Thor Industries (THO) 10-K 21 Sep 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jul. 31, 2015	Sep. 04, 2015	Jan. 31, 2015
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jul. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	THO
Entity Registrant Name	THOR INDUSTRIES INC
Entity Central Index Key	730,263
Current Fiscal Year End Date	--07-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		52,394,563
Entity Public Float			$ 2,513,605,014

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014
Current assets:
Cash and cash equivalents	$ 183,478	$ 289,336
Accounts receivable, trade, less allowance for doubtful accounts - $1,283 in 2015 and $348 in 2014	244,052	264,927
Accounts receivable, other	25,642	14,866
Inventories	246,115	216,354
Notes receivable	8,367	1,429
Prepaid expenses and other	8,323	5,740
Deferred income taxes, net	59,864	51,397
Total current assets	775,841	844,049
Property, plant and equipment, net	234,045	169,862
Other assets:
Goodwill	312,622	256,579
Amortizable intangible assets, net	169,018	119,783
Long-term notes receivable		8,992
Other	11,722	9,453
Total other assets	493,362	394,807
Total Assets	1,503,248	1,408,718
Current liabilities:
Accounts payable	162,587	164,619
Accrued liabilities:
Compensation and related items	51,984	43,888
Product warranties	108,206	94,938
Income and other taxes	11,000	18,468
Promotions and rebates	19,817	17,474
Product, property and related liabilities	10,892	12,928
Other	13,849	18,400
Total current liabilities	378,335	370,715
Unrecognized tax benefits	11,945	23,689
Deferred income taxes, net	20,563	19,388
Other liabilities	27,218	17,229
Total long-term liabilities	$ 59,726	$ 60,306
Contingent liabilities and commitments
Stockholders' equity:
Preferred stock-authorized 1,000,000 shares; none outstanding
Common stock-par value of $.10 a share; authorized, 250,000,000 shares; issued 62,306,037 shares in 2015 and 62,210,429 shares in 2014	$ 6,231	$ 6,221
Additional paid-in capital	215,539	208,501
Retained earnings	1,172,432	1,030,428
Less treasury shares of 9,911,474 in 2015 and 8,880,877 in 2014, at cost	(329,015)	(267,453)
Total stockholders' equity	1,065,187	977,697
Total Liabilities and Stockholders' Equity	$ 1,503,248	$ 1,408,718

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014
Allowance for doubtful accounts	$ 1,283	$ 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	62,306,037	62,210,429
Treasury, shares	9,911,474	8,880,877

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Net sales	$ 4,006,819	$ 3,525,456	$ 3,241,795
Cost of products sold	3,449,274	3,055,060	2,817,256
Gross profit	557,545	470,396	424,539
Selling, general and administrative expenses	250,891	208,712	194,650
Impairment charges		710	2,000
Amortization of intangible assets	16,015	12,920	10,460
Interest income	1,292	1,577	2,628
Interest expense	180	10	6
Other income, net	1,144	3,198	1,921
Income from continuing operations before income taxes	292,895	252,819	221,972
Income taxes	90,886	77,303	70,296
Net income from continuing operations	202,009	175,516	151,676
Income (loss) from discontinued operations, net of income taxes	(2,624)	3,486	1,186
Net income	$ 199,385	$ 179,002	$ 152,862
Earnings per common share from continuing operations:
Basic	$ 3.80	$ 3.29	$ 2.86
Diluted	3.79	3.29	2.86
Earnings (loss) per common share from discontinued operations:
Basic	(0.05)	0.07	0.02
Diluted	(0.05)	0.06	0.02
Earnings per common share:
Basic	3.75	3.36	2.88
Diluted	$ 3.74	$ 3.35	$ 2.88
Net income	$ 199,385	$ 179,002	$ 152,862
Unrealized appreciation on investments, net of tax effects of $0, $12 and $23		22	38
Comprehensive income	$ 199,385	$ 179,024	$ 152,900

Consolidated Statements of Inc5

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Unrealized appreciation on investments, tax effects	$ 0	$ 12	$ 23

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Treasury Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning Balance (in shares) at Jul. 31, 2012		8,857,339	61,777,849
Beginning Balance at Jul. 31, 2012		$ (266,104)	$ 6,178	$ 192,248	$ 918,565	$ (60)
Net income	$ 152,862				152,862
Stock option and restricted stock activity (in shares)		941	203,951
Stock option and restricted stock activity		$ (43)	$ 21	5,783
Special dividend - $1.50 in 2013, $ 1.00 in 2014 per common share					(79,525)
Cash dividends - $.72 in 2013, $0.92 in 2014, $1.08 in 2015 per common share					(38,162)
Cashless exercises of stock options (in shares)	63,464		63,464
Cashless exercises of stock options			$ 6	(2,009)
Unrealized appreciation on investments, net of tax	$ 38					38
Stock compensation expense				2,816
Ending Balance (in shares) at Jul. 31, 2013		8,858,280	62,045,264
Ending Balance at Jul. 31, 2013		$ (266,147)	$ 6,205	198,838	953,740	(22)
Net income	179,002				179,002
Stock option and restricted stock activity (in shares)		1,831	101,313
Stock option and restricted stock activity		$ (101)	$ 10	3,674
Restricted stock unit activity (in shares)		20,766	63,852
Restricted stock unit activity		$ (1,205)	$ 6	758
Special dividend - $1.50 in 2013, $ 1.00 in 2014 per common share					(53,290)
Cash dividends - $.72 in 2013, $0.92 in 2014, $1.08 in 2015 per common share					(49,024)
Unrealized appreciation on investments, net of tax	22					$ 22
Stock compensation expense				5,231
Ending Balance (in shares) at Jul. 31, 2014		8,880,877	62,210,429
Ending Balance at Jul. 31, 2014	977,697	$ (267,453)	$ 6,221	208,501	1,030,428
Net income	199,385				199,385
Shares purchased (in shares)		1,000,000
Shares purchased		$ (60,000)
Stock option and restricted stock activity (in shares)			5,000
Stock option and restricted stock activity			$ 1	140
Restricted stock unit activity (in shares)		30,597	90,608
Restricted stock unit activity		$ (1,562)	$ 9	122
Cash dividends - $.72 in 2013, $0.92 in 2014, $1.08 in 2015 per common share					(57,381)
Stock compensation expense				6,776
Ending Balance (in shares) at Jul. 31, 2015		9,911,474	62,306,037
Ending Balance at Jul. 31, 2015	$ 1,065,187	$ (329,015)	$ 6,231	$ 215,539	$ 1,172,432

Consolidated Statements of Sto7

Consolidated Statements of Stockholders' Equity (Parenthetical) - Retained Earnings - $ / shares	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Special dividends, per common share		$ 1	$ 1.50
Cash dividends, per common share	$ 1.08	$ 0.92	$ 0.72

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Cash flows from operating activities:
Net income	$ 199,385	$ 179,002	$ 152,862
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	15,366	12,850	13,950
Amortization of intangibles	16,015	12,984	11,037
Impairment charges		710	13,525
Deferred income tax benefit	(7,292)	(2,177)	(9,904)
Gain on disposal of bus business		(7,079)
Gain on disposition of property, plant & equipment	(91)	(1,897)	(47)
Stock-based compensation	6,776	5,231	2,816
Excess tax benefits from stock-based awards	(135)	(960)	(740)
Changes in assets and liabilities (excluding acquisitions and disposition):
Accounts receivable	41,324	(9,448)	(46,615)
Inventories	14,750	(44,774)	(37,037)
Prepaid expenses and other assets	(3,000)	(2,183)	(1,127)
Accounts payable	(26,632)	13,647	15,449
Accrued liabilities	(30)	7,706	32,318
Long-term liabilities and other	(8,576)	(14,351)	(1,421)
Net cash provided by operating activities	247,860	149,261	145,066
Cash flows from investing activities:
Purchases of property, plant & equipment	(42,283)	(30,406)	(24,305)
Proceeds from dispositions of property, plant & equipment	381	8,699	361
Proceeds from dispositions of investments		700	800
Proceeds from notes receivable	1,400	6,425	7,000
Proceeds from sale of bus business		105,043
Acquisitions, net of cash acquired	(194,486)	(86,092)	(10,718)
Proceeds from disposition of ambulance net assets			12,051
Other	20	(1,441)	815
Net cash provided by (used in) investing activities	(234,968)	2,928	(13,996)
Cash flows from financing activities:
Cash dividends	(57,381)	(49,024)	(38,162)
Special cash dividends		(53,290)	(79,525)
Purchase of treasury stock	(60,000)
Shares repurchased related to cashless exercise of stock options			(2,009)
Payments related to vesting of stock-based awards	(1,562)	(1,306)
Excess tax benefits from stock-based awards	135	960	740
Proceeds from issuance of common stock	141	3,206	5,845
Principal payments on capital lease obligations	(83)
Net cash used in financing activities	(118,750)	(99,454)	(113,111)
Net increase (decrease) in cash and cash equivalents	(105,858)	52,735	17,959
Cash and cash equivalents, beginning of year	289,336	236,601	218,642
Cash and cash equivalents, end of year	183,478	289,336	236,601
Supplemental cash flow information:
Income taxes paid	115,124	97,561	75,561
Interest paid	180	134	411
Non-cash transactions:
Capital expenditures in accounts payable	$ 1,540	$ 768	$ 736

