Cover Page
Cover Page - shares | 6 Months Ended | |
Jan. 31, 2021 | Feb. 28, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-09235 | |
Entity Registrant Name | THOR INDUSTRIES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 93-0768752 | |
Entity Address, Address Line One | 601 E. Beardsley Ave. | |
Entity Address, City or Town | Elkhart | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 46514 | |
City Area Code | (574) | |
Local Phone Number | 970-7460 | |
Title of 12(b) Security | Common stock (Par value $.10 Per Share) | |
Trading Symbol | THO | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 55,366,241 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000730263 | |
Current Fiscal Year End Date | --07-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 183,634 | $ 538,519 |
Restricted cash | 2,913 | 2,844 |
Accounts receivable, trade, net | 724,026 | 588,069 |
Factored accounts receivable | 128,672 | 143,278 |
Accounts receivable, other, net | 91,268 | 82,880 |
Inventories, net | 1,300,185 | 716,305 |
Prepaid income taxes, expenses and other | 64,851 | 30,382 |
Total current assets | 2,495,549 | 2,102,277 |
Property, plant and equipment, net | 1,132,722 | 1,107,649 |
Other assets: | ||
Goodwill | 1,581,990 | 1,476,541 |
Amortizable intangible assets, net | 1,009,431 | 914,724 |
Deferred income tax assets, net | 46,460 | 78,738 |
Other | 103,394 | 91,531 |
Total other assets | 2,741,275 | 2,561,534 |
TOTAL ASSETS | 6,369,546 | 5,771,460 |
Current liabilities: | ||
Accounts payable | 803,496 | 636,506 |
Current portion of long-term debt | 12,802 | 13,817 |
Short-term financial obligations | 36,672 | 35,939 |
Accrued liabilities: | ||
Compensation and related items | 203,379 | 160,083 |
Product warranties | 251,009 | 252,869 |
Income and other taxes | 49,868 | 83,893 |
Promotions and rebates | 95,973 | 97,378 |
Product, property and related liabilities | 18,939 | 15,440 |
Liabilities related to factored receivables | 128,672 | 143,278 |
Other | 71,597 | 76,078 |
Total current liabilities | 1,672,407 | 1,515,281 |
Long-term debt | 1,821,522 | 1,652,831 |
Deferred income tax liabilities, net | 123,486 | 123,802 |
Unrecognized tax benefits | 18,748 | 12,765 |
Other liabilities | 136,672 | 121,212 |
Total long-term liabilities | 2,100,428 | 1,910,610 |
Contingent liabilities and commitments | ||
Stockholders’ equity: | ||
Preferred stock – authorized 1,000,000 shares; none outstanding | 0 | 0 |
Common stock – par value of $.10 per share; authorized 250,000,000 shares; issued 65,651,570 and 65,396,531 shares, respectively | 6,565 | 6,540 |
Additional paid-in capital | 448,010 | 436,828 |
Retained earnings | 2,402,211 | 2,201,330 |
Accumulated other comprehensive income, net of tax | 73,676 | 26,993 |
Less treasury shares of 10,285,329 and 10,197,775, respectively, at cost | (360,226) | (351,909) |
Stockholders' equity attributable to THOR Industries, Inc. | 2,570,236 | 2,319,782 |
Non-controlling interests | 26,475 | 25,787 |
Total stockholders’ equity | 2,596,711 | 2,345,569 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 6,369,546 | $ 5,771,460 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Jan. 31, 2021 | Jul. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 65,651,570 | 65,396,531 |
Treasury, shares (in shares) | 10,285,329 | 10,197,775 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 2,727,788 | $ 2,003,133 | $ 5,265,148 | $ 4,161,918 |
Cost of products sold | 2,312,911 | 1,746,727 | 4,471,419 | 3,596,701 |
Gross profit | 414,877 | 256,406 | 793,729 | 565,217 |
Selling, general and administrative expenses | 206,189 | 162,357 | 387,952 | 350,821 |
Amortization of intangible assets | 29,203 | 24,273 | 56,630 | 48,566 |
Impairment charges | 0 | 10,057 | 0 | 10,057 |
Interest income | 202 | 974 | 520 | 1,949 |
Interest expense | 24,164 | 27,234 | 48,440 | 55,259 |
Other income, net | 8,436 | 1,404 | 9,051 | 1,034 |
Income before income taxes | 163,959 | 34,863 | 310,278 | 103,497 |
Income tax provision | 32,769 | 7,837 | 63,449 | 24,626 |
Net income | 131,190 | 27,026 | 246,829 | 78,871 |
Less: Net income (loss) attributable to non-controlling interests | (1,334) | (1,647) | 548 | (867) |
Net income attributable to THOR Industries, Inc. | $ 132,524 | $ 28,673 | $ 246,281 | $ 79,738 |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 55,366,241 | 55,198,756 | 55,302,203 | 55,146,915 |
Diluted (in shares) | 55,568,667 | 55,396,116 | 55,561,675 | 55,310,385 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 2.39 | $ 0.52 | $ 4.45 | $ 1.45 |
Diluted (in dollars per share) | $ 2.38 | $ 0.52 | $ 4.43 | $ 1.44 |
Comprehensive income: | ||||
Net income | $ 131,190 | $ 27,026 | $ 246,829 | $ 78,871 |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation adjustment | 60,133 | (11,902) | 41,140 | (10,909) |
Unrealized gain (loss) on derivatives, net of tax | 2,351 | (224) | 5,683 | (3,946) |
Total other comprehensive income (loss), net of tax | 62,484 | (12,126) | 46,823 | (14,855) |
Total Comprehensive income | 193,674 | 14,900 | 293,652 | 64,016 |
Less: Comprehensive income (loss) attributable to non-controlling interests | (1,307) | (1,949) | 688 | (1,311) |
Comprehensive income attributable to THOR Industries, Inc. | $ 194,981 | $ 16,849 | $ 292,964 | $ 65,327 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 246,829 | $ 78,871 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation | 54,324 | 50,586 |
Amortization of intangible assets | 56,630 | 48,566 |
Amortization of debt issuance costs | 5,460 | 5,371 |
Impairment charges | 0 | 10,057 |
Deferred income tax (benefit) provision | (98) | 1,661 |
(Gain) loss on disposition of property, plant and equipment | (196) | 1,241 |
Stock-based compensation expense | 13,058 | 10,075 |
Changes in assets and liabilities: | ||
Accounts receivable | (99,282) | (121,725) |
Inventories, net | (425,026) | (109,999) |
Prepaid income taxes, expenses and other | (39,226) | 5,280 |
Accounts payable | 112,131 | 67,036 |
Accrued liabilities | (25,114) | (47,216) |
Long-term liabilities and other | 11,944 | 5,494 |
Net cash provided by (used in) operating activities | (88,566) | 5,298 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (48,097) | (52,858) |
Proceeds from dispositions of property, plant and equipment | 1,084 | 20,350 |
Business acquisitions, net of cash acquired | (310,576) | 0 |
Other | 0 | (4,527) |
Net cash used in investing activities | (357,589) | (37,035) |
Cash flows from financing activities: | ||
Borrowings on revolving asset-based credit facilities | 213,632 | 75,007 |
Payments on term-loan credit facilities | (59,700) | (155,388) |
Payments on revolving asset-based credit facilities | 0 | (47,609) |
Payments on other debt | (7,522) | (7,058) |
Regular cash dividends paid | (45,400) | (44,159) |
Payments on finance lease obligations | (244) | (214) |
Payments related to vesting of stock-based awards | (8,317) | (3,763) |
Short-term financial obligations and other, net | (5,488) | 9,896 |
Net cash provided by (used in) financing activities | 86,961 | (173,288) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 4,378 | (566) |
Net decrease in cash and cash equivalents and restricted cash | (354,816) | (205,591) |
Cash and cash equivalents and restricted cash, beginning of period | 541,363 | 451,262 |
Cash and cash equivalents and restricted cash, end of period | 186,547 | 245,671 |
Cash and cash equivalents and restricted cash, total | 186,547 | 245,671 |
Supplemental cash flow information: | ||
Income taxes paid | 112,425 | 46,653 |
Interest paid | 39,705 | 53,546 |
Non-cash investing and financing transactions: | ||
Capital expenditures in accounts payable | $ 3,422 | $ 2,631 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury Stock | Stockholders' equity attributable to Thor | Non-controlling interests |
Beginning balance (in shares) at Jul. 31, 2019 | 65,189,907 | 10,126,434 | ||||||
Balance at beginning of period at Jul. 31, 2019 | $ 2,095,228 | $ 6,519 | $ 416,382 | $ 2,066,674 | $ (57,004) | $ (348,146) | $ 2,084,425 | $ 10,803 |
Net income | 78,871 | 79,738 | 79,738 | (867) | ||||
Restricted stock unit activity (in shares) | 206,624 | 71,341 | ||||||
Restricted stock unit activity | (2,826) | $ 21 | 916 | $ (3,763) | (2,826) | |||
Dividends per common share | (44,159) | (44,159) | (44,159) | |||||
Stock-based compensation expense | 10,075 | 10,075 | 10,075 | |||||
Other comprehensive income | (14,855) | (14,411) | (14,411) | (444) | ||||
Ending balance (in shares) at Jan. 31, 2020 | 65,396,531 | 10,197,775 | ||||||
Ending balance at Jan. 31, 2020 | 2,122,334 | $ 6,540 | 427,373 | 2,102,253 | (71,415) | $ (351,909) | 2,112,842 | 9,492 |
Beginning balance (in shares) at Oct. 31, 2019 | 65,396,531 | 10,197,775 | ||||||
Balance at beginning of period at Oct. 31, 2019 | 2,124,971 | $ 6,540 | 422,831 | 2,095,659 | (59,591) | $ (351,909) | 2,113,530 | 11,441 |
Net income | 27,026 | 28,673 | 28,673 | (1,647) | ||||
Restricted stock unit activity | (520) | (520) | (520) | |||||
Dividends per common share | (22,079) | (22,079) | (22,079) | |||||
Stock-based compensation expense | 5,062 | 5,062 | 5,062 | |||||
Other comprehensive income | (12,126) | (11,824) | (11,824) | (302) | ||||
Ending balance (in shares) at Jan. 31, 2020 | 65,396,531 | 10,197,775 | ||||||
Ending balance at Jan. 31, 2020 | 2,122,334 | $ 6,540 | 427,373 | 2,102,253 | (71,415) | $ (351,909) | 2,112,842 | 9,492 |
Beginning balance (in shares) at Jul. 31, 2020 | 65,396,531 | 10,197,775 | ||||||
Balance at beginning of period at Jul. 31, 2020 | 2,345,569 | $ 6,540 | 436,828 | 2,201,330 | 26,993 | $ (351,909) | 2,319,782 | 25,787 |
Net income | 246,829 | 246,281 | 246,281 | 548 | ||||
Restricted stock unit activity (in shares) | 255,039 | 87,554 | ||||||
Restricted stock unit activity | (10,168) | $ 25 | (1,876) | $ (8,317) | (10,168) | |||
Dividends per common share | (45,400) | (45,400) | (45,400) | |||||
Stock-based compensation expense | 13,058 | 13,058 | 13,058 | |||||
Other comprehensive income | 46,823 | 46,683 | 46,683 | 140 | ||||
Ending balance (in shares) at Jan. 31, 2021 | 65,651,570 | 10,285,329 | ||||||
Ending balance at Jan. 31, 2021 | 2,596,711 | $ 6,565 | 448,010 | 2,402,211 | 73,676 | $ (360,226) | 2,570,236 | 26,475 |
Beginning balance (in shares) at Oct. 31, 2020 | 65,651,570 | 10,285,329 | ||||||
Balance at beginning of period at Oct. 31, 2020 | 2,420,521 | $ 6,565 | 442,794 | 2,292,387 | 11,219 | $ (360,226) | 2,392,739 | 27,782 |
Net income | 131,190 | 132,524 | 132,524 | (1,334) | ||||
Restricted stock unit activity | (2,074) | (2,074) | (2,074) | |||||
Dividends per common share | (22,700) | (22,700) | (22,700) | |||||
Stock-based compensation expense | 7,290 | 7,290 | 7,290 | |||||
Other comprehensive income | 62,484 | 62,457 | 62,457 | 27 | ||||
Ending balance (in shares) at Jan. 31, 2021 | 65,651,570 | 10,285,329 | ||||||
Ending balance at Jan. 31, 2021 | $ 2,596,711 | $ 6,565 | $ 448,010 | $ 2,402,211 | $ 73,676 | $ (360,226) | $ 2,570,236 | $ 26,475 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Equity [Abstract] | ||||
Cash dividends, per common share (in dollars per share) | $ 0.41 | $ 0.40 | $ 0.82 | $ 0.80 |
Nature of Operations and Accoun
Nature of Operations and Accounting Policies | 6 Months Ended |
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Accounting Policies | 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 dealers throughout the United States, Canada and Europe. Unless the context requires or indicates otherwise, all references to “THOR,” the “Company,” “we,” “our” and “us” refer to THOR Industries, Inc. and its subsidiaries. The July 31, 2020 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 for the fiscal year ended July 31, 2020. Due to seasonality within the recreational vehicle industry, and the current COVID-19 pandemic, among other factors, annualizing the results of operations for the six months ended January 31, 2021 would not necessarily be indicative of the results expected for the full fiscal year. Recently Adopted Accounting Standards In January 2017, the FASB issued ASU No. 2017-04, "Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge (referred to as Step 2 in the goodwill impairment test). Instead, if the carrying amount of a reporting unit exceeds its fair value, an impairment charge equal to that excess shall be recognized, not to exceed the amount of goodwill allocated to the reporting unit. This ASU is effective for annual and any interim impairment tests for periods beginning after December 15, 2019. The Company adopted ASU 2017-04, effective August 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. |
Acquisitions
Acquisitions | 6 Months Ended |
