Document and Entity Information
Document and Entity Information | 3 Months Ended |
Oct. 31, 2017shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Oct. 31, 2017 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | THO |
Entity Registrant Name | THOR INDUSTRIES INC |
Entity Central Index Key | 730,263 |
Current Fiscal Year End Date | --07-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 52,694,365 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2017 | Jul. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 151,463 | $ 223,258 |
Accounts receivable, trade, less allowance for doubtful accounts of $712 and $692, respectively | 603,357 | 453,754 |
Accounts receivable, other, net | 35,038 | 31,090 |
Inventories, net | 517,328 | 460,488 |
Prepaid expenses and other | 10,402 | 11,577 |
Total current assets | 1,317,588 | 1,180,167 |
Property, plant and equipment, net | 446,134 | 425,238 |
Other assets: | ||
Goodwill | 377,693 | 377,693 |
Amortizable intangible assets, net | 429,908 | 443,466 |
Deferred income taxes, net | 98,325 | 92,969 |
Other | 40,318 | 38,398 |
Total other assets | 946,244 | 952,526 |
TOTAL ASSETS | 2,709,966 | 2,557,931 |
Current liabilities: | ||
Accounts payable | 359,881 | 328,601 |
Accrued liabilities: | ||
Compensation and related items | 124,491 | 100,114 |
Product warranties | 231,999 | 216,781 |
Income and other taxes | 43,721 | 51,211 |
Promotions and rebates | 50,682 | 46,459 |
Product, property and related liabilities | 21,841 | 16,521 |
Dividends payable | 19,497 | |
Other | 25,273 | 21,359 |
Total current liabilities | 877,385 | 781,046 |
Long-term debt | 90,000 | 145,000 |
Unrecognized tax benefits | 10,011 | 10,263 |
Other liabilities | 48,465 | 45,082 |
Total long-term liabilities | 148,476 | 200,345 |
Contingent liabilities and commitments | ||
Stockholders' equity: | ||
Preferred stock - authorized 1,000,000 shares; none outstanding | ||
Common stock - par value of $.10 per share; authorized 250,000,000 shares; issued 62,764,824 and 62,597,110 shares, respectively | 6,276 | 6,260 |
Additional paid-in capital | 241,822 | 235,525 |
Retained earnings | 1,779,735 | 1,670,826 |
Less treasury shares of 10,070,459 and 10,011,069, respectively, at cost | (343,728) | (336,071) |
Total stockholders' equity | 1,684,105 | 1,576,540 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 2,709,966 | $ 2,557,931 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 31, 2017 | Jul. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 712 | $ 692 |
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 | 62,764,824 | 62,597,110 |
Treasury, shares | 10,070,459 | 10,011,069 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Income Statement [Abstract] | ||
Net sales | $ 2,231,668 | $ 1,708,531 |
Cost of products sold | 1,898,483 | 1,471,779 |
Gross profit | 333,185 | 236,752 |
Selling, general and administrative expenses | 134,263 | 102,310 |
Amortization of intangible assets | 13,558 | 18,215 |
Interest income | 381 | 153 |
Interest expense | 1,412 | 2,560 |
Other income, net | 2,758 | 1,980 |
Income before income taxes | 187,091 | 115,800 |
Income taxes | 58,685 | 37,055 |
Net income and comprehensive income | $ 128,406 | $ 78,745 |
Weighted-average common shares outstanding: | ||
Basic | 52,611,926 | 52,503,966 |
Diluted | 52,818,363 | 52,705,942 |
Earnings per common share: | ||
Basic | $ 2.44 | $ 1.50 |
Diluted | 2.43 | 1.49 |
Regular dividends declared per common share | $ 0.37 | $ 0.33 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 128,406 | $ 78,745 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 9,140 | 8,380 |
Amortization of intangibles | 13,558 | 18,215 |
Amortization of debt issuance costs | 393 | 393 |
Deferred income tax benefit | (5,356) | (2,297) |
Gain on disposition of property, plant and equipment | (1,470) | (2,188) |
Stock-based compensation expense | 4,318 | 2,738 |
Changes in assets and liabilities (excluding acquisitions): | ||
Accounts receivable | (152,921) | (86,419) |
Inventories | (56,840) | (13,258) |
Prepaid expenses and other | (2,409) | (2,648) |
Accounts payable | 33,471 | (1,254) |
Accrued liabilities | 39,892 | (1,966) |
Long-term liabilities and other | 3,233 | 2,822 |
Net cash provided by operating activities | 13,415 | 1,263 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (34,283) | (26,164) |
Proceeds from dispositions of property, plant and equipment | 3,526 | 4,329 |
Acquisitions | (5,039) | |
Other | 641 | (2,500) |
Net cash used in investing activities | (30,116) | (29,374) |
Cash flows from financing activities: | ||
Principal payments on revolving credit facility | (55,000) | (20,000) |
Principal payments on capital lease obligations | (94) | (81) |
Net cash used in financing activities | (55,094) | (20,081) |
Net decrease in cash and cash equivalents | (71,795) | (48,192) |
Cash and cash equivalents, beginning of period | 223,258 | 209,902 |
Cash and cash equivalents, end of period | 151,463 | 161,710 |
Supplemental cash flow information: | ||
Income taxes paid | 73,720 | 54,224 |
Interest paid | 1,161 | 2,407 |
