Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Apr. 30, 2019 | May 31, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | THOR INDUSTRIES INC | |
Entity Central Index Key | 0000730263 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | THO | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 55,063,473 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 461,112 | $ 275,249 |
Restricted cash | 25,801 | |
Accounts receivable, trade, net | 570,914 | 467,488 |
Factored accounts receivable | 215,249 | |
Accounts receivable, other, net | 54,948 | 19,747 |
Inventories, net | 962,588 | 537,909 |
Prepaid income taxes, expenses and other | 43,563 | 11,281 |
Total current assets | 2,334,175 | 1,311,674 |
Property, plant and equipment, net | 1,088,130 | 522,054 |
Other assets: | ||
Goodwill | 1,350,187 | 377,693 |
Amortizable intangible assets, net | 999,858 | 388,348 |
Deferred income tax assets, net | 77,354 | 78,444 |
Equity investment in joint ventures | 47,745 | 48,463 |
Other | 74,871 | 51,989 |
Total other assets | 2,550,015 | 944,937 |
TOTAL ASSETS | 5,972,320 | 2,778,665 |
Current liabilities: | ||
Accounts payable | 551,850 | 286,974 |
Current portion of long-term debt | 29,619 | |
Short-term financial obligations | 31,996 | |
Accrued liabilities: | ||
Compensation and related items | 142,277 | 97,122 |
Product warranties | 299,064 | 264,928 |
Income and other taxes | 60,336 | 19,345 |
Promotions and rebates | 100,950 | 59,133 |
Product, property and related liabilities | 18,495 | 17,815 |
Liabilities related to factored receivables | 215,249 | |
Other | 62,292 | 24,013 |
Total current liabilities | 1,512,128 | 769,330 |
Long-term debt | 2,182,289 | |
Deferred income tax liabilities, net | 144,291 | 0 |
Unrecognized tax benefits | 11,382 | 12,446 |
Other liabilities | 82,697 | 59,148 |
Total long-term liabilities | 2,420,659 | 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 65,189,907 and 62,765,824 shares, respectively | 6,519 | 6,277 |
Additional paid-in capital | 412,069 | 252,204 |
Retained earnings | 1,996,094 | 2,022,988 |
Accumulated other comprehensive loss, net of tax | (37,891) | |
Less treasury shares of 10,126,434 and 10,070,459, respectively, at cost | (348,146) | (343,728) |
Stockholders' equity attributable to Thor Industries, Inc. | 2,028,645 | 1,937,741 |
Non-controlling interests | 10,888 | |
Total stockholders' equity | 2,039,533 | 1,937,741 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 5,972,320 | $ 2,778,665 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2019 | 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 | 65,189,907 | 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 | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 2,506,583 | $ 2,251,570 | $ 5,553,135 | $ 6,454,798 |
Cost of products sold | 2,214,153 | 1,934,825 | 4,911,853 | 5,534,540 |
Gross profit | 292,430 | 316,745 | 641,282 | 920,258 |
Selling, general and administrative expenses | 176,983 | 119,449 | 364,745 | 370,800 |
Amortization of intangible assets | 25,259 | 13,882 | 50,376 | 41,236 |
Acquisition-related costs | 13,363 | 112,511 | ||
Interest income | 2,547 | 460 | 5,444 | 1,242 |
Interest expense | 35,509 | 1,383 | 37,244 | 4,149 |
Other income (expense), net | (2,340) | (1,966) | (6,937) | 3,366 |
Income before income taxes | 41,523 | 180,525 | 74,913 | 508,681 |
Income taxes | 10,085 | 46,737 | 34,939 | 166,735 |
Net income | 31,438 | 133,788 | 39,974 | 341,946 |
Less: net (loss) attributable to non-controlling interests | (1,246) | (1,246) | ||
Net income attributable to Thor Industries, Inc. | $ 32,684 | $ 133,788 | $ 41,220 | $ 341,946 |
Weighted-average common shares outstanding: | ||||
Basic | 55,063,473 | 52,695,365 | 53,515,491 | 52,667,016 |
Diluted | 55,166,067 | 52,853,541 | 53,627,627 | 52,844,040 |
Earnings per common share: | ||||
Basic | $ 0.59 | $ 2.54 | $ 0.77 | $ 6.49 |
Diluted | 0.59 | 2.53 | 0.77 | 6.47 |
Regular dividends declared and paid per common share: | $ 0.39 | $ 0.37 | $ 1.17 | $ 1.11 |
Comprehensive income: | ||||
Net income | $ 31,438 | $ 133,788 | $ 39,974 | $ 341,946 |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation adjustment | (34,183) | (34,183) | ||
Unrealized gain (loss) on derivatives, net of tax | (3,781) | (3,781) | ||
Total other comprehensive income (loss), net of tax | (37,964) | (37,964) | ||
Total Comprehensive income (loss) | (6,526) | 133,788 | 2,010 | 341,946 |
Comprehensive (loss) attributable to non-controlling interest | (1,319) | (1,319) | ||
Comprehensive income (loss) attributable to Thor Industries, Inc. | $ (5,207) | $ 133,788 | $ 3,329 | $ 341,946 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows € in Thousands, $ in Thousands | 9 Months Ended | |
Apr. 30, 2019USD ($) | Apr. 30, 2018USD ($) | |
Cash flows from operating activities: | ||
Net income | $ 39,974 | $ 341,946 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 47,134 | 28,270 |
Amortization of intangibles | 50,376 | 41,236 |
Amortization of debt issuance costs | 3,441 | 1,177 |
Foreign currency forward contract loss | 70,777 | |
Deferred income tax provision | 2,218 | 18,030 |
(Gain) loss on disposition of property, plant and equipment | 127 | (1,465) |
Stock-based compensation expense | 14,118 | 12,986 |
Changes in assets and liabilities: | ||
Accounts receivable | 17,438 | (173,388) |
Inventories | 145,049 | (146,697) |
Prepaid income taxes, expenses and other | (9,090) | (14,141) |
Accounts payable | (95,849) | 29,595 |
Guarantee liabilities related to former EHG subsidiaries | (105,343) | |
Accrued liabilities | (5,182) | 49,383 |
Long-term liabilities and other | 614 | 10,253 |
Net cash provided by operating activities | 175,802 | 197,185 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (83,749) | (100,021) |
Proceeds from dispositions of property, plant and equipment | 1,281 | 3,656 |
Business acquisitions, net of cash acquired | (1,658,577) | |
Foreign currency forward contract payment related to business acquisition | (70,777) | |
Equity investment in joint venture | (5,250) | (46,902) |
Other | 0 | 1,271 |
Net cash used in investing activities | (1,817,072) | (141,996) |
Cash flows from financing activities: | ||
Borrowings on term-loan credit facilities | 2,095,018 | |
Borrowings on revolving credit facilities | 100,000 | |
Principal payments on term-loan credit facilities | (1,732) | |
Principal payments on revolving credit facilities | (40,000) | (65,000) |
Principal payments on unsecured notes | (84,728) | |
Principal payments on other debt | (70,319) | |
Payments of debt issuance costs | (69,220) | |
Regular cash dividends paid | (62,664) | (58,492) |
Principal payments on capital lease obligations | (301) | (279) |
Payments related to vesting of stock-based awards | (4,418) | (7,657) |
Other | (6,092) | |
Net cash provided by (used in) financing activities | 1,855,544 | (131,428) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (2,610) | |
Net increase (decrease) in cash and cash equivalents and restricted cash | 211,664 | (76,239) |
Cash and cash equivalents and restricted cash, beginning of period | 275,249 | 223,258 |
Cash and cash equivalents and restricted cash, end of period | 486,913 | 147,019 |
Less: restricted cash | 25,801 | |
Cash and cash equivalents, end of period | 461,112 | 147,019 |
Supplemental cash flow information: | ||
Income taxes paid | 69,872 | 186,166 |
Interest paid | 24,714 | 3,087 |
Non-cash investing and financing transactions: | ||
Capital expenditures in accounts payable | 6,125 | $ 2,082 |
Common stock issued for business acquisition | $ 144,168 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Stockholders' Equity Attributable to Thor [Member] | Non-controlling Interests [Member] |
Balance (in shares) at Jul. 31, 2017 | 62,597,110 | 10,011,069 | ||||||
Balance at Jul. 31, 2017 | $ 1,576,540 | $ 6,260 | $ 235,525 | $ 1,670,826 | $ (336,071) | $ 1,576,540 | ||
Net income | 341,946 | 341,946 | 341,946 | |||||
Restricted stock unit activity (in shares) | 168,714 | 59,390 | ||||||
Restricted stock unit activity | (7,354) | $ 17 | 286 | $ (7,657) | (7,354) | |||
Cash dividends | (58,492) | (58,492) | (58,492) | |||||
Stock compensation expense | 12,986 | 12,986 | 12,986 | |||||
Other comprehensive income (loss) | ||||||||
Non-controlling interests | ||||||||
Balance (in shares) at Apr. 30, 2018 | 62,765,824 | 10,070,459 | ||||||
Balance at Apr. 30, 2018 | 1,865,626 | $ 6,277 | 248,797 | 1,954,280 | $ (343,728) | 1,865,626 | ||
Balance (in shares) at Jan. 31, 2018 | 62,765,824 | 10,070,459 | ||||||
Balance at Jan. 31, 2018 | 1,747,929 | $ 6,277 | 245,390 | 1,839,990 | $ (343,728) | 1,747,929 | ||
Net income | 133,788 | 133,788 | 133,788 | |||||
Restricted stock unit activity (in shares) | ||||||||
Restricted stock unit activity | (848) | (848) | (848) | |||||
Cash dividends | (19,498) | (19,498) | (19,498) | |||||
Stock compensation expense | 4,255 | 4,255 | 4,255 | |||||
Other comprehensive income (loss) | ||||||||
Non-controlling interests | ||||||||
Balance (in shares) at Apr. 30, 2018 | 62,765,824 | 10,070,459 | ||||||
Balance at Apr. 30, 2018 | 1,865,626 | $ 6,277 | 248,797 | 1,954,280 | $ (343,728) | 1,865,626 | ||
Balance (in shares) at Jul. 31, 2018 | 62,765,824 | 10,070,459 | ||||||
Balance at Jul. 31, 2018 | 1,937,741 | $ 6,277 | 252,204 | 2,022,988 | $ (343,728) | 1,937,741 | ||
Net income | 39,974 | 41,220 | 41,220 | (1,246) | ||||
Restricted stock unit activity (in shares) | 167,591 | 55,975 | ||||||
Restricted stock unit activity | (2,597) | $ 16 | 1,805 | $ (4,418) | (2,597) | |||
Cash dividends | (62,664) | (62,664) | (62,664) | |||||
Stock compensation expense | 14,118 | 14,118 | 14,118 | |||||
Other comprehensive income (loss) | (37,964) | (37,891) | (37,891) | (73) | ||||
Cumulative effect of adoption of ASU no. 2014-09, net of tax | (5,450) | (5,450) | (5,450) | |||||
Acquisitions (in shares) | 2,256,492 | |||||||
Acquisitions | 156,375 | $ 226 | 143,942 | 144,168 | 12,207 | |||
Balance (in shares) at Apr. 30, 2019 | 65,189,907 | 10,126,434 | ||||||
Balance at Apr. 30, 2019 | 2,039,533 | $ 6,519 | 412,069 | 1,996,094 | (37,891) | $ (348,146) | 2,028,645 | 10,888 |
Balance (in shares) at Jan. 31, 2019 | 62,933,415 | 10,126,434 | ||||||
Balance at Jan. 31, 2019 | 1,906,931 | $ 6,293 | 263,899 | 1,984,885 | $ (348,146) | 1,906,931 | ||
Net income | 31,438 | 32,684 | 32,684 | (1,246) | ||||
Restricted stock unit activity (in shares) | ||||||||
Restricted stock unit activity | (404) | (404) | (404) | |||||
Cash dividends | (21,475) | (21,475) | (21,475) | |||||
Stock compensation expense | 4,632 | 4,632 | 4,632 | |||||
Other comprehensive income (loss) | (37,964) | (37,891) | (37,891) | (73) | ||||
Acquisitions (in shares) | 2,256,492 | |||||||
Acquisitions | 156,375 | $ 226 | 143,942 | 144,168 | 12,207 | |||
Balance (in shares) at Apr. 30, 2019 | 65,189,907 | 10,126,434 | ||||||
Balance at Apr. 30, 2019 | $ 2,039,533 | $ 6,519 | $ 412,069 | $ 1,996,094 | $ (37,891) | $ (348,146) | $ 2,028,645 | $ 10,888 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Cash dividends, per common share | $ 0.39 | $ 0.37 | $ 1.17 | $ 1.11 |
Retained Earnings [Member] | ||||
Cash dividends, per common share | $ 0.39 | $ 0.37 | $ 1.17 | $ 1.11 |
Nature of Operations and Accoun
Nature of Operations and Accounting Policies | 9 Months Ended |
Apr. 30, 2019 | |
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 is the sole owner of operating subsidiaries (collectively, the “Company” or “Thor”), that, combined, represent the world’s largest manufacturer of recreational vehicles (“RVs”). The Company manufactures a wide variety of RVs in the United States and Europe and sells those vehicles, as well as related parts and accessories, primarily to independent, non-franchise The July 31, 2018 amounts are derived from the annual audited financial statements of Thor. 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 Recently Adopted Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, The Company adopted ASU No. 2014-09, 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, In August 2017, the FASB issued Accounting Standards Update No. 2017-12 2017-12) 2017-12 2017-12 2017-12 2017-12, Other Accounting Standards Not Yet Adopted In January 2017, the FASB issued ASU No. 2017-04, In February 2016, the FASB issued ASU No. 2016-02, 2018-10—“Codification 2018-11—“Targeted |
Acquisition - Erwin Hymer Group
Acquisition - Erwin Hymer Group | 9 Months Ended |
