Cover Page
Cover Page - shares | 6 Months Ended | |
Jan. 31, 2022 | Feb. 28, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 31, 2022 | |
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 $.10 Per Share) | |
Trading Symbol | THO | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 55,030,244 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000730263 | |
Current Fiscal Year End Date | --07-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Jan. 31, 2022 | Jul. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 305,243 | $ 445,852 |
Restricted cash | 25,080 | 2,854 |
Accounts receivable, trade, net | 1,080,454 | 796,489 |
Accounts receivable, other, net | 81,836 | 153,443 |
Inventories, net | 1,679,079 | 1,369,384 |
Prepaid income taxes, expenses and other | 29,004 | 35,501 |
Total current assets | 3,200,696 | 2,803,523 |
Property, plant and equipment, net | 1,216,323 | 1,185,131 |
Other assets: | ||
Goodwill | 1,888,752 | 1,563,255 |
Amortizable intangible assets, net | 1,237,947 | 937,171 |
Deferred income tax assets, net | 1,597 | 41,216 |
Other | 119,830 | 123,792 |
Total other assets | 3,248,126 | 2,665,434 |
TOTAL ASSETS | 7,665,145 | 6,654,088 |
Current liabilities: | ||
Accounts payable | 1,002,636 | 915,045 |
Current portion of long-term debt | 11,648 | 12,411 |
Short-term financial obligations | 27,827 | 25,720 |
Accrued liabilities: | ||
Compensation and related items | 258,888 | 249,761 |
Product warranties | 296,158 | 267,620 |
Income and other taxes | 70,373 | 85,789 |
Promotions and rebates | 101,806 | 128,869 |
Product, property and related liabilities | 52,394 | 38,590 |
Other | 82,684 | 70,980 |
Total current liabilities | 1,904,414 | 1,794,785 |
Long-term debt | 2,167,734 | 1,594,821 |
Deferred income tax liabilities, net | 144,307 | 113,598 |
Unrecognized tax benefits | 19,543 | 15,844 |
Other liabilities | 175,563 | 186,934 |
Total long-term liabilities | 2,507,147 | 1,911,197 |
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 66,059,403 and 65,651,570 shares, respectively | 6,606 | 6,565 |
Additional paid-in capital | 479,946 | 460,482 |
Retained earnings | 3,231,378 | 2,770,401 |
Accumulated other comprehensive income (loss), net of tax | (55,703) | 44,621 |
Less treasury shares of 11,029,159 and 10,285,329, respectively, at cost | (436,568) | (360,226) |
Stockholders’ equity attributable to THOR Industries, Inc. | 3,225,659 | 2,921,843 |
Non-controlling interests | 27,925 | 26,263 |
Total stockholders’ equity | 3,253,584 | 2,948,106 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 7,665,145 | $ 6,654,088 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Jan. 31, 2022 | Jul. 31, 2021 |
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) | 66,059,403 | 65,651,570 |
Treasury, shares (in shares) | 11,029,159 | 10,285,329 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 3,875,018 | $ 2,727,788 | $ 7,833,242 | $ 5,265,148 |
Cost of products sold | 3,199,744 | 2,312,911 | 6,502,544 | 4,471,419 |
Gross profit | 675,274 | 414,877 | 1,330,698 | 793,729 |
Selling, general and administrative expenses | 267,450 | 206,189 | 563,333 | 387,952 |
Amortization of intangible assets | 43,349 | 29,203 | 76,563 | 56,630 |
Interest income | 91 | 202 | 284 | 520 |
Interest expense | 24,598 | 24,164 | 45,511 | 48,440 |
Other income, net | 6,285 | 8,436 | 13,520 | 9,051 |
Income before income taxes | 346,253 | 163,959 | 659,095 | 310,278 |
Income tax provision | 80,618 | 32,769 | 148,657 | 63,449 |
Net income | 265,635 | 131,190 | 510,438 | 246,829 |
Less: Net income (loss) attributable to non-controlling interests | (933) | (1,334) | 1,628 | 548 |
Net income attributable to THOR Industries, Inc. | $ 266,568 | $ 132,524 | $ 508,810 | $ 246,281 |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 55,493,622 | 55,366,241 | 55,458,238 | 55,302,203 |
Diluted (in shares) | 55,649,445 | 55,568,667 | 55,720,079 | 55,561,675 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 4.80 | $ 2.39 | $ 9.17 | $ 4.45 |
Diluted (in dollars per share) | $ 4.79 | $ 2.38 | $ 9.13 | $ 4.43 |
Comprehensive income: | ||||
Net income | $ 265,635 | $ 131,190 | $ 510,438 | $ 246,829 |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation adjustment | (69,974) | 60,133 | (105,141) | 41,140 |
Unrealized gain on derivatives, net of tax | 2,129 | 2,351 | 4,484 | 5,683 |
Other (loss), net of tax | (372) | 0 | (372) | 0 |
Total other comprehensive income (loss), net of tax | (68,217) | 62,484 | (101,029) | 46,823 |
Total Comprehensive income | 197,418 | 193,674 | 409,409 | 293,652 |
Less: Comprehensive income (loss) attributable to non-controlling interests | (1,478) | (1,307) | 923 | 688 |
Comprehensive income attributable to THOR Industries, Inc. | $ 198,896 | $ 194,981 | $ 408,486 | $ 292,964 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 510,438 | $ 246,829 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 64,285 | 54,324 |
Amortization of intangible assets | 76,563 | 56,630 |
Amortization of debt issuance costs | 5,568 | 5,460 |
Deferred income tax (benefit) provision | (13,317) | (98) |
(Gain) loss on disposition of property, plant and equipment | 701 | (196) |
Stock-based compensation expense | 12,986 | 13,058 |
Changes in assets and liabilities: | ||
Accounts receivable | (165,085) | (99,282) |
Inventories, net | (236,002) | (425,026) |
Prepaid income taxes, expenses and other | 15,014 | (39,226) |
Accounts payable | 32,848 | 112,131 |
Accrued liabilities | 8,204 | (25,114) |
Long-term liabilities and other | (14,151) | 11,944 |
Net cash provided by (used in) operating activities | 298,052 | (88,566) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (117,804) | (48,097) |
Proceeds from dispositions of property, plant and equipment | 652 | 1,084 |
Business acquisitions, net of cash acquired | (781,818) | (310,576) |
Net cash used in investing activities | (898,970) | (357,589) |
Cash flows from financing activities: | ||
Borrowings on revolving asset-based credit facilities | 660,088 | 213,632 |
Payments on revolving asset-based credit facilities | (534,035) | 0 |
Proceeds from issuance of senior unsecured notes | 500,000 | 0 |
Payments on term-loan credit facilities | 0 | (59,700) |
Payments on other debt | (5,965) | (7,522) |
Payments of debt issuance costs | (8,445) | 0 |
Regular cash dividends paid | (47,833) | (45,400) |
Payments on finance lease obligations | (529) | (244) |
Purchases of treasury shares | (58,331) | 0 |
Payments related to vesting of stock-based awards | (18,011) | (8,317) |
Short-term financial obligations and other, net | 3,821 | (5,488) |
Net cash provided by financing activities | 490,760 | 86,961 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (8,225) | 4,378 |
Net decrease in cash and cash equivalents and restricted cash | (118,383) | (354,816) |
Cash and cash equivalents and restricted cash, beginning of period | 448,706 | 541,363 |
Cash and cash equivalents and restricted cash, end of period | 330,323 | 186,547 |
Cash and cash equivalents and restricted cash, total | 330,323 | 186,547 |
Less: restricted cash | 25,080 | 2,913 |
Cash and cash equivalents | 305,243 | 183,634 |
Supplemental cash flow information: | ||
Income taxes paid | 151,307 | 112,425 |
Interest paid | 33,529 | 39,705 |
Non-cash investing and financing transactions: | ||
Capital expenditures in accounts payable | $ 5,147 | $ 3,422 |
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, 2020 | 65,396,531 | 10,197,775 | ||||||
Beginning balance at Jul. 31, 2020 | $ 2,345,569 | $ 6,540 | $ 436,828 | $ 2,201,330 | $ 26,993 | $ (351,909) | $ 2,319,782 | $ 25,787 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 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 (loss) | 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 | ||||||
Beginning balance at Oct. 31, 2020 | 2,420,521 | $ 6,565 | 442,794 | 2,292,387 | 11,219 | $ (360,226) | 2,392,739 | 27,782 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 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 (loss) | 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 |
Beginning balance (in shares) at Jul. 31, 2021 | 65,651,570 | 10,285,329 | ||||||
Beginning balance at Jul. 31, 2021 | 2,948,106 | $ 6,565 | 460,482 | 2,770,401 | 44,621 | $ (360,226) | 2,921,843 | 26,263 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 510,438 | 508,810 | 508,810 | 1,628 | ||||
Purchase of treasury shares (in shares) | 590,961 | |||||||
Purchases of treasury shares | (58,331) | $ (58,331) | (58,331) | |||||
Restricted stock unit activity (in shares) | 407,833 | 152,869 | ||||||
Restricted stock unit activity | (11,492) | $ 41 | 6,478 | $ (18,011) | (11,492) | |||
Dividends per common share | (47,833) | (47,833) | (47,833) | |||||
Stock-based compensation expense | 12,986 | 12,986 | 12,986 | |||||
Other comprehensive income (loss) | (101,029) | (100,324) | (100,324) | (705) | ||||
Acquisitions | 739 | 739 | ||||||
Ending balance (in shares) at Jan. 31, 2022 | 66,059,403 | 11,029,159 | ||||||
Ending balance at Jan. 31, 2022 | 3,253,584 | $ 6,606 | 479,946 | 3,231,378 | (55,703) | $ (436,568) | 3,225,659 | 27,925 |
Beginning balance (in shares) at Oct. 31, 2021 | 66,058,290 | 10,438,198 | ||||||
Beginning balance at Oct. 31, 2021 | 3,132,242 | $ 6,606 | 473,775 | 2,988,726 | 11,969 | $ (378,237) | 3,102,839 | 29,403 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | $ 265,635 | 266,568 | 266,568 | (933) | ||||
Purchase of treasury shares (in shares) | 590,961 | 590,961 | ||||||
Purchases of treasury shares | $ (58,331) | $ (58,331) | (58,331) | |||||
Restricted stock unit activity (in shares) | 1,113 | |||||||
Restricted stock unit activity | (788) | (788) | (788) | |||||
Dividends per common share | (23,916) | (23,916) | (23,916) | |||||
Stock-based compensation expense | 6,959 | 6,959 | 6,959 | |||||
Other comprehensive income (loss) | (68,217) | (67,672) | (67,672) | (545) | ||||
Ending balance (in shares) at Jan. 31, 2022 | 66,059,403 | 11,029,159 | ||||||
Ending balance at Jan. 31, 2022 | $ 3,253,584 | $ 6,606 | $ 479,946 | $ 3,231,378 | $ (55,703) | $ (436,568) | $ 3,225,659 | $ 27,925 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Equity [Abstract] | ||||
Cash dividends, per common share (in dollars per share) | $ 0.43 | $ 0.41 | $ 0.86 | $ 0.82 |
Nature of Operations and Accoun
Nature of Operations and Accounting Policies | 6 Months Ended |
Jan. 31, 2022 | |
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, 2021 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, 2021. Due to seasonality within the recreational vehicle industry, and the impact of the ongoing COVID-19 pandemic on our industry, among other factors, annualizing the results of operations for the six months ended January 31, 2022 would not necessarily be indicative of the results expected for the full fiscal year. |
Acquisitions
Acquisitions | 6 Months Ended |