Jan. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Tiffin Group On December 18, 2020, the Company closed on a Stock Purchase Agreement (“Tiffin Group SPA”) for the acquisition of all of the issued and outstanding capital stock of luxury motorized recreational vehicle manufacturer Tiffin Motorhomes, Inc., including fifth wheel towable recreational vehicle manufacturer Vanleigh RV, and certain other associated operating and supply companies, which primarily supply component parts and services to Tiffin Motorhomes, Inc. and Vanleigh RV, (collectively, the “Tiffin Group”). Tiffin Group, LLC, a wholly-owned subsidiary of the Company, will own the Tiffin Group. In accordance with the Tiffin Group SPA, the closing was deemed effective as of December 18, 2020. Tiffin Motorhomes, Inc. operates in various locations in Alabama while Vanleigh RV operates in Mississippi. The initial cash consideration for the acquisition of the Tiffin Group was approximately $300,000, subject to adjustment, and was funded through existing cash-on-hand as well as $165,000 in borrowings from the Company’s existing asset-based credit facility. The total cash consideration to be paid is subject to the final determination of the actual acquired net working capital, as defined in the Tiffin Group SPA, as of the close of business on December 18, 2020, which determination is expected to be finalized later in fiscal 2021. The Tiffin Group will operate as an independent operation in the same manner as the Company’s other recreational vehicle subsidiaries, and its motorized operations are aggregated within the Company’s motorized recreational vehicle reportable segment and its towable operations are aggregated within the Company’s towable recreational vehicle reportable segment. The Company purchased the Tiffin Group to complement its existing motorized and towable RV product offerings and North American independent dealer base. The results of the Tiffin Group are included in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income since the December 18, 2020 acquisition date. During this period, the Tiffin Group recorded net sales of $82,432 and the results of operations were not material. The following table summarizes the preliminary estimated fair values of the Tiffin Group net assets acquired on the acquisition date. The Company is in the process of completing a fair value analysis, but this analysis has not been fully completed. While all amounts remain subject to adjustment, the areas subject to the most significant potential adjustment are intangible assets, deferred income tax liabilities and certain accrued expenses. The Company expects to finalize these values as soon as practical and no later than one year from the acquisition date. Cash $ 12,985 Inventory 116,691 Other assets 53,860 Property, plant and equipment 48,511 Amortizable intangible assets: Dealer network 92,100 Trademarks 32,100 Non-compete agreements 1,400 Backlog 4,800 Goodwill 62,336 Current liabilities (81,859) Deferred income tax liabilities (34,860) Other liabilities (7,203) Total fair value of net assets acquired 300,861 Less cash acquired (12,985) Total cash consideration for acquisition, less cash acquired $ 287,876 On the acquisition date, amortizable intangible assets had a weighted-average useful life of 18.8 years. The dealer network was valued based on the Discounted Cash Flow Method and will be amortized on an accelerated basis over 18 to 20 years. The trademarks were valued on the Relief from Royalty Method and will be amortized on a straight-line basis over 20 years. Backlog was valued based on the Discounted Cash Flow Method and will be amortized on a straight-line basis over 5 to 7 months. Generally, the goodwill recognized as a result of this transaction will be not deductible for tax purposes. Togo Group In February 2018, the Company formed a 50/50 joint venture, originally called TH2connect, LLC, with Tourism Holdings Limited (" thl "). In July 2019, this joint venture was rebranded as "Togo Group." Togo Group was formed to own, improve and sell innovative and comprehensive digital applications through a platform designed for the global RV industry. Effective March 23, 2020, the Company and thl reached an agreement (the “2020 Agreement”) whereby the Company obtained additional ownership interest in Togo Group. THOR obtained a 73.5% controlling interest in Togo Group and the power to direct the activities of Togo Group. Since the effective date of the 2020 Agreement, the operating results, balance sheet accounts and cash flow activity of Togo Group have been consolidated within the Company's Condensed Consolidated Financial Statements. The operations of Togo Group are focused on digital solutions primarily for the North American market related to travel and RV use, with expansion into other regions anticipated in future periods. The Togo Group is managed as a stand-alone operating entity and represents a non-reportable segment and a separate reporting unit for goodwill assessment purposes. The table below summarizes the final estimated fair value of the Togo Group assets acquired and liabilities assumed as of the 2020 Agreement effective date. Cash $ 326 Accounts receivable 466 Other assets 749 Property, plant and equipment 362 Amortizable intangible assets Trade names and trademarks 1,130 Developed technology 5,700 Other 1,350 Goodwill 61,955 Liabilities (2,595) Non-controlling interest (16,835) Total fair value of net assets acquired $ 52,608 Amortizable intangible assets have a weighted-average useful life of approximately eight years and are amortized on a straight-line basis. The developed technology was valued using the Multi-Period Excess Earnings method, which is a form of the income approach. Trade names and trademarks were valued using the Relief from Royalty method. The majority of the goodwill is expected to be deductible for tax purposes. Prior to the March 23, 2020 effective date of the 2020 Agreement, the Company accounted for the investment in Togo Group under the equity method of accounting, and the Company's share of the losses of this investment were included in Other income (expense), net in the Condensed Consolidated Statements of Income and Comprehensive Income. The Company's share of the losses from this investment recognized in the three and six-month periods ended January 31, 2020 were $2,652 and $4,747, respectively. The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2021 acquisition of the Tiffin Group had occurred at the beginning of fiscal 2020 and the fiscal 2020 acquisition of the Togo Group had occurred at the beginning of fiscal 2019. 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 Six Months Ended January 31, 2021 January 31, 2021 Net sales $ 2,829,652 $ 5,529,050 Net income attributable to THOR Industries, Inc. $ 139,345 $ 254,461 Basic earnings per common share $ 2.52 $ 4.60 Diluted earnings per common share $ 2.51 $ 4.58 Three Months Ended Six Months Ended January 31, 2020 January 31, 2020 Net sales $ 2,204,841 $ 4,577,026 Net income attributable to THOR Industries, Inc. $ 32,043 $ 82,657 Basic earnings per common share $ 0.58 $ 1.50 Diluted earnings per common share $ 0.58 $ 1.49 |
Business Segments
Business Segments | 6 Months Ended |
Jan. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | 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 operations of the Company's Postle and Togo Group subsidiaries are included in Other, which is a non-reportable segment. The following tables reflect certain financial information by reportable segment: Three Months Ended January 31, Six Months Ended January 31, NET SALES: 2021 2020 2021 2020 Recreational vehicles North American Towables $ 1,373,181 $ 983,907 $ 2,765,225 $ 2,184,795 North American Motorized 576,995 343,680 1,070,850 759,569 Total North America 1,950,176 1,327,587 3,836,075 2,944,364 European 733,463 637,115 1,335,951 1,130,122 Total recreational vehicles 2,683,639 1,964,702 5,172,026 4,074,486 Other 74,714 57,745 155,421 131,311 Intercompany eliminations (30,565) (19,314) (62,299) (43,879) Total $ 2,727,788 $ 2,003,133 $ 5,265,148 $ 4,161,918 Three Months Ended January 31, Six Months Ended January 31, INCOME (LOSS) BEFORE INCOME TAXES: 2021 2020 2021 2020 Recreational vehicles North American Towables $ 147,880 $ 53,426 $ 289,059 $ 157,748 North American Motorized 43,421 14,916 84,988 36,691 Total North America 191,301 68,342 374,047 194,439 European 10,216 4,690 4,710 (18,334) Total recreational vehicles 201,517 73,032 378,757 176,105 Other, net 9,644 8,609 21,134 20,360 Corporate (47,202) (46,778) (89,613) (92,968) Total $ 163,959 $ 34,863 $ 310,278 $ 103,497 TOTAL ASSETS: January 31, 2021 July 31, 2020 Recreational vehicles North American Towables $ 1,721,615 $ 1,529,913 North American Motorized 1,066,507 480,225 Total North America 2,788,122 2,010,138 European 3,031,529 3,102,071 Total recreational vehicles 5,819,651 5,112,209 Other, net 245,299 212,378 Corporate 304,596 446,873 Total $ 6,369,546 $ 5,771,460 Three Months Ended January 31, Six Months Ended January 31, DEPRECIATION AND INTANGIBLE AMORTIZATION EXPENSE: 2021 2020 2021 2020 Recreational vehicles North American Towables $ 16,318 $ 16,431 $ 32,125 $ 32,702 North American Motorized 5,334 3,514 9,104 7,008 Total North America 21,652 19,945 41,229 39,710 European 31,608 26,020 62,931 53,503 Total recreational vehicles 53,260 45,965 104,160 93,213 Other 3,039 2,523 5,950 5,034 Corporate 416 457 844 905 Total $ 56,715 $ 48,945 $ 110,954 $ 99,152 CAPITAL ACQUISITIONS: Three Months Ended January 31, Six Months Ended January 31, Recreational vehicles 2021 2020 2021 2020 North American Towables $ 6,913 $ 7,421 $ 16,321 $ 18,696 North American Motorized 3,730 5,860 5,475 8,428 Total North America 10,643 13,281 21,796 27,124 European 13,322 7,150 23,216 22,177 Total recreational vehicles 23,965 20,431 45,012 49,301 Other 1,216 273 2,660 928 Corporate 28 430 389 928 Total $ 25,209 $ 21,134 $ 48,061 $ 51,157 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jan. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 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 January 31, Six Months Ended January 31, 2021 2020 2021 2020 Weighted-average common shares outstanding for basic earnings per share 55,366,241 55,198,756 55,302,203 55,146,915 Unvested restricted stock units 202,426 197,360 259,472 163,470 Weighted-average common shares outstanding assuming dilution 55,568,667 55,396,116 55,561,675 55,310,385 For the three months ended January 31, 2021 and 2020, the Company had 60,916 and 160,091 unvested restricted stock units outstanding, respectively, which were excluded from this calculation as their effect would be antidilutive. For the six months ended January 31, 2021 and 2020, the Company had 78,862 and 213,395 unvested restricted stock units outstanding, respectively, which we excluded from this calculation as their effect would have been antidilutive. |
Derivatives and Hedging
Derivatives and Hedging | 6 Months Ended |
Jan. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Derivatives and Hedging The fair value of our derivative instruments and the associated notional amounts, presented on a pre-tax basis, were as follows: January 31, 2021 July 31, 2020 Fair Value in Fair Value in Other Current Other Current Cash Flow Hedges Notional Liabilities Notional Liabilities Foreign currency forward contracts $ 13,731 $ 92 $ — $ — Interest rate swap agreements 581,913 17,387 673,400 24,840 Total derivative financial instruments $ 595,644 $ 17,479 $ 673,400 $ 24,840 Foreign currency forward contracts accounted for as cash flow hedges and outstanding at January 31, 2021 mature over the next two months. Net Investment Hedges 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 in its Euro-denominated functional currency subsidiaries, are included as a component of the foreign currency translation adjustment. Losses for the three and six months ended January 31, 2021, net of tax, were $16,436 and $10,954, respectively, and gains for the three and six months ended January 31, 2020, net of tax, were $3,802 and $2,843, respectively. There were no amounts reclassified out of accumulated other comprehensive income ("AOCI") pertaining to the net investment hedge during the three and six-month periods ended January 31, 2021 and January 31, 2020, respectively. Derivatives Not Designated as Hedging Instruments The Company has certain other derivative instruments which have not been designated as hedges. These other derivative instruments had a notional amount totaling approximately $34,431 and a fair value of $1,932, which is included in Other current liabilities in the Condensed Consolidated Balance Sheet as of January 31, 2021. These other derivative instruments had a notional amount totaling approximately $34,862 and a fair value of $1,824, as of July 31, 2020. For these derivative instruments, changes in fair value are recognized in earnings. The total amounts presented in the Condensed 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 January 31, 2021 2020 Gain (Loss) on Derivatives Designated as Cash Flow Hedges Gain (Loss) recognized in Other Comprehensive Income, net of tax Foreign currency forward contracts $ (66) $ (490) Interest rate swap agreements 2,417 266 Total gain (loss) $ 2,351 $ (224) Six Months Ended January 31, 2021 2020 Gain (Loss) on Derivatives Designated as Cash Flow Hedges Gain (Loss) recognized in Other Comprehensive Income, net of tax Foreign currency forward contracts $ (66) $ (1,015) Interest rate swap agreements 5,749 (2,931) Total gain (loss) $ 5,683 $ (3,946) Three Months Ended January 31, 2021 2020 Interest Interest Sales Expense Sales Expense Gain (Loss) Reclassified from AOCI, Net of Tax Foreign currency forward contracts $ 7 $ — $ (434) $ — Interest rate swap agreements — (2,623) — (1,019) (Loss) on Derivatives Not Designated as Hedging Instruments Amount of loss recognized in income, net of tax Interest rate swap agreements — (8) — (93) Total gain (loss) $ 7 $ (2,631) $ (434) $ (1,112) Six Months Ended January 31, 2021 2020 Interest Interest Sales Expense Sales Expense Gain (Loss) Reclassified from AOCI, Net of Tax Foreign currency forward contracts $ 7 $ — $ (434) $ — Interest rate swap agreements — (5,397) — (1,514) (Loss) on Derivatives Not Designated as Hedging Instruments Amount of loss recognized in income, net of tax Interest rate swap agreements — (46) — (168) Total gain (loss) $ 7 $ (5,443) $ (434) $ (1,682) |