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jul. 31, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations The Company’s core ongoing business activities are comprised of two distinct operations, which include the design, manufacture and sale of motorized recreational vehicles and towable recreational vehicles. Accordingly, the Company has presented segmented financial information for these two segments in Note 4 to the Consolidated Financial Statements. See Note 3, “Discontinued Operations,” in the Notes to the Consolidated Financial Statements for a description of the Company’s bus operations which were sold as of October 20, 2013. Accordingly, the accompanying financial statements (including footnote disclosures unless otherwise indicated) reflect these operations as discontinued operations apart from the Company’s continuing operations. Principles of Consolidation Estimates Cash and Cash Equivalents Fair Value of Financial Instruments Inventories Depreciation Buildings and improvements – 10 to 39 years Machinery and equipment – 3 to 10 years Depreciation expense is recorded in cost of products sold except for $2,362, $2,542 and $2,783 in fiscal 2015, 2014 and 2013, respectively, which relates primarily to office buildings and office equipment and is recorded in selling, general and administrative expenses. Intangible Assets Long-lived Assets Product Warranties Allowance for Doubtful Accounts A summary of allowance for doubtful accounts activity is as follows: 2015 2014 2013 Beginning balance $ 348 $ 157 $ 527 Net charged to expense 359 63 (47) Write-offs, net of recoveries/payments (67) (72) (130) Acquisitions 643 200 – Discontinued operations reclassification – – (193) Ending balance $ 1,283 $ 348 $ 157 Insurance Reserves Revenue Recognition 1) An order for a product has been received from a dealer; 2) Written or oral approval for payment has been received from the dealer’s flooring institution, if applicable; 3) A common carrier signs the delivery ticket accepting responsibility for the product as agent for the dealer; and 4) The product is removed from the Company’s property for delivery to the dealer who placed the order. These conditions are generally met when title passes, which is when vehicles are shipped to dealers in accordance with shipping terms, which are primarily FOB shipping point. Most sales are made to dealers financing their purchases under flooring arrangements with banks or finance companies. Certain shipments are sold to customers on credit or cash on delivery (“COD”) terms. The Company recognizes revenue on credit sales upon shipment and COD sales upon payment and delivery. Products are not sold on consignment, dealers do not have the right to return products and dealers are typically responsible for interest costs to floor plan lenders. At the time of revenue recognition, amounts billed to dealers for delivery of product are recognized as revenue and the corresponding delivery expense charged to costs of products sold. Revenues from the sale of extruded aluminum components are recognized when title to products and the risk of loss are transferred to the customer, which is generally upon shipment. Dealer Volume Rebates, Sales Incentives and Advertising Costs Repurchase Agreements – Income Taxes – 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 Company has to determine the probability of various possible outcomes. The Company reevaluates these uncertain tax positions 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. Significant judgment is required in determining the Company’s provision for income taxes, the Company’s deferred tax assets and liabilities and the valuation allowance recorded against the Company’s deferred tax assets, if any. Valuation allowances must be considered due to the uncertainty of realizing deferred tax assets. Companies must assess whether valuation allowances should be established against their deferred tax assets on a tax jurisdictional basis based on the consideration of all available evidence, using a more likely than not standard. The Company has evaluated the realizability of our deferred tax assets on our Consolidated Balance Sheets which includes the assessment of the cumulative income over recent prior periods. Earnings Per Share 2015 2014 2013 Weighted average shares outstanding for basic earnings per share 53,166,206 53,270,076 53,005,576 Stock options, unvested restricted stock and restricted stock units 109,304 91,614 109,972 Weighted average shares outstanding assuming dilution 53,275,510 53,361,690 53,115,548 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, but had none at July 31, 2015, 2014 and 2013. 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 after December 15, 2017. The standard is effective for the Company in its fiscal year 2019 beginning on August 1, 2018. 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. In July 2015, the FASB issued Accounting Standards Update No. 2015-11 (“ASU 2015-11”), “Inventory (Topic 330): Simplifying the Measurement of Inventory.” ASU 2015-11 requires inventory measured using any method other than last-in, first-out (“LIFO”) or the retail inventory method to be subsequently measured at the lower of cost or net realizable value, rather than at the lower of cost or market. Under this ASU, subsequent measurement of inventory using the LIFO and retail inventory method is unchanged. ASU 2015-11 is effective prospectively for fiscal years, and for interim periods within those years, beginning after December 15, 2016. The standard is effective for the Company in its fiscal year 2018 beginning on August 1, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Jul. 31, 2015
ACQUISITIONS	2. ACQUISITIONS Postle On May 1, 2015, the Company closed on a Membership Interest Purchase Agreement with Postle Aluminum Company, LLC for the acquisition of all the outstanding membership units of Postle Operating, LLC (“Postle”), a manufacturer of aluminum extrusion and specialized component products sold to RV and other manufacturers, for total cash consideration to date of $144,048, net of cash acquired. The net cash consideration of $144,048 was funded entirely from the Company’s cash on hand, based on a final determination of the actual net assets as of the May 1, 2015 closing date and paid during the fourth quarter of fiscal 2015. Postle will operate as an independent operation in the same manner as the Company’s other subsidiaries. The operations of Postle are reported in Other, which is a non-reportable segment. The following table summarizes the fair values assigned to the Postle net assets acquired, which are based on internal and independent external valuations: Cash $ 2,963 Other current assets 54,780 Property, plant and equipment 32,251 Customer relationships 38,800 Trademarks 6,000 Backlog 300 Goodwill 42,871 Current liabilities (23,729 ) Capital lease obligations (7,225 ) Total fair value of net assets acquired 147,011 Less cash acquired (2,963 ) Total cash consideration for acquisition, less cash acquired $ 144,048 On the acquisition date, amortizable intangible assets had a weighted average useful life of 12.3 years. The customer relationships were valued based on the Discounted Cash Flow Method and will be amortized on an accelerated basis over 12 years. The trademarks were valued on the Relief from Royalty Method and will be amortized on a straight-line basis over 15 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. Cruiser RV, LLC and DRV, LLC On January 5, 2015, the Company closed on a Stock Purchase Agreement (“CRV/DRV SPA”) for the acquisition of all the outstanding membership units of towable recreational vehicle manufacturer Cruiser RV, LLC (“CRV”) and luxury fifth wheel towable recreational vehicle manufacturer DRV, LLC (“DRV”) through its Heartland Recreational Vehicles, LLC subsidiary (“Heartland”). The Heartland operations are reported within the towable recreational vehicle reportable segment. In accordance with the CRV/DRV SPA, the closing was deemed effective as of January 1, 2015. As contemplated in the CRV/DRV SPA, the Company also acquired, in a series of integrated transactions, certain real estate used in the ongoing operations of CRV and DRV. The initial cash paid for this acquisition was $47,412, subject to adjustment, and was funded entirely from the Company’s cash on hand. Adjustments to increase the net cash consideration of $1,173 have been identified as of July 31, 2015, based on the determination of the actual net assets as of the close of business on December 31, 2014 and the finalization of certain tax matters, and paid during the fourth quarter of fiscal 2015. The $1,173 included reimbursing the seller for $1,062 of cash on hand at the acquisition date, and resulted in total net cash consideration of $47,523. The Company purchased CRV and DRV to expand its towable recreational vehicle market share and to supplement and expand its existing lightweight travel trailer and luxury fifth wheel product offerings and dealer base. The following table summarizes the fair values assigned to the CRV and DRV net assets acquired, which are based on internal and independent external valuations. Additional adjustments to certain accounts, such as acquired medical benefit liabilities, are possible but not expected to be material: Cash $ 1,062 Other current assets 22,175 Property, plant and equipment 4,533 Dealer network 14,300 Trademarks 5,400 Backlog 450 Goodwill 13,172 Current liabilities (12,507 ) Total fair value of net assets acquired 48,585 Less cash acquired (1,062 ) Total cash consideration for acquisition, less cash acquired $ 47,523 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 will be amortized on an accelerated basis over 12 years. The trademarks were valued on the Relief from Royalty Method and will be 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. The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2015 acquisitions of both Postle and CRV/DRV had occurred at the beginning of fiscal 2014. These performance results may not be indicative of the actual results that would have occurred under the ownership and management of the Company. Fiscal Year Ended July 31, 2015 2014 Net sales $ 4,195,640 $ 3,795,119 Net income $ 208,091 $ 188,279 Basic earnings per common share $ 3.91 $ 3.53 Diluted earnings per common share $ 3.91 $ 3.53 K.Z., Inc. On May 1, 2014, the Company closed on a Stock Purchase Agreement 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 payment 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. The $2,915 included reimbursing the seller for $996 of cash on hand at the acquisition date. KZ operates as an independent operation in the same manner as the Company’s other primary 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, which was funded entirely from the Company’s cash on hand. 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. Other Acquisitions On December 20, 2012, the Company acquired the Federal Coach (“Federal Coach”) bus operation assets from Forest River, Inc. for cash consideration of $6,804. The fair value of the net assets acquired included inventory of $804, property and equipment of $630, certain liabilities of $225, goodwill of $4,495, and amortizable intangible assets consisting of trademarks of $670, dealer network of $410 and backlog of $20. The Federal Coach bus operation assets were utilized at the Champion Bus facility to produce buses under the Federal Coach name. The related assets and liabilities were sold as of October 20, 2013 and the results of operations since acquisition are included in discontinued operations as discussed in Note 3 to the Consolidated Financial Statements. On October 3, 2012, the Company closed on an Asset Purchase Agreement with Krystal Infinity, LLC dba Krystal Enterprises (“Krystal”) for the acquisition of Krystal’s bus operation assets for cash consideration of $3,914. The fair value of the net assets acquired included inventory of $915, property and equipment of $331, goodwill of $768 and amortizable intangible assets consisting of trademarks of $1,000 and dealer network of $900. The Krystal bus operation assets were utilized at the ElDorado Kansas facility to produce buses under the Krystal name. The related assets and liabilities were sold as of October 20, 2013 and the results of operations since acquisition are included in discontinued operations as discussed in Note 3 to the Consolidated Financial Statements.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Jul. 31, 2015
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, which manufactured and sold transit and shuttle buses, included the operations of Champion Bus Inc., General Coach America, Inc., Goshen Coach, Inc., ElDorado National (California), Inc. and ElDorado National (Kansas), Inc. This divestiture will allow 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. Under the terms of the ASV SPA, the total 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. The amount of the final net asset adjustment was determined through the completion of a post-close audit during the second quarter of fiscal 2014. 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 on February 19, 2014, representing the increase in bus net assets since April 30, 2013. As a result, final cash consideration received for the sale of the bus business totaled $105,043. The Company has recorded a pre-tax gain of $7,079 as a result of the sale. 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 Consolidated Statements of Income and Comprehensive Income for all periods presented. In the third quarter of fiscal 2013, the Company determined that it was more likely than not that certain long-lived assets associated with the Company’s ambulance product line would be sold before the end of their previously estimated useful life. This was determined to be a triggering event and an impairment assessment relative to those assets was performed. Based on the assessment, the Company determined that the carrying amount of the assets would not be recoverable from future cash flows and as a result, a non-cash impairment charge of $4,715 related to certain amortizable intangible assets was recorded. In the third quarter of fiscal 2013, prior to the annual impairment assessment, the Company also performed an interim goodwill impairment assessment relative to the goodwill associated with the reporting unit that included the ambulance product line. Based on the assessment, the Company determined that the fair value of this reporting unit was less than the carrying value and therefore performed the second step of the goodwill impairment assessment, which requires estimating the fair values of the reporting unit’s net identifiable assets and calculating the implied fair value of goodwill. The fair value of this reporting unit was determined by a discounted cash flow model and market approach, consistent with its last annual impairment assessment. The implied fair value of goodwill was determined to be zero and, therefore, recorded goodwill was impaired and a non-cash impairment charge of $6,810 was recognized in the third quarter of fiscal year 2013. The goodwill impairment was primarily a result of lower forecasted margins and increased working capital requirements within this reporting unit. The non-cash impairment charges for amortizable intangible assets and goodwill discussed above totaled $11,525 for the third quarter of fiscal 2013 and are included in discontinued operations in the Consolidated Statements of Income and Comprehensive Income. The asset fair values utilized in the impairment assessments described above were determined using Level 3 inputs as defined by ASC 820. On April 30, 2013, the Company sold the assets held and used in the conduct of its ambulance product line (excluding the plant utilized in ambulance production and certain other excluded assets) for a final price of $12,051. There was no gain or loss recognized on the sale. Discontinued operations for fiscal 2013 include the results of the ambulance product line. The following table summarizes the results of discontinued operations: 2015 2014 2013 Net sales $ – $ 83,903 $ 448,385 Operating income (loss) of discontinued operations $ (4,791 ) $ (5,735 ) $ 12,080 Pre-tax gain on disposal of discontinued business – 7,079 – Impairment charges – – 11,525 Income (loss) before income taxes (4,791 ) 1,344 555 Income tax benefit 2,167 2,142 631 Income (loss) from discontinued operations, net of taxes $ (2,624 ) $ 3,486 $ 1,186 Operating loss of discontinued operations during fiscal 2015 and fiscal 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 workers’ 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 the reserves associated with certain uncertain tax positions resulting in a net tax benefit of $1,883 which is reflected within discontinued operations for fiscal 2014. 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. The effective tax rate of discontinued operations for fiscal 2014 was favorably impacted primarily by tax return to provision adjustments and the settlement of certain uncertain tax benefits. In accordance with the ASV SPA, the Company has retained the costs and liabilities associated with the bus business product liability and workers’ compensation claims for any occurrence prior to the closing date of the sale.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	12 Months Ended
	Jul. 31, 2015
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), Bison, CrossRoads, Heartland (including its wholly-owned subsidiaries CRV and DRV), Keystone, KZ and Livin’ Lite. The motorized recreational vehicle reportable segment consists of the following operating segments that have been aggregated: Airstream (motorized) and Thor Motor Coach. The operations of the Company’s Postle subsidiary, which was acquired May 1, 2015, are included in Other, which is a non-reportable segment. Net sales included in Other mainly relate to the sale of aluminum extrusions and specialized component products. Intercompany eliminations adjust for Postle sales to the Company’s towables and motorized segments, which are consummated at established arm’s length transfer prices consistent with the selling prices of extrusion components to third party customers. All manufacturing is conducted in the United States. Total assets include those assets used in the operation of each reportable and non-reportable segment, and the Corporate assets consist primarily of cash and cash equivalents and deferred income tax assets. 2015 2014 2013 Net sales: Recreational vehicles Towables $ 3,096,405 $ 2,721,625 $ 2,650,253 Motorized 870,799 803,831 591,542 Total recreational vehicles 3,967,204 3,525,456 3,241,795 Other 56,594 – – Intercompany eliminations (16,979 ) – – Total $ 4,006,819 $ 3,525,456 $ 3,241,795 Income (loss) from continuing operations before income taxes: Recreational vehicles Towables $ 259,092 $ 221,123 $ 205,724 Motorized 66,746 57,277 43,907 Total recreational vehicles 325,838 278,400 249,631 Other 1,424 – – Intercompany eliminations (554 ) – – Corporate (33,813 ) (25,581 ) (27,659 ) Total $ 292,895 $ 252,819 $ 221,972 Total assets: Recreational vehicles Towables $ 907,175 $ 868,017 $ 759,658 Motorized 162,940 170,251 126,123 Total recreational vehicles 1,070,115 1,038,268 885,781 Other, net 161,075 – – Corporate 272,058 370,450 305,981 Assets of discontinued operations – – 136,506 Total $ 1,503,248 $ 1,408,718 $ 1,328,268 Depreciation and amortization expense: Recreational vehicles Towables $ 26,296 $ 22,192 $ 19,888 Motorized 2,353 2,359 2,040 Total recreational vehicles 28,649 24,551 21,928 Other 1,678 – – Corporate 1,054 724 322 Discontinued operations – 559 2,737 Total $ 31,381 $ 25,834 $ 24,987 Capital acquisitions: Recreational vehicles Towables $ 35,039 $ 16,914 $ 13,954 Motorized 4,309 5,942 1,673 Total recreational vehicles 39,348 22,856 15,627 Other 436 – – Corporate 3,271 7,519 8,143 Discontinued operations – 63 420 Total $ 43,055 $ 30,438 $ 24,190 Export sales from the Company’s continuing operations, predominantly to Canada, were $465,642, $521,818 and $537,374 in fiscal 2015, 2014 and 2013, respectively, with the fiscal 2015 total being adversely impacted by the current strength of the U.S. dollar.

INVENTORIES

INVENTORIES	12 Months Ended
	Jul. 31, 2015
INVENTORIES	5. INVENTORIES Major classifications of inventories are: July 31, 2015 2014 Finished products – RV $ 35,693 $ 27,424 Finished products – other 18,045 – Work in process 51,556 49,537 Raw materials 133,482 122,150 Chassis 37,739 45,231 Subtotal 276,515 244,342 Excess of FIFO costs over LIFO costs (30,400 ) (27,988 ) Total inventories $ 246,115 $ 216,354 Of the $276,515 and $244,342 of inventory at July 31, 2015 and 2014, all but $72,498 and $36,096, respectively, at certain subsidiaries were valued on the last-in, first-out basis. The $72,498 and $36,096 of inventory were valued on the first-in, first-out method. The Company’s reserves for inventory obsolescence were $3,638 at July 31, 2015 and $2,057 at July 31, 2014.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Jul. 31, 2015
PROPERTY, PLANT AND EQUIPMENT	6. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is stated at cost, net of accumulated depreciation, and consists of the following: July 31, 2015 2014 Land $ 27,447 $ 21,592 Buildings and improvements 214,462 175,611 Machinery and equipment 106,959 76,298 Total cost 348,868 273,501 Less accumulated depreciation (114,823 ) (103,639 ) Net property, plant and equipment $ 234,045 $ 169,862 Property, plant and equipment at July 31, 2015 includes buildings and improvements acquired under capital leases of $6,527 and related amortization included in accumulated depreciation of $136. The Company sold land and buildings and improvements related to a towable RV facility located in the western United States in the fourth quarter of fiscal 2014. The sale resulted in net cash proceeds of $7,352 and a gain on the sale of $1,888, which is included in other income, net in the Consolidated Statements of Income and Comprehensive Income. RV production from this facility was previously consolidated into another Company complex in the same region. 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 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. During the fourth quarter of fiscal 2013, the Company determined it was more likely than not that certain RV facilities would be sold before the end of their previously estimated useful life and therefore, performed impairment assessments over these facilities using Level 3 inputs as defined by ASC 820 to determine whether an impairment existed. As a result, a non-cash impairment charge of $2,000 was recognized in the quarter ended July 31, 2013.

