Thor Industries (THO) 10-Q 6 Dec 18 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Oct. 31, 2018shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2018
Document Fiscal Year Focus	2,019
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
Smaller reporting company	false
Emerging growth company	false
Entity Common Stock, Shares Outstanding	52,806,981

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2018	Jul. 31, 2018
Current assets:
Cash and cash equivalents	$ 224,921	$ 275,249
Accounts receivable, trade, net	483,543	467,488
Accounts receivable, other, net	20,248	19,747
Inventories, net	565,346	537,909
Prepaid income taxes, expenses and other	30,898	11,281
Total current assets	1,324,956	1,311,674
Property, plant and equipment, net	543,697	522,054
Other assets:
Goodwill	377,693	377,693
Amortizable intangible assets, net	375,757	388,348
Deferred income taxes, net	80,872	78,444
Equity investment in joint venture	46,980	48,463
Other	50,473	51,989
Total other assets	931,775	944,937
TOTAL ASSETS	2,800,428	2,778,665
Current liabilities:
Accounts payable	255,512	286,974
Accrued liabilities:
Compensation and related items	84,695	97,122
Product warranties	271,749	264,928
Income and other taxes	14,424	19,345
Promotions and rebates	68,565	59,133
Product, property and related liabilities	12,767	17,815
Dividends payable	20,595
Foreign currency forward contract liability	42,555
Other	28,903	24,013
Total current liabilities	799,765	769,330
Unrecognized tax benefits	13,093	12,446
Other liabilities	59,224	59,148
Total long-term liabilities	72,317	71,594
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 62,933,415 and 62,765,824 shares, respectively	6,293	6,277
Additional paid-in capital	259,303	252,204
Retained earnings	2,010,896	2,022,988
Less treasury shares of 10,126,434 and 10,070,459, respectively, at cost	(348,146)	(343,728)
Total stockholders' equity	1,928,346	1,937,741
Total Liabilities and Stockholders' Equity	$ 2,800,428	$ 2,778,665

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2018	Jul. 31, 2018
Statement of Financial Position [Abstract]
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	62,933,415	62,765,824
Treasury, shares	10,126,434	10,070,459

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Income Statement [Abstract]
Net sales	$ 1,755,976	$ 2,231,668
Cost of products sold	1,548,720	1,898,483
Gross profit	207,256	333,185
Selling, general and administrative expenses	102,693	134,263
Amortization of intangible assets	12,591	13,558
Acquisition-related costs	57,089
Interest income	1,222	381
Interest expense	876	1,412
Other income (expense), net	(3,712)	2,758
Income before income taxes	31,517	187,091
Income taxes	17,564	58,685
Net income and comprehensive income	$ 13,953	$ 128,406
Weighted-average common shares outstanding:
Basic	52,726,496	52,611,926
Diluted	52,899,603	52,818,363
Earnings per common share:
Basic	$ 0.26	$ 2.44
Diluted	0.26	2.43
Regular dividends declared per common share	$ 0.39	$ 0.37

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Cash flows from operating activities:
Net income	$ 13,953	$ 128,406
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	10,467	9,140
Amortization of intangibles	12,591	13,558
Amortization of debt issuance costs	393	393
Foreign currency forward contract loss	42,555
Deferred income tax benefit	(751)	(5,356)
Gain on disposition of property, plant and equipment	(30)	(1,470)
Stock-based compensation expense	4,530	4,318
Changes in assets and liabilities:
Accounts receivable	(16,556)	(152,921)
Inventories	(27,437)	(56,840)
Prepaid income taxes, expenses and other	(17,011)	(2,409)
Accounts payable	(29,150)	33,471
Accrued liabilities	(10,218)	39,892
Long-term liabilities and other	830	3,233
Net cash provided by (used in) operating activities	(15,834)	13,415
Cash flows from investing activities:
Purchases of property, plant and equipment	(34,453)	(34,283)
Proceeds from dispositions of property, plant and equipment	61	3,526
Other		641
Net cash used in investing activities	(34,392)	(30,116)
Cash flows from financing activities:
Principal payments on revolving credit facility		(55,000)
Principal payments on capital lease obligations	(102)	(94)
Net cash used in financing activities	(102)	(55,094)
Net decrease in cash and cash equivalents	(50,328)	(71,795)
Cash and cash equivalents, beginning of period	275,249	223,258
Cash and cash equivalents, end of period	224,921	151,463
Supplemental cash flow information:
Income taxes paid	45,203	73,720
Interest paid	458	1,161
Non-cash investing and financing transactions:
Capital expenditures in accounts payable	3,063	4,075
Regular quarterly dividends payable	$ 20,595	$ 19,497

Nature of Operations and Accoun

Nature of Operations and Accounting Policies	3 Months Ended
	Oct. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [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”), currently 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, 2018 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 Adoption of Revenue Recognition Accounting Standard In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, The Company adopted ASU No. 2014-09, net-of-tax pre-tax The adoption impact is a result of a change in the accounting for certain sales incentives, which were historically recorded as a reduction of revenue at the later of the time products were sold or the date the incentive was offered. Upon adoption of ASU No. 2014-09, Other Accounting Pronouncements Not Yet Adopted In January 2017, the FASB issued ASU No. 2017-04, In February 2016, the FASB issued ASU No. 2016-02, No. 2016-02