Inventories
Inventories | 6 Months Ended |
Jan. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Major classifications of inventories are as follows: January 31, 2021 July 31, 2020 Finished goods – RV $ 141,961 $ 152,297 Finished goods – other 54,424 44,779 Work in process 285,544 128,181 Raw materials 462,044 302,813 Chassis 406,371 135,194 Subtotal 1,350,344 763,264 Excess of FIFO costs over LIFO costs (50,159) (46,959) Total inventories, net $ 1,300,185 $ 716,305 |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jan. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consists of the following: January 31, 2021 July 31, 2020 Land $ 141,459 $ 136,200 Buildings and improvements 805,276 760,986 Machinery and equipment 490,604 438,985 Rental vehicles 44,914 83,534 Lease right-of-use assets – operating 37,615 33,609 Lease right-of-use assets – finance 7,361 3,672 Total cost 1,527,229 1,456,986 Less accumulated depreciation (394,507) (349,337) Property, plant and equipment, net $ 1,132,722 $ 1,107,649 See Note 15 to the Condensed Consolidated Financial Statements for further information regarding the lease right-of-use assets. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jan. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill The components of amortizable intangible assets are as follows: January 31, 2021 July 31, 2020 Accumulated Accumulated Cost Amortization Cost Amortization Dealer networks/customer relationships $ 869,055 $ 290,948 $ 766,198 $ 252,320 Trademarks 313,903 55,195 275,775 47,743 Design technology and other intangibles 219,876 52,245 213,468 40,654 Backlog 4,800 1,157 — — Non-compete agreements 1,400 58 — — Total amortizable intangible assets $ 1,409,034 $ 399,603 $ 1,255,441 $ 340,717 Estimated future amortization expense is as follows: For the remainder of the fiscal year ending July 31, 2021 $ 60,929 For the fiscal year ending July 31, 2022 125,677 For the fiscal year ending July 31, 2023 107,038 For the fiscal year ending July 31, 2024 97,122 For the fiscal year ending July 31, 2025 88,894 For the fiscal year ending July 31, 2026 and thereafter 529,771 $ 1,009,431 Changes in the carrying amount of goodwill by reportable segment for the six months ended January 31, 2021 are summarized as follows: North American Towables North American Motorized European Other Total Net balance as of August 1, 2020 $ 333,786 $ — $ 1,037,929 $ 104,826 $ 1,476,541 Fiscal 2021 activity: Goodwill acquired 18,845 43,491 — 17,882 80,218 Foreign currency translation — — 25,231 — 25,231 Net balance as of January 31, 2021 $ 352,631 $ 43,491 $ 1,063,160 $ 122,708 $ 1,581,990 Changes in the carrying amount of goodwill by reportable segment for the six months ended January 31, 2020 are summarized as follows: North American Towables North American Motorized European Other Total Net balance as of August 1, 2019 $ 334,822 $ — $ 980,339 $ 42,871 $ 1,358,032 Fiscal 2020 activity: Measurement period adjustments — — 5,087 — 5,087 Foreign currency translation — — (8,890) — (8,890) Impairment charge (1,109) — — — (1,109) Net balance as of January 31, 2020 $ 333,712 $ — $ 976,536 $ 42,871 $ 1,353,120 During the fiscal quarter ended January 31, 2020, there was an interim impairment assessment performed related to two groups of tangible and intangible assets within the North American Towables reportable segment using Level 3 inputs as defined by ASC 820. The Company recognized an aggregate impairment charge of $10,057 related to these assets during the fiscal quarter ended January 31, 2020, which included a goodwill impairment charge of $1,109. |
Concentration of Risk
Concentration of Risk | 6 Months Ended |
Jan. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Concentration of RiskOne dealer, FreedomRoads, LLC, accounted for 13% of the Company's consolidated net sales for both the three-month periods ended January 31, 2021 and January 31, 2020, and 14% for both the six-month periods ended January 31, 2021 and January 31, 2020, respectively. Sales to this dealer are reported within both the North American Towables and North American Motorized segments. This dealer also accounted for 17% and 18% of the Company’s consolidated trade accounts receivable at January 31, 2021 and July 31, 2020, respectively. The loss of this dealer could have a material effect on the Company’s business. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jan. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The financial assets and liabilities that are accounted for at fair value on a recurring basis at January 31, 2021 and July 31, 2020 are as follows: Input Level January 31, 2021 July 31, 2020 Cash equivalents Level 1 $ 217 $ 227,154 Deferred compensation plan mutual fund assets Level 1 $ 50,770 $ 47,327 Deferred compensation plan liabilities Level 1 $ 72,192 $ 61,290 Foreign currency forward contract liability Level 2 $ 92 $ — Interest rate swap liabilities Level 2 $ 19,319 $ 26,664 Cash equivalents represent investments in government and other money market funds traded in an active market and are reported as a component of Cash and cash equivalents in the Condensed Consolidated Balance Sheets. Deferred compensation plan assets accounted for at fair value are investments in securities traded in an active market held for the benefit of certain employees of the Company as part of a deferred compensation plan. Additional plan investments in corporate-owned life insurance are recorded at their cash surrender value, not fair value, and therefore are not included above. Foreign currency forward contracts outstanding at January 31, 2021 are used to exchange British Pounds Sterling ("GBP") for Euro. The total notional value of these contracts, including designated hedges and other contracts not designated, at January 31, 2021 is 10,000 GBP ($13,731), and these contracts have various maturity dates through March 31, 2021. 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 January 31, 2021, the outstanding swaps had notional contract values of $581,913, partially hedging the interest rate risk related to the Company's U.S. dollar term loan tranche that matures in February 2026. The Company's other interest rate swaps not designated as hedging instruments had a notional contract value of $34,431 at January 31, 2021. |
Product Warranties
Product Warranties | 6 Months Ended |
Jan. 31, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Product Warranties | Product Warranties The Company generally provides retail customers of its products with a one-year or two-year warranty covering defects in material or workmanship, with longer warranties on certain structural components. Changes in our product warranty liability during the indicated periods are as follows: Three Months Ended January 31, Six Months Ended January 31, 2021 2020 2021 2020 Beginning balance $ 245,554 $ 285,600 $ 252,869 $ 289,679 Provision 52,870 61,463 103,741 121,673 Payments (60,365) (64,148) (117,939) (128,742) Acquisition 11,032 — 11,032 — Foreign currency translation 1,918 (294) 1,306 11 Liabilities held for sale reclassification — (556) — (556) Ending balance $ 251,009 $ 282,065 $ 251,009 $ 282,065 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jan. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The components of long-term debt are as follows: January 31, 2021 July 31, 2020 Term loan $ 1,552,337 $ 1,597,091 Asset-based credit facility 213,544 — Unsecured notes 30,340 29,620 Other debt 78,916 84,500 Gross long-term debt 1,875,137 1,711,211 Debt issuance costs, net of amortization (40,813) (44,563) Total long-term debt, net of debt issuance costs 1,834,324 1,666,648 Less: current portion of long-term debt (12,802) (13,817) Total long-term debt, net, less current portion $ 1,821,522 $ 1,652,831 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 and a Euro-denominated term loan tranche, and a $750,000 revolving 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. As of January 31, 2021, the entire outstanding U.S. term loan tranche balance of $941,900 was subject to a LIBOR-based rate totaling 3.938%, but the interest rate on $581,913 of that balance was fixed at 6.216% through an interest rate swap, dated March 18, 2019, by swapping the underlying 1-month LIBOR rate for a fixed rate of 2.466%. As of July 31, 2020, the entire outstanding U.S. term loan tranche balance of $941,900 was subject to a LIBOR-base rate of 3.938%, but the interest rate on $673,400 of that balance was fixed at 6.216% through an interest rate swap, dated March 18, 2019, by swapping the underlying 1-month LIBOR rate for a fixed rate of 2.466%. The total interest rate on both the January 31, 2021 and July 31, 2020 outstanding Euro term loan tranche balance of $610,437 and $655,191, respectively, was 4.00%. The Company must make mandatory prepayments of principal under the term loan agreement upon the occurrence of certain specified events, including certain asset sales, debt issuances and receipt of annual cash flows in excess of certain amounts. No such specified events occurred during the three or six months ended January 31, 2021 or 2020. 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. 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 unused availability under the ABL is generally available to the Company for general operating purposes and, based on January 31, 2021 eligible accounts receivable and inventory balances, net of amounts drawn, totaled approximately $507,000. The unsecured notes of 25,000 Euro ($30,340) relate to long-term debt of our European segment. There are two series, 20,000 Euro ($24,272) with an interest rate of 1.945% maturing in March 2025, and 5,000 Euro ($6,068) with an interest rate of 2.534% maturing March 2028. Other debt relates primarily to real estate loans with varying maturity dates through September 2032 and interest rates ranging from 1.40% to 3.43%. Total contractual gross debt maturities are as follows: For the remainder of the fiscal year ending July 31, 2021 $ 6,282 For the fiscal year ending July 31, 2022 12,319 For the fiscal year ending July 31, 2023 12,445 For the fiscal year ending July 31, 2024 226,119 For the fiscal year ending July 31, 2025 36,720 For the fiscal year ending July 31, 2026 and thereafter 1,581,252 $ 1,875,137 For the three and six months ended January 31, 2021, interest expense on the term loan, ABL and other debt facilities was $20,663 and $41,251, respectively. For the three and six months ended January 31, 2020, interest expense on the term loan, ABL and other debt facilities was $23,863 and $48,212, respectively. The Company incurred fees to secure the term loan and ABL, and those amounts are being amortized ratably over the respective seven The fair value of the Company’s term-loan debt at January 31, 2021 and July 31, 2020 was $1,555,088 and $1,565,866, respectively. The carrying value of the Company’s term-loan debt, excluding debt issuance costs, was $1,552,337 and $1,597,091 at January 31, 2021 and July 31, 2020, respectively. The fair value of the Company's debt is primarily estimated using Level 2 inputs as defined by ASC 820, primarily based on quoted market prices for the term loan debt. The fair value of other debt held by the Company approximates fair value. |
Provision for Income Taxes
Provision for Income Taxes | 6 Months Ended |
Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | Provision for Income Taxes The overall effective income tax rate for the three months ended January 31, 2021 was 20.0%, and the effective income tax rate for the six months ended January 31, 2021 was 20.4%. These rates were both favorably impacted by certain foreign rate differences which include certain interest income not subject to corporate income tax and also by certain foreign return-to-provision adjustments. The overall effective income tax rate for the three months ended January 31, 2020 was 22.5%, and the effective income tax rate for the six months ended January 31, 2020 was 23.8%. These rates were both favorably impacted by certain foreign rate differences which include certain interest income not subject to corporate income tax. This benefit for the six months ended January 31, 2020 was partially offset by additional tax expense from the vesting of share-based compensation awards. Within the next 12 months, the Company anticipates a decrease of approximately $7,900 in unrecognized tax benefits, and $2,000 in accrued interest related to unrecognized tax benefits recorded as of January 31, 2021, from expected settlements or payments of uncertain tax positions and lapses of the applicable statutes of limitations. Actual results may differ from these estimates. |
Contingent Liabilities, Commitm
Contingent Liabilities, Commitments and Legal Matters | 6 Months Ended |
Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities, Commitments and Legal Matters | Contingent Liabilities, Commitments and Legal Matters The Company’s total commercial commitments under standby repurchase obligations on global dealer inventory financing were $2,367,122 and $1,876,922 as of January 31, 2021 and July 31, 2020, respectively. The commitment term is generally up to 18 months. The Company accounts for the guarantee under repurchase agreements of dealers’ financing by deferring a portion of the related product sale that represents the estimated fair value of the guarantee at inception. This deferred amount is included in the repurchase and guarantee reserve balances of $8,054 and $7,747 as of January 31, 2021 and July 31, 2020, respectively, which is included in Other current liabilities in the Condensed Consolidated Balance Sheets. Losses incurred related to repurchase agreements that were settled during the three and six months ended January 31, 2021 and January 31, 2020 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, and in management’s opinion, the ultimate disposition of any current legal proceedings or claims against the Company will not have a material effect on the Company’s financial condition, operating results or cash flows. Litigation is, however, inherently uncertain and an adverse outcome from such litigation could have a material effect on the operating results of a particular reporting period. |
Leases
Leases | 6 Months Ended |
Jan. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company has operating leases principally for land, buildings and equipment and has various finance leases for certain land and buildings expiring through 2035. Certain of the Company's leases include options to extend or terminate the leases and these options have been included in the relevant lease term to the extent that they are reasonably certain to be exercised. The Company does not include significant restrictions or covenants in our lease agreements, and residual value guarantees are not generally included within our operating leases. The components of lease costs for the three and six-month periods ended January 31, 2021 and January 31, 2020 were as follows: Three Months Ended January 31, Six Months Ended January 31, 2021 2020 2021 2020 Operating lease cost $ 3,881 $ 3,112 $ 7,758 $ 6,143 Finance lease cost Amortization of right-of-use assets 175 136 311 272 Interest on lease liabilities 131 134 257 271 Total lease cost $ 4,187 $ 3,382 $ 8,326 $ 6,686 Other information related to leases was as follows: Six Months Ended January 31, Supplemental Cash Flows Information 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,710 $ 6,094 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 7,204 $ 1,561 Finance leases $ 4,000 $ — Supplemental Balance Sheet Information January 31, 2021 July 31, 2020 Operating leases: Operating lease right-of-use assets $ 37,615 $ 33,609 Operating lease liabilities: Other current liabilities $ 6,872 $ 5,343 Other long-term liabilities 30,979 28,456 Total operating lease liabilities $ 37,851 $ 33,799 Finance leases: Finance lease right-of-use assets $ 7,361 $ 3,672 Finance lease liabilities Other current liabilities $ 996 $ 505 Other long-term liabilities 5,284 4,743 Total finance lease liabilities $ 6,280 $ 5,248 January 31, 2021 July 31, 2020 Weighted-average remaining lease term: Operating leases 12.3 years 13.6 years Finance leases 5.5 years 6.8 years Weighted-average discount rate: Operating leases 3.3 % 3.4 % Finance leases 8.8 % 9.7 % Future minimum rental payments required under operating and finance leases as of January 31, 2021 were as follows: Operating Leases Financing Leases For the remainder of the fiscal year ending July 31, 2021 $ 6,238 $ 769 For the fiscal year ending July 31, 2022 10,599 1,555 For the fiscal year ending July 31, 2023 7,989 1,578 For the fiscal year ending July 31, 2024 5,721 1,059 For the fiscal year ending July 31, 2025 4,216 1,083 For the fiscal year ending July 31, 2026 and thereafter 19,569 2,061 Total future lease payments 54,332 8,105 Less: amount representing interest (16,481) (1,825) Total reported lease liability $ 37,851 $ 6,280 |
Leases | Leases The Company has operating leases principally for land, buildings and equipment and has various finance leases for certain land and buildings expiring through 2035. Certain of the Company's leases include options to extend or terminate the leases and these options have been included in the relevant lease term to the extent that they are reasonably certain to be exercised. The Company does not include significant restrictions or covenants in our lease agreements, and residual value guarantees are not generally included within our operating leases. The components of lease costs for the three and six-month periods ended January 31, 2021 and January 31, 2020 were as follows: Three Months Ended January 31, Six Months Ended January 31, 2021 2020 2021 2020 Operating lease cost $ 3,881 $ 3,112 $ 7,758 $ 6,143 Finance lease cost Amortization of right-of-use assets 175 136 311 272 Interest on lease liabilities 131 134 257 271 Total lease cost $ 4,187 $ 3,382 $ 8,326 $ 6,686 Other information related to leases was as follows: Six Months Ended January 31, Supplemental Cash Flows Information 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,710 $ 6,094 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 7,204 $ 1,561 Finance leases $ 4,000 $ — Supplemental Balance Sheet Information January 31, 2021 July 31, 2020 Operating leases: Operating lease right-of-use assets $ 37,615 $ 33,609 Operating lease liabilities: Other current liabilities $ 6,872 $ 5,343 Other long-term liabilities 30,979 28,456 Total operating lease liabilities $ 37,851 $ 33,799 Finance leases: Finance lease right-of-use assets $ 7,361 $ 3,672 Finance lease liabilities Other current liabilities $ 996 $ 505 Other long-term liabilities 5,284 4,743 Total finance lease liabilities $ 6,280 $ 5,248 January 31, 2021 July 31, 2020 Weighted-average remaining lease term: Operating leases 12.3 years 13.6 years Finance leases 5.5 years 6.8 years Weighted-average discount rate: Operating leases 3.3 % 3.4 % Finance leases 8.8 % 9.7 % Future minimum rental payments required under operating and finance leases as of January 31, 2021 were as follows: Operating Leases Financing Leases For the remainder of the fiscal year ending July 31, 2021 $ 6,238 $ 769 For the fiscal year ending July 31, 2022 10,599 1,555 For the fiscal year ending July 31, 2023 7,989 1,578 For the fiscal year ending July 31, 2024 5,721 1,059 For the fiscal year ending July 31, 2025 4,216 1,083 For the fiscal year ending July 31, 2026 and thereafter 19,569 2,061 Total future lease payments 54,332 8,105 Less: amount representing interest (16,481) (1,825) Total reported lease liability $ 37,851 $ 6,280 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jan. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Stock-Based Compensation Total stock-based compensation expense recognized in the three-month periods ended January 31, 2021 and January 31, 2020 for stock-based awards totaled $7,290 and $5,062, respectively. Total stock-based compensation expense recognized in the six-month periods ended January 31, 2021 and January 31, 2020 for stock-based awards totaled $13,058 and $10,075, respectively. |
Revenue
Revenue | 6 Months Ended |
Jan. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue 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 revenues shown below in the European segment include sales related to accessories and services, used vehicle sales at owned dealerships and RV rentals. All material revenue streams are considered point in time. Three Months Ended January 31, Six Months Ended January 31, NET SALES: 2021 2020 2021 2020 Recreational vehicles North American Towables Travel Trailers $ 831,359 $ 583,121 $ 1,669,259 $ 1,292,786 Fifth Wheels 541,822 400,786 1,095,966 892,009 Total North American Towables 1,373,181 983,907 2,765,225 2,184,795 North American Motorized Class A 222,128 125,474 380,683 287,206 Class C 294,300 186,761 569,699 416,598 Class B 60,567 31,445 120,468 55,765 Total North American Motorized 576,995 343,680 1,070,850 759,569 Total North America 1,950,176 1,327,587 3,836,075 2,944,364 European Motorcaravan 419,137 382,422 737,480 664,155 Campervan 149,112 97,923 292,512 175,520 Caravan 71,654 69,909 126,849 130,941 Other RV-related 93,560 86,861 179,110 159,506 Total European 733,463 637,115 1,335,951 1,130,122 Total recreational vehicles 2,683,639 1,964,702 5,172,026 4,074,486 Other, primarily aluminum extruded components 74,714 57,745 155,421 131,311 Intercompany eliminations (30,565) (19,314) (62,299) (43,879) Total $ 2,727,788 $ 2,003,133 $ 5,265,148 $ 4,161,918 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jan. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The components of other comprehensive income (loss) ("OCI") and the changes in the Company's accumulated other comprehensive income (loss) ("AOCI") by component were as follows: Three Months Ended January 31, 2021 2020 Foreign Currency Unrealized Foreign Currency Unrealized Translation Gain (Loss) on Translation Gain (Loss) on Adjustment Derivative Other Total Adjustment Derivative Other Total Balance at beginning of period $ 26,664 $ (15,491) $ (696) $ 10,477 $ (46,085) $ (13,194) $ (1,048) $ (60,327) OCI before reclassifications 60,133 (352) — 59,781 (11,902) (2,272) — (14,174) Income taxes associated with OCI before reclassifications — 87 — 87 — 595 — 595 Amounts reclassified from AOCI — 3,410 — 3,410 — 1,935 — 1,935 Income taxes associated with amounts reclassified from AOCI — (794) — (794) — (482) — (482) AOCI, net of tax 86,797 (13,140) (696) 72,961 (57,987) (13,418) (1,048) (72,453) Less: AOCI attributable to noncontrolling interest (715) — — (715) (1,038) — — (1,038) AOCI, net of tax, attributable to THOR Industries, Inc. $ 87,512 $ (13,140) $ (696) $ 73,676 $ (56,949) $ (13,418) $ (1,048) $ (71,415) Six Months Ended January 31, 2021 2020 Foreign Currency Unrealized Foreign Currency Unrealized Translation Gain (Loss) on Translation Gain (Loss) on Adjustment Derivative Other Total Adjustment Derivative Other Total Balance at beginning of period $ 45,657 $ (18,823) $ (696) $ 26,138 $ (47,078) $ (9,472) $ (1,048) $ (57,598) OCI before reclassifications 41,140 380 — 41,520 (10,909) (7,826) — (18,735) Income taxes associated with OCI before reclassifications — (87) — (87) — 1,932 — 1,932 Amounts reclassified from AOCI — 7,049 — 7,049 — 2,582 — 2,582 Income taxes associated with amounts reclassified from AOCI — (1,659) — (1,659) — (634) — (634) AOCI, net of tax 86,797 (13,140) (696) 72,961 (57,987) (13,418) (1,048) (72,453) Less: AOCI attributable to noncontrolling interest (715) — — (715) (1,038) — — (1,038) AOCI, net of tax, attributable to THOR Industries Inc. $ 87,512 $ (13,140) $ (696) $ 73,676 $ (56,949) $ (13,418) $ (1,048) $ (71,415) The Company does not recognize deferred taxes for a majority of the foreign currency translation gains and losses because the Company does not anticipate reversal in the foreseeable future. |
Nature of Operations and Acco_2
Nature of Operations and Accounting Policies (Policies) | 6 Months Ended |
Jan. 31, 2021 | |
