227,245 | 264,927 |
Accounts receivable, other | 16,678 | 14,866 |
Inventories | 221,851 | 216,354 |
Notes receivable | 9,796 | 1,429 |
Prepaid income taxes, expenses and other | 9,751 | 5,740 |
Deferred income taxes, net | 52,237 | 51,397 |
Total current assets | 851,185 | 844,049 |
Property, plant and equipment, net | 174,664 | 169,862 |
Other assets: | ' | ' |
Goodwill | 256,579 | 256,579 |
Amortizable intangible assets | 116,094 | 119,783 |
Long-term notes receivable | 618 | 8,992 |
Other | 9,709 | 9,453 |
Total other assets | 383,000 | 394,807 |
TOTAL ASSETS | 1,408,849 | 1,408,718 |
Current liabilities: | ' | ' |
Accounts payable | 147,546 | 164,619 |
Accrued liabilities: | ' | ' |
Compensation and related items | 45,244 | 43,888 |
Product warranties | 97,640 | 94,938 |
Income and other taxes | 8,491 | 18,468 |
Promotions and rebates | 20,375 | 17,474 |
Product, property and related liabilities | 13,000 | 12,928 |
Other | 14,876 | 18,400 |
Total current liabilities | 347,172 | 370,715 |
Unrecognized income tax benefits | 19,856 | 23,689 |
Deferred income taxes, net | 21,405 | 19,388 |
Other long-term liabilities | 17,650 | 17,229 |
Total long-term liabilities | 58,911 | 60,306 |
Contingent liabilities and commitments | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock - authorized 1,000,000 shares; none outstanding | ' | ' |
Common stock - par value of $.10 per share; authorized 250,000,000 shares; issued 62,300,037 and 62,210,429 shares, respectively | 6,230 | 6,221 |
Additional paid-in capital | 210,610 | 208,501 |
Retained earnings | 1,054,941 | 1,030,428 |
Less treasury shares of 8,911,474 and 8,880,877, respectively, at cost | -269,015 | -267,453 |
Total stockholders' equity | 1,002,766 | 977,697 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1,408,849 | $1,408,718 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $339 | $348 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 62,300,037 | 62,210,429 |
Treasury, shares | 8,911,474 | 8,880,877 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Net sales | $921,992 | $799,963 |
Cost of products sold | 804,327 | 694,780 |
Gross profit | 117,665 | 105,183 |
Selling, general and administrative expenses | 57,989 | 48,341 |
Amortization of intangible assets | 3,689 | 2,838 |
Impairment charges | ' | 710 |
Interest income | 367 | 510 |
Interest expense | ' | 5 |
Other income, net | 352 | 642 |
Income from continuing operations before income taxes | 56,706 | 54,441 |
Income taxes | 17,505 | 18,047 |
Net income from continuing operations | 39,201 | 36,394 |
Income (loss) from discontinued operations, net of income taxes | -276 | 4,714 |
Net income | 38,925 | 41,108 |
Weighted average common shares outstanding: | ' | ' |
Basic | 53,336,592 | 53,205,004 |
Diluted | 53,433,447 | 53,299,476 |
Earnings per common share from continuing operations: | ' | ' |
Basic | $0.73 | $0.68 |
Diluted | $0.73 | $0.68 |
Earnings (loss) per common share from discontinued operations: | ' | ' |
Basic | $0 | $0.09 |
Diluted | $0 | $0.09 |
Earnings per common share: | ' | ' |
Basic | $0.73 | $0.77 |
Diluted | $0.73 | $0.77 |
Net income | 38,925 | 41,108 |
Unrealized appreciation on investments, net of income tax | ' | 22 |
Comprehensive income | $38,925 | $41,130 |
Regular Dividend | ' | ' |
Earnings per common share: | ' | ' |
Dividends paid per common share | $0.27 | $0.23 |
Special Dividend | ' | ' |
Earnings per common share: | ' | ' |
Dividends paid per common share | $0 | $1 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $38,925 | $41,108 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 3,324 | 3,414 |
Amortization of intangible assets | 3,689 | 2,902 |
Impairment charges | ' | 710 |
Deferred income tax provision | 1,177 | 1,266 |
Gain on disposal of bus business | ' | -7,825 |
(Gain) loss on disposition of property, plant and equipment | -13 | 34 |
Stock-based compensation expense | 1,565 | 1,376 |
Excess tax benefits from stock-based awards | -114 | -737 |
Changes in assets and liabilities (excluding acquisitions and disposition): | ' | ' |
Accounts receivable | 35,870 | 21,110 |
Inventories | -5,497 | -43,288 |
Prepaid income taxes, expenses and other | -4,267 | -1,860 |
Accounts payable | -13,743 | 3,916 |
Accrued liabilities | -7,479 | -14,264 |
Other liabilities | -3,412 | -2,009 |
Net cash provided by operating activities | 50,025 | 5,853 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -8,541 | -5,131 |
Proceeds from dispositions of property, plant and equipment | 13 | 65 |
Proceeds from dispositions of investments | ' | 700 |
Proceeds from notes receivable | ' | 2,700 |
Proceeds from sale of bus business | ' | 97,677 |
Acquisitions, net of cash acquired | -2,915 | -33,774 |
Other | 7 | 219 |
Net cash provided by (used in) investing activities | -11,436 | 62,456 |
Cash flows from financing activities: | ' | ' |
Regular cash dividends paid | -14,412 | -12,253 |
Excess tax benefits from stock-based awards | 114 | 737 |
Proceeds from issuance of common stock | ' | 2,293 |
Payments related to vesting of stock-based awards | ' | -705 |
Net cash used in financing activities | -14,298 | -9,928 |
Net increase in cash and cash equivalents | 24,291 | 58,381 |
Cash and cash equivalents, beginning of period | 289,336 | 236,601 |
Cash and cash equivalents, end of period | 313,627 | 294,982 |
Supplemental cash flow information: | ' | ' |
Income taxes paid | 36,246 | 34,970 |
Interest paid | ' | 132 |
Non-cash transactions: | ' | ' |
Capital expenditures in accounts payable | 353 | 1,518 |
Other accounts receivable from disposal of bus business | ' | 8,329 |
Special dividend payable | ' | $53,290 |
Nature_of_Operations_and_Accou
Nature of Operations and Accounting Policies | 3 Months Ended | |
Oct. 31, 2014 | ||
Nature of Operations and Accounting Policies | ' | |
1 | Nature of Operations and Accounting Policies | |
Nature of Operations - Thor Industries, Inc. was founded in 1980 and, through its subsidiaries (the “Company”), manufactures a wide range of recreational vehicles (“RVs”) at various manufacturing facilities located primarily in Indiana and Ohio. These products are sold to independent dealers primarily throughout the United States and Canada. Unless the context otherwise requires or indicates, all references to “Thor”, the “Company”, “we”, “our” and “us” refer to Thor Industries, Inc. and its subsidiaries. | ||
The Company’s core business activities are comprised of two distinct operations, which include the design, manufacture and sale of both towable recreational vehicles and motorized recreational vehicles. Accordingly, the Company has presented segment financial information for these two segments in Note 4 to the Condensed Consolidated Financial Statements. See Note 3, “Discontinued Operations,” in the Notes to the Condensed Consolidated Financial Statements for a description of the Company’s bus operations which were sold during the three months ended October 31, 2013. Accordingly, the accompanying financial statements (including footnote disclosures unless otherwise indicated) reflect these bus operations as discontinued operations apart from the Company’s continuing recreational vehicle operations. | ||
The July 31, 2014 amounts are derived from the annual audited financial statements. The interim financial statements are unaudited. In the opinion of management, all adjustments (which consist of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented have been made. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2014. Due to seasonality within the recreational vehicle industry, annualizing the results of operations for the three months ended October 31, 2014 would not necessarily be indicative of the results for a full fiscal year. | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Key estimates include reserves for inventory, incurred but not reported medical claims, warranty claims, recall liabilities, workers’ compensation claims, vehicle repurchases, uncertain tax positions, product and non-product litigation and fair value determinations made for both intangible assets acquired and asset impairment assessments. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable under the circumstances. The Company believes that such estimates are made using consistent and appropriate methods. Actual results could differ from these estimates. | ||
Accounting Pronouncements | ||