Business Segments

Business Segments	3 Months Ended
	Oct. 31, 2018
Segment Reporting [Abstract]
Business Segments	2. 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 Venture RV). 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 All manufacturing is currently 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: 2018 2017 Recreational vehicles Towables $ 1,279,098 $ 1,618,501 Motorized 431,198 566,611 Total recreational vehicles 1,710,296 2,185,112 Other 73,848 82,919 Intercompany eliminations (28,168 ) (36,363 ) Total $ 1,755,976 $ 2,231,668 Three Months Ended October 31, Income (loss) before income taxes: 2018 2017 Recreational vehicles Towables $ 74,550 $ 158,851 Motorized 21,712 37,586 Total recreational vehicles 96,262 196,437 Other, net 5,910 8,483 Corporate (70,655 ) (17,829 ) Total $ 31,517 $ 187,091 Total assets: October 31, 2018 July 31, 2018 Recreational vehicles Towables $ 1,682,272 $ 1,654,361 Motorized 506,706 492,830 Total recreational vehicles 2,188,978 2,147,191 Other, net 174,151 167,965 Corporate 437,299 463,509 Total $ 2,800,428 $ 2,778,665 Three Months Ended October 31, Depreciation and intangible amortization expense: 2018 2017 Recreational vehicles Towables $ 16,631 $ 16,793 Motorized 3,436 2,728 Total recreational vehicles 20,067 19,521 Other 2,574 2,809 Corporate 417 368 Total $ 23,058 $ 22,698 Three Months Ended Capital acquisitions: 2018 2017 Recreational vehicles Towables $ 22,242 $ 17,592 Motorized 7,419 12,315 Total recreational vehicles 29,661 29,907 Other 2,444 610 Corporate 36 1575 Total $ 32,141 $ 32,092

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Oct. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Common Share	3. 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, 2018 2017 Weighted-average shares outstanding for basic earnings per share 52,726,496 52,611,926 Unvested restricted stock units 173,107 206,437 Weighted-average shares outstanding assuming dilution 52,899,603 52,818,363 At October 31, 2018 and 2017, the Company had 152,279 and 46,692 unvested restricted stock units outstanding, respectively, which were excluded from this calculation as their effect would be antidilutive.

Investments and Fair Value Meas

Investments and Fair Value Measurements	3 Months Ended
	Oct. 31, 2018
Fair Value Disclosures [Abstract]
Investments and Fair Value Measurements	4. 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, “Fair Value Measurements and Disclosures,” and as discussed in Note 10 in the Notes to the Consolidated Financial Statements in our fiscal 2018 Form 10-K. The financial assets that were accounted for at fair value on a recurring basis at October 31, 2018 and July 31, 2018 are as follows: Input Level October 31, 2018 July 31, 2018 Cash equivalents Level 1 $ 181,235 $ 230,319 Deferred compensation plan assets and liabilities Level 1 $ 43,275 $ 43,316 Foreign currency forward contract liability Level 3 $ 42,555 $ — 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 a component 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. See Note 15 to the Condensed Consolidated Financial Statements for a discussion of the foreign currency forward contract liability, including further information as to the inputs used to determine fair value.

Inventories

Inventories	3 Months Ended
	Oct. 31, 2018
Inventory Disclosure [Abstract]
Inventories	5. Inventories Major classifications of inventories are as follows: October 31, 2018 July 31, 2018 Finished goods – RV $ 92,990 $ 44,998 Finished goods – other 26,059 35,320 Work in process 120,844 124,703 Raw materials 262,318 258,429 Chassis 106,684 116,308 Subtotal 608,895 579,758 Excess of FIFO costs over LIFO costs (43,549 ) (41,849 ) Total inventories, net $ 565,346 $ 537,909 Of the $608,895 and $579,758 of inventories at October 31, 2018 and July 31, 2018, $311,120 and $305,990, 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, 2018
Property, Plant and Equipment [Abstract]
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: October 31, 2018 July 31, 2018 Land $ 61,738 $ 57,413 Buildings and improvements 487,865 468,824 Machinery and equipment 205,533 197,294 Total cost 755,136 723,531 Less accumulated depreciation (211,439 ) (201,477 ) Property, plant and equipment, net $ 543,697 $ 522,054 Property, plant and equipment at both October 31, 2018 and July 31, 2018 includes buildings and improvements under capital leases of $6,527 and related amortization included in accumulated depreciation of $1,904 and $1,768 at October 31, 2018 and July 31, 2018, respectively.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Oct. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	7. Intangible Assets and Goodwill The components of amortizable intangible assets are as follows: Weighted-Average Remaining October 31, 2018 July 31, 2018 Life in Years at Cost Accumulated Cost Accumulated October 31, 2018 Amortization Amortization Dealer networks/customer relationships 15 $ 404,960 $ 157,571 $ 404,960 $ 147,077 Trademarks 17 146,117 26,136 146,117 24,364 Design technology and other intangibles 7 18,200 9,858 18,200 9,555 Non-compete 1 450 405 450 383 Total amortizable intangible assets $ 569,727 $ 193,970 $ 569,727 $ 181,379 Estimated annual amortization expense is as follows: For the fiscal year ending July 31, 2019 $ 50,043 For the fiscal year ending July 31, 2020 46,194 For the fiscal year ending July 31, 2021 42,860 For the fiscal year ending July 31, 2022 37,753 For the fiscal year ending July 31, 2023 30,291 For the fiscal year ending July 31, 2024 and thereafter 181,207 $ 388,348 Of the recorded goodwill of $377,693 at both October 31, 2018 and July 31, 2018, $334,822 relates to the towable recreational vehicle reportable segment and $42,871 relates to the Other non-reportable

Equity Investment

Equity Investment	3 Months Ended
	Oct. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
Equity Investment	8. Equity Investment As discussed in the Company’s fiscal 2018 Form 10-K, thl The Company’s investment in TH2 is accounted for under the equity method of accounting. The Company’s share of the losses of this investment, which are included in its operating results for the three months ended October 31, 2018, was $1,483 and is included in Other income (expense), net in the Condensed Consolidated Statements of Income and Comprehensive Income.