INTANGIBLE ASSETS, GOODWILL AND

INTANGIBLE ASSETS, GOODWILL AND LONG-LIVED ASSETS	12 Months Ended
	Jul. 31, 2015
INTANGIBLE ASSETS, GOODWILL AND LONG-LIVED ASSETS	7. INTANGIBLE ASSETS, GOODWILL AND LONG-LIVED ASSETS The components of amortizable intangible assets are as follows: July 31, 2015 July 31, 2014 Weighted Average Cost Accumulated Cost Accumulated Dealer networks/customer relationships 10 $ 143,860 $ 37,194 $ 90,760 $ 27,102 Trademarks 19 55,282 7,608 43,882 5,479 Design technology and other intangibles 9 22,400 8,168 23,070 6,775 Non-compete agreements 3 4,710 4,264 4,710 3,283 Total amortizable intangible assets $ 226,252 $ 57,234 $ 162,422 $ 42,639 Aggregate amortization expense for amortizable intangibles for all operations for the fiscal years ended July 31, 2015, 2014 and 2013 was $16,015, $12,984 and $11,037, respectively, including $16,015, $12,920 and $10,460, respectively, for continuing operations. The dealer networks and customer relationships are being amortized on an accelerated basis. Trademarks, design technology and other intangibles and non-compete agreements are amortized on a straight-line basis. The increase in amortizable intangible assets in fiscal 2015 is due to the acquisitions of Postle and CRV/DRV as more fully described in Note 2 to the Consolidated Financial Statements. Estimated Amortization Expense: For the fiscal year ending July 31, 2016 $ 23,440 For the fiscal year ending July 31, 2017 20,671 For the fiscal year ending July 31, 2018 18,986 For the fiscal year ending July 31, 2019 16,975 For the fiscal year ending July 31, 2020 15,256 For the fiscal year ending July 31, 2021 and thereafter 73,690 $ 169,018 See Note 3 to the Consolidated Financial Statements for discussion of goodwill and other intangibles asset impairment charges recognized related to discontinued operations. 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 generally the same as its operating segments, which are identified in Note 4 to the 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. Management engages an independent valuation firm to assist in its impairment assessments. As a result of the April 30, 2015, 2014 and 2013 annual impairment assessments, no impairment of goodwill was identified. Changes in the carrying amount of goodwill by reportable segment as of July 31, 2015, 2014 and 2013 are summarized as follows: Towables Motorized Other Total Balance at July 31, 2013: Goodwill $ 238,103 $ 17,252 $ – $ 255,355 Accumulated impairment charges – (17,252 ) – (17,252 ) Net balance as of July 31, 2013: 238,103 – – 238,103 Fiscal year 14 activity: Goodwill acquired 18,476 – – 18,476 Net balance as of July 31, 2014 256,579 – – 256,579 Fiscal year 15 activity: Goodwill acquired 13,172 – 42,871 56,043 Net balance as of July 31, 2015 $ 269,751 $ – $ 42,871 $ 312,622 The components of the net balance as of July 31, 2015 are summarized as follows: Towables Motorized Other Total Goodwill $ 269,751 $ 17,252 $ 42,871 $ 329,874 Accumulated impairment charges – (17,252 ) – (17,252 ) Net balance as of July 31, 2015: $ 269,751 $ – $ 42,871 $ 312,622

CONCENTRATION OF RISK

CONCENTRATION OF RISK	12 Months Ended
	Jul. 31, 2015
CONCENTRATION OF RISK	8. CONCENTRATION OF RISK One dealer, FreedomRoads, LLC, accounted for 17% of the Company’s continuing consolidated net sales in fiscal 2015, 2014 and 2013. This dealer also accounted for 22% of the Company’s continuing consolidated trade accounts receivable at July 31, 2015 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 N

LOAN TRANSACTIONS AND RELATED NOTES RECEIVABLE	12 Months Ended
	Jul. 31, 2015
LOAN TRANSACTIONS AND RELATED NOTES RECEIVABLE	9. 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. Under the terms of the second agreement, the January 2009 Loan Borrowers agreed to use the loan proceeds to make an equity contribution to FreedomRoads Holding to be used to purchase the Company’s products. As a result, principal payments received under the second agreement are classified as operating activities in the Consolidated Statements of Cash Flows. 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 $6,000 of original and final principal was outstanding as of July 31, 2015 and subsequently paid with interest in August 2015. 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, LLC, the Company’s largest dealer.

INVESTMENTS AND FAIR VALUE MEAS

INVESTMENTS AND FAIR VALUE MEASUREMENTS	12 Months Ended
	Jul. 31, 2015
INVESTMENTS AND FAIR VALUE MEASUREMENTS	10. 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 $10,803 and $8,973 were recorded as of July 31, 2015 and July 31, 2014, respectively, as components of other long-term assets in the 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 Consolidated Balance Sheets. Changes in the fair value of the plan assets and the related liability are both reflected in the Consolidated Statements of Income and Comprehensive Income.

PRODUCT WARRANTY

PRODUCT WARRANTY	12 Months Ended
	Jul. 31, 2015
PRODUCT WARRANTY	11. PRODUCT WARRANTY The Company generally provides retail customers of its products with a one-year warranty covering defects in material or workmanship, with longer warranties 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 liabilities are adequate. However, actual claims incurred could differ from estimates, requiring adjustments to the reserves. Warranty liabilities are reviewed and adjusted as necessary on at least a quarterly basis. 2015 2014 2013 Beginning balance $ 94,938 $ 84,250 $ 73,280 Provision 114,429 92,809 93,374 Payments (106,266) (87,402) (78,513) Acquisitions 5,105 5,281 – Discontinued operations reclassification – – (3,891) Ending balance $ 108,206 $ 94,938 $ 84,250

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jul. 31, 2015
INCOME TAXES	12. INCOME TAXES The components of the provision (benefit) for income taxes from continuing operations are as follows: July 31, Income Taxes: 2015 2014 2013 Federal $ 98,504 $ 83,374 $ 74,610 State and local 1,222 (1,383) 4,187 Total current expense 99,726 81,991 78,797 Federal (7,785) (3,805) (7,712) State and local (1,055) (883) (789) Total deferred (benefit) (8,840) (4,688) (8,501) Total income tax expense $ 90,886 $ 77,303 $ 70,296 The differences between income taxes at the federal statutory rate and the actual income taxes are as follows: July 31, 2015 2014 2013 Provision at federal statutory rate $ 102,513 $ 88,487 $ 77,691 State and local income taxes, net of federal benefit 5,144 3,748 2,815 Federal income tax credits and incentives (2,207) (772) (2,468) Domestic production activities deduction (9,519) (7,947) (7,303) Change in uncertain tax positions (5,650) (6,631) (718) Change in current tax payable and deferred tax liabilities 218 125 13 Other permanent items 387 293 266 Total income tax expense $ 90,886 $ 77,303 $ 70,296 A summary of deferred income taxes is as follows: July 31, 2015 2014 Current deferred income tax asset (liability): Inventory basis $ 467 $ (183) Employee benefits 3,625 2,543 Self-insurance reserves 10,411 10,139 Accrued product warranties 39,486 33,629 Accrued incentives 3,959 3,553 Sales returns and allowances 1,520 1,419 Accrued expenses 2,067 1,523 Unrecognized tax benefits 367 614 Other (2,038) (1,840) Total net current deferred income tax asset $ 59,864 51,397 Long-term deferred income tax asset (liability): Property, plant and equipment (707) (983) Deferred compensation 6,367 4,811 Tax credit carry forward 110 790 Intangibles (30,246) (31,681) Unrecognized tax benefits 3,913 7,675 Total net long-term deferred income tax (liability) (20,563) (19,388) Net deferred tax asset $ 39,301 $ 32,009 As of July 31, 2015, the Company has $167 of state tax credit carry forwards that expire from fiscal 2022-2025 of which the Company expects to realize prior to expiration. In addition, the Company has approximately $57,400 of gross state tax Net Operating Loss (“NOL”) carry forwards that expire from fiscal 2016-2035 that the Company does not expect to realize and therefore has been fully reserved. The deferred tax asset of $1,595 associated with the state tax NOL carry forwards and the related equal and offsetting valuation allowance are not reflected in the table above. Unrecognized Tax Benefits: The benefits of tax positions reflected on income tax returns but whose outcome remains uncertain are only recognized for financial accounting purposes if they meet minimum recognition thresholds. The total amount of unrecognized tax benefits that, if recognized, would have impacted the Company’s effective tax rate were $8,764 for 2015, $13,679 for 2014 and $21,765 for 2013. Changes in the unrecognized tax benefit during fiscal year 2015, 2014 and 2013 were as follows: 2015 2014 2013 Beginning balance $ 20,813 $ 32,733 $ 33,900 Tax positions related to prior years: Additions 126 9 436 Reductions (7,695) (9,281) (113) Tax positions related to current year: Additions 2,858 3,804 5,348 Settlements (1,898) (5,002) (5,593) Lapses in statute of limitations (1,048) (1,450) (1,245) Ending balance $ 13,156 $ 20,813 $ 32,733 The reductions to the tax positions related to prior years of $9,281 in fiscal year 2014 includes $1,378 of uncertain tax positions that were eliminated as a result of the sale of the bus business. See Note 3 to the Consolidated Financial Statements for further information. It is the Company’s policy to recognize interest and penalties accrued relative to unrecognized tax benefits in income tax expense. Interest and penalties related to unrecognized tax benefits are not included in the schedule above. The total amount of liabilities accrued for interest and penalties related to unrecognized tax benefits as of July 31, 2015, 2014 and 2013 were $1,895, $5,200 and $11,671 respectively. The total amount of interest and penalties expense (benefit) recognized in the Consolidated Statements of Income and Comprehensive Income for the fiscal years ended July 31, 2015, 2014 and 2013 were $(2,552), $(3,418) and $(932) respectively. The total unrecognized tax benefits above, along with the related accrued interest and penalties, are reported within the liability section of the Consolidated Balance Sheets. A portion of the unrecognized tax benefits is classified as short-term and is included in the “Income and other taxes” line of the Consolidated Balance Sheets, while the remainder is classified as a long-term liability. The components of total unrecognized tax benefits are summarized as follows: July 31, 2015 2014 2013 Unrecognized tax benefits $ 13,156 $ 20,813 $ 32,733 Reduction to unrecognized tax benefits for tax credit carry forward (2,109) (657) (440) Accrued interest and penalties 1,895 5,200 11,671 Total unrecognized tax benefits $ 12,942 $ 25,356 $ 43,964 Short-term, included in “Income and other taxes” $ 997 $ 1,667 $ 2,745 Long-term 11,945 23,689 41,219 Total unrecognized tax benefits $ 12,942 $ 25,356 $ 43,964 The Company anticipates a decrease of approximately $3,520 in unrecognized tax benefits, $920 in interest and $17 in penalties during fiscal 2016 from expected settlements or payments of uncertain tax positions and lapses of the applicable statutes of limitations. Actual results may differ from these estimates. Generally, fiscal years 2012, 2013 and 2014 remain open for federal income tax purposes and fiscal years 2011, 2012, 2013 and 2014 remain open for state and Canadian income tax purposes. The Company and its subsidiaries file a consolidated U.S. federal income tax return and multiple state income tax returns. During fiscal 2015, the Company finalized its Illinois income tax audit for fiscal years July 31, 2011 and 2012. There were no tax assessments related to the completion of the Illinois audit. The Company is currently disputing the audit results by the state of Indiana for tax years ended July 31, 2008, 2009 and 2010. The Company believes it has adequately reserved for its exposure to additional payments for uncertain tax positions related to its Indiana income tax returns in its liability for unrecognized tax benefits.

CONTINGENT LIABILITIES AND COMM

CONTINGENT LIABILITIES AND COMMITMENTS	12 Months Ended
	Jul. 31, 2015
CONTINGENT LIABILITIES AND COMMITMENTS	13. 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, the Company 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 historically 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 as of July 31, 2015 and July 31, 2014 were $1,363,576 and $1,226,650, respectively. The commitment term is generally 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 $4,163 and $3,948 as of July 31, 2015 and July 31, 2014, respectively, which are included in other current liabilities in the Consolidated Balance Sheets. The following table reflects losses incurred related to repurchase agreements that were settled in the past three fiscal years. 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. 2015 2014 2013 Cost of units repurchased $ 7,171 $ 1,386 $ 6,926 Realization of units resold 5,906 1,098 6,020 Losses due to repurchase $ 1,265 $ 288 $ 906 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.