Apr. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | 2. Acquisition — Erwin Hymer Group On February 1, 2019, the Company and the shareholders of Erwin Hymer Group SE (“EHG”) closed on a transaction via which the Company acquired EHG. EHG is headquartered in Bad Waldsee, Germany, and is one of the largest RV manufacturers in Europe by revenue. The Company acquired EHG in order to expand its operations into the growing European market with a long-standing European industry leader. EHG will be managed as a stand-alone operating entity that will be included in the European recreational vehicle operating segment. At the closing, the Company paid cash consideration of approximately 1.53 billion Euro (approximately $1.76 billion at the exchange rate as of February 1, 2019) and issued 2,256,492 shares of the Company’s common stock to the sellers valued at $144.2 million. The cash consideration was funded through a combination of available cash on hand of approximately $95 million and debt financing consisting of two credit facility agreements, a 7 year, $2.1 billion term loan, consisting of an approximate $1.4 billion U.S. dollar-denominated tranche and an approximate 0.6 billion Euro tranche (approximately $0.7 billion at the exchange rate at February 1, 2019), and $100 million utilized at closing from a 5 year, $750.0 million asset-based credit facility (ABL) as more fully described in Note 14 to the Condensed Consolidated Financial Statements. The obligations of the Company under each facility are secured by liens on substantially all the assets of the Company, and both agreements contain certain customary representations, warranties and covenants of the Company. The following table summarizes the estimated fair values of the EHG assets acquired and liabilities assumed at the acquisition date. The Company is in the process of finalizing internal and third-party valuations of tangible and intangible assets and certain liabilities, therefore, the provisional estimates of intangible assets, fixed assets, goodwill, deferred income tax liabilities, income taxes payable and certain accrued liabilities are subject to change. The Company expects to finalize these values as soon as practical and no later than one year from the acquisition date. Cash $ 97,887 Inventory 593,053 Other assets 420,941 Property, plant and equipment, rental vehicles 80,132 Property, plant and equipment 452,654 Amortizable intangible assets: Dealer network 355,601 Trademarks 126,181 Technology assets 183,536 Backlog 11,471 Goodwill 994,427 Guarantee liabilities related to former EHG North American subsidiaries (115,668 ) Other current liabilities (841,631 ) Debt - Unsecured notes (114,710 ) Debt - Other (166,196 ) Deferred income tax liabilities (147,634 ) Other long-term liabilities (17,205 ) Non-controlling (12,207 ) Total fair value of net assets acquired 1,900,632 Less: cash acquired (97,887 ) Total fair value of net assets acquired, less cash acquired $ 1,802,745 On the acquisition date, amortizable intangible assets had a weighted-average useful life of 17 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 and technology assets were valued on the Relief of Royalty method and are amortized on a straight-line basis over 20 years and 10 years, respectively. The backlog was valued based on the Discounted Cash Flow method and is amortized on a straight-line basis over a five-month period. We have recognized $994,427 of goodwill as a result of this transaction, of which approximately $238,000 will be deductible for tax purposes. In connection with the closing of the acquisition, Thor and EHG entered into an amendment to the original September 18, 2018 purchase agreement to reflect the exclusion of EHG’s North American subsidiaries from the business operations acquired by Thor. The acquisition date balance sheet includes guarantee liabilities related to the former EHG North American subsidiaries totaling $115,668. Historically, EHG had provided guarantees for certain of its former North American subsidiaries that were assumed by Thor in the acquisition and which related to bank loans, foreign currency derivatives, certain specified supplier contracts and dealer financing arrangements, as well as a specific lease agreement. While the original term of these guarantees were generally long term in nature, the Company sought to settle these guarantees as soon as practical after the closing of the acquisition. As of April 30, 2019, the only remaining guarantees related to dealer financing and to a specific lease agreement. The Company has an accrued liability of approximately $10,300 outstanding at April 30, 2019 related to the remaining guarantees, which is included in Other current liabilities on the Condensed Consolidated Balance Sheets. This balance includes dealer financing guarantee accruals of approximately $6,700 and a lease guarantee accrual of approximately $3,600. The maximum obligation under the dealer financing guarantee as of April 30, 2019 was approximately $17,000, which is the total outstanding notional balance under the various dealer financing agreements (this amount does not consider the recovery that may be realized through the resale of repossessed vehicles). The maximum obligation for the lease guarantee approximates the accrual, which is based on the stated contract value. The results of EHG are included in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income since the February 1, 2019 acquisition date. During this period, EHG recorded net sales of $767,509, gross profit of $53,981 and a net loss before income taxes of $30,947. Gross profit and net loss before income taxes includes the impact of $61,418 related to the step-up The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2019 acquisition of EHG had occurred at the beginning of fiscal 2018. These performance results may not be indicative of the actual results that would have occurred under the ownership and management of the Company. Three Months Ended April 30, Nine Months Ended April 30, 2019 2018 2019 2018 Net sales $ 2,506,583 $ 3,083,887 $ 6,766,664 $ 8,577,872 Net income $ 42,579 $ 100,613 $ 61,418 $ 237,472 Basic earnings per common share $ 0.77 $ 1.84 $ 1.15 $ 4.34 Diluted earnings per common share $ 0.77 $ 1.83 $ 1.14 $ 4.33 The supplemental pro forma earnings for the nine-month period ended April 30, 2019 and three-month period ended April 30, 2019 were adjusted to exclude $112,511 and $13,363 of acquisition-related costs. Nonrecurring expenses related to management fees of $15,952, $1,684 and $5,451 were excluded from pro forma earnings for the nine-month period ended April 30, 2018, nine-month period ended April 30, 2019 and three-month period ended April 30, 2018, respectively. The periods presented exclude $61,418 of nonrecurring expense related to the fair value adjustment to acquisition-date inventory. EHG’s historical net income included in the totals above include nonrecurring charges related to its former North American operations in the amounts of $0 and $27,838 during the three months ended April 30, 2019 and April 30, 2018, and $52,501 and $80,070 during the nine months ended April 30, 2019 and April 30, 2018, respectively. These charges primarily consist of EHG’s guarantees to third parties for certain North American subsidiary obligations and the impairment of loan receivables due to EHG from their former North American subsidiaries. Net costs incurred during the three months ended April 30, 2019 related specifically to this acquisition totaled $13,363 and are included in Acquisition-related costs in the Condensed Consolidated Statements of Income and Comprehensive Income. This total includes costs of $16,293, consisting primarily of bank fees, professional and advisory integration fees and the write-off Net costs incurred during the nine months ended April 30, 2019 related specifically to this acquisition totaled $112,511 and are included in Acquisition-related costs in the Condensed Consolidated Statements of Income and Comprehensive Income. These costs include the losses on the foreign currency forward contract of $70,777 discussed in Note 5 below, and $41,734 of other expenses, consisting primarily of bank fees, ticking fees, legal, professional and advisory fees related to financial due diligence and implementation costs, regulatory review costs and the write-off |
Business Segments
Business Segments | 9 Months Ended |
Apr. 30, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | 3. Business Segments The Company has three reportable segments, all related to recreational vehicles: (1) North American towables, (2) North American motorized and (3) European. The North American 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 North American 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 European recreational vehicles reportable segment consists solely of the recently acquired EHG business, as discussed in Note 2 to the Condensed Consolidated Financial Statements. EHG includes the operations of 8 RV production facilities producing numerous respected and well-known brands within Europe, including Hymer, Buerstner, Carado, Dethleffs, Etrusco, Laika, LMC, Niesmann+Bischoff, Xplore, Elddis, Compass, Buccaneer, Sunlight and CrossCamp. EHG’s products include numerous types of towable and motorized recreational vehicles, including motorcaravans, caravans, campervans and other RV-related products and services. The operations of the Company’s Postle subsidiary are included in “Other,” which is a non-reportable Total assets include those assets used in the operation of each reportable and non-reportable Three Months Ended Nine Months Ended NET SALES: 2019 2018 2019 2018 Recreational vehicles North American Towables $ 1,237,255 $ 1,608,214 $ 3,397,917 $ 4,599,833 North American Motorized 459,238 598,459 1,261,931 1,724,979 Total North America 1,696,493 2,206,673 4,659,848 6,324,812 European 767,509 — 767,509 — Total recreational vehicles 2,464,002 2,206,673 5,427,357 6,324,812 Other 69,506 82,239 198,468 233,171 Intercompany eliminations (26,925 ) (37,342 ) (72,690 ) (103,185 ) Total $ 2,506,583 $ 2,251,570 $ 5,553,135 $ 6,454,798 Three Months Ended Nine Months Ended INCOME (LOSS) BEFORE INCOME TAXES: 2019 2018 2019 2018 Recreational vehicles North American Towables $ 103,715 $ 147,853 $ 212,325 $ 423,432 North American Motorized 25,185 38,908 64,102 114,032 Total North America 128,900 186,761 276,427 537,464 European (30,947 ) — (30,947 ) — Total recreational vehicles 97,953 186,761 245,480 537,464 Other, net 7,868 8,872 19,728 22,645 Corporate (64,298 ) (15,108 ) (190,295 ) (51,428 ) Total $ 41,523 $ 180,525 $ 74,913 $ 508,681 TOTAL ASSETS: April 30, 2019 July 31, 2018 Recreational vehicles North American Towables $ 1,593,377 $ 1,654,361 North American Motorized 521,187 492,830 Total North America 2,114,564 2,147,191 European 3,127,221 — Total recreational vehicles 5,241,785 2,147,191 Other, net 160,661 167,965 Corporate 569,874 463,509 Total $ 5,972,320 $ 2,778,665 Three Months Ended April 30, Nine Months Ended April 30, DEPRECIATION AND INTANGIBLE 2019 2018 2019 2018 Recreational vehicles North American Towables $ 17,097 $ 17,357 $ 50,699 $ 51,373 North American Motorized 3,494 3,004 10,373 8,641 Total North America 20,591 20,361 61,072 60,014 European 27,227 — 27,227 — Total recreational vehicles 47,818 20,361 88,299 60,014 Other 2,705 2,762 7,972 8,319 Corporate 407 410 1,239 1,173 Total $ 50,930 $ 23,533 $ 97,510 $ 69,506 Three Months Ended April 30, Nine Months Ended April 30, CAPITAL ACQUISITIONS: 2019 2018 2019 2018 Recreational vehicles North American Towables $ 13,013 $ 23,175 $ 49,510 $ 59,588 North American Motorized 3,088 10,083 13,316 24,152 Total North America 16,101 33,258 62,826 83,740 European 15,879 — 15,879 — Total recreational vehicles 31,980 33,258 78,705 83,740 Other 248 744 2,979 3,337 Corporate 419 169 880 8,760 Total $ 32,647 $ 34,171 $ 82,564 $ 95,837 |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Apr. 30, 2019 | |
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 Nine Months Ended 2019 2018 2019 2018 Weighted-average shares outstanding for basic earnings per share 55,063,473 52,695,365 53,515,491 52,667,016 Unvested restricted stock units 102,594 158,176 112,136 177,024 Weighted-average shares outstanding assuming dilution 55,166,067 52,853,541 53,627,627 52,844,040 For the three and nine months ended April 30, 2019, the Company had 127,548 and 199,020 unvested restricted stock units outstanding, respectively, which were excluded from this calculation as their effect would be antidilutive. For both the three and nine months ended April 30, 2018, the Company did not have any unvested restricted stock units outstanding to exclude from this calculation as their effect would have been antidilutive. |
Derivatives and Hedging
Derivatives and Hedging | 9 Months Ended |
Apr. 30, 2019 | |
Investments, All Other Investments [Abstract] | |