Concentration of Risk

Concentration of Risk	3 Months Ended
	Oct. 31, 2018
Risks and Uncertainties [Abstract]
Concentration of Risk	9. Concentration of Risk One dealer, FreedomRoads, LLC, accounted for 24% and 23% of the Company’s consolidated net sales for the three-month periods ended October 31, 2018 and October 31, 2017, respectively. Sales to this dealer are reported within both the towables and motorized segments. This dealer also accounted for 24% of the Company’s consolidated trade accounts receivable at October 31, 2018 and 26% at July 31, 2018. The loss of this dealer could have a material effect on the Company’s business.

Product Warranties

Product Warranties	3 Months Ended
	Oct. 31, 2018
Guarantees and Product Warranties [Abstract]
Product Warranties	10. Product Warranties As discussed in the Company’s fiscal 2018 Form 10-K, one-year two-year Changes in our product warranty liabilities during the indicated periods are as follows: Three Months Ended October 31, 2018 2017 Beginning balance $ 264,928 $ 216,781 Provision 69,767 63,833 Payments (62,946 ) (48,615 ) Ending balance $ 271,749 $ 231,999

Long-Term Debt

Long-Term Debt	3 Months Ended
	Oct. 31, 2018
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 12 in the Notes to the Consolidated Financial Statements in our fiscal 2018 Form 10-K The Company recorded charges related to the amortization of the fees incurred to obtain this facility, which are classified as interest expense, of $393 for each of the three-month periods ended October 31, 2018 and October 31, 2017. The unamortized balances of these facility fees were $4,186 at October 31, 2018 and $4,579 at July 31, 2018, and are included in Other long-term assets in the Condensed Consolidated Balance Sheets.

Provision for Income Taxes

Provision for Income Taxes	3 Months Ended
	Oct. 31, 2018
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, 2018 was 55.7%. This rate includes the effect of the non-deductible non-deductible Within the next 12 months, the Company anticipates a decrease of approximately $2,300 in unrecognized tax benefits, and $450 in accrued interest related to unrecognized tax benefits recorded as of October 31, 2018, 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 through 2017 remain open for federal income tax purposes, and fiscal years 2013 through 2017 remain open for state and Canadian income tax purposes. The Company recently completed an exam by the State of Indiana for the fiscal years ended July 31, 2013 through 2015. A formal protest was submitted in response to the exam. The Company believes it has adequately reserved for its exposure to additional payments for uncertain tax positions related to its State of Indiana income tax returns in its liability for unrecognized tax benefits.

Contingent Liabilities, Commitm

Contingent Liabilities, Commitments and Legal Matters	3 Months Ended
	Oct. 31, 2018
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 14 to the Consolidated Financial Statements in our fiscal 2018 Form 10-K, As discussed in the Company’s fiscal 2018 Form 10-K, Losses incurred related to repurchase agreements during the three-month periods ended October 31, 2018 and October 31, 2017 were not material. Based on current market conditions, the Company believes that any future losses under these agreements will not have a material 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, 2018
Equity [Abstract]
Stockholders' Equity	14. Stockholders’ Equity Stock-Based Compensation Under the Company’s restricted stock unit (“RSU”) program, as discussed in Note 17 in the Notes to the Consolidated Financial Statements in our fiscal 2018 Form 10-K, Total expense recognized in the three-month periods ended October 31, 2018 and October 31, 2017 for these restricted stock unit awards and other stock-based compensation was $4,530 and $4,318, respectively. For the restricted stock units that vested during the three-month periods ended October 31, 2018 and October 31, 2017, portions of the vested shares awarded were withheld as treasury shares to cover the recipients’ estimated withholding taxes. The total related taxes withheld of $4,418, to be paid by the Company on behalf of the recipients of these awards, is included in Compensation and related items in the Condensed Consolidated Balance Sheets and will be paid in the second quarter of fiscal 2019. Share Repurchase Program As discussed in the Company’s 2018 Form 10-K, Retained Earnings The components of the change in retained earnings are as follows: Balance as of July 31, 2018 $ 2,022,988 Cumulative effect of the change in accounting principle, net of tax (5,450 ) Net income 13,953 Dividends declared but not paid (20,595 ) Balance as of October 31, 2018 $ 2,010,896 The cumulative effect of the change in accounting principle relates to the adoption of the new revenue recognition standard as discussed in Note 1 to the Condensed Consolidated Financial Statements. During the first quarter of fiscal 2019, the Company’s Board approved and declared the payment of a regular quarterly dividend of $0.39 per share for the first quarter of fiscal 2019. This dividend, totaling $20,595, is included in Dividends Payable in the Condensed Consolidated Balance Sheets as of October 31, 2018 and was paid in the second quarter of fiscal 2019.

