Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Aug. 31, 2018 | Jan. 31, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jul. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | THO | ||
Entity Registrant Name | THOR INDUSTRIES INC | ||
Entity Central Index Key | 730,263 | ||
Current Fiscal Year End Date | --07-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 52,695,365 | ||
Entity Public Float | $ 6,895,000,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 275,249 | $ 223,258 |
Accounts receivable, trade, net | 467,488 | 453,754 |
Accounts receivable, other, net | 19,747 | 31,090 |
Inventories, net | 537,909 | 460,488 |
Prepaid expenses and other | 11,281 | 11,577 |
Total current assets | 1,311,674 | 1,180,167 |
Property, plant and equipment, net | 522,054 | 425,238 |
Other assets: | ||
Goodwill | 377,693 | 377,693 |
Amortizable intangible assets, net | 388,348 | 443,466 |
Deferred income taxes, net | 78,444 | 92,969 |
Equity investment in joint venture | 48,463 | |
Other | 51,989 | 38,398 |
Total other assets | 944,937 | 952,526 |
Total Assets | 2,778,665 | 2,557,931 |
Current liabilities: | ||
Accounts payable | 286,974 | 328,601 |
Accrued liabilities: | ||
Compensation and related items | 97,122 | 100,114 |
Product warranties | 264,928 | 216,781 |
Income and other taxes | 19,345 | 51,211 |
Promotions and rebates | 59,133 | 46,459 |
Product, property and related liabilities | 17,815 | 16,521 |
Other | 24,013 | 21,359 |
Total current liabilities | 769,330 | 781,046 |
Long-term debt | 145,000 | |
Unrecognized tax benefits | 12,446 | 10,263 |
Other liabilities | 59,148 | 45,082 |
Total long-term liabilities | 71,594 | 200,345 |
Contingent liabilities and commitments | ||
Stockholders' equity: | ||
Preferred stock-authorized 1,000,000 shares; none outstanding | ||
Common stock-par value of $.10 a share; authorized, 250,000,000 shares; issued 62,765,824 shares in 2018 and 62,597,110 shares in 2017 | 6,277 | 6,260 |
Additional paid-in capital | 252,204 | 235,525 |
Retained earnings | 2,022,988 | 1,670,826 |
Less treasury shares of 10,070,459 in 2018 and 10,011,069 in 2017, at cost | (343,728) | (336,071) |
Total stockholders' equity | 1,937,741 | 1,576,540 |
Total Liabilities and Stockholders' Equity | $ 2,778,665 | $ 2,557,931 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 2018 | Jul. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 62,765,824 | 62,597,110 |
Treasury, shares | 10,070,459 | 10,011,069 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Income Statement [Abstract] | |||
Net sales | $ 8,328,909 | $ 7,246,952 | $ 4,582,112 |
Cost of products sold | 7,164,243 | 6,203,369 | 3,855,787 |
Gross profit | 1,164,666 | 1,043,583 | 726,325 |
Selling, general and administrative expenses | 477,444 | 419,847 | 306,269 |
Impairment charges | 9,113 | ||
Amortization of intangible assets | 55,118 | 63,925 | 27,962 |
Interest income | 2,148 | 923 | 743 |
Interest expense | 5,187 | 9,730 | 1,592 |
Other income, net | 3,964 | 5,382 | 1,181 |
Income from continuing operations before income taxes | 633,029 | 556,386 | 383,313 |
Income taxes | 202,878 | 182,132 | 125,291 |
Net income from continuing operations | 430,151 | 374,254 | 258,022 |
Loss from discontinued operations, net of income taxes | (1,503) | ||
Net income and comprehensive income | $ 430,151 | $ 374,254 | $ 256,519 |
Earnings per common share from continuing operations: | |||
Basic | $ 8.17 | $ 7.12 | $ 4.92 |
Diluted | 8.14 | 7.09 | 4.91 |
Loss per common share from discontinued operations: | |||
Basic | (0.03) | ||
Diluted | (0.03) | ||
Earnings per common share: | |||
Basic | 8.17 | 7.12 | 4.89 |
Diluted | $ 8.14 | $ 7.09 | $ 4.88 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Treasury Stock | Common Stock | Additional Paid-in Capital | Retained Earnings |
Beginning Balance (in shares) at Jul. 31, 2015 | 9,911,474 | 62,306,037 | |||
Beginning Balance at Jul. 31, 2015 | $ (329,015) | $ 6,231 | $ 215,539 | $ 1,172,432 | |
Net income | $ 256,519 | 256,519 | |||
Restricted stock unit activity (in shares) | 45,706 | 133,758 | |||
Restricted stock unit activity | $ (2,484) | $ 13 | (430) | ||
Cash dividends - $1.20 in 2016, $1.32 in 2017, $1.48 in 2018 per common share | (62,970) | ||||
Stock compensation expense | 9,387 | ||||
Ending Balance (in shares) at Jul. 31, 2016 | 9,957,180 | 62,439,795 | |||
Ending Balance at Jul. 31, 2016 | $ (331,499) | $ 6,244 | 224,496 | 1,365,981 | |
Net income | 374,254 | 374,254 | |||
Restricted stock unit activity (in shares) | 53,889 | 157,315 | |||
Restricted stock unit activity | $ (4,572) | $ 16 | (1,471) | ||
Cash dividends - $1.20 in 2016, $1.32 in 2017, $1.48 in 2018 per common share | (69,409) | ||||
Stock compensation expense | 12,500 | ||||
Ending Balance (in shares) at Jul. 31, 2017 | 10,011,069 | 62,597,110 | |||
Ending Balance at Jul. 31, 2017 | 1,576,540 | $ (336,071) | $ 6,260 | 235,525 | 1,670,826 |
Net income | 430,151 | 430,151 | |||
Restricted stock unit activity (in shares) | 59,390 | 168,714 | |||
Restricted stock unit activity | $ (7,657) | $ 17 | (321) | ||
Cash dividends - $1.20 in 2016, $1.32 in 2017, $1.48 in 2018 per common share | (77,989) | ||||
Stock compensation expense | 17,000 | ||||
Ending Balance (in shares) at Jul. 31, 2018 | 10,070,459 | 62,765,824 | |||
Ending Balance at Jul. 31, 2018 | $ 1,937,741 | $ (343,728) | $ 6,277 | $ 252,204 | $ 2,022,988 |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Retained Earnings | |||
Cash dividends, per common share | $ 1.48 | $ 1.32 | $ 1.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 430,151 | $ 374,254 | $ 256,519 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 38,105 | 34,333 | 24,613 |
Amortization of intangibles | 55,118 | 63,925 | 27,962 |
Amortization of debt issuance costs | 1,570 | 1,570 | 131 |
Impairment charges | 9,113 | ||
Deferred income tax provision (benefit) | 14,525 | (39,552) | (14,116) |