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-08 (“ASU 2014-08”) “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Under the new guidance, the disposal of a component or group of components of a business will be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. For the Company, ASU 2014-08 is effective for disposals (or classifications as held for sale) of components that first occur after July 31, 2015. Early adoption is permitted, but only for disposals that have not been reported in financial statements previously issued. The impact to the Company will depend on future disposals. | ||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 “Revenue from Contracts with Customers (Topic 606),” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This standard will supersede most current revenue recognition guidance. Under the new standard, entities are required to identify the contract with a customer, identify the separate performance obligations in the contract, determine the transaction price, allocate the transaction price to the separate performance obligations in the contract and recognize the appropriate amount of revenue when (or as) the entity satisfies each performance obligation. The standard is effective for fiscal years, and the interim periods within those years, beginning on or after December 15, 2016, and is therefore effective for the Company in its fiscal year 2018 beginning on August 1, 2017. Entities have the option of using either retrospective transition or a modified approach in applying the new standard. The Company is currently evaluating the approach it will use to apply the new standard and the impact that the adoption of the new standard will have on the Company’s consolidated financial statements. |
Acquisitions
Acquisitions | 3 Months Ended | ||||
Oct. 31, 2014 | |||||
Acquisitions | ' | ||||
2 | Acquisitions | ||||
K.Z., Inc. | |||||
On May 1, 2014, the Company closed on a Stock Purchase Agreement (“KZ SPA”) for the acquisition of all the outstanding capital stock of towable recreational vehicle manufacturer K.Z., Inc. (“KZ”) for initial cash consideration of $53,405, subject to adjustment, which was funded entirely from the Company’s cash on hand. The final purchase price adjustment of $2,915, included in accounts payable as of July 31, 2014, was based on a final determination of actual net working capital as of the May 1, 2014 closing date and was paid during the first quarter of fiscal 2015. KZ will continue to operate as an independent operation in the same manner as the Company’s existing recreational vehicle subsidiaries and is aggregated within the Company’s towable recreational vehicle reportable segment. The Company purchased KZ to expand its towable recreational vehicle market share and supplement its existing towable RV product offerings and dealer base. | |||||
The following table summarizes the final fair values assigned to the KZ net assets acquired, which are based on internal and independent external valuations: | |||||
Cash | $ 996 | ||||
Other current assets | 34,121 | ||||
Property, plant and equipment | 15,057 | ||||
Dealer network | 13,160 | ||||
Trademarks | 5,540 | ||||
Non-compete agreements | 450 | ||||
Backlog | 420 | ||||
Goodwill | 2,703 | ||||
Current liabilities | -16,127 | ||||
Total fair value of net assets acquired | 56,320 | ||||
Less cash acquired | -996 | ||||
Total cash consideration for acquisition, less cash acquired | $ 55,324 | ||||
On the acquisition date, amortizable intangible assets had a weighted average useful life of 13.9 years. The dealer network was valued based on the Discounted Cash Flow Method and is amortized on an accelerated basis over 12 years. The trademarks were valued on the Relief from Royalty Method and are amortized on a straight line basis over 20 years. The non-compete agreements and backlog were both valued based on the Discounted Cash Flow Method, and the non-compete agreements are amortized on a straight line basis over 5 years while the backlog was amortized on a straight line basis over 2 months. Goodwill is deductible for tax purposes. | |||||
Bison Coach | |||||
On October 31, 2013, the Company closed on an Asset Purchase Agreement with Bison Coach, LLC for the acquisition of its net operating assets for initial cash consideration of $16,718, subject to adjustment, which was funded entirely from the Company’s cash on hand. The purchase price adjustment, which was based on a final determination of net assets, was finalized in the third quarter of fiscal 2014 and required an additional cash payment of $196, resulting in total cash consideration of $16,914. As a result of this acquisition, the Company formed a new entity, Bison Coach (“Bison”), which is aggregated within the Company’s towable recreational vehicle reportable segment. The Company purchased the net assets of Bison Coach, LLC to supplement its existing product offerings with Bison’s equestrian products with living quarters. | |||||
The following table summarizes the final fair values assigned to the Bison net assets acquired, which are based on internal and independent external valuations: | |||||
Current assets | $ 4,050 | ||||
Property, plant and equipment | 625 | ||||
Dealer network | 7,400 | ||||
Trademarks | 1,800 | ||||
Backlog | 140 | ||||
Goodwill | 6,660 | ||||
Current liabilities | -3,761 | ||||
Total fair value of net assets acquired | $ 16,914 | ||||
On the acquisition date, amortizable intangible assets had a weighted average useful life of 13.3 years. The dealer network was valued based on the Discounted Cash Flow Method and is amortized on an accelerated cash flow basis over 12 years. The trademarks were valued on the Relief from Royalty Method and are amortized on a straight line basis over 20 years. Backlog was valued based on the Discounted Cash Flow Method and was amortized on a straight line basis over 6 weeks. Goodwill is deductible for tax purposes. | |||||
Livin’ Lite RV, Inc. | |||||
On August 30, 2013, the Company closed on an Asset Purchase Agreement with Livin’ Lite Corp. for the acquisition of its net operating assets for aggregate cash consideration of $16,769, net of cash acquired. The Company paid $17,056 during the first quarter of fiscal 2014 in connection with this acquisition, which was funded entirely from the Company’s cash on hand, and received $287 during the second quarter of fiscal 2014 related to the final settlement of certain closing adjustments. As a result of this acquisition, the Company formed a new entity, Livin’ Lite RV, Inc. (“Livin’ Lite”), which is aggregated within the Company’s towable recreational vehicle reportable segment. The Company purchased the Livin’ Lite Corp. operating assets to expand its recreational vehicle market share and complement its existing brands with Livin’ Lite’s advanced lightweight product offerings. | |||||
The following table summarizes the final fair values assigned to the Livin’ Lite net assets acquired, which are based on internal and independent external valuations: | |||||
Cash | $ 247 | ||||
Other current assets | 3,626 | ||||
Property, plant and equipment | 137 | ||||
Dealer network | 3,200 | ||||
Trademarks | 1,500 | ||||
Design technology assets | 1,100 | ||||
Non-compete agreements | 130 | ||||
Backlog | 110 | ||||
Goodwill | 9,113 | ||||
Current liabilities | -2,147 | ||||
Total fair value of net assets acquired | 17,016 | ||||
Less cash acquired | -247 | ||||
Total cash paid for acquisition, less cash acquired | $ 16,769 | ||||
On the acquisition date, amortizable intangible assets had a weighted average useful life of 10.2 years. The dealer network was valued based on the Discounted Cash Flow Method and is amortized on an accelerated cash flow basis over 8 years. The trademarks were valued on the Relief from Royalty Method and are amortized on a straight line basis over 20 years. The design technology assets were valued on the Relief from Royalty Method and are amortized on a straight line basis over 5 years. The non-compete agreements and backlog were both valued based on the Discounted Cash Flow Method, and the non-compete agreements are amortized on a straight line basis over 2 years while the backlog was amortized on a straight line basis over 6 weeks. Goodwill is deductible for tax purposes. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Discontinued Operations | ' | ||||||||
3 | Discontinued Operations | ||||||||
On July 31, 2013, the Company entered into a Stock Purchase Agreement (“ASV SPA”) to sell its bus business to Allied Specialty Vehicles, Inc. (“ASV”) for cash of $100,000, subject to closing adjustments for changes in the net assets sold from April 30, 2013 to the closing date. The Company’s bus business manufactured and sold transit and shuttle buses. This divestiture has allowed the Company to focus on the strategic development and growth of its core recreational vehicle business. | |||||||||
The sale was completed as of October 20, 2013 and the Company received $100,000 on October 21, 2013, which, after considering closing date cash on hand at the bus subsidiaries of $2,323, resulted in initial net cash consideration of $97,677. Under the terms of the ASV SPA, the total final cash consideration to be received was subject to adjustment based on changes in the carrying value of the net assets of the bus business between April 30, 2013 and October 20, 2013. As of October 31, 2013, additional cash consideration to be received in connection with this sale was estimated to be $8,329. | |||||||||
During the second quarter of fiscal 2014, the amount of the final net asset adjustment was determined through the completion of a post-close audit, and the remaining cash consideration was received. Based on the final agreed-upon carrying value of the bus business net assets sold as of October 20, 2013, an additional $5,043 was collected from ASV, representing the increase in bus net assets from April 30, 2013 to the October 20, 2013 sale date. In addition, the Company was also reimbursed by ASV for the $2,323 of bus cash on hand at the time of the sale. As a result, final net cash consideration received for the sale of the bus business totaled $105,043. | |||||||||