Foreign Currency Forward Contra

Foreign Currency Forward Contract	3 Months Ended
	Oct. 31, 2018
Foreign Currency [Abstract]
Foreign Currency Forward Contract	15. Foreign Currency Forward Contract As described in more detail in Note 16 to the Condensed Consolidated Financial Statements, on September 18, 2018, the Company entered into a definitive agreement to acquire the Erwin Hymer Group SE (“Erwin Hymer Group”), the largest RV manufacturer in Europe by revenue. The purchase price will be paid with a combination of Thor common stock and approximately 1.7 billion Euro in cash, and therefore changes in the Euro/USD exchange rate between the September 18, 2018 agreement date and the closing date could cause the purchase price to fluctuate, affecting the Company’s cash flows. In order to reduce its exposure to foreign currency exchange rate changes in relation to the acquisition of the Erwin Hymer Group, the Company entered into a deal-contingent, foreign currency forward contract on the agreement date in the amount of 1.625 billion Euro. Hedge accounting has not been applied to this instrument, and therefore all changes in fair value during the period are reported in current period earnings. The fair value of the foreign currency forward contract, calculated based on a probability-weighted assessment using both Level 2 and Level 3 inputs, was $42,555 as of October 31, 2018, and is included as a current liability in the Condensed Consolidated Balance Sheet. The Level 2 inputs used in determining fair value are based on information obtained from third-party sources and include the spot rate and market-forward points. Fair value is also determined using Level 3 inputs, which are significant to the fair value measurement total. These inputs relate to the deal-contingent element of the contract and include the probability of completing the acquisition and the timing thereof. The probability of completing the transaction was assessed as more likely than not, using four possible closing dates. Any significant changes in the currency spot rate, forward points or probability-weighted assessment of closing could result in a significant change in the fair value of this foreign currency forward contract. The Level 3 inputs and their application into the probability-weighted assessment are evaluated and reviewed by senior legal and financial management of the Company at least quarterly or upon settlement. The Company recognized a non-cash charge related to this contract of $42,555 during the three months ended October 31, 2018, which is included in Acquisition-related costs in the Condensed Consolidated Statements of Income and Comprehensive Income.

Pending Acquisition

Pending Acquisition	3 Months Ended
	Oct. 31, 2018
Text Block [Abstract]
Pending Acquisition	16. Pending Acquisition On September 18, 2018, the Company and the shareholders of Erwin Hymer Group announced that they entered into a definitive agreement for the Company to acquire Erwin Hymer Group. In accordance with the agreement, consideration to be paid to the sellers at closing will consist of approximately 1.7 billion Euro in cash and equity consisting of approximately 2.3 million shares of the Company. The Company will also assume responsibility for the debt of Erwin Hymer Group, which approximated 440 million Euro at October 31, 2018. The Erwin Hymer Group is headquartered in Bad Waldsee, Germany, and is the largest RV manufacturer in Europe, by revenue. The transaction is subject to customary closing conditions, including regulatory approvals. The transaction is expected to close near the end of calendar 2018. The Company plans to finance the acquisition primarily through debt financing. In connection with the planned acquisition, the Company has obtained financing commitments for a 5 year, $750 million asset-based credit facility (ABL) and a 7 year, $2.3 billion term loan. The ABL has no required annual minimum payments, will carry interest at LIBOR plus 1.25% to 1.75% based on availability as defined in the ABL agreement, includes a 0.25% unused facility fee and carries a springing minimum fixed charge coverage ratio of 1.0x. The term loan will consist of a U.S. tranche and a Euro tranche, with the interest rate on the U.S. portion at LIBOR plus 3.75% and the interest rate on the Euro portion at EURIBOR plus 4.0%, with interest on both tranches payable quarterly. Both term loan tranches will have annual required payments of 1.0% of the initial term loan balance, payable quarterly in 0.25% installments. Ticking fees on the term loan, as defined in the financing commitments, will also apply starting December 4, 2018. Costs incurred during the three months ended October 31, 2018 related specifically to this acquisition are included in Acquisition-related costs in the Condensed Consolidated Statements of Income and Comprehensive Income. These costs include the change in the fair value of the foreign currency forward contract of $42,555 discussed in Note 15 above, and $14,534 of other expenses, consisting primarily of legal, professional and advisory fees related to financial due diligence and preliminary implementation costs, rating agency fees related to obtaining financing commitments and regulatory review costs.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Oct. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition	17. Revenue Recognition Revenue is recognized as performance obligations under the terms of contracts with customers are satisfied. The Company’s contracts have a single performance obligation of providing the promised goods (recreational vehicles and extruded aluminum components), which is satisfied when control of the goods is transferred to the customer. Dealers do not have a right of return. All warranties provided are assurance-type warranties. For recreational vehicle sales, the Company recognizes revenue when all performance obligations have been satisfied and control of the product is transferred to the dealer in accordance with shipping terms, primarily FOB shipping point. For sales made to dealers financing their purchases under flooring arrangements with banks or finance companies, revenue is not recognized until written or oral financing approval has been received from the floorplan lender. The Company recognizes revenue on credit sales upon product shipment, and sales with cash-on-delivery Revenue from the sale of extruded aluminum components is recognized when all performance obligations have been satisfied and control of the products is transferred to the customer, which is generally upon delivery to the customer’s location. Revenue is measured as the amount of consideration expected to be entitled in exchange for the Company’s products. The amount of revenue recognized includes adjustments for any variable consideration, such as sales discounts, sales allowances, promotions, rebates and other sales incentives which are included in the transaction price and allocated to each performance obligation based on the standalone selling price. The Company estimates variable consideration based on the expected value of total consideration to which customers are likely to be entitled to based primarily on historical experience and current market conditions. Included in the estimate is an assessment as to whether any variable consideration is constrained. Revenue estimates are adjusted at the earlier of a change in the expected value of consideration or when the consideration becomes fixed. During the three-month period ended October 31, 2018, adjustments to revenue from performance obligations satisfied in prior periods, which relate primarily to changes in estimated variable consideration, were immaterial. Amounts billed to customers related to shipping and handling activities are included in net sales. In adopting ASC 606, shipping and handling costs have been elected to be accounted for as fulfillment activities, and are included in cost of sales. The table below disaggregates revenue to the level that the Company believes best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors. All revenue streams are considered point in time. Three Months Ended October 31, 2018 Three Months Ended October 31, 2017 NET SALES: Towables Travel Trailers and Other $ 761,484 $ 993,604 Fifth Wheels 517,614 624,897 Total Towables 1,279,098 1,618,501 Motorized Class A 227,274 252,423 Class C 184,384 286,666 Class B 19,540 27,522 Total Motorized 431,198 566,611 Other, primarily aluminum extruded components 73,848 82,919 Intercompany eliminations (28,168 ) (36,363 ) Total $ 1,755,976 $ 2,231,668 Other Practical Expedients We do not disclose information about the transaction price allocated to the remaining performance obligations at period end because our contracts generally have original expected durations of one year or less. In addition, we expense when incurred contract acquisition costs, primarily sales commissions, because the amortization period would be one year or less.