Gain on disposition of property, plant & equipment | (1,450) | (2,231) | (35) |
Stock-based compensation | 17,000 | 12,500 | 9,387 |
Excess tax benefits from stock-based awards | (320) | ||
Changes in assets and liabilities (excluding acquisitions): | |||
Accounts receivable | (2,391) | (92,305) | (15,773) |
Inventories | (77,421) | (56,619) | (15,582) |
Prepaid expenses and other assets | (14,197) | (13,888) | 719 |
Accounts payable | (40,736) | 67,138 | 28,625 |
Accrued liabilities | 29,575 | 63,075 | 26,016 |
Long-term liabilities and other | 16,659 | 7,133 | 3,950 |
Net cash provided by operating activities | 466,508 | 419,333 | 341,209 |
Cash flows from investing activities: | |||
Purchases of property, plant & equipment | (138,197) | (115,027) | (51,976) |
Proceeds from dispositions of property, plant & equipment | 3,835 | 4,682 | 347 |
Proceeds from notes receivable | 8,367 | ||
Equity investment in joint venture | (50,402) | ||
Acquisitions, net of cash acquired | (5,039) | (557,651) | |
Other | 1,271 | (1,271) | (560) |
Net cash used in investing activities | (183,493) | (116,655) | (601,473) |
Cash flows from financing activities: | |||
Borrowings on revolving credit facility | 360,000 | ||
Principal payments on revolving credit facility | (145,000) | (215,000) | |
Payments of debt issuance costs | (7,850) | ||
Cash dividends paid | (77,989) | (69,409) | (62,970) |
Payments related to vesting of stock-based awards | (7,657) | (4,572) | (2,484) |
Excess tax benefits from stock-based awards | 320 | ||
Principal payments on capital lease obligations | (378) | (341) | (328) |
Net cash provided by (used in) financing activities | (231,024) | (289,322) | 286,688 |
Net increase in cash and cash equivalents | 51,991 | 13,356 | 26,424 |
Cash and cash equivalents, beginning of year | 223,258 | 209,902 | 183,478 |
Cash and cash equivalents, end of year | 275,249 | 223,258 | 209,902 |
Supplemental cash flow information: | |||
Income taxes paid | 218,841 | 198,619 | 128,409 |
Interest paid | 3,901 | 8,558 | 672 |
Non-cash transactions: | |||
Capital expenditures in accounts payable | $ 5,375 | $ 6,266 | $ 3,538 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations The Company’s ongoing business activities are primarily comprised of two distinct operations, which include the design, manufacture and sale of towable recreational vehicles and motorized recreational vehicles. Accordingly, the Company has presented segmented financial information for these two segments in Note 4 Note 3 Principles of Consolidation Estimates non-product Cash and Cash Equivalents Fair Value of Financial Instruments Note 10 Inventories last-in, first-out first-in, first-out freight-in Depreciation Buildings and improvements – 10 to 39 years Machinery and equipment – 3 to 10 years Depreciation expense is recorded in cost of products sold except for $5,035, $5,710 and $3,812 in fiscal 2018, 2017 and 2016, respectively, which relates primarily to office buildings and office equipment and is recorded in selling, general and administrative expenses. Intangible Assets non-compete non-compete Long-lived Assets Product Warranties Allowance for Doubtful Accounts Insurance Reserves Revenue Recognition 1) An order for a product has been received from a dealer; 2) Written or oral approval for payment has been received from the dealer’s flooring institution, if applicable; 3) A common carrier signs the delivery ticket accepting responsibility for the product as agent for the dealer; and 4) The product is removed from our property for delivery to the dealer who placed the order. These conditions are generally met when title passes, which is when vehicles are shipped to dealers in accordance with shipping terms, which are primarily FOB shipping point. Most sales are made to dealers financing their purchases under flooring arrangements with banks or finance companies. Certain shipments are sold to customers on credit or cash on delivery (“COD”) terms. The Company recognizes revenue on credit sales upon shipment and COD sales upon payment and delivery. Products are not sold on consignment, dealers do not have the right to return products and dealers are typically responsible for interest costs to floor plan lenders. At the time of revenue recognition, amounts billed to dealers for delivery of product are recognized as revenue and the corresponding delivery expense charged to costs of products sold. Revenues from the sale of extruded aluminum components are recognized when title to products and the risk of loss are transferred to the customer. Dealer Volume Rebates, Sales Incentives and Advertising Costs Repurchase Agreements – pre-defined Income Taxes – The Company recognizes liabilities for uncertain tax positions based on a two-step Significant judgment is required in determining the Company’s provision for income taxes, the Company’s deferred tax assets and liabilities and the valuation allowance recorded against the Company’s deferred tax assets, if any. Valuation allowances must be considered due to the uncertainty of realizing deferred tax assets. The Company assesses whether valuation allowances should be established against our deferred tax assets on a tax jurisdictional basis based on the consideration of all available evidence, including cumulative income over recent periods, using a more likely than not standard. The valuation allowance activity during the year was not material. Stock-Based Compensation Earnings Per Share 2018 2017 2016 Weighted-average shares outstanding for basic earnings per share 52,674,161 52,562,723 52,458,789 Unvested restricted stock and restricted stock units 179,199 195,719 131,727 Weighted-average shares outstanding assuming dilution 52,853,360 52,758,442 52,590,516 The Company excludes restricted stock units and unvested restricted stock that have an antidilutive effect from its calculation of weighted-average shares outstanding assuming dilution, but had none at July 31, 2018, 2017 or 2016. Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-04, In February 2016, the FASB issued ASU No. 2016-02, No. 2018-10, 2018-11, No. 2016-02 In May 2014, the FASB issued ASU No. 2014-09, No. 2014-09 after-tax |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Jul. 31, 2018 | |