Derivatives and Hedging | 5. Derivatives and Hedging The Company uses interest rate swap agreements, foreign currency forward contracts and certain non-derivative Certain of the Company’s derivative transactions are subject to master netting arrangements that allow the Company to net settle contracts with the same counter parties. These arrangements generally do not call for collateral and as of the applicable dates presented below, no cash collateral had been received or pledged related to the underlying derivatives. The fair value of our derivative instruments and the associated notional amounts, presented gross, were as follows (The Company did not have any designated hedge instruments prior to February 1, 2019): April 30, 2019 Cash Flow Hedges Notional Fair Value Fair Value in Foreign currency forward contracts $ 32,517 $ — $ 820 Interest rate swap agreements 900,000 — 4,873 Total derivative financial instruments $ 932,517 $ — $ 5,693 Cash Flow Hedges The Company utilizes foreign currency forward contracts to hedge the effect of certain foreign currency exchange rate fluctuations on forecasted foreign currency transactions, including foreign currency denominated sales. These forward contracts are designated as cash flow hedges. The changes in fair value of these contracts are recorded in accumulated other comprehensive income (“AOCI”) until the hedged items affect earnings, at which time the gain or loss is reclassified into the same line item in the determination of net income as the underlying exposure being hedged. Cash flow hedged forward contracts impacting AOCI are forecasted to occur within the next 4 months. The Company has entered into interest rate swap agreements to manage certain of its interest rate exposures. During the three months ended April 30, 2019, the Company entered into pay-fixed, Net Investment Hedges The Company designates a portion of its outstanding Euro-denominated term loan tranche as a hedge of foreign currency exposures related to investments the Company has in certain Euro-denominated functional currency subsidiaries. The foreign currency transaction gains and losses on the Euro-denominated portion of the term loan, which is designated and effective as a hedge of the Company’s net investment, are included as a component of the foreign currency translation adjustment. Gains included in the foreign currency translation adjustment for both the three and nine-month periods ended April 30, 2019 were $7,379. There were no amounts reclassified out of AOCI during the three and nine-month periods ended April 30, 2019. Derivatives Not Designated as Hedging Instruments As described in more detail in Note 2 to the Condensed Consolidated Financial Statements, on September 18, 2018, the Company entered into a definitive agreement to acquire EHG, which was later amended as of the February 1, 2019 closing date. The cash portion of the purchase price was denominated in Euro, and therefore the Company’s cash flows were exposed to changes in the Euro/USD exchange rate between the September 18, 2018 agreement date and the closing date. To reduce its exposure, the Company entered into a deal-contingent, foreign currency forward contract on the September 18, 2018 agreement date in the amount of 1.625 billion Euro. Hedge accounting was not applied to this instrument, and therefore all changes in fair value were recorded in earnings. The fair value of the foreign currency forward contract, using Level 2 inputs, was based on information obtained from third-party sources and include the spot rate and market-forward points. This liability was settled in connection with the close of the EHG acquisition on February 1, 2019 in the amount of $70,777. The Company recognized income related to this contract of $2,930 during the three months ended April 30, 2019 and expense of $70,777 during the nine months ended April 30, 2019, which are included in Acquisition-related costs in the Condensed Consolidated Statements of Income and Comprehensive Income. The total amounts presented in the Consolidated Statements of Income and Comprehensive Income due to changes in the fair value of the following derivative instruments are as follows: Three Months Ended Nine Months Ended Gain (Loss) on Derivatives Designated as Cash Flow Hedges Gain (Loss) recognized in Other Comprehensive Income, net of tax Foreign currency forward contracts $ (263 ) $ (263 ) Interest rate swap agreements (3,764 ) (3,764 ) Total gain (loss) $ (4,027 ) $ (4,027 ) Three Months Ended Nine Months Ended April 30, 2019 April 30, 2019 Acquisition- Interest Acquisition- Interest Sales Related Costs Expense Sales Related Costs Expense Gain (Loss) Reclassified from AOCI, Net of Tax Foreign currency forward contracts $ (191 ) $ — $ — $ (191 ) $ — $ — Interest rate swap agreements — — (55 ) — — (55 ) Gain (Loss) on Derivatives Not Designated as Hedging Instruments Amount of gain (loss) recognized in income, net of tax Foreign currency forward contracts (160 ) 2,930 — (160 ) (70,777 ) — Interest rate swap agreements — — 132 — — 132 Total gain (loss) $ (351 ) $ 2,930 $ 77 $ (351 ) $ (70,777 ) $ 77 There were no derivative or non-derivative |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Apr. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Investments and Fair Value Measurements | 6. Fair Value Measurements The financial assets and liabilities that were accounted for at fair value on a recurring basis at April 30, 2019 and July 31, 2018 are as follows: Input Level April 30, 2019 July 31, 2018 Cash equivalents Level 1 $ 166,606 $ 230,319 Restricted cash Level 1 $ 25,801 $ — Deferred compensation plan assets and liabilities Level 1 $ 51,318 $ 43,316 Foreign currency forward contract liabilities Level 2 $ 820 $ — Interest rate swap liability Level 2 $ 4,873 $ — 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. The Company considers cash of 23,000 Euro ($25,801) that is pledged as collateral against certain revolving debt obligations related to its European rental fleet operations to be restricted cash. 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 (expense), net and Selling, general and administrative expenses, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. Foreign currency forward exchange contracts outstanding at April 30, 2019 are used to exchange Pounds Sterling (GBP) for Euro. The total notional value of these contracts at April 30, 2019 is 25,000 GBP, and these contracts have various maturity dates through August 2019. The Company entered into interest rate swaps to convert a portion of the Company’s long-term debt from floating rate to fixed rate debt. As of April 30, 2019, the outstanding swaps had notional contract values of $900,000, partially hedging the interest rate risk related to the Company’s U.S. dollar term loan tranche that matures in February 2026. The fair value of forward currency contracts is estimated by discounting the difference between the contractual forward price and the current available forward price for the residual maturity of the contract using observable market rates. The fair value of interest rate swaps is calculated by discounting the estimated future cash flows based on the applicable observable yield curves. |
Factored Accounts Receivable
Factored Accounts Receivable | 9 Months Ended |
Apr. 30, 2019 | |
Factoring Accounts Receivable [Abstract] | |
Factoring Accounts Receivable | 7. Factored Accounts Receivable Factored accounts receivable are accounts that have been sold to certain third-party finance companies providing financing to independent dealer customers of EHG. These receivables, which are subject to recourse and in which the Company retains an interest as a secured obligation, do not meet the definition of a true sale, and are therefore recorded as an asset with an offsetting balance recorded as a secured obligation in Liabilities related to factored receivables on the Condensed Consolidated Balance Sheets. |
Inventories
Inventories | 9 Months Ended |
Apr. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 8. Inventories Major classifications of inventories are as follows: April 30, 2019 July 31, 2018 Finished goods – RV $ 269,269 $ 44,998 Finished goods – other 63,656 35,320 Work in process 138,711 124,703 Raw materials 311,580 258,429 Chassis 225,321 116,308 Subtotal 1,008,537 579,758 Excess of FIFO costs over LIFO costs (45,949 ) (41,849 ) Total inventories, net $ 962,588 $ 537,909 Of the $1,008,537 and $579,758 of inventories at April 30, 2019 and July 31, 2018, $312,757 and $305,990, respectively, was valued on the last-in, first-out first-in, first-out |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Apr. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 9. Property, Plant and Equipment Property, plant and equipment is stated at cost, net of accumulated depreciation, and consists of the following: April 30, 2019 July 31, 2018 Land $ 141,346 $ 57,413 Buildings and improvements 727,665 468,824 Machinery and equipment 374,429 197,294 Rental vehicles 92,389 — Total cost 1,335,829 723,531 Less accumulated depreciation (247,699 ) (201,477 ) Property, plant and equipment, net $ 1,088,130 $ 522,054 Property, plant and equipment at both April 30, 2019 and July 31, 2018 includes buildings and improvements under capital leases of $6,527 and related amortization included in accumulated depreciation of $2,176 and $1,768 at April 30, 2019 and July 31, 2018, respectively. The acquisition of EHG accounted for $532,127 of the $566,076 increase in property, plant and equipment, net. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 9 Months Ended |
Apr. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | 10. Intangible Assets and Goodwill The components of amortizable intangible assets are as follows: Weighted-Average Remaining April 30, 2019 July 31, 2018 Life in Years at April 30, 2019 Cost Accumulated Amortization Cost Accumulated Amortization Dealer networks/customer relationships 18 $ 752,718 $ 178,376 $ 404,960 $ 147,077 Trademarks 18 269,515 31,222 146,117 24,364 Design technology and other intangibles 10 197,688 14,952 18,200 9,555 Backlog Less than 1 11,218 6,731 — — Non-compete — 450 450 450 383 Total amortizable intangible assets $ 1,231,589 $ 231,731 $ 569,727 $ 181,379 Estimated annual amortization expense is as follows: For the fiscal year ending July 31, 2019 $ 74,534 For the fiscal year ending July 31, 2020 89,556 For the fiscal year ending July 31, 2021 98,369 For the fiscal year ending July 31, 2022 104,684 For the fiscal year ending July 31, 2023 93,774 For the fiscal year ending July 31, 2024 and thereafter 589,294 $ 1,050,211 The increase in amortizable intangible assets in fiscal 2019 is entirely due to the acquisition of EHG, as more fully described in Note 2 to the Condensed Consolidated Financial Statements. Of the recorded goodwill of $1,350,187 at April 30, 2019, $972,494 relates to the European recreational vehicle reportable segment, $334,822 relates to the North American towable recreational vehicle reportable segment and $42,871 relates to the Other non-reportable non-reportable |
Equity Investment
Equity Investment | 9 Months Ended |
Apr. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investment | 11. 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. Additional investments were made in TH2 by both Thor and thl |
Concentration of Risk
Concentration of Risk | 9 Months Ended |
Apr. 30, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | 12. Concentration of Risk One dealer, FreedomRoads, LLC, accounted for 16.0% of the Company’s consolidated net sales for each of the three-month periods ended April 30, 2019 and April 30, 2018, and for 19.0% and 20.0% of the Company’s consolidated net sales for the nine-month periods ended April 30, 2019 and April 30, 2018, respectively. Sales to this dealer are reported within both the North American towables and North American motorized segments. This dealer also accounted for 15% of the Company’s consolidated trade accounts receivable at April 30, 2019 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 | 9 Months Ended |
Apr. 30, 2019 | |
Guarantees and Product Warranties [Abstract] | |