Nature of Operations and Acco_2

Nature of Operations and Accounting Policies (Policies)	3 Months Ended
	Oct. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Thor Industries, Inc. was founded in 1980 and, through its subsidiaries (collectively, the “Company”), currently 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, 2018 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
Adoption of Revenue Recognition Accounting Standard	Adoption of Revenue Recognition Accounting Standard In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, The Company adopted ASU No. 2014-09, net-of-tax pre-tax The adoption impact is a result of a change in the accounting for certain sales incentives, which were historically recorded as a reduction of revenue at the later of the time products were sold or the date the incentive was offered. Upon adoption of ASU No. 2014-09,
Other Accounting Pronouncements Not Yet Adopted	Other Accounting Pronouncements Not Yet Adopted In January 2017, the FASB issued ASU No. 2017-04, In February 2016, the FASB issued ASU No. 2016-02, No. 2016-02

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Oct. 31, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information by Segment	Three Months Ended October 31, Net sales: 2018 2017 Recreational vehicles Towables $ 1,279,098 $ 1,618,501 Motorized 431,198 566,611 Total recreational vehicles 1,710,296 2,185,112 Other 73,848 82,919 Intercompany eliminations (28,168 ) (36,363 ) Total $ 1,755,976 $ 2,231,668 Three Months Ended October 31, Income (loss) before income taxes: 2018 2017 Recreational vehicles Towables $ 74,550 $ 158,851 Motorized 21,712 37,586 Total recreational vehicles 96,262 196,437 Other, net 5,910 8,483 Corporate (70,655 ) (17,829 ) Total $ 31,517 $ 187,091 Total assets: October 31, 2018 July 31, 2018 Recreational vehicles Towables $ 1,682,272 $ 1,654,361 Motorized 506,706 492,830 Total recreational vehicles 2,188,978 2,147,191 Other, net 174,151 167,965 Corporate 437,299 463,509 Total $ 2,800,428 $ 2,778,665 Three Months Ended October 31, Depreciation and intangible amortization expense: 2018 2017 Recreational vehicles Towables $ 16,631 $ 16,793 Motorized 3,436 2,728 Total recreational vehicles 20,067 19,521 Other 2,574 2,809 Corporate 417 368 Total $ 23,058 $ 22,698 Three Months Ended Capital acquisitions: 2018 2017 Recreational vehicles Towables $ 22,242 $ 17,592 Motorized 7,419 12,315 Total recreational vehicles 29,661 29,907 Other 2,444 610 Corporate 36 1575 Total $ 32,141 $ 32,092

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Oct. 31, 2018
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, 2018 2017 Weighted-average shares outstanding for basic earnings per share 52,726,496 52,611,926 Unvested restricted stock units 173,107 206,437 Weighted-average shares outstanding assuming dilution 52,899,603 52,818,363

Investments and Fair Value Me_2

Investments and Fair Value Measurements (Tables)	3 Months Ended
	Oct. 31, 2018
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, 2018 and July 31, 2018 are as follows: Input Level October 31, 2018 July 31, 2018 Cash equivalents Level 1 $ 181,235 $ 230,319 Deferred compensation plan assets and liabilities Level 1 $ 43,275 $ 43,316 Foreign currency forward contract liability Level 3 $ 42,555 $ —

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Oct. 31, 2018
Inventory Disclosure [Abstract]
Schedule of Major Classifications of Inventories	Major classifications of inventories are as follows: October 31, 2018 July 31, 2018 Finished goods – RV $ 92,990 $ 44,998 Finished goods – other 26,059 35,320 Work in process 120,844 124,703 Raw materials 262,318 258,429 Chassis 106,684 116,308 Subtotal 608,895 579,758 Excess of FIFO costs over LIFO costs (43,549 ) (41,849 ) Total inventories, net $ 565,346 $ 537,909

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Oct. 31, 2018
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, 2018 July 31, 2018 Land $ 61,738 $ 57,413 Buildings and improvements 487,865 468,824 Machinery and equipment 205,533 197,294 Total cost 755,136 723,531 Less accumulated depreciation (211,439 ) (201,477 ) Property, plant and equipment, net $ 543,697 $ 522,054

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Oct. 31, 2018
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, 2018 July 31, 2018 Life in Years at Cost Accumulated Cost Accumulated October 31, 2018 Amortization Amortization Dealer networks/customer relationships 15 $ 404,960 $ 157,571 $ 404,960 $ 147,077 Trademarks 17 146,117 26,136 146,117 24,364 Design technology and other intangibles 7 18,200 9,858 18,200 9,555 Non-compete 1 450 405 450 383 Total amortizable intangible assets $ 569,727 $ 193,970 $ 569,727 $ 181,379
Estimated Amortization Expense	Estimated annual amortization expense is as follows: For the fiscal year ending July 31, 2019 $ 50,043 For the fiscal year ending July 31, 2020 46,194 For the fiscal year ending July 31, 2021 42,860 For the fiscal year ending July 31, 2022 37,753 For the fiscal year ending July 31, 2023 30,291 For the fiscal year ending July 31, 2024 and thereafter 181,207 $ 388,348

