Thor Industries (THO) 10-K 26 Sep 16 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jul. 31, 2016	Sep. 02, 2016	Jan. 31, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jul. 31, 2016
Document Fiscal Year Focus	2,016
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		52,482,615
Entity Public Float			$ 2,626,000,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2016	Jul. 31, 2015
Current assets:
Cash and cash equivalents	$ 209,902	$ 183,478
Accounts receivable, trade, less allowance for doubtful accounts - $625 in 2016 and $1,283 in 2015	370,085	244,052
Accounts receivable, other	22,454	25,642
Inventories, net	403,869	246,115
Prepaid expenses and other	10,548	8,323
Notes receivable		8,367
Deferred income taxes, net		59,864
Total current assets	1,016,858	775,841
Property, plant and equipment, net	344,267	234,045
Other assets:
Goodwill	377,693	312,622
Amortizable intangible assets, net	507,391	169,018
Deferred income taxes, net	53,417
Other	25,838	11,722
Total other assets	964,339	493,362
Total Assets	2,325,464	1,503,248
Current liabilities:
Accounts payable	263,774	162,587
Accrued liabilities:
Compensation and related items	81,159	51,984
Product warranties	201,840	108,206
Income and other taxes	25,531	11,000
Promotions and rebates	40,452	19,817
Product, property and related liabilities	15,969	10,892
Other	22,927	13,849
Total current liabilities	651,652	378,335
Long-term debt	360,000
Unrecognized tax benefits	9,975	11,945
Deferred income taxes, net		20,563
Other liabilities	38,615	27,218
Total long-term liabilities	408,590	59,726
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 62,439,795 shares in 2016 and 62,306,037 shares in 2015	6,244	6,231
Additional paid-in capital	224,496	215,539
Retained earnings	1,365,981	1,172,432
Less treasury shares of 9,957,180 in 2016 and 9,911,474 in 2015, at cost	(331,499)	(329,015)
Total stockholders' equity	1,265,222	1,065,187
Total Liabilities and Stockholders' Equity	$ 2,325,464	$ 1,503,248

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2016	Jul. 31, 2015
Allowance for doubtful accounts	$ 625	$ 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

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Net sales	$ 4,582,112	$ 4,006,819	$ 3,525,456
Cost of products sold	3,855,787	3,449,274	3,055,060
Gross profit	726,325	557,545	470,396
Selling, general and administrative expenses	306,269	250,891	208,712
Impairment charges	9,113		710
Amortization of intangible assets	27,962	16,015	12,920
Interest income	743	1,292	1,577
Interest expense	1,592	180	10
Other income, net	1,181	1,144	3,198
Income from continuing operations before income taxes	383,313	292,895	252,819
Income taxes	125,291	90,886	77,303
Net income from continuing operations	258,022	202,009	175,516
Income (loss) from discontinued operations, net of income taxes	(1,503)	(2,624)	3,486
Net income	$ 256,519	$ 199,385	$ 179,002
Earnings per common share from continuing operations:
Basic	$ 4.92	$ 3.80	$ 3.29
Diluted	4.91	3.79	3.29
Earnings (loss) per common share from discontinued operations:
Basic	(0.03)	(0.05)	0.07
Diluted	(0.03)	(0.05)	0.06
Earnings per common share:
Basic	4.89	3.75	3.36
Diluted	$ 4.88	$ 3.74	$ 3.35
Net income	$ 256,519	$ 199,385	$ 179,002
Unrealized appreciation on investments, net of tax effects of $0, $0 and $12			22
Comprehensive income	$ 256,519	$ 199,385	$ 179,024

Consolidated Statements of Inc5

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Unrealized appreciation on investments, tax effects	$ 0	$ 0	$ 12

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, 2013		8,858,280	62,045,264
Beginning 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 - $1.00 per common share					(53,290)
Cash dividends - $0.92 in 2014, $1.08 in 2015, $1.20 in 2016 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		$ (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 - $0.92 in 2014, $1.08 in 2015, $1.20 in 2016 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
Net income	256,519				256,519
Restricted stock unit activity (in shares)		45,706	133,758
Restricted stock unit activity		$ (2,484)	$ 13	(430)
Cash dividends - $0.92 in 2014, $1.08 in 2015, $1.20 in 2016 per common share					(62,970)
Stock compensation expense				9,387
Ending Balance (in shares) at Jul. 31, 2016		9,957,180	62,439,795
Ending Balance at Jul. 31, 2016	$ 1,265,222	$ (331,499)	$ 6,244	$ 224,496	$ 1,365,981

Consolidated Statements of Sto7

Consolidated Statements of Stockholders' Equity (Parenthetical) - Retained Earnings - $ / shares	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Special dividends, per common share			$ 1
Cash dividends, per common share	$ 1.20	$ 1.08	$ 0.92

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Cash flows from operating activities:
Net income	$ 256,519	$ 199,385	$ 179,002
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	24,613	15,366	12,850
Amortization of intangibles	27,962	16,015	12,984
Amortization of debt issuance costs	131
Impairment charges	9,113		710
Deferred income tax benefit	(14,116)	(7,292)	(2,177)
Gain on disposal of bus business			(7,079)
Gain on disposition of property, plant & equipment	(35)	(91)	(1,897)
Stock-based compensation	9,387	6,776	5,231
Excess tax benefits from stock-based awards	(320)	(135)	(960)
Changes in assets and liabilities (excluding acquisitions and disposition):
Accounts receivable	(15,773)	41,324	(9,448)
Inventories	(15,582)	14,750	(44,774)
Prepaid expenses and other assets	719	(3,000)	(2,183)
Accounts payable	28,625	(26,632)	13,647
Accrued liabilities	26,016	(30)	7,706
Long-term liabilities and other	3,950	(8,576)	(14,351)
Net cash provided by operating activities	341,209	247,860	149,261
Cash flows from investing activities:
Purchases of property, plant & equipment	(51,976)	(42,283)	(30,406)
Proceeds from dispositions of property, plant & equipment	347	381	8,699
Proceeds from dispositions of investments			700
Proceeds from notes receivable	8,367	1,400	6,425
Proceeds from sale of bus business			105,043
Acquisitions, net of cash acquired	(557,651)	(194,486)	(86,092)
Other	(560)	20	(1,441)
Net cash provided by (used in) investing activities	(601,473)	(234,968)	2,928
Cash flows from financing activities:
Borrowings on revolving credit facility	360,000
Payments of debt issuance costs	(7,850)
Cash dividends	(62,970)	(57,381)	(49,024)
Special cash dividends			(53,290)
Purchase of treasury stock		(60,000)
Payments related to vesting of stock-based awards	(2,484)	(1,562)	(1,306)
Excess tax benefits from stock-based awards	320	135	960
Proceeds from issuance of common stock		141	3,206
Principal payments on capital lease obligations	(328)	(83)
Net cash provided by (used in) financing activities	286,688	(118,750)	(99,454)
Net increase (decrease) in cash and cash equivalents	26,424	(105,858)	52,735
Cash and cash equivalents, beginning of year	183,478	289,336	236,601
Cash and cash equivalents, end of year	209,902	183,478	289,336
Supplemental cash flow information:
Income taxes paid	128,409	115,124	97,561
Interest paid	672	180	134
Non-cash transactions:
Capital expenditures in accounts payable	$ 3,538	$ 1,540	$ 768