Product Warranties | 13. 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 April 30, Nine Months Ended April 30, 2019 2018 2019 2018 Beginning balance $ 257,869 $ 243,310 $ 264,928 $ 216,781 Provision 63,117 71,037 177,964 198,079 Payments (64,360 ) (54,218 ) (186,266 ) (154,731 ) Acquisition 43,329 — 43,329 — Foreign currency translation (891 ) — (891 ) — Ending balance $ 299,064 $ 260,129 $ 299,064 $ 260,129 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Apr. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 14. Long-Term Debt The components of long-term debt are as follows: April 30, 2019 July 31, 2018 Term loan $ 2,077,665 $ — Asset-based loan 60,000 — Unsecured notes 28,045 — Other debt 99,541 — Gross long-term debt 2,265,251 — Debt issuance costs, net (53,343 ) — Total long-term debt, net 2,211,908 — Less: current portion of long-term debt (29,619 ) — Total long-term debt, less current portion $ 2,182,289 $ — On February 1, 2019, the Company entered into a seven-year term loan (“term loan”) agreement, which consists of both a United States Dollar-denominated term loan tranche of $1,386,434 and a Euro-denominated term loan tranche of 617,718 Euro ($708,584 at closing date exchange rate) and a $750,000 asset-based credit facility (“ABL”). Subject to earlier termination, the term loan matures on February 1, 2026 and the ABL matures on February 1, 2024. Under the term loan, both the U.S. and Euro tranches require annual principal payments of 1.0% of the initial term loan balance, payable quarterly in 0.25% installments starting on May 1, 2019. The first installment on the Euro tranche, however, was paid in April 2019. The interest rate on the U.S. portion of the term loan is an annual base rate plus 2.75%, or LIBOR plus 3.75%, and the interest rate on the Euro portion is at EURIBOR plus 4.00%, with interest on the U.S. base rate tranche payable quarterly, and interest on the U.S. LIBOR portion and the Euro tranche payable monthly. As of April 30, 2019, the entire U.S. term loan tranche balance of $1,386,434 was subject to a LIBOR-based rate totaling 6.3125%, but the interest rate on $900,000 of that balance was fixed at 6.2160% through an interest rate swap by swapping the underlying 1-month Availability under the ABL agreement is subject to a borrowing base based on a percentage of applicable eligible receivables and eligible inventory. The ABL carries interest at an annual base rate plus 0.25% to 0.75%, or LIBOR plus 1.25% to 1.75%, based on adjusted excess availability as defined in the ABL agreement, with the applicable base rate and LIBOR margins being stipulated at 0.25% and 1.25%, respectively, for the third quarter of fiscal 2019 per the ABL agreement. As of April 30, 2019, the total interest rate on the ABL borrowings of $60,000 was 3.75%. This agreement also includes a 0.25% unused facility fee. The Company may, generally at its option, pay any borrowings under the ABL, in whole or in part, at any time and from time to time, without premium or penalty. The ABL contains a financial covenant which requires the Company to maintain a minimum consolidated fixed-charge coverage ratio of 1.0X, provided that the covenant is only applicable when adjusted excess availability falls below a threshold of the greater of a) 10% of the lesser of the borrowing base availability or the revolver line total, or b) $60,000. Up to $75,000 of the ABL is available for the issuance of letters of credit, and up to $75,000 is available for swingline loans. The Company may also increase commitments under the ABL by up to $150,000 by obtaining additional commitments from lenders and adhering to certain other conditions. The unused availability under the ABL is generally available to the Company for general operating purposes, and totaled $618,275 as of April 30, 2019. The unsecured notes of 25,000 Euro ($28,045) relate to long-term debt assumed at the closing of the acquisition of EHG. There are two series, 20,000 Euro ($22,436) with an interest rate of 1.945% maturing in March 2025, and 5,000 Euro ($5,609) with an interest rate of 2.534% maturing February 2028. Other debt relates primarily to real estate loans with varying maturity dates through September 2032 and interest rates ranging from 1.40%—3.43%. Total contractual gross debt maturities are as follows: For the remainder of the fiscal year ending July 31, 2019 $ 7,450 For the fiscal year ending July 31, 2020 33,755 For the fiscal year ending July 31, 2021 32,752 For the fiscal year ending July 31, 2022 31,461 For the fiscal year ending July 31, 2023 31,581 For the fiscal year ending July 31, 2024 and thereafter 2,128,252 $ 2,265,251 For both the three and nine-month periods ended April 30, 2019, interest expense on the term loan, ABL and other debt facilities was $32,711, and the weighted-average interest rate on borrowings was approximately 5.8% for both periods. The Company incurred fees totaling $55,688 and $13,532 to secure the term loan and ABL, respectively, and those amounts are being amortized ratably over the respective seven and five-year terms of those agreements. The Company recorded total charges related to the amortization of these term loan and ABL fees, which are included in interest expense, of $2,656 for both the three and nine-month periods ended April 30, 2019. The unamortized balance of the ABL facility fees was $12,855 at April 30, 2019 and is included in Other long-term assets in the Condensed Consolidated Balance Sheets. For the three and nine-month periods ended April 30, 2018, interest expense on the Company’s previous asset-based credit agreement discussed below was $584 and $1,742, respectively. Interest expense for the nine-month period ended April 30, 2019 also includes $785 of amortization expense of capitalized debt fees related to the Company’s previous asset-based credit agreement that was terminated on February 1, 2019 with the new financing obtained with the EHG acquisition as described in Note 2 to the Condensed Consolidated Financial Statements. Interest expense for the three and nine-month periods ended April 30, 2018 included $392 and $1,177, respectively, of amortization of debt issuance costs related to the Company’s previous asset-based credit agreement. The carrying value of the Company’s long-term debt, excluding debt issuance costs, approximates fair value at April 30, 2019 as the balance is subject to variable market interest rates that the Company believes are market rates for a similarly situated Company. The fair value of the Company’s debt is largely estimated using Level 2 inputs as defined by ASC 820. |
Provision for Income Taxes
Provision for Income Taxes | 9 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | 15. Provision for Income Taxes The effective income tax rate for the three months ended April 30, 2019 was 24.3%, and the effective income tax rate for the nine months ended April 30, 2019 was 46.6%. The income tax rate for the three months ended April 30, 2019 was favorably impacted by certain foreign rate differences as a result of the EHG acquisition, which includes certain interest income not subject to corporate income tax. The effective rates for the periods presented include the effect of the deal-contingent foreign currency forward contract, as noted in Note 5 to the Condensed Consolidated Financial Statements, and the effects of the enactment of the Tax Cuts and Jobs Act on December 22, 2017, which include, but are not limited to, a reduction in the U.S. federal corporate income tax rate to 21.0%, the repeal of the domestic production deduction, and expanded limitations on the deductibility of executive compensation. The Tax Act also included substantial changes to the taxation of foreign income which are applicable to the Company as a result of the acquisition of EHG. The Global Intangible Low Taxed Income (GILTI) provisions may also impact the Company’s effective income tax rate. Under GILTI, a portion of the Company’s foreign earnings will be subject to U.S. taxation, offset by available foreign tax credits subject to limitation. The deal-contingent foreign currency forward contract was settled in connection with the close of the EHG acquisition. The Company recognized income related to the contract during the three months ended April 30, 2019 and expense during the nine months ended April 30, 2019. Under current federal income tax law, the foreign currency forward contract was characterized as a component of the acquisition of EHG. As a result, the foreign currency forward contract gain/loss recognized for financial statement purposes is not recognized for federal income tax purposes. Within the next 12 months, the Company anticipates a decrease of approximately $4,000 in unrecognized tax benefits, and $940 in accrued interest related to unrecognized tax benefits recorded as of April 30, 2019, from expected settlements or payments of uncertain tax positions and lapses of the applicable statutes of limitations. Actual results may differ from these estimates. The Company files income tax returns in the U.S. federal jurisdiction and in many state and foreign jurisdictions. For U.S. federal income tax purposes, fiscal years 2016 through 2018 remain open and could be subject to examination. In major state and major foreign jurisdictions, years subsequent to fiscal year 2015 generally remain open and could be subject to examination. The state of Indiana completed an exam of the Company for the fiscal years ended July 31, 2013 through 2015. The Company is also currently under exam by other state tax authorities for the fiscal years ended July 31, 2015 through 2017. The Company believes it has adequately reserved for its exposure to additional payments for uncertain tax positions in its liability for unrecognized tax benefits. |
Contingent Liabilities, Commitm
Contingent Liabilities, Commitments and Legal Matters | 9 Months Ended |
Apr. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities, Commitments and Legal Matters | 16. 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 and nine-month periods ended April 30, 2019 and April 30, 2018 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 | 9 Months Ended |
Apr. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 17. 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 April 30, 2019 and April 30, 2018 for these restricted stock unit awards and other stock-based compensation was $4,632 and $4,255, respectively. Total expense recognized in the nine-month periods ended April 30, 2019 and April 30, 2018 for these restricted stock unit awards and other stock-based compensation was $14,118 and $12,986, respectively. For the restricted stock units that vested during the nine-month periods ended April 30, 2019 and April 30, 2018, portions of the vested shares awarded were withheld as treasury shares to cover the recipients’ estimated withholding taxes. Tax payments made by the Company related to these stock-based awards for the nine months ended April 30, 2019 and April 30, 2018 totaled $4,418 and $7,657, respectively . Share Repurchase Program As discussed in the Company’s 2018 Form 10-K, |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Apr. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 18. Revenue Recognition Revenue is recognized as performance obligations under the terms of contracts with customers are satisfied. The Company’s vehicle and extruded aluminum 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. Revenue from the sales of extruded aluminum components is generally recognized upon delivery to the customer’s location. The Company’s European recreational vehicle reportable segment includes vehicle sales to third party dealers as well as sales of new and used vehicles to end customers through our owned and operated dealership network. 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. Shipping terms vary depending on regional contracting practices. U.S. customers primarily contract under FOB shipping point terms. European customers generally contract on ExWorks (“EXW”) incoterms (meaning the seller fulfills its obligation to deliver when it makes goods available at its premises, or another specified location, for the buyer to collect). Under EXW incoterms, the performance obligation is satisfied and control is transferred at the point when the customer is notified that the vehicle is available for pickup. In addition to recreational vehicle sales, the Company’s European reportable segment sells accessory items and provides repair services through our dealerships. Each ordered item represents a distinct performance obligation satisfied when control of the good is transferred to the customer. Service and repair contracts with customers are short term in nature and are recognized when the service is complete. Dealers do not have a right of return. All warranties provided are assurance-type warranties. Revenue is measured as the amount of consideration to which the Company expects to be entitled in exchange for the Company’s products and services. 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 and nine-month periods ended April 30, 2019, 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 ASU No. 2014-09, All revenue streams are considered point in time. 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. Other RV-related Three Months Ended April 30, Nine Months Ended April 30, 2019 2018 2019 2018 NET SALES: Recreational vehicles North American Towables Travel Trailers and Other $ 734,028 $ 978,906 $ 2,031,291 $ 2,801,828 Fifth Wheels 503,227 629,308 1,366,626 1,798,005 Total North American Towables 1,237,255 1,608,214 3,397,917 4,599,833 North American Motorized Class A 201,927 273,095 602,689 782,610 Class C 242,912 301,303 609,798 866,822 Class B 14,399 24,061 49,444 75,547 Total North American Motorized 459,238 598,459 1,261,931 1,724,979 Total North America 1,696,493 2,206,673 4,659,848 6,324,812 European Motorcaravan 506,964 — 506,964 — Campervan 94,226 — 94,226 — Caravan 100,741 — 100,741 — Other RV-related 65,578 65,578 Total European 767,509 — 767,509 — Total recreational vehicles 2,464,002 2,206,673 5,427,357 6,324,812 Other, primarily aluminum extruded components 69,506 82,239 198,468 233,171 Intercompany eliminations (26,925 ) (37,342 ) (72,690 ) (103,185 ) Total $ 2,506,583 $ 2,251,570 $ 5,553,135 $ 6,454,798 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Apr. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | 19. Accumulated Other Comprehensive Loss The components of other comprehensive income (loss) (“OCI”) and the changes in the Company’s accumulated OCI (“AOCI”) by component were as follows: Three Months Ended April 30, 2019 April 30, 2018 Foreign Currency Unrealized Foreign Currency Unrealized Translation Gain (Loss) on Translation Gain (Loss) on Adjustment Derivative Total Adjustment Derivative Total Balance at beginning of period $ — $ — $ — $ — $ — $ — OCI before reclassifications (34,183 ) (5,310 ) (39,493 ) — — — Income taxes associated with OCI before reclassifications — 1,283 1,283 — — — Amounts reclassified from AOCI — 337 337 — — — Income taxes associated with amounts reclassified from AOCI — (91 ) (91 ) — — — Net OCI (34,183 ) (3,781 ) (37,964 ) — — — Less: OCI attributable to noncontrolling interest $ (73 ) (73 ) OCI attributable to Thor Industries Inc. $ (34,110 ) $ (3,781 ) $ (37,891 ) $ — $ — $ — Nine Months Ended April 30, 2019 April 30, 2018 Foreign Currency Unrealized Foreign Currency Unrealized Translation Gain (Loss) on Translation Gain (Loss) on Adjustment Derivative Total Adjustment Derivative Total Balance at beginning of period $ — $ — $ — $ — $ — $ — OCI before reclassifications (34,183 ) (5,310 ) (39,493 ) — — — Income taxes associated with OCI before reclassifications — 1,283 1,283 — — — Amounts reclassified from AOCI — 337 337 — — — Income taxes associated with amounts reclassified from AOCI — (91 ) (91 ) — — — Net OCI (34,183 ) (3,781 ) (37,964 ) — — — Less: OCI attributable to noncontrolling interest $ (73 ) $ — (73 ) OCI attributable to Thor Industries $ (34,110 ) $ (3,781 ) $ (37,891 ) $ — $ — $ — |