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Oct. 31, 2018
Guarantees and Product Warranties [Abstract]
Schedule of Changes in Product Warranty Liabilities	Changes in our product warranty liabilities during the indicated periods are as follows: Three Months Ended October 31, 2018 2017 Beginning balance $ 264,928 $ 216,781 Provision 69,767 63,833 Payments (62,946 ) (48,615 ) Ending balance $ 271,749 $ 231,999

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Oct. 31, 2018
Equity [Abstract]
Schedule of Change in Retained Earnings	The components of the change in retained earnings are as follows: Balance as of July 31, 2018 $ 2,022,988 Cumulative effect of the change in accounting principle, net of tax (5,450 ) Net income 13,953 Dividends declared but not paid (20,595 ) Balance as of October 31, 2018 $ 2,010,896

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Oct. 31, 2018
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregates of Revenue	All revenue streams are considered point in time. Three Months Ended October 31, 2018 Three Months Ended October 31, 2017 NET SALES: Towables Travel Trailers and Other $ 761,484 $ 993,604 Fifth Wheels 517,614 624,897 Total Towables 1,279,098 1,618,501 Motorized Class A 227,274 252,423 Class C 184,384 286,666 Class B 19,540 27,522 Total Motorized 431,198 566,611 Other, primarily aluminum extruded components 73,848 82,919 Intercompany eliminations (28,168 ) (36,363 ) Total $ 1,755,976 $ 2,231,668

Nature of Operations and Acco_3

Nature of Operations and Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2018	Aug. 01, 2018
Nature Of Operations And Significant Accounting Policies [Line Items]
Cumulative effect of the change in accounting principle, net of tax	$ (5,450)
Accounting Standards Update 2014-09 | Retained Earnings
Nature Of Operations And Significant Accounting Policies [Line Items]
Cumulative effect of the change in accounting principle, net of tax		$ (5,450)
Accounting Standards Update 2014-09 | Accrued Promotions and Rebates
Nature Of Operations And Significant Accounting Policies [Line Items]
Cumulative effect of the change in accounting principle, net of tax		7,127
Cumulative effect of change on equity or net assets on pre-tax basis	$ 733
Accounting Standards Update 2014-09 | Deferred Income Tax Assets
Nature Of Operations And Significant Accounting Policies [Line Items]
Cumulative effect of the change in accounting principle, net of tax		$ 1,677

Business Segments - Additional

Business Segments - Additional Information (Detail)	3 Months Ended
	Oct. 31, 2018Segment
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, 2018	Oct. 31, 2017
Segment Reporting Information [Line Items]
Net sales	$ 1,755,976	$ 2,231,668
Income (loss) from continuing operations before income taxes	31,517	187,091
Operating Segments | Towables
Segment Reporting Information [Line Items]
Net sales	1,279,098	1,618,501
Operating Segments | Motorized
Segment Reporting Information [Line Items]
Net sales	431,198	566,611
Operating Segments | Recreational vehicles
Segment Reporting Information [Line Items]
Net sales	1,710,296	2,185,112
Income (loss) from continuing operations before income taxes	96,262	196,437
Operating Segments | Recreational vehicles | Towables
Segment Reporting Information [Line Items]
Net sales	1,279,098	1,618,501
Income (loss) from continuing operations before income taxes	74,550	158,851
Operating Segments | Recreational vehicles | Motorized
Segment Reporting Information [Line Items]
Net sales	431,198	566,611
Income (loss) from continuing operations before income taxes	21,712	37,586
Corporate and Eliminations
Segment Reporting Information [Line Items]
Net sales	73,848	82,919
Income (loss) from continuing operations before income taxes	5,910	8,483
Intercompany Eliminations
Segment Reporting Information [Line Items]
Net sales	(28,168)	(36,363)
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Income (loss) from continuing operations before income taxes	$ (70,655)	$ (17,829)

Schedule of Segment Reporting_2

Schedule of Segment Reporting Information, by Segment Balance Sheet Item (Detail) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Jul. 31, 2018
Segment Reporting Information [Line Items]
Total assets	$ 2,800,428		$ 2,778,665
Depreciation and amortization expense, total	23,058	$ 22,698
Capital acquisitions	32,141	32,092
Operating Segments | Recreational vehicles
Segment Reporting Information [Line Items]
Total assets	2,188,978		2,147,191
Depreciation and amortization expense, total	20,067	19,521
Capital acquisitions	29,661	29,907
Operating Segments | Recreational vehicles | Towables
Segment Reporting Information [Line Items]
Total assets	1,682,272		1,654,361
Depreciation and amortization expense, total	16,631	16,793
Capital acquisitions	22,242	17,592
Operating Segments | Recreational vehicles | Motorized
Segment Reporting Information [Line Items]
Total assets	506,706		492,830
Depreciation and amortization expense, total	3,436	2,728
Capital acquisitions	7,419	12,315
Corporate and Eliminations
Segment Reporting Information [Line Items]
Total assets	174,151		167,965
Depreciation and amortization expense, total	2,574	2,809
Capital acquisitions	2,444	610
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Total assets	437,299		$ 463,509
Depreciation and amortization expense, total	417	368
Capital acquisitions	$ 36	$ 1,575

Schedule of Difference Between

Schedule of Difference Between Basic and Diluted EPS as Result of Restricted Stock Units and Unvested Restricted Stock (Detail) - shares	3 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Earnings Per Share [Abstract]
Weighted-average shares outstanding for basic earnings per share	52,726,496	52,611,926
Unvested restricted stock units	173,107	206,437
Weighted-average shares outstanding assuming dilution	52,899,603	52,818,363