The Company recorded a preliminary pre-tax gain on the bus business sale of $7,825 in the first quarter of fiscal 2014 and a $746 unfavorable adjustment in the second quarter of fiscal 2014 based on the completion of the post-close audit, resulting in a final pre-tax gain of $7,079. The results of operations for the bus business, including the gain on the sale of the bus business, have been reported as discontinued operations in the Condensed Consolidated Statements of Income and Comprehensive Income for all periods presented. | |||||||||
The following table summarizes the results of discontinued operations: | |||||||||
Three Months Ended | |||||||||
October 31, | |||||||||
Discontinued Operations: | 2014 | 2013 | |||||||
Net sales | $ | – | $ | 83,903 | |||||
Operating loss of discontinued operations | $ | (435) | $ | -3,433 | |||||
Pre-tax gain on disposal of discontinued business | – | 7,825 | |||||||
Income (loss) before income taxes | -435 | 4,392 | |||||||
Income tax benefit | -159 | -322 | |||||||
Income (loss) from discontinued operations, net of taxes | $ | -276 | $ | 4,714 | |||||
Operating loss of discontinued operations during the three months ended October 31, 2014 reflects expenses incurred directly related to the former bus operations, including ongoing costs related to liabilities retained by the Company under the ASV SPA for bus product liability and worker’s compensation claims occurring prior to the closing date of the sale. | |||||||||
As a result of the sale of the bus business, and in accordance with the ASV SPA, the Company is no longer the primary obligor to the taxing authorities for bus operations in certain states. As a result, the Company eliminated certain reserves associated with uncertain tax positions resulting in a net tax benefit of $1,883, which is included in the discontinued operations income tax benefit of $322 for the three months ended October 31, 2013. Under the terms of the sale, the Company has agreed to indemnify ASV for any claims made by the taxing authorities after the date of sale for these uncertain tax positions, but does not expect future losses under this guarantee to be material. |
Business_Segments
Business Segments | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Business Segments | ' | ||||||||
4 | Business Segments | ||||||||
The Company has two reportable segments: (1) towable recreational vehicles and (2) motorized recreational vehicles. The towables recreational vehicle reportable segment consists of the following operating segments that have been aggregated: Airstream (towable), CrossRoads, Keystone, Heartland, Livin’ Lite, Bison and KZ. The motorized recreational vehicle reportable segment consists of the following operating segments that have been aggregated: Airstream (motorized) and Thor Motor Coach. | |||||||||
All manufacturing is conducted in the United States. Total assets include those assets used in the operation of each reportable segment. Corporate assets primarily consist of cash and cash equivalents and deferred income tax assets. | |||||||||
Three Months Ended | |||||||||
October 31, | |||||||||
2014 | 2013 | ||||||||
Net sales: | |||||||||
Recreational vehicles: | |||||||||
Towables | $ | 699,778 | $ | 622,853 | |||||
Motorized | 222,214 | 177,110 | |||||||
Total | $ | 921,992 | $ | 799,963 | |||||
Three Months Ended | |||||||||
October 31, | |||||||||
2014 | 2013 | ||||||||
Income (loss) from continuing operations | |||||||||
before income taxes: | |||||||||
Recreational vehicles: | |||||||||
Towables | $ | 49,299 | $ | 45,624 | |||||
Motorized | 15,101 | 13,443 | |||||||
Total recreational vehicles | 64,400 | 59,067 | |||||||
Corporate | -7,694 | -4,626 | |||||||
Total | $ | 56,706 | $ | 54,441 | |||||
October 31, 2014 | July 31, 2014 | ||||||||
Total assets: | |||||||||
Recreational vehicles: | |||||||||
Towables | $ | 843,083 | $ | 868,017 | |||||
Motorized | 161,239 | 170,251 | |||||||
Total recreational vehicles | 1,004,322 | 1,038,268 | |||||||
Corporate | 404,527 | 370,450 | |||||||
Total | $ | 1,408,849 | $ | 1,408,718 | |||||
Earnings_Per_Common_Share
Earnings Per Common Share | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Earnings Per Common Share | ' | ||||||||
5 | Earnings Per Common Share | ||||||||
Three Months Ended | |||||||||
October 31, | |||||||||
2014 | 2013 | ||||||||
Weighted average common shares outstanding for basic earnings per share | 53,336,592 | 53,205,004 | |||||||
Stock options, unvested restricted stock and restricted stock units | 96,855 | 94,472 | |||||||
Weighted average common shares outstanding for diluted earnings per share | 53,433,447 | 53,299,476 | |||||||
The Company excludes stock options, unvested restricted stock and restricted stock units that have an antidilutive effect from its calculation of weighted average shares outstanding assuming dilution. At October 31, 2014 and 2013, the Company had 39,523 and 106,959, respectively, of stock options, unvested restricted stock and restricted stock units outstanding which were excluded from this calculation as their effect would be antidilutive. |
Inventories
Inventories | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Inventories | ' | ||||||||
6 | Inventories | ||||||||
Major classifications of inventories are: | |||||||||
October 31, 2014 | July 31, 2014 | ||||||||
Raw materials | $ | 127,822 | $ | 122,150 | |||||
Chassis | 41,357 | 45,231 | |||||||
Work in process | 49,068 | 49,537 | |||||||
Finished goods | 31,592 | 27,424 | |||||||
Total | 249,839 | 244,342 | |||||||
Excess of FIFO costs over LIFO costs | -27,988 | -27,988 | |||||||
Total inventories | $ | 221,851 | $ | 216,354 | |||||
Of the $249,839 and $244,342 of inventories at October 31, 2014 and July 31, 2014, all but $43,710 and $36,096, respectively, at certain subsidiaries were valued on a last-in, first-out basis. The $43,710 and $36,096 of inventories were valued on a first-in, first-out method. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Property, Plant and Equipment | ' | ||||||||
7 | Property, Plant and Equipment | ||||||||
Property, plant and equipment is stated at cost, net of accumulated depreciation, and consists of the following: | |||||||||
October 31, 2014 | July 31, 2014 | ||||||||
Land | $ | 23,464 | $ | 21,592 | |||||
Buildings and improvements | 180,779 | 175,611 | |||||||
Machinery and equipment | 75,153 | 76,298 | |||||||
Total cost | 279,396 | 273,501 | |||||||
Less accumulated depreciation | -104,732 | -103,639 | |||||||
Property, plant and equipment, net | $ | 174,664 | $ | 169,862 | |||||
During the first quarter of fiscal 2014, the Company determined it was more likely than not that certain long-lived assets, consisting of certain RV facilities, would be sold or altered before the end of their previously estimated useful life. Therefore, the Company performed impairment assessments over these facilities using a discounted cash flow model and Level 3 inputs as defined by ASC 820 to determine whether an impairment existed. As a result of these assessments, a non-cash impairment charge of $710 was recognized in the quarter ended October 31, 2013. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 3 Months Ended | ||||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||||
Intangible Assets and Goodwill | ' | ||||||||||||||||||
8 | Intangible Assets and Goodwill | ||||||||||||||||||
The components of amortizable intangible assets are as follows: | |||||||||||||||||||
Weighted Average | October 31, 2014 | July 31, 2014 | |||||||||||||||||
Remaining Life | |||||||||||||||||||
in Years at | Cost | Accumulated | Cost | Accumulated | |||||||||||||||
October 31, 2014 | Amortization | Amortization | |||||||||||||||||
Dealer networks | 9 | $ | 90,760 | $ | 29,642 | $ | 90,760 | $ | 27,102 | ||||||||||
Trademarks | 20 | 43,882 | 5,947 | 43,882 | 5,479 | ||||||||||||||
Design technology and other | 10 | 22,400 | 6,541 | 23,070 | 6,775 | ||||||||||||||
intangibles | |||||||||||||||||||
Non-compete agreements | 2 | 4,710 | 3,528 | 4,710 | 3,283 | ||||||||||||||
Total amortizable intangible assets | $ | 161,752 | $ | 45,658 | $ | 162,422 | $ | 42,639 | |||||||||||
Dealer networks are primarily amortized on an accelerated basis. Trademarks, design technology and other intangibles and non-compete agreements are amortized on a straight-line basis. | |||||||||||||||||||
Estimated annual amortization expense is as follows: | |||||||||||||||||||
For the fiscal year ending July 31, 2015 | $ | 14,452 | |||||||||||||||||
For the fiscal year ending July 31, 2016 | 13,213 | ||||||||||||||||||
For the fiscal year ending July 31, 2017 | 12,399 | ||||||||||||||||||
For the fiscal year ending July 31, 2018 | 11,650 | ||||||||||||||||||
For the fiscal year ending July 31, 2019 | 10,661 | ||||||||||||||||||
