Thor Industries (THO) 10-Q 7 Mar 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jan. 31, 2016	Feb. 29, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	THO
Entity Registrant Name	THOR INDUSTRIES INC
Entity Central Index Key	730,263
Current Fiscal Year End Date	--07-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		52,482,615

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015
Current assets:
Cash and cash equivalents	$ 185,371	$ 183,478
Accounts receivable, trade, less allowance for doubtful accounts of $780 and $1,283, respectively	309,298	244,052
Accounts receivable, other	22,743	25,642
Inventories, net	274,545	246,115
Notes receivable		8,367
Prepaid income taxes, expenses and other	17,092	8,323
Deferred income taxes, net	59,056	59,864
Total current assets	868,105	775,841
Property, plant and equipment, net	246,577	234,045
Other assets:
Goodwill	303,509	312,622
Amortizable intangible assets, net	157,136	169,018
Other	11,036	11,722
Total other assets	471,681	493,362
TOTAL ASSETS	1,586,363	1,503,248
Current liabilities:
Accounts payable	180,554	162,587
Accrued liabilities:
Compensation and related items	53,142	51,984
Product warranties	106,260	108,206
Income and other taxes	7,730	11,000
Promotions and rebates	21,244	19,817
Product, property and related liabilities	11,330	10,892
Other	16,943	13,849
Total current liabilities	397,203	378,335
Unrecognized tax benefits	12,478	11,945
Deferred income taxes, net	18,494	20,563
Other liabilities	26,794	27,218
Total long-term liabilities	$ 57,766	$ 59,726
Contingent liabilities and commitments
Stockholders' equity:
Preferred stock - authorized 1,000,000 shares; none outstanding
Common stock - par value of $.10 per share; authorized 250,000,000 shares; issued 62,439,795 and 62,306,037 shares, respectively	$ 6,244	$ 6,231
Additional paid-in capital	220,537	215,539
Retained earnings	1,236,112	1,172,432
Less treasury shares of 9,957,180 and 9,911,474, respectively, at cost	(331,499)	(329,015)
Total stockholders' equity	1,131,394	1,065,187
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,586,363	$ 1,503,248

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015
Allowance for doubtful accounts	$ 780	$ 1,283
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	62,439,795	62,306,037
Treasury, shares	9,957,180	9,911,474

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Net sales	$ 975,071	$ 852,416	$ 2,005,422	$ 1,774,408
Cost of products sold	826,249	750,416	1,704,384	1,554,743
Gross profit	148,822	102,000	301,038	219,665
Selling, general and administrative expenses	67,366	54,302	135,820	112,291
Amortization of intangible assets	5,854	3,967	11,882	7,656
Impairment charges	9,113		9,113
Interest income	105	340	243	707
Interest expense	168	1	342	1
Other income (expense), net	(538)	67	(545)	419
Income from continuing operations before income taxes	65,888	44,137	143,579	100,843
Income taxes	20,641	13,870	47,596	31,375
Net income from continuing operations	45,247	30,267	95,983	69,468
Loss from discontinued operations, net of income taxes	(579)	(1,619)	(818)	(1,895)
Net Income and comprehensive income	$ 44,668	$ 28,648	$ 95,165	$ 67,573
Weighted-average common shares outstanding:
Basic	52,474,801	53,377,440	52,442,373	53,355,757
Diluted	52,561,122	53,458,531	52,553,341	53,444,730
Earnings per common share from continuing operations:
Basic	$ 0.86	$ 0.57	$ 1.83	$ 1.30
Diluted	0.86	0.57	1.83	1.30
Loss per common share from discontinued operations:
Basic	(0.01)	(0.03)	(0.02)	(0.03)
Diluted	(0.01)	(0.03)	(0.02)	(0.04)
Earnings per common share:
Basic	0.85	0.54	1.81	1.27
Diluted	0.85	0.54	1.81	1.26
Regular dividends declared and paid per common share	$ 0.30	$ 0.27	$ 0.60	$ 0.54

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015
Cash flows from operating activities:
Net income	$ 95,165	$ 67,573
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	10,958	6,788
Amortization of intangible assets	11,882	7,656
Impairment charges	9,113
Deferred income tax provision	(1,261)	(1,679)
(Gain) loss on disposition of property, plant and equipment	47	(78)
Stock-based compensation expense	4,679	3,327
Excess tax benefits from stock-based awards	(291)	(114)
Changes in assets and liabilities (excluding acquisitions):
Accounts receivable	(62,347)	(17)
Inventories	(28,430)	(15,477)
Prepaid income taxes, expenses and other	(8,083)	(10,391)
Accounts payable	18,922	10,120
Accrued liabilities	1,231	(12,139)
Other liabilities	281	(2,407)
Net cash provided by operating activities	51,866	53,162
Cash flows from investing activities:
Purchases of property, plant and equipment	(24,539)	(16,161)
Proceeds from dispositions of property, plant and equipment	47	41
Proceeds from notes receivable	8,367	1,400
Acquisitions, net of cash acquired		(49,265)
Other		15
Net cash used in investing activities	(16,125)	(63,970)
Cash flows from financing activities:
Regular cash dividends paid	(31,485)	(28,824)
Principal payments on capital lease obligations	(170)
Excess tax benefits from stock-based awards	291	114
Payments related to vesting of stock-based awards	(2,484)	(1,562)
Net cash used in financing activities	(33,848)	(30,272)
Net increase (decrease) in cash and cash equivalents	1,893	(41,080)
Cash and cash equivalents, beginning of period	183,478	289,336
Cash and cash equivalents, end of period	185,371	248,256
Supplemental cash flow information:
Income taxes paid	63,301	59,547
Interest paid	342	1
Non-cash transactions:
Capital expenditures in accounts payable	$ 585	$ 220