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jul. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations The Company’s ongoing business activities are primarily 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 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 $3,812, $2,362 and $2,542 in fiscal 2016, 2015 and 2014, 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: 2016 2015 2014 Beginning balance $ 1,283 $ 348 $ 157 Net recorded expense (income) (9) 359 63 Write-offs, net of recoveries/payments (679) (67) (72) Acquisitions 30 643 200 Ending balance $ 625 $ 1,283 $ 348 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. See the “Accounting Pronouncements” section below regarding the Company’s prospective adoption in fiscal 2016 of the new FASB standard regarding the balance sheet classification of deferred taxes. Earnings Per Share 2016 2015 2014 Weighted-average shares outstanding for basic earnings per share 52,458,789 53,166,206 53,270,076 Stock options, unvested restricted stock and restricted stock units 131,727 109,304 91,614 Weighted-average shares outstanding assuming dilution 52,590,516 53,275,510 53,361,690 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, 2016, 2015 and 2014. Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update No. 2016-09 (“ASU 2016-09”) “Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for the related income taxes, forfeitures, statutory tax withholding requirements and classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. This standard is effective for the Company in its fiscal 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 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 with early adoption permitted. This standard is effective for the Company in its fiscal year 2018 beginning on August 1, 2017, however, the Company elected to early adopt this standard beginning with the year ended July 31, 2016 and apply the standard prospectively. As a result, $67,344 of net current deferred tax assets and $13,927 of net long-term deferred income tax liabilities were netted together and reclassified to non-current deferred income taxes on the Consolidated Balance Sheet as of July 31, 2016. As permitted by the standard, prior periods were not retrospectively adjusted. 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. The Company will apply this standard prospectively to adjustments to provisional amounts that occur after the effective date. The Company is currently evaluating the impact of the ASU on its 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 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.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Jul. 31, 2016
ACQUISITIONS	2. ACQUISITIONS Jayco, Inc. On June 30, 2016, the Company closed on a Stock Purchase Agreement (“Jayco SPA”) for the acquisition of all the issued and outstanding capital stock of towable and motorized recreational vehicle manufacturer Jayco, Corp. (“Jayco”) for initial cash consideration of $576,060, subject to adjustment. This acquisition was funded from the Company’s cash on hand and $360,000 from an asset-based revolving credit facility as more fully described in Note 12 to the Consolidated Financial Statements. The total cash consideration to be paid is subject to the final determination of actual net assets as of the June 30, 2016 closing date. A preliminary purchase price adjustment of $5,039 is included in accounts payable as of July 31, 2016, and the final purchase price adjustment is expected to be determined in the first quarter of fiscal 2017. Jayco will operate as an independent operation in the same manner as the Company’s other recreational vehicle subsidiaries, and its towables operations are aggregated within the Company’s towable recreational vehicle reportable segment and its motorized operations are aggregated within the Company’s motorized recreational vehicle reportable segment. The Company purchased Jayco to complement its existing towable and motorized RV product offerings and dealer base. The following table summarizes the preliminary fair values assigned to the Jayco net assets acquired, subject to the finalization of internal and independent external valuations and the determination of final net assets: Cash $ 18,409 Other current assets 258,158 Property, plant and equipment 80,824 Dealer network 261,100 Trademarks 92,800 Backlog 12,400 Goodwill 74,184 Current liabilities (216,776 ) Total fair value of net assets acquired 581,099 Less cash acquired (18,409 ) Total cash consideration for acquisition, less cash acquired $ 562,690 On the acquisition date, amortizable intangible assets had a weighted-average useful life of 19.3 years. The dealer network was valued based on the Discounted Cash Flow Method and is amortized on an accelerated basis over 20 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 is amortized on a straight-line basis over 3 months. Goodwill is deductible for tax purposes. The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2016 acquisition of Jayco had occurred at the beginning of fiscal 2015 and 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, 2016 2015 Net sales $ 6,176,686 $ 5,517,142 Net income $ 284,394 $ 202,118 Basic earnings per common share $ 5.42 $ 3.80 Diluted earnings per common share $ 5.41 $ 3.79 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 supplement and expand its existing lightweight travel trailer and luxury fifth wheel product offerings and dealer base. The following table summarizes the final 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. 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 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 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 were amortized on a straight-line basis over 2 years while the backlog was amortized on a straight-line basis over 6 weeks. Goodwill is deductible for tax purposes.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Jul. 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, 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, and an additional $5,043 in February 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 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. The following table summarizes the results of discontinued operations: 2016 2015 2014 Net sales $ – $ – $ 83,903 Operating income (loss) of discontinued operations $ (2,417 ) $ (4,791 ) $ (5,735 ) Pre-tax gain on disposal of discontinued business – – 7,079 Income (loss) before income taxes (2,417 ) (4,791 ) 1,344 Income tax benefit 914 2,167 2,142 Income (loss) from discontinued operations, net of income taxes $ (1,503 ) $ (2,624 ) $ 3,486 Operating loss of discontinued operations 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.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	12 Months Ended
	Jul. 31, 2016
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), Heartland (including Bison, CRV and DRV), Jayco (including Jayco towable, Starcraft and Highland Ridge), Keystone (including CrossRoads and Dutchmen), and KZ (including Livin’ Lite). The motorized recreational vehicle reportable segment consists of the following operating segments that have been aggregated: Airstream (motorized), Jayco (including Jayco motorized and Entegra Coach) 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. 2016 2015 2014 Net sales: Recreational vehicles Towables $ 3,338,659 $ 3,096,405 $ 2,721,625 Motorized 1,094,250 870,799 803,831 Total recreational vehicles 4,432,909 3,967,204 3,525,456 Other 218,673 56,594 – Intercompany eliminations (69,470 ) (16,979 ) – Total $ 4,582,112 $ 4,006,819 $ 3,525,456 Income (loss) from continuing operations before income taxes: Recreational vehicles Towables $ 321,874 $ 259,092 $ 221,123 Motorized 88,523 66,746 57,277 Total recreational vehicles 410,397 325,838 278,400 Other 18,547 1,424 – Intercompany eliminations (23 ) (554 ) – Corporate (45,608 ) (33,813 ) (25,581 ) Total $ 383,313 $ 292,895 $ 252,819 Total assets: Recreational vehicles Towables $ 1,425,168 $ 907,175 $ 868,017 Motorized 476,973 162,940 170,251 Total recreational vehicles 1,902,141 1,070,115 1,038,268 Other, net 156,822 161,075 – Corporate 266,501 272,058 370,450 Total $ 2,325,464 $ 1,503,248 $ 1,408,718 Depreciation and amortization expense: Recreational vehicles Towables $ 36,054 $ 26,296 $ 22,192 Motorized 2,994 2,353 2,359 Total recreational vehicles 39,048 28,649 24,551 Other 12,352 1,678 – Corporate 1,175 1,054 724 Discontinued operations – – 559 Total $ 52,575 $ 31,381 $ 25,834 Capital acquisitions: Recreational vehicles Towables $ 37,489 $ 35,039 $ 16,914 Motorized 11,191 4,309 5,942 Total recreational vehicles 48,680 39,348 22,856 Other 2,799 436 – Corporate 2,495 3,271 7,519 Discontinued operations – – 63 Total $ 53,974 $ 43,055 $ 30,438 Export sales from the Company’s continuing operations, predominantly to Canada, were $368,426, $465,642 and $521,818 in fiscal 2016, 2015 and 2014, respectively, with the fiscal 2016 and 2015 totals being adversely impacted by the strength of the U.S. dollar during those periods.

INVENTORIES

INVENTORIES	12 Months Ended
	Jul. 31, 2016
INVENTORIES	5. INVENTORIES Major classifications of inventories are: July 31, 2016 2015 Finished products – RV $ 39,943 $ 35,693 Finished products – other 20,141 18,045 Work in process 97,872 51,556 Raw materials 173,362 133,482 Chassis 102,686 37,739 Subtotal 434,004 276,515 Excess of FIFO costs over LIFO costs (30,135 ) (30,400 ) Total inventories $ 403,869 $ 246,115 Of the $434,004 and $276,515 of inventory at July 31, 2016 and 2015, $219,050 and $204,017, respectively, was valued on the last-in, first-out (LIFO) basis, and $214,954 and $72,498, respectively, was valued on the first-in, first-out (FIFO) method. The fiscal 2016 acquisition of Jayco accounted for $138,292 of the $142,456 increase in FIFO inventory during fiscal 2016. The Company’s reserves for inventory obsolescence were $4,840 at July 31, 2016 and $3,638 at July 31, 2015, with the increase primarily due to the fiscal 2016 acquisition of Jayco.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Jul. 31, 2016
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, 2016 2015 Land $ 46,422 $ 27,447 Buildings and improvements 300,902 214,462 Machinery and equipment 133,112 106,959 Total cost 480,436 348,868 Less accumulated depreciation (136,169 ) (114,823 ) Net property, plant and equipment $ 344,267 $ 234,045 Property, plant and equipment at both July 31, 2016 and July 31, 2015 includes buildings and improvements acquired under capital leases of $6,527, and includes related amortization included in accumulated depreciation of $680 and $136, respectively. The fiscal 2016 acquisition of Jayco accounted for $84,507 of the $110,222 increase in fiscal 2016 in net property, plant and equipment. 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.

INTANGIBLE ASSETS, GOODWILL AND

INTANGIBLE ASSETS, GOODWILL AND LONG-LIVED ASSETS	12 Months Ended
	Jul. 31, 2016
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, 2016 July 31, 2015 Weighted-Average Years Remaining Life in Years Cost Accumulated Amortization Cost Accumulated Amortization Dealer networks/customer relationships 16 $ 404,960 $ 55,191 $ 143,860 $ 37,194 Trademarks 19 148,117 10,539 55,282 7,608 Design technology and other intangibles 9 22,400 10,870 22,400 8,168 Non-compete agreements 3 450 203 4,710 4,264 Backlog 0.2 12,400 4,133 – – Total amortizable intangible assets $ 588,327 $ 80,936 $ 226,252 $ 57,234 Aggregate amortization expense for amortizable intangibles for all operations for the fiscal years ended July 31, 2016, 2015 and 2014 was $27,962, $16,015 and $12,984, respectively, including $27,962, $16,015 and $12,920, 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 2016 is due to the acquisition of Jayco as more fully described in Note 2 to the Consolidated Financial Statements. Estimated Amortization Expense: For the fiscal year ending July 31, 2017 $ 63,925 For the fiscal year ending July 31, 2018 54,463 For the fiscal year ending July 31, 2019 50,367 For the fiscal year ending July 31, 2020 46,480 For the fiscal year ending July 31, 2021 43,131 For the fiscal year ending July 31, 2022 and thereafter 249,025 $ 507,391 During the second quarter of fiscal 2016, the Company determined that sufficient evidence existed 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 in the second quarter of fiscal 2016 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. 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 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. Management engages an independent valuation firm to assist in its impairment assessments. The Company completed its annual impairment review as of April 30, 2016 and no additional impairment of goodwill was identified, other than the second quarter of fiscal 2016 impairment described above. Changes in the carrying amount of goodwill by reportable segment as of July 31, 2016 and 2015 are summarized as follows: Towables Motorized Other Total 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 Fiscal year 16 activity: Goodwill acquired 74,184 – – 74,184 Impairment charges (9,113 ) – – (9,113 ) Net balance as of July 31, 2016 $ 334,822 $ – $ 42,871 $ 377,693 The components of the net balance as of July 31, 2016 are summarized as follows: Towables Motorized Other Total Goodwill $ 343,935 $ 17,252 $ 42,871 $ 404,058 Accumulated impairment charges (9,113 ) (17,252 ) – (26,365 ) Net balance as of July 31, 2016: $ 334,822 $ – $ 42,871 $ 377,693

CONCENTRATION OF RISK

CONCENTRATION OF RISK	12 Months Ended
	Jul. 31, 2016
CONCENTRATION OF RISK	8. CONCENTRATION OF RISK One dealer, FreedomRoads, LLC, accounted for 20% of the Company’s continuing consolidated net sales in fiscal 2016 and 17% in both fiscal 2015 and 2014. This dealer also accounted for 18% of the Company’s continuing consolidated trade accounts receivable at July 31, 2016 and 22% at July 31, 2015. 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, 2016
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. The final principal and interest payments under this agreement were received 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, 2016
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 $15,529 and $10,803 were recorded as of July 31, 2016 and July 31, 2015, 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, 2016
PRODUCT WARRANTY	11. PRODUCT WARRANTY The Company generally provides retail customers of its products with a one-year or two-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. 2016 2015 2014 Beginning balance $ 108,206 $ 94,938 $ 84,250 Provision 114,119 114,429 92,809 Payments (110,092) (106,266) (87,402) Acquisitions 89,607 5,105 5,281 Ending balance $ 201,840 $ 108,206 $ 94,938