Business Combinations [Abstract] | |
ACQUISITIONS | 2. ACQUISITIONS Jayco, Inc. On June 30, 2016, the Company closed on a Stock Purchase Agreement (“Jayco SPA”) for the acquisition of all the issued and outstanding capital stock of towable and motorized recreational vehicle manufacturer Jayco, Corp. (“Jayco”) for initial cash consideration of $576,060, subject to adjustment. This acquisition was funded from the Company’s cash on hand and $360,000 from an asset-based revolving credit facility as more fully described in Note 12 The following table summarizes the final fair values assigned to the Jayco net assets acquired, which are based on internal and independent external valuations: Cash $ 18,409 Other current assets 258,158 Property, plant and equipment 80,824 Dealer network 261,100 Trademarks 92,800 Backlog 12,400 Goodwill 74,184 Current liabilities (216,776 ) Total fair value of net assets acquired 581,099 Less cash acquired (18,409 ) Total cash consideration for acquisition, less cash acquired $ 562,690 On the acquisition date, amortizable intangible assets had a weighted-average useful life of 19.3 years. The dealer network was valued based on the Discounted Cash Flow Method and is amortized on an accelerated basis over 20 years. The trademarks were valued on the Relief from Royalty Method and are amortized on a straight-line basis over 20 years. Backlog was valued based on the Discounted Cash Flow Method and is amortized on a straight-line basis over 3 months. Goodwill is deductible for tax purposes. The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2016 acquisition of Jayco had occurred at the beginning of fiscal 2015: Fiscal Year Ended July 31, 2016 Net sales $ 6,176,686 Net income $ 284,394 Basic earnings per common share $ 5.42 Diluted earnings per common share $ 5.41 |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Jul. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | 3. DISCONTINUED OPERATIONS On July 31, 2013, the Company entered into a Stock Purchase Agreement and sold its bus business to Allied Specialty Vehicles, Inc. The sale closed on October 20, 2013. The Company’s bus business, which manufactured and sold transit and shuttle buses, included the operations of Champion Bus Inc., General Coach America, Inc., Goshen Coach, Inc., ElDorado National (California), Inc. and ElDorado National (Kansas), Inc. This divestiture allowed the Company to focus on the strategic development and growth of its core recreational vehicle business. The results of operations for the bus business have been reported as loss from discontinued operations, net of income taxes, in the Consolidated Statements of Income and Comprehensive Income for fiscal 2016. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 12 Months Ended |
Jul. 31, 2018 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | 4. BUSINESS SEGMENTS The Company has two reportable segments: (1) towable recreational vehicles and (2) motorized recreational vehicles. The towables recreational vehicle reportable segment consists of the following operating segments that have been aggregated: Airstream (towable), Heartland (including Bison, CRV and DRV), Jayco (including Jayco towable, Starcraft and Highland Ridge), Keystone (including CrossRoads and Dutchmen), and KZ (including Venture RV). The motorized recreational vehicle reportable segment consists of the following operating segments that have been aggregated: Airstream (motorized), Jayco (including Jayco motorized and Entegra Coach) and Thor Motor Coach. The operations of the Company’s Postle subsidiary are included in “Other,” which is a non-reportable All manufacturing is conducted in the United States. Total assets include those assets used in the operation of each reportable and non-reportable 2018 2017 2016 Net sales: Recreational vehicles Towables $ 6,008,700 $ 5,127,491 $ 3,338,659 Motorized 2,146,315 1,971,466 1,094,250 Total recreational vehicles 8,155,015 7,098,957 4,432,909 Other 305,947 253,557 218,673 Intercompany eliminations (132,053 ) (105,562 ) (69,470 ) Total $ 8,328,909 $ 7,246,952 $ 4,582,112 Income (loss) from continuing operations before income taxes: Recreational vehicles Towables $ 532,657 $ 458,915 $ 321,874 Motorized 134,785 125,323 88,523 Total recreational vehicles 667,442 584,238 410,397 Other 32,973 28,909 18,547 Intercompany eliminations (306 ) (195 ) (23 ) Corporate (67,080 ) (56,566 ) (45,608 ) Total $ 633,029 $ 556,386 $ 383,313 Total assets: Recreational vehicles Towables $ 1,654,361 $ 1,535,029 $ 1,425,168 Motorized 492,830 500,761 476,973 Total recreational vehicles 2,147,191 2,035,790 1,902,141 Other, net 167,965 156,996 156,822 Corporate 463,509 365,145 266,501 Total $ 2,778,665 $ 2,557,931 $ 2,325,464 Depreciation and amortization expense: Recreational vehicles Towables $ 68,964 $ 75,568 $ 36,054 Motorized 11,800 9,393 2,994 Total recreational vehicles 80,764 84,961 39,048 Other 10,861 11,967 12,352 Corporate 1,598 1,330 1,175 Total $ 93,223 $ 98,258 $ 52,575 Capital acquisitions: Recreational vehicles Towables $ 85,304 $ 72,801 $ 37,489 Motorized 34,660 41,677 11,191 Total recreational vehicles 119,964 114,478 48,680 Other 8,440 1,157 2,799 Corporate 8,902 2,120 2,495 Total $ 137,306 $ 117,755 $ 53,974 Export sales, predominantly to Canada, were $788,894, $628,176 and $368,426 in fiscal 2018, 2017 and 2016, respectively, and accounted for 9.5%, 8.7% and 8.0% of the Company’s consolidated net sales for those respective years. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Jul. 31, 2018 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 5. INVENTORIES Major classifications of inventories are: July 31, 2018 2017 Finished products – RV $ 44,998 $ 24,904 Finished products – Other 35,320 27,862 Work in process 124,703 117,319 Raw materials 258,429 214,518 Chassis 116,308 109,555 Subtotal 579,758 494,158 Excess of FIFO costs over LIFO costs (41,849 ) (33,670 ) Total inventories $ 537,909 $ 460,488 Of the $579,758 and $494,158 of inventory at July 31, 2018 and 2017, $305,990 and $284,897, respectively, was valued on the last-in, first-out first-in, first-out The Company’s reserves for inventory obsolescence were $5,273 at July 31, 2018 and $5,240 at July 31, 2017. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Jul. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 6. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is stated at cost, net of accumulated depreciation, and consists of the following: July 31, 2018 2017 Land $ 57,413 $ 48,812 Buildings and improvements 468,824 380,139 Machinery and equipment 197,294 161,724 Total cost 723,531 590,675 Less accumulated depreciation (201,477 ) (165,437 ) Net property, plant and equipment $ 522,054 $ 425,238 Property, plant and equipment at both July 31, 2018 and July 31, 2017 includes buildings and improvements acquired under capital leases of $6,527, and includes related amortization included in accumulated depreciation of $1,768 and $1,224, respectively. |
INTANGIBLE ASSETS, GOODWILL AND
INTANGIBLE ASSETS, GOODWILL AND LONG-LIVED ASSETS | 12 Months Ended |
Jul. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS, GOODWILL AND LONG-LIVED ASSETS | 7. INTANGIBLE ASSETS, GOODWILL AND LONG-LIVED ASSETS The components of amortizable intangible assets are as follows: July 31, 2018 July 31, 2017 Weighted-Average Life in Years at July 31, 2018 Cost Accumulated Amortization Cost Accumulated Amortization Dealer networks/customer relationships 16 $ 404,960 $ 147,077 $ 404,960 $ 101,795 Trademarks 17 146,117 24,364 147,617 17,570 Design technology and other intangibles 7 18,200 9,555 19,300 9,203 Non-compete 1 450 383 450 293 Total amortizable intangible assets $ 569,727 $ 181,379 $ 572,327 $ 128,861 The dealer networks and customer relationships are being amortized on an accelerated basis. Trademarks, design technology and other intangibles and non-compete Estimated amortization expense for future years is as follows: For the fiscal year ending July 31, 2019 $ 50,043 For the fiscal year ending July 31, 2020 46,194 For the fiscal year ending July 31, 2021 42,860 For the fiscal year ending July 31, 2022 37,753 For the fiscal year ending July 31, 2023 30,291 For the fiscal year ending July 31, 2024 and thereafter 181,207 $ 388,348 During the second quarter of fiscal 2016, the Company determined that sufficient evidence existed to warrant an interim goodwill impairment analysis for one of its reporting units. As a result of this analysis, the Company recorded a pre-tax, non-cash Note 10 The Company’s reporting units are generally the same as its operating segments, which are identified in Note 4 Note 10 The Company completed its annual impairment review as of May 31, 2018, and no impairment was identified. Changes in the carrying amount of goodwill by reportable segment as of July 31, 2018 and 2017 are summarized as follows: Towables Motorized Other Total Net balance as of July 31, 2016 $ 334,822 $ – $ 42,871 $ 377,693 Fiscal year 2017 activity: No activity – – – – Net balance as of July 31, 2017 $ 334,822 $ – $ 42,871 $ 377,693 Fiscal year 2018 activity: No activity – – – – Net balance as of July 31, 2018 $ 334,822 $ – $ 42,871 $ 377,693 The components of the net balance as of July 31, 2018 are summarized as follows: Towables Motorized Other Total Goodwill $ 343,935 $ 17,252 $ 42,871 $ 404,058 Accumulated impairment charges (9,113 ) (17,252 ) – (26,365 ) Net balance as of July 31, 2018 $ 334,822 $ – $ 42,871 $ 377,693 |
EQUITY INVESTMENT
EQUITY INVESTMENT | 12 Months Ended |
Jul. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
EQUITY INVESTMENT | 8. EQUITY INVESTMENT On February 15, 2018, the Company announced the formation of a joint venture with Tourism Holdings Limited ( “ thl ” thl thl thl thl The Company’s investment in TH2 is accounted for under the equity method of accounting. The Company’s share of the losses of this investment, which are included in Other income (expense), net in the Consolidated Statements of Income and Comprehensive Income, was $1,939 in fiscal 2018. The results of this joint venture are recorded on a one-month TH2 was formed to own, improve and sell innovative and comprehensive digital applications through a platform designed for the global RV industry. TH2 will offer a variety of products focused on enhancing the enjoyment, safety, connectivity and convenience of RV ownership and use. |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 12 Months Ended |
Jul. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF RISK | 9. CONCENTRATION OF RISK One dealer, FreedomRoads, LLC, accounted for 20% of the Company’s consolidated net sales in fiscal 2018, fiscal 2017 and fiscal 2016. This dealer also accounted for 26% of the Company’s consolidated trade accounts receivable at July 31, 2018 and 30% at July 31, 2017. The loss of this dealer could have a significant effect on the Company’s business and the results of its operations. |
INVESTMENTS AND FAIR VALUE MEAS
INVESTMENTS AND FAIR VALUE MEASUREMENTS | 12 Months Ended |
Jul. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