Nature of Operations and Accoun

Nature of Operations and Accounting Policies	6 Months Ended
	Jan. 31, 2016
Nature of Operations and Accounting Policies	1. Nature of Operations and Accounting Policies Nature of Operations Thor Industries, Inc. was founded in 1980 and, through its subsidiaries (collectively, the “Company”), manufactures a wide range of recreational vehicles (“RVs”) in the United States at various manufacturing facilities located primarily in Indiana and Ohio. These products are sold to independent dealers primarily throughout the United States and Canada. Unless the context otherwise requires or indicates, all references to “Thor”, the “Company”, “we”, “our” and “us” refer to Thor Industries, Inc. and its subsidiaries. The Company’s core business activities are comprised of two distinct operations, which include the design, manufacture and sale of towable recreational vehicles and motorized recreational vehicles. Accordingly, the Company has presented segment financial information for these two segments in Note 4 to the Condensed Consolidated Financial Statements. See Note 3, “Discontinued Operations,” in the Notes to the Condensed Consolidated Financial Statements for a description of the Company’s bus operations that were sold during the quarter ended October 31, 2013. The accompanying financial statements (including footnote disclosures unless otherwise indicated) reflect these bus operations as discontinued operations apart from the Company’s continuing operations. The July 31, 2015 amounts are derived from the annual audited financial statements. The interim financial statements are unaudited. In the opinion of management, all adjustments (which consist of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented have been made. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2015. Due to seasonality within the recreational vehicle industry, annualizing the results of operations for the six months ended January 31, 2016 would not necessarily be indicative of the results for a full fiscal year. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Key estimates include reserves for inventory, incurred but not reported medical claims, warranty claims, recall liabilities, workers’ compensation claims, vehicle repurchases, uncertain tax positions, product and non-product litigation and assumptions made for both intangible assets acquired and asset impairment assessments. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable under the circumstances. The Company believes that such estimates are made using consistent and appropriate methods. Actual results could differ from these estimates. Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-08 (“ASU 2014-08”) “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Under the new guidance, the disposal of a component or group of components of a business will be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The Company adopted ASU 2014-08 as of August 1, 2015. 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. In September 2015, the FASB issued Accounting Standards Update No. 2015-16 (“ASU 2015-16”) “Business Combinations (Topic 805): Simplifying the Accounting for Measurement Period Adjustments,” to simplify the accounting for measurement-period adjustments in a business combination. Under the new standard, an acquirer must recognize adjustments to provisional amounts in a business combination in the reporting period in which the adjustment amounts are determined, rather than retrospectively adjusting the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill as under current guidance. ASU 2015-16 is effective for fiscal years, and the interim periods within those years, beginning after December 15, 2015. This standard is effective for the Company in its fiscal year 2017 beginning on August 1, 2016. This new standard will be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company is currently evaluating the impact of this ASU on its consolidated financial statements, which will be dependent on future acquisitions. In November 2015, the FASB issued Accounting Standards Update No. 2015-17 (“ASU 2015-17”) “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” to simplify the presentation of deferred income taxes. Under the new standard, both deferred tax liabilities and assets are required to be classified as noncurrent in a classified balance sheet. ASU 2015-17 is effective for fiscal years, and the interim periods within those years, beginning after December 15, 2016. This standard is effective for the Company in its fiscal year 2018 beginning on August 1, 2017. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

Acquisitions

Acquisitions	6 Months Ended
	Jan. 31, 2016
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 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 operates 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. This payment of $47,412, less the $1,062 of cash on hand at the acquisition date, resulted in initial net cash consideration of $46,350. Adjustments to increase the net cash consideration by $1,173 were identified, based on the preliminary 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. 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. Three Months Ended January 31, 2015 Six Months Ended January 31, 2015 Net sales $ 912,924 $ 1,914,151 Net income $ 31,318 $ 75,087 Basic earnings per common share $ 0.59 $ 1.41 Diluted earnings per common share $ 0.59 $ 1.40

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jan. 31, 2016
Discontinued Operations	3. Discontinued Operations On July 31, 2013, the Company entered into a Stock Purchase Agreement (“ASV SPA”) to sell its bus business to Allied Specialty Vehicles, Inc. (“ASV”) for cash of $100,000, subject to closing adjustments for changes in the net assets sold from April 30, 2013, to the closing date. The Company’s bus business manufactured and sold transit and shuttle buses. The sale was completed as of October 20, 2013, and the Company received the $100,000 on October 21, 2013, and an additional $5,043 in February 2014, representing the increase in bus net assets since April 30, 2013. The results of operations for the bus business have been reported as discontinued operations in the Condensed Consolidated Statements of Income and Comprehensive Income for all periods presented. The following table summarizes the results of discontinued operations: Three Months Ended January 31, Six Months Ended January 31, 2016 2015 2016 2015 Operating loss of discontinued operations before income taxes $ (918 ) $ (2,564 ) $ (1,296 ) $ (2,999 ) Income tax benefit (339 ) (945 ) (478 ) (1,104 ) Loss from discontinued operations, net of taxes $ (579 ) $ (1,619 ) $ (818 ) $ (1,895 ) The operating loss of discontinued operations before income taxes for the three and six months ended January 31, 2016 and January 31, 2015 reflects expenses incurred directly related to the former bus operations, including ongoing costs related to liabilities retained by the Company under the ASV SPA for bus product liability and worker’s compensation claims occurring prior to the closing date of the sale. As a result of the sale of the bus business, and in accordance with the ASV SPA, the Company is no longer the primary obligor to the taxing authorities for bus operations in certain states. 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 uncertain tax positions, but does not expect future losses under this guarantee to be material.