For the fiscal year ending July 31, 2020 | 9,918 | ||||||||||||||||||
For the fiscal year ending July 31, 2021 and thereafter | 47,490 | ||||||||||||||||||
$ | 119,783 | ||||||||||||||||||
All of the recorded goodwill of $256,579 at October 31, 2014 and July 31, 2014 resides in the towable recreational vehicle segment. | |||||||||||||||||||
Goodwill is not subject to amortization, but instead is reviewed for impairment by applying a fair-value based test to the Company’s reporting units on an annual basis as of April 30, or more frequently if events or circumstances indicate a potential impairment. The Company’s reporting units are the same as its operating segments, which are identified in Note 4 to the Condensed Consolidated Financial Statements. Fair values are generally determined by a discounted cash flow model. These estimates are subject to significant management judgment, including the determination of many factors such as sales growth rates, gross margin patterns, cost growth rates, terminal value assumptions and discount rates, and therefore largely represent Level 3 inputs as defined by ASC 820. Changes in these estimates can have a significant impact on the determination of cash flows and fair value and could potentially result in future material impairments. |
Concentration_of_Risk
Concentration of Risk | 3 Months Ended | |
Oct. 31, 2014 | ||
Concentration of Risk | ' | |
9 | Concentration of Risk | |
One dealer, FreedomRoads, LLC (“FreedomRoads”), accounted for 14% and 18% of the Company’s continuing consolidated net sales for the three months ended October 31, 2014 and the three months ended October 31, 2013, respectively. This dealer also accounted for 11% of the Company’s consolidated trade accounts receivable at October 31, 2014 and 21% at July 31, 2014. The loss of this dealer could have a significant effect on the Company’s business. |
Loan_Transactions_and_Related_
Loan Transactions and Related Notes Receivable | 3 Months Ended | |
Oct. 31, 2014 | ||
Loan Transactions and Related Notes Receivable | ' | |
10 | Loan Transactions and Related Notes Receivable | |
In January 2009, we entered into two credit agreements, for $10,000 each, with Stephen Adams, in his individual capacity, and Stephen Adams and his successors, as trustee under the Stephen Adams Living Trust (the “Trust” and, together with each of the foregoing persons, the “January 2009 Loan Borrowers”). The final principal and interest payments on the first agreement were received in the second quarter of fiscal 2014 and the final principal and interest payments on the second agreement were received in fiscal 2012. | ||
In December 2009, we entered into a $10,000 credit agreement with Marcus Lemonis, Stephen Adams, in his individual capacity, and Stephen Adams and his successors, as trustee under the Trust (collectively, the “December 2009 Loan Borrowers”), and later modified in December 2012, pursuant to which $7,400 of original principal is outstanding as of October 31, 2014 with the final payment due on August 30, 2015. All payments of principal and interest due to date have been paid in full. | ||
The January 2009 and December 2009 Loan Borrowers own, directly or indirectly, a controlling interest in FreedomRoads Holding Company, LLC, the parent company of FreedomRoads, the Company’s largest dealer. |
Investments_and_Fair_Value_Mea
Investments and Fair Value Measurements | 3 Months Ended | |
Oct. 31, 2014 | ||
Investments and Fair Value Measurements | ' | |
11 | Investments and Fair Value Measurements | |
The Company assesses the inputs used to measure the fair value of certain assets and liabilities using a three level hierarchy as prescribed in ASC 820. Level 1 inputs include quoted prices in active markets for identical assets or liabilities and are the most observable. Level 2 inputs include inputs other than Level 1 that are either directly or indirectly observable, such as quoted market prices for similar but not identical assets or liabilities, quoted prices in inactive markets or other inputs that can be corroborated by observable market data. Level 3 inputs are not observable, are supported by little or no market activity and include management’s judgments about the assumptions market participants would use in pricing the asset or liability. | ||
The Company carries at fair value its investments in securities (primarily in mutual funds) held for the benefit of certain employees of the Company as part of a deferred compensation plan - measured with Level 1 inputs. Deferred compensation plan asset balances of $9,360 and $8,973 were recorded as of October 31, 2014 and July 31, 2014, respectively, as components of other long-term assets in the Condensed Consolidated Balance Sheets. An equal and offsetting liability was also recorded in regards to the deferred compensation plan as a component of other long-term liabilities in the Condensed Consolidated Balance Sheets. Changes in the fair value of the plan assets and the related liability are both reflected in the Condensed Consolidated Statements of Income and Comprehensive Income. |
Product_Warranties
Product Warranties | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Product Warranties | ' | ||||||||
12 | Product Warranties | ||||||||
The Company generally provides retail customers of its products with a one-year warranty covering defects in material or workmanship, with longer warranties of up to five years on certain structural components. The Company records a liability based on its best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. Factors used in estimating the warranty liability include a history of units sold, existing dealer inventory, average cost incurred and a profile of the distribution of warranty expenditures over the warranty period. Management believes that the warranty reserves are adequate. However, actual claims incurred could differ from estimates, requiring adjustments to the reserves. Warranty reserves are reviewed and adjusted as necessary on at least a quarterly basis. | |||||||||
Changes in our product warranty reserves are as follows: | |||||||||
Three Months Ended | |||||||||
October 31, | |||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 94,938 | $ | 84,250 | |||||
Provision | 29,461 | 22,492 | |||||||
Payments | (26,759) | (20,821) | |||||||
Acquisitions | – | 609 | |||||||
Ending balance | $ | 97,640 | $ | 86,530 | |||||
Provision_for_Income_Taxes
Provision for Income Taxes | 3 Months Ended | |
Oct. 31, 2014 | ||
Provision for Income Taxes | ' | |
13 | Provision for Income Taxes | |
The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current period and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. Judgment is required in assessing the future tax consequences of events that have been recognized in our financial statements or tax returns. Fluctuations in the actual outcome of these tax consequences could materially impact our financial position or results of operations. | ||
The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the probability of various possible outcomes must be determined. These uncertain tax positions are re-evaluated on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit, voluntary settlements and new audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. | ||
The overall effective income tax rate for the three months ended October 31, 2014 was 30.9% compared with 33.1% for the three months ended October 31, 2013. The primary reason for the decrease in the effective income tax rate was the larger amount of uncertain tax benefits that settled favorably during the three months ended October 31, 2014 as compared to the three months ended October 31, 2013. | ||
It is the Company’s policy to recognize interest and penalties accrued relative to unrecognized tax benefits in income tax expense. For the three months ended October 31, 2014, the Company released $4,506 of gross uncertain tax positions and related interest and penalties recorded at July 31, 2014 related to the effective settlement of various uncertain tax positions, which resulted in a net income tax benefit of $2,387. The Company accrued $146 in interest and penalties related to the remaining uncertain tax positions recorded at July 31, 2014. | ||
The Company anticipates a decrease of $2,560 in unrecognized tax benefits, and $385 in accrued interest and penalties related to unrecognized tax benefits recorded as of October 31, 2014 within the next 12 months from expected settlements or payments of uncertain tax positions and lapses of the applicable statutes of limitations. In addition, the Company is currently in the process of pursuing a variety of settlement alternatives with taxing authorities. It is reasonably possible that some of these settlements could be finalized in the next 12 months. If these settlements are finalized within the next 12 months, the gross unrecognized tax benefits may decrease between $100 and $2,700 and the related accrued interest and penalties may decrease between $150 and $1,200. It is reasonably possible that some of these settlements will result in cash payments by the Company. Actual results may differ from these estimates. | ||