LEASES

LEASES	12 Months Ended
	Jul. 31, 2015
LEASES	14. LEASES The Company has operating leases principally for land, buildings and equipment. With the acquisition of Postle, as more fully discussed in Note 2 to the Consolidated Financial Statements, the Company also leases certain real estate and transportation equipment under various capital leases expiring between 2016 and 2027. Future minimum rental payments required under capital and operating leases as of July 31, 2015 are as follows: Capital Leases Operating Leases For the fiscal year ending July 31, 2016 $ 995 $ 2,490 For the fiscal year ending July 31, 2017 980 1,993 For the fiscal year ending July 31, 2018 985 1,409 For the fiscal year ending July 31, 2019 976 752 For the fiscal year ending July 31, 2020 972 676 For the fiscal year ending July 31, 2021 and thereafter 7,213 6,176 Total minimum lease payments 12,121 $ 13,496 Less amount representing interest 4,979 Present value of net minimum capital lease payments 7,142 Less current portion 321 Long-term capital lease obligations $ 6,821 The current portion of capital lease obligations are included in other current liabilities and the long-term capital lease obligations are included in other long-term liabilities, respectively, in the Consolidated Balance Sheets. Rent expense was $2,092 in fiscal 2015, $1,700 in fiscal 2014 and $1,572 in fiscal 2013.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Jul. 31, 2015
EMPLOYEE BENEFIT PLANS	15. EMPLOYEE BENEFIT PLANS Substantially all non-highly compensated employees are eligible to participate in a 401(k) plan. The Company may make discretionary contributions to the 401(k) plan according to a matching formula determined by each operating subsidiary. Total expense for the plan was $565 in fiscal 2015, $387 in fiscal 2014 and $316 in fiscal 2013. The Company has established a deferred compensation plan for executives who do not participate in a 401(k) plan. This plan allows executives to defer a portion of their compensation and to direct the Company to invest the funds in mutual fund investments held by the Company. Participant benefits are limited to the value of the investments held on their behalf. Investments held by the Company are accounted for at fair value and reported as other long-term assets, and the equal and offsetting obligation to the participants is reported as other long-term liabilities in the Consolidated Balance Sheets. Changes in the fair value of the plan assets and the related deferred liability are both recorded through the Consolidated Statements of Income and Comprehensive Income. The Company does not make contributions to the plan. The balance of investments held in this plan, and the equal and offsetting long-term liability to the executives, was $10,803 at July 31, 2015 and $8,973 at July 31, 2014.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Jul. 31, 2015
STOCKHOLDERS' EQUITY	16. STOCKHOLDERS’ EQUITY Treasury Stock The Company entered into a repurchase agreement, dated May 15, 2015 (the “May 15, 2015 Repurchase Agreement”), to purchase certain shares of its common stock from the Thompson Family Foundation (the “Foundation”) in a private transaction. Pursuant to the terms of the May 15, 2015 Repurchase Agreement, the Company purchased from the Foundation 1,000,000 shares of its common stock at a price of $60.00 per share, and held them as treasury stock, representing an aggregate purchase price of $60,000. The closing price of Thor common stock on May 15, 2015 was $61.29. The Foundation held shares of common stock of the Company previously owned by the late Wade F. B. Thompson, the Company’s co-founder and former Chief Executive Officer. At the time of the repurchase transaction, Alan Siegel, a member of the board of directors of the Company (the “Board”), served as a director of the Foundation. The repurchase transaction was evaluated and approved by members of the Board who are not affiliated with the Foundation. The transaction was consummated on May 19, 2015, and the Company used available cash to purchase the shares. The number of shares repurchased by the Company represented 1.9% of the Company’s issued and outstanding common stock immediately prior to the repurchase. Stock-Based Compensation The Board approved the Thor Industries, Inc. 2010 Equity and Incentive Plan (the “2010 Equity and Incentive Plan”) on October 25, 2010 and the 2006 Equity Incentive Plan (the “2006 Equity Incentive Plan”) on October 16, 2006. These plans were subsequently approved by shareholders at the 2010 and 2006 annual meetings, respectively. These plans are designed, among other things, to replace the Company’s 1999 Stock Option Plan (the “1999 Plan”) and the Company’s 1997 Restricted Stock Plan (the “1997 Plan”). Upon approval of the 2006 Equity Incentive Plan, the 1999 Plan and the 1997 Plan were frozen. As a result, there will be no further grants pursuant to either the 1999 Plan or the 1997 Plan. The maximum number of shares issuable under the 2010 Equity and Incentive Plan is 2,000,000 and the maximum number of shares issuable under the 2006 Equity Incentive Plan is 1,100,000. Remaining shares available to be granted under the 2010 Equity and Incentive Plan are 1,393,257 and under the 2006 Equity Incentive Plan are 30,000 as of July 31, 2015. Awards may be in the form of options (incentive stock options and non-statutory stock options), restricted stock, restricted stock units, performance compensation awards and stock appreciation rights. Options typically expire 10 years from the date of grant and are vested evenly over 3 to 5 years from the date of grant. Stock Options – A summary of option activity under the 1999 Plan, the 2010 Equity and Incentive Plan and the 2006 Equity Incentive Plan is as follows: 2015 2014 2013 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of year 5,000 $ 28.23 106,313 $ 31.48 732,725 $ 28.89 Exercised (5,000) 28.23 (101,313) 31.64 (498,412) 28.62 Forfeited – – – – (120,000) 27.84 Expired – – – – (8,000) 26.91 Granted – – – – – – Outstanding at end of year – $ – 5,000 $ 28.23 106,313 $ 31.48 Vested and expected to vest at end of year – $ – 5,000 $ 28.23 106,313 $ 31.48 Exercisable at end of year – $ – 5,000 $ 28.23 106,313 $ 31.48 The aggregate intrinsic value of options outstanding and exercisable as of July 31, 2015, 2014 and 2013 is as follows: 2015 2014 2013 Aggregate intrinsic value of options outstanding and expected to vest $ – $ 124 $ 2,399 Aggregate intrinsic value of options exercisable $ – $ 124 $ 2,399 There were no option grants during fiscal 2015, 2014 or 2013. In fiscal 2015, 2014 and 2013, the Company recorded expenses of $0, $0 and $393, respectively, for stock option awards. Cash received from stock option exercises for fiscal 2015, 2014 and 2013 was $141, $3,206 and $5,845, respectively. The total intrinsic value of stock options exercised in fiscal 2015, 2014 and 2013 was $168, $2,597 and $7,502, respectively. During fiscal 2015, stock options of 5,000 shares were exercised at an aggregate exercise price of $141. During fiscal 2014, stock options of 101,313 shares were exercised at an aggregate exercise price of $3,206. During fiscal 2013, stock options of 498,412 shares were exercised at an aggregate exercise price of $14,267. Of the 498,412 options exercised during fiscal 2013, 314,000 were done so on a cashless basis under which 63,464 shares were issued. The shares withheld as a result of the cashless exercise included the number of shares necessary to cover the exercise price as well as the employee withholding tax related to the exercise, which was then paid by the Company on the employees’ behalf in the aggregate amount of $2,009. Exercises of options are satisfied with the issuance of new shares from authorized shares. Stock Awards – A summary of restricted stock award activity under the 2010 Equity and Incentive Plan for fiscal 2015, 2014 and 2013 is as follows: 2015 2014 2013 Shares Weighted- Date Fair Value Shares Weighted- Date Fair Value Shares Weighted- Date Fair Value Nonvested, beginning of year 13,620 $ 31.08 17,530 $ 31.03 10,041 $ 29.46 Granted – – – – 9,498 32.36 Vested (3,907) 30.87 (3,910) 30.87 (2,009) 29.46 Forfeited – – – – – – Nonvested, end of year 9,713 $ 31.16 13,620 $ 31.08 17,530 $ 31.03 In fiscal 2015, 2014 and 2013, the Company recorded expense for restricted stock awards under this Plan of $115, $91 and $133, respectively. At July 31, 2015, there was $216 of total unrecognized compensation costs related to restricted stock awards that is expected to be recognized over a weighted average period of 1.97 years. This restricted stock vests evenly over 5 years from the date of grant. 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 generally 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 fiscal 2015, 2014 and 2013 for restricted stock unit awards was $6,661, $5,140 and $2,290 respectively. A summary of restricted stock unit activity during fiscal 2015, 2014 and 2013 is included below: 2015 2014 2013 Restricted Stock Weighted- Date Fair Value Restricted Stock Weighted- Date Fair Value Restricted Stock Weighted- Date Fair Value Nonvested, beginning of year 212,073 $ 49.21 139,275 $ 38.06 – $ – Granted 162,967 50.95 151,168 54.26 143,069 38.01 Vested (90,608) 48.14 (63,852) 38.68 – – Forfeited (4,079) 50.54 (14,518) 47.26 (3,794) 36.32 Nonvested, end of year 280,353 $ 50.55 212,073 $ 49.21 139,275 $ 38.06 At July 31, 2015, there was $9,375 of total unrecognized compensation costs related to restricted stock unit awards that is expected to be recognized over a weighted average period of 2.15 years. Total non-cash compensation expense recognized for stock option awards, restricted stock awards and restricted stock unit awards in fiscal 2015, 2014 and 2013 was $6,776, $5,231 and $2,816, respectively, which included $0, $480 and $207, respectively, related to discontinued operations. The Company recognized a tax benefit related to total stock based compensation expense of $2,507, $1,925 and $1,032 in fiscal 2015, 2014 and 2013, respectively.

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jul. 31, 2015
Nature of Operations	Nature of Operations The Company’s core ongoing business activities are comprised of two distinct operations, which include the design, manufacture and sale of motorized recreational vehicles and towable recreational vehicles. Accordingly, the Company has presented segmented financial information for these two segments in Note 4 to the Consolidated Financial Statements. See Note 3, “Discontinued Operations,” in the Notes to the Consolidated Financial Statements for a description of the Company’s bus operations which were sold as of October 20, 2013. Accordingly, the accompanying financial statements (including footnote disclosures unless otherwise indicated) reflect these operations as discontinued operations apart from the Company’s continuing operations.
Principles of Consolidation	Principles of Consolidation
Estimates	Estimates
Cash and Cash Equivalents	Cash and Cash Equivalents
Fair Value of Financial Instruments	Fair Value of Financial Instruments
Inventories	Inventories
Depreciation	Depreciation Buildings and improvements – 10 to 39 years Machinery and equipment – 3 to 10 years Depreciation expense is recorded in cost of products sold except for $2,362, $2,542 and $2,783 in fiscal 2015, 2014 and 2013, respectively, which relates primarily to office buildings and office equipment and is recorded in selling, general and administrative expenses.
Intangible Assets	Intangible Assets
Long-lived Assets	Long-lived Assets
Product Warranties	Product Warranties
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts A summary of allowance for doubtful accounts activity is as follows: 2015 2014 2013 Beginning balance $ 348 $ 157 $ 527 Net charged to expense 359 63 (47) Write-offs, net of recoveries/payments (67) (72) (130) Acquisitions 643 200 – Discontinued operations reclassification – – (193) Ending balance $ 1,283 $ 348 $ 157
Insurance Reserves	Insurance Reserves
Revenue Recognition	Revenue Recognition 1) An order for a product has been received from a dealer; 2) Written or oral approval for payment has been received from the dealer’s flooring institution, if applicable; 3) A common carrier signs the delivery ticket accepting responsibility for the product as agent for the dealer; and 4) The product is removed from the Company’s property for delivery to the dealer who placed the order. These conditions are generally met when title passes, which is when vehicles are shipped to dealers in accordance with shipping terms, which are primarily FOB shipping point. Most sales are made to dealers financing their purchases under flooring arrangements with banks or finance companies. Certain shipments are sold to customers on credit or cash on delivery (“COD”) terms. The Company recognizes revenue on credit sales upon shipment and COD sales upon payment and delivery. Products are not sold on consignment, dealers do not have the right to return products and dealers are typically responsible for interest costs to floor plan lenders. At the time of revenue recognition, amounts billed to dealers for delivery of product are recognized as revenue and the corresponding delivery expense charged to costs of products sold. Revenues from the sale of extruded aluminum components are recognized when title to products and the risk of loss are transferred to the customer, which is generally upon shipment.
Dealer Volume Rebates, Sales Incentives and Advertising Costs	Dealer Volume Rebates, Sales Incentives and Advertising Costs
Repurchase Agreements	Repurchase Agreements –
Income Taxes	Income Taxes – 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 Company has to determine the probability of various possible outcomes. The Company reevaluates these uncertain tax positions 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. Significant judgment is required in determining the Company’s provision for income taxes, the Company’s deferred tax assets and liabilities and the valuation allowance recorded against the Company’s deferred tax assets, if any. Valuation allowances must be considered due to the uncertainty of realizing deferred tax assets. Companies must assess whether valuation allowances should be established against their deferred tax assets on a tax jurisdictional basis based on the consideration of all available evidence, using a more likely than not standard. The Company has evaluated the realizability of our deferred tax assets on our Consolidated Balance Sheets which includes the assessment of the cumulative income over recent prior periods.
Earnings Per Share	Earnings Per Share 2015 2014 2013 Weighted average shares outstanding for basic earnings per share 53,166,206 53,270,076 53,005,576 Stock options, unvested restricted stock and restricted stock units 109,304 91,614 109,972 Weighted average shares outstanding assuming dilution 53,275,510 53,361,690 53,115,548 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, but had none at July 31, 2015, 2014 and 2013.
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 after December 15, 2017. The standard is effective for the Company in its fiscal year 2019 beginning on August 1, 2018. 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. In July 2015, the FASB issued Accounting Standards Update No. 2015-11 (“ASU 2015-11”), “Inventory (Topic 330): Simplifying the Measurement of Inventory.” ASU 2015-11 requires inventory measured using any method other than last-in, first-out (“LIFO”) or the retail inventory method to be subsequently measured at the lower of cost or net realizable value, rather than at the lower of cost or market. Under this ASU, subsequent measurement of inventory using the LIFO and retail inventory method is unchanged. ASU 2015-11 is effective prospectively for fiscal years, and for interim periods within those years, beginning after December 15, 2016. The standard is effective for the Company in its fiscal year 2018 beginning on August 1, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jul. 31, 2015
Summary of Allowance for Doubtful Accounts Activity	A summary of allowance for doubtful accounts activity is as follows: 2015 2014 2013 Beginning balance $ 348 $ 157 $ 527 Net charged to expense 359 63 (47) Write-offs, net of recoveries/payments (67) (72) (130) Acquisitions 643 200 – Discontinued operations reclassification – – (193) Ending balance $ 1,283 $ 348 $ 157
Schedule of Difference Between Basic and Diluted EPS as Result of Outstanding Stock Options, Unvested Restricted Stock and Restricted Stock Units	The difference between basic EPS and diluted EPS is the result of outstanding stock options, unvested restricted stock and restricted stock units as follows: 2015 2014 2013 Weighted average shares outstanding for basic earnings per share 53,166,206 53,270,076 53,005,576 Stock options, unvested restricted stock and restricted stock units 109,304 91,614 109,972 Weighted average shares outstanding assuming dilution 53,275,510 53,361,690 53,115,548