Jan. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions AirXcel On September 1, 2021, the Company acquired Wichita, Kansas-based AirX Intermediate, Inc. (“Airxcel”). Airxcel manufactures a comprehensive line of high-quality component products which are sold primarily to original equipment RV manufacturers as well as consumers via aftermarket sales through dealers and retailers. Airxcel provides industry-leading products in recreational vehicle heating, cooling, ventilation, cooking, window coverings, sidewalls and roofing materials, among others. The initial cash consideration for the Airxcel acquisition was $750,000 in cash, subject to adjustments, and was funded through a combination of cash-on-hand and $625,000 of borrowings from the Company's asset-based credit facility (“ABL”). The total cash consideration to be paid was subject to the final determination of the actual acquired net working capital as of the close of business on September 1, 2021, which determination was finalized in the second quarter of fiscal 2022 and the true-up reduced the cash consideration to approximately $745,300. In conjunction with the Airxcel acquisition, the Company expanded its existing ABL facility from $750,000 to $1,000,000, favorably amended certain terms of the agreement and extended the term of the ABL as discussed in Note 12 to the Condensed Consolidated Financial Statements. The interest rate provisions remain unchanged. The Company acquired Airxcel as part of its long-term, strategic growth plan and the acquisition is expected to provide numerous benefits, including strengthening the RV supply chain, diversifying its revenue sources and expanding Airxcel’s supply chain business in North America and Europe. Airxcel operates as an independent operation in the same manner as the Company's other subsidiaries. The results of Airxcel are included in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income since the September 1, 2021 acquisition date. Airxcel recorded net sales of $217,540, net of intercompany sales, and net income before income taxes, net of intercompany profit elimination, of $10,793 for the period from the date of acquisition through January 31, 2022. Net income before income taxes included a charge of $6,791 related to the step-up in assigned value of acquired Airxcel inventory that was included in cost of products sold, and also includes $15,101 in amortization expense related to the acquired intangible assets. During the fiscal quarter ended January 31, 2022, the Company made immaterial measurement period adjustments to better reflect the facts and circumstances that existed at the acquisition date. The following table summarizes the estimated fair values of the Airxcel net assets acquired on the acquisition date. The Company is in the process of finalizing the fair value analysis, but this analysis has not been fully completed. The provisional amounts included below, related to deferred income tax liabilities and certain accrued expenses, remain subject to potential adjustment. The Company expects to finalize these values as soon as practical and no later than one year from the acquisition date. Cash $ 23,404 Inventory 71,150 Other assets 62,657 Property, plant and equipment 40,518 Amortizable intangible assets: Customer relationships 284,000 Trademarks 56,900 Design technology assets 60,600 Backlog 700 Goodwill 368,688 Current liabilities (109,586) Deferred income tax liabilities (79,115) Other liabilities (10,494) Non-controlling interest (739) Total fair value of net assets acquired 768,683 Less cash acquired (23,404) Total cash consideration for acquisition, less cash acquired $ 745,279 On the acquisition date, amortizable intangible assets had a weighted-average useful life of 18.3 years. The customer relationships were valued based on the Discounted Cash Flow Method and are being amortized on an accelerated basis over 20 years. The trademarks were valued on the Relief from Royalty Method and are being amortized on a straight-line basis over 20 years. The design technology assets were valued on the Relief from Royalty Method and are being amortized on a straight-line basis over 10 years. Backlog was valued based on the Discounted Cash Flow Method and was amortized on a straight-line basis over two months. The vast majority of the goodwill recognized as a result of this transaction is not deductible for tax purposes. Tiffin Group On December 18, 2020, the Company acquired 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, owns the Tiffin Group. Tiffin Motorhomes, Inc. operates out of various locations in Alabama while Vanleigh RV operates out of 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 following table summarizes the final fair values of the Tiffin Group net assets acquired on the acquisition date. Cash $ 13,074 Inventory 116,441 Other assets 53,860 Property, plant and equipment 48,262 Amortizable intangible assets: Dealer network 92,200 Trademarks 32,100 Non-compete agreements 1,400 Backlog 4,800 Goodwill 65,064 Current liabilities (81,423) Deferred income tax liabilities (37,263) Other liabilities (7,203) Total fair value of net assets acquired 301,312 Less cash acquired (13,074) Total cash consideration for acquisition, less cash acquired $ 288,238 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 is being amortized on an accelerated basis over 18 to 20 years. The trademarks were valued on the Relief from Royalty Method and are being amortized on a straight-line basis over 20 years. Backlogs were valued based on the Discounted Cash Flow Method and were amortized on a straight-line basis over five The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2022 acquisition of Airxcel had occurred at the beginning of fiscal 2021 and the fiscal 2021 acquisition of the Tiffin Group had occurred at the beginning of fiscal 2020. These pro forma results may not be indicative of the actual results that would have occurred under the ownership and management of the Company. Three Months Ended January 31, 2022 2021 Net sales $ 3,875,018 $ 2,943,733 Net income attributable to THOR Industries, Inc. $ 266,568 $ 148,448 Basic earnings per common share $ 4.80 $ 2.68 Diluted earnings per common share $ 4.79 $ 2.67 Six Months Ended January 31, 2022 2021 Net sales $ 7,880,700 $ 5,756,969 Net income attributable to THOR Industries, Inc. $ 515,623 $ 266,584 Basic earnings per common share $ 9.30 $ 4.82 Diluted earnings per common share $ 9.25 $ 4.80 |
Business Segments
Business Segments | 6 Months Ended |
Jan. 31, 2022 | |
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, Roadpass Digital (formerly Togo Group rebranded as Roadpass Digital in November 2021) and Airxcel subsidiaries are included in Other. Net sales included in Other related primarily to the sale of component parts and aluminum extrusions. Intercompany eliminations adjust for Postle and Airxcel sales primarily to the Company’s North American Towables and North American Motorized segments, which are consummated at established transfer prices generally consistent with the selling prices of products to third parties. The following tables reflect certain financial information by reportable segment: Three Months Ended January 31, Six Months Ended January 31, NET SALES: 2022 2021 2022 2021 Recreational vehicles North American Towables $ 1,985,088 $ 1,373,181 $ 4,225,922 $ 2,765,225 North American Motorized 976,806 576,995 1,901,834 1,070,850 Total North America 2,961,894 1,950,176 6,127,756 3,836,075 European 723,730 733,463 1,356,727 1,335,951 Total recreational vehicles 3,685,624 2,683,639 7,484,483 5,172,026 Other 294,146 74,714 551,976 155,421 Intercompany eliminations (104,752) (30,565) (203,217) (62,299) Total $ 3,875,018 $ 2,727,788 $ 7,833,242 $ 5,265,148 Three Months Ended January 31, Six Months Ended January 31, INCOME (LOSS) BEFORE INCOME TAXES: 2022 2021 2022 2021 Recreational vehicles North American Towables $ 275,895 $ 147,880 $ 542,177 $ 289,059 North American Motorized 104,037 43,421 192,935 84,988 Total North America 379,932 191,301 735,112 374,047 European 9,665 10,216 (8,311) 4,710 Total recreational vehicles 389,597 201,517 726,801 378,757 Other, net 23,092 9,644 46,621 21,134 Corporate (66,436) (47,202) (114,327) (89,613) Total $ 346,253 $ 163,959 $ 659,095 $ 310,278 TOTAL ASSETS: January 31, 2022 July 31, 2021 Recreational vehicles North American Towables $ 2,172,879 $ 1,870,577 North American Motorized 1,227,559 1,073,506 Total North America 3,400,438 2,944,083 European 2,670,572 2,975,821 Total recreational vehicles 6,071,010 5,919,904 Other 1,244,227 272,350 Corporate 349,908 461,834 Total $ 7,665,145 $ 6,654,088 DEPRECIATION AND INTANGIBLE AMORTIZATION EXPENSE: Three Months Ended January 31, Six Months Ended January 31, 2022 2021 2022 2021 Recreational vehicles North American Towables $ 16,313 $ 16,318 $ 32,615 $ 32,125 North American Motorized 7,107 5,334 14,129 9,104 Total North America 23,420 21,652 46,744 41,229 European 33,696 31,608 68,409 62,931 Total recreational vehicles 57,116 53,260 115,153 104,160 Other 18,357 3,039 24,837 5,950 Corporate 422 416 858 844 Total $ 75,895 $ 56,715 $ 140,848 $ 110,954 Three Months Ended January 31, Six Months Ended January 31, CAPITAL ACQUISITIONS: 2022 2021 2022 2021 Recreational vehicles North American Towables $ 21,479 $ 6,913 $ 34,613 $ 16,321 North American Motorized 6,691 3,730 15,320 5,475 Total North America 28,170 10,643 49,933 21,796 European 39,425 13,322 54,227 23,216 Total recreational vehicles 67,595 23,965 104,160 45,012 Other 7,763 1,216 12,180 2,660 Corporate 49 28 83 389 Total $ 75,407 $ 25,209 $ 116,423 $ 48,061 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jan. 31, 2022 | |
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, 2022 2021 2022 2021 Weighted-average common shares outstanding for basic earnings per share 55,493,622 55,366,241 55,458,238 55,302,203 Unvested restricted and performance stock units 155,823 202,426 261,841 259,472 Weighted-average common shares outstanding assuming dilution 55,649,445 55,568,667 55,720,079 55,561,675 For the three months ended January 31, 2022 and 2021, the Company had 235,552 and 60,916 unvested restricted stock units and performance stock units outstanding, respectively, which were excluded from this calculation as their effect would be antidilutive. For the six months ended January 31, 2022 and 2021, the Company had 132,942 and 78,862 unvested restricted stock units and performance stock units outstanding, respectively, which were excluded from this calculation as their effect would have been antidilutive. |
Derivatives and Hedging
Derivatives and Hedging | 6 Months Ended |
Jan. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Derivatives and Hedging The fair value of our derivative instruments designated as cash flow hedges, and the associated notional amounts, presented on a pre-tax basis, were as follows: January 31, 2022 July 31, 2021 Fair Value in Fair Value in Other Current Other Current Cash Flow Hedges Notional Liabilities Notional Liabilities Foreign currency forward contracts $ 40,249 $ 943 $ 41,899 $ 88 Interest rate swap agreements 379,275 4,713 482,138 11,420 Total derivative financial instruments $ 419,524 $ 5,656 $ 524,037 $ 11,508 Foreign currency forward contracts outstanding at January 31, 2022 are used to exchange British Pounds Sterling (“GBP”) for Euro. The total notional value of these contracts, at January 31, 2022 is 30,000 GBP ($40,249), and these contracts have various maturity dates through July 29, 2022. 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, 2022, the outstanding swaps had notional contract values of $379,275, partially hedging the interest rate risk related to the Company’s U.S. dollar term loan tranche that matures in February 2026. 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. Gains for the three months ended January 31, 2022, net of tax, were $18,388 and gains for the six months ended January 31, 2022, net of tax, were $27,628. Losses for the three and six months ended January 31, 2021, net of tax, were $16,436 and $10,954, 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, 2022 and January 31, 2021, 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 $29,255 and a fair value of $1,704, which is included in Other current liabilities in the Condensed Consolidated Balance Sheet as of January 31, 2022. These other derivative instruments had a notional amount totaling approximately $32,466 and a fair value of $1,948, which is included in Other current liabilities in the Condensed Consolidated Balance Sheet as of July 31, 2021. 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, 2022 2021 Gain (Loss) on Derivatives Designated as Cash Flow Hedges Gain (Loss) recognized in Other Comprehensive Income, net of tax Foreign currency forward contracts $ (479) $ (66) Interest rate swap agreements (1) 2,608 2,417 Total gain (loss) $ 2,129 $ 2,351 (1) Other comprehensive income (loss), net of tax, before reclassification from AOCI was $795 and $(206) for the three months ended January 31, 2022 and 2021, respectively. Six Months Ended January 31, 2022 2021 Gain (Loss) on Derivatives Designated as Cash Flow Hedges Gain (Loss) recognized in Other Comprehensive Income, net of tax Foreign currency forward contracts $ (620) $ (66) Interest rate swap agreements (2) 5,104 5,749 Total gain (loss) $ 4,484 $ 5,683 (2) Other comprehensive income (loss), net of tax, before reclassification from AOCI was $1,402 and $352 for the six months ended January 31, 2022 and 2021, respectively. Three Months Ended January 31, 2022 2021 Interest Interest Sales Expense Sales Expense Gain (Loss) Reclassified from AOCI, Net of Tax Foreign currency forward contracts $ (271) $ — $ 7 $ — Interest rate swap agreements — (1,813) — (2,623) Gain (Loss) on Derivatives Not Designated as Hedging Instruments Gain ( loss) recognized in income, net of tax Interest rate swap agreements — 2 — (8) Total gain (loss) $ (271) $ (1,811) $ 7 $ (2,631) Six Months Ended January 31, 2022 2021 Interest Interest Sales Expense Sales Expense Gain (Loss) Reclassified from AOCI, Net of Tax Foreign currency forward contracts $ (284) $ — $ 7 $ — Interest rate swap agreements — (3,702) — (5,397) Gain (Loss) on Derivatives Not Designated as Hedging Instruments Gain (loss) recognized in income, net of tax Interest rate swap agreements — 89 — (46) Total gain (loss) $ (284) $ (3,613) $ 7 $ (5,443) |
Inventories
Inventories | 6 Months Ended |