Generally, fiscal years 2012 and 2013 remain open for federal income tax purposes and fiscal years 2011, 2012 and 2013 remain open for state and foreign income tax purposes. The Company and its subsidiaries file a consolidated U.S. federal income tax return and multiple state income tax returns. The Company is currently being audited by the state of Indiana for tax years ended July 31, 2008, 2009 and 2010, the state of Illinois for tax years ended July 31, 2011 and 2012 and the state of Oregon for tax years ended July 31, 2011, 2012 and 2013. The Company believes it has adequately reserved for its exposure to additional payments for uncertain tax positions related to its Indiana, Illinois and Oregon income tax returns in its liability for unrecognized tax benefits. |
Contingent_Liabilities_and_Com
Contingent Liabilities and Commitments | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Contingent Liabilities and Commitments | ' | ||||||||
14 | Contingent Liabilities and Commitments | ||||||||
The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for certain dealers of certain of its products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to dealers in the event of default by the dealer on the agreement to pay the financial institution. The repurchase price is generally determined by the original sales price of the product and pre-defined curtailment arrangements. The Company typically resells the repurchased product at a discount from its repurchase price. The risk of loss from these agreements is spread over numerous dealers. In addition to the guarantee under these repurchase agreements, we may also be required to repurchase inventory relative to dealer terminations in certain states in accordance with state laws or regulatory requirements. The repurchase activity related to dealer terminations in certain states has been insignificant in relation to our repurchase obligation with financial institutions. | |||||||||
The Company’s total commercial commitment under standby repurchase obligations on dealer inventory financing at October 31, 2014 is $1,239,808. The commitment term is primarily up to eighteen months. | |||||||||
The Company accounts for the guarantee under repurchase agreements of dealers’ financing by deferring a portion of the related product sale that represents the estimated fair value of the guarantee at inception. The estimated fair value takes into account an estimate of the losses that may be incurred upon resale of any repurchases. This estimate is based on recent historical experience supplemented by the Company’s assessment of current economic and other conditions affecting its dealers. This deferred amount is included in the repurchase and guarantee reserve balances of $4,347 and $3,948 as of October 31, 2014 and July 31, 2014, respectively, which are included in other current liabilities on the Condensed Consolidated Balance Sheets. | |||||||||
The table below reflects losses incurred related to repurchase agreements that were settled in the periods noted. The Company believes that any future losses under these agreements will not have a significant effect on the Company’s consolidated financial position, results of operations or cash flows. | |||||||||
Three Months Ended | |||||||||
October 31, | |||||||||
2014 | 2013 | ||||||||
Cost of units repurchased | $ | 1,645 | $ | 123 | |||||
Realization of units resold | 1,440 | 101 | |||||||
Losses due to repurchase | $ | 205 | $ | 22 | |||||
Legal Matters | |||||||||
The Company is involved in certain litigation arising out of its operations in the normal course of its business, most of which is based upon state “lemon laws”, warranty claims and vehicle accidents (for which the Company carries insurance above a specified self-insured retention or deductible amount). The outcomes of legal proceedings and claims brought against the Company are subject to significant uncertainty. There is significant judgment required in assessing both the probability of an adverse outcome and the determination as to whether an exposure can be reasonably estimated. In management’s opinion, the ultimate disposition of any current legal proceedings or claims against the Company will not have a material effect on the Company’s financial condition, operating results or cash flows. Litigation is, however, inherently uncertain and an adverse outcome from such litigation could have a material effect on the operating results of a particular reporting period. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||
Oct. 31, 2014 | |||||
Stockholders' Equity | ' | ||||
15 | Stockholders’ Equity | ||||
Stock-Based Compensation | |||||
During fiscal 2013, the Compensation and Development Committee of the Board (“the Committee”) approved a program to award restricted stock units to certain employees at the operating subsidiary and corporate levels. The first awards under this program were granted in the first quarter of fiscal 2013 related to fiscal 2012 performance. The Committee approved additional awards that were granted in fiscal 2014 related to fiscal year 2013 performance and approved additional awards that were granted in fiscal 2015 related to fiscal 2014 performance. The employee restricted stock units vest, and shares of common stock will be issued, in equal installments on the first, second and third anniversaries of the date of grant. Starting in fiscal 2013, and again in fiscal 2014 and fiscal 2015, the Nominating and Governance Committee of the Board awarded restricted stock units to Board members that will vest, and shares of common stock will be issued, on the first anniversary of the date of the grant. Total expense recognized in the three months ended October 31, 2014 and October 31, 2013 for these restricted stock unit awards and other stock based compensation was $1,565 and $1,376, respectively, which included $0 and $480, respectively, related to discontinued operations. | |||||
For the restricted stock units that vested during the three month periods ended October 31, 2014, a certain portion of the vested shares awarded were withheld as treasury shares to cover the recipients’ estimated withholding taxes. The total related taxes of $1,562 to be paid by the Company on behalf of the award recipients is included in accrued compensation and related items as of October 31, 2014 in the Condensed Consolidated Balance Sheet and is expected to be paid in the second quarter of fiscal 2015. | |||||
Retained Earnings | |||||
The components of the change in retained earnings are as follows: | |||||
Balance as of July 31, 2014 | $ | 1,030,428 | |||
Net income | 38,925 | ||||
Dividends declared and paid | (14,412 | ) | |||
Balance as of October 31, 2014 | $ | 1,054,941 | |||
The dividends declared and paid total of $14,412 represents the regular quarterly dividend of $0.27 per share. |
Nature_of_Operations_and_Accou1
Nature of Operations and Accounting Policies (Policies) | 3 Months Ended |
Oct. 31, 2014 | |
Nature of Operations | ' |
Nature of Operations - Thor Industries, Inc. was founded in 1980 and, through its subsidiaries (the “Company”), manufactures a wide range of recreational vehicles (“RVs”) at various manufacturing facilities located primarily in Indiana and Ohio. These products are sold to independent dealers primarily throughout the United States and Canada. Unless the context otherwise requires or indicates, all references to “Thor”, the “Company”, “we”, “our” and “us” refer to Thor Industries, Inc. and its subsidiaries. | |
The Company’s core business activities are comprised of two distinct operations, which include the design, manufacture and sale of both towable recreational vehicles and motorized recreational vehicles. Accordingly, the Company has presented segment financial information for these two segments in Note 4 to the Condensed Consolidated Financial Statements. See Note 3, “Discontinued Operations,” in the Notes to the Condensed Consolidated Financial Statements for a description of the Company’s bus operations which were sold during the three months ended October 31, 2013. Accordingly, the accompanying financial statements (including footnote disclosures unless otherwise indicated) reflect these bus operations as discontinued operations apart from the Company’s continuing recreational vehicle operations. | |
The July 31, 2014 amounts are derived from the annual audited financial statements. The interim financial statements are unaudited. In the opinion of management, all adjustments (which consist of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented have been made. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2014. Due to seasonality within the recreational vehicle industry, annualizing the results of operations for the three months ended October 31, 2014 would not necessarily be indicative of the results for a full fiscal year. | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Key estimates include reserves for inventory, incurred but not reported medical claims, warranty claims, recall liabilities, workers’ compensation claims, vehicle repurchases, uncertain tax positions, product and non-product litigation and fair value determinations made for both intangible assets acquired and asset impairment assessments. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable under the circumstances. The Company believes that such estimates are made using consistent and appropriate methods. Actual results could differ from these estimates. | |