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Jul. 31, 2016
LONG-TERM DEBT	12. LONG-TERM DEBT The Company has a five-year credit agreement, which was entered into on June 30, 2016 and matures on June 30, 2021. The agreement provides for a $500,000 asset-based revolving credit facility and a $100,000 expansion option, subject to certain conditions. Borrowings outstanding on this facility totaled $360,000 at July 31, 2016, and are subject to a variable pricing structure which can result in increases or decreases to the borrowing spread. Depending on the Company’s borrowing availability as a percentage of the revolving credit commitment, pricing spreads can range from 1.25% to 1.75% in the case of loans bearing interest at LIBOR, and from 0.25% to 0.75% for loans bearing interest at the base rate. As of July 31, 2016, the borrowing spread on the LIBOR-based borrowings of $320,000 was 1.50%, resulting in a total rate of approximately 1.97%, and the spread on the base loans of $40,000 was 0.5%, resulting in a total rate of 4.00%. In addition, a 0.25% annual fee is payable quarterly on the unused portion of the credit line under the revolver. The revolving credit facility, which is secured by substantially all of the Company’s tangible and intangible assets excluding real property, contains customary limits and restrictions concerning investments, sales of assets, liens on assets, stock repurchases and dividend and other payments depending on adjusted excess cash availability as defined in the agreement and summarized below. The terms of the facility permit prepayment without penalty at any time, subject to customary breakage costs relative to the LIBOR-based loans. Borrowing availability under the credit agreement is limited to the lesser of the facility total and the monthly calculated borrowing base, which is based on stipulated loan percentages applied to the Company’s eligible trade accounts receivable and eligible inventories plus a defined amount related to certain machinery and equipment. The credit agreement has no financial covenant restrictions for borrowings as long as the Company has adjusted excess availability under the facility that exceeds 10% of the lesser of the line commitment or the borrowing base total, with a floor of $40,000. Adjusted excess availability consists of the calculated borrowing base availability plus eligible cash on deposit as specified in the facility agreement. If the adjusted excess availability is less than the stipulated amount, then the Company must comply with one financial covenant, a trailing twelve-month minimum fixed charge coverage ratio of 1:1. The Company was in compliance with its financial covenant at July 31, 2016. Based on the July 2016 borrowing base calculation, the Company had borrowing availability in excess of the outstanding loan balances of approximately $114,000, and adjusted excess availability for covenant purposes of approximately $276,000 as of July 31, 2016. In fiscal 2016, total interest expense on the facility was $789 and the weighted-average interest rate on borrowings from the facility was 2.55%. The Company incurred fees to secure the facility of $7,850 in fiscal 2016, and those fees will be amortized ratably over the five-year term of the agreement, or a shorter period if the credit agreement period is shortened for any reason. The Company recorded charges related to the amortization of these fees, which are recorded in interest expense, of $131 in fiscal 2016, and the unamortized balance of these facility fees was $7,719 at July 31, 2016 and is included in Other long-term assets in the Consolidated Balance Sheet.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jul. 31, 2016
INCOME TAXES	13. INCOME TAXES The components of the provision (benefit) for income taxes from continuing operations are as follows: July 31, Income Taxes: 2016 2015 2014 Federal $ 126,846 $ 98,504 $ 83,374 State and local 12,716 1,222 (1,383) Total current expense 139,562 99,726 81,991 Federal (13,079) (7,785) (3,805) State and local (1,192) (1,055) (883) Total deferred (benefit) (14,271) (8,840) (4,688) Total income tax expense $ 125,291 $ 90,886 $ 77,303 The differences between income taxes at the federal statutory rate and the actual income taxes are as follows: July 31, 2016 2015 2014 Provision at federal statutory rate $ 134,160 $ 102,513 $ 88,487 State and local income taxes, net of federal benefit 6,599 5,144 3,748 Federal income tax credits and incentives (4,194) (2,207) (772) Domestic production activities deduction (12,609) (9,519) (7,947) Change in uncertain tax positions 611 (5,650) (6,631) Change in current tax payable and deferred tax liabilities 103 218 125 Other permanent items 621 387 293 Total income tax expense $ 125,291 $ 90,886 $ 77,303 A summary of deferred income taxes is as follows: July 31, 2016 2015 Current deferred income tax asset (liability): Inventory basis $ – $ 467 Employee benefits – 3,625 Self-insurance reserves – 10,411 Accrued product warranties – 39,486 Accrued incentives – 3,959 Sales returns and allowances – 1,520 Accrued expenses – 2,067 Unrecognized tax benefits – 367 Other – (2,038) Total net current deferred income tax asset $ – $ 59,864 July 31, 2016 2015 Long-term deferred income tax asset (liability): Inventory basis $ 1,196 $ – Employee benefits 4,587 – Self-Insurance Reserves 10,504 – Accrued product warranties 43,388 – Accrued incentives 5,154 – Sales returns and allowances 1,642 – Accrued expenses 2,607 – Property, plant and equipment (4,164) (707) Deferred compensation 9,145 6,367 Tax credit carry forward 256 110 Intangibles (22,308) (30,246) Unrecognized tax benefits 4,105 3,913 Other (2,695) – Total net long-term deferred income tax (liability) – (20,563) Net deferred tax asset $ 53,417 $ 39,301 As of July 31, 2016, the Company has $2,649 of state tax credit carry forwards that expire from fiscal 2022-2026 of which the Company expects to realize prior to expiration. In addition, the Company has approximately $45,500 of gross state tax Net Operating Loss (“NOL”) carry forwards that expire from fiscal 2017-2036 that the Company does not expect to realize and therefore has been fully reserved. The deferred tax asset of $973 associated with the state tax NOL carry forwards and the related equal and offsetting valuation allowance are not reflected in the table above. 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 with early adoption permitted. This standard is effective for the Company in its fiscal year 2018 beginning on August 1, 2017, however, the Company elected to early adopt this standard beginning with the Annual Report on Form 10-K for the year ended July 31, 2016 and apply the standard prospectively. As a result, $67,344 of net current deferred tax assets and $13,927 of net long-term deferred income tax liabilities were netted together and reclassified to non-current deferred income taxes on the Consolidated Balance Sheet as of July 31, 2016. As permitted by the standard, prior periods were not retrospectively adjusted. 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 $8,886 for 2016, $8,764 for 2015 and $13,679 for 2014. Changes in the unrecognized tax benefit during fiscal year 2016, 2015 and 2014 were as follows: 2016 2015 2014 Beginning balance $ 13,156 $ 20,813 $ 32,733 Tax positions related to prior years: Additions 1,546 126 9 Reductions (920) (7,695) (9,281) Tax positions related to current year: Additions 3,123 2,858 3,804 Settlements (956) (1,898) (5,002) Lapses in statute of limitations (2,680) (1,048) (1,450) Ending balance $ 13,269 $ 13,156 $ 20,813 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, 2016, 2015 and 2014 were $1,547, $1,895 and $5,200, 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, 2016, 2015, and 2014 were $(231), $(2,552) and $(3,418), 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, 2016 2015 2014 Unrecognized tax benefits $ 13,269 $ 13,156 $ 20,813 Reduction to unrecognized tax benefits for tax credit carry forward (2,255) (2,109) (657) Accrued interest and penalties 1,547 1,895 5,200 Total unrecognized tax benefits $ 12,561 $ 12,942 $ 25,356 Short-term, included in “Income and other taxes” $ 2,586 $ 997 $ 1,667 Long-term 9,975 11,945 23,689 Total unrecognized tax benefits $ 12,561 $ 12,942 $ 25,356 The Company anticipates a decrease of approximately $5,193 in unrecognized tax benefits and $857 in interest during fiscal 2017 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 2013, 2014 and 2015 remain open for federal income tax purposes and fiscal years 2012, 2013, 2014 and 2015 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 being audited by the IRS for tax year end July 31, 2014 and the state of California for tax years ended July 31, 2013 and 2014. In addition, 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 Federal, California and Indiana income tax returns in its liability for unrecognized tax benefits.

CONTINGENT LIABILITIES AND COMM

CONTINGENT LIABILITIES AND COMMITMENTS	12 Months Ended
	Jul. 31, 2016
CONTINGENT LIABILITIES AND COMMITMENTS	14. CONTINGENT LIABILITIES AND COMMITMENTS The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for certain dealers of certain of its products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to dealers in the event of default by the dealer on the agreement to pay the financial institution. The repurchase price is generally determined by the original sales price of the product and pre-defined curtailment arrangements. The Company typically resells the repurchased product at a discount from its repurchase price. The risk of loss from these agreements is spread over numerous dealers. In addition to the guarantee under these repurchase agreements, 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, 2016 and July 31, 2015 were $1,898,307 and $1,363,576, respectively, with the increase primarily attributable to the Jayco acquisition. 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 $6,068 and $4,163 as of July 31, 2016 and July 31, 2015, respectively, which increased primarily due to the acquisition of Jayco and 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. 2016 2015 2014 Cost of units repurchased $ 4,650 $ 7,171 $ 1,386 Realization of units resold 3,832 5,906 1,098 Losses due to repurchase $ 818 $ 1,265 $ 288 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, 2016
LEASES	15. LEASES The Company has operating leases principally for land, buildings and equipment and 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, 2016 are as follows: Capital Leases Operating Leases For the fiscal year ending July 31, 2017 $ 943 $ 2,517 For the fiscal year ending July 31, 2018 948 1,864 For the fiscal year ending July 31, 2019 938 1,437 For the fiscal year ending July 31, 2020 933 849 For the fiscal year ending July 31, 2021 951 619 For the fiscal year ending July 31, 2022 and thereafter 5,988 5,628 Total minimum lease payments 10,701 $ 12,914 Less amount representing interest (3,887 ) Present value of net minimum capital lease payments 6,814 Less current portion 341 Long-term capital lease obligations $ 6,473 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 for the fiscal years ended July 31, 2016, 2015 and 2014 was $3,757, $2,092 and $1,700, respectively.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Jul. 31, 2016
EMPLOYEE BENEFIT PLANS	16. 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 $917 in fiscal 2016, $565 in fiscal 2015 and $387 in fiscal 2014. 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 $15,529 at July 31, 2016 and $10,803 at July 31, 2015.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Jul. 31, 2016
STOCKHOLDERS' EQUITY	17. 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 1,000,000 shares of its common stock at a price of $60.00 per share from the Foundation, 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 holds 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 1,211,385 and under the 2006 Equity Incentive Plan are 30,000 as of July 31, 2016. 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: 2016 2015 2014 Shares Weighted- Average Exercise Price Shares Weighted- Average Exercise Price Shares Weighted- Average Exercise Price Outstanding at beginning of year – $ – 5,000 $ 28.23 106,313 $ 31.48 Exercised – – (5,000) 28.23 (101,313) 31.64 Forfeited – – – – – – Expired – – – – – – Granted – – – – – – Outstanding at end of year – $ – – $ – 5,000 $ 28.23 Vested and expected to vest at end of year – $ – – $ – 5,000 $ 28.23 Exercisable at end of year – $ – – $ – 5,000 $ 28.23 The aggregate intrinsic value of options outstanding and exercisable as of July 31, 2016, 2015 and 2014 is as follows: 2016 2015 2014 Aggregate intrinsic value of options outstanding and expected to vest $ – $ – $ 124 Aggregate intrinsic value of options exercisable $ – $ – $ 124 There were no option grants during fiscal 2016, 2015 or 2014. In fiscal 2016, 2015 and 2014, the Company recorded no expenses for stock option awards. Cash received from stock option exercises for fiscal 2016, 2015 and 2014 was $0, $141 and $3,206, respectively. The total intrinsic value of stock options exercised in fiscal 2016, 2015 and 2014 was $0, $168 and $2,597, 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. Exercises of options were satisfied with the issuance of new shares from authorized shares. Restricted Stock Awards – A summary of restricted stock award activity under the 2010 Equity and Incentive Plan for fiscal 2016, 2015 and 2014 is as follows: 2016 2015 2014 Shares Weighted- Average Grant Date Fair Value Shares Weighted- Average Grant Date Fair Value Shares Weighted- Average Grant Date Fair Value Nonvested, beginning of year 9,713 $ 31.16 13,620 $ 31.08 17,530 $ 31.03 Granted – – – – – – Vested (3,907) 30.87 (3,907) 30.87 (3,910) 30.87 Forfeited – – – – – – Nonvested, end of year 5,806 $ 31.36 9,713 $ 31.16 13,620 $ 31.08 In fiscal 2016, 2015 and 2014, the Company recorded expense for restricted stock awards under this Plan of $115, $115 and $91, respectively. At July 31, 2016, there was $101 of total unrecognized compensation costs related to restricted stock awards that is expected to be recognized over a weighted-average period of 0.98 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. Since then, the Committee approved additional awards that were granted in fiscal 2014, 2015 and 2016 related to fiscal year 2013, 2014 and 2015 performance, respectively. 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. In fiscal 2014, 2015 and 2016, 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. The fair value of the employee and Board member restricted stock units is determined using the Company’s stock price on the date of grant. Total expense recognized in fiscal 2016, 2015 and 2014 for these restricted stock unit awards was $9,272, $6,661 and $5,140 respectively. Restricted Stock Units – A summary of restricted stock unit activity during fiscal 2016, 2015 and 2014 is included below: 2016 2015 2014 Restricted Stock Weighted- Average Grant Date Fair Value Restricted Stock Weighted- Average Grant Date Fair Value Restricted Stock Weighted- Average Grant Date Fair Value Nonvested, beginning of year 280,353 $ 50.55 212,073 $ 49.21 139,275 $ 38.06 Granted 181,872 55.37 162,967 50.95 151,168 54.26 Vested (133,758) 48.73 (90,608) 48.14 (63,852) 38.68 Forfeited (3,331) 54.18 (4,079) 50.54 (14,518) 47.26 Nonvested, end of year 325,136 $ 53.95 280,353 $ 50.55 212,073 $ 49.21 At July 31, 2016, there was $11,077 of total unrecognized compensation costs related to restricted stock unit awards that is expected to be recognized over a weighted-average period of 2.43 years. Total non-cash compensation expense recognized for stock option awards, restricted stock awards and restricted stock unit awards in fiscal 2016, 2015 and 2014 was $9,387, $6,776 and $5,231, respectively, which included $0, $0 and $480, respectively, related to discontinued operations. The Company recognized a tax benefit related to total stock based compensation expense of $3,473, $2,507 and $1,925 in fiscal 2016, 2015 and 2014, respectively.