Jan. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Major classifications of inventories are as follows: January 31, 2022 July 31, 2021 Finished goods – RV $ 121,798 $ 114,843 Finished goods – other 111,881 57,810 Work in process 412,536 376,594 Raw materials 770,650 602,106 Chassis 349,954 292,921 Subtotal 1,766,819 1,444,274 Excess of FIFO costs over LIFO costs (87,740) (74,890) Total inventories, net $ 1,679,079 $ 1,369,384 Of the $1,766,819 and $1,444,274 of inventories at January 31, 2022 and July 31, 2021, $1,053,259 and $946,767, respectively, were valued on the first-in, first-out (“FIFO”) method, and $713,560 and $497,507, respectively, were valued on the last-in, first-out (“LIFO”) method. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jan. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consists of the following: January 31, 2022 July 31, 2021 Land $ 146,449 $ 142,746 Buildings and improvements 884,675 837,065 Machinery and equipment 585,149 523,714 Rental vehicles 36,552 75,449 Lease right-of-use assets – operating 46,468 42,601 Lease right-of-use assets – finance 6,637 7,010 Total cost 1,705,930 1,628,585 Less accumulated depreciation (489,607) (443,454) Property, plant and equipment, net $ 1,216,323 $ 1,185,131 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, 2022 | |
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, 2022 July 31, 2021 Accumulated Accumulated Cost Amortization Cost Amortization Dealer networks/customer relationships $ 1,124,776 $ 376,085 $ 861,562 $ 327,751 Trademarks 361,817 70,459 311,208 62,675 Design technology and other intangibles 269,246 72,223 215,956 62,237 Non-compete agreements 1,400 525 1,400 292 Total amortizable intangible assets $ 1,757,239 $ 519,292 $ 1,390,126 $ 452,955 Estimated future amortization expense is as follows: For the remainder of the fiscal year ending July 31, 2022 $ 81,685 For the fiscal year ending July 31, 2023 145,539 For the fiscal year ending July 31, 2024 132,955 For the fiscal year ending July 31, 2025 120,633 For the fiscal year ending July 31, 2026 108,912 For the fiscal year ending July 31, 2027 and thereafter 648,223 $ 1,237,947 Changes in the carrying amount of goodwill by reportable segment for the six months ended January 31, 2022 are summarized as follows: North American Towables North American Motorized European Other Total Net balance as of August 1, 2021 $ 344,975 $ 53,875 $ 1,041,697 $ 122,708 $ 1,563,255 Fiscal 2022 activity: Goodwill acquired — — — 389,838 389,838 Measurement period adjustments — — — 49 49 Foreign currency translation — — (64,390) — (64,390) Net balance as of January 31, 2022 $ 344,975 $ 53,875 $ 977,307 $ 512,595 $ 1,888,752 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 |
Concentration of Risk
Concentration of Risk | 6 Months Ended |
Jan. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Concentration of RiskOne dealer, FreedomRoads, LLC, accounted for 14% of the Company’s consolidated net sales for the three-month period ended January 31, 2022 and 13% of the Company’s consolidated net sales for the three-month period ended January 31, 2021, and accounted for 14% of the Company’s consolidated net sales for both the six-month period ended January 31, 2022 and the six-month period ended January 31, 2021. Sales to this dealer are reported within both the North American Towables and North American Motorized segments. This dealer also accounted for 17% and 15% of the Company’s consolidated trade accounts receivable at January 31, 2022 and July 31, 2021, 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, 2022 | |
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, 2022 and July 31, 2021 are as follows: Input Level January 31, 2022 July 31, 2021 Deferred compensation plan mutual fund assets Level 1 $ 56,122 $ 51,085 Foreign currency forward contract liability Level 2 $ 943 $ 88 Interest rate swap liabilities Level 2 $ 6,417 $ 13,369 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. The fair value of foreign currency forward contracts is estimated by discounting the difference between the contractual forward price and the current available forward price for the residual maturity of the contract using observable market rates. The fair value of interest rate swaps is determined by discounting the estimated future cash flows based on the applicable observable yield curves. |
Product Warranties
Product Warranties | 6 Months Ended |
Jan. 31, 2022 | |
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, 2022 2021 2022 2021 Beginning balance $ 290,617 $ 245,554 $ 267,620 $ 252,869 Provision 75,585 52,870 160,123 103,741 Payments (67,784) (60,365) (138,036) (117,939) Acquisition — 11,032 9,828 11,032 Foreign currency translation (2,260) 1,918 (3,377) 1,306 Ending balance $ 296,158 $ 251,009 $ 296,158 $ 251,009 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jan. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The components of long-term debt are as follows: January 31, 2022 July 31, 2021 Term loan $ 1,503,043 $ 1,540,013 Asset-based credit facility 125,000 — Senior unsecured notes 500,000 — Unsecured notes 27,890 29,728 Other debt 60,761 70,952 Gross long-term debt 2,216,694 1,640,693 Debt issuance costs, net of amortization (37,312) (33,461) Total long-term debt, net of debt issuance costs 2,179,382 1,607,232 Less: current portion of long-term debt (11,648) (12,411) Total long-term debt, net, less current portion $ 2,167,734 $ 1,594,821 The Company is a party to a seven-year term loan (“term loan”) agreement, which originally consisted 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 originally matured on February 1, 2024. In connection with the Airxcel acquisition discussed in Note 2 to the Condensed Consolidated Financial Statements, effective September 1, 2021, the Company expanded its existing ABL facility from $750,000 to $1,000,000, favorably amended certain terms of the ABL agreement and extended the maturity date of the ABL from February 1, 2024 to September 1, 2026, subject to a springing maturity at an earlier date if the maturity date of the Company’s term loan has not been extended or refinanced. The ABL interest rate provisions remain unchanged. As of January 31, 2022, the entire outstanding U.S. term loan tranche balance of $941,900 was subject to a LIBOR-based rate totaling 3.125%. The interest rate on $379,275 of that balance, however, was fixed at 5.466% 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, 2021, the entire outstanding U.S. term loan tranche balance of $941,900 was subject to a LIBOR-based rate of 3.125%, but the interest rate on $482,138 of that balance was fixed at 5.466% 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 the January 31, 2022 outstanding Euro term loan tranche balance of $561,143 was 3.000%, and the total interest rate on the July 31, 2021 outstanding Euro term loan tranche of $598,113 was also 3.000%. As of January 31, 2022, the total weighted average interest rate on the outstanding ABL borrowings of $125,000 was 1.351%. 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 penalty or premium. On October 14, 2021, the Company issued an aggregate principal amount of $500,000 of 4.000% Senior Unsecured Notes due 2029 (“Senior Unsecured Notes”). The Senior Unsecured Notes will mature on October 15, 2029 unless redeemed or repurchased earlier. Net proceeds from the Senior Unsecured Notes, along with cash on hand, were used to repay $500,000 of borrowings outstanding on the Company’s ABL and for certain transaction costs. Interest on the Senior Unsecured Notes is payable in semi-annual installments on April 15 and October 15 of each year, beginning with the first payment on April 15, 2022. The Senior Unsecured Notes rank equally in right of payment with all of the Company’s existing and future senior indebtedness and senior to the Company’s future subordinated indebtedness, and effectively junior in right of payment to the Company’s existing and future secured indebtedness to the extent of the assets securing such indebtedness. 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, 2022 or 2021. 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 0.50%, or LIBOR plus 1.25% to 1.50%, based on adjusted excess availability as defined in the ABL agreement. This agreement also includes a 0.20% unused facility fee. The unused availability under the ABL is generally available to the Company for general operating purposes and, based on January 31, 2022 eligible accounts receivable and inventory balances, net of amounts drawn, totaled approximately $847,000. The unsecured notes of 25,000 Euro ($27,890) relate to long-term debt of our European segment. There are two series, 20,000 Euro ($22,312) with an interest rate of 1.945% maturing in March 2025, and 5,000 Euro ($5,578) 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 2.400% to 3.430%. Total contractual gross debt maturities are as follows: For the remainder of the fiscal year ending July 31, 2022 $ 5,677 For the fiscal year ending July 31, 2023 11,440 For the fiscal year ending July 31, 2024 11,559 For the fiscal year ending July 31, 2025 158,755 For the fiscal year ending July 31, 2026 1,505,949 For the fiscal year ending July 31, 2027 and thereafter 523,314 $ 2,216,694 For the three and six months ended January 31, 2022, interest expense on the term loan, ABL, Senior Unsecured Notes and other debt facilities was $20,812 and $38,455, respectively. 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. In fiscal 2019, 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, 2022 and July 31, 2021 was $1,502,643 and $1,551,141, respectively, and the fair value of the Company’s Senior Unsecured Notes at January 31, 2022 was $483,750. The fair values of the Company’s term-loan and Senior Unsecured Notes are primarily estimated using Level 2 inputs as defined by ASC 820, primarily based on quoted market prices. The fair value of other debt held by the Company approximates carrying value. |
Provision for Income Taxes
Provision for Income Taxes | 6 Months Ended |
Jan. 31, 2022 | |
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, 2022 was 23.3%, and the effective income tax rate for the six months ended January 31, 2022 was 22.6%. These rates were both favorably impacted by certain foreign tax rate differences which include certain interest income not subject to corporate income tax. 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 tax rate differences which include certain income not subject to corporate income tax and also by certain foreign return-to-provision adjustments that had a greater impact in relation to pre-tax income. Within the next 12 months, the Company anticipates a decrease of approximately $4,800 in unrecognized tax benefits, and $1,000 in accrued interest related to unrecognized tax benefits recorded as of January 31, 2022, 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, 2022 | |
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 $3,396,455 and $1,821,012 as of January 31, 2022 and July 31, 2021, 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 $9,883 and $6,023 as of January 31, 2022 and July 31, 2021, 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, 2022 and January 31, 2021 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 issued a product recall in the fourth quarter of fiscal 2021 related to certain purchased parts utilized in certain of our North American towable products. Based on developments during the second quarter of fiscal 2022, including our expectations regarding the extent of vendor reimbursement, we have revised our estimate of the cost of the recall, which resulted in a favorable adjustment during the three months ended January 31, 2022 to the amount previously accrued. In addition, we accrued additional expense during the second quarter of fiscal 2022 based on developments related to an ongoing investigation by certain German-based authorities regarding the adequacy of historical disclosures of vehicle weight in advertisements and other Company-provided literature in Germany. The Company is fully cooperating with the investigation. During the three months ended January 31, 2022, the Company recognized $13,000 of net expense as a component of selling, general and administrative costs related to these two matters. For the six months ended January 31, 2022, the Company has recognized $35,000 of net expense as a component of selling, general and administrative costs related to these two matters. |
Leases
Leases | 6 Months Ended |
Jan. 31, 2022 | |