Earning Per Common Share - Addi

Earning Per Common Share - Additional Information (Detail) - shares	3 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Earnings Per Share [Abstract]
Antidilutive stock options, unvested restricted stock units outstanding	152,279	46,692

Schedule of Fair Value, Assets

Schedule of Fair Value, Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Oct. 31, 2018	Jul. 31, 2018
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 181,235	$ 230,319
Deferred compensation plan assets and liabilities	43,275	$ 43,316
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward contract liability	$ 42,555

Schedule of Major Classificatio

Schedule of Major Classifications of Inventories (Detail) - USD ($) $ in Thousands	Oct. 31, 2018	Jul. 31, 2018
Inventory [Line Items]
Work in process	$ 120,844	$ 124,703
Raw materials	262,318	258,429
Chassis	106,684	116,308
Subtotal	608,895	579,758
Excess of FIFO costs over LIFO costs	(43,549)	(41,849)
Total inventories, net	565,346	537,909
Recreational vehicles
Inventory [Line Items]
Finished products	92,990	44,998
Other
Inventory [Line Items]
Finished products	$ 26,059	$ 35,320

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 31, 2018	Jul. 31, 2018
Inventory Disclosure [Abstract]
Inventories	$ 608,895	$ 579,758
Subsidiaries valued inventory in last-in, first-out method	311,120	305,990
Subsidiaries valued inventory in first-in, first-out method	$ 297,775	$ 273,768

Property, Plant and Equipment_2

Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Oct. 31, 2018	Jul. 31, 2018
Property, Plant and Equipment [Line Items]
Total cost	$ 755,136	$ 723,531
Less accumulated depreciation	(211,439)	(201,477)
Net property, plant and equipment	543,697	522,054
Land
Property, Plant and Equipment [Line Items]
Total cost	61,738	57,413
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Total cost	487,865	468,824
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Total cost	$ 205,533	$ 197,294

Property, Plant and Equipment -

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 31, 2018	Jul. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 755,136	$ 723,531
Accumulated depreciation	211,439	201,477
Assets Held under Capital Leases
Property, Plant and Equipment [Line Items]
Property, plant and equipment	6,527	6,527
Accumulated depreciation	$ 1,904	$ 1,768

Components of Amortizable Intan

Components of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2018	Jul. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Cost	$ 569,727	$ 569,727
Accumulated Amortization	$ 193,970	181,379
Dealer Network/Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life	15 years
Cost	$ 404,960	404,960
Accumulated Amortization	$ 157,571	147,077
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life	17 years
Cost	$ 146,117	146,117
Accumulated Amortization	$ 26,136	24,364
Design Technology and Other Intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life	7 years
Cost	$ 18,200	18,200
Accumulated Amortization	$ 9,858	9,555
Non-Compete Agreements
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life	1 year
Cost	$ 450	450
Accumulated Amortization	$ 405	$ 383

Estimated Amortization Expense

Estimated Amortization Expense (Detail) $ in Thousands	Oct. 31, 2018USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Estimated annual amortization expense, For the fiscal year ending July 31, 2019	$ 50,043
Estimated annual amortization expense, For the fiscal year ending July 31, 2020	46,194
Estimated annual amortization expense, For the fiscal year ending July 31, 2021	42,860
Estimated annual amortization expense, For the fiscal year ending July 31, 2022	37,753
Estimated annual amortization expense, For the fiscal year ending July 31, 2023	30,291
Estimated annual amortization expense, For the fiscal year ending July 31, 2024 and thereafter	181,207
Estimated annual amortization expense, Total	$ 388,348

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 31, 2018	Jul. 31, 2018
Intangible Assets And Goodwill [Line Items]
Goodwill	$ 377,693	$ 377,693
Recreational vehicles | Towables
Intangible Assets And Goodwill [Line Items]
Goodwill	334,822	334,822
Other
Intangible Assets And Goodwill [Line Items]
Goodwill	$ 42,871	$ 42,871

Equity Investment - Additional

Equity Investment - Additional Information (Detail) $ in Thousands	3 Months Ended
	Oct. 31, 2018USD ($)
TH2
Schedule of Equity Method Investments [Line Items]
Losses from investment	$ 1,483

Concentration of Risk - Additio

Concentration of Risk - Additional Information (Detail) - Customer Concentration Risk [Member] - Freedom Roads, LLC	3 Months Ended		12 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Jul. 31, 2018
Net Sales
Concentration Risk [Line Items]
Concentration risk percentage	24.00%	23.00%
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage	24.00%		26.00%

Product Warranties - Additional

Product Warranties - Additional Information (Detail)	3 Months Ended
	Oct. 31, 2018
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, 2018	Oct. 31, 2017
Product Warranty
Beginning balance	$ 264,928	$ 216,781
Provision	69,767	63,833
Payments	(62,946)	(48,615)
Ending balance	$ 271,749	$ 231,999

Long - Term Debt - Additional I

Long - Term Debt - Additional Information (Detail) - USD ($)	3 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Jul. 31, 2018
Line of Credit Facility [Line Items]
Fees to secure the facility, amortized amount	$ 393,000	$ 393,000
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, outstanding amount	$ 0		$ 0
Line of credit, borrowing availability	495,657,000
Asset-based revolving credit facility | Other Noncurrent Assets [Member]
Line of Credit Facility [Line Items]
Fees to secure the facility, unamortized amount	4,186,000		$ 4,579,000
Asset-based revolving credit facility | Interest expense
Line of Credit Facility [Line Items]
Fees to secure the facility, amortized amount	$ 393,000	$ 393,000