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jul. 31, 2016
Nature of Operations	Nature of Operations The Company’s ongoing business activities are primarily 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 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 $3,812, $2,362 and $2,542 in fiscal 2016, 2015 and 2014, 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: 2016 2015 2014 Beginning balance $ 1,283 $ 348 $ 157 Net recorded expense (income) (9) 359 63 Write-offs, net of recoveries/payments (679) (67) (72) Acquisitions 30 643 200 Ending balance $ 625 $ 1,283 $ 348
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. See the “Accounting Pronouncements” section below regarding the Company’s prospective adoption in fiscal 2016 of the new FASB standard regarding the balance sheet classification of deferred taxes.
Earnings Per Share	Earnings Per Share 2016 2015 2014 Weighted-average shares outstanding for basic earnings per share 52,458,789 53,166,206 53,270,076 Stock options, unvested restricted stock and restricted stock units 131,727 109,304 91,614 Weighted-average shares outstanding assuming dilution 52,590,516 53,275,510 53,361,690 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, 2016, 2015 and 2014.
Accounting Pronouncements	Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update No. 2016-09 (“ASU 2016-09”) “Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for the related income taxes, forfeitures, statutory tax withholding requirements and classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. This standard is effective for the Company in its fiscal 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 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 with early adoption permitted. This standard is effective for the Company in its fiscal year 2018 beginning on August 1, 2017, however, the Company elected to early adopt this standard beginning with the year ended July 31, 2016 and apply the standard prospectively. As a result, $67,344 of net current deferred tax assets and $13,927 of net long-term deferred income tax liabilities were netted together and reclassified to non-current deferred income taxes on the Consolidated Balance Sheet as of July 31, 2016. As permitted by the standard, prior periods were not retrospectively adjusted. 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. The Company will apply this standard prospectively to adjustments to provisional amounts that occur after the effective date. The Company is currently evaluating the impact of the ASU on its 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 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.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jul. 31, 2016
Summary of Allowance for Doubtful Accounts Activity	A summary of allowance for doubtful accounts activity is as follows: 2016 2015 2014 Beginning balance $ 1,283 $ 348 $ 157 Net recorded expense (income) (9) 359 63 Write-offs, net of recoveries/payments (679) (67) (72) Acquisitions 30 643 200 Ending balance $ 625 $ 1,283 $ 348
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: 2016 2015 2014 Weighted-average shares outstanding for basic earnings per share 52,458,789 53,166,206 53,270,076 Stock options, unvested restricted stock and restricted stock units 131,727 109,304 91,614 Weighted-average shares outstanding assuming dilution 52,590,516 53,275,510 53,361,690

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Jul. 31, 2016
Unaudited Pro Forma Information	The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2016 acquisition of Jayco had occurred at the beginning of fiscal 2015 and 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, 2016 2015 Net sales $ 6,176,686 $ 5,517,142 Net income $ 284,394 $ 202,118 Basic earnings per common share $ 5.42 $ 3.80 Diluted earnings per common share $ 5.41 $ 3.79
Postle Operating, LLC
Summary of Final 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
K.Z. Inc.
Summary of Final Fair Value Assigned to Assets Acquired	The following table summarizes the final fair values assigned to the KZ net assets acquired, which are based on internal and independent external valuations: Cash $ 996 Other current assets 34,121 Property, plant and equipment 15,057 Dealer network 13,160 Trademarks 5,540 Non-compete agreements 450 Backlog 420 Goodwill 2,703 Current liabilities (16,127 ) Total fair value of net assets acquired 56,320 Less cash acquired (996 ) Total cash consideration for acquisition, less cash acquired $ 55,324
Bison
Summary of Final Fair Value Assigned to Assets Acquired	The following table summarizes the final fair values assigned to the Bison net assets acquired, which are based on internal and independent external valuations: Current assets $ 4,050 Property, plant and equipment 625 Dealer network 7,400 Trademarks 1,800 Backlog 140 Goodwill 6,660 Current liabilities (3,761 ) Total fair value of net assets acquired $ 16,914
Livin' Lite
Summary of Final Fair Value Assigned to Assets Acquired	The following table summarizes the final fair values assigned to the Livin’ Lite net assets acquired, which are based on internal and independent external valuations: Cash $ 247 Other current assets 3,626 Property, plant and equipment 137 Dealer network 3,200 Trademarks 1,500 Design technology assets 1,100 Non-compete agreements 130 Backlog 110 Goodwill 9,113 Current liabilities (2,147 ) Total fair value of net assets acquired 17,016 Less cash acquired (247 ) Total cash paid for acquisition, less cash acquired $ 16,769
Jayco, Inc.
Summary of Final Fair Value Assigned to Assets Acquired	The following table summarizes the preliminary fair values assigned to the Jayco net assets acquired, subject to the finalization of internal and independent external valuations and the determination of final net assets: Cash $ 18,409 Other current assets 258,158 Property, plant and equipment 80,824 Dealer network 261,100 Trademarks 92,800 Backlog 12,400 Goodwill 74,184 Current liabilities (216,776 ) Total fair value of net assets acquired 581,099 Less cash acquired (18,409 ) Total cash consideration for acquisition, less cash acquired $ 562,690
Cruiser RV, LLC and DRV, LLC
Summary of Final Fair Value Assigned to Assets Acquired	The following table summarizes the final 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)	12 Months Ended
	Jul. 31, 2016
Operating Results of Discontinued Operations	The following table summarizes the results of discontinued operations: 2016 2015 2014 Net sales $ – $ – $ 83,903 Operating income (loss) of discontinued operations $ (2,417 ) $ (4,791 ) $ (5,735 ) Pre-tax gain on disposal of discontinued business – – 7,079 Income (loss) before income taxes (2,417 ) (4,791 ) 1,344 Income tax benefit 914 2,167 2,142 Income (loss) from discontinued operations, net of income taxes $ (1,503 ) $ (2,624 ) $ 3,486

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	12 Months Ended
	Jul. 31, 2016
Schedule of Segment Reporting Information by Segment	2016 2015 2014 Net sales: Recreational vehicles Towables $ 3,338,659 $ 3,096,405 $ 2,721,625 Motorized 1,094,250 870,799 803,831 Total recreational vehicles 4,432,909 3,967,204 3,525,456 Other 218,673 56,594 – Intercompany eliminations (69,470 ) (16,979 ) – Total $ 4,582,112 $ 4,006,819 $ 3,525,456 Income (loss) from continuing operations before income taxes: Recreational vehicles Towables $ 321,874 $ 259,092 $ 221,123 Motorized 88,523 66,746 57,277 Total recreational vehicles 410,397 325,838 278,400 Other 18,547 1,424 – Intercompany eliminations (23 ) (554 ) – Corporate (45,608 ) (33,813 ) (25,581 ) Total $ 383,313 $ 292,895 $ 252,819 Total assets: Recreational vehicles Towables $ 1,425,168 $ 907,175 $ 868,017 Motorized 476,973 162,940 170,251 Total recreational vehicles 1,902,141 1,070,115 1,038,268 Other, net 156,822 161,075 – Corporate 266,501 272,058 370,450 Total $ 2,325,464 $ 1,503,248 $ 1,408,718 Depreciation and amortization expense: Recreational vehicles Towables $ 36,054 $ 26,296 $ 22,192 Motorized 2,994 2,353 2,359 Total recreational vehicles 39,048 28,649 24,551 Other 12,352 1,678 – Corporate 1,175 1,054 724 Discontinued operations – – 559 Total $ 52,575 $ 31,381 $ 25,834 Capital acquisitions: Recreational vehicles Towables $ 37,489 $ 35,039 $ 16,914 Motorized 11,191 4,309 5,942 Total recreational vehicles 48,680 39,348 22,856 Other 2,799 436 – Corporate 2,495 3,271 7,519 Discontinued operations – – 63 Total $ 53,974 $ 43,055 $ 30,438

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Jul. 31, 2016
Schedule of Major Classifications of Inventories	Major classifications of inventories are: July 31, 2016 2015 Finished products – RV $ 39,943 $ 35,693 Finished products – other 20,141 18,045 Work in process 97,872 51,556 Raw materials 173,362 133,482 Chassis 102,686 37,739 Subtotal 434,004 276,515 Excess of FIFO costs over LIFO costs (30,135 ) (30,400 ) Total inventories $ 403,869 $ 246,115

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Jul. 31, 2016
Property, Plant and Equipment	Property, plant and equipment is stated at cost, net of accumulated depreciation, and consists of the following: July 31, 2016 2015 Land $ 46,422 $ 27,447 Buildings and improvements 300,902 214,462 Machinery and equipment 133,112 106,959 Total cost 480,436 348,868 Less accumulated depreciation (136,169 ) (114,823 ) Net property, plant and equipment $ 344,267 $ 234,045