INVESTMENTS AND FAIR VALUE MEASUREMENTS | 10. INVESTMENTS AND FAIR VALUE MEASUREMENTS The Company assesses the inputs used to measure the fair value of certain assets and liabilities using a three level hierarchy, as prescribed in ASC 820, “Fair Value Measurements and Disclosures.” Level 1 inputs include quoted prices in active markets for identical assets or liabilities and are the most observable. Level 2 inputs include inputs other than Level 1 that are either directly or indirectly observable, such as quoted market prices for similar but not identical assets or liabilities, quoted prices in inactive markets or other inputs that can be corroborated by observable market data. Level 3 inputs are not observable, are supported by little or no market activity and include management’s judgments about the assumptions market participants would use in pricing the asset or liability. The financial assets that were accounted for at fair value on a recurring basis at July 31, 2018 and July 31, 2017, all using Level 1 inputs, are as follows: July 31, 2018 July 31, 2017 Cash equivalents $ 230,319 $ 176,663 Deferred compensation plan assets $ 43,316 $ 28,095 Cash equivalents represent investments in government and other money market funds traded in an active market, and are reported as a component of Cash and cash equivalents in the Consolidated Balance Sheets. Deferred compensation plan assets represent investments in securities (primarily mutual funds) traded in an active market held for the benefit of certain employees of the Company as part of a deferred compensation plan. Deferred compensation plan asset balances are recorded as components of Other long-term assets in the Consolidated Balance Sheets. An equal and offsetting liability is also recorded in regards to the deferred compensation plan as a component of Other long-term liabilities in the Consolidated Balance Sheets. Changes in the fair value of the plan assets and the related liability are reflected in Other income, net and Selling, general and administrative expenses, respectively, in the Consolidated Statements of Income and Comprehensive Income. |
PRODUCT WARRANTY
PRODUCT WARRANTY | 12 Months Ended |
Jul. 31, 2018 | |
Guarantees and Product Warranties [Abstract] | |
PRODUCT WARRANTY | 11. PRODUCT WARRANTY The Company generally provides retail customers of its products with a one-year two-year Changes in our product warranty liabilities are as follows: 2018 2017 2016 Beginning balance $ 216,781 $ 201,840 $ 108,206 Provision 259,845 195,799 114,119 Payments (211,698 ) (180,858 ) (110,092 ) Acquisitions – – 89,607 Ending balance $ 264,928 $ 216,781 $ 201,840 |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Jul. 31, 2018 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | 12. LONG-TERM DEBT The Company has a five-year credit agreement, which was entered into on June 30, 2016 and matures on June 30, 2021. The agreement provides for a $500,000 asset-based revolving credit facility and a $100,000 expansion option, subject to certain conditions. There were no borrowings outstanding on this facility at July 31, 2018 and $145,000 of borrowings outstanding at July 31, 2017. Borrowings are subject to a variable pricing structure which can result in increases or decreases to the interest rate. Under the terms of the credit agreement, the Company can elect to borrow funds under two different structures. The first option is a variable interest rate based upon the prime rate plus a pricing spread (“Base Rate”). The second option is a variable interest rate based upon the London Interbank Offered Rate plus a pricing spread (“LIBOR Rate”). Depending on the Company’s borrowing availability as a percentage of the revolving credit commitment, pricing spreads can range from 1.25% to 1.75% in the case of loans bearing interest at the LIBOR Rate, and from 0.25% to 0.75% for loans bearing interest at the Base Rate. As of July 31, 2017, all of the $145,000 in outstanding borrowings were loans bearing interest at the LIBOR Rate, and the borrowing spread on those loans was 1.50%, resulting in a total rate of approximately 2.72%. The revolving credit facility, which is secured by substantially all of the Company’s tangible and intangible assets excluding real property, contains customary limits and restrictions concerning investments, sales of assets, liens on assets, stock repurchases and dividend and other payments depending on adjusted excess cash availability as defined in the agreement and summarized below. The terms of the facility permit prepayment without penalty at any time, subject to customary breakage costs relative to the LIBOR-based loans. Borrowing availability under the credit agreement is limited to the lesser of the facility total and the monthly calculated borrowing base, which is based on stipulated loan percentages applied to specified assets of the Company. The credit agreement has no financial covenant restrictions for borrowings as long as the Company has adjusted excess availability under the facility that exceeds 10% of the lesser of the line commitment or the borrowing base total, with a floor of $40,000. As of July 31, 2018, the available and unused credit line under the revolver was $495,657, and the Company was in compliance with the financial covenant in the credit agreement. In fiscal 2018, total LIBOR Rate and Base Rate interest expense on the facility was $1,939 and the weighted-average interest rate on borrowings from the facility was 2.82%. In fiscal 2017, total LIBOR Rate and Base Rate interest expense on the facility was $7,002 and the weighted-average interest rate on borrowings from the facility was 2.34%. The Company incurred fees to secure the facility of $7,850 in fiscal 2016, and those fees are being amortized ratably over the five-year term of the agreement, or a shorter period if the credit agreement period is shortened for any reason. The Company recorded charges related to the amortization of these fees, which are reflected in interest expense, of $1,570 in both fiscal 2018 and fiscal 2017 and $131 in fiscal 2016. The unamortized balances of these facility fees were $4,579 at July 31, 2018 and $6,149 at July 31, 2017 and are included in Other long-term assets in the Consolidated Balance Sheets. The carrying value of the Company’s long-term debt at July 31, 2017 approximated fair value as the entire balance was subject to variable market interest rates that the Company believed were market rates for a similarly situated Company. The fair value of debt is largely estimated using level 2 inputs as defined by ASC 820 and discussed in Note 10 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jul. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 13. INCOME TAXES The components of the provision (benefit) for income taxes from continuing operations are as follows: July 31, Income Taxes: 2018 2017 2016 Federal $ 166,402 $ 200,370 $ 126,846 State and local 21,025 20,941 12,716 Total current expense 187,427 221,311 139,562 Federal 17,820 (37,033 ) (13,079 ) State and local (2,369 ) (2,146 ) (1,192 ) Total deferred expense (benefit) 15,451 (39,179 ) (14,271 ) Total income tax expense $ 202,878 $ 182,132 $ 125,291 The Tax Cuts and Jobs Act (the “Tax Act”) was signed into law on December 22, 2017. Under the Tax Act, the federal corporate income tax rate has been reduced from 35.0% to 21.0% starting January 1, 2018, which results in the use of a blended federal corporate income tax rate of 26.9% for the Company’s 2018 fiscal year. Other significant changes to corporate taxation most relevant to the Company include accelerated expensing for certain business assets, the repeal of the domestic production deduction, additional limitations on the deductibility of interest expense and expanded limitations on the deductibility of executive compensation. The SEC staff issued SAB 118, which provides guidance on accounting for the tax effects of the Tax Act for which the accounting under ASC 740 is incomplete. The rules allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. Accordingly, as of July 31, 2018 we have not completed our accounting for the tax effects of the Tax Act. For the fiscal year ended July 31, 2018, the Company has recorded a provisional amount of $34,000 of additional deferred income tax expense related to the re-measurement While the effective date of most of the provisions of the Tax Act do not apply until fiscal 2019, the Company will continue its assessment of the impact of the Tax Act on the business throughout the one year measurement period as provided by SAB 118. The amounts recorded as of July 31, 2018 are subject to adjustment as further guidance becomes available, additional facts become known or estimation approaches are refined. The differences between income taxes at the federal statutory rate and the actual income taxes are as follows: July 31, 2018 2017 2016 Provision at federal statutory rate $ 170,095 $ 194,735 $ 134,160 State and local income taxes, net of federal benefit 14,255 11,021 6,599 Federal income tax credits and incentives (3,518) (3,228) (4,194) Domestic production activities deduction (16,175) (19,527) (12,609) Change in uncertain tax positions 396 375 611 Effect of U.S. federal tax reform 38,620 – – Other (795) (1,244) 724 Total income tax expense $ 202,878 $ 182,132 $ 125,291 Under Internal Revenue Code Section 15(a), companies are required to calculate their federal statutory tax rate by using a blended rate based on the date of enactment of the Tax Act. The federal blended rate for the Company is 26.9% for fiscal 2018. A summary of deferred income taxes is as follows: July 31, 2018 2017 Deferred income tax asset (liability): Inventory basis $ 922 $ 1,460 Employee benefits 3,427 6,471 Self-Insurance Reserves 6,368 9,940 Accrued product warranties 62,332 73,393 Accrued incentives 5,235 6,175 Sales returns and allowances 1,741 2,340 Accrued expenses 1,905 3,399 Property, plant and equipment (9,060) (8,151) Deferred compensation 12,864 14,556 Intangibles (9,151) (17,184) Unrecognized tax benefits 2,581 3,925 Other (720) (3,355) Deferred income tax asset, net $ 78,444 $ 92,969 As of July 31, 2018, the Company has $996 of state tax credit carry forwards that expire from fiscal 2027-2028 of which the Company expects to realize prior to expiration. In addition, the Company has $9,141 of gross state tax Net Operating Loss (“NOL”) carry forwards that expire from fiscal 2019-2038 that the Company does not expect to realize and therefore has been fully reserved. The deferred tax asset of $525 associated with the state tax NOL carry forwards and the related equal and offsetting valuation allowance are not reflected in the table above. Unrecognized Tax Benefits The benefits of tax positions reflected on income tax returns but whose outcome remains uncertain are only recognized for financial accounting purposes if they meet minimum recognition thresholds. The total amount of unrecognized tax benefits that, if recognized, would have impacted the Company’s effective tax rate were $10,491 for fiscal 2018, $8,477 for fiscal 2017 and $8,886 for fiscal 2016. Changes in the unrecognized tax benefit during fiscal years 2018, 2017 and 2016 were as follows: 2018 2017 2016 Beginning balance $ 12,671 $ 13,269 $ 13,156 Tax positions related to prior years: Additions 353 75 1,546 Reductions (2,203) (1,510) (920) Tax positions related to current year: Additions 3,629 3,853 3,123 Settlements (192) (1,450) (956) Lapses in statute of limitations (1,254) (1,566) (2,680) Ending balance $ 13,004 $ 12,671 $ 13,269 It is the Company’s policy to recognize interest and penalties accrued relative to unrecognized tax benefits in income tax expense. The total amount of liabilities accrued for interest and penalties related to unrecognized tax benefits as of July 31, 2018 and 2017 were $1,290 and $1,209, respectively. The total amount of interest and penalties expense (benefit) recognized in the Consolidated Statements of Income and Comprehensive Income for the fiscal years