Nature of Operations and Acco_2
Nature of Operations and Accounting Policies (Policies) | 9 Months Ended |
Apr. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Thor Industries, Inc. was founded in 1980 and is the sole owner of operating subsidiaries (collectively, the “Company” or “Thor”), that, combined, represent the world’s largest manufacturer of recreational vehicles (“RVs”). The Company manufactures a wide variety of RVs in the United States and Europe and sells those vehicles, as well as related parts and accessories, primarily to independent, non-franchise The July 31, 2018 amounts are derived from the annual audited financial statements of Thor. 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 | |
Other Accounting Standards Not Yet Adopted |
Acquisition - Erwin Hymer Gro_2
Acquisition - Erwin Hymer Group (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The Company expects to finalize these values as soon as practical and no later than one year from the acquisition date. Cash $ 97,887 Inventory 593,053 Other assets 420,941 Property, plant and equipment, rental vehicles 80,132 Property, plant and equipment 452,654 Amortizable intangible assets: Dealer network 355,601 Trademarks 126,181 Technology assets 183,536 Backlog 11,471 Goodwill 994,427 Guarantee liabilities related to former EHG North American subsidiaries (115,668 ) Other current liabilities (841,631 ) Debt - Unsecured notes (114,710 ) Debt - Other (166,196 ) Deferred income tax liabilities (147,634 ) Other long-term liabilities (17,205 ) Non-controlling (12,207 ) Total fair value of net assets acquired 1,900,632 Less: cash acquired (97,887 ) Total fair value of net assets acquired, less cash acquired $ 1,802,745 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2019 acquisition of EHG had occurred at the beginning of fiscal 2018. These performance results may not be indicative of the actual results that would have occurred under the ownership and management of the Company. Three Months Ended April 30, Nine Months Ended April 30, 2019 2018 2019 2018 Net sales $ 2,506,583 $ 3,083,887 $ 6,766,664 $ 8,577,872 Net income $ 42,579 $ 100,613 $ 61,418 $ 237,472 Basic earnings per common share $ 0.77 $ 1.84 $ 1.15 $ 4.34 Diluted earnings per common share $ 0.77 $ 1.83 $ 1.14 $ 4.33 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Three Months Ended Nine Months Ended NET SALES: 2019 2018 2019 2018 Recreational vehicles North American Towables $ 1,237,255 $ 1,608,214 $ 3,397,917 $ 4,599,833 North American Motorized 459,238 598,459 1,261,931 1,724,979 Total North America 1,696,493 2,206,673 4,659,848 6,324,812 European 767,509 — 767,509 — Total recreational vehicles 2,464,002 2,206,673 5,427,357 6,324,812 Other 69,506 82,239 198,468 233,171 Intercompany eliminations (26,925 ) (37,342 ) (72,690 ) (103,185 ) Total $ 2,506,583 $ 2,251,570 $ 5,553,135 $ 6,454,798 Three Months Ended Nine Months Ended INCOME (LOSS) BEFORE INCOME TAXES: 2019 2018 2019 2018 Recreational vehicles North American Towables $ 103,715 $ 147,853 $ 212,325 $ 423,432 North American Motorized 25,185 38,908 64,102 114,032 Total North America 128,900 186,761 276,427 537,464 European (30,947 ) — (30,947 ) — Total recreational vehicles 97,953 186,761 245,480 537,464 Other, net 7,868 8,872 19,728 22,645 Corporate (64,298 ) (15,108 ) (190,295 ) (51,428 ) Total $ 41,523 $ 180,525 $ 74,913 $ 508,681 TOTAL ASSETS: April 30, 2019 July 31, 2018 Recreational vehicles North American Towables $ 1,593,377 $ 1,654,361 North American Motorized 521,187 492,830 Total North America 2,114,564 2,147,191 European 3,127,221 — Total recreational vehicles 5,241,785 2,147,191 Other, net 160,661 167,965 Corporate 569,874 463,509 Total $ 5,972,320 $ 2,778,665 Three Months Ended April 30, Nine Months Ended April 30, DEPRECIATION AND INTANGIBLE 2019 2018 2019 2018 Recreational vehicles North American Towables $ 17,097 $ 17,357 $ 50,699 $ 51,373 North American Motorized 3,494 3,004 10,373 8,641 Total North America 20,591 20,361 61,072 60,014 European 27,227 — 27,227 — Total recreational vehicles 47,818 20,361 88,299 60,014 Other 2,705 2,762 7,972 8,319 Corporate 407 410 1,239 1,173 Total $ 50,930 $ 23,533 $ 97,510 $ 69,506 Three Months Ended April 30, Nine Months Ended April 30, CAPITAL ACQUISITIONS: 2019 2018 2019 2018 Recreational vehicles North American Towables $ 13,013 $ 23,175 $ 49,510 $ 59,588 North American Motorized 3,088 10,083 13,316 24,152 Total North America 16,101 33,258 62,826 83,740 European 15,879 — 15,879 — Total recreational vehicles 31,980 33,258 78,705 83,740 Other 248 744 2,979 3,337 Corporate 419 169 880 8,760 Total $ 32,647 $ 34,171 $ 82,564 $ 95,837 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
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 Nine Months Ended 2019 2018 2019 2018 Weighted-average shares outstanding for basic earnings per share 55,063,473 52,695,365 53,515,491 52,667,016 Unvested restricted stock units 102,594 158,176 112,136 177,024 Weighted-average shares outstanding assuming dilution 55,166,067 52,853,541 53,627,627 52,844,040 |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Investments, All Other Investments [Abstract] | |
Schedule of Derivative Instruments | April 30, 2019 Cash Flow Hedges Notional Fair Value Fair Value in Foreign currency forward contracts $ 32,517 $ — $ 820 Interest rate swap agreements 900,000 — 4,873 Total derivative financial instruments $ 932,517 $ — $ 5,693 |
Derivative Instruments, Gain (Loss) | The total amounts presented in the Consolidated Statements of Income and Comprehensive Income due to changes in the fair value of the following derivative instruments are as follows: Three Months Ended Nine Months Ended Gain (Loss) on Derivatives Designated as Cash Flow Hedges Gain (Loss) recognized in Other Comprehensive Income, net of tax Foreign currency forward contracts $ (263 ) $ (263 ) Interest rate swap agreements (3,764 ) (3,764 ) Total gain (loss) $ (4,027 ) $ (4,027 ) Three Months Ended Nine Months Ended April 30, 2019 April 30, 2019 Acquisition- Interest Acquisition- Interest Sales Related Costs Expense Sales Related Costs Expense Gain (Loss) Reclassified from AOCI, Net of Tax Foreign currency forward contracts $ (191 ) $ — $ — $ (191 ) $ — $ — Interest rate swap agreements — — (55 ) — — (55 ) Gain (Loss) on Derivatives Not Designated as Hedging Instruments Amount of gain (loss) recognized in income, net of tax Foreign currency forward contracts (160 ) 2,930 — (160 ) (70,777 ) — Interest rate swap agreements — — 132 — — 132 Total gain (loss) $ (351 ) $ 2,930 $ 77 $ (351 ) $ (70,777 ) $ 77 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets Measured on Recurring Basis | The financial assets and liabilities that were accounted for at fair value on a recurring basis at April 30, 2019 and July 31, 2018 are as follows: Input Level April 30, 2019 July 31, 2018 Cash equivalents Level 1 $ 166,606 $ 230,319 Restricted cash Level 1 $ 25,801 $ — Deferred compensation plan assets and liabilities Level 1 $ 51,318 $ 43,316 Foreign currency forward contract liabilities Level 2 $ 820 $ — Interest rate swap liability Level 2 $ 4,873 $ — |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Major Classifications of Inventories | Major classifications of inventories are as follows: April 30, 2019 July 31, 2018 Finished goods – RV $ 269,269 $ 44,998 Finished goods – other 63,656 35,320 Work in process 138,711 124,703 Raw materials 311,580 258,429 Chassis 225,321 116,308 Subtotal 1,008,537 579,758 Excess of FIFO costs over LIFO costs (45,949 ) (41,849 ) Total inventories, net $ 962,588 $ 537,909 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
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: April 30, 2019 July 31, 2018 Land $ 141,346 $ 57,413 Buildings and improvements 727,665 468,824 Machinery and equipment 374,429 197,294 Rental vehicles 92,389 — Total cost 1,335,829 723,531 Less accumulated depreciation (247,699 ) (201,477 ) Property, plant and equipment, net $ 1,088,130 $ 522,054 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Amortizable Intangible Assets | The components of amortizable intangible assets are as follows: Weighted-Average Remaining April 30, 2019 July 31, 2018 Life in Years at April 30, 2019 Cost Accumulated Amortization Cost Accumulated Amortization Dealer networks/customer relationships 18 $ 752,718 $ 178,376 $ 404,960 $ 147,077 Trademarks 18 269,515 31,222 146,117 24,364 Design technology and other intangibles 10 197,688 14,952 18,200 9,555 Backlog Less than 1 11,218 6,731 — — Non-compete — 450 450 450 383 Total amortizable intangible assets $ 1,231,589 $ 231,731 $ 569,727 $ 181,379 |
Estimated Amortization Expense | Estimated annual amortization expense is as follows: For the fiscal year ending July 31, 2019 $ 74,534 For the fiscal year ending July 31, 2020 89,556 For the fiscal year ending July 31, 2021 98,369 For the fiscal year ending July 31, 2022 104,684 For the fiscal year ending July 31, 2023 93,774 For the fiscal year ending July 31, 2024 and thereafter 589,294 $ 1,050,211 |
Product Warranties (Tables)
Product Warranties (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
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 April 30, Nine Months Ended April 30, 2019 2018 2019 2018 Beginning balance $ 257,869 $ 243,310 $ 264,928 $ 216,781 Provision 63,117 71,037 177,964 198,079 Payments (64,360 ) (54,218 ) (186,266 ) (154,731 ) Acquisition 43,329 — 43,329 — Foreign currency translation (891 ) — (891 ) — Ending balance $ 299,064 $ 260,129 $ 299,064 $ 260,129 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The components of long-term debt are as follows: April 30, 2019 July 31, 2018 Term loan $ 2,077,665 $ — Asset-based loan 60,000 — Unsecured notes 28,045 — Other debt 99,541 — Gross long-term debt 2,265,251 — Debt issuance costs, net (53,343 ) — Total long-term debt, net 2,211,908 — Less: current portion of long-term debt (29,619 ) — Total long-term debt, less current portion $ 2,182,289 $ — |