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 dealers throughout the United States, Canada and Europe. Unless the context requires or indicates otherwise, all references to “THOR,” the “Company,” “we,” “our” and “us” refer to THOR Industries, Inc. and its subsidiaries. The July 31, 2020 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 for the fiscal year ended July 31, 2020. Due to seasonality within the recreational vehicle industry, and the current COVID-19 pandemic, among other factors, annualizing the results of operations for the six months ended January 31, 2021 would not necessarily be indicative of the results expected for the full fiscal year. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In January 2017, the FASB issued ASU No. 2017-04, "Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge (referred to as Step 2 in the goodwill impairment test). Instead, if the carrying amount of a reporting unit exceeds its fair value, an impairment charge equal to that excess shall be recognized, not to exceed the amount of goodwill allocated to the reporting unit. This ASU is effective for annual and any interim impairment tests for periods beginning after December 15, 2019. The Company adopted ASU 2017-04, effective August 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the preliminary estimated fair values of the Tiffin Group net assets acquired on the acquisition date. The Company is in the process of completing a fair value analysis, but this analysis has not been fully completed. While all amounts remain subject to adjustment, the areas subject to the most significant potential adjustment are intangible assets, deferred income tax liabilities and certain accrued expenses. The Company expects to finalize these values as soon as practical and no later than one year from the acquisition date. Cash $ 12,985 Inventory 116,691 Other assets 53,860 Property, plant and equipment 48,511 Amortizable intangible assets: Dealer network 92,100 Trademarks 32,100 Non-compete agreements 1,400 Backlog 4,800 Goodwill 62,336 Current liabilities (81,859) Deferred income tax liabilities (34,860) Other liabilities (7,203) Total fair value of net assets acquired 300,861 Less cash acquired (12,985) Total cash consideration for acquisition, less cash acquired $ 287,876 The table below summarizes the final estimated fair value of the Togo Group assets acquired and liabilities assumed as of the 2020 Agreement effective date. Cash $ 326 Accounts receivable 466 Other assets 749 Property, plant and equipment 362 Amortizable intangible assets Trade names and trademarks 1,130 Developed technology 5,700 Other 1,350 Goodwill 61,955 Liabilities (2,595) Non-controlling interest (16,835) Total fair value of net assets acquired $ 52,608 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2021 acquisition of the Tiffin Group had occurred at the beginning of fiscal 2020 and the fiscal 2020 acquisition of the Togo Group had occurred at the beginning of fiscal 2019. 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 Six Months Ended January 31, 2021 January 31, 2021 Net sales $ 2,829,652 $ 5,529,050 Net income attributable to THOR Industries, Inc. $ 139,345 $ 254,461 Basic earnings per common share $ 2.52 $ 4.60 Diluted earnings per common share $ 2.51 $ 4.58 Three Months Ended Six Months Ended January 31, 2020 January 31, 2020 Net sales $ 2,204,841 $ 4,577,026 Net income attributable to THOR Industries, Inc. $ 32,043 $ 82,657 Basic earnings per common share $ 0.58 $ 1.50 Diluted earnings per common share $ 0.58 $ 1.49 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information by segment | The following tables reflect certain financial information by reportable segment: Three Months Ended January 31, Six Months Ended January 31, NET SALES: 2021 2020 2021 2020 Recreational vehicles North American Towables $ 1,373,181 $ 983,907 $ 2,765,225 $ 2,184,795 North American Motorized 576,995 343,680 1,070,850 759,569 Total North America 1,950,176 1,327,587 3,836,075 2,944,364 European 733,463 637,115 1,335,951 1,130,122 Total recreational vehicles 2,683,639 1,964,702 5,172,026 4,074,486 Other 74,714 57,745 155,421 131,311 Intercompany eliminations (30,565) (19,314) (62,299) (43,879) Total $ 2,727,788 $ 2,003,133 $ 5,265,148 $ 4,161,918 Three Months Ended January 31, Six Months Ended January 31, INCOME (LOSS) BEFORE INCOME TAXES: 2021 2020 2021 2020 Recreational vehicles North American Towables $ 147,880 $ 53,426 $ 289,059 $ 157,748 North American Motorized 43,421 14,916 84,988 36,691 Total North America 191,301 68,342 374,047 194,439 European 10,216 4,690 4,710 (18,334) Total recreational vehicles 201,517 73,032 378,757 176,105 Other, net 9,644 8,609 21,134 20,360 Corporate (47,202) (46,778) (89,613) (92,968) Total $ 163,959 $ 34,863 $ 310,278 $ 103,497 TOTAL ASSETS: January 31, 2021 July 31, 2020 Recreational vehicles North American Towables $ 1,721,615 $ 1,529,913 North American Motorized 1,066,507 480,225 Total North America 2,788,122 2,010,138 European 3,031,529 3,102,071 Total recreational vehicles 5,819,651 5,112,209 Other, net 245,299 212,378 Corporate 304,596 446,873 Total $ 6,369,546 $ 5,771,460 Three Months Ended January 31, Six Months Ended January 31, DEPRECIATION AND INTANGIBLE AMORTIZATION EXPENSE: 2021 2020 2021 2020 Recreational vehicles North American Towables $ 16,318 $ 16,431 $ 32,125 $ 32,702 North American Motorized 5,334 3,514 9,104 7,008 Total North America 21,652 19,945 41,229 39,710 European 31,608 26,020 62,931 53,503 Total recreational vehicles 53,260 45,965 104,160 93,213 Other 3,039 2,523 5,950 5,034 Corporate 416 457 844 905 Total $ 56,715 $ 48,945 $ 110,954 $ 99,152 CAPITAL ACQUISITIONS: Three Months Ended January 31, Six Months Ended January 31, Recreational vehicles 2021 2020 2021 2020 North American Towables $ 6,913 $ 7,421 $ 16,321 $ 18,696 North American Motorized 3,730 5,860 5,475 8,428 Total North America 10,643 13,281 21,796 27,124 European 13,322 7,150 23,216 22,177 Total recreational vehicles 23,965 20,431 45,012 49,301 Other 1,216 273 2,660 928 Corporate 28 430 389 928 Total $ 25,209 $ 21,134 $ 48,061 $ 51,157 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
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 January 31, Six Months Ended January 31, 2021 2020 2021 2020 Weighted-average common shares outstanding for basic earnings per share 55,366,241 55,198,756 55,302,203 55,146,915 Unvested restricted stock units 202,426 197,360 259,472 163,470 Weighted-average common shares outstanding assuming dilution 55,568,667 55,396,116 55,561,675 55,310,385 |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | The fair value of our derivative instruments and the associated notional amounts, presented on a pre-tax basis, were as follows: January 31, 2021 July 31, 2020 Fair Value in Fair Value in Other Current Other Current Cash Flow Hedges Notional Liabilities Notional Liabilities Foreign currency forward contracts $ 13,731 $ 92 $ — $ — Interest rate swap agreements 581,913 17,387 673,400 24,840 Total derivative financial instruments $ 595,644 $ 17,479 $ 673,400 $ 24,840 |
Derivative instruments, gain (loss) | The total amounts presented in the Condensed 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 January 31, 2021 2020 Gain (Loss) on Derivatives Designated as Cash Flow Hedges Gain (Loss) recognized in Other Comprehensive Income, net of tax Foreign currency forward contracts $ (66) $ (490) Interest rate swap agreements 2,417 266 Total gain (loss) $ 2,351 $ (224) Six Months Ended January 31, 2021 2020 Gain (Loss) on Derivatives Designated as Cash Flow Hedges Gain (Loss) recognized in Other Comprehensive Income, net of tax Foreign currency forward contracts $ (66) $ (1,015) Interest rate swap agreements 5,749 (2,931) Total gain (loss) $ 5,683 $ (3,946) Three Months Ended January 31, 2021 2020 Interest Interest Sales Expense Sales Expense Gain (Loss) Reclassified from AOCI, Net of Tax Foreign currency forward contracts $ 7 $ — $ (434) $ — Interest rate swap agreements — (2,623) — (1,019) (Loss) on Derivatives Not Designated as Hedging Instruments Amount of loss recognized in income, net of tax Interest rate swap agreements — (8) — (93) Total gain (loss) $ 7 $ (2,631) $ (434) $ (1,112) Six Months Ended January 31, 2021 2020 Interest Interest Sales Expense Sales Expense Gain (Loss) Reclassified from AOCI, Net of Tax Foreign currency forward contracts $ 7 $ — $ (434) $ — Interest rate swap agreements — (5,397) — (1,514) (Loss) on Derivatives Not Designated as Hedging Instruments Amount of loss recognized in income, net of tax Interest rate swap agreements — (46) — (168) Total gain (loss) $ 7 $ (5,443) $ (434) $ (1,682) |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of major classifications of inventories | Major classifications of inventories are as follows: January 31, 2021 July 31, 2020 Finished goods – RV $ 141,961 $ 152,297 Finished goods – other 54,424 44,779 Work in process 285,544 128,181 Raw materials 462,044 302,813 Chassis 406,371 135,194 Subtotal 1,350,344 763,264 Excess of FIFO costs over LIFO costs (50,159) (46,959) Total inventories, net $ 1,300,185 $ 716,305 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment consists of the following: January 31, 2021 July 31, 2020 Land $ 141,459 $ 136,200 Buildings and improvements 805,276 760,986 Machinery and equipment 490,604 438,985 Rental vehicles 44,914 83,534 Lease right-of-use assets – operating 37,615 33,609 Lease right-of-use assets – finance 7,361 3,672 Total cost 1,527,229 1,456,986 Less accumulated depreciation (394,507) (349,337) Property, plant and equipment, net $ 1,132,722 $ 1,107,649 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of amortizable intangible assets | The components of amortizable intangible assets are as follows: January 31, 2021 July 31, 2020 Accumulated Accumulated Cost Amortization Cost Amortization Dealer networks/customer relationships $ 869,055 $ 290,948 $ 766,198 $ 252,320 Trademarks 313,903 55,195 275,775 47,743 Design technology and other intangibles 219,876 52,245 213,468 40,654 Backlog 4,800 1,157 — — Non-compete agreements 1,400 58 — — Total amortizable intangible assets $ 1,409,034 $ 399,603 $ 1,255,441 $ 340,717 |
Estimated amortization expense | Estimated future amortization expense is as follows: For the remainder of the fiscal year ending July 31, 2021 $ 60,929 For the fiscal year ending July 31, 2022 125,677 For the fiscal year ending July 31, 2023 107,038 For the fiscal year ending July 31, 2024 97,122 For the fiscal year ending July 31, 2025 88,894 For the fiscal year ending July 31, 2026 and thereafter 529,771 $ 1,009,431 |
Schedule of goodwill | Changes in the carrying amount of goodwill by reportable segment for the six months ended January 31, 2021 are summarized as follows: North American Towables North American Motorized European Other Total Net balance as of August 1, 2020 $ 333,786 $ — $ 1,037,929 $ 104,826 $ 1,476,541 Fiscal 2021 activity: Goodwill acquired 18,845 43,491 — 17,882 80,218 Foreign currency translation — — 25,231 — 25,231 Net balance as of January 31, 2021 $ 352,631 $ 43,491 $ 1,063,160 $ 122,708 $ 1,581,990 Changes in the carrying amount of goodwill by reportable segment for the six months ended January 31, 2020 are summarized as follows: North American Towables North American Motorized European Other Total Net balance as of August 1, 2019 $ 334,822 $ — $ 980,339 $ 42,871 $ 1,358,032 Fiscal 2020 activity: Measurement period adjustments — — 5,087 — 5,087 Foreign currency translation — — (8,890) — (8,890) Impairment charge (1,109) — — — (1,109) Net balance as of January 31, 2020 $ 333,712 $ — $ 976,536 $ 42,871 $ 1,353,120 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value, assets measured on recurring basis | The financial assets and liabilities that are accounted for at fair value on a recurring basis at January 31, 2021 and July 31, 2020 are as follows: Input Level January 31, 2021 July 31, 2020 Cash equivalents Level 1 $ 217 $ 227,154 Deferred compensation plan mutual fund assets Level 1 $ 50,770 $ 47,327 Deferred compensation plan liabilities Level 1 $ 72,192 $ 61,290 Foreign currency forward contract liability Level 2 $ 92 $ — Interest rate swap liabilities Level 2 $ 19,319 $ 26,664 |
Product Warranties (Tables)
Product Warranties (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Schedule of changes in product warranty liabilities | Changes in our product warranty liability during the indicated periods are as follows: Three Months Ended January 31, Six Months Ended January 31, 2021 2020 2021 2020 Beginning balance $ 245,554 $ 285,600 $ 252,869 $ 289,679 Provision 52,870 61,463 103,741 121,673 Payments (60,365) (64,148) (117,939) (128,742) Acquisition 11,032 — 11,032 — Foreign currency translation 1,918 (294) 1,306 11 Liabilities held for sale reclassification — (556) — (556) Ending balance $ 251,009 $ 282,065 $ 251,009 $ 282,065 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt instruments | The components of long-term debt are as follows: January 31, 2021 July 31, 2020 Term loan $ 1,552,337 $ 1,597,091 Asset-based credit facility 213,544 — Unsecured notes 30,340 29,620 Other debt 78,916 84,500 Gross long-term debt 1,875,137 1,711,211 Debt issuance costs, net of amortization (40,813) (44,563) Total long-term debt, net of debt issuance costs 1,834,324 1,666,648 Less: current portion of long-term debt (12,802) (13,817) Total long-term debt, net, less current portion $ 1,821,522 $ 1,652,831 |
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, 2021 $ 6,282 For the fiscal year ending July 31, 2022 12,319 For the fiscal year ending July 31, 2023 12,445 For the fiscal year ending July 31, 2024 226,119 For the fiscal year ending July 31, 2025 36,720 For the fiscal year ending July 31, 2026 and thereafter 1,581,252 $ 1,875,137 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Leases [Abstract] | |