Non-cash transactions: | ||
Capital expenditures in accounts payable | 4,075 | 3,867 |
Regular quarterly dividend payable | $ 19,497 | $ 17,352 |
Nature of Operations and Accoun
Nature of Operations and Accounting Policies | 3 Months Ended |
Oct. 31, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations and Accounting Policies | 1. Nature of Operations and Accounting Policies Nature of Operations Thor Industries, Inc. was founded in 1980 and, through its subsidiaries (collectively, the “Company”), manufactures a wide range of recreational vehicles (“RVs”) at various manufacturing facilities located primarily in Indiana, with additional facilities in Ohio, Oregon, Idaho and Michigan. These products are sold to independent, non-franchise The July 31, 2017 amounts are derived from the annual audited financial statements. The interim financial statements are unaudited. In the opinion of management, all adjustments (which consist of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented have been made. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-04, In February 2016, the FASB issued ASU No. 2016-02, No. 2016-02 In July 2015, the FASB issued ASU No. 2015-11, No. 2015-11 last-in, first-out No. 2015-11 No. 2015-11 In May 2014, the FASB issued ASU No. 2014-09, No. 2014-09 |
Acquisition
Acquisition | 3 Months Ended |
Oct. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisition | 2. Acquisition Jayco, Corp. 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 11 to the Condensed Consolidated Financial Statements. The final purchase price adjustment of $5,039 was based on the final determination of net assets as of the June 30, 2016 closing date and was paid during the first quarter of fiscal 2017. Jayco operates 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 final fair values assigned to the Jayco net assets acquired, which were based on internal and independent external valuations: 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 was amortized on a straight-line basis over 3 months. Goodwill is deductible for tax purposes. |
Business Segments
Business Segments | 3 Months Ended |
Oct. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | 3. Business Segments The Company has two reportable segments, both related to recreational vehicles: (1) towables and (2) motorized. The towable recreational vehicle reportable segment consists of the following operating segments that have been aggregated: Airstream (towable), Heartland (including Bison, Cruiser RV 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 are included in “Other,” which is a non-reportable arm’s-length All manufacturing is conducted within the United States. Total assets include those assets used in the operation of each reportable and non-reportable Three Months Ended October 31, Net sales: 2017 2016 Recreational vehicles Towables $ 1,618,501 $ 1,210,873 Motorized 566,611 461,454 Total recreational vehicles 2,185,112 1,672,327 Other 82,919 58,996 Intercompany eliminations (36,363 ) (22,792 ) Total $ 2,231,668 $ 1,708,531 Three Months Ended October 31, Income (loss) before income taxes: 2017 2016 Recreational vehicles Towables $ 158,851 $ 94,173 Motorized 37,586 28,923 Total recreational vehicles 196,437 123,096 Other, net 8,483 6,378 Corporate (17,829 ) (13,674 ) Total $ 187,091 $ 115,800 Total assets: October 31, 2017 July 31, 2017 Recreational vehicles Towables $ 1,685,230 $ 1,535,029 Motorized 570,486 500,761 Total recreational vehicles 2,255,716 2,035,790 Other, net 153,743 156,996 Corporate 300,507 365,145 Total $ 2,709,966 $ 2,557,931 Three Months Ended October 31, Depreciation and intangible amortization expense: 2017 2016 Recreational vehicles Towables $ 16,793 $ 20,926 Motorized 2,728 2,343 Total recreational vehicles 19,521 23,269 Other 2,809 3,004 Corporate 368 322 Total $ 22,698 $ 26,595 Three Months Ended October 31, Capital acquisitions: 2017 2016 Recreational vehicles Towables $ 17,592 $ 20,865 Motorized 12,315 5,156 Total recreational vehicles 29,907 26,021 Other 610 296 Corporate 1,575 176 Total $ 32,092 $ 26,493 |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Oct. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 4. Earnings Per Common Share The following table reflects the weighted-average common shares used to compute basic and diluted earnings per common share as included on the Condensed Consolidated Statements of Income and Comprehensive Income: Three Months Ended October 31, 2017 2016 Weighted-average shares outstanding for basic earnings per share 52,611,926 52,503,966 Unvested restricted stock and restricted stock units 206,437 201,976 Weighted-average shares outstanding assuming dilution 52,818,363 52,705,942 At October 31, 2017 and 2016, the Company had 46,692 and 52,098, respectively, of unvested restricted stock and restricted stock units outstanding which were excluded from this calculation as their effect would be antidilutive. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Oct. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. 