Schedule of Maturities of Long-term Debt | Total contractual gross debt maturities are as follows: For the remainder of the fiscal year ending July 31, 2019 $ 7,450 For the fiscal year ending July 31, 2020 33,755 For the fiscal year ending July 31, 2021 32,752 For the fiscal year ending July 31, 2022 31,461 For the fiscal year ending July 31, 2023 31,581 For the fiscal year ending July 31, 2024 and thereafter 2,128,252 $ 2,265,251 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregates of Revenue | Three Months Ended April 30, Nine Months Ended April 30, 2019 2018 2019 2018 NET SALES: Recreational vehicles North American Towables Travel Trailers and Other $ 734,028 $ 978,906 $ 2,031,291 $ 2,801,828 Fifth Wheels 503,227 629,308 1,366,626 1,798,005 Total North American Towables 1,237,255 1,608,214 3,397,917 4,599,833 North American Motorized Class A 201,927 273,095 602,689 782,610 Class C 242,912 301,303 609,798 866,822 Class B 14,399 24,061 49,444 75,547 Total North American Motorized 459,238 598,459 1,261,931 1,724,979 Total North America 1,696,493 2,206,673 4,659,848 6,324,812 European Motorcaravan 506,964 — 506,964 — Campervan 94,226 — 94,226 — Caravan 100,741 — 100,741 — Other RV-related 65,578 65,578 Total European 767,509 — 767,509 — Total recreational vehicles 2,464,002 2,206,673 5,427,357 6,324,812 Other, primarily aluminum extruded components 69,506 82,239 198,468 233,171 Intercompany eliminations (26,925 ) (37,342 ) (72,690 ) (103,185 ) Total $ 2,506,583 $ 2,251,570 $ 5,553,135 $ 6,454,798 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of other comprehensive income (loss) (“OCI”) and the changes in the Company’s accumulated OCI (“AOCI”) by component were as follows: Three Months Ended April 30, 2019 April 30, 2018 Foreign Currency Unrealized Foreign Currency Unrealized Translation Gain (Loss) on Translation Gain (Loss) on Adjustment Derivative Total Adjustment Derivative Total Balance at beginning of period $ — $ — $ — $ — $ — $ — OCI before reclassifications (34,183 ) (5,310 ) (39,493 ) — — — Income taxes associated with OCI before reclassifications — 1,283 1,283 — — — Amounts reclassified from AOCI — 337 337 — — — Income taxes associated with amounts reclassified from AOCI — (91 ) (91 ) — — — Net OCI (34,183 ) (3,781 ) (37,964 ) — — — Less: OCI attributable to noncontrolling interest $ (73 ) (73 ) OCI attributable to Thor Industries Inc. $ (34,110 ) $ (3,781 ) $ (37,891 ) $ — $ — $ — Nine Months Ended April 30, 2019 April 30, 2018 Foreign Currency Unrealized Foreign Currency Unrealized Translation Gain (Loss) on Translation Gain (Loss) on Adjustment Derivative Total Adjustment Derivative Total Balance at beginning of period $ — $ — $ — $ — $ — $ — OCI before reclassifications (34,183 ) (5,310 ) (39,493 ) — — — Income taxes associated with OCI before reclassifications — 1,283 1,283 — — — Amounts reclassified from AOCI — 337 337 — — — Income taxes associated with amounts reclassified from AOCI — (91 ) (91 ) — — — Net OCI (34,183 ) (3,781 ) (37,964 ) — — — Less: OCI attributable to noncontrolling interest $ (73 ) $ — (73 ) OCI attributable to Thor Industries $ (34,110 ) $ (3,781 ) $ (37,891 ) $ — $ — $ — |
Nature of Operations and Acco_3
Nature of Operations and Accounting Policies - Additional Information (Detail) - Accounting Standards Update 2014-09 - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2019 | Aug. 01, 2018 | |
Retained Earnings | |||
Nature Of Operations And Significant Accounting Policies [Line Items] | |||
Cumulative effect of the change in accounting principle, net of tax | $ (5,450) | ||
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 | $ 317 | $ 1,823 | |
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 |
Acquisition - Erwin Hymer Gro_3
Acquisition - Erwin Hymer Group (Details) - USD ($) $ in Thousands | Feb. 02, 2019 | Apr. 30, 2019 | Feb. 01, 2019 | Jul. 31, 2018 |
Amortizable intangible assets: | ||||
Goodwill | $ 1,350,187 | $ 377,693 | ||
Erwin Hymer Group [Member] | ||||
Cash | $ 97,887 | |||
Inventory | 593,053 | |||
Other assets | 420,941 | |||
Property, plant and equipment, rental vehicles | 80,132 | |||
Property, plant and equipment | $ 532,127 | 452,654 | ||
Amortizable intangible assets: | ||||
Goodwill | 994,427 | |||
Guarantee liabilities related to former EHG North American subsidiaries | (115,668) | |||
Other current liabilities | (841,631) | |||
Debt - Unsecured notes | (114,710) | |||
Debt - Other | (166,196) | |||
Deferred income tax liabilities | (147,634) | |||
Other long-term liabilities | (17,205) | |||
Non-controlling interests | (12,207) | |||
Total fair value of net assets acquired | 1,900,632 | |||
Less: cash acquired | $ (97,887) | |||
Total fair value of net assets acquired, less cash acquired | 1,802,745 | |||
Dealer network | Erwin Hymer Group [Member] | ||||
Amortizable intangible assets: | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 355,601 | |||
Trademarks | Erwin Hymer Group [Member] | ||||
Amortizable intangible assets: | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 126,181 | |||
Technology assets | Erwin Hymer Group [Member] | ||||
Amortizable intangible assets: | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 183,536 | |||
Backlog | Erwin Hymer Group [Member] | ||||
Amortizable intangible assets: | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 11,471 |
Acquisition - Erwin Hymer Gro_4
Acquisition - Erwin Hymer Group (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Business Combinations [Abstract] | ||||
Net sales | $ 2,506,583 | $ 3,083,887 | $ 6,766,664 | $ 8,577,872 |
Net income | $ 42,579 | $ 100,613 | $ 61,418 | $ 237,472 |
Basic earnings per common share | $ 0.77 | $ 1.84 | $ 1.15 | $ 4.34 |
Diluted earnings per common share | $ 0.77 | $ 1.83 | $ 1.14 | $ 4.33 |
Acquisition - Erwin Hymer Gro_5
Acquisition - Erwin Hymer Group - Additional Information (Detail) € in Thousands, $ in Thousands | Feb. 02, 2019USD ($)shares | Feb. 02, 2019EUR (€)shares | Apr. 30, 2019USD ($) | Apr. 30, 2018USD ($) | Apr. 30, 2019USD ($) | Apr. 30, 2018USD ($) | Feb. 01, 2019USD ($) | Feb. 01, 2019EUR (€) | Jul. 31, 2018USD ($) |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,506,583 | $ 2,251,570 | $ 5,553,135 | $ 6,454,798 | |||||
Gross Profit | 292,430 | 316,745 | 641,282 | 920,258 | |||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 41,523 | 180,525 | 74,913 | 508,681 | |||||
Amortization of Intangible Assets | 25,259 | 13,882 | 50,376 | 41,236 | |||||
Goodwill | 1,350,187 | 1,350,187 | $ 377,693 | ||||||
Step-up Costs [Member] | |||||||||
Purchase accounting of acquired inventory | $ 61,418 | ||||||||
Subsidary Loan [Member] | North America [Member] | |||||||||
Asset Impairment Charges | 0 | 27,838 | 52,501 | 80,070 | |||||
Proforma Income [Member] | |||||||||
Business Combination, Acquisition Related Costs | 13,363 | 112,511 | |||||||
Proforma Income [Member] | Fair Value Adjustment to Inventory [Member] | |||||||||
Assets, Fair Value Adjustment | 61,418 | ||||||||
Foreign Exchange Forward [Member] | |||||||||
Business Combination, Acquisition Related Costs | 70,777 | ||||||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | 2,930 | ||||||||
Asset Based Credit Facility [Member] | |||||||||
Amount of debt financing | 60,000 | 60,000 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750,000 | ||||||||
Other Expense [Member] | |||||||||
Business Combination, Acquisition Related Costs | 41,734 | ||||||||
Unamortized Debt Issuance Expense [Member] | Asset Based Credit Facility [Member] | |||||||||
Business Combination, Acquisition Related Costs | $ 3,794 | ||||||||
Professional And Integration Fee [Member] | |||||||||
Business Combination, Acquisition Related Costs | 16,293 | ||||||||
Dealer Financing Guarantee Accruals [Member] | |||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Accrued Liabilities Current | 6,700 | 6,700 | |||||||
Lease Guarantee Accruals [Member] | |||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Accrued Liabilities Current | 3,600 | $ 3,600 | |||||||
Trademarks [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 18 years | ||||||||
Term Loan [Member] | |||||||||
Debt Instrument, Term | 7 years | 7 years | |||||||
Amount of debt financing | 2,077,665 | $ 2,077,665 | |||||||
Us Tranche [Member] | Term Loan [Member] | |||||||||
Amount of debt financing | 900,000 | 900,000 | |||||||
Euro Tranche [Member] | Term Loan [Member] | |||||||||
Amount of debt financing | 691,231 | 691,231 | 708,584 | € 617,718 | |||||
Erwin Hymer Group [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 1,760,000 | € 1,530,000 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 2,256,492 | 2,256,492 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 144,200 | ||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Subsidiaries Guarantee Obligations | 115,668 | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 767,509 | ||||||||
Gross Profit | 53,981 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 30,947 | ||||||||
Amortization of Intangible Assets | 6,743 | ||||||||
Business Combination Available Cash | $ 95,000 | ||||||||
Debt Instrument, Term | 7 years | 7 years | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years | 17 years | |||||||
Maximum Payments For Dealer Financing Cost | 17,000 | 17,000 | |||||||
Goodwill | 994,427 | ||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 238,000 | 238,000 | |||||||
Business Acquisition Pro Forma Professional Fee | $ 5,451 | 1,684 | $ 15,952 | ||||||
Erwin Hymer Group [Member] | Foreign Exchange Forward [Member] | |||||||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | 2,930 | ||||||||
Erwin Hymer Group [Member] | Asset Based Credit Facility [Member] | |||||||||
Debt Instrument, Term | 5 years | 5 years | |||||||
Amount of debt financing | 100,000 | ||||||||
Erwin Hymer Group [Member] | Acquisition Costs [Member] | |||||||||
Business Combination, Acquisition Related Costs | 13,363 | 112,511 | |||||||
Erwin Hymer Group [Member] | Acquisition Costs [Member] | Foreign Currency Contract Losses [Member] | |||||||||
Business Combination, Acquisition Related Costs | 70,777 | ||||||||
Erwin Hymer Group [Member] | Other Current Liabilities [Member] | |||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Accrued Liabilities Current | $ 10,300 | $ 10,300 | |||||||
Erwin Hymer Group [Member] | Trademarks [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | 20 years | |||||||
Finite-Lived Intangible Assets, Amortization Method | straight-line basis | straight-line basis | |||||||
Erwin Hymer Group [Member] | Technology-Based Intangible Assets [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years | |||||||
Finite-Lived Intangible Assets, Amortization Method | straight-line basis | straight-line basis | |||||||
Erwin Hymer Group [Member] | Dealer Network [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | 20 years | |||||||
Finite-Lived Intangible Assets, Amortization Method | accelerated basis | accelerated basis | |||||||
Erwin Hymer Group [Member] | Backlog [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 5 months | 5 months | |||||||
Finite-Lived Intangible Assets, Amortization Method | straight-line basis | straight-line basis | |||||||
Erwin Hymer Group [Member] | Other Intangible Assets [Member] | |||||||||
Amortization of Intangible Assets | $ 6,041 | ||||||||
Erwin Hymer Group [Member] | Term Loan [Member] | |||||||||
Amount of debt financing | 2,100,000 | ||||||||
Erwin Hymer Group [Member] | Us Tranche [Member] | Term Loan [Member] | |||||||||
Amount of debt financing | 1,400,000 | ||||||||
Erwin Hymer Group [Member] | Euro Tranche [Member] | Term Loan [Member] | |||||||||
Amount of debt financing | $ 700,000 | € 600,000 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,506,583 | $ 2,251,570 | $ 5,553,135 | $ 6,454,798 |
Income (loss) from continuing operations before income taxes | 41,523 | 180,525 | 74,913 | 508,681 |
Recreational vehicles | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,464,002 | 2,206,673 | 5,427,357 | 6,324,812 |
Operating Segments | Recreational vehicles | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,464,002 | 2,206,673 | 5,427,357 | 6,324,812 |
Income (loss) from continuing operations before income taxes | 97,953 | 186,761 | 245,480 | 537,464 |
Operating Segments | Recreational vehicles | North American [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,696,493 | 2,206,673 | 4,659,848 | 6,324,812 |
Income (loss) from continuing operations before income taxes | 128,900 | 186,761 | 276,427 | 537,464 |
Operating Segments | Recreational vehicles | European [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 767,509 | 0 | 767,509 | 0 |
Income (loss) from continuing operations before income taxes | (30,947) | 0 | (30,947) | 0 |
Operating Segments | Recreational vehicles | North American Towables | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,237,255 | 1,608,214 | 3,397,917 | 4,599,833 |
Income (loss) from continuing operations before income taxes | 103,715 | 147,853 | 212,325 | 423,432 |
Operating Segments | Recreational vehicles | North American Motorized | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 459,238 | 598,459 | 1,261,931 | 1,724,979 |
Income (loss) from continuing operations before income taxes | 25,185 | 38,908 | 64,102 | 114,032 |
Corporate and Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 69,506 | 82,239 | 198,468 | 233,171 |
Income (loss) from continuing operations before income taxes | 7,868 | 8,872 | 19,728 | 22,645 |
Intercompany Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (26,925) | (37,342) | (72,690) | (103,185) |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from continuing operations before income taxes | $ (64,298) | $ (15,108) | $ (190,295) | $ (51,428) |
Schedule of Segment Reporting_2
Schedule of Segment Reporting Information, by Segment Balance Sheet Item (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Jul. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Total assets | $ 5,972,320 | $ 5,972,320 | $ 2,778,665 | ||
Depreciation and amortization expense, total | 50,930 | $ 23,533 | 97,510 | $ 69,506 | |
Capital acquisitions | 32,647 | 34,171 | 82,564 | 95,837 | |
Operating Segments | Recreational vehicles | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 5,241,785 | 5,241,785 | 2,147,191 | ||
Depreciation and amortization expense, total | 47,818 | 20,361 | 88,299 | 60,014 | |