INTANGIBLE ASSETS, GOODWILL A33

INTANGIBLE ASSETS, GOODWILL AND LONG-LIVED ASSETS (Tables)	12 Months Ended
	Jul. 31, 2016
Components of Amortizable Intangible Assets	The components of amortizable intangible assets are as follows: July 31, 2016 July 31, 2015 Weighted-Average Years Remaining Life in Years Cost Accumulated Amortization Cost Accumulated Amortization Dealer networks/customer relationships 16 $ 404,960 $ 55,191 $ 143,860 $ 37,194 Trademarks 19 148,117 10,539 55,282 7,608 Design technology and other intangibles 9 22,400 10,870 22,400 8,168 Non-compete agreements 3 450 203 4,710 4,264 Backlog 0.2 12,400 4,133 – – Total amortizable intangible assets $ 588,327 $ 80,936 $ 226,252 $ 57,234
Estimated Amortization Expense	Estimated Amortization Expense: For the fiscal year ending July 31, 2017 $ 63,925 For the fiscal year ending July 31, 2018 54,463 For the fiscal year ending July 31, 2019 50,367 For the fiscal year ending July 31, 2020 46,480 For the fiscal year ending July 31, 2021 43,131 For the fiscal year ending July 31, 2022 and thereafter 249,025 $ 507,391
Changes in Carrying Amount of Goodwill by Reportable Segment	Changes in the carrying amount of goodwill by reportable segment as of July 31, 2016 and 2015 are summarized as follows: Towables Motorized Other Total 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 Fiscal year 16 activity: Goodwill acquired 74,184 – – 74,184 Impairment charges (9,113 ) – – (9,113 ) Net balance as of July 31, 2016 $ 334,822 $ – $ 42,871 $ 377,693 The components of the net balance as of July 31, 2016 are summarized as follows: Towables Motorized Other Total Goodwill $ 343,935 $ 17,252 $ 42,871 $ 404,058 Accumulated impairment charges (9,113 ) (17,252 ) – (26,365 ) Net balance as of July 31, 2016: $ 334,822 $ – $ 42,871 $ 377,693

PRODUCT WARRANTY (Tables)

PRODUCT WARRANTY (Tables)	12 Months Ended
	Jul. 31, 2016
Schedule of Changes in Product Warranty Liabilities	2016 2015 2014 Beginning balance $ 108,206 $ 94,938 $ 84,250 Provision 114,119 114,429 92,809 Payments (110,092) (106,266) (87,402) Acquisitions 89,607 5,105 5,281 Ending balance $ 201,840 $ 108,206 $ 94,938

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jul. 31, 2016
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: 2016 2015 2014 Federal $ 126,846 $ 98,504 $ 83,374 State and local 12,716 1,222 (1,383) Total current expense 139,562 99,726 81,991 Federal (13,079) (7,785) (3,805) State and local (1,192) (1,055) (883) Total deferred (benefit) (14,271) (8,840) (4,688) Total income tax expense $ 125,291 $ 90,886 $ 77,303
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, 2016 2015 2014 Provision at federal statutory rate $ 134,160 $ 102,513 $ 88,487 State and local income taxes, net of federal benefit 6,599 5,144 3,748 Federal income tax credits and incentives (4,194) (2,207) (772) Domestic production activities deduction (12,609) (9,519) (7,947) Change in uncertain tax positions 611 (5,650) (6,631) Change in current tax payable and deferred tax liabilities 103 218 125 Other permanent items 621 387 293 Total income tax expense $ 125,291 $ 90,886 $ 77,303
Schedule of Deferred Income Taxes	A summary of deferred income taxes is as follows: July 31, 2016 2015 Current deferred income tax asset (liability): Inventory basis $ – $ 467 Employee benefits – 3,625 Self-insurance reserves – 10,411 Accrued product warranties – 39,486 Accrued incentives – 3,959 Sales returns and allowances – 1,520 Accrued expenses – 2,067 Unrecognized tax benefits – 367 Other – (2,038) Total net current deferred income tax asset $ – $ 59,864 July 31, 2016 2015 Long-term deferred income tax asset (liability): Inventory basis $ 1,196 $ – Employee benefits 4,587 – Self-Insurance Reserves 10,504 – Accrued product warranties 43,388 – Accrued incentives 5,154 – Sales returns and allowances 1,642 – Accrued expenses 2,607 – Property, plant and equipment (4,164) (707) Deferred compensation 9,145 6,367 Tax credit carry forward 256 110 Intangibles (22,308) (30,246) Unrecognized tax benefits 4,105 3,913 Other (2,695) – Total net long-term deferred income tax (liability) – (20,563) Net deferred tax asset $ 53,417 $ 39,301
Schedule of Changes in Unrecognized Tax Benefit	Changes in the unrecognized tax benefit during fiscal year 2016, 2015 and 2014 were as follows: 2016 2015 2014 Beginning balance $ 13,156 $ 20,813 $ 32,733 Tax positions related to prior years: Additions 1,546 126 9 Reductions (920) (7,695) (9,281) Tax positions related to current year: Additions 3,123 2,858 3,804 Settlements (956) (1,898) (5,002) Lapses in statute of limitations (2,680) (1,048) (1,450) Ending balance $ 13,269 $ 13,156 $ 20,813
Components of Total Unrecognized Tax Benefits	The components of total unrecognized tax benefits are summarized as follows: July 31, 2016 2015 2014 Unrecognized tax benefits $ 13,269 $ 13,156 $ 20,813 Reduction to unrecognized tax benefits for tax credit carry forward (2,255) (2,109) (657) Accrued interest and penalties 1,547 1,895 5,200 Total unrecognized tax benefits $ 12,561 $ 12,942 $ 25,356 Short-term, included in “Income and other taxes” $ 2,586 $ 997 $ 1,667 Long-term 9,975 11,945 23,689 Total unrecognized tax benefits $ 12,561 $ 12,942 $ 25,356

CONTINGENT LIABILITIES AND CO36

CONTINGENT LIABILITIES AND COMMITMENTS (Tables)	12 Months Ended
	Jul. 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 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. 2016 2015 2014 Cost of units repurchased $ 4,650 $ 7,171 $ 1,386 Realization of units resold 3,832 5,906 1,098 Losses due to repurchase $ 818 $ 1,265 $ 288

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Jul. 31, 2016
Future Minimum Rental Payments under Capital and Operating Leases	Future minimum rental payments required under capital and operating leases as of July 31, 2016 are as follows: Capital Leases Operating Leases For the fiscal year ending July 31, 2017 $ 943 $ 2,517 For the fiscal year ending July 31, 2018 948 1,864 For the fiscal year ending July 31, 2019 938 1,437 For the fiscal year ending July 31, 2020 933 849 For the fiscal year ending July 31, 2021 951 619 For the fiscal year ending July 31, 2022 and thereafter 5,988 5,628 Total minimum lease payments 10,701 $ 12,914 Less amount representing interest (3,887 ) Present value of net minimum capital lease payments 6,814 Less current portion 341 Long-term capital lease obligations $ 6,473

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Jul. 31, 2016
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: 2016 2015 2014 Shares Weighted- Average Exercise Price Shares Weighted- Average Exercise Price Shares Weighted- Average Exercise Price Outstanding at beginning of year – $ – 5,000 $ 28.23 106,313 $ 31.48 Exercised – – (5,000) 28.23 (101,313) 31.64 Forfeited – – – – – – Expired – – – – – – Granted – – – – – – Outstanding at end of year – $ – – $ – 5,000 $ 28.23 Vested and expected to vest at end of year – $ – – $ – 5,000 $ 28.23 Exercisable at end of year – $ – – $ – 5,000 $ 28.23
Schedule of Aggregate Intrinsic Value of Options	The aggregate intrinsic value of options outstanding and exercisable as of July 31, 2016, 2015 and 2014 is as follows: 2016 2015 2014 Aggregate intrinsic value of options outstanding and expected to vest $ – $ – $ 124 Aggregate intrinsic value of options exercisable $ – $ – $ 124
Restricted Stock Awards
Summary of Restricted Stock Award Activity	A summary of restricted stock award activity under the 2010 Equity and Incentive Plan for fiscal 2016, 2015 and 2014 is as follows: 2016 2015 2014 Shares Weighted- Average Grant Date Fair Value Shares Weighted- Average Grant Date Fair Value Shares Weighted- Average Grant Date Fair Value Nonvested, beginning of year 9,713 $ 31.16 13,620 $ 31.08 17,530 $ 31.03 Granted – – – – – – Vested (3,907) 30.87 (3,907) 30.87 (3,910) 30.87 Forfeited – – – – – – Nonvested, end of year 5,806 $ 31.36 9,713 $ 31.16 13,620 $ 31.08
Restricted Stock Units (RSUs)
Summary of Restricted Stock Award Activity	A summary of restricted stock unit activity during fiscal 2016, 2015 and 2014 is included below: 2016 2015 2014 Restricted Stock Weighted- Average Grant Date Fair Value Restricted Stock Weighted- Average Grant Date Fair Value Restricted Stock Weighted- Average Grant Date Fair Value Nonvested, beginning of year 280,353 $ 50.55 212,073 $ 49.21 139,275 $ 38.06 Granted 181,872 55.37 162,967 50.95 151,168 54.26 Vested (133,758) 48.73 (90,608) 48.14 (63,852) 38.68 Forfeited (3,331) 54.18 (4,079) 50.54 (14,518) 47.26 Nonvested, end of year 325,136 $ 53.95 280,353 $ 50.55 212,073 $ 49.21

Summary of Significant Accoun39

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, 2016USD ($)Segmentshares	Jul. 31, 2015USD ($)shares	Jul. 31, 2014USD ($)shares	Jul. 31, 2013USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments | Segment						2
Cash and cash equivalents						$ 209,902	$ 183,478	$ 289,336	$ 236,601
Depreciation						24,613	15,366	12,850
Excess liability insurance						50,000
Advertising costs						$ 14,472	$ 12,515	$ 9,492
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
Net current deferred tax assets							$ 59,864
Net long-term deferred income tax liabilities							20,563
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
Backlog
Summary Of Significant Accounting Policies [Line Items]
Intangible assets amortization period	42 days	42 days	2 months	42 days	42 days	2 months 12 days
Any occurrence after March 31,2015
Summary Of Significant Accounting Policies [Line Items]
Self-insured retention for products liability and personal injury matters						$ 500
Any occurrence after March 31, 2014 and through March 31, 2015
Summary Of Significant Accounting Policies [Line Items]
Self-insured retention for products liability and personal injury matters						1,000
Reclassification adjustment | ASU 2015-17
Summary Of Significant Accounting Policies [Line Items]
Net current deferred tax assets						67,344
Net long-term deferred income tax liabilities						13,927
Continuing Operations | Selling, General and Administrative Expenses
Summary Of Significant Accounting Policies [Line Items]
Depreciation						$ 3,812	2,362	$ 2,542
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						20 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 | Backlog
Summary Of Significant Accounting Policies [Line Items]
Intangible assets amortization period						3 months
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 | Dealer Networks
Summary Of Significant Accounting Policies [Line Items]
Intangible assets amortization period						12 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 | Backlog
Summary Of Significant Accounting Policies [Line Items]
Intangible assets amortization period						2 months
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						$ 164,696	170,231
Held At Various Other Financial Institutions
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents						$ 45,206	$ 13,247