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, “Fair Value Measurements and Disclosures”, and as discussed in Note 9 in the Notes to the Consolidated Financial Statements in our fiscal 2017 Form 10-K. The financial assets that were accounted for at fair value on a recurring basis at October 31, 2017 and July 31, 2017, all using Level 1 inputs, are as follows: October 31, 2017 July 31, 2017 Cash equivalents $ 96,360 $ 176,663 Deferred compensation plan assets $ 31,328 $ 28,095 Cash equivalents represent investments in government and other money market funds traded in an active market, and are reported as a component of Cash and cash equivalents in the Condensed Consolidated Balance Sheets. Deferred compensation plan assets represent investments in securities (primarily mutual funds) traded in an active market held for the benefit of certain employees of the Company as part of a deferred compensation plan. Deferred compensation plan asset balances are recorded as components of Other long-term assets in the Condensed Consolidated Balance Sheets. An equal and offsetting liability is also recorded in regards to the deferred compensation plan as a component of Other long-term liabilities in the Condensed Consolidated Balance Sheets. Changes in the fair value of the plan assets and the related liability are reflected in Other income, net and Selling, general and administrative expenses, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. |
Inventories
Inventories | 3 Months Ended |
Oct. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories Major classifications of inventories are as follows: October 31, 2017 July 31, 2017 Finished goods – RV $ 40,305 $ 24,904 Finished goods – other 25,097 27,862 Work in process 130,032 117,319 Raw materials 242,730 214,518 Chassis 114,234 109,555 Subtotal 552,398 494,158 Excess of FIFO costs over LIFO costs (35,070 ) (33,670 ) Total inventories, net $ 517,328 $ 460,488 Of the $552,398 and $494,158 of inventories at October 31, 2017 and July 31, 2017, $314,976 and $284,897, respectively, was valued on the last-in, first-out first-in, first-out |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Oct. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 7. Property, Plant and Equipment Property, plant and equipment is stated at cost, net of accumulated depreciation, and consists of the following: October 31, 2017 July 31, 2017 Land $ 49,878 $ 48,812 Buildings and improvements 399,619 380,139 Machinery and equipment 170,910 161,724 Total cost 620,407 590,675 Less accumulated depreciation (174,273 ) (165,437 ) Property, plant and equipment, net $ 446,134 $ 425,238 Property, plant and equipment at both October 31, 2017 and July 31, 2017 includes buildings and improvements under capital leases of $6,527 and related amortization included in accumulated depreciation of $1,360 and $1,224 at October 31, 2017 and July 31, 2017, respectively. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 3 Months Ended |
Oct. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | 8. Intangible Assets and Goodwill The components of amortizable intangible assets are as follows: Weighted-Average Remaining October 31, 2017 July 31, 2017 Life in Years at Cost Accumulated Cost Accumulated October 31, 2017 Amortization Amortization Dealer networks/customer relationships 16 $ 404,960 $ 113,181 $ 404,960 $ 101,795 Trademarks 18 147,617 19,361 147,617 17,570 Design technology and other intangibles 8 19,300 9,562 19,300 9,203 Non-compete 2 450 315 450 293 Total amortizable intangible assets $ 572,327 $ 142,419 $ 572,327 $ 128,861 Estimated annual amortization expense is as follows: For the fiscal year ending July 31, 2018 $ 53,968 For the fiscal year ending July 31, 2019 50,136 For the fiscal year ending July 31, 2020 46,269 For the fiscal year ending July 31, 2021 42,935 For the fiscal year ending July 31, 2022 37,828 For the fiscal year ending July 31, 2023 and thereafter 212,330 $ 443,466 Of the recorded goodwill of $377,693 at both October 31, 2017 and July 31, 2017, $334,822 resides in the towable recreational vehicle reportable segment and $42,871 resides in the other non-reportable |
Concentration of Risk
Concentration of Risk | 3 Months Ended |
Oct. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | 9. Concentration of Risk One dealer, FreedomRoads, LLC, accounted for 23% and 17% of the Company’s consolidated net sales for the three-month periods ended October 31, 2017 and October 31, 2016, respectively. Sales to this dealer are reported within both the towables and motorized segments. This dealer also accounted for 25% of the Company’s consolidated trade accounts receivable at October 31, 2017 and 30% at July 31, 2017. The loss of this dealer could have a significant effect on the Company’s business. |
Product Warranties
Product Warranties | 3 Months Ended |
Oct. 31, 2017 | |
Guarantees and Product Warranties [Abstract] | |