Capital acquisitions | 31,980 | 33,258 | 78,705 | 83,740 | |
Operating Segments | Recreational vehicles | North American [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 2,114,564 | 2,114,564 | 2,147,191 | ||
Depreciation and amortization expense, total | 20,591 | 20,361 | 61,072 | 60,014 | |
Capital acquisitions | 16,101 | 33,258 | 62,826 | 83,740 | |
Operating Segments | Recreational vehicles | European [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 3,127,221 | 3,127,221 | 0 | ||
Depreciation and amortization expense, total | 27,227 | 0 | 27,227 | 0 | |
Operating Segments | Recreational vehicles | European [Member] | Rental vehicles [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Capital acquisitions | 15,879 | 0 | 15,879 | 0 | |
Operating Segments | Recreational vehicles | North American Towables | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 1,593,377 | 1,593,377 | 1,654,361 | ||
Depreciation and amortization expense, total | 17,097 | 17,357 | 50,699 | 51,373 | |
Capital acquisitions | 13,013 | 23,175 | 49,510 | 59,588 | |
Operating Segments | Recreational vehicles | North American Motorized | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 521,187 | 521,187 | 492,830 | ||
Depreciation and amortization expense, total | 3,494 | 3,004 | 10,373 | 8,641 | |
Capital acquisitions | 3,088 | 10,083 | 13,316 | 24,152 | |
Corporate and Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 160,661 | 160,661 | 167,965 | ||
Depreciation and amortization expense, total | 2,705 | 2,762 | 7,972 | 8,319 | |
Capital acquisitions | 248 | 744 | 2,979 | 3,337 | |
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 569,874 | 569,874 | $ 463,509 | ||
Depreciation and amortization expense, total | 407 | 410 | 1,239 | 1,173 | |
Capital acquisitions | $ 419 | $ 169 | $ 880 | $ 8,760 |
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 | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Weighted-average shares outstanding for basic earnings per share | 55,063,473 | 52,695,365 | 53,515,491 | 52,667,016 |
Unvested restricted stock units | 102,594 | 158,176 | 112,136 | 177,024 |
Weighted-average shares outstanding assuming dilution | 55,166,067 | 52,853,541 | 53,627,627 | 52,844,040 |
Earning Per Common Share - Addi
Earning Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Antidilutive stock options, unvested restricted stock units outstanding | 127,548 | 0 | 199,020 | 0 |
Derivatives and Hedging fair va
Derivatives and Hedging fair value of our derivative instruments and the associated notional amounts (Details) - Cash Flow Hedging $ in Thousands | Apr. 30, 2019USD ($) |
Notional | $ 932,517 |
Fair Value of Assets | 0 |
Fair Value in Other Current Liabilities | 5,693 |
Foreign currency forward contracts | |
Notional | 32,517 |
Fair Value of Assets | 0 |
Fair Value in Other Current Liabilities | 820 |
Interest rate swap agreements | |
Notional | 900,000 |
Fair Value of Assets | 0 |
Fair Value in Other Current Liabilities | $ 4,873 |
Derivatives and Hedging Financi
Derivatives and Hedging Financial Statement Impact of Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Apr. 30, 2019 | Apr. 30, 2019 | |
Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||
Gain (Loss) recognized in Other Comprehensive Income, net of tax | $ (4,027) | $ (4,027) |
Foreign currency forward contracts | Designated as Hedging Instrument | ||
Gain Loss on Derivatives Not Designated as Hedging Instruments [Abstract] | ||
Amount of gain (loss) recognized in income | (263) | (263) |
Interest rate swap agreements | Designated as Hedging Instrument | ||
Gain Loss on Derivatives Not Designated as Hedging Instruments [Abstract] | ||
Amount of gain (loss) recognized in income | (3,764) | (3,764) |
Cost of Sales | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||
Gain (Loss) recognized in Other Comprehensive Income, net of tax | (351) | (351) |
Cost of Sales | Foreign currency forward contracts | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||
Gain (loss) reclassified from AOCI | (191) | (191) |
Cost of Sales | Foreign currency forward contracts | Designated as Hedging Instrument | ||
Gain Loss on Derivatives Not Designated as Hedging Instruments [Abstract] | ||
Amount of gain (loss) recognized in income | (160) | (160) |
Cost of Sales | Interest rate swap agreements | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||
Gain (loss) reclassified from AOCI | 0 | 0 |
Cost of Sales | Interest rate swap agreements | Designated as Hedging Instrument | ||
Gain Loss on Derivatives Not Designated as Hedging Instruments [Abstract] | ||
Amount of gain (loss) recognized in income | 0 | 0 |
Acquisition Related Costs | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||
Gain (Loss) recognized in Other Comprehensive Income, net of tax | 2,930 | (70,777) |
Acquisition Related Costs | Foreign currency forward contracts | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||
Gain (loss) reclassified from AOCI | 0 | 0 |
Acquisition Related Costs | Foreign currency forward contracts | Designated as Hedging Instrument | ||
Gain Loss on Derivatives Not Designated as Hedging Instruments [Abstract] | ||
Amount of gain (loss) recognized in income | 2,930 | (70,777) |
Acquisition Related Costs | Interest rate swap agreements | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||
Gain (loss) reclassified from AOCI | 0 | 0 |
Acquisition Related Costs | Interest rate swap agreements | Designated as Hedging Instrument | ||
Gain Loss on Derivatives Not Designated as Hedging Instruments [Abstract] | ||
Amount of gain (loss) recognized in income | 0 | 0 |
Interest Expense | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||
Gain (Loss) recognized in Other Comprehensive Income, net of tax | 77 | 77 |
Interest Expense | Foreign currency forward contracts | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||
Gain (loss) reclassified from AOCI | 0 | 0 |
Interest Expense | Foreign currency forward contracts | Designated as Hedging Instrument | ||
Gain Loss on Derivatives Not Designated as Hedging Instruments [Abstract] | ||
Amount of gain (loss) recognized in income | 0 | 0 |
Interest Expense | Interest rate swap agreements | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||
Gain (loss) reclassified from AOCI | (55) | (55) |
Interest Expense | Interest rate swap agreements | Designated as Hedging Instrument | ||
Gain Loss on Derivatives Not Designated as Hedging Instruments [Abstract] | ||
Amount of gain (loss) recognized in income | $ 132 | $ 132 |
Derivatives and Hedging - Addit
Derivatives and Hedging - Additional Information (Detail) £ in Thousands, $ in Thousands, € in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019USD ($) | Apr. 30, 2019USD ($) | Apr. 30, 2019GBP (£) | Sep. 18, 2018EUR (€) | |
Foreign currency transaction | $ 7,379 | $ 7,379 | ||
Amount reclassified | 0 | 0 | ||
Not Designated as Hedging Instrument | ||||
Reclassified out of AOCI | 0 | 0 | ||
Acquisition Costs | Foreign Currency Contract Losses | ||||
Acquisition related costs | 70,777 | |||
Interest Rate Swap | Designated as Hedging Instrument | ||||
Notional Amount | 900,000 | 900,000 | ||
Foreign Exchange Forward | ||||
Notional Amount | £ | £ 25,000 | |||
Income related to contract | $ 2,930 | |||
Acquisition related costs | $ 70,777 | |||
Foreign Exchange Forward | Not Designated as Hedging Instrument | ||||
Notional Amount | € | € 1,625 |
Schedule of Fair Value, Assets
Schedule of Fair Value, Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 166,606 | $ 230,319 |
Restricted cash | 25,801 | |
Deferred compensation plan assets and liabilities | 51,318 | 43,316 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forward contract liabilities | 820 | |
Interest rate swap liability | $ 4,873 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Apr. 30, 2019 € in Thousands, £ in Thousands, $ in Thousands | USD ($) | EUR (€) | GBP (£) |
Restricted Cash | $ 25,801 | € 23,000 | |
Erwin Hymer Group | |||
Derivative Asset, Notional Amount | $ | $ 900,000 | ||
Foreign Exchange Forward | |||
Derivative Asset, Notional Amount | £ | £ 25,000 |
Schedule of Major Classificatio
Schedule of Major Classifications of Inventories (Detail) - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 |
Inventory [Line Items] | ||
Work in process | $ 138,711 | $ 124,703 |
Raw materials | 311,580 | 258,429 |
Chassis | 225,321 | 116,308 |
Subtotal | 1,008,537 | 579,758 |
Excess of FIFO costs over LIFO costs | (45,949) | (41,849) |
Total inventories, net | 962,588 | 537,909 |
Recreational vehicles | ||
Inventory [Line Items] | ||
Finished products | 269,269 | 44,998 |
Other | ||
Inventory [Line Items] | ||
Finished products | $ 63,656 | $ 35,320 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Apr. 30, 2019 | Feb. 01, 2019 | Jul. 31, 2018 | |
Inventories | $ 1,008,537 | $ 579,758 | |
Subsidiaries valued inventory in last-in, first-out method | 312,757 | 305,990 | |
Subsidiaries valued inventory in first-in, first-out method | 695,780 | $ 273,768 | |
Erwin Hymer Group [Member] | |||
Subsidiaries valued inventory in first-in, first-out method | $ 593,053 | ||
Erwin Hymer Group [Member] | FIFO [Member] | |||
Subsidiaries valued inventory in first-in, first-out method | 441,081 | ||
Change In FIFO Inventory | 422,012 | ||
Erwin Hymer Group [Member] | Finished Goods [Member] | |||
Subsidiaries valued inventory in first-in, first-out method | 197,356 | ||
Change In Inventory Finished Goods | $ 224,271 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 1,335,829 | $ 723,531 |
Less accumulated depreciation | (247,699) | (201,477) |
Property, plant and equipment, net | 1,088,130 | 522,054 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 141,346 | 57,413 |
Building and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 727,665 | 468,824 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 374,429 | 197,294 |
Rental Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 92,389 | $ 0 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Apr. 30, 2019 | Feb. 01, 2019 | Jul. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 1,335,829 | $ 723,531 | |
Accumulated depreciation | 247,699 | 201,477 | |
Increase Decrease In Property Plant And Equipment Net | 566,076 | ||
Erwin Hymer Group [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 532,127 | $ 452,654 | |
Assets Held under Capital Leases | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 6,527 | 6,527 | |
Accumulated depreciation | $ 2,176 | $ 1,768 |
Components of Amortizable Intan
Components of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2019 | Jul. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 1,231,589 | $ 569,727 |
Accumulated Amortization | $ 231,731 | 181,379 |
Dealer Network/Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life | 18 years | |
Cost | $ 752,718 | 404,960 |
Accumulated Amortization | $ 178,376 | 147,077 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life | 18 years | |
Cost | $ 269,515 | 146,117 |
Accumulated Amortization | $ 31,222 | 24,364 |
Design Technology and Other Intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life | 10 years | |
Cost | $ 197,688 | 18,200 |
Accumulated Amortization | $ 14,952 | 9,555 |
Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life, Description | Less than 1 | |
Cost | $ 11,218 | 0 |
Accumulated Amortization | $ 6,731 | 0 |
Non-Compete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life | 0 years | |
Cost | $ 450 | 450 |
Accumulated Amortization | $ 450 | $ 383 |
Estimated Amortization Expense
Estimated Amortization Expense (Detail) $ in Thousands | Apr. 30, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated annual amortization expense, For the fiscal year ending July 31, 2019 | $ 74,534 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2020 | 89,556 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2021 | 98,369 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2022 | 104,684 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2023 | 93,774 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2024 and thereafter | 589,294 |
Estimated annual amortization expense, Total | $ 1,050,211 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 |
Intangible Assets And Goodwill [Line Items] | ||
Goodwill | $ 1,350,187 | $ 377,693 |
Recreational vehicles | Europe [Member] | ||
Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 972,494 | |
Recreational vehicles | North America [Member] | ||
Intangible Assets And Goodwill [Line Items] | ||
Goodwill | 334,822 | 334,822 |
Other Segments [Member] | ||
Intangible Assets And Goodwill [Line Items] | ||
Goodwill | $ 42,871 | $ 42,871 |
Equity Investment - Additional
Equity Investment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||
Payments to Acquire Interest in Joint Venture | $ 5,250 | $ 46,902 | ||
TH2 | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Losses from investment | $ 2,285 | $ 399 | 5,984 | $ 399 |