Components of lease costs | The components of lease costs for the three and six-month periods ended January 31, 2021 and January 31, 2020 were as follows: Three Months Ended January 31, Six Months Ended January 31, 2021 2020 2021 2020 Operating lease cost $ 3,881 $ 3,112 $ 7,758 $ 6,143 Finance lease cost Amortization of right-of-use assets 175 136 311 272 Interest on lease liabilities 131 134 257 271 Total lease cost $ 4,187 $ 3,382 $ 8,326 $ 6,686 Other information related to leases was as follows: Six Months Ended January 31, Supplemental Cash Flows Information 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,710 $ 6,094 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 7,204 $ 1,561 Finance leases $ 4,000 $ — Supplemental Balance Sheet Information January 31, 2021 July 31, 2020 Operating leases: Operating lease right-of-use assets $ 37,615 $ 33,609 Operating lease liabilities: Other current liabilities $ 6,872 $ 5,343 Other long-term liabilities 30,979 28,456 Total operating lease liabilities $ 37,851 $ 33,799 Finance leases: Finance lease right-of-use assets $ 7,361 $ 3,672 Finance lease liabilities Other current liabilities $ 996 $ 505 Other long-term liabilities 5,284 4,743 Total finance lease liabilities $ 6,280 $ 5,248 January 31, 2021 July 31, 2020 Weighted-average remaining lease term: Operating leases 12.3 years 13.6 years Finance leases 5.5 years 6.8 years Weighted-average discount rate: Operating leases 3.3 % 3.4 % Finance leases 8.8 % 9.7 % |
Operating lease liability maturities | Future minimum rental payments required under operating and finance leases as of January 31, 2021 were as follows: Operating Leases Financing Leases For the remainder of the fiscal year ending July 31, 2021 $ 6,238 $ 769 For the fiscal year ending July 31, 2022 10,599 1,555 For the fiscal year ending July 31, 2023 7,989 1,578 For the fiscal year ending July 31, 2024 5,721 1,059 For the fiscal year ending July 31, 2025 4,216 1,083 For the fiscal year ending July 31, 2026 and thereafter 19,569 2,061 Total future lease payments 54,332 8,105 Less: amount representing interest (16,481) (1,825) Total reported lease liability $ 37,851 $ 6,280 |
Finance lease liability maturities | Future minimum rental payments required under operating and finance leases as of January 31, 2021 were as follows: Operating Leases Financing Leases For the remainder of the fiscal year ending July 31, 2021 $ 6,238 $ 769 For the fiscal year ending July 31, 2022 10,599 1,555 For the fiscal year ending July 31, 2023 7,989 1,578 For the fiscal year ending July 31, 2024 5,721 1,059 For the fiscal year ending July 31, 2025 4,216 1,083 For the fiscal year ending July 31, 2026 and thereafter 19,569 2,061 Total future lease payments 54,332 8,105 Less: amount representing interest (16,481) (1,825) Total reported lease liability $ 37,851 $ 6,280 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenue | 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 revenues shown below in the European segment include sales related to accessories and services, used vehicle sales at owned dealerships and RV rentals. All material revenue streams are considered point in time. Three Months Ended January 31, Six Months Ended January 31, NET SALES: 2021 2020 2021 2020 Recreational vehicles North American Towables Travel Trailers $ 831,359 $ 583,121 $ 1,669,259 $ 1,292,786 Fifth Wheels 541,822 400,786 1,095,966 892,009 Total North American Towables 1,373,181 983,907 2,765,225 2,184,795 North American Motorized Class A 222,128 125,474 380,683 287,206 Class C 294,300 186,761 569,699 416,598 Class B 60,567 31,445 120,468 55,765 Total North American Motorized 576,995 343,680 1,070,850 759,569 Total North America 1,950,176 1,327,587 3,836,075 2,944,364 European Motorcaravan 419,137 382,422 737,480 664,155 Campervan 149,112 97,923 292,512 175,520 Caravan 71,654 69,909 126,849 130,941 Other RV-related 93,560 86,861 179,110 159,506 Total European 733,463 637,115 1,335,951 1,130,122 Total recreational vehicles 2,683,639 1,964,702 5,172,026 4,074,486 Other, primarily aluminum extruded components 74,714 57,745 155,421 131,311 Intercompany eliminations (30,565) (19,314) (62,299) (43,879) Total $ 2,727,788 $ 2,003,133 $ 5,265,148 $ 4,161,918 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
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 other comprehensive income (loss) ("AOCI") by component were as follows: Three Months Ended January 31, 2021 2020 Foreign Currency Unrealized Foreign Currency Unrealized Translation Gain (Loss) on Translation Gain (Loss) on Adjustment Derivative Other Total Adjustment Derivative Other Total Balance at beginning of period $ 26,664 $ (15,491) $ (696) $ 10,477 $ (46,085) $ (13,194) $ (1,048) $ (60,327) OCI before reclassifications 60,133 (352) — 59,781 (11,902) (2,272) — (14,174) Income taxes associated with OCI before reclassifications — 87 — 87 — 595 — 595 Amounts reclassified from AOCI — 3,410 — 3,410 — 1,935 — 1,935 Income taxes associated with amounts reclassified from AOCI — (794) — (794) — (482) — (482) AOCI, net of tax 86,797 (13,140) (696) 72,961 (57,987) (13,418) (1,048) (72,453) Less: AOCI attributable to noncontrolling interest (715) — — (715) (1,038) — — (1,038) AOCI, net of tax, attributable to THOR Industries, Inc. $ 87,512 $ (13,140) $ (696) $ 73,676 $ (56,949) $ (13,418) $ (1,048) $ (71,415) Six Months Ended January 31, 2021 2020 Foreign Currency Unrealized Foreign Currency Unrealized Translation Gain (Loss) on Translation Gain (Loss) on Adjustment Derivative Other Total Adjustment Derivative Other Total Balance at beginning of period $ 45,657 $ (18,823) $ (696) $ 26,138 $ (47,078) $ (9,472) $ (1,048) $ (57,598) OCI before reclassifications 41,140 380 — 41,520 (10,909) (7,826) — (18,735) Income taxes associated with OCI before reclassifications — (87) — (87) — 1,932 — 1,932 Amounts reclassified from AOCI — 7,049 — 7,049 — 2,582 — 2,582 Income taxes associated with amounts reclassified from AOCI — (1,659) — (1,659) — (634) — (634) AOCI, net of tax 86,797 (13,140) (696) 72,961 (57,987) (13,418) (1,048) (72,453) Less: AOCI attributable to noncontrolling interest (715) — — (715) (1,038) — — (1,038) AOCI, net of tax, attributable to THOR Industries Inc. $ 87,512 $ (13,140) $ (696) $ 73,676 $ (56,949) $ (13,418) $ (1,048) $ (71,415) |
Acquisitions - Tiffin Group Nar
Acquisitions - Tiffin Group Narrative (Details) - Tiffin Group - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 18, 2020 |
Business Acquisition [Line Items] | ||
Cash paid to acquire business, gross | $ 300,000 | |
Net sales | $ 82,432 | |
Acquired finite-lived intangible assets, weighted average useful life | 18 years 9 months 18 days | |
Asset-based credit facility | ||
Business Acquisition [Line Items] | ||
Amount of cash borrowed from long term line of credit to fund business acquisition | $ 165,000 | |
Trademarks | ||
Business Acquisition [Line Items] | ||
Finite lived intangible assets, useful life | 20 years | |
Minimum | Dealer network | ||
Business Acquisition [Line Items] | ||
Finite lived intangible assets, useful life | 18 years | |
Minimum | Backlog | ||
Business Acquisition [Line Items] | ||
Finite lived intangible assets, useful life | 5 months | |
Maximum | Dealer network | ||
Business Acquisition [Line Items] | ||
Finite lived intangible assets, useful life | 20 years | |
Maximum | Backlog | ||
Business Acquisition [Line Items] | ||
Finite lived intangible assets, useful life | 7 months |
Acquisitions - Schedule of Asse
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed from Tiffin Group (Details) - USD ($) $ in Thousands | Dec. 18, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Jul. 31, 2020 | Jul. 31, 2019 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 1,581,990 | $ 1,353,120 | $ 1,476,541 | $ 1,358,032 | |
Total fair value of net assets acquired | $ 300,861 | ||||
Total cash consideration for acquisition, less cash acquired | 287,876 | $ 310,576 | $ 0 | ||
Tiffin Group | |||||
Business Acquisition [Line Items] | |||||
Cash | 12,985 | ||||
Inventory | 116,691 | ||||
Other assets | 53,860 | ||||
Property, plant and equipment | 48,511 | ||||
Goodwill | 62,336 | ||||
Current liabilities | (81,859) | ||||
Deferred income tax liabilities | (34,860) | ||||
Other liabilities | (7,203) | ||||
Tiffin Group | Dealer network | |||||
Business Acquisition [Line Items] | |||||
Amortizable intangible assets | 92,100 | ||||
Tiffin Group | Trademarks | |||||
Business Acquisition [Line Items] | |||||
Amortizable intangible assets | 32,100 | ||||
Tiffin Group | Non-compete agreements | |||||
Business Acquisition [Line Items] | |||||
Amortizable intangible assets | 1,400 | ||||
Tiffin Group | Backlog | |||||
Business Acquisition [Line Items] | |||||
Amortizable intangible assets | $ 4,800 |
Acquisitions - Togo Group (Deta
Acquisitions - Togo Group (Details) - Togo Group - USD ($) $ in Thousands | Mar. 23, 2020 | Jan. 31, 2020 | Jan. 31, 2020 |
Business Acquisition [Line Items] | |||
Ownership percentage after all transactions | 73.50% | ||
Acquired finite-lived intangible assets, weighted average useful life | 8 years | ||
Losses from investment | $ 2,652 | $ 4,747 |
Acquisitions - Togo Group Sched
Acquisitions - Togo Group Schedule of Net Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 | Mar. 23, 2020 | Jan. 31, 2020 | Jul. 31, 2019 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 1,581,990 | $ 1,476,541 | $ 1,353,120 | $ 1,358,032 | |
Togo Group | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 326 | ||||
Accounts receivable | 466 | ||||
Other assets | 749 | ||||
Property, plant and equipment | 362 | ||||
Goodwill | 61,955 | ||||
Liabilities | (2,595) | ||||
Non-controlling interest | (16,835) | ||||
Total fair value of net assets acquired | 52,608 | ||||
Togo Group | Trade names and trademarks | |||||
Business Acquisition [Line Items] | |||||
Amortizable intangible assets | 1,130 | ||||
Togo Group | Developed technology | |||||
Business Acquisition [Line Items] | |||||
Amortizable intangible assets | 5,700 | ||||
Togo Group | Other | |||||
Business Acquisition [Line Items] | |||||
Amortizable intangible assets | $ 1,350 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Business Combinations [Abstract] | ||||
Net sales | $ 2,829,652 | $ 2,204,841 | $ 5,529,050 | $ 4,577,026 |
Net income | $ 139,345 | $ 32,043 | $ 254,461 | $ 82,657 |
Basic earnings per common share (in dollars per share) | $ 2.52 | $ 0.58 | $ 4.60 | $ 1.50 |
Diluted earnings per common share (in dollars per share) | $ 2.51 | $ 0.58 | $ 4.58 | $ 1.49 |
Business Segments - Additional
Business Segments - Additional Information (Details) | 6 Months Ended |
Jan. 31, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Business Segments - Schedule of
Business Segments - Schedule of Reporting Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Jul. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 2,727,788 | $ 2,003,133 | $ 5,265,148 | $ 4,161,918 | |
Income (loss) from continuing operations before income taxes | 163,959 | 34,863 | 310,278 | 103,497 | |
Total assets | 6,369,546 | 6,369,546 | $ 5,771,460 | ||
Depreciation and amortization expense, total | 56,715 | 48,945 | 110,954 | 99,152 | |
Capital acquisitions | 25,209 | 21,134 | 48,061 | 51,157 | |
Recreational vehicles | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 2,683,639 | 1,964,702 | |||
Operating segments | Recreational vehicles | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 2,683,639 | 1,964,702 | 5,172,026 | 4,074,486 | |
Income (loss) from continuing operations before income taxes | 201,517 | 73,032 | 378,757 | 176,105 | |
Total assets | 5,819,651 | 5,819,651 | 5,112,209 | ||
Depreciation and amortization expense, total | 53,260 | 45,965 | 104,160 | 93,213 | |
Capital acquisitions | 23,965 | 20,431 | 45,012 | 49,301 | |
Operating segments | Recreational vehicles | North America | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 1,950,176 | 1,327,587 | 3,836,075 | 2,944,364 | |
Income (loss) from continuing operations before income taxes | 191,301 | 68,342 | 374,047 | 194,439 | |
Total assets | 2,788,122 | 2,788,122 | 2,010,138 | ||
Depreciation and amortization expense, total | 21,652 | 19,945 | 41,229 | 39,710 | |
Capital acquisitions | 10,643 | 13,281 | 21,796 | 27,124 | |
Operating segments | Recreational vehicles | North America | North American Towables | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 1,373,181 | 983,907 | 2,765,225 | 2,184,795 | |
Income (loss) from continuing operations before income taxes | 147,880 | 53,426 | 289,059 | 157,748 | |
Total assets | 1,721,615 | 1,721,615 | 1,529,913 | ||
Depreciation and amortization expense, total | 16,318 | 16,431 | 32,125 | 32,702 | |
Capital acquisitions | 6,913 | 7,421 | 16,321 | 18,696 | |
Operating segments | Recreational vehicles | North America | North American Motorized | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 576,995 | 343,680 | 1,070,850 | 759,569 | |
Income (loss) from continuing operations before income taxes | 43,421 | 14,916 | 84,988 | 36,691 | |
Total assets | 1,066,507 | 1,066,507 | 480,225 | ||
Depreciation and amortization expense, total | 5,334 | 3,514 | 9,104 | 7,008 | |