Product Warranties | 10. Product Warranties The Company generally provides retail customers of its products with a one-year two-year Changes in our product warranty reserves are as follows: Three Months Ended October 31, 2017 2016 Beginning balance $ 216,781 $ 201,840 Provision 63,833 51,947 Payments (48,615 ) (44,799 ) Ending balance $ 231,999 $ 208,988 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Oct. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 11. 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. See Note 11 in the Notes to the Consolidated Financial Statements in our fiscal 2017 Form 10-K For the three-month periods ended October 31, 2017 and October 31, 2016, the total LIBOR and base rate interest expense on the facility was $611 and $1,878, respectively, and the weighted-average interest rate on borrowings from the facility was 2.57% and 2.11%, respectively. The Company incurred fees to secure the facility of $7,850 in fiscal 2016, and those fees are being 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 included in interest expense, of $393 for both the three-month periods ended October 31, 2017 and October 31, 2016, respectively. The unamortized balances of these facility fees were $5,756 at October 31, 2017 and $6,149 at July 31, 2017, and they are included in Other long-term assets in the Condensed Consolidated Balance Sheets. The carrying value of the Company’s long-term debt at October 31, 2017 approximates fair value as the entire balance is subject to variable market interest rates that the Company believes are market rates for a similarly situated company. The fair value of debt is largely estimated using level 2 inputs as defined by ASC 820. |
Provision for Income Taxes
Provision for Income Taxes | 3 Months Ended |
Oct. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | 12. Provision for Income Taxes The overall effective income tax rate for the three months ended October 31, 2017 was 31.4% compared with 32.0% for the three months ended October 31, 2016. The effective income tax rates for the fiscal 2018 and fiscal 2017 three-month periods were both favorably impacted by an income tax provision benefit related to stock-based compensation. The effective income tax rates for both three-month periods were also favorably impacted by various unrecognized tax benefit settlements and expirations. The Company anticipates a decrease of approximately $2,730 in unrecognized tax benefits, and $370 in accrued interest related to unrecognized tax benefits recorded as of October 31, 2017, within the next 12 months from expected settlements or payments of uncertain tax positions and lapses of the applicable statutes of limitations. Actual results may differ from these estimates. Generally, fiscal years 2015 and 2016 remain open for federal income tax purposes and fiscal years 2013, 2014, 2015 and 2016 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 under examination by certain state authorities for the fiscal years ended July 31, 2013 through 2015. The Company believes it has adequately reserved for its exposure to additional payments for uncertain tax positions related to its state income tax returns in its liability for unrecognized tax benefits. |
Contingent Liabilities, Commitm
Contingent Liabilities, Commitments and Legal Matters | 3 Months Ended |
Oct. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities, Commitments and Legal Matters | 13. Contingent Liabilities, Commitments and Legal Matters The Company’s total commercial commitments under standby repurchase obligations on dealer inventory financing, as discussed in Note 13 in the Notes to the Consolidated Financial Statements in our fiscal 2017 Form 10-K, 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 $6,700 and $6,345 as of October 31, 2017 and July 31, 2017, respectively, which are included in Other current liabilities in the Condensed Consolidated Balance Sheets. Losses incurred related to repurchase agreements during the three-month periods ended October 31, 2017 and October 31, 2016 were not significant. Based on current market conditions, 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. The Company is also involved in certain litigation arising out of its operations in the normal course of its business, most of which is based upon state “lemon laws”, warranty claims and vehicle accidents (for which the Company carries insurance above a specified self-insured retention or deductible amount). The outcomes of legal proceedings and claims brought against the Company are subject to significant uncertainty. There is significant judgment required in assessing both the probability of an adverse outcome and the determination as to whether an exposure can be reasonably estimated. Based on current conditions, in management’s opinion the ultimate disposition of any current legal proceedings or claims against the Company will not have a material effect on the Company’s financial condition, operating results or cash flows. Litigation is, however, inherently uncertain and an adverse outcome from such litigation could have a material effect on the operating results of a particular reporting period. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Oct. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | 14. Stockholders’ Equity Under the Company’s restricted stock unit (“RSU”) program, as discussed in Note 16 in the Notes to the Consolidated Financial Statements in our fiscal 2017 Form 10-K, Total expense recognized in the three-month periods ended October 31, 2017 and October 31, 2016 for these restricted stock unit awards and other stock-based compensation was $4,318 and $2,738, respectively. For the restricted stock units that vested during the three-month period ended October 31, 2017, a portion of the vested shares awarded were withheld as treasury shares to cover the recipients’ estimated withholding taxes. The total related taxes withheld of $7,657, to be paid by the Company on behalf of the recipients of these awards, is included in Accrued Compensation and related items in the Condensed Consolidated Balance Sheet and will be paid in the second quarter of fiscal 2018. During the first quarter of fiscal 2018, the Company’s Board approved and declared the payment of a regular quarterly dividend of $0.37 per share for the first quarter of fiscal 2018. This dividend totaling $19,497 is included in Dividends payable in the Condensed Consolidated Balance Sheet and was paid in the second quarter of fiscal 2018. |
Nature of Operations and Acco20
Nature of Operations and Accounting Policies (Policies) | 3 Months Ended |
Oct. 31, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Thor Industries, Inc. was founded in 1980 and, through its subsidiaries (collectively, the “Company”), manufactures a wide range of recreational vehicles (“RVs”) at various manufacturing facilities located primarily in Indiana, with additional facilities in Ohio, Oregon, Idaho and Michigan. These products are sold to independent, non-franchise The July 31, 2017 amounts are derived from the annual audited financial statements. The interim financial statements are unaudited. In the opinion of management, all adjustments (which consist of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented have been made. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K |
Accounting Pronouncements | Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-04, In February 2016, the FASB issued ASU No. 2016-02, No. 2016-02 In July 2015, the FASB issued ASU No. 2015-11, No. 2015-11 last-in, first-out No. 2015-11 No. 2015-11 In May 2014, the FASB issued ASU No. 2014-09, No. 2014-09 |
Acquisition (Tables)
Acquisition (Tables) | 3 Months Ended |
Oct. 31, 2017 | |
Jayco, Corp. | |
Summary of Final Fair Value Assigned to Net Assets Acquired | The following table summarizes the final fair values assigned to the Jayco net assets acquired, which were based on internal and independent external valuations: 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 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Oct. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Three Months Ended October 31, Net sales: 2017 2016 Recreational vehicles Towables $ 1,618,501 $ 1,210,873 Motorized 566,611 461,454 Total recreational vehicles 2,185,112 1,672,327 Other 82,919 58,996 Intercompany eliminations (36,363 ) (22,792 ) Total $ 2,231,668 $ 1,708,531 Three Months Ended October 31, Income (loss) before income taxes: 2017 2016 Recreational vehicles Towables $ 158,851 $ 94,173 Motorized 37,586 28,923 Total recreational vehicles 196,437 123,096 Other, net 8,483 6,378 Corporate (17,829 ) (13,674 ) Total $ 187,091 $ 115,800 Total assets: October 31, 2017 July 31, 2017 Recreational vehicles Towables $ 1,685,230 $ 1,535,029 Motorized 570,486 500,761 Total recreational vehicles 2,255,716 2,035,790 Other, net 153,743 156,996 Corporate 300,507 365,145 Total $ 2,709,966 $ 2,557,931 Three Months Ended October 31, Depreciation and intangible amortization expense: 2017 2016 Recreational vehicles Towables $ 16,793 $ 20,926 Motorized 2,728 2,343 Total recreational vehicles 19,521 23,269 Other 2,809 3,004 Corporate 368 322 Total $ 22,698 $ 26,595 Three Months Ended October 31, Capital acquisitions: 2017 2016 Recreational vehicles Towables $ 17,592 $ 20,865 Motorized 12,315 5,156 Total recreational vehicles 29,907 26,021 Other 610 296 Corporate 1,575 176 Total $ 32,092 $ 26,493 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Oct. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Common Share | The following table reflects the weighted-average common shares used to compute basic and diluted earnings per common share as included on the Condensed Consolidated Statements of Income and Comprehensive Income: Three Months Ended October 31, 2017 2016 Weighted-average shares outstanding for basic earnings per share 52,611,926 52,503,966 Unvested restricted stock and restricted stock units 206,437 201,976 Weighted-average shares outstanding assuming dilution 52,818,363 52,705,942 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Oct. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets Measured on Recurring Basis | The financial assets that were accounted for at fair value on a recurring basis at October 31, 2017 and July 31, 2017, all using Level 1 inputs, are as follows: October 31, 2017 July 31, 2017 Cash equivalents $ 96,360 $ 176,663 Deferred compensation plan assets $ 31,328 $ 28,095 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Oct. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Major Classifications of Inventories | Major classifications of inventories are as follows: October 31, 2017 July 31, 2017 Finished goods – RV $ 40,305 $ 24,904 Finished goods – other 25,097 27,862 Work in process 130,032 117,319 Raw materials 242,730 214,518 Chassis 114,234 109,555 Subtotal 552,398 494,158 Excess of FIFO costs over LIFO costs (35,070 ) (33,670 ) Total inventories, net $ 517,328 $ 460,488 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Oct. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment is stated at cost, net of accumulated depreciation, and consists of the following: October 31, 2017 July 31, 2017 Land $ 49,878 $ 48,812 Buildings and improvements 399,619 380,139 Machinery and equipment 170,910 161,724 Total cost 620,407 590,675 Less accumulated depreciation (174,273 ) (165,437 ) Property, plant and equipment, net $ 446,134 $ 425,238 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Oct. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Amortizable Intangible Assets | The components of amortizable intangible assets are as follows: Weighted-Average Remaining October 31, 2017 July 31, 2017 Life in Years at Cost Accumulated Cost Accumulated October 31, 2017 Amortization Amortization Dealer networks/customer relationships 16 $ 404,960 $ 113,181 $ 404,960 $ 101,795 Trademarks 18 147,617 19,361 147,617 17,570 Design technology and other intangibles 8 19,300 9,562 19,300 9,203 Non-compete 2 450 315 450 293 Total amortizable intangible assets $ 572,327 $ 142,419 $ 572,327 $ 128,861 |
Estimated Amortization Expense | Estimated annual amortization expense is as follows: For the fiscal year ending July 31, 2018 $ 53,968 For the fiscal year ending July 31, 2019 50,136 For the fiscal year ending July 31, 2020 46,269 For the fiscal year ending July 31, 2021 42,935 For the fiscal year ending July 31, 2022 37,828 For the fiscal year ending July 31, 2023 and thereafter 212,330 $ 443,466 |
Product Warranties (Tables)
Product Warranties (Tables) | 3 Months Ended |
Oct. 31, 2017 | |
Guarantees and Product Warranties [Abstract] | |
Schedule of Changes in Product Warranty Liabilities | Changes in our product warranty reserves are as follows: Three Months Ended October 31, 2017 2016 Beginning balance $ 216,781 $ 201,840 Provision 63,833 51,947 Payments (48,615 ) (44,799 ) Ending balance $ 231,999 $ 208,988 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Oct. 31, 2017 |
Jayco, Corp. | ||
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 | |
Jayco, Corp. | Consideration Funded By Credit Facility | ||
Business Acquisition [Line Items] | ||
Borrowings on revolving credit facility | $ 360,000 | |
Dealer Network | Jayco, Corp. | ||
Business Acquisition [Line Items] | ||
Intangible assets amortization period | 20 years | |
Amortizable intangible assets, amortization method | Accelerated cash flow basis | |
Trademarks | ||
Business Acquisition [Line Items] | ||
Intangible assets amortization period | 18 years | |
Trademarks | Jayco, Corp. | ||
Business Acquisition [Line Items] | ||
Intangible assets amortization period | 20 years | |
Amortizable intangible assets, amortization method | Straight-line basis | |
Backlog | Jayco, Corp. | ||
Business Acquisition [Line Items] | ||
Intangible assets amortization period | 3 months | |
Amortizable intangible assets, amortization method | Straight-line basis |
Summary of Final Fair Value Ass
Summary of Final Fair Value Assigned to Net Assets Acquired (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Oct. 31, 2016 | Oct. 31, 2017 | Jul. 31, 2017 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 377,693 | $ 377,693 | ||
Total cash consideration for acquisition, less cash acquired | $ 5,039 | |||
Jayco, Corp. | ||||
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, Corp. | Trademarks | ||||
Business Acquisition [Line Items] | ||||
Business acquisition allocated to amortizing intangible asset | 92,800 | |||
Jayco, Corp. | Backlog | ||||
Business Acquisition [Line Items] | ||||
Business acquisition allocated to amortizing intangible asset | 12,400 | |||
Jayco, Corp. | Dealer Network | ||||
Business Acquisition [Line Items] | ||||
Business acquisition allocated to amortizing intangible asset | $ 261,100 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 3 Months Ended |
Oct. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 2,231,668 | $ 1,708,531 |
Income (loss) before income taxes | 187,091 | 115,800 |
Operating Segments | Recreational vehicles | ||
Segment Reporting Information [Line Items] | ||
Income (loss) before income taxes | 196,437 | 123,096 |
Operating Segments | Recreational vehicles | Towables | ||
Segment Reporting Information [Line Items] | ||
Income (loss) before income taxes | 158,851 | 94,173 |
Operating Segments | Recreational vehicles | Motorized | ||