Business Segments

Business Segments	6 Months Ended
	Jan. 31, 2016
Business Segments	4. Business Segments The Company has two reportable segments: (1) towable recreational vehicles and (2) motorized recreational vehicles. The towable 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 towable and motorized segments, which are transacted at established arm’s length transfer prices generally 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. Three Months Ended January 31, Six Months Ended January 31, Net sales: 2016 2015 2016 2015 Recreational vehicles: Towables $ 698,318 $ 675,090 $ 1,442,997 $ 1,374,868 Motorized 242,867 177,326 493,966 399,540 Total recreational vehicles 941,185 852,416 1,936,963 1,774,408 Other 48,011 — 98,393 — Intercompany eliminations (14,125 ) — (29,934 ) — Total $ 975,071 $ 852,416 $ 2,005,422 $ 1,774,408 Three Months Ended January 31, Six Months Ended January 31, 2016 2015 2016 2015 Income (loss) from continuing operations before income taxes: Recreational vehicles: Towables $ 53,069 $ 40,320 $ 116,293 $ 89,619 Motorized 20,519 11,867 42,172 26,968 Total recreational vehicles 73,588 52,187 158,465 116,587 Other, net 3,010 — 5,666 — Corporate (10,710 ) (8,050 ) (20,552 ) (15,744 ) Total $ 65,888 $ 44,137 $ 143,579 $ 100,843 January 31, 2016 July 31, 2015 Total assets: Recreational vehicles: Towables $ 928,841 $ 907,175 Motorized 220,368 162,940 Total recreational vehicles 1,149,209 1,070,115 Other, net 156,103 161,075 Corporate 281,051 272,058 Total $ 1,586,363 $ 1,503,248

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jan. 31, 2016
Earnings Per Common Share	5. Earnings Per Common Share Three Months Ended January 31, Six Months Ended January 31, 2016 2015 2016 2015 Weighted-average common shares outstanding for basic earnings per share 52,474,801 53,377,440 52,442,373 53,355,757 Unvested restricted stock and restricted stock units 86,321 81,091 110,968 88,973 Weighted-average common shares outstanding for diluted earnings per share 52,561,122 53,458,531 52,553,341 53,444,730 At January 31, 2016 and 2015, the Company had 30,716 and 14,048, respectively, of unvested restricted stock and restricted stock units outstanding which were excluded from this calculation as their effect would be antidilutive.

Inventories

Inventories	6 Months Ended
	Jan. 31, 2016
Inventories	6. Inventories Major classifications of inventories are as follows: January 31, 2016 July 31, 2015 Finished goods – RV $ 37,764 $ 35,693 Finished goods – other 17,542 18,045 Work in process 59,506 51,556 Raw materials 139,876 133,482 Chassis 50,597 37,739 Total 305,285 276,515 Excess of FIFO costs over LIFO costs (30,740 ) (30,400 ) Total inventories, net $ 274,545 $ 246,115 Of the $305,285 and $276,515 of inventories at January 31, 2016 and July 31, 2015, all but $82,324 and $72,498, respectively, at certain subsidiaries were valued on a last-in, first-out basis. The $82,324 and $72,498 of inventories were valued on a first-in, first-out basis.

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jan. 31, 2016
Property, Plant and Equipment	7. Property, Plant and Equipment Property, plant and equipment is stated at cost, net of accumulated depreciation, and consists of the following: January 31, 2016 July 31, 2015 Land $ 29,208 $ 27,447 Buildings and improvements 228,622 214,462 Machinery and equipment 112,065 106,959 Total cost 369,895 348,868 Less accumulated depreciation (123,318 ) (114,823 ) Property, plant and equipment, net $ 246,577 $ 234,045 Property, plant and equipment at both January 31, 2016 and July 31, 2015 includes buildings and improvements under capital leases of $6,527, and includes related amortization included in accumulated depreciation of $408 and $136 at January 31, 2016 and July 31, 2015, respectively.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	6 Months Ended
	Jan. 31, 2016
Intangible Assets and Goodwill	8. Intangible Assets and Goodwill The components of amortizable intangible assets are as follows: Weighted-Average Remaining Life in Years at January 31, 2016 January 31, 2016 July 31, 2015 Cost Accumulated Amortization Cost Accumulated Amortization Dealer networks/customer relationships 9 $ 143,860 $ 46,300 $ 143,860 $ 37,194 Trademarks 18 55,282 8,880 55,282 7,608 Design technology and other intangibles 9 22,400 9,518 22,400 8,168 Non-compete agreements 3 450 158 4,710 4,264 Total amortizable intangible assets $ 221,992 $ 64,856 $ 226,252 $ 57,234 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. Estimated annual amortization expense is as follows: 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 Goodwill is not subject to amortization, but instead is reviewed for impairment by applying a fair-value based test to the Company’s reporting units on an annual basis as of April 30, or more frequently if events or circumstances indicate a potential impairment. The Company’s reporting units are the same as its operating segments, which are identified in Note 4 to the Condensed Consolidated Financial Statements. Fair values are 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. Of the recorded goodwill of $303,509 at January 31, 2016 and $312,622 at July 31, 2015, $260,638 and $269,751, respectively, resides in the towable recreational vehicle segment and $42,871 resides in the other non-reportable segment at both January 31, 2016 and July 31, 2015. Based on recent and future forecasted operating results, the Company determined that sufficient evidence existed as of the second quarter of fiscal 2016 to warrant an interim goodwill impairment analysis for one of its reporting units. As a result of this analysis, the Company recorded a pre-tax, non-cash goodwill impairment charge of $9,113 related to this reporting unit within the towables reportable segment. For the purpose of this goodwill test, the fair value of the reporting unit was determined by employing a discounted cash flow model, which utilized Level 3 inputs as defined by ASC 820. The $9,113 charge represents the full impairment of the goodwill related to this reporting unit.

Concentration of Risk

Concentration of Risk	6 Months Ended
	Jan. 31, 2016
Concentration of Risk	9. Concentration of Risk One dealer, FreedomRoads, LLC, accounted for 21% and 14% of the Company’s continuing consolidated net sales for the six months ended January 31, 2016 and the six months ended January 31, 2015, respectively. This dealer also accounted for 24% of the Company’s consolidated trade accounts receivable at January 31, 2016 and 22% at July 31, 2015. The loss of this dealer could have a significant effect on the Company’s business.

Investments and Fair Value Meas

Investments and Fair Value Measurements	6 Months Ended
	Jan. 31, 2016
Investments and Fair Value Measurements	10. Investments and Fair Value Measurements The Company carries at fair value its investments in securities (primarily mutual funds) held for the benefit of certain employees of the Company as part of a deferred compensation plan. These investments are measured with Level 1 inputs as prescribed by ASC 820, which include quoted prices in active markets for identical assets or liabilities and are the most observable inputs. Deferred compensation plan asset balances of $10,460 and $10,803 were recorded as of January 31, 2016 and July 31, 2015, respectively, as components of other long-term assets in the Condensed Consolidated Balance Sheets. An equal and offsetting liability is also recorded in regards to the deferred compensation plan as a component of other long-term liabilities in the Condensed Consolidated Balance Sheets. Changes in the fair value of the plan assets and the related liability are reflected in other income (expense), net and selling, general and administrative expenses, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income.