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, 2022 and January 31, 2021 were as follows: Three Months Ended January 31, Six Months Ended January 31, 2022 2021 2022 2021 Operating lease cost $ 6,908 $ 3,881 $ 13,216 $ 7,758 Finance lease cost Amortization of right-of-use assets 187 175 373 311 Interest on lease liabilities 120 131 245 257 Total lease cost $ 7,215 $ 4,187 $ 13,834 $ 8,326 Other information related to leases was as follows: Six Months Ended January 31, Supplemental Cash Flows Information 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 13,193 $ 7,710 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 11,598 $ 7,204 Finance leases $ — $ 4,000 Supplemental Balance Sheet Information January 31, 2022 July 31, 2021 Operating leases: Operating lease right-of-use assets $ 46,468 $ 42,601 Operating lease liabilities: Other current liabilities $ 9,922 $ 8,944 Other long-term liabilities 36,881 33,923 Total operating lease liabilities $ 46,803 $ 42,867 Finance leases: Finance lease right-of-use assets $ 6,637 $ 7,010 Finance lease liabilities Other current liabilities $ 1,131 $ 1,081 Other long-term liabilities 4,115 4,694 Total finance lease liabilities $ 5,246 $ 5,775 January 31, 2022 July 31, 2021 Weighted-average remaining lease term: Operating leases 10.3 years 11.1 years Finance leases 4.7 years 5.1 years Weighted-average discount rate: Operating leases 3.4 % 3.2 % Finance leases 9.1 % 8.9 % Future minimum rental payments required under operating and finance leases as of January 31, 2022 were as follows: Operating Leases Finance Leases For the remainder of the fiscal year ending July 31, 2022 $ 8,159 $ 780 For the fiscal year ending July 31, 2023 13,052 1,578 For the fiscal year ending July 31, 2024 9,908 1,059 For the fiscal year ending July 31, 2025 6,888 1,083 For the fiscal year ending July 31, 2026 5,001 1,107 For the fiscal year ending July 31, 2027 and thereafter 20,678 954 Total future lease payments 63,686 6,561 Less: amount representing interest (16,883) (1,315) Total reported lease liability $ 46,803 $ 5,246 |
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, 2022 and January 31, 2021 were as follows: Three Months Ended January 31, Six Months Ended January 31, 2022 2021 2022 2021 Operating lease cost $ 6,908 $ 3,881 $ 13,216 $ 7,758 Finance lease cost Amortization of right-of-use assets 187 175 373 311 Interest on lease liabilities 120 131 245 257 Total lease cost $ 7,215 $ 4,187 $ 13,834 $ 8,326 Other information related to leases was as follows: Six Months Ended January 31, Supplemental Cash Flows Information 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 13,193 $ 7,710 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 11,598 $ 7,204 Finance leases $ — $ 4,000 Supplemental Balance Sheet Information January 31, 2022 July 31, 2021 Operating leases: Operating lease right-of-use assets $ 46,468 $ 42,601 Operating lease liabilities: Other current liabilities $ 9,922 $ 8,944 Other long-term liabilities 36,881 33,923 Total operating lease liabilities $ 46,803 $ 42,867 Finance leases: Finance lease right-of-use assets $ 6,637 $ 7,010 Finance lease liabilities Other current liabilities $ 1,131 $ 1,081 Other long-term liabilities 4,115 4,694 Total finance lease liabilities $ 5,246 $ 5,775 January 31, 2022 July 31, 2021 Weighted-average remaining lease term: Operating leases 10.3 years 11.1 years Finance leases 4.7 years 5.1 years Weighted-average discount rate: Operating leases 3.4 % 3.2 % Finance leases 9.1 % 8.9 % Future minimum rental payments required under operating and finance leases as of January 31, 2022 were as follows: Operating Leases Finance Leases For the remainder of the fiscal year ending July 31, 2022 $ 8,159 $ 780 For the fiscal year ending July 31, 2023 13,052 1,578 For the fiscal year ending July 31, 2024 9,908 1,059 For the fiscal year ending July 31, 2025 6,888 1,083 For the fiscal year ending July 31, 2026 5,001 1,107 For the fiscal year ending July 31, 2027 and thereafter 20,678 954 Total future lease payments 63,686 6,561 Less: amount representing interest (16,883) (1,315) Total reported lease liability $ 46,803 $ 5,246 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jan. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Stock-based Compensation Total stock-based compensation expense recognized in the three-month periods ended January 31, 2022 and January 31, 2021 for stock-based awards totaled $6,959 and $7,290, respectively. Total stock-based compensation expense recognized in the six-month periods ended January 31, 2022 and January 31, 2021 for stock-based awards totaled $12,986 and $13,058, respectively. Share Repurchase Program On December 21, 2021, the Company’s Board of Directors authorized Company management to utilize up to $250,000 to repurchase shares of the Company’s common stock through December 21, 2024. Under the share repurchase program, the Company is authorized to repurchase, on a discretionary basis and from time-to-time, outstanding shares of its common stock in the open market, in privately negotiated transactions or by other means. The timing and amount of share repurchases will be determined at the discretion of the Company’s management team based upon the market price of the stock, management's evaluation of general market and economic conditions, cash availability and other factors. The share repurchase program may be suspended, modified or discontinued at any time, and the Company has no obligation to repurchase any amount of its common stock under the program. Under this share repurchase program, during the three months ended January 31, 2022, the Company purchased 590,961 shares of its common stock, at various times in the open market, at a weighted-average price of $98.71 and held them as treasury shares at an aggregate purchase price of $58,331. As of January 31, 2022, the remaining amount of the Company's common stock that may be repurchased under this program is $191,669. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jan. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition 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, new and used vehicle sales at owned dealerships and RV rentals. All material revenue streams are considered point-in-time. Other sales relate primarily to component part sales to RV original equipment manufacturers and aftermarket sales through dealers and retailers, as well as aluminum extruded components. Three Months Ended January 31, Six Months Ended January 31, NET SALES: 2022 2021 2022 2021 Recreational vehicles North American Towables Travel Trailers $ 1,250,579 $ 831,359 $ 2,660,203 $ 1,669,259 Fifth Wheels 734,509 541,822 1,565,719 1,095,966 Total North American Towables 1,985,088 1,373,181 4,225,922 2,765,225 North American Motorized Class A 429,894 222,128 839,393 380,683 Class C 361,565 294,300 721,571 569,699 Class B 185,347 60,567 340,870 120,468 Total North American Motorized 976,806 576,995 1,901,834 1,070,850 Total North America 2,961,894 1,950,176 6,127,756 3,836,075 European Motorcaravan 350,861 419,137 667,125 737,480 Campervan 192,838 149,112 370,621 292,512 Caravan 91,153 71,654 151,833 126,849 Other RV-related 88,878 93,560 167,148 179,110 Total European 723,730 733,463 1,356,727 1,335,951 Total recreational vehicles 3,685,624 2,683,639 7,484,483 5,172,026 Other 294,146 74,714 551,976 155,421 Intercompany eliminations (104,752) (30,565) (203,217) (62,299) Total $ 3,875,018 $ 2,727,788 $ 7,833,242 $ 5,265,148 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jan. 31, 2022 | |
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, 2022 Foreign Currency Unrealized Other AOCI, net of tax, Attributable to THOR Non-controlling Interests Total AOCI Balance at beginning of period, net of tax $ 19,145 $ (6,300) $ (876) $ 11,969 $ (932) $ 11,037 OCI before reclassifications (69,429) 4 (372) (69,797) (545) (70,342) Income taxes associated with OCI before reclassifications (1) — 41 — 41 — 41 Amounts reclassified from AOCI — 2,736 — 2,736 — 2,736 Income taxes associated with amounts reclassified from AOCI — (652) — (652) — (652) OCI, net of tax for the fiscal period (69,429) 2,129 (372) (67,672) (545) (68,217) AOCI, net of tax $ (50,284) $ (4,171) $ (1,248) $ (55,703) $ (1,477) $ (57,180) Three Months Ended January 31, 2021 Foreign Currency Unrealized Other AOCI, net of tax, Attributable to THOR Non-controlling Interests Total AOCI Balance at beginning of period, net of tax $ 27,406 $ (15,491) $ (696) $ 11,219 $ (742) $ 10,477 OCI before reclassifications 60,106 (352) — 59,754 27 59,781 Income taxes associated with OCI before reclassifications (1) — 87 — 87 — 87 Amounts reclassified from AOCI — 3,410 — 3,410 — 3,410 Income taxes associated with amounts reclassified from AOCI — (794) — (794) — (794) OCI, net of tax for the fiscal period 60,106 2,351 — 62,457 27 62,484 AOCI, net of tax $ 87,512 $ (13,140) $ (696) $ 73,676 $ (715) $ 72,961 Six Months Ended January 31, 2022 Foreign Currency Unrealized Other AOCI, net of tax, Attributable to THOR Non-controlling Interests Total AOCI Balance at beginning of period, net of tax $ 54,152 $ (8,655) $ (876) $ 44,621 $ (772) $ 43,849 OCI before reclassifications (104,436) 589 (372) (104,219) (705) (104,924) Income taxes associated with OCI before reclassifications (1) — (91) — (91) — (91) Amounts reclassified from AOCI — 5,264 — 5,264 — 5,264 Income taxes associated with amounts reclassified from AOCI — (1,278) — (1,278) — (1,278) OCI, net of tax for the fiscal period (104,436) 4,484 (372) (100,324) (705) (101,029) AOCI, net of tax $ (50,284) $ (4,171) $ (1,248) $ (55,703) $ (1,477) $ (57,180) Six Months Ended January 31, 2021 Foreign Currency Unrealized Other AOCI, net of tax, Attributable to THOR Non-controlling Interests Total AOCI Balance at beginning of period, net of tax $ 46,512 $ (18,823) $ (696) $ 26,993 $ (855) $ 26,138 OCI before reclassifications 41,000 380 — 41,380 140 41,520 Income taxes associated with OCI before reclassifications (1) — (87) — (87) — (87) Amounts reclassified from AOCI — 7,049 — 7,049 — 7,049 Income taxes associated with amounts reclassified from AOCI — (1,659) — (1,659) — (1,659) OCI, net of tax for the fiscal period 41,000 5,683 — 46,683 140 46,823 AOCI, net of tax $ 87,512 $ (13,140) $ (696) $ 73,676 $ (715) $ 72,961 (1) We do not recognize deferred taxes for a majority of the foreign currency translation gains and losses because we do 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, 2022 | |
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, 2021 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, 2021. Due to seasonality within the recreational vehicle industry, and the impact of the ongoing COVID-19 pandemic on our industry, among other factors, annualizing the results of operations for the six months ended January 31, 2022 would not necessarily be indicative of the results expected for the full fiscal year. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jan. 31, 2022 | |
Business Combinations [Abstract] | |
Schedule of recognized identified assets acquired and liabilities assumed | The Company expects to finalize these values as soon as practical and no later than one year from the acquisition date. Cash $ 23,404 Inventory 71,150 Other assets 62,657 Property, plant and equipment 40,518 Amortizable intangible assets: Customer relationships 284,000 Trademarks 56,900 Design technology assets 60,600 Backlog 700 Goodwill 368,688 Current liabilities (109,586) Deferred income tax liabilities (79,115) Other liabilities (10,494) Non-controlling interest (739) Total fair value of net assets acquired 768,683 Less cash acquired (23,404) Total cash consideration for acquisition, less cash acquired $ 745,279 The following table summarizes the final fair values of the Tiffin Group net assets acquired on the acquisition date. Cash $ 13,074 Inventory 116,441 Other assets 53,860 Property, plant and equipment 48,262 Amortizable intangible assets: Dealer network 92,200 Trademarks 32,100 Non-compete agreements 1,400 Backlog 4,800 Goodwill 65,064 Current liabilities (81,423) Deferred income tax liabilities (37,263) Other liabilities (7,203) Total fair value of net assets acquired 301,312 Less cash acquired (13,074) Total cash consideration for acquisition, less cash acquired $ 288,238 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2022 acquisition of Airxcel had occurred at the beginning of fiscal 2021 and the fiscal 2021 acquisition of the Tiffin Group had occurred at the beginning of fiscal 2020. These pro forma results may not be indicative of the actual results that would have occurred under the ownership and management of the Company. Three Months Ended January 31, 2022 2021 Net sales $ 3,875,018 $ 2,943,733 Net income attributable to THOR Industries, Inc. $ 266,568 $ 148,448 Basic earnings per common share $ 4.80 $ 2.68 Diluted earnings per common share $ 4.79 $ 2.67 Six Months Ended January 31, 2022 2021 Net sales $ 7,880,700 $ 5,756,969 Net income attributable to THOR Industries, Inc. $ 515,623 $ 266,584 Basic earnings per common share $ 9.30 $ 4.82 Diluted earnings per common share $ 9.25 $ 4.80 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jan. 31, 2022 | |