Capital acquisitions | 3,730 | 5,860 | 5,475 | 8,428 | |
Operating segments | Recreational vehicles | Europe | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 733,463 | 637,115 | 1,335,951 | 1,130,122 | |
Income (loss) from continuing operations before income taxes | 10,216 | 4,690 | 4,710 | (18,334) | |
Total assets | 3,031,529 | 3,031,529 | 3,102,071 | ||
Depreciation and amortization expense, total | 31,608 | 26,020 | 62,931 | 53,503 | |
Capital acquisitions | 13,322 | 7,150 | 23,216 | 22,177 | |
Other, net | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 74,714 | 57,745 | 155,421 | 131,311 | |
Income (loss) from continuing operations before income taxes | 9,644 | 8,609 | 21,134 | 20,360 | |
Total assets | 245,299 | 245,299 | 212,378 | ||
Depreciation and amortization expense, total | 3,039 | 2,523 | 5,950 | 5,034 | |
Capital acquisitions | 1,216 | 273 | 2,660 | 928 | |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) from continuing operations before income taxes | (47,202) | (46,778) | (89,613) | (92,968) | |
Total assets | 304,596 | 304,596 | $ 446,873 | ||
Depreciation and amortization expense, total | 416 | 457 | 844 | 905 | |
Capital acquisitions | 28 | 430 | 389 | 928 | |
Intercompany eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | $ (30,565) | $ (19,314) | $ (62,299) | $ (43,879) |
Earnings Per Common Share (Deta
Earnings Per Common Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Earnings Per Share [Abstract] | ||||
Weighted-average common shares outstanding for basic earnings per share (in shares) | 55,366,241 | 55,198,756 | 55,302,203 | 55,146,915 |
Unvested restricted stock units (in shares) | 202,426 | 197,360 | 259,472 | 163,470 |
Weighted-average common shares outstanding assuming dilution (in shares) | 55,568,667 | 55,396,116 | 55,561,675 | 55,310,385 |
Antidilutive stock options, unvested restricted stock units outstanding (in shares) | 60,916 | 160,091 | 78,862 | 213,395 |
Derivatives and Hedging - Fair
Derivatives and Hedging - Fair Value and Associated Notional Amounts (Details) - Cash Flow Hedges - USD ($) | Jan. 31, 2021 | Jul. 31, 2020 |
Derivative [Line Items] | ||
Notional | $ 595,644,000 | $ 673,400,000 |
Fair value in other current liabilities | 17,479,000 | 24,840,000 |
Interest rate swap agreements | ||
Derivative [Line Items] | ||
Notional | 581,913,000 | 673,400,000 |
Fair value in other current liabilities | 17,387,000 | 24,840,000 |
Foreign exchange forward | ||
Derivative [Line Items] | ||
Notional | 13,731,000 | 0 |
Fair value in other current liabilities | $ 92,000 | $ 0 |
Derivatives and Hedging - Narra
Derivatives and Hedging - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Jul. 31, 2020 | |
Derivative [Line Items] | |||||
Foreign currency transaction gain (loss) | $ (16,436,000) | $ 3,802,000 | $ (10,954,000) | $ 2,843,000 | |
Amount reclassified | 0 | $ 0 | |||
Not designated as hedging instrument | |||||
Derivative [Line Items] | |||||
Notional amount | 34,431,000 | 34,431,000 | $ 34,862,000 | ||
Derivative liability | $ 1,932,000 | $ 1,932,000 | $ 1,824,000 |
Derivatives and Hedging - Finan
Derivatives and Hedging - Financial Statement Impact of Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Not designated as hedging instrument | ||||
Gain (Loss) recognized in Other Comprehensive Income, net of tax | ||||
Total gain (loss) | $ 2,351 | $ (224) | $ 5,683 | $ (3,946) |
Foreign currency forward contracts | Not designated as hedging instrument | ||||
Gain (Loss) recognized in Other Comprehensive Income, net of tax | ||||
Total gain (loss) | (66) | (490) | (66) | (1,015) |
Interest rate swap agreements | Not designated as hedging instrument | ||||
Gain (Loss) recognized in Other Comprehensive Income, net of tax | ||||
Total gain (loss) | 2,417 | 266 | 5,749 | (2,931) |
Sales | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||||
Total gain (loss) | 7 | (434) | 7 | (434) |
Sales | Foreign currency forward contracts | Designated as hedging instrument | Cash Flow Hedges | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||||
Gain (Loss) Reclassified from AOCI, Net of Tax | 7 | (434) | 7 | (434) |
Sales | Interest rate swap agreements | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||||
Amount of loss recognized in income, net of tax | 0 | 0 | 0 | 0 |
Sales | Interest rate swap agreements | Designated as hedging instrument | Cash Flow Hedges | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||||
Gain (Loss) Reclassified from AOCI, Net of Tax | 0 | 0 | 0 | 0 |
Interest expense | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||||
Total gain (loss) | (2,631) | (1,112) | (5,443) | (1,682) |
Interest expense | Foreign currency forward contracts | Designated as hedging instrument | Cash Flow Hedges | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||||
Gain (Loss) Reclassified from AOCI, Net of Tax | 0 | 0 | 0 | 0 |
Interest expense | Interest rate swap agreements | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||||
Amount of loss recognized in income, net of tax | (8) | (93) | (46) | (168) |
Interest expense | Interest rate swap agreements | Designated as hedging instrument | Cash Flow Hedges | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||||
Gain (Loss) Reclassified from AOCI, Net of Tax | $ (2,623) | $ (1,019) | $ (5,397) | $ (1,514) |
Inventories - Schedule of Major
Inventories - Schedule of Major Classifications of Inventories (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 |
Inventory [Line Items] | ||
Work in process | $ 285,544 | $ 128,181 |
Raw materials | 462,044 | 302,813 |
Chassis | 406,371 | 135,194 |
Subtotal | 1,350,344 | 763,264 |
Excess of FIFO costs over LIFO costs | (50,159) | (46,959) |
Total inventories, net | 1,300,185 | 716,305 |
Recreational vehicles | ||
Inventory [Line Items] | ||
Finished products | 141,961 | 152,297 |
Other | ||
Inventory [Line Items] | ||
Finished products | $ 54,424 | $ 44,779 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Inventories | $ 1,350,344 | $ 763,264 |
Subsidiaries valued inventory in last-in, first-out method | 468,153 | 251,099 |
Subsidiaries valued inventory in first-in, first-out method | $ 882,191 | $ 512,165 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 |
Property, Plant, Equipment, and ROU Assets [Line Items] | ||
Lease right-of-use assets – operating | $ 37,615 | $ 33,609 |
Lease right-of-use assets – finance | 7,361 | 3,672 |
Total cost | 1,527,229 | 1,456,986 |
Less accumulated depreciation | (394,507) | (349,337) |
Property, plant and equipment, net | 1,132,722 | 1,107,649 |
Land | ||
Property, Plant, Equipment, and ROU Assets [Line Items] | ||
Property, plant and equipment | 141,459 | 136,200 |
Buildings and improvements | ||
Property, Plant, Equipment, and ROU Assets [Line Items] | ||
Property, plant and equipment | 805,276 | 760,986 |
Machinery and equipment | ||
Property, Plant, Equipment, and ROU Assets [Line Items] | ||
Property, plant and equipment | 490,604 | 438,985 |
Rental vehicles | ||
Property, Plant, Equipment, and ROU Assets [Line Items] | ||
Property, plant and equipment | $ 44,914 | $ 83,534 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Components of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 1,409,034 | $ 1,255,441 |
Accumulated amortization | 399,603 | 340,717 |
Dealer networks/customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 869,055 | 766,198 |
Accumulated amortization | 290,948 | 252,320 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 313,903 | 275,775 |
Accumulated amortization | 55,195 | 47,743 |
Design technology and other intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 219,876 | 213,468 |
Accumulated amortization | 52,245 | 40,654 |
Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 4,800 | 0 |
Accumulated amortization | 1,157 | 0 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,400 | 0 |
Accumulated amortization | $ 58 | $ 0 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
For the remainder of the fiscal year ending July 31, 2021 | $ 60,929 | |
For the fiscal year ending July 31, 2022 | 125,677 | |
For the fiscal year ending July 31, 2023 | 107,038 | |
For the fiscal year ending July 31, 2024 | 97,122 | |
For the fiscal year ending July 31, 2025 | 88,894 | |
For the fiscal year ending July 31, 2026 and thereafter | 529,771 | |
Estimated annual amortization expense, total | $ 1,009,431 | $ 914,724 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Jul. 31, 2020 | Jul. 31, 2019 | |
Goodwill [Line Items] | |||||
Goodwill | $ 1,353,120 | $ 1,581,990 | $ 1,353,120 | $ 1,476,541 | $ 1,358,032 |
Goodwill acquired | 80,218 | ||||
Measurement period adjustments | 5,087 | ||||
Foreign currency translation | 25,231 | (8,890) | |||
Impairment charge | (1,109) | ||||
Other | |||||
Goodwill [Line Items] | |||||
Goodwill | 42,871 | 122,708 | 42,871 | 104,826 | 42,871 |
Goodwill acquired | 17,882 | ||||
Measurement period adjustments | 0 | ||||
Foreign currency translation | 0 | 0 | |||
Impairment charge | 0 | ||||
Europe | Recreational vehicles | |||||
Goodwill [Line Items] | |||||
Goodwill | 976,536 | 1,063,160 | 976,536 | 1,037,929 | 980,339 |
Goodwill acquired | 0 | ||||
Measurement period adjustments | 5,087 | ||||
Foreign currency translation | 25,231 | (8,890) | |||
Impairment charge | 0 | ||||
North American Towables | North America | Recreational vehicles | |||||
Goodwill [Line Items] | |||||
Goodwill | 333,712 | 352,631 | 333,712 | 333,786 | 334,822 |
Goodwill acquired | 18,845 | ||||
Measurement period adjustments | 0 | ||||
Foreign currency translation | 0 | 0 | |||
Impairment charge | (1,109) | (1,109) | |||
North American Motorized | North America | Recreational vehicles | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 0 | 43,491 | 0 | $ 0 | $ 0 |
Goodwill acquired | 43,491 | ||||
Measurement period adjustments | 0 | ||||
Foreign currency translation | $ 0 | 0 | |||
Impairment charge | $ 0 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Goodwill [Line Items] | ||||
Impairment charges | $ 0 | $ 10,057 | $ 0 | $ 10,057 |
Goodwill impairment loss | 1,109 | |||
North American Towables | North America | Recreational vehicles | ||||
Goodwill [Line Items] | ||||
Goodwill impairment loss | $ 1,109 | $ 1,109 |
Concentration of Risk (Detail)
Concentration of Risk (Detail) - Customer concentration risk - Freedom Roads, LLC | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Sales revenue | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 13.00% | 13.00% | 14.00% | 14.00% |
Accounts receivable | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 17.00% | 18.00% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value, Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 217 | $ 227,154 |
Deferred compensation plan mutual fund assets | 50,770 | 47,327 |
Deferred compensation plan liabilities | 72,192 | 61,290 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap liabilities | 19,319 | 26,664 |
Foreign currency forward contract liability | $ 92 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) £ in Thousands, $ in Thousands | Jan. 31, 2021USD ($) | Jan. 31, 2021GBP (£) | Jul. 31, 2020USD ($) |
Not designated as hedging instrument | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notional amount | $ 34,431 | $ 34,862 | |
Foreign exchange forward | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notional amount | 13,731 | £ 10,000 | |
Interest rate swap | Designated as hedging instrument | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notional amount | 581,913 | ||
Interest rate swap | Not designated as hedging instrument | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notional amount | $ 34,431 |
Product Warranties - Additional
Product Warranties - Additional Information (Detail) | 6 Months Ended |
Jan. 31, 2021 | |
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 |
Product Warranties - Changes in
Product Warranties - Changes in Warranty Liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Product Warranty | ||||
Beginning balance | $ 245,554 | $ 285,600 | $ 252,869 | $ 289,679 |
Provision | 52,870 | 61,463 | 103,741 | 121,673 |
Payments | (60,365) | (64,148) | (117,939) | (128,742) |
Acquisition | 11,032 | 0 | 11,032 | 0 |
Foreign currency translation | 1,918 | (294) | 1,306 | 11 |
Liabilities held for sale reclassification | 0 | (556) | 0 | (556) |
Ending balance | $ 251,009 | $ 282,065 | $ 251,009 | $ 282,065 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-term Debt (Details) $ in Thousands | Jan. 31, 2021USD ($) | Jan. 31, 2021EUR (€) | Jul. 31, 2020USD ($) |
Line of Credit Facility [Line Items] | |||
Term loan | $ 1,552,337 | $ 1,597,091 | |
Unsecured notes | 30,340 | € 25,000,000 | 29,620 |
Other debt | 78,916 | 84,500 | |
Gross long-term debt | 1,875,137 | 1,711,211 | |
Debt issuance costs, net of amortization | (40,813) | (44,563) | |
Total long-term debt, net of debt issuance costs | 1,834,324 | 1,666,648 | |
Less: current portion of long-term debt | (12,802) | (13,817) | |
Total long-term debt, net, less current portion | 1,821,522 | 1,652,831 | |