Product Warranties

Product Warranties	6 Months Ended
	Jan. 31, 2016
Product Warranties	11. Product Warranties The Company generally provides retail customers of its products with a one-year warranty covering defects in material or workmanship, with longer warranties on certain structural components. The Company records a liability based on its best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. Factors used in estimating the warranty liability include a history of units sold, existing dealer inventory, average cost incurred and a profile of the distribution of warranty expenditures over the warranty period. Management believes that the warranty reserves are adequate, however, actual claims incurred could differ from estimates, requiring adjustments to the reserves. Warranty reserves are reviewed and adjusted as necessary on at least a quarterly basis. Changes in our product warranty reserves are as follows: Three Months Ended January 31, Six Months Ended January 31, 2016 2015 2016 2015 Beginning balance $ 107,847 $ 97,640 $ 108,206 $ 94,938 Provision 25,283 26,769 51,516 56,230 Payments (26,870 ) (27,025 ) (53,462 ) (53,784 ) Acquisitions — 4,664 — 4,664 Ending balance $ 106,260 $ 102,048 $ 106,260 $ 102,048

Provision for Income Taxes

Provision for Income Taxes	6 Months Ended
	Jan. 31, 2016
Provision for Income Taxes	12. Provision for Income Taxes The overall effective income tax rate for the three months ended January 31, 2016 was 31.3% compared with 31.4% for the three months ended January 31, 2015. The effective income tax rates for the fiscal 2015 three-month period and fiscal 2016 three-month period were both impacted, to a similar extent, by the retroactive reinstatement of the federal research and development credit and other credits that were enacted on December 19, 2014 and December 18, 2015 respectively. The overall effective income tax rate for the six months ended January 31, 2016 was 33.1% compared with 31.1% for the six months ended January 31, 2015. The primary reason for the increase in the effective income tax rate is due to uncertain tax benefits that settled favorably in the six months ended January 31, 2015 while no such settlements occurred in the six months ended January 31, 2016. The effective income tax rates for the fiscal 2015 and fiscal 2016 periods were both impacted, to a similar extent, by the retroactive reinstatement of the federal research and development credit and other credits that were enacted on December 19, 2014 and December 18, 2015 respectively. It is the Company’s policy to recognize interest and penalties accrued relative to unrecognized tax benefits in income tax expense. For the six months ended January 31, 2016, there were no material changes to the balance of unrecognized tax benefits and the Company accrued $282 in interest and penalties related to the remaining uncertain tax positions recorded at July 31, 2015. For the three months ended January 31, 2016, the Company accrued $141 in interest and penalties related to the remaining uncertain tax positions recorded at July 31, 2015. For the six months ended January 31, 2015, the Company released $4,506 of gross uncertain tax positions and related interest and penalties recorded at July 31, 2014 related to the effective settlement of various uncertain tax positions, which resulted in a net income tax benefit of $2,387. The Company accrued $293 in interest and penalties related to the remaining uncertain tax positions recorded at July 31, 2014 and recorded $90 of additional uncertain tax benefit reserve related to previous tax periods. For the three months ended January 31, 2015, the Company recorded $90 of additional uncertain tax benefit reserve related to previous tax periods and accrued $147 in interest and penalties. The Company anticipates a decrease of approximately $5,340 in unrecognized tax benefits, and $1,182 in accrued interest and penalties related to unrecognized tax benefits recorded as of January 31, 2016, within the next 12 months 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. 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, Commitm

Contingent Liabilities, Commitments and Legal Matters	6 Months Ended
	Jan. 31, 2016
Contingent Liabilities, Commitments and Legal Matters	13. Contingent Liabilities, Commitments and Legal Matters The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for certain dealers of certain of its products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to dealers in the event of default by the dealer on the agreement to pay the financial institution. The repurchase price is generally determined by the original sales price of the product and pre-defined curtailment arrangements. The Company typically resells the repurchased product at a discount from its repurchase price. The risk of loss from these agreements is spread over numerous dealers. In addition to the guarantee under these repurchase agreements, we may also be required to repurchase inventory relative to dealer terminations in certain states in accordance with state laws or regulatory requirements. The repurchase activity related to dealer terminations in certain states has been insignificant in relation to our repurchase obligation with financial institutions. The Company’s total commercial commitments under standby repurchase obligations on dealer inventory financing as of January 31, 2016 and July 31, 2015 were $1,558,560 and $1,363,576, respectively. The commitment term is primarily up to eighteen months. The Company accounts for the guarantee under repurchase agreements of dealers’ financing by deferring a portion of the related product sale that represents the estimated fair value of the guarantee at inception. The estimated fair value takes into account an estimate of the losses that may be incurred upon resale of any repurchases. This estimate is based on recent historical experience supplemented by the Company’s assessment of current economic and other conditions affecting its dealers. This deferred amount is included in the repurchase and guarantee reserve balances of $4,650 and $4,163 as of January 31, 2016 and July 31, 2015, respectively, which are included in other current liabilities on the Condensed Consolidated Balance Sheets. The following table reflects losses incurred related to repurchase agreements that were settled in the periods noted. The Company believes that any future losses under these agreements will not have a significant effect on the Company’s consolidated financial position, results of operations or cash flows. Three Months Ended January 31, Six Months Ended January 31, 2016 2015 2016 2015 Cost of units repurchased $ 189 $ 4,582 $ 1,008 $ 6,227 Realization of units resold 189 3,721 876 5,161 Losses due to repurchase $ — $ 861 $ 132 $ 1,066 The Company is also involved in certain litigation arising out of its operations in the normal course of its business, most of which is based upon state “lemon laws”, warranty claims and vehicle accidents (for which the Company carries insurance above a specified self-insured retention or deductible amount). The outcomes of legal proceedings and claims brought against the Company are subject to significant uncertainty. There is significant judgment required in assessing both the probability of an adverse outcome and the determination as to whether an exposure can be reasonably estimated. In management’s opinion, the ultimate disposition of any current legal proceedings or claims against the Company will not have a material effect on the Company’s financial condition, operating results or cash flows. Litigation is, however, inherently uncertain and an adverse outcome from such litigation could have a material effect on the operating results of a particular reporting period.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jan. 31, 2016
Stockholders' Equity	14. Stockholders’ Equity Stock-Based Compensation During fiscal 2013, the Compensation and Development Committee of the Board (“the Committee”) approved a program to award restricted stock units to certain employees at the operating subsidiary and corporate levels. Under this program, the Committee approved awards that were granted in fiscal 2015 related to fiscal year 2014 performance and approved additional awards that were granted in fiscal 2016 related to fiscal 2015 performance. The employee restricted stock units vest, and shares of common stock will be issued, in equal installments on the first, second and third anniversaries of the date of grant. In fiscal 2016 and fiscal 2015, the Nominating and Governance Committee of the Board awarded restricted stock units to Board members that will vest, and shares of common stock will be issued, on the first anniversary of the date of the grant. Total expense recognized in the three months ended January 31, 2016 and January 31, 2015 for these restricted stock unit awards and other stock-based compensation was $2,400 and $1,762, respectively. Total expense recognized in the six months ended January 31, 2016 and January 31, 2015 for these restricted stock unit awards and other stock-based compensation was $4,679 and $3,327, respectively. For the restricted stock units that vested during the six month periods ended January 31, 2016 and January 31, 2015, a portion of the vested shares awarded were withheld as treasury shares to cover the recipients’ estimated withholding taxes. Tax payments made by the Company related to these stock-based awards for the six months ended January 31, 2016 and January 31, 2015 totaled $2,484 and $1,562, respectively. Retained Earnings The components of the change in retained earnings are as follows: Balance as of July 31, 2015 $ 1,172,432 Net income 95,165 Dividends declared and paid (31,485 ) Balance as of January 31, 2016 $ 1,236,112 The dividends declared and paid total of $31,485 represents the regular quarterly dividend of $0.30 per share for each of the first two quarters of fiscal 2016.