Accounting Pronouncements | ' |
Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-08 (“ASU 2014-08”) “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Under the new guidance, the disposal of a component or group of components of a business will be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. For the Company, ASU 2014-08 is effective for disposals (or classifications as held for sale) of components that first occur after July 31, 2015. Early adoption is permitted, but only for disposals that have not been reported in financial statements previously issued. The impact to the Company will depend on future disposals. | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 “Revenue from Contracts with Customers (Topic 606),” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This standard will supersede most current revenue recognition guidance. Under the new standard, entities are required to identify the contract with a customer, identify the separate performance obligations in the contract, determine the transaction price, allocate the transaction price to the separate performance obligations in the contract and recognize the appropriate amount of revenue when (or as) the entity satisfies each performance obligation. The standard is effective for fiscal years, and the interim periods within those years, beginning on or after December 15, 2016, and is therefore effective for the Company in its fiscal year 2018 beginning on August 1, 2017. Entities have the option of using either retrospective transition or a modified approach in applying the new standard. The Company is currently evaluating the approach it will use to apply the new standard and the impact that the adoption of the new standard will have on the Company’s consolidated financial statements. |
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||
Oct. 31, 2014 | |||||
K.Z. Inc. | ' | ||||
Summary of Final Fair Value Assigned to Assets Acquired | ' | ||||
The following table summarizes the final fair values assigned to the KZ net assets acquired, which are based on internal and independent external valuations: | |||||
Cash | $ 996 | ||||
Other current assets | 34,121 | ||||
Property, plant and equipment | 15,057 | ||||
Dealer network | 13,160 | ||||
Trademarks | 5,540 | ||||
Non-compete agreements | 450 | ||||
Backlog | 420 | ||||
Goodwill | 2,703 | ||||
Current liabilities | -16,127 | ||||
Total fair value of net assets acquired | 56,320 | ||||
Less cash acquired | -996 | ||||
Total cash consideration for acquisition, less cash acquired | $ 55,324 | ||||
Bison | ' | ||||
Summary of Final Fair Value Assigned to Assets Acquired | ' | ||||
The following table summarizes the final fair values assigned to the Bison net assets acquired, which are based on internal and independent external valuations: | |||||
Current assets | $ 4,050 | ||||
Property, plant and equipment | 625 | ||||
Dealer network | 7,400 | ||||
Trademarks | 1,800 | ||||
Backlog | 140 | ||||
Goodwill | 6,660 | ||||
Current liabilities | -3,761 | ||||
Total fair value of net assets acquired | $ 16,914 | ||||
Livin' Lite | ' | ||||
Summary of Final Fair Value Assigned to Assets Acquired | ' | ||||
The following table summarizes the final fair values assigned to the Livin’ Lite net assets acquired, which are based on internal and independent external valuations: | |||||
Cash | $ 247 | ||||
Other current assets | 3,626 | ||||
Property, plant and equipment | 137 | ||||
Dealer network | 3,200 | ||||
Trademarks | 1,500 | ||||
Design technology assets | 1,100 | ||||
Non-compete agreements | 130 | ||||
Backlog | 110 | ||||
Goodwill | 9,113 | ||||
Current liabilities | -2,147 | ||||
Total fair value of net assets acquired | 17,016 | ||||
Less cash acquired | -247 | ||||
Total cash paid for acquisition, less cash acquired | $ 16,769 | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Operating Results of Discontinued Operations | ' | ||||||||
The following table summarizes the results of discontinued operations: | |||||||||
Three Months Ended | |||||||||
October 31, | |||||||||
Discontinued Operations: | 2014 | 2013 | |||||||
Net sales | $ | – | $ | 83,903 | |||||
Operating loss of discontinued operations | $ | (435) | $ | -3,433 | |||||
Pre-tax gain on disposal of discontinued business | – | 7,825 | |||||||
Income (loss) before income taxes | -435 | 4,392 | |||||||
Income tax benefit | -159 | -322 | |||||||
Income (loss) from discontinued operations, net of taxes | $ | -276 | $ | 4,714 | |||||
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Schedule of Segment Reporting Information by Segment | ' | ||||||||
Three Months Ended | |||||||||
October 31, | |||||||||
2014 | 2013 | ||||||||
Net sales: | |||||||||
Recreational vehicles: | |||||||||
Towables | $ | 699,778 | $ | 622,853 | |||||
Motorized | 222,214 | 177,110 | |||||||
Total | $ | 921,992 | $ | 799,963 | |||||
Three Months Ended | |||||||||
October 31, | |||||||||
2014 | 2013 | ||||||||
Income (loss) from continuing operations | |||||||||
before income taxes: | |||||||||
Recreational vehicles: | |||||||||
Towables | $ | 49,299 | $ | 45,624 | |||||
Motorized | 15,101 | 13,443 | |||||||
Total recreational vehicles | 64,400 | 59,067 | |||||||
Corporate | -7,694 | -4,626 | |||||||
Total | $ | 56,706 | $ | 54,441 | |||||
October 31, 2014 | July 31, 2014 | ||||||||
Total assets: | |||||||||
Recreational vehicles: | |||||||||
Towables | $ | 843,083 | $ | 868,017 | |||||
Motorized | 161,239 | 170,251 | |||||||
Total recreational vehicles | 1,004,322 | 1,038,268 | |||||||
Corporate | 404,527 | 370,450 | |||||||
Total | $ | 1,408,849 | $ | 1,408,718 | |||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Schedule of Earnings Per Common Share | ' | ||||||||
Three Months Ended | |||||||||
October 31, | |||||||||
2014 | 2013 | ||||||||
Weighted average common shares outstanding for basic earnings per share | 53,336,592 | 53,205,004 | |||||||
Stock options, unvested restricted stock and restricted stock units | 96,855 | 94,472 | |||||||
Weighted average common shares outstanding for diluted earnings per share | 53,433,447 | 53,299,476 | |||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Schedule of Major Classifications of Inventories | ' | ||||||||
Major classifications of inventories are: | |||||||||
October 31, 2014 | July 31, 2014 | ||||||||
Raw materials | $ | 127,822 | $ | 122,150 | |||||
Chassis | 41,357 | 45,231 | |||||||
Work in process | 49,068 | 49,537 | |||||||
Finished goods | 31,592 | 27,424 | |||||||
Total | 249,839 | 244,342 | |||||||
Excess of FIFO costs over LIFO costs | -27,988 | -27,988 | |||||||
Total inventories | $ | 221,851 | $ | 216,354 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Property, Plant and Equipment | ' | ||||||||
Property, plant and equipment is stated at cost, net of accumulated depreciation, and consists of the following: | |||||||||
October 31, 2014 | July 31, 2014 | ||||||||
Land | $ | 23,464 | $ | 21,592 | |||||
Buildings and improvements | 180,779 | 175,611 | |||||||
Machinery and equipment | 75,153 | 76,298 | |||||||
Total cost | 279,396 | 273,501 | |||||||
Less accumulated depreciation | -104,732 | -103,639 | |||||||
Property, plant and equipment, net | $ | 174,664 | $ | 169,862 | |||||
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 3 Months Ended | ||||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||||
Components of Amortizable Intangible Assets | ' | ||||||||||||||||||
The components of amortizable intangible assets are as follows: | |||||||||||||||||||
Weighted Average | October 31, 2014 | July 31, 2014 | |||||||||||||||||
Remaining Life | |||||||||||||||||||
in Years at | Cost | Accumulated | Cost | Accumulated | |||||||||||||||
October 31, 2014 | Amortization | Amortization | |||||||||||||||||
Dealer networks | 9 | $ | 90,760 | $ | 29,642 | $ | 90,760 | $ | 27,102 | ||||||||||
Trademarks | 20 | 43,882 | 5,947 | 43,882 | 5,479 | ||||||||||||||
Design technology and other | 10 | 22,400 | 6,541 | 23,070 | 6,775 | ||||||||||||||
intangibles | |||||||||||||||||||
Non-compete agreements | 2 | 4,710 | 3,528 | 4,710 | 3,283 | ||||||||||||||
Total amortizable intangible assets | $ | 161,752 | $ | 45,658 | $ | 162,422 | $ | 42,639 | |||||||||||
Estimated Amortization Expense | ' | ||||||||||||||||||
Estimated annual amortization expense is as follows: | |||||||||||||||||||
For the fiscal year ending July 31, 2015 | $ | 14,452 | |||||||||||||||||
For the fiscal year ending July 31, 2016 | 13,213 | ||||||||||||||||||
For the fiscal year ending July 31, 2017 | 12,399 | ||||||||||||||||||
For the fiscal year ending July 31, 2018 | 11,650 | ||||||||||||||||||
For the fiscal year ending July 31, 2019 | 10,661 | ||||||||||||||||||