ended July 31, 2018, 2017 and 2016 were $203, $(218) and $(231), respectively. The total unrecognized tax benefits above, along with the related accrued interest and penalties, are reported within the liability section of the Consolidated Balance Sheets. A portion of the unrecognized tax benefits is classified as short-term and is included in the “Income and other taxes” line of the Consolidated Balance Sheets, while the remainder is classified as a long-term liability. The components of total unrecognized tax benefits are summarized as follows: July 31, 2018 2017 Unrecognized tax benefits $ 13,004 $ 12,671 Reduction to unrecognized tax benefits for tax credit carry forward (955) (1,882) Accrued interest and penalties 1,290 1,209 Total unrecognized tax benefits $ 13,339 $ 11,998 Short-term, included in “Income and other taxes” $ 893 $ 1,735 Long-term 12,446 10,263 Total unrecognized tax benefits $ 13,339 $ 11,998 The Company anticipates a decrease of approximately $2,300 in unrecognized tax benefits and $450 in interest during fiscal 2019 from expected settlements or payments of uncertain tax positions and lapses of the applicable statutes of limitations. Actual results may differ from these estimates. Generally, fiscal years 2015-2017 remain open for federal income tax purposes and fiscal years 2013-2017 remain open for state and Canadian income tax purposes. The Company and its subsidiaries file a consolidated U.S. federal income tax return and multiple state income tax returns. The Company recently completed an exam by the state of Indiana for the years ended July 31, 2013 through 2015. A formal protest has been submitted in response to the exam. The Company believes it has adequately reserved for its exposure to additional payments for uncertain tax positions related to its State of Indiana income tax returns in its liability for unrecognized tax benefits. |
CONTINGENT LIABILITIES AND COMM
CONTINGENT LIABILITIES AND COMMITMENTS | 12 Months Ended |
Jul. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENT LIABILITIES AND COMMITMENTS | 14. CONTINGENT LIABILITIES AND COMMITMENTS The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for certain dealers of certain of its RV products. These arrangements, which are customary in the RV industry, provide for the repurchase of products sold to dealers in the event of default by the dealer on their agreement to pay the financial institution. The repurchase price is generally determined by the original sales price of the product and pre-defined The Company’s total commercial commitments under standby repurchase obligations on dealer inventory financing as of July 31, 2018 and July 31, 2017 were $2,748,465 and $2,200,544, respectively. The commitment term is generally up to eighteen 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. The estimated fair value takes into account an estimate of the losses that may be incurred upon resale of any repurchases. This estimate is based on recent historical experience supplemented by the Company’s assessment of current economic and other conditions affecting its dealers. This deferred amount is included in the repurchase and guarantee reserve balances of $7,400 and $6,345 as of July 31, 2018 and July 31, 2017, respectively, which are included in Other current liabilities in the Consolidated Balance Sheets. Losses incurred related to repurchase agreements that were settled in the past three fiscal years were not material. Based on current market conditions, the Company believes that any future losses under these agreements will not have a significant effect on the Company’s consolidated financial position, results of operations or cash flows. Legal Matters The Company is involved in certain litigation arising out of its operations in the normal course of its business, most of which is based upon state “lemon laws”, warranty claims and vehicle accidents (for which the Company carries insurance above a specified self-insured retention or deductible amount). The outcomes of legal proceedings and claims brought against the Company are subject to significant uncertainty. There is significant judgment required in assessing both the probability of an adverse outcome and the determination as to whether an exposure can be reasonably estimated. In management’s opinion, the ultimate disposition of any current legal proceedings or claims against the Company will not have a material effect on the Company’s financial condition, operating results or cash flows. Litigation is, however, inherently uncertain and an adverse outcome from such litigation could have a material effect on the operating results of a particular reporting period. |
LEASES
LEASES | 12 Months Ended |
Jul. 31, 2018 | |
Leases [Abstract] | |
LEASES | 15. LEASES The Company has operating leases principally for land, buildings and equipment and also leases certain real estate and transportation equipment under various capital leases expiring between 2018 and 2028. Future minimum rental payments required under capital and operating leases as of July 31, 2018 are as follows: Capital Leases Operating Leases For the fiscal year ending July 31, 2019 $ 977 $ 2,301 For the fiscal year ending July 31, 2020 974 1,544 For the fiscal year ending July 31, 2021 993 1,259 For the fiscal year ending July 31, 2022 1,015 1,046 For the fiscal year ending July 31, 2023 1,037 1,011 For the fiscal year ending July 31, 2024 and thereafter 4,098 6,723 Total minimum lease payments 9,094 $ 13,884 Less amount representing interest (2,999 ) Present value of net minimum capital lease payments 6,095 Less current portion (410 ) Long-term capital lease obligations $ 5,685 The current portion of capital lease obligations are included in Other current liabilities and the long-term capital lease obligations are included in Other long-term liabilities, respectively, in the Consolidated Balance Sheets. Rent expense for the fiscal years ended July 31, 2018, 2017 and 2016 was $3,804, $3,560 and $3,757, respectively. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Jul. 31, 2018 | |