Nature of Operations and Acco20

Nature of Operations and Accounting Policies (Policies)	6 Months Ended
	Jan. 31, 2016
Nature of Operations	Nature of Operations Thor Industries, Inc. was founded in 1980 and, through its subsidiaries (collectively, the “Company”), manufactures a wide range of recreational vehicles (“RVs”) in the United States at various manufacturing facilities located primarily in Indiana and Ohio. These products are sold to independent dealers primarily throughout the United States and Canada. Unless the context otherwise requires or indicates, all references to “Thor”, the “Company”, “we”, “our” and “us” refer to Thor Industries, Inc. and its subsidiaries. The Company’s core business activities are comprised of two distinct operations, which include the design, manufacture and sale of towable recreational vehicles and motorized recreational vehicles. Accordingly, the Company has presented segment financial information for these two segments in Note 4 to the Condensed Consolidated Financial Statements. See Note 3, “Discontinued Operations,” in the Notes to the Condensed Consolidated Financial Statements for a description of the Company’s bus operations that were sold during the quarter ended October 31, 2013. The accompanying financial statements (including footnote disclosures unless otherwise indicated) reflect these bus operations as discontinued operations apart from the Company’s continuing operations. The July 31, 2015 amounts are derived from the annual audited financial statements. The interim financial statements are unaudited. In the opinion of management, all adjustments (which consist of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented have been made. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2015. Due to seasonality within the recreational vehicle industry, annualizing the results of operations for the six months ended January 31, 2016 would not necessarily be indicative of the results for a full fiscal year. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Key estimates include reserves for inventory, incurred but not reported medical claims, warranty claims, recall liabilities, workers’ compensation claims, vehicle repurchases, uncertain tax positions, product and non-product litigation and assumptions made for both intangible assets acquired and asset impairment assessments. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable under the circumstances. The Company believes that such estimates are made using consistent and appropriate methods. Actual results could differ from these estimates.
Accounting Pronouncements	Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-08 (“ASU 2014-08”) “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Under the new guidance, the disposal of a component or group of components of a business will be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The Company adopted ASU 2014-08 as of August 1, 2015. 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. In September 2015, the FASB issued Accounting Standards Update No. 2015-16 (“ASU 2015-16”) “Business Combinations (Topic 805): Simplifying the Accounting for Measurement Period Adjustments,” to simplify the accounting for measurement-period adjustments in a business combination. Under the new standard, an acquirer must recognize adjustments to provisional amounts in a business combination in the reporting period in which the adjustment amounts are determined, rather than retrospectively adjusting the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill as under current guidance. ASU 2015-16 is effective for fiscal years, and the interim periods within those years, beginning after December 15, 2015. This standard is effective for the Company in its fiscal year 2017 beginning on August 1, 2016. This new standard will be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company is currently evaluating the impact of this ASU on its consolidated financial statements, which will be dependent on future acquisitions. In November 2015, the FASB issued Accounting Standards Update No. 2015-17 (“ASU 2015-17”) “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” to simplify the presentation of deferred income taxes. Under the new standard, both deferred tax liabilities and assets are required to be classified as noncurrent in a classified balance sheet. ASU 2015-17 is effective for fiscal years, and the interim periods within those years, beginning after December 15, 2016. This standard is effective for the Company in its fiscal year 2018 beginning on August 1, 2017. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jan. 31, 2016
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. Three Months Ended January 31, 2015 Six Months Ended January 31, 2015 Net sales $ 912,924 $ 1,914,151 Net income $ 31,318 $ 75,087 Basic earnings per common share $ 0.59 $ 1.41 Diluted earnings per common share $ 0.59 $ 1.40
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. 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)	6 Months Ended
	Jan. 31, 2016
Operating Results of Discontinued Operations	The following table summarizes the results of discontinued operations: Three Months Ended January 31, Six Months Ended January 31, 2016 2015 2016 2015 Operating loss of discontinued operations before income taxes $ (918 ) $ (2,564 ) $ (1,296 ) $ (2,999 ) Income tax benefit (339 ) (945 ) (478 ) (1,104 ) Loss from discontinued operations, net of taxes $ (579 ) $ (1,619 ) $ (818 ) $ (1,895 )