Summary of Allowance for Doubtf

Summary of Allowance for Doubtful Accounts Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Allowance for Sales Return and Doubtful Accounts [Line Items]
Beginning balance	$ 1,283	$ 348	$ 157
Net recorded expense (income)	(9)	359	63
Write-offs, net of recoveries/payments	(679)	(67)	(72)
Acquisitions	30	643	200
Ending balance	$ 625	$ 1,283	$ 348

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, 2016	Jul. 31, 2015	Jul. 31, 2014
Earnings Per Share Note [Line Items]
Weighted-average shares outstanding for basic earnings per share	52,458,789	53,166,206	53,270,076
Stock options, unvested restricted stock and restricted stock units	131,727	109,304	91,614
Weighted-average shares outstanding assuming dilution	52,590,516	53,275,510	53,361,690

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	May 01, 2015	Jan. 05, 2015	May 01, 2014	Oct. 31, 2013	Aug. 30, 2013	Jul. 31, 2015	Apr. 30, 2014	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Business Acquisition [Line Items]
Borrowings on revolving credit facility									$ 360,000
Payment to acquire business, net									$ 557,651	$ 194,486	$ 86,092
Postle Operating, LLC
Business Acquisition [Line Items]
Asset purchase agreement date										May 1, 2015
Asset purchase effective date									May 1, 2015
Amortizable intangible assets, weighted average useful life		12 years 3 months 18 days
Payment to acquire business, net		$ 144,048
Cash on hand at the acquisition date		$ 2,963
Cruiser RV, LLC and DRV, LLC
Business Acquisition [Line Items]
Payment to acquire business			$ 47,412
Asset purchase agreement date			Dec. 31, 2014
Purchase price adjustment							$ 1,173
Amortizable intangible assets, weighted average useful life			13 years 10 months 24 days
Payment to acquire business, net			$ 47,523				47,523
Cash on hand at the acquisition date			$ 1,062				$ 1,062			$ 1,062
K.Z. Inc.
Business Acquisition [Line Items]
Payment to acquire business				$ 53,405
Asset purchase agreement date				May 1, 2014
Purchase price adjustment				$ 2,915
Amortizable intangible assets, weighted average useful life				13 years 10 months 24 days
Payment to acquire business, net				$ 55,324
Cash on hand at the acquisition date				$ 996
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
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
Payment to acquire business, net						$ 16,769
Cash on hand at the acquisition date						$ 247
Jayco, Inc.
Business Acquisition [Line Items]
Payment to acquire business	$ 576,060
Asset purchase agreement date	Jun. 30, 2016
Asset purchase effective date	Jun. 30, 2016
Purchase price adjustment	$ 5,039
Amortizable intangible assets, weighted average useful life	19 years 3 months 18 days
Payment to acquire business, net	$ 562,690
Cash on hand at the acquisition date	18,409
Jayco, Inc. | Consideration Funded By Credit Facility
Business Acquisition [Line Items]
Borrowings on revolving credit facility	$ 360,000
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	20 years	20 years	20 years			19 years
Amortizable intangible assets, amortization method									Straight-line basis
Trademarks | Jayco, Inc.
Business Acquisition [Line Items]
Intangible assets amortization period	20 years
Amortizable intangible assets, amortization method									Straight-line basis
Backlog
Business Acquisition [Line Items]
Intangible assets amortization period		42 days	42 days	2 months	42 days	42 days			2 months 12 days
Amortizable intangible assets, amortization method									Straight-line basis
Backlog | Jayco, Inc.
Business Acquisition [Line Items]
Intangible assets amortization period	3 months
Amortizable intangible assets, amortization method									Straight-line basis
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 | Jayco, Inc.
Business Acquisition [Line Items]
Intangible assets amortization period	20 years
Amortizable intangible assets, amortization method									Accelerated cash flow basis
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
Design Technology Assets
Business Acquisition [Line Items]
Intangible assets amortization period						5 years
Amortizable intangible assets, amortization method									Straight-line basis

Summary of Preliminary Fair Val

Summary of Preliminary Fair Value Assigned to Net Assets Acquired (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	May 01, 2015	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Business Acquisition [Line Items]
Goodwill			$ 377,693	$ 312,622	$ 256,579
Total cash consideration for acquisition, less cash acquired			$ 557,651	$ 194,486	$ 86,092
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
Jayco, Inc.
Business Acquisition [Line Items]
Cash	$ 18,409
Other current assets	258,158
Property, plant and equipment	80,824
Goodwill	74,184
Current liabilities	(216,776)
Total fair value of net assets acquired	581,099
Less cash acquired	(18,409)
Total cash consideration for acquisition, less cash acquired	562,690
Jayco, Inc. | Trademarks
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset	92,800
Jayco, Inc. | Backlog
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset	12,400
Jayco, Inc. | Dealer Networks
Business Acquisition [Line Items]
Business acquisition allocated to amortizing intangible asset	$ 261,100

Unaudited Pro Forma Information

Unaudited Pro Forma Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Business Acquisition, Pro Forma Information [Line Items]
Net sales	$ 6,176,686	$ 5,517,142
Net income	$ 284,394	$ 202,118
Basic earnings per common share	$ 5.42	$ 3.80
Diluted earnings per common share	$ 5.41	$ 3.79

Summary of Final Fair Value Ass

Summary of Final Fair Value Assigned to Net Assets Acquired (Detail) - USD ($) $ in Thousands	Jan. 05, 2015	May 01, 2014	Aug. 30, 2013	Jul. 31, 2015	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014	Oct. 31, 2013
Business Acquisition [Line Items]
Goodwill				$ 312,622	$ 377,693	$ 312,622	$ 256,579
Total cash consideration for acquisition, less cash acquired					$ 557,651	194,486	$ 86,092
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
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

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 21, 2013	Feb. 28, 2014	Jul. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of bus business	$ 100,000		$ 105,043
Discontinued operation, amounts collected from ASV		$ 5,043
Pre-tax gain (loss) on disposal of discontinued business			7,079
Impact of indemnification to tax expenses			$ 1,883

Operating Results of Discontinu

Operating Results of Discontinued Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales			$ 83,903
Operating income (loss) of discontinued operations	$ (2,417)	$ (4,791)	(5,735)
Pre-tax gain on disposal of discontinued business			7,079
Income (loss) before income taxes	(2,417)	(4,791)	1,344
Income tax benefit	914	2,167	2,142
Income (loss) from discontinued operations, net of income taxes	$ (1,503)	$ (2,624)	$ 3,486

Business Segments - Additional

Business Segments - Additional Information (Detail) $ in Thousands	12 Months Ended
	Jul. 31, 2016USD ($)Segment	Jul. 31, 2015USD ($)	Jul. 31, 2014USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	2
Net sales	$ 4,582,112	$ 4,006,819	$ 3,525,456
Continuing Operations
Segment Reporting Information [Line Items]
Net sales	4,582,112	4,006,819	3,525,456
Continuing Operations | Export
Segment Reporting Information [Line Items]
Net sales	$ 368,426	$ 465,642	$ 521,818
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	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Segment Reporting Information [Line Items]
Net sales	$ 4,582,112	$ 4,006,819	$ 3,525,456
Income (loss) from continuing operations before income taxes	383,313	292,895	252,819
Corporate
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before income taxes	(45,608)	(33,813)	(25,581)
Operating Segments | Recreational vehicles
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before income taxes	410,397	325,838	278,400
Operating Segments | Recreational vehicles | Towables
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before income taxes	321,874	259,092	221,123
Operating Segments | Recreational vehicles | Motorized
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before income taxes	88,523	66,746	57,277
Operating Segments | Other
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before income taxes	18,547	1,424
Intercompany Eliminations
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before income taxes	(23)	(554)
Continuing Operations
Segment Reporting Information [Line Items]
Net sales	4,582,112	4,006,819	3,525,456
Continuing Operations | Operating Segments | Recreational vehicles
Segment Reporting Information [Line Items]
Net sales	4,432,909	3,967,204	3,525,456
Continuing Operations | Operating Segments | Recreational vehicles | Towables
Segment Reporting Information [Line Items]
Net sales	3,338,659	3,096,405	2,721,625
Continuing Operations | Operating Segments | Recreational vehicles | Motorized
Segment Reporting Information [Line Items]
Net sales	1,094,250	870,799	$ 803,831
Continuing Operations | Operating Segments | Other
Segment Reporting Information [Line Items]
Net sales	218,673	56,594
Continuing Operations | Intercompany Eliminations
Segment Reporting Information [Line Items]
Net sales	$ (69,470)	$ (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, 2016	Jul. 31, 2015	Jul. 31, 2014
Segment Reporting Information [Line Items]
Total assets	$ 2,325,464	$ 1,503,248	$ 1,408,718
Depreciation and amortization expense, total	52,575	31,381	25,834
Capital acquisitions	53,974	43,055	30,438
Continuing Operations | Corporate
Segment Reporting Information [Line Items]
Total assets	266,501	272,058	370,450
Depreciation and amortization expense, total	1,175	1,054	724
Capital acquisitions	2,495	3,271	7,519
Continuing Operations | Operating Segments | Recreational vehicles
Segment Reporting Information [Line Items]
Total assets	1,902,141	1,070,115	1,038,268
Depreciation and amortization expense, total	39,048	28,649	24,551
Capital acquisitions	48,680	39,348	22,856
Continuing Operations | Operating Segments | Recreational vehicles | Towables
Segment Reporting Information [Line Items]
Total assets	1,425,168	907,175	868,017
Depreciation and amortization expense, total	36,054	26,296	22,192
Capital acquisitions	37,489	35,039	16,914
Continuing Operations | Operating Segments | Recreational vehicles | Motorized
Segment Reporting Information [Line Items]
Total assets	476,973	162,940	170,251
Depreciation and amortization expense, total	2,994	2,353	2,359
Capital acquisitions	11,191	4,309	5,942
Continuing Operations | Operating Segments | Other
Segment Reporting Information [Line Items]
Total assets	156,822	161,075
Depreciation and amortization expense, total	12,352	1,678
Capital acquisitions	$ 2,799	$ 436
Discontinued Operations
Segment Reporting Information [Line Items]
Depreciation and amortization expense, total			559
Capital acquisitions			$ 63