For the fiscal year ending July 31, 2020 | 9,918 | ||||||||||||||||||
For the fiscal year ending July 31, 2021 and thereafter | 47,490 | ||||||||||||||||||
$ | 119,783 | ||||||||||||||||||
Product_Warranties_Tables
Product Warranties (Tables) | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Schedule of Changes in Product Warranty Liabilities | ' | ||||||||
Changes in our product warranty reserves are as follows: | |||||||||
Three Months Ended | |||||||||
October 31, | |||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 94,938 | $ | 84,250 | |||||
Provision | 29,461 | 22,492 | |||||||
Payments | (26,759) | (20,821) | |||||||
Acquisitions | – | 609 | |||||||
Ending balance | $ | 97,640 | $ | 86,530 | |||||
Contingent_Liabilities_and_Com1
Contingent Liabilities and Commitments (Tables) | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Losses Due to Repurchases Related to Repurchase Agreements | ' | ||||||||
The table below reflects losses incurred related to repurchase agreements that were settled in the periods noted. The Company believes that any future losses under these agreements will not have a significant effect on the Company’s consolidated financial position, results of operations or cash flows. | |||||||||
Three Months Ended | |||||||||
October 31, | |||||||||
2014 | 2013 | ||||||||
Cost of units repurchased | $ | 1,645 | $ | 123 | |||||
Realization of units resold | 1,440 | 101 | |||||||
Losses due to repurchase | $ | 205 | $ | 22 | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||
Oct. 31, 2014 | |||||
Schedule of Change in Retained Earnings | ' | ||||
The components of the change in retained earnings are as follows: | |||||
Balance as of July 31, 2014 | $ | 1,030,428 | |||
Net income | 38,925 | ||||
Dividends declared and paid | (14,412 | ) | |||
Balance as of October 31, 2014 | $ | 1,054,941 | |||
Nature_of_Operations_and_Accou2
Nature of Operations and Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Oct. 31, 2014 | |
Segment | |
Summary Of Significant Accounting Policies [Line Items] | ' |
Number of reportable segments | 2 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Aug. 30, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | 1-May-14 | Oct. 31, 2013 | Apr. 30, 2014 | Aug. 30, 2013 | Oct. 31, 2013 | Jan. 31, 2014 | 1-May-14 | Oct. 31, 2013 | Aug. 30, 2013 | Oct. 31, 2014 | 1-May-14 | Oct. 31, 2013 | Aug. 30, 2013 | Oct. 31, 2014 | 1-May-14 | Aug. 30, 2013 | Oct. 31, 2014 | 1-May-14 | Oct. 31, 2013 | Aug. 30, 2013 | Oct. 31, 2014 | Aug. 30, 2013 | Oct. 31, 2014 |
K.Z. Inc. | Bison | Bison | Livin' Lite | Livin' Lite | Livin' Lite | Dealer Networks | Dealer Networks | Dealer Networks | Dealer Networks | Trademarks | Trademarks | Trademarks | Trademarks | Non-Compete Agreements | Non-Compete Agreements | Non-Compete Agreements | Backlog | Backlog | Backlog | Backlog | Design Technology Assets | Design Technology Assets | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment to acquire business | ' | ' | ' | ' | $53,405 | $16,718 | $16,914 | ' | $17,056 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price adjustment | ' | ' | ' | ' | 2,915 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset purchase agreement date | ' | ' | ' | ' | 1-May-14 | 31-Oct-13 | ' | 30-Aug-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortizable intangible assets, weighted average useful life | '13 years 3 months 18 days | '10 years 2 months 12 days | ' | ' | '13 years 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | '12 years | '8 years | '9 years | '20 years | '20 years | '20 years | '20 years | '5 years | '2 years | '2 years | '2 months | '42 days | '42 days | ' | '5 years | ' |
Amortizable intangible assets, amortization method | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Accelerated cash flow basis | ' | ' | ' | 'Straight line basis | ' | ' | 'Straight line basis | ' | ' | ' | 'Straight line basis | ' | 'Straight line basis |
Additional cash payment | ' | ' | ' | ' | ' | ' | 196 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment to acquire business, net | ' | ' | 2,915 | 33,774 | 55,324 | ' | ' | 16,769 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cash due from escrow | ' | ' | ' | ' | ' | ' | ' | ' | ' | $287 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Final_Fair_Value_As
Summary of Final Fair Value Assigned to Net Assets Acquired (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Aug. 30, 2013 | Aug. 30, 2013 | Aug. 30, 2013 | Aug. 30, 2013 | Aug. 30, 2013 | Aug. 30, 2013 | Aug. 30, 2013 | 1-May-14 | 1-May-14 | 1-May-14 | 1-May-14 | 1-May-14 | 1-May-14 |
Bison | Bison | Bison | Bison | Livin' Lite | Livin' Lite | Livin' Lite | Livin' Lite | Livin' Lite | Livin' Lite | Livin' Lite | K.Z. Inc. | K.Z. Inc. | K.Z. Inc. | K.Z. Inc. | K.Z. Inc. | K.Z. Inc. | ||||
Dealer Networks | Trademarks | Backlog | Dealer Networks | Trademarks | Backlog | Design Technology Assets | Non-Compete Agreements | Dealer Networks | Trademarks | Backlog | Non-Compete Agreements | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | ' | ' | ' | $247 | ' | ' | ' | ' | ' | ' | $996 | ' | ' | ' | ' |
Current assets | ' | ' | ' | 4,050 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other current assets | ' | ' | ' | ' | ' | ' | ' | ' | 3,626 | ' | ' | ' | ' | ' | ' | 34,121 | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | 625 | ' | ' | ' | ' | 137 | ' | ' | ' | ' | ' | ' | 15,057 | ' | ' | ' | ' |
Business acquisition allocated to amortizing intangible asset | ' | ' | ' | ' | 7,400 | 1,800 | 140 | ' | ' | 3,200 | 1,500 | 110 | 1,100 | 130 | ' | ' | 13,160 | 5,540 | 420 | 450 |
Goodwill | 256,579 | ' | 256,579 | 6,660 | ' | ' | ' | ' | 9,113 | ' | ' | ' | ' | ' | ' | 2,703 | ' | ' | ' | ' |
Current liabilities | ' | ' | ' | -3,761 | ' | ' | ' | ' | -2,147 | ' | ' | ' | ' | ' | ' | -16,127 | ' | ' | ' | ' |
Total fair value of net assets acquired | ' | ' | ' | 16,914 | ' | ' | ' | ' | 17,016 | ' | ' | ' | ' | ' | ' | 56,320 | ' | ' | ' | ' |
Less cash acquired | ' | ' | ' | ' | ' | ' | ' | -247 | ' | ' | ' | ' | ' | ' | -996 | ' | ' | ' | ' | ' |
Total cash consideration for acquisition, less cash acquired | $2,915 | $33,774 | ' | ' | ' | ' | ' | $16,769 | ' | ' | ' | ' | ' | ' | $55,324 | ' | ' | ' | ' | ' |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 21, 2013 | Oct. 31, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Proceeds from sale of bus business | ' | $100,000 | ' | ' | $97,677 | $105,043 |
Proceeds from sale of bus business, net of cash divested | ' | ' | ' | ' | ' | 97,677 |
Sale of bus business, cash divested | ' | ' | ' | ' | ' | 2,323 |
Discontinued operation, total amounts due from ASV | 8,329 | ' | ' | ' | ' | ' |
Discontinued operation, amounts collected from ASV | ' | ' | ' | ' | ' | 5,043 |
Pre-tax gain (loss) on sale of business | ' | ' | ' | -746 | 7,825 | 7,079 |
Impact of indemnification to tax expenses | ' | ' | ' | ' | 1,883 | ' |
Income tax benefit (expense) | ' | ' | $159 | ' | $322 | ' |
Operating_Results_of_Discontin
Operating Results of Discontinued Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 |
Discontinued Operations: | ' | ' | ' | ' |
Net sales | ' | ' | $83,903 | ' |
Operating loss of discontinued operations | -435 | ' | -3,433 | ' |
Pre-tax gain on disposal of discontinued business | ' | -746 | 7,825 | 7,079 |
Income (loss) before income taxes | -435 | ' | 4,392 | ' |
Income tax benefit | -159 | ' | -322 | ' |
Income (loss) from discontinued operations, net of taxes | ($276) | ' | $4,714 | ' |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 3 Months Ended |
Oct. 31, 2014 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reportable segments | 2 |
Schedule_of_Segment_Reporting_
Schedule of Segment Reporting Information by Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | $921,992 | $799,963 |
Income (loss) from continuing operations before income taxes | 56,706 | 54,441 |
Recreation Vehicles | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Income (loss) from continuing operations before income taxes | 64,400 | 59,067 |
Recreation Vehicles | Towables | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Income (loss) from continuing operations before income taxes | 49,299 | 45,624 |
Recreation Vehicles | Motorized | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Income (loss) from continuing operations before income taxes | 15,101 | 13,443 |
Corporate | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Income (loss) from continuing operations before income taxes | -7,694 | -4,626 |
Continuing Operations | Recreation Vehicles | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 921,992 | 799,963 |
Continuing Operations | Recreation Vehicles | Towables | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 699,778 | 622,853 |
Continuing Operations | Recreation Vehicles | Motorized | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | $222,214 | $177,110 |
Schedule_of_Segment_Reporting_1
Schedule of Segment Reporting Information, by Segment Balance Sheet Item (Detail) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $1,408,849 | $1,408,718 |