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jan. 31, 2016
Schedule of Segment Reporting Information by Segment	Three Months Ended January 31, Six Months Ended January 31, Net sales: 2016 2015 2016 2015 Recreational vehicles: Towables $ 698,318 $ 675,090 $ 1,442,997 $ 1,374,868 Motorized 242,867 177,326 493,966 399,540 Total recreational vehicles 941,185 852,416 1,936,963 1,774,408 Other 48,011 — 98,393 — Intercompany eliminations (14,125 ) — (29,934 ) — Total $ 975,071 $ 852,416 $ 2,005,422 $ 1,774,408 Three Months Ended January 31, Six Months Ended January 31, 2016 2015 2016 2015 Income (loss) from continuing operations before income taxes: Recreational vehicles: Towables $ 53,069 $ 40,320 $ 116,293 $ 89,619 Motorized 20,519 11,867 42,172 26,968 Total recreational vehicles 73,588 52,187 158,465 116,587 Other, net 3,010 — 5,666 — Corporate (10,710 ) (8,050 ) (20,552 ) (15,744 ) Total $ 65,888 $ 44,137 $ 143,579 $ 100,843 January 31, 2016 July 31, 2015 Total assets: Recreational vehicles: Towables $ 928,841 $ 907,175 Motorized 220,368 162,940 Total recreational vehicles 1,149,209 1,070,115 Other, net 156,103 161,075 Corporate 281,051 272,058 Total $ 1,586,363 $ 1,503,248

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jan. 31, 2016
Schedule of Earnings Per Common Share	Three Months Ended January 31, Six Months Ended January 31, 2016 2015 2016 2015 Weighted-average common shares outstanding for basic earnings per share 52,474,801 53,377,440 52,442,373 53,355,757 Unvested restricted stock and restricted stock units 86,321 81,091 110,968 88,973 Weighted-average common shares outstanding for diluted earnings per share 52,561,122 53,458,531 52,553,341 53,444,730

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jan. 31, 2016
Schedule of Major Classifications of Inventories	Major classifications of inventories are as follows: January 31, 2016 July 31, 2015 Finished goods – RV $ 37,764 $ 35,693 Finished goods – other 17,542 18,045 Work in process 59,506 51,556 Raw materials 139,876 133,482 Chassis 50,597 37,739 Total 305,285 276,515 Excess of FIFO costs over LIFO costs (30,740 ) (30,400 ) Total inventories, net $ 274,545 $ 246,115

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jan. 31, 2016
Property, Plant and Equipment	Property, plant and equipment is stated at cost, net of accumulated depreciation, and consists of the following: January 31, 2016 July 31, 2015 Land $ 29,208 $ 27,447 Buildings and improvements 228,622 214,462 Machinery and equipment 112,065 106,959 Total cost 369,895 348,868 Less accumulated depreciation (123,318 ) (114,823 ) Property, plant and equipment, net $ 246,577 $ 234,045

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	6 Months Ended
	Jan. 31, 2016
Components of Amortizable Intangible Assets	The components of amortizable intangible assets are as follows: Weighted-Average Remaining Life in Years at January 31, 2016 January 31, 2016 July 31, 2015 Cost Accumulated Amortization Cost Accumulated Amortization Dealer networks/customer relationships 9 $ 143,860 $ 46,300 $ 143,860 $ 37,194 Trademarks 18 55,282 8,880 55,282 7,608 Design technology and other intangibles 9 22,400 9,518 22,400 8,168 Non-compete agreements 3 450 158 4,710 4,264 Total amortizable intangible assets $ 221,992 $ 64,856 $ 226,252 $ 57,234
Estimated Amortization Expense	Estimated annual amortization expense is as follows: 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

Product Warranties (Tables)

Product Warranties (Tables)	6 Months Ended
	Jan. 31, 2016
Schedule of Changes in Product Warranty Liabilities	Changes in our product warranty reserves are as follows: Three Months Ended January 31, Six Months Ended January 31, 2016 2015 2016 2015 Beginning balance $ 107,847 $ 97,640 $ 108,206 $ 94,938 Provision 25,283 26,769 51,516 56,230 Payments (26,870 ) (27,025 ) (53,462 ) (53,784 ) Acquisitions — 4,664 — 4,664 Ending balance $ 106,260 $ 102,048 $ 106,260 $ 102,048

Contingent Liabilities, Commi29

Contingent Liabilities, Commitments and Legal Matters (Tables)	6 Months Ended
	Jan. 31, 2016
Losses Due to Repurchases Related to Repurchase Agreements	The following table reflects losses incurred related to repurchase agreements that were settled in the periods noted. The Company believes that any future losses under these agreements will not have a significant effect on the Company’s consolidated financial position, results of operations or cash flows. Three Months Ended January 31, Six Months Ended January 31, 2016 2015 2016 2015 Cost of units repurchased $ 189 $ 4,582 $ 1,008 $ 6,227 Realization of units resold 189 3,721 876 5,161 Losses due to repurchase $ — $ 861 $ 132 $ 1,066

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jan. 31, 2016
Schedule of Change in Retained Earnings	The components of the change in retained earnings are as follows: Balance as of July 31, 2015 $ 1,172,432 Net income 95,165 Dividends declared and paid (31,485 ) Balance as of January 31, 2016 $ 1,236,112

Summary of Significant Accounti

Summary of Significant Accounting Policies - Additional Information (Detail)	6 Months Ended
	Jan. 31, 2016Segment
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments	2