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: 2022 2021 2022 2021 Recreational vehicles North American Towables $ 1,985,088 $ 1,373,181 $ 4,225,922 $ 2,765,225 North American Motorized 976,806 576,995 1,901,834 1,070,850 Total North America 2,961,894 1,950,176 6,127,756 3,836,075 European 723,730 733,463 1,356,727 1,335,951 Total recreational vehicles 3,685,624 2,683,639 7,484,483 5,172,026 Other 294,146 74,714 551,976 155,421 Intercompany eliminations (104,752) (30,565) (203,217) (62,299) Total $ 3,875,018 $ 2,727,788 $ 7,833,242 $ 5,265,148 Three Months Ended January 31, Six Months Ended January 31, INCOME (LOSS) BEFORE INCOME TAXES: 2022 2021 2022 2021 Recreational vehicles North American Towables $ 275,895 $ 147,880 $ 542,177 $ 289,059 North American Motorized 104,037 43,421 192,935 84,988 Total North America 379,932 191,301 735,112 374,047 European 9,665 10,216 (8,311) 4,710 Total recreational vehicles 389,597 201,517 726,801 378,757 Other, net 23,092 9,644 46,621 21,134 Corporate (66,436) (47,202) (114,327) (89,613) Total $ 346,253 $ 163,959 $ 659,095 $ 310,278 TOTAL ASSETS: January 31, 2022 July 31, 2021 Recreational vehicles North American Towables $ 2,172,879 $ 1,870,577 North American Motorized 1,227,559 1,073,506 Total North America 3,400,438 2,944,083 European 2,670,572 2,975,821 Total recreational vehicles 6,071,010 5,919,904 Other 1,244,227 272,350 Corporate 349,908 461,834 Total $ 7,665,145 $ 6,654,088 DEPRECIATION AND INTANGIBLE AMORTIZATION EXPENSE: Three Months Ended January 31, Six Months Ended January 31, 2022 2021 2022 2021 Recreational vehicles North American Towables $ 16,313 $ 16,318 $ 32,615 $ 32,125 North American Motorized 7,107 5,334 14,129 9,104 Total North America 23,420 21,652 46,744 41,229 European 33,696 31,608 68,409 62,931 Total recreational vehicles 57,116 53,260 115,153 104,160 Other 18,357 3,039 24,837 5,950 Corporate 422 416 858 844 Total $ 75,895 $ 56,715 $ 140,848 $ 110,954 Three Months Ended January 31, Six Months Ended January 31, CAPITAL ACQUISITIONS: 2022 2021 2022 2021 Recreational vehicles North American Towables $ 21,479 $ 6,913 $ 34,613 $ 16,321 North American Motorized 6,691 3,730 15,320 5,475 Total North America 28,170 10,643 49,933 21,796 European 39,425 13,322 54,227 23,216 Total recreational vehicles 67,595 23,965 104,160 45,012 Other 7,763 1,216 12,180 2,660 Corporate 49 28 83 389 Total $ 75,407 $ 25,209 $ 116,423 $ 48,061 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jan. 31, 2022 | |
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, 2022 2021 2022 2021 Weighted-average common shares outstanding for basic earnings per share 55,493,622 55,366,241 55,458,238 55,302,203 Unvested restricted and performance stock units 155,823 202,426 261,841 259,472 Weighted-average common shares outstanding assuming dilution 55,649,445 55,568,667 55,720,079 55,561,675 |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 6 Months Ended |
Jan. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | The fair value of our derivative instruments designated as cash flow hedges, and the associated notional amounts, presented on a pre-tax basis, were as follows: January 31, 2022 July 31, 2021 Fair Value in Fair Value in Other Current Other Current Cash Flow Hedges Notional Liabilities Notional Liabilities Foreign currency forward contracts $ 40,249 $ 943 $ 41,899 $ 88 Interest rate swap agreements 379,275 4,713 482,138 11,420 Total derivative financial instruments $ 419,524 $ 5,656 $ 524,037 $ 11,508 |
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, 2022 2021 Gain (Loss) on Derivatives Designated as Cash Flow Hedges Gain (Loss) recognized in Other Comprehensive Income, net of tax Foreign currency forward contracts $ (479) $ (66) Interest rate swap agreements (1) 2,608 2,417 Total gain (loss) $ 2,129 $ 2,351 (1) Other comprehensive income (loss), net of tax, before reclassification from AOCI was $795 and $(206) for the three months ended January 31, 2022 and 2021, respectively. Six Months Ended January 31, 2022 2021 Gain (Loss) on Derivatives Designated as Cash Flow Hedges Gain (Loss) recognized in Other Comprehensive Income, net of tax Foreign currency forward contracts $ (620) $ (66) Interest rate swap agreements (2) 5,104 5,749 Total gain (loss) $ 4,484 $ 5,683 (2) Other comprehensive income (loss), net of tax, before reclassification from AOCI was $1,402 and $352 for the six months ended January 31, 2022 and 2021, respectively. Three Months Ended January 31, 2022 2021 Interest Interest Sales Expense Sales Expense Gain (Loss) Reclassified from AOCI, Net of Tax Foreign currency forward contracts $ (271) $ — $ 7 $ — Interest rate swap agreements — (1,813) — (2,623) Gain (Loss) on Derivatives Not Designated as Hedging Instruments Gain ( loss) recognized in income, net of tax Interest rate swap agreements — 2 — (8) Total gain (loss) $ (271) $ (1,811) $ 7 $ (2,631) Six Months Ended January 31, 2022 2021 Interest Interest Sales Expense Sales Expense Gain (Loss) Reclassified from AOCI, Net of Tax Foreign currency forward contracts $ (284) $ — $ 7 $ — Interest rate swap agreements — (3,702) — (5,397) Gain (Loss) on Derivatives Not Designated as Hedging Instruments Gain (loss) recognized in income, net of tax Interest rate swap agreements — 89 — (46) Total gain (loss) $ (284) $ (3,613) $ 7 $ (5,443) |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jan. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of major classifications of inventories | Major classifications of inventories are as follows: January 31, 2022 July 31, 2021 Finished goods – RV $ 121,798 $ 114,843 Finished goods – other 111,881 57,810 Work in process 412,536 376,594 Raw materials 770,650 602,106 Chassis 349,954 292,921 Subtotal 1,766,819 1,444,274 Excess of FIFO costs over LIFO costs (87,740) (74,890) Total inventories, net $ 1,679,079 $ 1,369,384 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jan. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment consists of the following: January 31, 2022 July 31, 2021 Land $ 146,449 $ 142,746 Buildings and improvements 884,675 837,065 Machinery and equipment 585,149 523,714 Rental vehicles 36,552 75,449 Lease right-of-use assets – operating 46,468 42,601 Lease right-of-use assets – finance 6,637 7,010 Total cost 1,705,930 1,628,585 Less accumulated depreciation (489,607) (443,454) Property, plant and equipment, net $ 1,216,323 $ 1,185,131 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jan. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of amortizable intangible assets | The components of amortizable intangible assets are as follows: January 31, 2022 July 31, 2021 Accumulated Accumulated Cost Amortization Cost Amortization Dealer networks/customer relationships $ 1,124,776 $ 376,085 $ 861,562 $ 327,751 Trademarks 361,817 70,459 311,208 62,675 Design technology and other intangibles 269,246 72,223 215,956 62,237 Non-compete agreements 1,400 525 1,400 292 Total amortizable intangible assets $ 1,757,239 $ 519,292 $ 1,390,126 $ 452,955 |
Estimated amortization expense | Estimated future amortization expense is as follows: For the remainder of the fiscal year ending July 31, 2022 $ 81,685 For the fiscal year ending July 31, 2023 145,539 For the fiscal year ending July 31, 2024 132,955 For the fiscal year ending July 31, 2025 120,633 For the fiscal year ending July 31, 2026 108,912 For the fiscal year ending July 31, 2027 and thereafter 648,223 $ 1,237,947 |
Schedule of goodwill | Changes in the carrying amount of goodwill by reportable segment for the six months ended January 31, 2022 are summarized as follows: North American Towables North American Motorized European Other Total Net balance as of August 1, 2021 $ 344,975 $ 53,875 $ 1,041,697 $ 122,708 $ 1,563,255 Fiscal 2022 activity: Goodwill acquired — — — 389,838 389,838 Measurement period adjustments — — — 49 49 Foreign currency translation — — (64,390) — (64,390) Net balance as of January 31, 2022 $ 344,975 $ 53,875 $ 977,307 $ 512,595 $ 1,888,752 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 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jan. 31, 2022 | |
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, 2022 and July 31, 2021 are as follows: Input Level January 31, 2022 July 31, 2021 Deferred compensation plan mutual fund assets Level 1 $ 56,122 $ 51,085 Foreign currency forward contract liability Level 2 $ 943 $ 88 Interest rate swap liabilities Level 2 $ 6,417 $ 13,369 |
Product Warranties (Tables)
Product Warranties (Tables) | 6 Months Ended |
Jan. 31, 2022 | |
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, 2022 2021 2022 2021 Beginning balance $ 290,617 $ 245,554 $ 267,620 $ 252,869 Provision 75,585 52,870 160,123 103,741 Payments (67,784) (60,365) (138,036) (117,939) Acquisition — 11,032 9,828 11,032 Foreign currency translation (2,260) 1,918 (3,377) 1,306 Ending balance $ 296,158 $ 251,009 $ 296,158 $ 251,009 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jan. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt instruments | The components of long-term debt are as follows: January 31, 2022 July 31, 2021 Term loan $ 1,503,043 $ 1,540,013 Asset-based credit facility 125,000 — Senior unsecured notes 500,000 — Unsecured notes 27,890 29,728 Other debt 60,761 70,952 Gross long-term debt 2,216,694 1,640,693 Debt issuance costs, net of amortization (37,312) (33,461) Total long-term debt, net of debt issuance costs 2,179,382 1,607,232 Less: current portion of long-term debt (11,648) (12,411) Total long-term debt, net, less current portion $ 2,167,734 $ 1,594,821 |
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, 2022 $ 5,677 For the fiscal year ending July 31, 2023 11,440 For the fiscal year ending July 31, 2024 11,559 For the fiscal year ending July 31, 2025 158,755 For the fiscal year ending July 31, 2026 1,505,949 For the fiscal year ending July 31, 2027 and thereafter 523,314 $ 2,216,694 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jan. 31, 2022 | |
Leases [Abstract] | |
Components of lease costs | The components of lease costs for the three and six-month periods ended January 31, 2022 and January 31, 2021 were as follows: Three Months Ended January 31, Six Months Ended January 31, 2022 2021 2022 2021 Operating lease cost $ 6,908 $ 3,881 $ 13,216 $ 7,758 Finance lease cost Amortization of right-of-use assets 187 175 373 311 Interest on lease liabilities 120 131 245 257 Total lease cost $ 7,215 $ 4,187 $ 13,834 $ 8,326 Other information related to leases was as follows: Six Months Ended January 31, Supplemental Cash Flows Information 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 13,193 $ 7,710 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 11,598 $ 7,204 Finance leases $ — $ 4,000 Supplemental Balance Sheet Information January 31, 2022 July 31, 2021 Operating leases: Operating lease right-of-use assets $ 46,468 $ 42,601 Operating lease liabilities: Other current liabilities $ 9,922 $ 8,944 Other long-term liabilities 36,881 33,923 Total operating lease liabilities $ 46,803 $ 42,867 Finance leases: Finance lease right-of-use assets $ 6,637 $ 7,010 Finance lease liabilities Other current liabilities $ 1,131 $ 1,081 Other long-term liabilities 4,115 4,694 Total finance lease liabilities $ 5,246 $ 5,775 January 31, 2022 July 31, 2021 Weighted-average remaining lease term: Operating leases 10.3 years 11.1 years Finance leases 4.7 years 5.1 years Weighted-average discount rate: Operating leases 3.4 % 3.2 % Finance leases 9.1 % 8.9 % |
Operating lease liability maturities | Future minimum rental payments required under operating and finance leases as of January 31, 2022 were as follows: Operating Leases Finance Leases For the remainder of the fiscal year ending July 31, 2022 $ 8,159 $ 780 For the fiscal year ending July 31, 2023 13,052 1,578 For the fiscal year ending July 31, 2024 9,908 1,059 For the fiscal year ending July 31, 2025 6,888 1,083 For the fiscal year ending July 31, 2026 5,001 1,107 For the fiscal year ending July 31, 2027 and thereafter 20,678 954 Total future lease payments 63,686 6,561 Less: amount representing interest (16,883) (1,315) Total reported lease liability $ 46,803 $ 5,246 |