Schedule of Major Classificatio

Schedule of Major Classifications of Inventories (Detail) - USD ($) $ in Thousands	Jul. 31, 2016	Jul. 31, 2015
Inventory [Line Items]
Work in process	$ 97,872	$ 51,556
Raw materials	173,362	133,482
Chassis	102,686	37,739
Subtotal	434,004	276,515
Excess of FIFO costs over LIFO costs	(30,135)	(30,400)
Total inventories	403,869	246,115
Recreational vehicles
Inventory [Line Items]
Finished products	39,943	35,693
Other
Inventory [Line Items]
Finished products	$ 20,141	$ 18,045

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Inventory [Line Items]
Inventory	$ 434,004	$ 276,515
Subsidiaries valued inventory in last-in, first-out method	219,050	204,017
Subsidiaries valued inventory in first-in, first-out method	214,954	72,498
Increase in inventory during the period	15,582	(14,750)	$ 44,774
Inventory obsolescence reserve	4,840	$ 3,638
FIFO inventory
Inventory [Line Items]
Increase in inventory during the period	142,456
Jayco, Inc. | FIFO inventory
Inventory [Line Items]
Increase in inventory during the period	$ 138,292

Property, Plant and Equipment53

Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Jul. 31, 2016	Jul. 31, 2015
Property, Plant and Equipment [Line Items]
Total cost	$ 480,436	$ 348,868
Less accumulated depreciation	(136,169)	(114,823)
Net property, plant and equipment	344,267	234,045
Land
Property, Plant and Equipment [Line Items]
Total cost	46,422	27,447
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Total cost	300,902	214,462
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Total cost	$ 133,112	$ 106,959

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 31, 2014	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Property, Plant and Equipment [Line Items]
Property, plant and equipment		$ 480,436	$ 348,868
Accumulated depreciation		136,169	114,823
Increase in net property, plant and equipment		110,222
Net cash proceeds from land and buildings and improvements	$ 7,352	347	381	$ 8,699
Gain on the sale of land and buildings and improvements	$ 1,888	35	91	$ 1,897
Assets Held under Capital Leases
Property, Plant and Equipment [Line Items]
Property, plant and equipment		6,527	6,527
Accumulated depreciation		680	$ 136
Jayco, Inc.
Property, Plant and Equipment [Line Items]
Increase in net property, plant and equipment		$ 84,507

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, 2016	Jul. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Cost						$ 588,327	$ 226,252
Accumulated Amortization						$ 80,936	57,234
Dealer Network/Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Years Remaining Life						16 years
Cost						$ 404,960	143,860
Accumulated Amortization						$ 55,191	37,194
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						$ 148,117	55,282
Accumulated Amortization						$ 10,539	7,608
Design Technology And Other Intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted Average Years Remaining Life						9 years
Cost						$ 22,400	22,400
Accumulated Amortization						$ 10,870	8,168
Non-Compete Agreements
Finite-Lived Intangible Assets [Line Items]
Weighted Average Years Remaining Life			5 years		2 years	3 years
Cost						$ 450	4,710
Accumulated Amortization						$ 203	$ 4,264
Backlog
Finite-Lived Intangible Assets [Line Items]
Weighted Average Years Remaining Life	42 days	42 days	2 months	42 days	42 days	2 months 12 days
Cost						$ 12,400
Accumulated Amortization						$ 4,133

Intangible Assets, Goodwill a56

Intangible Assets, Goodwill and Long-Lived Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Apr. 30, 2016	Jan. 31, 2016	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Intangible Assets And Goodwill [Line Items]
Aggregate amortization expense for amortizable intangibles			$ 27,962	$ 16,015	$ 12,984
Aggregate amortization expense for amortizable intangibles for continuing operations			27,962	$ 16,015	$ 12,920
Pre-tax, non-cash goodwill impairment charge	$ 0	$ 9,113	$ 9,113

Estimated Amortization Expense

Estimated Amortization Expense (Detail) - USD ($) $ in Thousands	Jul. 31, 2016	Jul. 31, 2015
Expected Amortization Expense [Line Items]
Estimated annual amortization expense, For the fiscal year ending July 31, 2017	$ 63,925
Estimated annual amortization expense, For the fiscal year ending July 31, 2018	54,463
Estimated annual amortization expense, For the fiscal year ending July 31, 2019	50,367
Estimated annual amortization expense, For the fiscal year ending July 31, 2020	46,480
Estimated annual amortization expense, For the fiscal year ending July 31, 2021	43,131
Estimated annual amortization expense, For the fiscal year ending July 31, 2022 and thereafter	249,025
Estimated annual amortization expense, Total	$ 507,391	$ 169,018

Changes in Carrying Amount of G

Changes in Carrying Amount of Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Apr. 30, 2016	Jan. 31, 2016	Jul. 31, 2016	Jul. 31, 2015
Goodwill [Line Items]
Goodwill acquired			$ 74,184	$ 56,043
Impairment charges	$ 0	$ (9,113)	(9,113)
Goodwill, Ending Balance			377,693	312,622
Towables
Goodwill [Line Items]
Goodwill acquired			74,184	13,172
Impairment charges			(9,113)
Goodwill, Ending Balance			334,822	269,751
Other
Goodwill [Line Items]
Goodwill acquired				42,871
Goodwill, Ending Balance			$ 42,871	$ 42,871

Summary of Components of Net Ba

Summary of Components of Net Balance (Detail) - USD ($) $ in Thousands	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Goodwill [Line Items]
Goodwill, gross	$ 404,058
Accumulated impairment charges	(26,365)
Goodwill	377,693	$ 312,622	$ 256,579
Towables
Goodwill [Line Items]
Goodwill, gross	343,935
Accumulated impairment charges	(9,113)
Goodwill	334,822	269,751	$ 256,579
Motorized
Goodwill [Line Items]
Goodwill, gross	17,252
Accumulated impairment charges	(17,252)
Other
Goodwill [Line Items]
Goodwill, gross	42,871
Goodwill	$ 42,871	$ 42,871

Concentration of Risk - Additio

Concentration of Risk - Additional Information (Detail) - Freedom Roads, LLC	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Net Sales
Concentration Risk [Line Items]
Concentration risk percentage	20.00%	17.00%	17.00%
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage	18.00%	22.00%

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		$ 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, 2016	Jul. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments under employees deferred compensation plan	$ 15,529	$ 10,803
Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments under employees deferred compensation plan	$ 15,529	$ 10,803

Product Warranty - Additional I

Product Warranty - Additional Information (Detail)	12 Months Ended
	Jul. 31, 2016
Product Warranty One
Product Warranty Liability [Line Items]
Warranty period for retail customers, years	1 year
Product Warranty Two
Product Warranty Liability [Line Items]
Warranty period for retail customers, years	2 years

Schedule of Changes in Product

Schedule of Changes in Product Warranty Liabilities for Continuing Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Product Warranty
Beginning balance	$ 108,206	$ 94,938	$ 84,250
Provision	114,119	114,429	92,809
Payments	(110,092)	(106,266)	(87,402)
Acquisitions	89,607	5,105	5,281
Ending balance	$ 201,840	$ 108,206	$ 94,938

Long - Term Debt - Additional I

Long - Term Debt - Additional Information (Detail) - USD ($)	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Line of Credit Facility [Line Items]
Line of credit, outstanding amount	$ 360,000,000
Interest expense	1,592,000	$ 180,000	$ 10,000
Fees to secure the facility, amortized amount	$ 131,000
Asset-based revolving credit facility
Line of Credit Facility [Line Items]
Line of credit, maturity period	5 years
Line of credit, commencement date	Jun. 30, 2016
Line of credit, maturity date	Jun. 30, 2021
Line of credit, current borrowing capacity	$ 500,000,000
Line of credit, entitled expansion option	100,000,000
Line of credit, outstanding amount	$ 360,000,000
Line of credit, percentage of annual fee on unused portion of the facility	0.25%
Line of credit, frequency of annual fee payment on unused portion of the facility	Quarterly
Line of credit, borrowing availability term	Borrowing availability under the credit agreement is limited to the lesser of the facility total and the monthly calculated borrowing base
Line of credit, covenant term	The credit agreement has no financial covenant restrictions for borrowings as long as the Company has adjusted excess availability under the facility that exceeds 10% of the lesser of the line commitment or the borrowing base total, with a floor of $40,000.
Line of credit, fixed charge coverage ratio	100.00%
Line of credit, borrowing availability in excess of outstanding loan balances	$ 114,000,000
Line of credit, adjusted excess availability for covenant purpose	276,000,000
Interest expense	$ 789,000
Weighted-average interest rate on borrowings	2.55%
Fees to secure the facility, amount incurred	$ 7,850,000
Fees to secure the facility, unamortized amount	7,719,000
Asset-based revolving credit facility | Interest expense
Line of Credit Facility [Line Items]
Fees to secure the facility, amortized amount	$ 131,000
Asset-based revolving credit facility | Minimum
Line of Credit Facility [Line Items]
Line of credit, percentage of line commitment to be exceeded by the excess borrowing availability	10.00%
Line of credit, borrowing base	$ 40,000,000
Asset-based revolving credit facility | Maximum
Line of Credit Facility [Line Items]
Fees to secure the facility, amortization period	5 years
Asset-based revolving credit facility | LIBOR rate
Line of Credit Facility [Line Items]
Line of credit, outstanding amount	$ 320,000,000
Line of credit, pricing spreads rate	1.50%
Line of credit, effective interest rate	1.97%
Asset-based revolving credit facility | LIBOR rate | Minimum
Line of Credit Facility [Line Items]
Line of credit, pricing spreads rate	1.25%
Asset-based revolving credit facility | LIBOR rate | Maximum
Line of Credit Facility [Line Items]
Line of credit, pricing spreads rate	1.75%
Asset-based revolving credit facility | Base rate
Line of Credit Facility [Line Items]
Line of credit, outstanding amount	$ 40,000,000
Line of credit, pricing spreads rate	0.50%
Line of credit, effective interest rate	4.00%
Asset-based revolving credit facility | Base rate | Minimum
Line of Credit Facility [Line Items]
Line of credit, pricing spreads rate	0.25%
Asset-based revolving credit facility | Base rate | Maximum
Line of Credit Facility [Line Items]
Line of credit, pricing spreads rate	0.75%

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, 2016	Jul. 31, 2015	Jul. 31, 2014
Income Taxes Provision Benefit Summary Of Income Taxes [Line Items]
Federal	$ 126,846	$ 98,504	$ 83,374
State and local	12,716	1,222	(1,383)
Total current expense	139,562	99,726	81,991
Federal	(13,079)	(7,785)	(3,805)
State and local	(1,192)	(1,055)	(883)
Total deferred (benefit)	(14,271)	(8,840)	(4,688)
Total income tax expense	$ 125,291	$ 90,886	$ 77,303