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	May. 01, 2015	Jan. 05, 2015	Jul. 31, 2015	Jan. 31, 2016	Jan. 31, 2015	Jul. 31, 2015
Business Acquisition [Line Items]
Payment to acquire business, net					$ 49,265
Postle Operating, LLC
Business Acquisition [Line Items]
Payment to acquire business, net	$ 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
Cruiser RV, LLC and DRV, LLC
Business Acquisition [Line Items]
Payment to acquire business, net		$ 47,523	$ 47,523
Asset purchase agreement date		Dec. 31, 2014
Amortizable intangible assets, weighted average useful life		13 years 10 months 24 days
Payment to acquire business		$ 47,412
Purchase price adjustment			1,173
Cash on hand at the acquisition date		1,062	$ 1,062			$ 1,062
Initial payment to acquire business		$ 46,350
Customer Relationships
Business Acquisition [Line Items]
Intangible assets amortization period	12 years
Amortizable intangible assets, amortization method				Accelerated cash flow basis
Trademarks
Business Acquisition [Line Items]
Intangible assets amortization period	15 years	20 years		18 years
Amortizable intangible assets, amortization method				Straight-line basis
Backlog
Business Acquisition [Line Items]
Intangible assets amortization period	42 days	42 days
Amortizable intangible assets, amortization method				Straight-line basis
Dealer Networks
Business Acquisition [Line Items]
Intangible assets amortization period		12 years
Amortizable intangible assets, amortization method				Accelerated cash flow basis

Summary of Preliminary Fair Val

Summary of Preliminary Fair Value Assigned to Net Assets Acquired (Detail) - USD ($) $ in Thousands	May. 01, 2015	Jan. 31, 2015	Jan. 31, 2016	Jul. 31, 2015
Business Acquisition [Line Items]
Goodwill			$ 303,509	$ 312,622
Total cash consideration for acquisition, less cash acquired		$ 49,265
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	Jan. 31, 2015	Jan. 31, 2016
Business Acquisition [Line Items]
Goodwill		$ 312,622		$ 303,509
Total cash consideration for acquisition, less cash acquired			$ 49,265
Cruiser RV, LLC and DRV, LLC
Business Acquisition [Line Items]
Cash	$ 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) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jan. 31, 2015	Jan. 31, 2015
Business Acquisition, Pro Forma Information [Line Items]
Net sales	$ 912,924	$ 1,914,151
Net income	$ 31,318	$ 75,087
Basic earnings per common share	$ 0.59	$ 1.41
Diluted earnings per common share	$ 0.59	$ 1.40

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 21, 2013	Feb. 28, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of bus business	$ 100,000
Discontinued operation, amounts collected from ASV		$ 5,043

Operating Results of Discontinu

Operating Results of Discontinued Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating loss of discontinued operations before income taxes	$ (918)	$ (2,564)	$ (1,296)	$ (2,999)
Income tax benefit	(339)	(945)	(478)	(1,104)
Loss from discontinued operations, net of taxes	$ (579)	$ (1,619)	$ (818)	$ (1,895)

Business Segments - Additional

Business Segments - Additional Information (Detail)	6 Months Ended
	Jan. 31, 2016Segment
Segment Reporting Information [Line Items]
Number of reportable segments	2
Postle Operating, LLC
Segment Reporting Information [Line Items]
Subsidiary acquisition date	May 1, 2015

Schedule of Segment Reporting I

Schedule of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Segment Reporting Information [Line Items]
Net sales	$ 975,071	$ 852,416	$ 2,005,422	$ 1,774,408
Income (loss) from continuing operations before income taxes	65,888	44,137	143,579	100,843
Corporate
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before income taxes	(10,710)	(8,050)	(20,552)	(15,744)
Operating Segments | Recreational vehicles
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before income taxes	73,588	52,187	158,465	116,587
Operating Segments | Recreational vehicles | Towables
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before income taxes	53,069	40,320	116,293	89,619
Operating Segments | Recreational vehicles | Motorized
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before income taxes	20,519	11,867	42,172	26,968
Operating Segments | Other
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before income taxes	3,010		5,666
Continuing Operations
Segment Reporting Information [Line Items]
Net sales	975,071	852,416	2,005,422	1,774,408
Continuing Operations | Operating Segments | Recreational vehicles
Segment Reporting Information [Line Items]
Net sales	941,185	852,416	1,936,963	1,774,408
Continuing Operations | Operating Segments | Recreational vehicles | Towables
Segment Reporting Information [Line Items]
Net sales	698,318	675,090	1,442,997	1,374,868
Continuing Operations | Operating Segments | Recreational vehicles | Motorized
Segment Reporting Information [Line Items]
Net sales	242,867	$ 177,326	493,966	$ 399,540
Continuing Operations | Operating Segments | Other
Segment Reporting Information [Line Items]
Net sales	48,011		98,393
Continuing Operations | Intercompany Eliminations
Segment Reporting Information [Line Items]
Net sales	$ (14,125)		$ (29,934)

Schedule of Segment Reporting40

Schedule of Segment Reporting Information, by Segment Balance Sheet Item (Detail) - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015
Segment Reporting Information [Line Items]
Total assets	$ 1,586,363	$ 1,503,248
Continuing Operations | Corporate
Segment Reporting Information [Line Items]
Total assets	281,051	272,058
Continuing Operations | Operating Segments | Recreational vehicles
Segment Reporting Information [Line Items]
Total assets	1,149,209	1,070,115
Continuing Operations | Operating Segments | Recreational vehicles | Towables
Segment Reporting Information [Line Items]
Total assets	928,841	907,175
Continuing Operations | Operating Segments | Recreational vehicles | Motorized
Segment Reporting Information [Line Items]
Total assets	220,368	162,940
Continuing Operations | Operating Segments | Other
Segment Reporting Information [Line Items]
Total assets	$ 156,103	$ 161,075

Earnings Per Common Share (Deta

Earnings Per Common Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Earnings Per Share Disclosure [Line Items]
Weighted-average common shares outstanding for basic earnings per share	52,474,801	53,377,440	52,442,373	53,355,757
Unvested restricted stock and restricted stock units	86,321	81,091	110,968	88,973
Weighted-average common shares outstanding for diluted earnings per share	52,561,122	53,458,531	52,553,341	53,444,730

Earnings Per Common Share - Add

Earnings Per Common Share - Additional Information (Detail) - shares	6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive stock options, unvested restricted stock and restricted stock units outstanding	30,716	14,048