Finance lease liability maturities | Future minimum rental payments required under operating and finance leases as of January 31, 2022 were as follows: Operating Leases Finance Leases For the remainder of the fiscal year ending July 31, 2022 $ 8,159 $ 780 For the fiscal year ending July 31, 2023 13,052 1,578 For the fiscal year ending July 31, 2024 9,908 1,059 For the fiscal year ending July 31, 2025 6,888 1,083 For the fiscal year ending July 31, 2026 5,001 1,107 For the fiscal year ending July 31, 2027 and thereafter 20,678 954 Total future lease payments 63,686 6,561 Less: amount representing interest (16,883) (1,315) Total reported lease liability $ 46,803 $ 5,246 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jan. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenue | Three Months Ended January 31, Six Months Ended January 31, NET SALES: 2022 2021 2022 2021 Recreational vehicles North American Towables Travel Trailers $ 1,250,579 $ 831,359 $ 2,660,203 $ 1,669,259 Fifth Wheels 734,509 541,822 1,565,719 1,095,966 Total North American Towables 1,985,088 1,373,181 4,225,922 2,765,225 North American Motorized Class A 429,894 222,128 839,393 380,683 Class C 361,565 294,300 721,571 569,699 Class B 185,347 60,567 340,870 120,468 Total North American Motorized 976,806 576,995 1,901,834 1,070,850 Total North America 2,961,894 1,950,176 6,127,756 3,836,075 European Motorcaravan 350,861 419,137 667,125 737,480 Campervan 192,838 149,112 370,621 292,512 Caravan 91,153 71,654 151,833 126,849 Other RV-related 88,878 93,560 167,148 179,110 Total European 723,730 733,463 1,356,727 1,335,951 Total recreational vehicles 3,685,624 2,683,639 7,484,483 5,172,026 Other 294,146 74,714 551,976 155,421 Intercompany eliminations (104,752) (30,565) (203,217) (62,299) Total $ 3,875,018 $ 2,727,788 $ 7,833,242 $ 5,265,148 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jan. 31, 2022 | |
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, 2022 Foreign Currency Unrealized Other AOCI, net of tax, Attributable to THOR Non-controlling Interests Total AOCI Balance at beginning of period, net of tax $ 19,145 $ (6,300) $ (876) $ 11,969 $ (932) $ 11,037 OCI before reclassifications (69,429) 4 (372) (69,797) (545) (70,342) Income taxes associated with OCI before reclassifications (1) — 41 — 41 — 41 Amounts reclassified from AOCI — 2,736 — 2,736 — 2,736 Income taxes associated with amounts reclassified from AOCI — (652) — (652) — (652) OCI, net of tax for the fiscal period (69,429) 2,129 (372) (67,672) (545) (68,217) AOCI, net of tax $ (50,284) $ (4,171) $ (1,248) $ (55,703) $ (1,477) $ (57,180) Three Months Ended January 31, 2021 Foreign Currency Unrealized Other AOCI, net of tax, Attributable to THOR Non-controlling Interests Total AOCI Balance at beginning of period, net of tax $ 27,406 $ (15,491) $ (696) $ 11,219 $ (742) $ 10,477 OCI before reclassifications 60,106 (352) — 59,754 27 59,781 Income taxes associated with OCI before reclassifications (1) — 87 — 87 — 87 Amounts reclassified from AOCI — 3,410 — 3,410 — 3,410 Income taxes associated with amounts reclassified from AOCI — (794) — (794) — (794) OCI, net of tax for the fiscal period 60,106 2,351 — 62,457 27 62,484 AOCI, net of tax $ 87,512 $ (13,140) $ (696) $ 73,676 $ (715) $ 72,961 Six Months Ended January 31, 2022 Foreign Currency Unrealized Other AOCI, net of tax, Attributable to THOR Non-controlling Interests Total AOCI Balance at beginning of period, net of tax $ 54,152 $ (8,655) $ (876) $ 44,621 $ (772) $ 43,849 OCI before reclassifications (104,436) 589 (372) (104,219) (705) (104,924) Income taxes associated with OCI before reclassifications (1) — (91) — (91) — (91) Amounts reclassified from AOCI — 5,264 — 5,264 — 5,264 Income taxes associated with amounts reclassified from AOCI — (1,278) — (1,278) — (1,278) OCI, net of tax for the fiscal period (104,436) 4,484 (372) (100,324) (705) (101,029) AOCI, net of tax $ (50,284) $ (4,171) $ (1,248) $ (55,703) $ (1,477) $ (57,180) Six Months Ended January 31, 2021 Foreign Currency Unrealized Other AOCI, net of tax, Attributable to THOR Non-controlling Interests Total AOCI Balance at beginning of period, net of tax $ 46,512 $ (18,823) $ (696) $ 26,993 $ (855) $ 26,138 OCI before reclassifications 41,000 380 — 41,380 140 41,520 Income taxes associated with OCI before reclassifications (1) — (87) — (87) — (87) Amounts reclassified from AOCI — 7,049 — 7,049 — 7,049 Income taxes associated with amounts reclassified from AOCI — (1,659) — (1,659) — (1,659) OCI, net of tax for the fiscal period 41,000 5,683 — 46,683 140 46,823 AOCI, net of tax $ 87,512 $ (13,140) $ (696) $ 73,676 $ (715) $ 72,961 (1) We do not recognize deferred taxes for a majority of the foreign currency translation gains and losses because we do not anticipate reversal in the foreseeable future. |
Acquisitions - AirXcel Narrativ
Acquisitions - AirXcel Narrative (Details) - USD ($) $ in Thousands | Sep. 01, 2021 | Jan. 31, 2022 | Jan. 31, 2022 | Jan. 31, 2021 | Feb. 01, 2019 |
Business Acquisition [Line Items] | |||||
Borrowings on revolving asset-based credit facilities | $ 660,088 | $ 213,632 | |||
Asset-based credit facility | |||||
Business Acquisition [Line Items] | |||||
Line of credit, maximum borrowing capacity | $ 1,000,000 | $ 750,000 | |||
AirX Intermediate Inc. | |||||
Business Acquisition [Line Items] | |||||
Cash paid to acquire business, gross | $ 750,000 | $ 745,300 | |||
Net sales | 217,540 | ||||
Net loss before income taxes | 10,793 | ||||
Business combination, provisional adjustment, inventory adjustment | 6,791 | ||||
Business combination, provisional information, intangible asset adjustment | $ 15,101 | ||||
Acquired finite-lived intangible assets, weighted average useful life | 18 years 3 months 18 days | ||||
AirX Intermediate Inc. | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Remaining amortization period | 20 years | ||||
AirX Intermediate Inc. | Trademarks | |||||
Business Acquisition [Line Items] | |||||
Remaining amortization period | 20 years | ||||
AirX Intermediate Inc. | Design technology and other intangibles | |||||
Business Acquisition [Line Items] | |||||
Remaining amortization period | 10 years | ||||
AirX Intermediate Inc. | Backlog | |||||
Business Acquisition [Line Items] | |||||
Remaining amortization period | 2 months | ||||
AirX Intermediate Inc. | Asset-based credit facility | |||||
Business Acquisition [Line Items] | |||||
Borrowings on revolving asset-based credit facilities | $ 625,000 | ||||
Line of credit, maximum borrowing capacity | $ 1,000,000 | $ 750,000 |
Acquisitions - AirXcel Schedule
Acquisitions - AirXcel Schedule of Net Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 01, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | Jul. 31, 2021 | Jul. 31, 2020 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 1,888,752 | $ 1,581,990 | $ 1,563,255 | $ 1,476,541 | |
Total cash consideration for acquisition, less cash acquired | $ 781,818 | $ 310,576 | |||
AirX Intermediate Inc. | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 23,404 | ||||
Inventory | 71,150 | ||||
Other assets | 62,657 | ||||
Property, plant and equipment | 40,518 | ||||
Goodwill | 368,688 | ||||
Current liabilities | (109,586) | ||||
Deferred income tax liabilities | (79,115) | ||||
Other liabilities | (10,494) | ||||
Non-controlling interest | (739) | ||||
Total fair value of net assets acquired | 768,683 | ||||
Less cash acquired | (23,404) | ||||
Total cash consideration for acquisition, less cash acquired | 745,279 | ||||
AirX Intermediate Inc. | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Amortizable intangible assets: | 284,000 | ||||
AirX Intermediate Inc. | Trademarks | |||||
Business Acquisition [Line Items] | |||||
Amortizable intangible assets: | 56,900 | ||||
AirX Intermediate Inc. | Design technology assets | |||||
Business Acquisition [Line Items] | |||||
Amortizable intangible assets: | 60,600 | ||||
AirX Intermediate Inc. | Backlog | |||||
Business Acquisition [Line Items] | |||||
Amortizable intangible assets: | $ 700 |
Acquisitions - Tiffin Group Nar
Acquisitions - Tiffin Group Narrative (Details) - Tiffin Group $ in Thousands | Dec. 18, 2020USD ($) |
Business Acquisition [Line Items] | |
Cash paid to acquire business, gross | $ 300,000 |
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] | |
Remaining amortization period | 20 years |
Minimum | Dealer network | |
Business Acquisition [Line Items] | |
Remaining amortization period | 18 years |
Minimum | Backlog | |
Business Acquisition [Line Items] | |
Remaining amortization period | 5 months |
Maximum | Dealer network | |
Business Acquisition [Line Items] | |
Remaining amortization period | 20 years |
Maximum | Backlog | |
Business Acquisition [Line Items] | |
Remaining amortization period | 7 months |
Acquisitions - Tiffin Group Sch
Acquisitions - Tiffin Group Schedule of Assets Acquired and Liabilities Assumed from (Details) - USD ($) $ in Thousands | Dec. 18, 2020 | Jan. 31, 2022 | Jan. 31, 2021 | Jul. 31, 2021 | Jul. 31, 2020 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 1,888,752 | $ 1,581,990 | $ 1,563,255 | $ 1,476,541 | |
Total cash consideration for acquisition, less cash acquired | $ 781,818 | $ 310,576 | |||
Tiffin Group | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 13,074 | ||||
Inventory | 116,441 | ||||
Other assets | 53,860 | ||||
Property, plant and equipment | 48,262 | ||||
Goodwill | 65,064 | ||||
Current liabilities | (81,423) | ||||
Deferred income tax liabilities | (37,263) | ||||
Other liabilities | (7,203) | ||||
Total fair value of net assets acquired | 301,312 | ||||
Less cash acquired | (13,074) | ||||
Total cash consideration for acquisition, less cash acquired | 288,238 | ||||
Tiffin Group | Dealer network | |||||
Business Acquisition [Line Items] | |||||
Amortizable intangible assets: | 92,200 | ||||
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 - Pro Forma Inform
Acquisitions - Pro Forma Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Business Combinations [Abstract] | ||||
Net sales | $ 3,875,018 | $ 2,943,733 | $ 7,880,700 | $ 5,756,969 |
Net income attributable to THOR Industries, Inc. | $ 266,568 | $ 148,448 | $ 515,623 | $ 266,584 |
Basic earnings per common share (in dollars per share) | $ 4.80 | $ 2.68 | $ 9.30 | $ 4.82 |
Diluted earnings per common share (in dollars per share) | $ 4.79 | $ 2.67 | $ 9.25 | $ 4.80 |
Business Segments - Additional
Business Segments - Additional Information (Details) | 6 Months Ended |
Jan. 31, 2022segment | |
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, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | Jul. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 3,875,018 | $ 2,727,788 | $ 7,833,242 | $ 5,265,148 | |
Income (loss) from continuing operations before income taxes | 346,253 | 163,959 | 659,095 | 310,278 | |
Total assets | 7,665,145 | 7,665,145 | $ 6,654,088 | ||
Depreciation and amortization expense, total | 75,895 | 56,715 | 140,848 | 110,954 | |
Capital acquisitions | 75,407 | 25,209 | 116,423 | 48,061 | |
Operating segments | Recreational vehicles | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 3,685,624 | 2,683,639 | 7,484,483 | 5,172,026 | |
Income (loss) from continuing operations before income taxes | 389,597 | 201,517 | 726,801 | 378,757 | |
Total assets | 6,071,010 | 6,071,010 | 5,919,904 | ||
Depreciation and amortization expense, total | 57,116 | 53,260 | 115,153 | 104,160 | |
Capital acquisitions | 67,595 | 23,965 | 104,160 | 45,012 | |
Operating segments | Recreational vehicles | North America | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 2,961,894 | 1,950,176 | 6,127,756 | 3,836,075 | |
Income (loss) from continuing operations before income taxes | 379,932 | 191,301 | 735,112 | 374,047 | |
Total assets | 3,400,438 | 3,400,438 | 2,944,083 | ||
Depreciation and amortization expense, total | 23,420 | 21,652 | 46,744 | 41,229 | |
Capital acquisitions | 28,170 | 10,643 | 49,933 | 21,796 | |
Operating segments | Recreational vehicles | North America | North American Towables | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 1,985,088 | 1,373,181 | 4,225,922 | 2,765,225 | |
Income (loss) from continuing operations before income taxes | 275,895 | 147,880 | 542,177 | 289,059 | |
Total assets | 2,172,879 | 2,172,879 | 1,870,577 | ||
Depreciation and amortization expense, total | 16,313 | 16,318 | 32,615 | 32,125 | |
Capital acquisitions | 21,479 | 6,913 | 34,613 | 16,321 | |
Operating segments | Recreational vehicles | North America | North American Motorized | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 976,806 | 576,995 | 1,901,834 | 1,070,850 | |
Income (loss) from continuing operations before income taxes | 104,037 | 43,421 | 192,935 | 84,988 | |
Total assets | 1,227,559 | 1,227,559 | 1,073,506 | ||
Depreciation and amortization expense, total | 7,107 | 5,334 | 14,129 | 9,104 | |
Capital acquisitions | 6,691 | 3,730 | 15,320 | 5,475 | |