Continuing Operations | Recreation Vehicles | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 1,004,322 | 1,038,268 |
Continuing Operations | Recreation Vehicles | Towables | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 843,083 | 868,017 |
Continuing Operations | Recreation Vehicles | Motorized | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 161,239 | 170,251 |
Continuing Operations | Corporate | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $404,527 | $370,450 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Detail) | 3 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Weighted average common shares outstanding for basic earnings per share | 53,336,592 | 53,205,004 |
Stock options, unvested restricted stock and restricted stock units | 96,855 | 94,472 |
Weighted average common shares outstanding for diluted earnings per share | 53,433,447 | 53,299,476 |
Earnings_Per_Common_Share_Addi
Earnings Per Common Share - Additional Information (Detail) | 3 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive stock options, unvested restricted stock and restricted stock units outstanding | 39,523 | 106,959 |
Schedule_of_Major_Classificati
Schedule of Major Classifications of Inventories (Detail) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials | $127,822 | $122,150 |
Chassis | 41,357 | 45,231 |
Work in process | 49,068 | 49,537 |
Finished goods | 31,592 | 27,424 |
Total | 249,839 | 244,342 |
Excess of FIFO costs over LIFO costs | -27,988 | -27,988 |
Total inventories | $221,851 | $216,354 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Inventory | $249,839 | $244,342 |
Subsidiaries valued inventory in first-in, first-out method | $43,710 | $36,096 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Detail) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Land | $23,464 | $21,592 |
Buildings and improvements | 180,779 | 175,611 |
Machinery and equipment | 75,153 | 76,298 |
Total cost | 279,396 | 273,501 |
Less accumulated depreciation | -104,732 | -103,639 |
Property, plant and equipment, net | $174,664 | $169,862 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' |
Non-cash impairment charge | $710 |
Components_of_Amortizable_Inta
Components of Amortizable Intangible Assets (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | 1-May-14 | Oct. 31, 2013 | Aug. 30, 2013 | Oct. 31, 2014 | Jul. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Cost | ' | ' | ' | $161,752 | $162,422 |
Accumulated Amortization | ' | ' | ' | 45,658 | 42,639 |
Dealer Networks | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Weighted Average Remaining Life in Years | '12 years | '12 years | '8 years | '9 years | ' |
Cost | ' | ' | ' | 90,760 | 90,760 |
Accumulated Amortization | ' | ' | ' | 29,642 | 27,102 |
Non-Compete Agreements | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Weighted Average Remaining Life in Years | '5 years | ' | '2 years | '2 years | ' |
Cost | ' | ' | ' | 4,710 | 4,710 |
Accumulated Amortization | ' | ' | ' | 3,528 | 3,283 |
Trademarks | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Weighted Average Remaining Life in Years | '20 years | '20 years | '20 years | '20 years | ' |
Cost | ' | ' | ' | 43,882 | 43,882 |
Accumulated Amortization | ' | ' | ' | 5,947 | 5,479 |
Design Technology And Other Intangibles | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Weighted Average Remaining Life in Years | ' | ' | ' | '10 years | ' |
Cost | ' | ' | ' | 22,400 | 23,070 |
Accumulated Amortization | ' | ' | ' | $6,541 | $6,775 |
Estimated_Amortization_Expense
Estimated Amortization Expense (Detail) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Expected Amortization Expense [Line Items] | ' | ' |
Estimated annual amortization expense, For the fiscal year ending July 31, 2015 | ' | $14,452 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2016 | ' | 13,213 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2017 | ' | 12,399 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2018 | ' | 11,650 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2019 | ' | 10,661 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2020 | ' | 9,918 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2021 and thereafter | ' | 47,490 |
Estimated annual amortization expense, Total | $116,094 | $119,783 |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill - Additional Information (Detail) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill And Other Intangible Assets [Line Items] | ' | ' |
Goodwill | $256,579 | $256,579 |
Concentration_of_Risk_Addition
Concentration of Risk - Additional Information (Detail) (Freedom Roads, LLC) | 3 Months Ended | 12 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Jul. 31, 2014 | |
Net Sales | Net Sales | Accounts Receivable | Accounts Receivable | |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk percentage | 14.00% | 18.00% | 11.00% | 21.00% |
Loan_Transactions_and_Related_1
Loan Transactions and Related Notes Receivable - Additional Information (Detail) (USD $) | Jan. 31, 2009 | Jan. 31, 2009 | Oct. 31, 2014 | Dec. 31, 2009 |
In Thousands, unless otherwise specified | First Credit Agreement | Second Credit Agreement | Third Credit Agreement | Third Credit Agreement |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Loan amount | $10,000 | $10,000 | $7,400 | $10,000 |
Notes receivable, maturity | ' | ' | 30-Aug-15 | ' |
Investments_and_Fair_Value_Mea1
Investments and Fair Value Measurements - Additional Information (Detail) (Level 1, USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Level 1 | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Investments under employees deferred compensation plan | $9,360 | $8,973 |
Product_Warranties_Additional_
Product Warranties - Additional Information (Detail) | 3 Months Ended |
Oct. 31, 2014 | |
Product Warranty [Line Items] | ' |
Warranty period for retail customers, years | '1 year |
Schedule_of_Changes_in_Product
Schedule of Changes in Product Warranty Liabilities for Continuing Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Product Warranty | ' | ' |
Beginning balance | $94,938 | $84,250 |
Provision | 29,461 | 22,492 |
Payments | -26,759 | -20,821 |
Acquisitions | ' | 609 |
Ending balance | $97,640 | $86,530 |
Provision_for_Income_Taxes_Add
Provision for Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | |
Income Tax [Line Items] | ' | ' |
Maximum percentage of tax benefits realized upon ultimate settlement | 50.00% | ' |
Effective income tax rate | 30.90% | 33.10% |
Decreases in unrecognized tax benefits resulting from effective settlement | $4,506 | ' |
Income tax benefit related to gross uncertain tax benefit releases, net | 2,387 | ' |
Interest and penalties related to uncertain tax benefits | 146 | ' |
Expected decrease in unrecognized tax benefits due to resolution of uncertain tax positions | 2,560,000 | ' |
Expected decrease in interest and penalties due to resolution of uncertain tax positions | 385,000 | ' |
Minimum | ' | ' |
Income Tax [Line Items] | ' | ' |
Expected gross unrecognized tax benefits decrease | 100,000 | ' |
Expected decrease in interest and penalties | 150,000 | ' |
Maximum | ' | ' |
Income Tax [Line Items] | ' | ' |
Expected gross unrecognized tax benefits decrease | 2,700,000 | ' |
Expected decrease in interest and penalties | $1,200,000 | ' |
Contingent_Liabilities_and_Com2
Contingent Liabilities and Commitments - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Jul. 31, 2014 |
Loss Contingencies [Line Items] | ' | ' |
Standby Repurchase Obligations Amount | $1,239,808 | ' |
Term of Commitments | 'Up to eighteen months | ' |
Repurchase and guarantee reserve balances | $4,347 | $3,948 |
Losses_Due_to_Repurchases_Rela
Losses Due to Repurchases Related to Repurchase Agreements (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Loss Contingencies [Line Items] | ' | ' |
Cost of units repurchased | $1,645 | $123 |
Realization of units resold | 1,440 | 101 |
Losses due to repurchase | $205 | $22 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 |
Stock Based Compensation And Stockholders Equity [Line Items] | ' | ' | ' |
Stock-based compensation | $1,565 | $1,376 | ' |
Withholding taxes payable | 45,244 | ' | 43,888 |
Dividends declared and paid | 14,412 | ' | ' |
Regular Dividend | ' | ' | ' |
Stock Based Compensation And Stockholders Equity [Line Items] | ' | ' | ' |
Dividends declared and paid per common share | $0.27 | ' | ' |
Dividends declared and paid | 14,412 | ' | ' |
Discontinued Operations | ' | ' | ' |
Stock Based Compensation And Stockholders Equity [Line Items] | ' | ' | ' |
Total compensation expenses | 0 | 480 | ' |
Restricted Stock | ' | ' | ' |
Stock Based Compensation And Stockholders Equity [Line Items] | ' | ' | ' |
Withholding taxes payable | $1,562 | ' | ' |
Schedule_of_Change_in_Retained
Schedule of Change in Retained Earnings (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Retained Earnings Adjustments [Line Items] | ' | ' |
Beginning Balance | $1,030,428 | ' |
Net income | 38,925 | 41,108 |
Dividends declared and paid | -14,412 | ' |
Ending Balance | $1,054,941 | ' |