Schedule of Major Classificatio

Schedule of Major Classifications of Inventories (Detail) - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015
Inventory [Line Items]
Work in process	$ 59,506	$ 51,556
Raw materials	139,876	133,482
Chassis	50,597	37,739
Total	305,285	276,515
Excess of FIFO costs over LIFO costs	(30,740)	(30,400)
Total inventories, net	274,545	246,115
Recreational vehicles
Inventory [Line Items]
Finished goods	37,764	35,693
Other
Inventory [Line Items]
Finished goods	$ 17,542	$ 18,045

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015
Inventory [Line Items]
Inventories	$ 305,285	$ 276,515
Subsidiaries valued inventories in first-in, first-out basis	$ 82,324	$ 72,498

Property, Plant and Equipment45

Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015
Property, Plant and Equipment [Line Items]
Total cost	$ 369,895	$ 348,868
Less accumulated depreciation	(123,318)	(114,823)
Property, plant and equipment, net	246,577	234,045
Land
Property, Plant and Equipment [Line Items]
Total cost	29,208	27,447
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Total cost	228,622	214,462
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Total cost	$ 112,065	$ 106,959

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 369,895	$ 348,868
Accumulated depreciation	123,318	114,823
Assets Held under Capital Leases
Property, Plant and Equipment [Line Items]
Property, plant and equipment	6,527	6,527
Accumulated depreciation	$ 408	$ 136

Components of Amortizable Intan

Components of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands	May. 01, 2015	Jan. 05, 2015	Jan. 31, 2016	Jul. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Cost			$ 221,992	$ 226,252
Accumulated Amortization			$ 64,856	57,234
Dealer Network/Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life in Years			9 years
Cost			$ 143,860	143,860
Accumulated Amortization			$ 46,300	37,194
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life in Years	15 years	20 years	18 years
Cost			$ 55,282	55,282
Accumulated Amortization			$ 8,880	7,608
Design Technology And Other Intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life in Years			9 years
Cost			$ 22,400	22,400
Accumulated Amortization			$ 9,518	8,168
Non-Compete Agreements
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life in Years			3 years
Cost			$ 450	4,710
Accumulated Amortization			$ 158	$ 4,264

Estimated Amortization Expense

Estimated Amortization Expense (Detail) - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015
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	$ 157,136	$ 169,018

Intangible Assets and Goodwil49

Intangible Assets and Goodwill - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jan. 31, 2016	Jan. 31, 2016	Jul. 31, 2015
Intangible Assets And Goodwill [Line Items]
Goodwill	$ 303,509	$ 303,509	$ 312,622
Pre-tax, non-cash goodwill impairment charge	9,113	9,113
Towables
Intangible Assets And Goodwill [Line Items]
Goodwill	260,638	260,638	269,751
Other
Intangible Assets And Goodwill [Line Items]
Goodwill	$ 42,871	$ 42,871	$ 42,871

Concentration of Risk - Additio

Concentration of Risk - Additional Information (Detail) - Freedom Roads, LLC	6 Months Ended		12 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jul. 31, 2015
Net Sales
Concentration Risk [Line Items]
Concentration risk percentage	21.00%	14.00%
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage	24.00%		22.00%

Investments and Fair Value Me51

Investments and Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 31, 2016	Jul. 31, 2015
Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments under employees deferred compensation plan	$ 10,460	$ 10,803

Product Warranties - Additional

Product Warranties - Additional Information (Detail)	6 Months Ended
	Jan. 31, 2016
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	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Product Warranty
Beginning balance	$ 107,847	$ 97,640	$ 108,206	$ 94,938
Provision	25,283	26,769	51,516	56,230
Payments	(26,870)	(27,025)	(53,462)	(53,784)
Acquisitions		4,664		4,664
Ending balance	$ 106,260	$ 102,048	$ 106,260	$ 102,048

Provision for Income Taxes - Ad

Provision for Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Income Tax [Line Items]
Effective income tax rate	31.30%	31.40%	33.10%	31.10%
Interest and penalties related to uncertain tax benefits	$ 141	$ 147	$ 282	$ 293
Decreases in unrecognized tax benefits resulting from effective settlement				4,506
Income tax benefit related to gross uncertain tax benefit releases, net				2,387
Accrued an additional uncertain tax benefit related to prior tax periods		$ 90		$ 90
Expected decrease in unrecognized tax benefits due to resolution of uncertain tax positions	$ 5,340		5,340
Expected decrease in interest due to resolution of uncertain tax positions			$ 1,182

Contingent Liabilities Commitme

Contingent Liabilities Commitments and Legal Matters - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2016	Jul. 31, 2015
Loss Contingencies [Line Items]
Standby Repurchase Obligations Amount	$ 1,558,560	$ 1,363,576
Term of Commitments	Up to eighteen months
Repurchase and guarantee reserve balances	$ 4,650	$ 4,163

Losses Due to Repurchases Relat

Losses Due to Repurchases Related to Repurchase Agreements (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Loss Contingencies [Line Items]
Cost of units repurchased	$ 189	$ 4,582	$ 1,008	$ 6,227
Realization of units resold	$ 189	3,721	876	5,161
Losses due to repurchase		$ 861	$ 132	$ 1,066

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jan. 31, 2016	Oct. 31, 2015	Jan. 31, 2015	Jan. 31, 2016	Jan. 31, 2015
Stock Based Compensation And Stockholders Equity [Line Items]
Stock-based compensation expense	$ 2,400		$ 1,762	$ 4,679	$ 3,327
Withholding taxes payable				$ 2,484	$ 1,562
Regular dividends declared and paid per common share	$ 0.30	$ 0.30	$ 0.27	$ 0.60	$ 0.54
Regular Dividends declared and paid				$ 31,485
Restricted Stock
Stock Based Compensation And Stockholders Equity [Line Items]
Withholding taxes payable				$ 2,484	$ 1,562

Schedule of Change in Retained

Schedule of Change in Retained Earnings (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2016	Jan. 31, 2015
Retained Earnings Adjustments [Line Items]
Beginning Balance	$ 1,172,432
Net income	95,165	$ 67,573
Dividends declared and paid	(31,485)
Ending Balance	$ 1,236,112