Segment Reporting Information [Line Items] | ||
Income (loss) before income taxes | 37,586 | 28,923 |
Operating Segments | Other | ||
Segment Reporting Information [Line Items] | ||
Income (loss) before income taxes | 8,483 | 6,378 |
Operating Segments | Corporate | ||
Segment Reporting Information [Line Items] | ||
Income (loss) before income taxes | (17,829) | (13,674) |
Continuing Operations | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,231,668 | 1,708,531 |
Continuing Operations | Operating Segments | Recreational vehicles | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,185,112 | 1,672,327 |
Continuing Operations | Operating Segments | Recreational vehicles | Towables | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,618,501 | 1,210,873 |
Continuing Operations | Operating Segments | Recreational vehicles | Motorized | ||
Segment Reporting Information [Line Items] | ||
Net sales | 566,611 | 461,454 |
Continuing Operations | Operating Segments | Other | ||
Segment Reporting Information [Line Items] | ||
Net sales | 82,919 | 58,996 |
Continuing Operations | Intercompany Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ (36,363) | $ (22,792) |
Schedule of Segment Reporting33
Schedule of Segment Reporting Information, by Segment Balance Sheet Item (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Total assets | $ 2,709,966 | $ 2,557,931 | |
Depreciation and amortization expense, total | 22,698 | $ 26,595 | |
Capital acquisitions | 32,092 | 26,493 | |
Continuing Operations | Operating Segments | Recreational vehicles | |||
Segment Reporting Information [Line Items] | |||
Total assets | 2,255,716 | 2,035,790 | |
Depreciation and amortization expense, total | 19,521 | 23,269 | |
Capital acquisitions | 29,907 | 26,021 | |
Continuing Operations | Operating Segments | Recreational vehicles | Towables | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,685,230 | 1,535,029 | |
Depreciation and amortization expense, total | 16,793 | 20,926 | |
Capital acquisitions | 17,592 | 20,865 | |
Continuing Operations | Operating Segments | Recreational vehicles | Motorized | |||
Segment Reporting Information [Line Items] | |||
Total assets | 570,486 | 500,761 | |
Depreciation and amortization expense, total | 2,728 | 2,343 | |
Capital acquisitions | 12,315 | 5,156 | |
Continuing Operations | Operating Segments | Other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 153,743 | 156,996 | |
Depreciation and amortization expense, total | 2,809 | 3,004 | |
Capital acquisitions | 610 | 296 | |
Continuing Operations | Operating Segments | Corporate | |||
Segment Reporting Information [Line Items] | |||
Total assets | 300,507 | $ 365,145 | |
Depreciation and amortization expense, total | 368 | 322 | |
Capital acquisitions | $ 1,575 | $ 176 |
Earning Per Common Share (Detai
Earning Per Common Share (Detail) - shares | 3 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Weighted-average shares outstanding for basic earnings per share | 52,611,926 | 52,503,966 |
Unvested restricted stock and restricted stock units | 206,437 | 201,976 |
Weighted-average shares outstanding assuming dilution | 52,818,363 | 52,705,942 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Antidilutive stock options, unvested restricted stock and restricted stock units outstanding | 46,692 | 52,098 |
Schedule of Fair Value, Assets
Schedule of Fair Value, Assets Measured on Recurring Basis (Detail) - Level 1 - USD ($) $ in Thousands | Oct. 31, 2017 | Jul. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 96,360 | $ 176,663 |
Deferred compensation plan assets | $ 31,328 | $ 28,095 |
Schedule of Major Classificatio
Schedule of Major Classifications of Inventories (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Jul. 31, 2017 |
Inventory [Line Items] | ||
Work in process | $ 130,032 | $ 117,319 |
Raw materials | 242,730 | 214,518 |
Chassis | 114,234 | 109,555 |
Subtotal | 552,398 | 494,158 |
Excess of FIFO costs over LIFO costs | (35,070) | (33,670) |
Total inventories, net | 517,328 | 460,488 |
Recreational vehicles | ||
Inventory [Line Items] | ||
Finished goods | 40,305 | 24,904 |
Other | ||
Inventory [Line Items] | ||
Finished goods | $ 25,097 | $ 27,862 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Jul. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Inventories | $ 552,398 | $ 494,158 |
Subsidiaries valued inventory in last-in, first-out method | 314,976 | 284,897 |
Subsidiaries valued inventory in first-in, first-out method | $ 237,422 | $ 209,261 |
Property, Plant and Equipment39
Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Jul. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 620,407 | $ 590,675 |
Less accumulated depreciation | (174,273) | (165,437) |
Property, plant and equipment, net | 446,134 | 425,238 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 49,878 | 48,812 |
Building and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 399,619 | 380,139 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 170,910 | $ 161,724 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Jul. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 620,407 | $ 590,675 |