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Jul. 31, 2015
Unaudited Pro Forma Information	The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2015 acquisitions of both Postle and CRV/DRV had occurred at the beginning of fiscal 2014. These performance results may not be indicative of the actual results that would have occurred under the ownership and management of the Company. Fiscal Year Ended July 31, 2015 2014 Net sales $ 4,195,640 $ 3,795,119 Net income $ 208,091 $ 188,279 Basic earnings per common share $ 3.91 $ 3.53 Diluted earnings per common share $ 3.91 $ 3.53
K.Z. Inc.
Summary of 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 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 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
Postle Operating, LLC
Summary of Fair Value Assigned to Assets Acquired	The following table summarizes the fair values assigned to the Postle net assets acquired, which are based on internal and independent external valuations: Cash $ 2,963 Other current assets 54,780 Property, plant and equipment 32,251 Customer relationships 38,800 Trademarks 6,000 Backlog 300 Goodwill 42,871 Current liabilities (23,729 ) Capital lease obligations (7,225 ) Total fair value of net assets acquired 147,011 Less cash acquired (2,963 ) Total cash consideration for acquisition, less cash acquired $ 144,048
Cruiser RV, LLC and DRV, LLC
Summary of Fair Value Assigned to Assets Acquired	The following table summarizes the fair values assigned to the CRV and DRV net assets acquired, which are based on internal and independent external valuations. Additional adjustments to certain accounts, such as acquired medical benefit liabilities, are possible but not expected to be material: Cash $ 1,062 Other current assets 22,175 Property, plant and equipment 4,533 Dealer network 14,300 Trademarks 5,400 Backlog 450 Goodwill 13,172 Current liabilities (12,507 ) Total fair value of net assets acquired 48,585 Less cash acquired (1,062 ) Total cash consideration for acquisition, less cash acquired $ 47,523

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Jul. 31, 2015
Operating Results of Discontinued Operations	The following table summarizes the results of discontinued operations: 2015 2014 2013 Net sales $ – $ 83,903 $ 448,385 Operating income (loss) of discontinued operations $ (4,791 ) $ (5,735 ) $ 12,080 Pre-tax gain on disposal of discontinued business – 7,079 – Impairment charges – – 11,525 Income (loss) before income taxes (4,791 ) 1,344 555 Income tax benefit 2,167 2,142 631 Income (loss) from discontinued operations, net of taxes $ (2,624 ) $ 3,486 $ 1,186

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	12 Months Ended
	Jul. 31, 2015
Schedule of Segment Reporting Information by Segment	2015 2014 2013 Net sales: Recreational vehicles Towables $ 3,096,405 $ 2,721,625 $ 2,650,253 Motorized 870,799 803,831 591,542 Total recreational vehicles 3,967,204 3,525,456 3,241,795 Other 56,594 – – Intercompany eliminations (16,979 ) – – Total $ 4,006,819 $ 3,525,456 $ 3,241,795 Income (loss) from continuing operations before income taxes: Recreational vehicles Towables $ 259,092 $ 221,123 $ 205,724 Motorized 66,746 57,277 43,907 Total recreational vehicles 325,838 278,400 249,631 Other 1,424 – – Intercompany eliminations (554 ) – – Corporate (33,813 ) (25,581 ) (27,659 ) Total $ 292,895 $ 252,819 $ 221,972 Total assets: Recreational vehicles Towables $ 907,175 $ 868,017 $ 759,658 Motorized 162,940 170,251 126,123 Total recreational vehicles 1,070,115 1,038,268 885,781 Other, net 161,075 – – Corporate 272,058 370,450 305,981 Assets of discontinued operations – – 136,506 Total $ 1,503,248 $ 1,408,718 $ 1,328,268 Depreciation and amortization expense: Recreational vehicles Towables $ 26,296 $ 22,192 $ 19,888 Motorized 2,353 2,359 2,040 Total recreational vehicles 28,649 24,551 21,928 Other 1,678 – – Corporate 1,054 724 322 Discontinued operations – 559 2,737 Total $ 31,381 $ 25,834 $ 24,987 Capital acquisitions: Recreational vehicles Towables $ 35,039 $ 16,914 $ 13,954 Motorized 4,309 5,942 1,673 Total recreational vehicles 39,348 22,856 15,627 Other 436 – – Corporate 3,271 7,519 8,143 Discontinued operations – 63 420 Total $ 43,055 $ 30,438 $ 24,190

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Jul. 31, 2015
Schedule of Major Classifications of Inventories	Major classifications of inventories are: July 31, 2015 2014 Finished products – RV $ 35,693 $ 27,424 Finished products – other 18,045 – Work in process 51,556 49,537 Raw materials 133,482 122,150 Chassis 37,739 45,231 Subtotal 276,515 244,342 Excess of FIFO costs over LIFO costs (30,400 ) (27,988 ) Total inventories $ 246,115 $ 216,354

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Jul. 31, 2015
Property, Plant and Equipment	Property, plant and equipment is stated at cost, net of accumulated depreciation, and consists of the following: July 31, 2015 2014 Land $ 27,447 $ 21,592 Buildings and improvements 214,462 175,611 Machinery and equipment 106,959 76,298 Total cost 348,868 273,501 Less accumulated depreciation (114,823 ) (103,639 ) Net property, plant and equipment $ 234,045 $ 169,862

INTANGIBLE ASSETS, GOODWILL A32

INTANGIBLE ASSETS, GOODWILL AND LONG-LIVED ASSETS (Tables)	12 Months Ended
	Jul. 31, 2015
Components of Amortizable Intangible Assets	The components of amortizable intangible assets are as follows: July 31, 2015 July 31, 2014 Weighted Average Cost Accumulated Cost Accumulated Dealer networks/customer relationships 10 $ 143,860 $ 37,194 $ 90,760 $ 27,102 Trademarks 19 55,282 7,608 43,882 5,479 Design technology and other intangibles 9 22,400 8,168 23,070 6,775 Non-compete agreements 3 4,710 4,264 4,710 3,283 Total amortizable intangible assets $ 226,252 $ 57,234 $ 162,422 $ 42,639
Estimated Amortization Expense	Estimated Amortization Expense: For the fiscal year ending July 31, 2016 $ 23,440 For the fiscal year ending July 31, 2017 20,671 For the fiscal year ending July 31, 2018 18,986 For the fiscal year ending July 31, 2019 16,975 For the fiscal year ending July 31, 2020 15,256 For the fiscal year ending July 31, 2021 and thereafter 73,690 $ 169,018
Changes in Carrying Amount of Goodwill by Reportable Segment	Changes in the carrying amount of goodwill by reportable segment as of July 31, 2015, 2014 and 2013 are summarized as follows: Towables Motorized Other Total Balance at July 31, 2013: Goodwill $ 238,103 $ 17,252 $ – $ 255,355 Accumulated impairment charges – (17,252 ) – (17,252 ) Net balance as of July 31, 2013: 238,103 – – 238,103 Fiscal year 14 activity: Goodwill acquired 18,476 – – 18,476 Net balance as of July 31, 2014 256,579 – – 256,579 Fiscal year 15 activity: Goodwill acquired 13,172 – 42,871 56,043 Net balance as of July 31, 2015 $ 269,751 $ – $ 42,871 $ 312,622 The components of the net balance as of July 31, 2015 are summarized as follows: Towables Motorized Other Total Goodwill $ 269,751 $ 17,252 $ 42,871 $ 329,874 Accumulated impairment charges – (17,252 ) – (17,252 ) Net balance as of July 31, 2015: $ 269,751 $ – $ 42,871 $ 312,622

PRODUCT WARRANTY (Tables)

PRODUCT WARRANTY (Tables)	12 Months Ended
	Jul. 31, 2015
Schedule of Changes in Product Warranty Liabilities	2015 2014 2013 Beginning balance $ 94,938 $ 84,250 $ 73,280 Provision 114,429 92,809 93,374 Payments (106,266) (87,402) (78,513) Acquisitions 5,105 5,281 – Discontinued operations reclassification – – (3,891) Ending balance $ 108,206 $ 94,938 $ 84,250

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jul. 31, 2015
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: 2015 2014 2013 Federal $ 98,504 $ 83,374 $ 74,610 State and local 1,222 (1,383) 4,187 Total current expense 99,726 81,991 78,797 Federal (7,785) (3,805) (7,712) State and local (1,055) (883) (789) Total deferred (benefit) (8,840) (4,688) (8,501) Total income tax expense $ 90,886 $ 77,303 $ 70,296
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, 2015 2014 2013 Provision at federal statutory rate $ 102,513 $ 88,487 $ 77,691 State and local income taxes, net of federal benefit 5,144 3,748 2,815 Federal income tax credits and incentives (2,207) (772) (2,468) Domestic production activities deduction (9,519) (7,947) (7,303) Change in uncertain tax positions (5,650) (6,631) (718) Change in current tax payable and deferred tax liabilities 218 125 13 Other permanent items 387 293 266 Total income tax expense $ 90,886 $ 77,303 $ 70,296
Schedule of Deferred Income Taxes	A summary of deferred income taxes is as follows: July 31, 2015 2014 Current deferred income tax asset (liability): Inventory basis $ 467 $ (183) Employee benefits 3,625 2,543 Self-insurance reserves 10,411 10,139 Accrued product warranties 39,486 33,629 Accrued incentives 3,959 3,553 Sales returns and allowances 1,520 1,419 Accrued expenses 2,067 1,523 Unrecognized tax benefits 367 614 Other (2,038) (1,840) Total net current deferred income tax asset $ 59,864 51,397 Long-term deferred income tax asset (liability): Property, plant and equipment (707) (983) Deferred compensation 6,367 4,811 Tax credit carry forward 110 790 Intangibles (30,246) (31,681) Unrecognized tax benefits 3,913 7,675 Total net long-term deferred income tax (liability) (20,563) (19,388) Net deferred tax asset $ 39,301 $ 32,009
Schedule of Changes in Unrecognized Tax Benefit	Changes in the unrecognized tax benefit during fiscal year 2015, 2014 and 2013 were as follows: 2015 2014 2013 Beginning balance $ 20,813 $ 32,733 $ 33,900 Tax positions related to prior years: Additions 126 9 436 Reductions (7,695) (9,281) (113) Tax positions related to current year: Additions 2,858 3,804 5,348 Settlements (1,898) (5,002) (5,593) Lapses in statute of limitations (1,048) (1,450) (1,245) Ending balance $ 13,156 $ 20,813 $ 32,733
Components of Total Unrecognized Tax Benefits	The components of total unrecognized tax benefits are summarized as follows: July 31, 2015 2014 2013 Unrecognized tax benefits $ 13,156 $ 20,813 $ 32,733 Reduction to unrecognized tax benefits for tax credit carry forward (2,109) (657) (440) Accrued interest and penalties 1,895 5,200 11,671 Total unrecognized tax benefits $ 12,942 $ 25,356 $ 43,964 Short-term, included in “Income and other taxes” $ 997 $ 1,667 $ 2,745 Long-term 11,945 23,689 41,219 Total unrecognized tax benefits $ 12,942 $ 25,356 $ 43,964

CONTINGENT LIABILITIES AND CO35

CONTINGENT LIABILITIES AND COMMITMENTS (Tables)	12 Months Ended
	Jul. 31, 2015
Losses Due to Repurchases Related to Repurchase Agreements	The following table reflects losses incurred related to repurchase agreements that were settled in the past three fiscal years. 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. 2015 2014 2013 Cost of units repurchased $ 7,171 $ 1,386 $ 6,926 Realization of units resold 5,906 1,098 6,020 Losses due to repurchase $ 1,265 $ 288 $ 906

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Jul. 31, 2015
Future Minimum Rental Payments under Capital and Operating Leases	Future minimum rental payments required under capital and operating leases as of July 31, 2015 are as follows: Capital Leases Operating Leases For the fiscal year ending July 31, 2016 $ 995 $ 2,490 For the fiscal year ending July 31, 2017 980 1,993 For the fiscal year ending July 31, 2018 985 1,409 For the fiscal year ending July 31, 2019 976 752 For the fiscal year ending July 31, 2020 972 676 For the fiscal year ending July 31, 2021 and thereafter 7,213 6,176 Total minimum lease payments 12,121 $ 13,496 Less amount representing interest 4,979 Present value of net minimum capital lease payments 7,142 Less current portion 321 Long-term capital lease obligations $ 6,821