Term loan | |||
Line of Credit Facility [Line Items] | |||
Term loan | 1,552,337 | 1,597,091 | |
Asset-based credit facility | |||
Line of Credit Facility [Line Items] | |||
Term loan | $ 213,544 | $ 0 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | Feb. 01, 2019USD ($) | Jan. 31, 2021USD ($) | Jan. 31, 2020USD ($) | Jan. 31, 2021USD ($) | Jan. 31, 2020USD ($) | Jan. 31, 2021EUR (€) | Jul. 31, 2020USD ($) |
Line of Credit Facility [Line Items] | |||||||
Unsecured debt | $ 30,340,000 | $ 30,340,000 | € 25,000,000 | $ 29,620,000 | |||
Interest expense | 20,663,000 | $ 23,863,000 | 41,251,000 | $ 48,212,000 | |||
Fees to secure the facility, amortized amount | 2,737,000 | $ 2,686,000 | 5,460,000 | $ 5,371,000 | |||
Unamortized debt issuance expense | 8,406,000 | 8,406,000 | 9,807,000 | ||||
Term loan | 1,552,337,000 | $ 1,552,337,000 | 1,597,091,000 | ||||
Term loan | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, term | 7 years | ||||||
Loan fee amortization period | 7 years | ||||||
Debt, fair value | 1,555,088,000 | $ 1,555,088,000 | 1,565,866,000 | ||||
Term loan | 1,552,337,000 | 1,552,337,000 | 1,597,091,000 | ||||
Term loan | US tranche | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit, outstanding amount | $ 581,913,000 | $ 581,913,000 | $ 673,400,000 | ||||
Long-term debt, percentage bearing fixed interest | 6.216% | 6.216% | 6.216% | 6.216% | |||
Term loan | US tranche | LIBOR | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit, outstanding amount | $ 941,900,000 | $ 941,900,000 | $ 941,900,000 | ||||
Stated interest rate | 3.938% | 3.938% | 3.938% | 3.938% | |||
Term loan | US tranche | 1-month LIBOR | |||||||
Line of Credit Facility [Line Items] | |||||||
Stated interest rate | 2.466% | 2.466% | 2.466% | 2.466% | |||
Term loan | Euro tranche | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit, outstanding amount | $ 610,437,000 | $ 610,437,000 | $ 655,191,000 | ||||
Stated interest rate | 4.00% | 4.00% | 4.00% | 4.00% | |||
Unsecured series one debt | |||||||
Line of Credit Facility [Line Items] | |||||||
Stated interest rate | 1.945% | 1.945% | 1.945% | ||||
Unsecured debt | $ 24,272,000 | $ 24,272,000 | € 20,000,000 | ||||
Unsecured series two debt | |||||||
Line of Credit Facility [Line Items] | |||||||
Stated interest rate | 2.534% | 2.534% | 2.534% | ||||
Unsecured debt | $ 6,068,000 | $ 6,068,000 | € 5,000,000 | ||||
Other long term debt | Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Stated interest rate | 1.40% | 1.40% | 1.40% | ||||
Other long term debt | Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Stated interest rate | 3.43% | 3.43% | 3.43% | ||||
Asset-based credit facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit, maximum borrowing capacity | $ 750,000,000 | ||||||
Line of credit, unused capacity commitment fee percentage | 0.25% | ||||||
Accounts receivable and inventory, net of amounts drawn | $ 507,000,000 | $ 507,000,000 | |||||
Loan fee amortization period | 5 years | ||||||
Term loan | $ 213,544,000 | $ 213,544,000 | $ 0 | ||||
Asset-based credit facility | LIBOR | Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Basis spread on variable rate | 1.25% | ||||||
Asset-based credit facility | LIBOR | Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Basis spread on variable rate | 1.75% | ||||||
Asset-based credit facility | Base Rate | Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Basis spread on variable rate | 0.25% | ||||||
Asset-based credit facility | Base Rate | Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Basis spread on variable rate | 0.75% |
Long-Term Debt - Schedule of Ma
Long-Term Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 |
Debt Disclosure [Abstract] | ||
For the remainder of the fiscal year ending July 31, 2021 | $ 6,282 | |
For the fiscal year ending July 31, 2022 | 12,319 | |
For the fiscal year ending July 31, 2023 | 12,445 | |
For the fiscal year ending July 31, 2024 | 226,119 | |
For the fiscal year ending July 31, 2025 | 36,720 | |
For the fiscal year ending July 31, 2026 and thereafter | 1,581,252 | |
Gross long-term debt | $ 1,875,137 | $ 1,711,211 |
Provision for Income Taxes (Det
Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 20.00% | 22.50% | 20.40% | 23.80% |
Expected decrease in unrecognized tax benefits due to resolution of uncertain tax positions | $ 7,900 | $ 7,900 | ||
Accrued interest | $ 2,000 | $ 2,000 |
Contingent Liabilities, Commi_2
Contingent Liabilities, Commitments and Legal Matters (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 31, 2021 | Jul. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Standby repurchase obligations amount | $ 2,367,122 | $ 1,876,922 |
Term of commitments | 18 months | |
Repurchase and guarantee reserve balances | $ 8,054 | $ 7,747 |
Leases - Components of Lease Co
Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 3,881 | $ 3,112 | $ 7,758 | $ 6,143 |
Amortization of right-of-use assets | 175 | 136 | 311 | 272 |
Interest on lease liabilities | 131 | 134 | 257 | 271 |
Total lease cost | $ 4,187 | $ 3,382 | $ 8,326 | $ 6,686 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 7,710 | $ 6,094 |
Operating leases | 7,204 | 1,561 |
Finance leases | $ 4,000 | $ 0 |
Leases - Assets and Liabilities
Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 37,615 | $ 33,609 |
Operating lease liabilities: | ||
Other current liabilities | 6,872 | 5,343 |
Other long-term liabilities | 30,979 | 28,456 |
Total operating lease liabilities | 37,851 | 33,799 |
Finance lease right-of-use assets | 7,361 | 3,672 |
Finance lease liabilities | ||
Other current liabilities | 996 | 505 |
Other long-term liabilities | 5,284 | 4,743 |
Total finance lease liabilities | $ 6,280 | $ 5,248 |
Weighted-aver remaining lease term - operating leases | 12 years 3 months 18 days | 13 years 7 months 6 days |
Weighted-aver remaining lease term - finance leases | 5 years 6 months | 6 years 9 months 18 days |
Weighted-average discount rate - operating leases | 3.30% | 3.40% |
Weighted-average discount rate - finance leases | 8.80% | 9.70% |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | tho:PropertyPlantAndEquipmentAndFinanceAndOperatingLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization | tho:PropertyPlantAndEquipmentAndFinanceAndOperatingLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | tho:PropertyPlantAndEquipmentAndFinanceAndOperatingLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization | tho:PropertyPlantAndEquipmentAndFinanceAndOperatingLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Company's Operating and Finance Leases (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 |
Operating Leases | ||
For the remainder of the fiscal year ending July 31, 2021 | $ 6,238 | |
For the fiscal year ending July 31, 2022 | 10,599 | |
For the fiscal year ending July 31, 2023 | 7,989 | |
For the fiscal year ending July 31, 2024 | 5,721 | |
For the fiscal year ending July 31, 2025 | 4,216 | |
For the fiscal year ending July 31, 2026 and thereafter | 19,569 | |
Total future lease payments | 54,332 | |
Less: amount representing interest | (16,481) | |
Total operating lease liabilities | 37,851 | $ 33,799 |
Financing Leases | ||
For the remainder of the fiscal year ending July 31, 2021 | 769 | |
For the fiscal year ending July 31, 2022 | 1,555 | |
For the fiscal year ending July 31, 2023 | 1,578 | |
For the fiscal year ending July 31, 2024 | 1,059 | |
For the fiscal year ending July 31, 2025 | 1,083 | |
For the fiscal year ending July 31, 2026 and thereafter | 2,061 | |
Total future lease payments | 8,105 | |
Less: amount representing interest | (1,825) | |
Total reported lease liability | $ 6,280 | $ 5,248 |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Equity [Abstract] | ||||
Stock-based compensation | $ 7,290 | $ 5,062 | $ 13,058 | $ 10,075 |
Revenue (Detail)
Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 2,727,788 | $ 2,003,133 | $ 5,265,148 | $ 4,161,918 |
Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 2,683,639 | 1,964,702 | ||
Operating segments | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 2,683,639 | 1,964,702 | 5,172,026 | 4,074,486 |
Operating segments | North America | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,950,176 | 1,327,587 | 3,836,075 | 2,944,364 |
Operating segments | Europe | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 733,463 | 637,115 | 1,335,951 | 1,130,122 |
Operating segments | Travel Trailers | North America | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 831,359 | 583,121 | 1,669,259 | 1,292,786 |
Operating segments | Fifth Wheels | North America | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 541,822 | 400,786 | 1,095,966 | 892,009 |
Operating segments | North American Towables | North America | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,373,181 | 983,907 | 2,765,225 | 2,184,795 |
Operating segments | Class A | North America | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 222,128 | 125,474 | 380,683 | 287,206 |
Operating segments | Class C | North America | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 294,300 | 186,761 | 569,699 | 416,598 |
Operating segments | Class B | North America | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 60,567 | 31,445 | 120,468 | 55,765 |
Operating segments | North American Motorized | North America | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 576,995 | 343,680 | 1,070,850 | 759,569 |
Operating segments | Motorcaravan | Europe | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 419,137 | 382,422 | 737,480 | 664,155 |
Operating segments | Campervan | Europe | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 149,112 | 97,923 | 292,512 | 175,520 |
Operating segments | Caravan | Europe | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 71,654 | 69,909 | 126,849 | 130,941 |
Operating segments | Other RV-related | Europe | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 93,560 | 86,861 | 179,110 | 159,506 |
Corporate and eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 74,714 | 57,745 | 155,421 | 131,311 |
Intercompany eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ (30,565) | $ (19,314) | $ (62,299) | $ (43,879) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | $ 2,420,521 | $ 2,124,971 | $ 2,345,569 | $ 2,095,228 |
Ending balance | 2,596,711 | 2,122,334 | 2,596,711 | 2,122,334 |
Foreign currency translation adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 26,664 | (46,085) | 45,657 | (47,078) |
OCI before reclassifications | 60,133 | (11,902) | 41,140 | (10,909) |
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 |
Ending balance | 86,797 | (57,987) | 86,797 | (57,987) |
Unrealized gain (loss) on derivative | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (15,491) | (13,194) | (18,823) | (9,472) |
OCI before reclassifications | (352) | (2,272) | 380 | (7,826) |
Income taxes associated with OCI before reclassifications | 87 | 595 | (87) | 1,932 |
Amounts reclassified from AOCI | 3,410 | 1,935 | 7,049 | 2,582 |
Income taxes associated with amounts reclassified from AOCI | (794) | (482) | (1,659) | (634) |
Ending balance | (13,140) | (13,418) | (13,140) | (13,418) |
Other | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (696) | (1,048) | (696) | (1,048) |
OCI before reclassifications | 0 | 0 | 0 | 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 |
Ending balance | (696) | (1,048) | (696) | (1,048) |
AOCI including portion attributable to noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 10,477 | (60,327) | 26,138 | (57,598) |
OCI before reclassifications | 59,781 | (14,174) | 41,520 | (18,735) |
Income taxes associated with OCI before reclassifications | 87 | 595 | (87) | 1,932 |
Amounts reclassified from AOCI | 3,410 | 1,935 | 7,049 | 2,582 |
Income taxes associated with amounts reclassified from AOCI | (794) | (482) | (1,659) | (634) |
Ending balance | 72,961 | (72,453) | 72,961 | (72,453) |
Foreign currency translation adjustment, attributable to noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | (715) | (1,038) | (715) | (1,038) |
Unrealized gain (loss) on derivatives, attributable to noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | 0 | 0 | 0 | 0 |
Other, attributable to noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | 0 | 0 | 0 | 0 |
AOCI, attributable to noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | (715) | (1,038) | (715) | (1,038) |
Foreign currency translation adjustment, attributable to parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | 87,512 | (56,949) | 87,512 | (56,949) |
Unrealized gain (loss) on derivative, attributable to parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | (13,140) | (13,418) | (13,140) | (13,418) |
Other, attributable to parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | (696) | (1,048) | (696) | (1,048) |
AOCI, attributable to parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 11,219 | (59,591) | 26,993 | (57,004) |
Ending balance | $ 73,676 | $ (71,415) | $ 73,676 | $ (71,415) |