Accumulated depreciation | 174,273 | 165,437 |
Assets Held under Capital Leases | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 6,527 | 6,527 |
Accumulated depreciation | $ 1,360 | $ 1,224 |
Components of Amortizable Intan
Components of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2017 | Jul. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 572,327 | $ 572,327 |
Accumulated Amortization | $ 142,419 | 128,861 |
Dealer Network/Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life | 16 years | |
Cost | $ 404,960 | 404,960 |
Accumulated Amortization | $ 113,181 | 101,795 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life | 18 years | |
Cost | $ 147,617 | 147,617 |
Accumulated Amortization | $ 19,361 | 17,570 |
Design Technology and Other Intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life | 8 years | |
Cost | $ 19,300 | 19,300 |
Accumulated Amortization | $ 9,562 | 9,203 |
Non-Compete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life | 2 years | |
Cost | $ 450 | 450 |
Accumulated Amortization | $ 315 | $ 293 |
Estimated Amortization Expense
Estimated Amortization Expense (Detail) $ in Thousands | Oct. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated annual amortization expense, For the fiscal year ending July 31, 2018 | $ 53,968 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2019 | 50,136 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2020 | 46,269 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2021 | 42,935 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2022 | 37,828 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2023 and thereafter | 212,330 |
Estimated annual amortization expense, Total | $ 443,466 |
Intangible Assets and Goodwil43
Intangible Assets and Goodwill - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Jul. 31, 2017 |
Intangible Assets And Goodwill [Line Items] | ||
Goodwill | $ 377,693 | $ 377,693 |
Towables | ||
Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 334,822 | 334,822 |
Other | ||
Intangible Assets And Goodwill [Line Items] | ||
Goodwill | $ 42,871 | $ 42,871 |
Concentration of Risk - Additio
Concentration of Risk - Additional Information (Detail) - Freedom Roads, LLC | 3 Months Ended | 12 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2017 | |
Net Sales | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 23.00% | 17.00% | |
Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 25.00% | 30.00% |
Product Warranties - Additional
Product Warranties - Additional Information (Detail) | 3 Months Ended |
Oct. 31, 2017 | |
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 | 3 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Product Warranty | ||
Beginning balance | $ 216,781 | $ 201,840 |
Provision | 63,833 | 51,947 |
Payments | (48,615) | (44,799) |
Ending balance | $ 231,999 | $ 208,988 |
Long - Term Debt - Additional I
Long - Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Jul. 31, 2017 | |
Line of Credit Facility [Line Items] | ||||
Line of credit, outstanding amount | $ 90,000 | $ 145,000 | ||
Interest expense | 1,412 | $ 2,560 | ||
Fees to secure the facility, amortized amount | $ 393 | $ 393 | ||
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, outstanding amount | $ 90,000 | 145,000 | ||
Line of credit, borrowing availability | $ 407,675 | |||
Weighted-average interest rate on borrowings | 2.57% | 2.11% | ||
Fees to secure the facility, amount incurred | $ 7,850 | |||
Fees to secure the facility, unamortized amount | $ 5,756 | $ 6,149 | ||
Asset-based revolving credit facility | Interest expense | ||||
Line of Credit Facility [Line Items] | ||||
Fees to secure the facility, amortized amount | $ 393 | $ 393 | ||
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 and base rate | ||||
Line of Credit Facility [Line Items] | ||||
Interest expense | $ 611 | $ 1,878 |
Provision for Income Taxes - Ad
Provision for Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 31.40% | 32.00% |
Expected decrease in unrecognized tax benefits due to resolution of uncertain tax positions | $ 2,730 | |
Expected decrease in interest due to resolution of uncertain tax positions | $ 370 |
Contingent Liabilities, Commi49
Contingent Liabilities, Commitments and Legal Matters - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2017 | Jul. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Standby Repurchase Obligations Amount | $ 2,408,007 | $ 2,200,544 |
Term of Commitments | Up to eighteen months | |
Repurchase and guarantee reserve balances | $ 6,700 | $ 6,345 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Stock Based Compensation And Stockholders Equity [Line Items] | ||
Total compensation expenses | $ 4,318 | $ 2,738 |
Regular dividend declared per common share | $ 0.37 | $ 0.33 |
Dividends payable | $ 19,497 | $ 17,352 |
Restricted Stock Units (RSUs) | ||
Stock Based Compensation And Stockholders Equity [Line Items] | ||
Withholding taxes payable | $ 7,657 |