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Jul. 31, 2015
Schedule of Stock Option Activity	A summary of option activity under the 1999 Plan, the 2010 Equity and Incentive Plan and the 2006 Equity Incentive Plan is as follows: 2015 2014 2013 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of year 5,000 $ 28.23 106,313 $ 31.48 732,725 $ 28.89 Exercised (5,000) 28.23 (101,313) 31.64 (498,412) 28.62 Forfeited – – – – (120,000) 27.84 Expired – – – – (8,000) 26.91 Granted – – – – – – Outstanding at end of year – $ – 5,000 $ 28.23 106,313 $ 31.48 Vested and expected to vest at end of year – $ – 5,000 $ 28.23 106,313 $ 31.48 Exercisable at end of year – $ – 5,000 $ 28.23 106,313 $ 31.48
Schedule of Aggregate Intrinsic Value of Options	The aggregate intrinsic value of options outstanding and exercisable as of July 31, 2015, 2014 and 2013 is as follows: 2015 2014 2013 Aggregate intrinsic value of options outstanding and expected to vest $ – $ 124 $ 2,399 Aggregate intrinsic value of options exercisable $ – $ 124 $ 2,399
Restricted Stock Awards
Summary of Stock Award Activity	A summary of restricted stock award activity under the 2010 Equity and Incentive Plan for fiscal 2015, 2014 and 2013 is as follows: 2015 2014 2013 Shares Weighted- Date Fair Value Shares Weighted- Date Fair Value Shares Weighted- Date Fair Value Nonvested, beginning of year 13,620 $ 31.08 17,530 $ 31.03 10,041 $ 29.46 Granted – – – – 9,498 32.36 Vested (3,907) 30.87 (3,910) 30.87 (2,009) 29.46 Forfeited – – – – – – Nonvested, end of year 9,713 $ 31.16 13,620 $ 31.08 17,530 $ 31.03
Restricted Stock Units (RSUs)
Summary of Stock Award Activity	A summary of restricted stock unit activity during fiscal 2015, 2014 and 2013 is included below: 2015 2014 2013 Restricted Stock Weighted- Date Fair Value Restricted Stock Weighted- Date Fair Value Restricted Stock Weighted- Date Fair Value Nonvested, beginning of year 212,073 $ 49.21 139,275 $ 38.06 – $ – Granted 162,967 50.95 151,168 54.26 143,069 38.01 Vested (90,608) 48.14 (63,852) 38.68 – – Forfeited (4,079) 50.54 (14,518) 47.26 (3,794) 36.32 Nonvested, end of year 280,353 $ 50.55 212,073 $ 49.21 139,275 $ 38.06

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	May. 01, 2015	Jan. 05, 2015	May. 01, 2014	Oct. 31, 2013	Aug. 30, 2013	Jul. 31, 2015USD ($)Segmentshares	Jul. 31, 2014USD ($)shares	Jul. 31, 2013USD ($)shares	Jul. 31, 2012USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments | Segment						2
Cash and cash equivalents						$ 183,478	$ 289,336	$ 236,601	$ 218,642
Depreciation						15,366	12,850	13,950
Excess liability insurance						50,000
Advertising costs						$ 12,515	$ 9,492	$ 8,794
Maximum percentage of tax benefits realized upon ultimate settlement						50.00%
Antidilutive stock options, unvested restricted stock and restricted stock units outstanding | shares						0	0	0
Trademarks
Summary Of Significant Accounting Policies [Line Items]
Intangible assets amortization period	15 years	20 years	20 years	20 years	20 years	19 years
Dealer Networks
Summary Of Significant Accounting Policies [Line Items]
Intangible assets amortization period		12 years	12 years	12 years	8 years
Design Technology Assets
Summary Of Significant Accounting Policies [Line Items]
Intangible assets amortization period					5 years
Non-Compete Agreements
Summary Of Significant Accounting Policies [Line Items]
Intangible assets amortization period			5 years		2 years	3 years
Any occurrence after March 31,2014
Summary Of Significant Accounting Policies [Line Items]
Self-insured retention for products liability and personal injury matters						$ 500
Any occurrence through March 31, 2015
Summary Of Significant Accounting Policies [Line Items]
Self-insured retention for products liability and personal injury matters						1,000
Continuing Operations | Selling, General And Administrative Expenses
Summary Of Significant Accounting Policies [Line Items]
Depreciation						$ 2,362	$ 2,542	$ 2,783
Maximum
Summary Of Significant Accounting Policies [Line Items]
Cash equivalents maturity period						3 months
Self-insured retention for products liability and personal injury matters						$ 7,500
Maximum | Trademarks
Summary Of Significant Accounting Policies [Line Items]
Intangible assets amortization period						25 years
Maximum | Dealer Networks
Summary Of Significant Accounting Policies [Line Items]
Intangible assets amortization period						12 years
Maximum | Design Technology Assets
Summary Of Significant Accounting Policies [Line Items]
Intangible assets amortization period						15 years
Maximum | Non-Compete Agreements
Summary Of Significant Accounting Policies [Line Items]
Intangible assets amortization period						15 years
Maximum | Building and Building Improvements
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated useful life						39 years
Maximum | Machinery and Equipment
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated useful life						10 years
Minimum
Summary Of Significant Accounting Policies [Line Items]
Self-insured retention for products liability and personal injury matters						$ 500
Minimum | Trademarks
Summary Of Significant Accounting Policies [Line Items]
Intangible assets amortization period						15 years
Minimum | Design Technology Assets
Summary Of Significant Accounting Policies [Line Items]
Intangible assets amortization period						2 years
Minimum | Non-Compete Agreements
Summary Of Significant Accounting Policies [Line Items]
Intangible assets amortization period						2 years
Minimum | Building and Building Improvements
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated useful life						10 years
Minimum | Machinery and Equipment
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated useful life						3 years
Held By One Financial Institution
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents						$ 170,231	279,511
Held At Various Other Financial Institutions
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents						$ 13,247	$ 9,825

Summary of Allowance for Doubtf

Summary of Allowance for Doubtful Accounts Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Allowance for Sales Return and Doubtful Accounts [Line Items]
Beginning balance	$ 348	$ 157	$ 527
Net charged to expense	359	63	(47)
Write-offs, net of recoveries/payments	(67)	(72)	(130)
Acquisitions	643	200
Discontinued operations reclassification			(193)
Ending balance	$ 1,283	$ 348	$ 157

Schedule of Difference Between

Schedule of Difference Between Basic and Diluted EPS as Result of Outstanding Stock Options, Unvested Restricted Stock and Restricted Stock Units (Detail) - shares	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Earnings Per Share Note [Line Items]
Weighted average shares outstanding for basic earnings per share	53,166,206	53,270,076	53,005,576
Stock options and unvested restricted stock and restricted stock units	109,304	91,614	109,972
Weighted average shares outstanding assuming dilution	53,275,510	53,361,690	53,115,548

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands

May. 01, 2015

Jan. 05, 2015

May. 01, 2014

Oct. 31, 2013

Aug. 30, 2013

Dec. 20, 2012

Oct. 03, 2012

Jul. 31, 2015

Apr. 30, 2014

Jul. 31, 2015

Jul. 31, 2014

Jul. 31, 2013

Business Acquisition [Line Items]

Payment to acquire business, net

$ 194,486

$ 86,092

$ 10,718

Business acquisition allocated to goodwill

$ 312,622

312,622

$ 256,579

$ 238,103

K.Z. Inc.

Business Acquisition [Line Items]

Payment to acquire business

$ 53,405

Asset purchase agreement date

May 1, 2014

Amortizable intangible assets, weighted average useful life

13 years 10 months 24 days

Purchase price adjustment

$ 2,915

Cash on hand at the acquisition date

996

Payment to acquire business, net

55,324

Business acquisition allocated to property and equipment

15,057

Business acquisition allocated to goodwill

$ 2,703

Bison

Business Acquisition [Line Items]

Payment to acquire business

$ 16,718

$ 16,914

Asset purchase agreement date

Oct. 31, 2013

Amortizable intangible assets, weighted average useful life

13 years 3 months 18 days

Additional cash payment

$ 196

Business acquisition allocated to property and equipment

$ 625

Business acquisition allocated to goodwill

$ 6,660

Livin' Lite

Business Acquisition [Line Items]

Asset purchase agreement date

Aug. 30, 2013

Amortizable intangible assets, weighted average useful life

10 years 2 months 12 days

Cash on hand at the acquisition date

$ 247

Payment to acquire business, net

16,769

Business acquisition allocated to property and equipment

137

Business acquisition allocated to goodwill

$ 9,113

Cruiser RV, LLC and DRV, LLC

Business Acquisition [Line Items]

Payment to acquire business

$ 47,412

Asset purchase agreement date

Dec. 31, 2014

Amortizable intangible assets, weighted average useful life

13 years 10 months 24 days

Purchase price adjustment

1,173

Cash on hand at the acquisition date

$ 1,062

1,062

$ 1,062

Payment to acquire business, net

47,523

$ 47,523

Business acquisition allocated to property and equipment

4,533

Business acquisition allocated to goodwill

$ 13,172

Postle Operating, LLC

Business Acquisition [Line Items]

Payment to acquire business

$ 144,048

Asset purchase agreement date

May 1, 2015

Amortizable intangible assets, weighted average useful life

12 years 3 months 18 days

Cash on hand at the acquisition date

$ 2,963

Payment to acquire business, net

144,048

Business acquisition allocated to property and equipment

32,251

Business acquisition allocated to goodwill

$ 42,871

Buses

Business Acquisition [Line Items]

Payment to acquire business

$ 6,804

$ 3,914

Asset purchase agreement date

Oct. 3, 2012

Business acquisition allocated to inventory

804

$ 915

Business acquisition allocated to property and equipment

630

331

Business acquisition allocated to Certain liabilities

225

Business acquisition allocated to goodwill

4,495

768

Dealer Networks

Business Acquisition [Line Items]

Intangible assets amortization period

12 years

12 years

12 years

8 years

Amortizable intangible assets, amortization method

Accelerated cash flow basis

Dealer Networks | K.Z. Inc.

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 13,160

Dealer Networks | Bison

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 7,400

Dealer Networks | Livin' Lite

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 3,200

Dealer Networks | Cruiser RV, LLC and DRV, LLC

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 14,300

Dealer Networks | Buses

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

410

900

Trademarks

Business Acquisition [Line Items]

Intangible assets amortization period

15 years

20 years

20 years

20 years

20 years

19 years

Amortizable intangible assets, amortization method

Straight-line basis

Trademarks | K.Z. Inc.

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 5,540

Trademarks | Bison

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 1,800

Trademarks | Livin' Lite

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 1,500

Trademarks | Cruiser RV, LLC and DRV, LLC

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 5,400

Trademarks | Postle Operating, LLC

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 6,000

Trademarks | Buses

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

670

$ 1,000

Non-Compete Agreements

Business Acquisition [Line Items]

Intangible assets amortization period

5 years

2 years

3 years

Amortizable intangible assets, amortization method

Straight-line basis

Non-Compete Agreements | K.Z. Inc.

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 450

Non-Compete Agreements | Livin' Lite

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 130

Backlog

Business Acquisition [Line Items]

Intangible assets amortization period

42 days

42 days

2 months

42 days

42 days

Amortizable intangible assets, amortization method

Straight-line basis

Backlog | K.Z. Inc.

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 420

Backlog | Bison

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 140

Backlog | Livin' Lite

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 110

Backlog | Cruiser RV, LLC and DRV, LLC

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 450

Backlog | Postle Operating, LLC

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 300

Backlog | Buses

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 20

Design Technology Assets

Business Acquisition [Line Items]

Intangible assets amortization period

5 years

Amortizable intangible assets, amortization method

Straight-line basis

Design Technology Assets | Livin' Lite

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 1,100

Customer Relationships

Business Acquisition [Line Items]

Intangible assets amortization period

12 years

Amortizable intangible assets, amortization method

Accelerated cash flow basis

Customer Relationships | Postle Operating, LLC

Business Acquisition [Line Items]

Business acquisition allocated to amortizing intangible asset

$ 38,800

Summary of Preliminary Fair Val

Summary of Preliminary Fair Value Assigned to Net Assets Acquired (Detail) - USD ($) $ in Thousands	May. 01, 2015	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Business Acquisition [Line Items]
Goodwill		$ 312,622	$ 256,579	$ 238,103
Total cash consideration for acquisition, less cash acquired		$ 194,486	$ 86,092	$ 10,718
Postle Operating, LLC
Business Acquisition [Line Items]
Cash	$ 2,963
Other current assets	54,780
Property, plant and equipment	32,251
Goodwill	42,871
Current liabilities	(23,729)
Capital lease obligations	(7,225)
Total fair value of net assets acquired	147,011
Less cash acquired	(2,963)
Total cash consideration for acquisition, less cash acquired	144,048
Postle Operating, LLC | Customer Relationships
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset	38,800
Postle Operating, LLC | Trademarks
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset	6,000
Postle Operating, LLC | Backlog
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset	$ 300