Operating segments | Recreational vehicles | Europe | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 723,730 | 733,463 | 1,356,727 | 1,335,951 | |
Income (loss) from continuing operations before income taxes | 9,665 | 10,216 | (8,311) | 4,710 | |
Total assets | 2,670,572 | 2,670,572 | 2,975,821 | ||
Depreciation and amortization expense, total | 33,696 | 31,608 | 68,409 | 62,931 | |
Capital acquisitions | 39,425 | 13,322 | 54,227 | 23,216 | |
Other, net | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 294,146 | 74,714 | 551,976 | 155,421 | |
Income (loss) from continuing operations before income taxes | 23,092 | 9,644 | 46,621 | 21,134 | |
Total assets | 1,244,227 | 1,244,227 | 272,350 | ||
Depreciation and amortization expense, total | 18,357 | 3,039 | 24,837 | 5,950 | |
Capital acquisitions | 7,763 | 1,216 | 12,180 | 2,660 | |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) from continuing operations before income taxes | (66,436) | (47,202) | (114,327) | (89,613) | |
Total assets | 349,908 | 349,908 | $ 461,834 | ||
Depreciation and amortization expense, total | 422 | 416 | 858 | 844 | |
Capital acquisitions | 49 | 28 | 83 | 389 | |
Intercompany eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | $ (104,752) | $ (30,565) | $ (203,217) | $ (62,299) |
Earnings Per Common Share (Deta
Earnings Per Common Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Earnings Per Share [Abstract] | ||||
Weighted-average common shares outstanding for basic earnings per share (in shares) | 55,493,622 | 55,366,241 | 55,458,238 | 55,302,203 |
Unvested restricted stock units (in shares) | 155,823 | 202,426 | 261,841 | 259,472 |
Weighted-average common shares outstanding assuming dilution (in shares) | 55,649,445 | 55,568,667 | 55,720,079 | 55,561,675 |
Antidilutive stock options, unvested restricted stock units outstanding (in shares) | 235,552 | 60,916 | 132,942 | 78,862 |
Derivatives and Hedging - Fair
Derivatives and Hedging - Fair Value and Associated Notional Amounts (Details) - Cash Flow Hedges - USD ($) $ in Thousands | Jan. 31, 2022 | Jul. 31, 2021 |
Derivative [Line Items] | ||
Notional | $ 419,524 | $ 524,037 |
Fair value in other current liabilities | 5,656 | 11,508 |
Foreign currency forward contracts | ||
Derivative [Line Items] | ||
Notional | 40,249 | 41,899 |
Fair value in other current liabilities | 943 | 88 |
Interest rate swap agreements | ||
Derivative [Line Items] | ||
Notional | 379,275 | 482,138 |
Fair value in other current liabilities | $ 4,713 | $ 11,420 |
Derivatives and Hedging - Narra
Derivatives and Hedging - Narrative (Details) £ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jan. 31, 2022USD ($) | Jan. 31, 2021USD ($) | Jan. 31, 2022USD ($) | Jan. 31, 2021USD ($) | Jan. 31, 2022GBP (£) | Jul. 31, 2021USD ($) | |
Derivative [Line Items] | ||||||
Foreign currency transaction gain (loss) | $ 18,388,000 | $ (16,436,000) | $ 27,628,000 | $ (10,954,000) | ||
Amount reclassified | 0 | $ 0 | 0 | $ 0 | ||
Not designated as hedging instrument | ||||||
Derivative [Line Items] | ||||||
Notional amount | 29,255,000 | 29,255,000 | $ 32,466,000 | |||
Derivative liability | 1,704,000 | 1,704,000 | $ 1,948,000 | |||
Designated as hedging instrument | Interest rate swap | ||||||
Derivative [Line Items] | ||||||
Notional contract values | 379,275,000 | 379,275,000 | ||||
Designated as hedging instrument | Forward Contracts | ||||||
Derivative [Line Items] | ||||||
Notional contract values | $ 40,249,000 | $ 40,249,000 | £ 30,000 |
Derivatives and Hedging - Finan
Derivatives and Hedging - Financial Statement Impact of Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Gain (Loss) recognized in Other Comprehensive Income, net of tax | ||||
Total gain (loss) | $ 2,129 | $ 2,351 | $ 4,484 | $ 5,683 |
Foreign currency forward contracts | ||||
Gain (Loss) recognized in Other Comprehensive Income, net of tax | ||||
Total gain (loss) | (479) | (66) | (620) | (66) |
Interest rate swap agreements | ||||
Gain (Loss) recognized in Other Comprehensive Income, net of tax | ||||
Total gain (loss) | 2,608 | 2,417 | 5,104 | 5,749 |
Other comprehensive income (loss), before reclassification | 795 | (206) | 1,402 | 352 |
Sales | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||||
Total gain (loss) | (271) | 7 | (284) | 7 |
Sales | Foreign currency forward contracts | 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 | (271) | 7 | (284) | 7 |
Sales | Interest rate swap agreements | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract] | ||||
Gain ( loss) recognized in income, net of tax | 0 | 0 | 0 | 0 |
Sales | Interest rate swap agreements | 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) | (1,811) | (2,631) | (3,613) | (5,443) |
Interest expense | Foreign currency forward contracts | 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] | ||||
Gain ( loss) recognized in income, net of tax | 2 | (8) | 89 | (46) |
Interest expense | Interest rate swap agreements | 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 | $ (1,813) | $ (2,623) | $ (3,702) | $ (5,397) |
Inventories - Schedule of Major
Inventories - Schedule of Major Classifications of Inventories (Detail) - USD ($) $ in Thousands | Jan. 31, 2022 | Jul. 31, 2021 |
Inventory [Line Items] | ||
Work in process | $ 412,536 | $ 376,594 |
Raw materials | 770,650 | 602,106 |
Chassis | 349,954 | 292,921 |
Subtotal | 1,766,819 | 1,444,274 |
Excess of FIFO costs over LIFO costs | (87,740) | (74,890) |
Total inventories, net | 1,679,079 | 1,369,384 |
Recreational vehicles | ||
Inventory [Line Items] | ||
Finished products | 121,798 | 114,843 |
Other | ||
Inventory [Line Items] | ||
Finished products | $ 111,881 | $ 57,810 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 31, 2022 | Jul. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Inventories | $ 1,766,819 | $ 1,444,274 |
Subsidiaries valued inventory in first-in, first-out method | 1,053,259 | 946,767 |
Subsidiaries valued inventory in last-in, first-out method | $ 713,560 | $ 497,507 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jan. 31, 2022 | Jul. 31, 2021 |
Property, Plant, Equipment, and ROU Assets [Line Items] | ||
Lease right-of-use assets – operating | $ 46,468 | $ 42,601 |
Lease right-of-use assets – finance | 6,637 | 7,010 |
Total cost | 1,705,930 | 1,628,585 |
Less accumulated depreciation | (489,607) | (443,454) |
Property, plant and equipment, net | 1,216,323 | 1,185,131 |
Land | ||
Property, Plant, Equipment, and ROU Assets [Line Items] | ||
Property, plant and equipment | 146,449 | 142,746 |
Buildings and improvements | ||
Property, Plant, Equipment, and ROU Assets [Line Items] | ||
Property, plant and equipment | 884,675 | 837,065 |
Machinery and equipment | ||
Property, Plant, Equipment, and ROU Assets [Line Items] | ||
Property, plant and equipment | 585,149 | 523,714 |
Rental vehicles | ||
Property, Plant, Equipment, and ROU Assets [Line Items] | ||
Property, plant and equipment | $ 36,552 | $ 75,449 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Components of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Jan. 31, 2022 | Jul. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 1,757,239 | $ 1,390,126 |
Accumulated amortization | 519,292 | 452,955 |
Dealer networks/customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,124,776 | 861,562 |
Accumulated amortization | 376,085 | 327,751 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 361,817 | 311,208 |
Accumulated amortization | 70,459 | 62,675 |
Design technology and other intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 269,246 | 215,956 |
Accumulated amortization | 72,223 | 62,237 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,400 | 1,400 |
Accumulated amortization | $ 525 | $ 292 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Jan. 31, 2022 | Jul. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
For the remainder of the fiscal year ending July 31, 2022 | $ 81,685 | |
For the fiscal year ending July 31, 2023 | 145,539 | |
For the fiscal year ending July 31, 2024 | 132,955 | |
For the fiscal year ending July 31, 2025 | 120,633 | |
For the fiscal year ending July 31, 2026 | 108,912 | |
For the fiscal year ending July 31, 2027 and thereafter | 648,223 | |
Estimated annual amortization expense, total | $ 1,237,947 | $ 937,171 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jan. 31, 2022 | Jan. 31, 2021 | Jul. 31, 2021 | Jul. 31, 2020 | |
Goodwill [Line Items] | ||||
Goodwill | $ 1,888,752 | $ 1,581,990 | $ 1,563,255 | $ 1,476,541 |
Goodwill acquired | 389,838 | 80,218 | ||
Measurement period adjustments | 49 | |||
Foreign currency translation | (64,390) | 25,231 | ||
Other | ||||
Goodwill [Line Items] | ||||
Goodwill | 512,595 | 122,708 | 122,708 | 104,826 |
Goodwill acquired | 389,838 | 17,882 | ||
Measurement period adjustments | 49 | |||
Foreign currency translation | 0 | 0 | ||
Europe | Recreational vehicles | ||||
Goodwill [Line Items] | ||||
Goodwill | 977,307 | 1,063,160 | 1,041,697 | 1,037,929 |
Goodwill acquired | 0 | 0 | ||
Measurement period adjustments | 0 | |||
Foreign currency translation | (64,390) | 25,231 | ||
North American Towables | North America | Recreational vehicles | ||||
Goodwill [Line Items] | ||||
Goodwill | 344,975 | 352,631 | 344,975 | 333,786 |
Goodwill acquired | 0 | 18,845 | ||
Measurement period adjustments | 0 | |||
Foreign currency translation | 0 | 0 | ||
North American Motorized | North America | Recreational vehicles | ||||
Goodwill [Line Items] | ||||
Goodwill | 53,875 | 43,491 | $ 53,875 | $ 0 |
Goodwill acquired | 0 | 43,491 | ||
Measurement period adjustments | 0 | |||
Foreign currency translation | $ 0 | $ 0 |
Concentration of Risk (Detail)
Concentration of Risk (Detail) - Customer concentration risk - Freedom Roads, LLC | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Sales revenue | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 14.00% | 13.00% | 14.00% | 14.00% |
Accounts receivable | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 17.00% | 15.00% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value, Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Jan. 31, 2022 | Jul. 31, 2021 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan mutual fund assets | $ 56,122 | $ 51,085 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency forward contract liability | 943 | 88 |
Interest rate swap liabilities | $ 6,417 | $ 13,369 |
Product Warranties - Additional
Product Warranties - Additional Information (Detail) | 6 Months Ended |
Jan. 31, 2022 | |
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, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Product Warranty | ||||
Beginning balance | $ 290,617 | $ 245,554 | $ 267,620 | $ 252,869 |
Provision | 75,585 | 52,870 | 160,123 | 103,741 |
Payments | (67,784) | (60,365) | (138,036) | (117,939) |
Acquisition | 0 | 11,032 | 9,828 | 11,032 |
Foreign currency translation | (2,260) | 1,918 | (3,377) | 1,306 |
Ending balance | $ 296,158 | $ 251,009 | $ 296,158 | $ 251,009 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-term Debt (Details) € in Thousands, $ in Thousands | Jan. 31, 2022USD ($) | Jan. 31, 2022EUR (€) | Jul. 31, 2021USD ($) |
Debt Instrument [Line Items] | |||
Unsecured notes | $ 27,890 | € 25,000 | $ 29,728 |
Other debt | 60,761 | 70,952 | |
Gross long-term debt | 2,216,694 | 1,640,693 | |
Debt issuance costs, net of amortization | (37,312) | (33,461) | |
Total long-term debt, net of debt issuance costs | 2,179,382 | 1,607,232 | |
Less: current portion of long-term debt | (11,648) | (12,411) | |
Total long-term debt, net, less current portion | 2,167,734 | 1,594,821 | |
Term loan | |||
Debt Instrument [Line Items] | |||
Term loan | 1,503,043 | 1,540,013 | |
Unsecured Debt | Senior Unsecured Notes Due 2029 | |||
Debt Instrument [Line Items] | |||
Gross long-term debt | 500,000 | 0 | |
Asset-based credit facility | |||
Debt Instrument [Line Items] | |||
Term loan | $ 125,000 | $ 0 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) € in Thousands, $ in Thousands | Oct. 14, 2021USD ($) | Sep. 01, 2021USD ($) | Feb. 01, 2019USD ($) | Jan. 31, 2022USD ($) | Jan. 31, 2021USD ($) | Jan. 31, 2022USD ($) | Jan. 31, 2021USD ($) | Jan. 31, 2019 | Jan. 31, 2022EUR (€) | Jul. 31, 2021USD ($) |
Line of Credit Facility [Line Items] | ||||||||||
Unsecured debt | $ 27,890 | $ 27,890 | € 25,000 | $ 29,728 | ||||||
Interest expense | 20,812 | $ 20,663 | 38,455 | $ 41,251 | ||||||
Fees to secure the facility, amortized amount | 3,144 | 5,568 | 5,460 | |||||||
Unamortized debt issuance expense | 7,554 | 7,554 | 7,005 | |||||||
Repayments of line of credit | 534,035 | $ 0 | ||||||||