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, 2016	Jul. 31, 2015	Jul. 31, 2014
Reconciliation of Statutory Federal Tax Rate [Line Items]
Provision at federal statutory rate	$ 134,160	$ 102,513	$ 88,487
State and local income taxes, net of federal benefit	6,599	5,144	3,748
Federal income tax credits and incentives	(4,194)	(2,207)	(772)
Domestic production activities deduction	(12,609)	(9,519)	(7,947)
Change in uncertain tax positions	611	(5,650)	(6,631)
Change in current tax payable and deferred tax liabilities	103	218	125
Other permanent items	621	387	293
Total income tax expense	$ 125,291	$ 90,886	$ 77,303

Schedule of Deferred Income Tax

Schedule of Deferred Income Taxes (Detail) - USD ($) $ in Thousands	Jul. 31, 2016	Jul. 31, 2015
Schedule of Deferred Income Tax Assets and Liabilities [Line Items]
Total net current deferred income tax asset		$ 59,864
Net deferred tax asset	$ 53,417	39,301
Current Deferred Income Tax Assets (Liabilities)
Schedule of Deferred Income Tax Assets and Liabilities [Line Items]
Inventory basis		467
Employee benefits		3,625
Self-insurance reserves		10,411
Accrued product warranties		39,486
Accrued incentives		3,959
Sales returns and allowances		1,520
Accrued expenses		2,067
Unrecognized tax benefits		367
Other		(2,038)
Total net current deferred income tax asset		59,864
Noncurrent Deferred Income Tax Assets (Liabilities)
Schedule of Deferred Income Tax Assets and Liabilities [Line Items]
Inventory basis	1,196
Employee benefits	4,587
Self-insurance reserves	10,504
Accrued product warranties	43,388
Accrued incentives	5,154
Sales returns and allowances	1,642
Accrued expenses	2,607
Property, plant and equipment	(4,164)	(707)
Deferred compensation	9,145	6,367
Tax credit carry forward	256	110
Intangibles	(22,308)	(30,246)
Unrecognized tax benefits	4,105	3,913
Other	$ (2,695)
Total net long-term deferred income tax (liability)		$ (20,563)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Income Tax [Line Items]
Net current deferred tax assets		$ 59,864
Net long-term deferred income tax liabilities		20,563
Unrecognized tax benefits that, if recognized, would affect the company's income tax rate	$ 8,886	8,764	$ 13,679
Tax positions related to prior years: Reductions	920	7,695	9,281
Accrued interest and penalties	1,547	1,895	5,200
Total amount of interest and penalties expense (benefit) recognized	(231)	$ (2,552)	(3,418)
Expected decrease in unrecognized tax benefits due to resolution of uncertain tax positions	5,193
Expected decrease in interest due to resolution of uncertain tax positions	857
Discontinued Operations
Income Tax [Line Items]
Tax positions related to prior years: Reductions			$ 1,378
ASU 2015-17 | Reclassification adjustment
Income Tax [Line Items]
Net current deferred tax assets	67,344
Net long-term deferred income tax liabilities	13,927
State and Local Jurisdiction
Income Tax [Line Items]
Tax credit carry forward	2,649
Gross state tax Net Operating Loss carry forwards	45,500
Deferred tax asset, Net Operating Loss carry forwards	$ 973
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	2,017
State and Local Jurisdiction | Latest Tax Year
Income Tax [Line Items]
Tax credit carry forward expiration year	2,026
Gross state tax Net Operating Loss carry forwards, expiration year	2,036

Schedule of Changes in Unrecogn

Schedule of Changes in Unrecognized Tax Benefit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Schedule of Unrecognized Tax Benefits [Line Items]
Beginning balance	$ 13,156	$ 20,813	$ 32,733
Tax positions related to prior years: Additions	1,546	126	9
Tax positions related to prior years: Reductions	(920)	(7,695)	(9,281)
Tax positions related to current year: Additions	3,123	2,858	3,804
Settlements	(956)	(1,898)	(5,002)
Lapses in statute of limitations	(2,680)	(1,048)	(1,450)
Ending balance	$ 13,269	$ 13,156	$ 20,813

Components of Total Unrecognize

Components of Total Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2013
Schedule of Unrecognized Tax Benefits [Line Items]
Unrecognized tax benefits	$ 13,269	$ 13,156	$ 20,813	$ 32,733
Reduction to unrecognized tax benefits for tax credit carry forward	(2,255)	(2,109)	(657)
Accrued interest and penalties	1,547	1,895	5,200
Total unrecognized tax benefits	12,561	12,942	25,356
Short-term, included in "Income and other taxes"	2,586	997	1,667
Long-term	9,975	11,945	23,689
Total unrecognized tax benefits	$ 12,561	$ 12,942	$ 25,356

Contingent Liabilities and Co72

Contingent Liabilities and Commitments - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Loss Contingencies [Line Items]
Standby Repurchase Obligations Amount	$ 1,898,307	$ 1,363,576
Term of Commitments	Up to eighteen months
Repurchase and guarantee reserve balances	$ 6,068	$ 4,163

Losses Due to Repurchases Relat

Losses Due to Repurchases Related to Repurchase Agreements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Loss Contingencies [Line Items]
Cost of units repurchased	$ 4,650	$ 7,171	$ 1,386
Realization of units resold	3,832	5,906	1,098
Losses due to repurchase	$ 818	$ 1,265	$ 288

Future Minimum Rental Payments

Future Minimum Rental Payments under Capital and Operating Leases (Detail) $ in Thousands	Jul. 31, 2016USD ($)
Capital and Operating Leased Assets [Line Items]
For the fiscal year ending July 31, 2017	$ 943
For the fiscal year ending July 31, 2018	948
For the fiscal year ending July 31, 2019	938
For the fiscal year ending July 31, 2020	933
For the fiscal year ending July 31, 2021	951
For the fiscal year ending July 31, 2022 and thereafter	5,988
Total minimum lease payments	10,701
Less amount representing interest	(3,887)
Present value of net minimum capital lease payments	6,814
Present value of net minimum capital lease payments	6,814
Less current portion	341
Long-term capital lease obligations	6,473
For the fiscal year ending July 31, 2017	2,517
For the fiscal year ending July 31, 2018	1,864
For the fiscal year ending July 31, 2019	1,437
For the fiscal year ending July 31, 2020	849
For the fiscal year ending July 31, 2021	619
For the fiscal year ending July 31, 2022 and thereafter	5,628
Total minimum lease payments	$ 12,914

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Operating Leased Assets [Line Items]
Rent expense	$ 3,757	$ 2,092	$ 1,700

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Schedule of Employee Benefit Plans [Line Items]
Employer match and administrative fees for 401(k) plan	$ 917	$ 565	$ 387
Investments under employees deferred compensation plan	$ 15,529	$ 10,803

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	May 15, 2015	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
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	$ 60,000,000		$ 60,000,000
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		$ 0	$ 141,000	$ 3,206,000
Total intrinsic value of stock options exercised		0	$ 168,000	$ 2,597,000
Stock option exercised			5,000	101,313
Stock option value exercised			$ 141,000	$ 3,206,000
Total unrecognized compensation costs		$ 11,077,000
Period for recognition of compensation cost not yet recognized		2 years 5 months 5 days
Stock-based compensation		$ 9,387,000	6,776,000	5,231,000
Tax benefits from stock compensation expense		3,473,000	2,507,000	1,925,000
Discontinued Operations
Stock Based Compensation And Stockholders Equity [Line Items]
Total compensation expenses		$ 0	0	480,000
Minimum
Stock Based Compensation And Stockholders Equity [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period		3 years
Maximum
Stock Based Compensation And Stockholders Equity [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period		5 years
Stock Option Awards
Stock Based Compensation And Stockholders Equity [Line Items]
Total compensation expenses		$ 0	0	0
Restricted Stock Awards
Stock Based Compensation And Stockholders Equity [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period		5 years
Total compensation expenses		$ 115,000	115,000	91,000
Total unrecognized compensation costs		$ 101,000
Period for recognition of compensation cost not yet recognized		11 months 23 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		1,211,385
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		$ 9,272,000	$ 6,661,000	$ 5,140,000

Schedule of Stock Option Activi

Schedule of Stock Option Activity (Detail) - $ / shares	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Stockholders' Equity
Outstanding at beginning of year, Shares		5,000	106,313
Exercised, Shares		(5,000)	(101,313)
Forfeited, Shares	0	0	0
Expired, Shares	0	0	0
Granted, Shares	0	0	0
Outstanding at end of year, Shares			5,000
Vested and expected to vest at end of year, Shares			5,000
Exercisable at year-end, Shares			5,000
Outstanding at beginning of year, Weighted-Average Exercise Price		$ 28.23	$ 31.48
Exercised, Weighted-Average Exercise Price		28.23	31.64
Forfeited, Weighted-Average Exercise Price	$ 0	0	0
Expired, Weighted-Average Exercise Price	0	0	0
Granted, Weighted-Average Exercise Price	$ 0	$ 0	0
Outstanding at end of year, Weighted-Average Exercise Price			28.23
Vested and expected to vest at end of year, Weighted-Average Exercise Price			28.23
Exercisable at year-end, Weighted-Average Exercise Price			$ 28.23

Schedule of Aggregate Intrinsic

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

Schedule of Restricted Stock Aw

Schedule of Restricted Stock Award Activity (Detail) - $ / shares	12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Jul. 31, 2014
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, beginning of year, Shares	9,713	13,620	17,530
Vested, Shares	(3,907)	(3,907)	(3,910)
Nonvested, end of year, Shares	5,806	9,713	13,620
Nonvested, beginning of year, Weighted Average Grant Date Fair Value	$ 31.16	$ 31.08	$ 31.03
Vested, Weighted Average Grant Date Fair Value	30.87	30.87	30.87
Nonvested, end of year, Weighted Average Grant Date Fair Value	$ 31.36	$ 31.16	$ 31.08
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, beginning of year, Shares	280,353	212,073	139,275
Granted, Shares	181,872	162,967	151,168
Vested, Shares	(133,758)	(90,608)	(63,852)
Forfeited, Shares	(3,331)	(4,079)	(14,518)
Nonvested, end of year, Shares	325,136	280,353	212,073
Nonvested, beginning of year, Weighted Average Grant Date Fair Value	$ 50.55	$ 49.21	$ 38.06
Granted, Weighted Average Grant Date Fair Value	55.37	50.95	54.26
Vested, Weighted Average Grant Date Fair Value	48.73	48.14	38.68
Forfeited, Weighted Average Grant Date Fair Value	54.18	50.54	47.26
Nonvested, end of year, Weighted Average Grant Date Fair Value	$ 53.95	$ 50.55	$ 49.21