Summary of Fair Value Assigned

Summary of Fair Value Assigned to Net Assets Acquired (Detail) - USD ($) $ in Thousands	Jan. 05, 2015	Jul. 31, 2015	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Business Acquisition [Line Items]
Goodwill		$ 312,622	$ 312,622	$ 256,579	$ 238,103
Total cash consideration for acquisition, less cash acquired			194,486	$ 86,092	$ 10,718
Cruiser RV, LLC and DRV, LLC
Business Acquisition [Line Items]
Cash	$ 1,062	1,062	$ 1,062
Other current assets	22,175
Property, plant and equipment	4,533
Goodwill	13,172
Current liabilities	(12,507)
Total fair value of net assets acquired	48,585
Less cash acquired	(1,062)
Total cash consideration for acquisition, less cash acquired	47,523	$ 47,523
Cruiser RV, LLC and DRV, LLC | Dealer Networks
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset	14,300
Cruiser RV, LLC and DRV, LLC | Trademarks
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset	5,400
Cruiser RV, LLC and DRV, LLC | Backlog
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset	$ 450

Unaudited Pro Forma Information

Unaudited Pro Forma Information (Detail) - Postle and CRV/DRV - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Business Acquisition, Pro Forma Information [Line Items]
Net sales	$ 4,195,640	$ 3,795,119
Net income	$ 208,091	$ 188,279
Basic earnings per common share	$ 3.91	$ 3.53
Diluted earnings per common share	$ 3.91	$ 3.53

Summary of Final Fair Value Ass

Summary of Final Fair Value Assigned to Net Assets Acquired (Detail) - USD ($) $ in Thousands	May. 01, 2014	Aug. 30, 2013	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013	Oct. 31, 2013
Business Acquisition [Line Items]
Goodwill			$ 312,622	$ 256,579	$ 238,103
Total cash consideration for acquisition, less cash acquired			$ 194,486	$ 86,092	$ 10,718
Bison
Business Acquisition [Line Items]
Current assets						$ 4,050
Property, plant and equipment						625
Goodwill						6,660
Current liabilities						(3,761)
Total fair value of net assets acquired						16,914
Bison | Dealer Networks
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset						7,400
Bison | Trademarks
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset						1,800
Bison | Backlog
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset						$ 140
Livin' Lite
Business Acquisition [Line Items]
Cash		$ 247
Other current assets		3,626
Property, plant and equipment		137
Goodwill		9,113
Current liabilities		(2,147)
Total fair value of net assets acquired		17,016
Less cash acquired		(247)
Total cash consideration for acquisition, less cash acquired		16,769
Livin' Lite | Dealer Networks
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset		3,200
Livin' Lite | Trademarks
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset		1,500
Livin' Lite | Backlog
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset		110
Livin' Lite | Design Technology Assets
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset		1,100
Livin' Lite | Non-Compete Agreements
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset		$ 130
K.Z. Inc.
Business Acquisition [Line Items]
Cash	$ 996
Other current assets	34,121
Property, plant and equipment	15,057
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
K.Z. Inc. | Dealer Networks
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset	13,160
K.Z. Inc. | Trademarks
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset	5,540
K.Z. Inc. | Backlog
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset	420
K.Z. Inc. | Non-Compete Agreements
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset	$ 450

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Detail) - USD ($)	Feb. 19, 2014	Oct. 21, 2013	Apr. 30, 2013	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of bus business		$ 100,000,000			$ 105,043,000
Discontinued operation, amounts collected from ASV	$ 5,043,000
Pre-tax gain (loss) on disposal of discontinued business					7,079,000
Goodwill impairment				$ 0	0	$ 0
Disposition of ambulance net assets			$ 12,051,000
Gain (loss) recognized on sale of assets			0
Impact of indemnification to tax expenses					$ 1,883,000
Buses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill fair value				$ 0
Goodwill impairment			6,810,000
Impairment of goodwill and intangible assets			11,525,000
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amortizable intangible assets impairment charge			$ 4,715,000

Operating Results of Discontinu

Operating Results of Discontinued Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales		$ 83,903	$ 448,385
Operating income (loss) of discontinued operations	$ (4,791)	(5,735)	12,080
Pre-tax gain on disposal of discontinued business		7,079
Impairment charges			11,525
Income (loss) before income taxes	(4,791)	1,344	555
Income tax benefit	2,167	2,142	631
Income (loss) from discontinued operations, net of taxes	$ (2,624)	$ 3,486	$ 1,186

Business Segments - Additional

Business Segments - Additional Information (Detail) $ in Thousands	12 Months Ended
	Jul. 31, 2015USD ($)Segment	Jul. 31, 2014USD ($)	Jul. 31, 2013USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	2
Net sales	$ 4,006,819	$ 3,525,456	$ 3,241,795
Postle Operating, LLC
Segment Reporting Information [Line Items]
Subsidiary acquisition date	May 1, 2015
Continuing Operations
Segment Reporting Information [Line Items]
Net sales	$ 4,006,819	3,525,456	3,241,795
Continuing Operations | Export
Segment Reporting Information [Line Items]
Net sales	$ 465,642	$ 521,818	$ 537,374

Schedule of Segment Reporting I

Schedule of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Segment Reporting Information [Line Items]
Net sales	$ 4,006,819	$ 3,525,456	$ 3,241,795
Income (loss) from continuing operations before income taxes	292,895	252,819	221,972
Corporate
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before income taxes	(33,813)	(25,581)	(27,659)
Operating Segments | Recreational vehicles
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before income taxes	325,838	278,400	249,631
Operating Segments | Recreational vehicles | Towables
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before income taxes	259,092	221,123	205,724
Operating Segments | Recreational vehicles | Motorized
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before income taxes	66,746	57,277	43,907
Operating Segments | Other
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before income taxes	1,424
Intercompany Eliminations
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before income taxes	(554)
Continuing Operations
Segment Reporting Information [Line Items]
Net sales	4,006,819	3,525,456	3,241,795
Continuing Operations | Operating Segments | Recreational vehicles
Segment Reporting Information [Line Items]
Net sales	3,967,204	3,525,456	3,241,795
Continuing Operations | Operating Segments | Recreational vehicles | Towables
Segment Reporting Information [Line Items]
Net sales	3,096,405	2,721,625	2,650,253
Continuing Operations | Operating Segments | Recreational vehicles | Motorized
Segment Reporting Information [Line Items]
Net sales	870,799	$ 803,831	$ 591,542
Continuing Operations | Operating Segments | Other
Segment Reporting Information [Line Items]
Net sales	56,594
Continuing Operations | Intercompany Eliminations
Segment Reporting Information [Line Items]
Net sales	$ (16,979)

Schedule of Segment Reporting50

Schedule of Segment Reporting Information, by Segment Balance Sheet Item (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Segment Reporting Information [Line Items]
Total assets	$ 1,503,248	$ 1,408,718	$ 1,328,268
Depreciation and amortization expense, total	31,381	25,834	24,987
Capital acquisitions	43,055	30,438	24,190
Continuing Operations | Corporate
Segment Reporting Information [Line Items]
Total assets	272,058	370,450	305,981
Depreciation and amortization expense, total	1,054	724	322
Capital acquisitions	3,271	7,519	8,143
Continuing Operations | Operating Segments | Recreational vehicles
Segment Reporting Information [Line Items]
Total assets	1,070,115	1,038,268	885,781
Depreciation and amortization expense, total	28,649	24,551	21,928
Capital acquisitions	39,348	22,856	15,627
Continuing Operations | Operating Segments | Recreational vehicles | Towables
Segment Reporting Information [Line Items]
Total assets	907,175	868,017	759,658
Depreciation and amortization expense, total	26,296	22,192	19,888
Capital acquisitions	35,039	16,914	13,954
Continuing Operations | Operating Segments | Recreational vehicles | Motorized
Segment Reporting Information [Line Items]
Total assets	162,940	170,251	126,123
Depreciation and amortization expense, total	2,353	2,359	2,040
Capital acquisitions	4,309	5,942	1,673
Continuing Operations | Operating Segments | Other
Segment Reporting Information [Line Items]
Total assets	161,075
Depreciation and amortization expense, total	1,678
Capital acquisitions	$ 436
Discontinued Operations
Segment Reporting Information [Line Items]
Total assets			136,506
Depreciation and amortization expense, total		559	2,737
Capital acquisitions		$ 63	$ 420

Schedule of Major Classificatio

Schedule of Major Classifications of Inventories (Detail) - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014
Inventory [Line Items]
Work in process	$ 51,556	$ 49,537
Raw materials	133,482	122,150
Chassis	37,739	45,231
Subtotal	276,515	244,342
Excess of FIFO costs over LIFO costs	(30,400)	(27,988)
Total inventories	246,115	216,354
Recreational vehicles
Inventory [Line Items]
Finished products	35,693	$ 27,424
Other
Inventory [Line Items]
Finished products	$ 18,045

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014
Inventory [Line Items]
Inventory	$ 276,515	$ 244,342
Subsidiaries valued inventory in first-in, first-out method	72,498	36,096
Inventory obsolescence reserve	$ 3,638	$ 2,057

Property, Plant and Equipment53

Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014
Property, Plant and Equipment [Line Items]
Total cost	$ 348,868	$ 273,501
Less accumulated depreciation	(114,823)	(103,639)
Net property, plant and equipment	234,045	169,862
Land
Property, Plant and Equipment [Line Items]
Total cost	27,447	21,592
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Total cost	214,462	175,611
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Total cost	$ 106,959	$ 76,298

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Jul. 31, 2014	Oct. 31, 2013	Jul. 31, 2013	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 273,501			$ 348,868	$ 273,501
Accumulated depreciation	103,639			114,823	103,639
Net cash proceeds from land and buildings and improvements	7,352			381	8,699	$ 361
Gain on the sale of land and buildings and improvements	$ 1,888			91	1,897	47
Non-cash impairment charge		$ 710	$ 2,000		$ 710	$ 2,000
Assets Held under Capital Leases
Property, Plant and Equipment [Line Items]
Property, plant and equipment				6,527
Accumulated depreciation				$ 136

Components of Amortizable Intan

Components of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands	May. 01, 2015	Jan. 05, 2015	May. 01, 2014	Oct. 31, 2013	Aug. 30, 2013	Jul. 31, 2015	Jul. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Cost						$ 226,252	$ 162,422
Accumulated Amortization						$ 57,234	42,639
Dealer Network/Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Years Remaining Life						10 years
Cost						$ 143,860	90,760
Accumulated Amortization						$ 37,194	27,102
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Average Years Remaining Life	15 years	20 years	20 years	20 years	20 years	19 years
Cost						$ 55,282	43,882
Accumulated Amortization						$ 7,608	5,479
Design Technology And Other Intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted Average Years Remaining Life						9 years
Cost						$ 22,400	23,070
Accumulated Amortization						$ 8,168	6,775
Non-Compete Agreements
Finite-Lived Intangible Assets [Line Items]
Weighted Average Years Remaining Life			5 years		2 years	3 years
Cost						$ 4,710	4,710
Accumulated Amortization						$ 4,264	$ 3,283

Intangible Assets, Goodwill a56

Intangible Assets, Goodwill and Long-Lived Assets - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Goodwill And Other Intangible Assets [Line Items]
Aggregate amortization expense for amortizable intangibles	$ 16,015	$ 12,984	$ 11,037
Aggregate amortization expense for amortizable intangibles for continuing operations	16,015	12,920	10,460
Goodwill impairment	$ 0	$ 0	$ 0

Estimated Amortization Expense

Estimated Amortization Expense (Detail) - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014
Expected Amortization Expense [Line Items]
Estimated annual amortization expense, For the fiscal year ending July 31, 2016	$ 23,440
Estimated annual amortization expense, For the fiscal year ending July 31, 2017	20,671
Estimated annual amortization expense, For the fiscal year ending July 31, 2018	18,986
Estimated annual amortization expense, For the fiscal year ending July 31, 2019	16,975
Estimated annual amortization expense, For the fiscal year ending July 31, 2020	15,256
Estimated annual amortization expense, For the fiscal year ending July 31, 2021 and thereafter	73,690
Estimated annual amortization expense, Total	$ 169,018	$ 119,783

Changes in Carrying Amount of G

Changes in Carrying Amount of Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Goodwill [Line Items]
Goodwill, gross	$ 329,874		$ 255,355
Accumulated impairment charges	(17,252)		(17,252)
Goodwill, Beginning Balance	256,579	$ 238,103
Goodwill acquired	56,043	18,476
Goodwill, Ending Balance	312,622	256,579
Towables
Goodwill [Line Items]
Goodwill, gross	269,751		238,103
Goodwill, Beginning Balance	256,579	238,103
Goodwill acquired	13,172	18,476
Goodwill, Ending Balance	269,751	$ 256,579
Motorized
Goodwill [Line Items]
Goodwill, gross	17,252		17,252
Accumulated impairment charges	(17,252)		$ (17,252)
Other
Goodwill [Line Items]
Goodwill, gross	42,871
Goodwill acquired	42,871
Goodwill, Ending Balance	$ 42,871

Summary of Components of Net Ba

Summary of Components of Net Balance (Detail) - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Goodwill [Line Items]
Goodwill, gross	$ 329,874		$ 255,355
Accumulated impairment charges	(17,252)		(17,252)
Goodwill	312,622	$ 256,579	238,103
Towables
Goodwill [Line Items]
Goodwill, gross	269,751		238,103
Goodwill	269,751	$ 256,579	238,103
Motorized
Goodwill [Line Items]
Goodwill, gross	17,252		17,252
Accumulated impairment charges	(17,252)		$ (17,252)
Other
Goodwill [Line Items]
Goodwill, gross	42,871
Goodwill	$ 42,871

Concentration of Risk - Additio

Concentration of Risk - Additional Information (Detail) - Freedom Roads, LLC	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Net Sales
Concentration Risk [Line Items]
Concentration risk percentage	17.00%	17.00%	17.00%
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage	22.00%	21.00%