Term loan | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument, term | 7 years | |||||||||
Loan fee amortization period | 7 years | |||||||||
Debt, fair value | 1,502,643 | 1,502,643 | 1,551,141 | |||||||
Term loan | US tranche | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit, outstanding amount | $ 379,275 | $ 379,275 | $ 482,138 | |||||||
Long-term debt, percentage bearing fixed interest | 5.466% | 5.466% | 5.466% | 5.466% | ||||||
Term loan | US tranche | LIBOR | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit, outstanding amount | $ 941,900 | $ 941,900 | $ 941,900 | |||||||
Stated interest rate | 3.125% | 3.125% | 3.125% | 3.125% | ||||||
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 | $ 561,143 | $ 561,143 | $ 598,113 | |||||||
Effective interest rate | 3.00% | 3.00% | 3.00% | 3.00% | ||||||
Unsecured series one debt | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Stated interest rate | 1.945% | 1.945% | 1.945% | |||||||
Unsecured debt | $ 22,312 | $ 22,312 | € 20,000 | |||||||
Unsecured series two debt | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Stated interest rate | 2.534% | 2.534% | 2.534% | |||||||
Unsecured debt | $ 5,578 | $ 5,578 | € 5,000 | |||||||
Other long term debt | Minimum | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Stated interest rate | 2.40% | 2.40% | 2.40% | |||||||
Other long term debt | Maximum | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Stated interest rate | 3.43% | 3.43% | 3.43% | |||||||
Unsecured Debt | Senior Unsecured Notes Due 2029 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument, term | 8 years | |||||||||
Stated interest rate | 4.00% | |||||||||
Debt, fair value | $ 483,750 | $ 483,750 | ||||||||
Payments of financing costs | $ 8,445 | |||||||||
Debt instrument, face amount | 500,000 | |||||||||
Asset-based credit facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit, maximum borrowing capacity | $ 1,000,000 | $ 750,000 | ||||||||
Line of credit, outstanding amount | $ 125,000 | $ 125,000 | ||||||||
Effective interest rate | 1.351% | 1.351% | 1.351% | |||||||
Line of credit, unused capacity commitment fee percentage | 0.20% | |||||||||
Accounts receivable and inventory, net of amounts drawn | $ 847,000 | $ 847,000 | ||||||||
Loan fee amortization period | 5 years | |||||||||
Creditor fees | $ 2,127 | |||||||||
Repayments of line of credit | $ 500,000 | |||||||||
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 | 1.50% | |||||||||
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 | 0.50% |
Long-Term Debt - Schedule of Ma
Long-Term Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Jul. 31, 2021 |
Debt Disclosure [Abstract] | ||
For the remainder of the fiscal year ending July 31, 2022 | $ 5,677 | |
For the fiscal year ending July 31, 2023 | 11,440 | |
For the fiscal year ending July 31, 2024 | 11,559 | |
For the fiscal year ending July 31, 2025 | 158,755 | |
For the fiscal year ending July 31, 2026 | 1,505,949 | |
For the fiscal year ending July 31, 2027 and thereafter | 523,314 | |
Gross long-term debt | $ 2,216,694 | $ 1,640,693 |
Provision for Income Taxes (Det
Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 23.30% | 20.00% | 22.60% | 20.40% |
Expected decrease in unrecognized tax benefits due to resolution of uncertain tax positions | $ 4,800 | $ 4,800 | ||
Accrued interest | $ 1,000 | $ 1,000 |
Contingent Liabilities, Commi_2
Contingent Liabilities, Commitments and Legal Matters (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2022 | Jul. 31, 2021 | |
Loss Contingencies [Line Items] | |||
Standby repurchase obligations amount | $ 3,396,455 | $ 3,396,455 | $ 1,821,012 |
Term of commitments | 18 months | ||
Repurchase and guarantee reserve balances | 9,883 | $ 9,883 | $ 6,023 |
Selling, General and Administrative Expenses | |||
Loss Contingencies [Line Items] | |||
Expenses recorded related to product recall costs | $ 13,000 | $ 35,000 |
Leases - Components of Lease Co
Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 6,908 | $ 3,881 | $ 13,216 | $ 7,758 |
Amortization of right-of-use assets | 187 | 175 | 373 | 311 |
Interest on lease liabilities | 120 | 131 | 245 | 257 |
Total lease cost | $ 7,215 | $ 4,187 | $ 13,834 | $ 8,326 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 13,193 | $ 7,710 |
Operating leases | 11,598 | 7,204 |
Finance leases | $ 0 | $ 4,000 |
Leases - Assets and Liabilities
Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Jul. 31, 2021 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 46,468 | $ 42,601 |
Operating lease liabilities: | ||
Other current liabilities | 9,922 | 8,944 |
Other long-term liabilities | 36,881 | 33,923 |
Total operating lease liabilities | 46,803 | 42,867 |
Finance lease right-of-use assets | 6,637 | 7,010 |
Finance lease liabilities | ||
Other current liabilities | 1,131 | 1,081 |
Other long-term liabilities | 4,115 | 4,694 |
Total finance lease liabilities | $ 5,246 | $ 5,775 |
Weighted-aver remaining lease term - operating leases | 10 years 3 months 18 days | 11 years 1 month 6 days |
Weighted-aver remaining lease term - finance leases | 4 years 8 months 12 days | 5 years 1 month 6 days |
Weighted-average discount rate - operating leases | 3.40% | 3.20% |
Weighted-average discount rate - finance leases | 9.10% | 8.90% |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, plant and equipment, net | Property, plant and equipment, net |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other | Other |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, plant and equipment, net | Property, plant and equipment, net |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other | Other |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Company's Operating and Finance Leases (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Jul. 31, 2021 |
Operating Leases | ||
For the remainder of the fiscal year ending July 31, 2022 | $ 8,159 | |
For the fiscal year ending July 31, 2023 | 13,052 | |
For the fiscal year ending July 31, 2024 | 9,908 | |
For the fiscal year ending July 31, 2025 | 6,888 | |
For the fiscal year ending July 31, 2026 | 5,001 | |
For the fiscal year ending July 31, 2027 and thereafter | 20,678 | |
Total future lease payments | 63,686 | |
Less: amount representing interest | (16,883) | |
Total operating lease liabilities | 46,803 | $ 42,867 |
Finance Leases | ||
For the remainder of the fiscal year ending July 31, 2022 | 780 | |
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 | 1,107 | |
For the fiscal year ending July 31, 2027 and thereafter | 954 | |
Total future lease payments | 6,561 | |
Less: amount representing interest | (1,315) | |
Total reported lease liability | $ 5,246 | $ 5,775 |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | Dec. 21, 2021 | |
Equity [Abstract] | |||||
Stock-based compensation | $ 6,959 | $ 7,290 | $ 12,986 | $ 13,058 | |
Stock repurchase program authorized amount | $ 250,000 | ||||
Purchase of treasury shares (in shares) | 590,961 | ||||
Average price of treasury shares acquired (in dollars per share) | $ 98.71 | ||||
Purchases of treasury shares | $ 58,331 | 58,331 | |||
Remaining authorized repurchase amount | $ 191,669 | $ 191,669 |
Revenue Recognition (Detail)
Revenue Recognition (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 3,875,018 | $ 2,727,788 | $ 7,833,242 | $ 5,265,148 |
Operating segments | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 3,685,624 | 2,683,639 | 7,484,483 | 5,172,026 |
Operating segments | North America | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 2,961,894 | 1,950,176 | 6,127,756 | 3,836,075 |
Operating segments | Europe | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 723,730 | 733,463 | 1,356,727 | 1,335,951 |
Operating segments | North American Towables | North America | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,985,088 | 1,373,181 | 4,225,922 | 2,765,225 |
Operating segments | Travel Trailers | North America | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,250,579 | 831,359 | 2,660,203 | 1,669,259 |
Operating segments | Fifth Wheels | North America | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 734,509 | 541,822 | 1,565,719 | 1,095,966 |
Operating segments | North American Motorized | North America | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 976,806 | 576,995 | 1,901,834 | 1,070,850 |
Operating segments | Class A | North America | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 429,894 | 222,128 | 839,393 | 380,683 |
Operating segments | Class C | North America | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 361,565 | 294,300 | 721,571 | 569,699 |
Operating segments | Class B | North America | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 185,347 | 60,567 | 340,870 | 120,468 |
Operating segments | Motorcaravan | Europe | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 350,861 | 419,137 | 667,125 | 737,480 |
Operating segments | Campervan | Europe | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 192,838 | 149,112 | 370,621 | 292,512 |
Operating segments | Caravan | Europe | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 91,153 | 71,654 | 151,833 | 126,849 |
Operating segments | Other RV-related | Europe | Recreational vehicles | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 88,878 | 93,560 | 167,148 | 179,110 |
Other, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 294,146 | 74,714 | 551,976 | 155,421 |
Intercompany eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ (104,752) | $ (30,565) | $ (203,217) | $ (62,299) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 3,132,242 | $ 2,420,521 | $ 2,948,106 | $ 2,345,569 |
Total other comprehensive income (loss), net of tax | (68,217) | 62,484 | (101,029) | 46,823 |
Ending balance | 3,253,584 | 2,596,711 | 3,253,584 | 2,596,711 |
Foreign currency translation adjustment, attributable to parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 19,145 | 27,406 | 54,152 | 46,512 |
OCI before reclassifications | (69,429) | 60,106 | (104,436) | 41,000 |
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 |
Total other comprehensive income (loss), net of tax | (69,429) | 60,106 | (104,436) | 41,000 |
Ending balance | (50,284) | 87,512 | (50,284) | 87,512 |
Unrealized gain (loss) on derivative, attributable to parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (6,300) | (15,491) | (8,655) | (18,823) |
OCI before reclassifications | 4 | (352) | 589 | 380 |
Income taxes associated with OCI before reclassifications | 41 | 87 | (91) | (87) |
Amounts reclassified from AOCI | 2,736 | 3,410 | 5,264 | 7,049 |
Income taxes associated with amounts reclassified from AOCI | (652) | (794) | (1,278) | (1,659) |
Total other comprehensive income (loss), net of tax | 2,129 | 2,351 | 4,484 | 5,683 |
Ending balance | (4,171) | (13,140) | (4,171) | (13,140) |
Other, attributable to parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (876) | (696) | (876) | (696) |
OCI before reclassifications | (372) | 0 | (372) | 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 |
Total other comprehensive income (loss), net of tax | (372) | 0 | (372) | 0 |
Ending balance | (1,248) | (696) | (1,248) | (696) |
AOCI, attributable to parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 11,969 | 11,219 | 44,621 | 26,993 |
OCI before reclassifications | (69,797) | 59,754 | (104,219) | 41,380 |
Income taxes associated with OCI before reclassifications | 41 | 87 | (91) | (87) |
Amounts reclassified from AOCI | 2,736 | 3,410 | 5,264 | 7,049 |
Income taxes associated with amounts reclassified from AOCI | (652) | (794) | (1,278) | (1,659) |
Total other comprehensive income (loss), net of tax | (67,672) | 62,457 | (100,324) | 46,683 |
Ending balance | (55,703) | 73,676 | (55,703) | 73,676 |
AOCI, attributable to noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (932) | (742) | (772) | (855) |
OCI before reclassifications | (545) | 27 | (705) | 140 |
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 |
Total other comprehensive income (loss), net of tax | (545) | 27 | (705) | 140 |
Ending balance | (1,477) | (715) | (1,477) | (715) |
AOCI including portion attributable to noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 11,037 | 10,477 | 43,849 | 26,138 |
OCI before reclassifications | (70,342) | 59,781 | (104,924) | 41,520 |
Income taxes associated with OCI before reclassifications | 41 | 87 | (91) | (87) |
Amounts reclassified from AOCI | 2,736 | 3,410 | 5,264 | 7,049 |
Income taxes associated with amounts reclassified from AOCI | (652) | (794) | (1,278) | (1,659) |
Total other comprehensive income (loss), net of tax | (68,217) | 62,484 | (101,029) | 46,823 |
Ending balance | $ (57,180) | $ 72,961 | $ (57,180) | $ 72,961 |