Payments to Acquire Interest in Joint Venture | $ 1,750 | $ 5,250 |
Concentration of Risk - Additio
Concentration of Risk - Additional Information (Detail) - Customer Concentration Risk - Freedom Roads, LLC | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Jul. 31, 2018 | |
Net Sales | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 16.00% | 16.00% | 19.00% | 20.00% | |
Accounts Receivable | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 15.00% | 26.00% |
Schedule of Changes in Product
Schedule of Changes in Product Warranty Liabilities for Continuing Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Product Warranty | ||||
Beginning balance | $ 257,869 | $ 243,310 | $ 264,928 | $ 216,781 |
Provision | 63,117 | 71,037 | 177,964 | 198,079 |
Payments | (64,360) | (54,218) | (186,266) | (154,731) |
Acquisition | 43,329 | 43,329 | ||
Foreign currency translation | (891) | (891) | ||
Ending balance | $ 299,064 | $ 260,129 | $ 299,064 | $ 260,129 |
Product Warranties - Additional
Product Warranties - Additional Information (Detail) | 9 Months Ended |
Apr. 30, 2019 | |
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 |
Long-Term Debt - Additional In
Long-Term Debt - Additional Information (Detail) € in Thousands, $ in Thousands | Feb. 02, 2019 | Apr. 30, 2019USD ($) | Apr. 30, 2018USD ($) | Apr. 30, 2019USD ($) | Apr. 30, 2018USD ($) | Apr. 30, 2019EUR (€) | Feb. 01, 2019USD ($) | Feb. 01, 2019EUR (€) | Jul. 31, 2018USD ($) |
Line of Credit Facility [Line Items] | |||||||||
Fees to secure the facility, amortized amount | $ 2,656 | $ 3,441 | $ 1,177 | ||||||
Unsecured Debt | 28,045 | 28,045 | € 25,000 | ||||||
Interest Expense, Debt | $ 32,711 | $ 32,711 | |||||||
Debt, Weighted Average Interest Rate | 5.80% | 5.80% | 5.80% | ||||||
Unamortized Debt Issuance Expense | $ 12,855 | $ 12,855 | |||||||
Fees to secure the facility, amount incurred | 55,688 | ||||||||
Term Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit, outstanding amount | $ 2,077,665 | $ 2,077,665 | |||||||
Debt Instrument, Term | 7 years | ||||||||
Debt Instrument Principal Payment Percentage | 1.00% | ||||||||
Debt Instrument Quarterly Principal Repayment Percentage | 0.25% | ||||||||
Interest rate | 4.00% | 4.00% | 4.00% | ||||||
Term Loan [Member] | Interest Rate Swap [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Interest rate | 2.466% | 2.466% | 2.466% | ||||||
Term Loan [Member] | Us Tranche [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit, outstanding amount | $ 900,000 | $ 900,000 | |||||||
Interest rate | 6.3125% | 6.3125% | 6.3125% | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.216% | 6.216% | 6.216% | ||||||
Term Loan [Member] | Us Tranche [Member] | Base Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Interest rate | 2.75% | 2.75% | 2.75% | ||||||
Term Loan [Member] | Us Tranche [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit, outstanding amount | $ 1,386,434 | $ 1,386,434 | $ 1,386,434 | ||||||
Interest rate | 3.75% | 3.75% | 3.75% | ||||||
Term Loan [Member] | Euro Tranche [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit, outstanding amount | $ 691,231 | $ 691,231 | $ 708,584 | € 617,718 | |||||
Term Loan [Member] | Euro Tranche [Member] | Euro Interbank Offered Rate EURIBOR [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Interest rate | 4.00% | 4.00% | 4.00% | ||||||
Unsecured Series One Debt [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Interest rate | 1.945% | 1.945% | 1.945% | ||||||
Unsecured Debt | $ 22,436 | $ 22,436 | € 20,000 | ||||||
Unsecured Series Two Debt [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Interest rate | 2.534% | 2.534% | 2.534% | ||||||
Unsecured Debt | $ 5,609 | $ 5,609 | € 5,000 | ||||||
Other Long Term Debt [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Interest rate | 3.43% | 3.43% | 3.43% | ||||||
Other Long Term Debt [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Interest rate | 1.40% | 1.40% | 1.40% | ||||||
Asset Based Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit, outstanding amount | $ 60,000 | $ 60,000 | |||||||
Line of credit, borrowing availability | $ 618,275 | 618,275 | |||||||
Fees to secure the facility, amortized amount | $ 392 | $ 785 | $ 1,177 | ||||||
Interest rate | 3.75% | 3.75% | 3.75% | 1.25% | 1.25% | ||||
Line of Credit Facility, Covenant Terms | The ABL contains a financial covenant which requires the Company to maintain a minimum consolidated fixed-charge coverage ratio of 1.0X, provided that the covenant is only applicable when adjusted excess availability falls below a threshold of the greater of a) 10% of the lesser of the borrowing base availability or the revolver line total, or b) $60,000. Up to $75,000 of the ABL is available for the issuance of letters of credit, and up to $75,000 is available for swingline loans. | ||||||||
Line of Credit Facility, Increase (Decrease) for Period, Description | The Company may also increase commitments under the ABL by up to $150,000 by obtaining additional commitments from lenders and adhering to certain other conditions. | ||||||||
Interest Expense, Debt | $ 584 | $ 1,742 | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||||||
Fees to secure the facility, amount incurred | $ 13,532 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750,000 | ||||||||
Asset Based Credit Facility [Member] | Base Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Interest rate | 0.25% | 0.25% | |||||||
Asset Based Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Interest rate | 0.75% | 0.75% | |||||||
Asset Based Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Interest rate | 0.25% | 0.25% | |||||||
Asset Based Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Interest Rate at Period End | 1.75% | 1.75% | |||||||
Asset Based Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Interest Rate at Period End | 1.25% | 1.25% |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-term Debt (Details) € in Thousands, $ in Thousands | Apr. 30, 2019USD ($) | Apr. 30, 2019EUR (€) | Jul. 31, 2018USD ($) |
Unsecured notes | $ 28,045 | € 25,000 | |
Other debt | 99,541 | ||
Gross long-term debt | 2,265,251 | ||
Debt issuance costs, net | (53,343) | ||
Total long-term debt, net | 2,211,908 | ||
Less: current portion of long-term debt | (29,619) | ||
Total long-term debt, less current portion | 2,182,289 | ||
Asset Based Credit Facility [Member] | |||
Term loan | 60,000 | ||
Term Loan [Member] | |||
Term loan | $ 2,077,665 |
Long-Term Debt - Schedule of Ma
Long-Term Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 |
Debt Disclosure [Abstract] | ||
For the remainder of the fiscal year ending July 31, 2019 | $ 7,450 | |
For the fiscal year ending July 31, 2020 | 33,755 | |
For the fiscal year ending July 31, 2021 | 32,752 | |
For the fiscal year ending July 31, 2022 | 31,461 | |
For the fiscal year ending July 31, 2023 | 31,581 | |
For the fiscal year ending July 31, 2024 and thereafter | 2,128,252 | |
Total long-term debt, gross | $ 2,265,251 |
Provision for Income Taxes - Ad
Provision for Income Taxes - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended |
Apr. 30, 2019USD ($) | Apr. 30, 2019USD ($) | |
Effective income tax rate | 24.30% | 46.60% |
Corporate income tax rate | 21.00% | |
Expected decrease in unrecognized tax benefits due to resolution of uncertain tax positions | $ 4,000 | $ 4,000 |
Expected decrease in interest due to resolution of uncertain tax positions | $ 940 |
Contingent Liabilities, Commi_2
Contingent Liabilities, Commitments and Legal Matters - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2019 | Jul. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Standby repurchase obligations amount | $ 3,337,543 | $ 2,748,465 |
Term of commitments | up to eighteen months | |
Repurchase and guarantee reserve balances | $ 10,300 | $ 7,400 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Jun. 19, 2018 | |
Stock Based Compensation And Stockholders Equity [Line Items] | |||||
Total compensation expenses | $ 14,118 | $ 12,986 | |||
Withholding taxes payable | 4,418 | 7,657 | |||
Restricted Stock Units (RSUs) | |||||
Stock Based Compensation And Stockholders Equity [Line Items] | |||||
Total compensation expenses | $ 4,632 | $ 4,255 | 14,118 | 12,986 | |
Withholding taxes payable | $ 4,418 | $ 7,657 | |||
Stock repurchase program authorized amount | $ 250,000 | ||||
Stock repurchase program expiration date | Jun. 19, 2020 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Disaggregates of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 2,506,583 | $ 2,251,570 | $ 5,553,135 | $ 6,454,798 |
Recreation Vehicles [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 2,464,002 | 2,206,673 | 5,427,357 | 6,324,812 |
Operating Segments | Recreation Vehicles [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 2,464,002 | 2,206,673 | 5,427,357 | 6,324,812 |
Operating Segments | North America [Member] | Recreation Vehicles [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,696,493 | 2,206,673 | 4,659,848 | 6,324,812 |
Operating Segments | Europe [Member] | Recreation Vehicles [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 767,509 | 767,509 | ||
Operating Segments | Travel Trailers And Other Towables | North America [Member] | Recreation Vehicles [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 734,028 | 978,906 | 2,031,291 | 2,801,828 |
Operating Segments | Fifth Wheels Towables | North America [Member] | Recreation Vehicles [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 503,227 | 629,308 | 1,366,626 | 1,798,005 |
Operating Segments | Towables | North America [Member] | Recreation Vehicles [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,237,255 | 1,608,214 | 3,397,917 | 4,599,833 |
Operating Segments | Class A Motorized | North America [Member] | Recreation Vehicles [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 201,927 | 273,095 | 602,689 | 782,610 |
Operating Segments | Class C Motorized | North America [Member] | Recreation Vehicles [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 242,912 | 301,303 | 609,798 | 866,822 |
Operating Segments | Class B Motorized | North America [Member] | Recreation Vehicles [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 14,399 | 24,061 | 49,444 | 75,547 |
Operating Segments | Motorized | Recreation Vehicles [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 459,238 | 598,459 | 1,261,931 | 1,724,979 |
Operating Segments | Motorized | North America [Member] | Recreation Vehicles [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 459,238 | 598,459 | 1,261,931 | 1,724,979 |
Operating Segments | Motorcaravan | Europe [Member] | Recreation Vehicles [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 506,964 | 506,964 | ||
Operating Segments | Campervan | Europe [Member] | Recreation Vehicles [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 94,226 | 94,226 | ||
Operating Segments | Caravan | Europe [Member] | Recreation Vehicles [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 100,741 | 100,741 | ||
Operating Segments | Other RV Related | Europe [Member] | Recreation Vehicles [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 65,578 | 65,578 | ||
Corporate and Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 69,506 | 82,239 | 198,468 | 233,171 |
Intercompany Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ (26,925) | $ (37,342) | $ (72,690) | $ (103,185) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Balance at beginning of period | $ 0 | $ 0 | $ 0 | |
OCI before reclassifications | (39,493) | 0 | (39,493) | 0 |
Income taxes associated with OCI before reclassifications | 1,283 | 0 | 1,283 | 0 |
Amounts reclassified from AOCI | 337 | 0 | 337 | 0 |
Income taxes associated with amounts reclassified from AOCI | (91) | 0 | (91) | 0 |
Net OCI | (37,964) | (37,964) | ||
Less: OCI attributable to noncontrolling interest | (73) | (73) | ||
OCI attributable to Thor Industries Inc. | (37,891) | 0 | (37,891) | 0 |
Foreign Currency Translation | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
OCI before reclassifications | (34,183) | 0 | (34,183) | 0 |
Income taxes associated with OCI before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Income taxes associated with amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Net OCI | (34,183) | 0 | (34,183) | 0 |
Less: OCI attributable to noncontrolling interest | (73) | (73) | ||
OCI attributable to Thor Industries Inc. | (34,110) | 0 | (34,110) | 0 |
Unrealized Gain (Loss) on Derivative | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
OCI before reclassifications | (5,310) | 0 | (5,310) | 0 |
Income taxes associated with OCI before reclassifications | 1,283 | 0 | 1,283 | 0 |
Amounts reclassified from AOCI | 337 | 0 | 337 | 0 |
Income taxes associated with amounts reclassified from AOCI | (91) | 0 | (91) | 0 |
Net OCI | (3,781) | 0 | (3,781) | 0 |
Less: OCI attributable to noncontrolling interest | 0 | |||
OCI attributable to Thor Industries Inc. | $ (3,781) | $ 0 | $ (3,781) | $ 0 |