Loan Transactions and Related61

Loan Transactions and Related Notes Receivable - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Dec. 31, 2009	Jan. 31, 2009
First Credit Agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan amount			$ 10,000
Second Credit Agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan amount			$ 10,000
Third Credit Agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan amount	$ 6,000	$ 10,000
Notes receivable, maturity	2015-08

Investments and Fair Value Me62

Investments and Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments under employees deferred compensation plan	$ 10,803	$ 8,973
Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments under employees deferred compensation plan	$ 10,803	$ 8,973

Product Warranties - Additional

Product Warranties - Additional Information (Detail)	12 Months Ended
	Jul. 31, 2015
Product Warranty Liability [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 ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Product Warranty
Beginning balance	$ 94,938	$ 84,250	$ 73,280
Provision	114,429	92,809	93,374
Payments	(106,266)	(87,402)	(78,513)
Acquisitions	5,105	5,281
Discontinued operations reclassification			(3,891)
Ending balance	$ 108,206	$ 94,938	$ 84,250

Schedule of Components of Provi

Schedule of Components of Provision (Benefit) for Income Taxes from Continuing Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Income Taxes Provision Benefit Summary Of Income Taxes [Line Items]
Federal	$ 98,504	$ 83,374	$ 74,610
State and local	1,222	(1,383)	4,187
Total current expense	99,726	81,991	78,797
Federal	(7,785)	(3,805)	(7,712)
State and local	(1,055)	(883)	(789)
Total deferred (benefit)	(8,840)	(4,688)	(8,501)
Total income tax expense	$ 90,886	$ 77,303	$ 70,296

Schedule of Differences between

Schedule of Differences between Income Taxes at Federal Statutory Rate and Actual Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Reconciliation of Statutory Federal Tax Rate [Line Items]
Provision at federal statutory rate	$ 102,513	$ 88,487	$ 77,691
State and local income taxes, net of federal benefit	5,144	3,748	2,815
Federal income tax credits and incentives	(2,207)	(772)	(2,468)
Domestic production activities deduction	(9,519)	(7,947)	(7,303)
Change in uncertain tax positions	(5,650)	(6,631)	(718)
Change in current tax payable and deferred tax liabilities	218	125	13
Other permanent items	387	293	266
Total income tax expense	$ 90,886	$ 77,303	$ 70,296

Schedule of Deferred Income Tax

Schedule of Deferred Income Taxes (Detail) - USD ($) $ in Thousands	Jul. 31, 2015	Jul. 31, 2014
Schedule of Deferred Income Tax Assets and Liabilities [Line Items]
Inventory basis	$ 467	$ (183)
Employee benefits	3,625	2,543
Self-insurance reserves	10,411	10,139
Accrued product warranties	39,486	33,629
Accrued incentives	3,959	3,553
Sales returns and allowances	1,520	1,419
Accrued expenses	2,067	1,523
Unrecognized tax benefits	367	614
Other	(2,038)	(1,840)
Total net current deferred income tax asset	59,864	51,397
Property, plant and equipment	(707)	(983)
Deferred compensation	6,367	4,811
Tax credit carry forward	110	790
Intangibles	(30,246)	(31,681)
Unrecognized tax benefits	3,913	7,675
Total net long-term deferred income tax (liability)	(20,563)	(19,388)
Net deferred tax asset	$ 39,301	$ 32,009

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Income Tax [Line Items]
Tax credit carry forward	$ 110,000	$ 790,000
Unrecognized tax benefits that, if recognized, would affect the company's income tax rate	8,764,000	13,679,000	$ 21,765,000
Tax positions related to prior years: Reductions	7,695,000	9,281,000	113,000
Accrued interest and penalties	1,895,000	5,200,000	11,671,000
Total amount of interest and penalties expense (benefit) recognized	(2,552,000)	(3,418,000)	$ (932,000)
Expected decrease in unrecognized tax benefits due to resolution of uncertain tax positions	3,520,000
Expected decrease in interest due to resolution of uncertain tax positions	920,000
Expected decrease in penalties due to resolution of uncertain tax positions	17,000
Discontinued Operations
Income Tax [Line Items]
Tax positions related to prior years: Reductions		$ 1,378,000
State and Local Jurisdiction
Income Tax [Line Items]
Tax credit carry forward	167,000
Gross state tax Net Operating Loss carry forwards	57,400,000
Deferred tax asset, Net Operating Loss carry forwards	$ 1,595,000
State and Local Jurisdiction | Earliest Tax Year
Income Tax [Line Items]
Tax credit carry forward expiration year	2,022
Gross state tax Net Operating Loss carry forwards, expiration year	2,016
State and Local Jurisdiction | Latest Tax Year
Income Tax [Line Items]
Tax credit carry forward expiration year	2,025
Gross state tax Net Operating Loss carry forwards, expiration year	2,035
IRS
Income Tax [Line Items]
Tax audit assessments	$ 0

Schedule of Changes in Unrecogn

Schedule of Changes in Unrecognized Tax Benefit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Schedule of Unrecognized Tax Benefits [Line Items]
Beginning balance	$ 20,813	$ 32,733	$ 33,900
Tax positions related to prior years: Additions	126	9	436
Tax positions related to prior years: Reductions	(7,695)	(9,281)	(113)
Tax positions related to current year: Additions	2,858	3,804	5,348
Settlements	(1,898)	(5,002)	(5,593)
Lapses in statute of limitations	(1,048)	(1,450)	(1,245)
Ending balance	$ 13,156	$ 20,813	$ 32,733

Components of Total Unrecognize

Components of Total Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013	Jul. 31, 2012
Schedule of Unrecognized Tax Benefits [Line Items]
Unrecognized tax benefits	$ 13,156	$ 20,813	$ 32,733	$ 33,900
Reduction to unrecognized tax benefits for tax credit carry forward	(2,109)	(657)	(440)
Accrued interest and penalties	1,895	5,200	11,671
Total unrecognized tax benefits	12,942	25,356	43,964
Short-term, included in "Income and other taxes"	997	1,667	2,745
Long-term	11,945	23,689	41,219
Total unrecognized tax benefits	$ 12,942	$ 25,356	$ 43,964

Contingent Liabilities and Co71

Contingent Liabilities and Commitments - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Loss Contingencies [Line Items]
Standby Repurchase Obligations Amount	$ 1,363,576	$ 1,226,650
Term of Commitments
Repurchase and guarantee reserve balances	$ 4,163	$ 3,948

Losses Due to Repurchases Relat

Losses Due to Repurchases Related to Repurchase Agreements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Loss Contingencies [Line Items]
Cost of units repurchased	$ 7,171	$ 1,386	$ 6,926
Realization of units resold	5,906	1,098	6,020
Losses due to repurchase	$ 1,265	$ 288	$ 906

Future Minimum Rental Payments

Future Minimum Rental Payments under Capital and Operating Leases (Detail) $ in Thousands	Jul. 31, 2015USD ($)
Capital and Operating Leased Assets [Line Items]
For the fiscal year ending July 31, 2016	$ 995
For the fiscal year ending July 31, 2017	980
For the fiscal year ending July 31, 2018	985
For the fiscal year ending July 31, 2019	976
For the fiscal year ending July 31, 2020	972
For the fiscal year ending July 31, 2021 and thereafter	7,213
Total minimum lease payments	12,121
Less amount representing interest	4,979
Present value of net minimum capital lease payments	7,142
Present value of net minimum capital lease payments	7,142
Less current portion	321
Long-term capital lease obligations	6,821
For the fiscal year ending July 31, 2016	2,490
For the fiscal year ending July 31, 2017	1,993
For the fiscal year ending July 31, 2018	1,409
For the fiscal year ending July 31, 2019	752
For the fiscal year ending July 31, 2020	676
For the fiscal year ending July 31, 2021 and thereafter	6,176
Total minimum lease payments	$ 13,496

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Operating Leased Assets [Line Items]
Rent expense	$ 2,092	$ 1,700	$ 1,572

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Schedule of Employee Benefit Plans [Line Items]
Employer match and administrative fees for 401(k) plan	$ 565	$ 387	$ 316
Investments under employees deferred compensation plan	$ 10,803	$ 8,973

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	May. 15, 2015	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Stock Based Compensation And Stockholders Equity [Line Items]
Common stock purchased, shares	1,000,000
Common stock price per share	$ 60
Aggregate purchase price of common stock	$ 60,000	$ 60,000
Closing price of common stock	$ 61.29
Percentage of issued and outstanding common stock prior to repurchase	1.90%
Option expiration from the date of grant, in years		10 years
Options granted during the period		0	0	0
Cash received from stock option exercises		$ 141	$ 3,206	$ 5,845
Total intrinsic value of stock options exercised		$ 168	$ 2,597	$ 7,502
Stock option exercised		5,000	101,313	498,412
Stock option value exercised		$ 141	$ 3,206	$ 14,267
Cashless exercises of stock options (in shares)				63,464
Shares repurchased related to cashless exercise of stock options				$ 2,009
Total unrecognized compensation costs		$ 9,375
Period for recognition of compensation cost not yet recognized		2 years 1 month 24 days
Stock-based compensation		$ 6,776	5,231	2,816
Tax benefits from stock compensation expense		2,507	1,925	1,032
Discontinued Operations
Stock Based Compensation And Stockholders Equity [Line Items]
Total compensation expenses		$ 0	480	$ 207
Minimum
Stock Based Compensation And Stockholders Equity [Line Items]
Option vesting period		3 years
Maximum
Stock Based Compensation And Stockholders Equity [Line Items]
Option vesting period		5 years
Cashless Exercise
Stock Based Compensation And Stockholders Equity [Line Items]
Stock option exercised				314,000
Stock Option Awards
Stock Based Compensation And Stockholders Equity [Line Items]
Total compensation expenses		$ 0	0	$ 393
Restricted Stock Awards
Stock Based Compensation And Stockholders Equity [Line Items]
Option vesting period		5 years
Total compensation expenses		$ 115	91	133
Total unrecognized compensation costs		$ 216
Period for recognition of compensation cost not yet recognized		1 year 11 months 19 days
2010 Equity Incentive Plan
Stock Based Compensation And Stockholders Equity [Line Items]
Number of shares authorized under stock option plan		2,000,000
Number of shares available to be granted		1,393,257
2006 Equity Incentive Plan
Stock Based Compensation And Stockholders Equity [Line Items]
Number of shares authorized under stock option plan		1,100,000
Number of shares available to be granted		30,000
Restricted Stock Units (RSUs)
Stock Based Compensation And Stockholders Equity [Line Items]
Total compensation expenses		$ 6,661	$ 5,140	$ 2,290

Schedule of Stock Option Activi

Schedule of Stock Option Activity (Detail) - $ / shares	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Stockholders' Equity
Outstanding at beginning of year, Shares	5,000	106,313	732,725
Exercised, Shares	(5,000)	(101,313)	(498,412)
Forfeited, Shares			(120,000)
Expired, Shares			(8,000)
Granted, Shares	0	0	0
Outstanding at end of year, Shares		5,000	106,313
Vested and expected to vest at end of year, Shares		5,000	106,313
Exercisable at year-end, Shares		5,000	106,313
Outstanding at beginning of year, Weighted-Average Exercise Price	$ 28.23	$ 31.48	$ 28.89
Exercised, Weighted-Average Exercise Price	28.23	31.64	28.62
Forfeited, Weighted-Average Exercise Price			27.84
Expired, Weighted-Average Exercise Price			26.91
Granted, Weighted-Average Exercise Price	$ 0	0	0
Outstanding at end of year, Weighted-Average Exercise Price		28.23	31.48
Vested and expected to vest at end of year, Weighted-Average Exercise Price		28.23	31.48
Exercisable at year-end, Weighted-Average Exercise Price		$ 28.23	$ 31.48

Schedule of Aggregate Intrinsic

Schedule of Aggregate Intrinsic Value of Options (Detail) - USD ($) $ in Thousands	Jul. 31, 2014	Jul. 31, 2013
Stockholders' Equity
Aggregate intrinsic value of options outstanding and expected to vest	$ 124	$ 2,399
Aggregate intrinsic value of options exercisable	$ 124	$ 2,399

Schedule of Stock Award Activit

Schedule of Stock Award Activity (Detail) - $ / shares	12 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, beginning of year, Shares	13,620	17,530	10,041
Granted, Shares			9,498
Vested, Shares	(3,907)	(3,910)	(2,009)
Nonvested, end of year, Shares	9,713	13,620	17,530
Nonvested, beginning of year, Weighted Average Grant Date Fair Value	$ 31.08	$ 31.03	$ 29.46
Granted, Weighted Average Grant Date Fair Value			32.36
Vested, Weighted Average Grant Date Fair Value	30.87	30.87	29.46
Nonvested, end of year, Weighted Average Grant Date Fair Value	$ 31.16	$ 31.08	$ 31.03
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, beginning of year, Shares	212,073	139,275
Granted, Shares	162,967	151,168	143,069
Vested, Shares	(90,608)	(63,852)
Forfeited, Shares	(4,079)	(14,518)	(3,794)
Nonvested, end of year, Shares	280,353	212,073	139,275
Nonvested, beginning of year, Weighted Average Grant Date Fair Value	$ 49.21	$ 38.06
Granted, Weighted Average Grant Date Fair Value	50.95	54.26	$ 38.01
Vested, Weighted Average Grant Date Fair Value	48.14	38.68
Forfeited, Weighted Average Grant Date Fair Value	50.54	47.26	36.32
Nonvested, end of year, Weighted Average Grant Date Fair Value	$ 50.55	$ 49.21	$ 38.06