Provision for Income Taxes - Ad

Provision for Income Taxes - Additional Information (Detail) $ in Thousands	3 Months Ended
	Oct. 31, 2018USD ($)
Income Tax Disclosure [Abstract]
Effective income tax rate	55.70%
Corporate income tax rate	21.00%
Expected decrease in unrecognized tax benefits due to resolution of uncertain tax positions	$ 2,300
Expected decrease in interest due to resolution of uncertain tax positions	$ 450

Contingent Liabilities, Commi_2

Contingent Liabilities, Commitments and Legal Matters - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2018	Jul. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Standby repurchase obligations amount	$ 2,622,560	$ 2,748,465
Term of commitments	Up to eighteen months
Repurchase and guarantee reserve balances	$ 7,232	$ 7,400

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Jun. 19, 2018
Stock Based Compensation And Stockholders Equity [Line Items]
Total compensation expenses	$ 4,530,000	$ 4,318,000
Stock repurchase program authorized amount			$ 250,000,000
Stock repurchase program expiration date	Jun. 19, 2020
Obligation to repurchase common stock	$ 0
Regular dividend declared per common share	$ 0.39
Dividends declared but not paid	$ 20,595,000
Restricted Stock Units (RSUs)
Stock Based Compensation And Stockholders Equity [Line Items]
Withholding taxes payable	$ 4,418,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of change in retained earnings (Detail) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Equity [Abstract]
Beginning Balance	$ 2,022,988
Cumulative effect of the change in accounting principle, net of tax	(5,450)
Net income	13,953	$ 128,406
Dividends declared but not paid	(20,595)
Ending Balance	$ 2,010,896

Foreign Currency Forward Cont_2

Foreign Currency Forward Contract - Additional Information (Detail) $ in Thousands, € in Millions	Sep. 18, 2018EUR (€)	Oct. 31, 2018USD ($)	Oct. 31, 2018EUR (€)
Intercompany Foreign Currency Balance [Line Items]
Foreign currency forward contract liability		$ 42,555
Erwin Hymer Group
Intercompany Foreign Currency Balance [Line Items]
Payments to acquire business | €	€ 1,700
Foreign currency forward contract liability		42,555	€ 1,625
Foreign currency gain (loss)		42,555
Erwin Hymer Group | Level 2
Intercompany Foreign Currency Balance [Line Items]
Foreign currency forward contract liability		42,555
Erwin Hymer Group | Level 3
Intercompany Foreign Currency Balance [Line Items]
Foreign currency forward contract liability		$ 42,555

Pending Acquisition - Additiona

Pending Acquisition - Additional Information (Detail) $ in Thousands, € in Millions, shares in Millions	Sep. 18, 2018EUR (€)shares	Oct. 31, 2018USD ($)	Oct. 31, 2018EUR (€)	Sep. 18, 2018USD ($)
Business Acquisition [Line Items]
Foreign currency forward contract liability		$ 42,555
Erwin Hymer Group
Business Acquisition [Line Items]
Payments to acquire business | €	€ 1,700
Business acquisition, equity consideration | shares	2.3
Business acquisition, debt assumed | €			€ 440
Foreign currency forward contract liability		42,555	€ 1,625
Other expenses		$ 14,534
Erwin Hymer Group | Term Loan [Member]
Business Acquisition [Line Items]
Credit facility term	7 years
Amount of debt financing				$ 2,300,000
Asset Based Credit Facility [Member] | Erwin Hymer Group
Business Acquisition [Line Items]
Credit facility term	5 years
Amount of debt financing				$ 750,000
Line of credit facility, unused capacity commitment fee percentage	0.25%
Line of credit, fixed charge coverage ratio	100.00%
Asset Based Credit Facility [Member] | Erwin Hymer Group | LIBOR rate | Us Tranche
Business Acquisition [Line Items]
Interest rate		3.75%	3.75%
Asset Based Credit Facility [Member] | Erwin Hymer Group | EURIBOR rate | Euro Tranche
Business Acquisition [Line Items]
Interest rate		4.00%	4.00%
Asset Based Credit Facility [Member] | Erwin Hymer Group | Minimum | LIBOR rate
Business Acquisition [Line Items]
Line of credit facility, interest rate				1.25%
Asset Based Credit Facility [Member] | Erwin Hymer Group | Maximum | LIBOR rate
Business Acquisition [Line Items]
Line of credit facility, interest rate				1.75%
Asset Based Credit Facility [Member] | Erwin Hymer Group | Term Loan [Member]
Business Acquisition [Line Items]
Line of credit facility, minimum principal payment percentage		1.00%
Line of credit facility, installment payment percentage		0.25%
Line of credit, frequency of installment payments		Quarterly

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Disaggregates of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Disaggregation of Revenue [Line Items]
Net sales	$ 1,755,976	$ 2,231,668
Operating Segments | Travel Trailers And Other Towables
Disaggregation of Revenue [Line Items]
Net sales	761,484	993,604
Operating Segments | Fifth Wheels Towables
Disaggregation of Revenue [Line Items]
Net sales	517,614	624,897
Operating Segments | Towables
Disaggregation of Revenue [Line Items]
Net sales	1,279,098	1,618,501
Operating Segments | Class A Motorized
Disaggregation of Revenue [Line Items]
Net sales	227,274	252,423
Operating Segments | Class C Motorized
Disaggregation of Revenue [Line Items]
Net sales	184,384	286,666
Operating Segments | Class B Motorized
Disaggregation of Revenue [Line Items]
Net sales	19,540	27,522
Operating Segments | Motorized
Disaggregation of Revenue [Line Items]
Net sales	431,198	566,611
Corporate and Eliminations
Disaggregation of Revenue [Line Items]
Net sales	73,848	82,919
Intercompany Eliminations
Disaggregation of Revenue [Line Items]
Net sales	$ (28,168)	$ (36,363)