Postemployment Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | 16. EMPLOYEE BENEFIT PLANS Substantially all non-highly The Company has established a deferred compensation plan for highly compensated employees who are not eligible to participate in a 401(k) plan. This plan allows participants to defer a portion of their compensation and to direct the Company to invest the funds in mutual fund investments held by the Company. Participant benefits are limited to the value of the investments held on their behalf. Investments held by the Company are accounted for at fair value and reported as Other long-term assets, and the equal and offsetting obligation to the participants is reported as Other long-term liabilities in the Consolidated Balance Sheets. Changes in the fair value of the plan assets and the related deferred liability are both recorded through the Consolidated Statements of Income and Comprehensive Income. The Company does not make contributions to the plan. The balance of investments held in this plan, and the equal and offsetting long-term liability to the participants, was $43,316 at July 31, 2018 and $28,095 at July 31, 2017. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Jul. 31, 2018 | |
Equity Abstract | |
STOCKHOLDERS' EQUITY | 17. STOCKHOLDERS’ EQUITY Stock-Based Compensation The Board approved the Thor Industries, Inc. 2016 Equity and Incentive Plan (the “2016 Equity and Incentive Plan”) on October 11, 2016 and the 2010 Equity Incentive Plan (the “2010 Equity Incentive Plan”) on October 25, 2010. These plans were subsequently approved by shareholders at the 2016 and 2010 annual meetings, respectively. The maximum number of shares issuable under each of the 2016 Equity and Incentive Plan and the 2010 Equity and Incentive Plan is 2,000,000. As of July 31, 2018, the remaining shares available to be granted under the 2016 Equity and Incentive Plan are 1,669,452 and under the 2010 Equity Incentive Plan are 1,211,385. Awards may be in the form of options (incentive stock options and non-statutory Restricted Stock Awards 2018 2017 2016 Shares Weighted- Average Grant Shares Weighted- Average Grant Shares Weighted- Average Grant Nonvested, beginning of year 1,899 $ 32.36 5,806 $ 31.36 9,713 $ 31.16 Granted – – – – – – Vested (1,899) 32.36 (3,907) 30.87 (3,907) 30.87 Forfeited – – – – – – Nonvested, end of year – $ – 1,899 $ 32.36 5,806 $ 31.36 In fiscal 2018, 2017 and 2016, the Company recorded expense for restricted stock awards under this Plan of $0, $101 and $115, respectively. At July 31, 2018, there were no unrecognized future compensation costs related to restricted stock. This restricted stock vested evenly over 5 years from the date of grant. During fiscal 2013, the Compensation and Development Committee of the Board (the “Committee”) approved a program to award restricted stock units (the “RSU program”) to certain employees at the operating subsidiary and corporate levels. In December 2016, the stockholders of the Company approved a new equity compensation plan that allows the RSU program to continue in subsequent years on similar terms, but now includes a double-trigger change in control provision. The double-trigger provision, which is applicable to awards granted in fiscal 2017 and subsequent years, stipulates that immediate vesting of an outstanding grant would occur only upon the occurrence of both a change in control, as defined by the plan, and a corresponding change in employment status. Under the RSU program, since 2012 the Committee has approved awards each October related to the financial performance of the most recently completed fiscal year. The awarded employee restricted stock units vest, and shares of common stock are issued, in equal installments on the first, second and third anniversaries of the date of grant. In addition, concurrent with the timing of the employee awards, the Nominating and Governance Committee of the Board has awarded restricted stock units to Board members that will vest, and shares of common stock will be issued, on the first anniversary of the date of the grant. The fair value of the employee and Board member restricted stock units is determined using the Company’s stock price on the date of grant. Total expense recognized in fiscal 2018, 2017 and 2016 for these restricted stock unit awards was $17,000, $12,399 and $9,272 respectively. Restricted Stock Units 2018 2017 2016 Restricted Stock Weighted- Average Grant Restricted Stock Weighted- Average Grant Restricted Stock Weighted- Average Grant Nonvested, beginning of year 332,576 $ 69.41 325,136 $ 53.95 280,353 $ 50.55 Granted 171,340 124.84 166,567 84.85 181,872 55.37 Vested (168,714) 64.01 (157,315) 53.87 (133,758) 48.73 Forfeited (6,771) 93.46 (1,812) 64.03 (3,331) 54.18 Nonvested, end of year 328,431 $ 101.97 332,576 $ 69.41 325,136 $ 53.95 At July 31, 2018 there was $21,993 of total unrecognized compensation costs related to restricted stock unit awards that is expected to be recognized over a weighted-average period of 2.23 years. The Company recognized a tax benefit related to total stock-based compensation expense of $4,930, $4,625 and $3,473 in fiscal 2018, 2017 and 2016, respectively. Share Repurchase Program On June 19, 2018, the Company’s Board of Directors authorized Company management to utilize up to $250,000 to purchase shares of the Company’s common stock through June 19, 2020. Under the share repurchase plan, the Company is authorized to repurchase, from time-to-time, |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Jul. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | 18. SUBSEQUENT EVENT On September 18, 2018, the Company and the shareholders of Erwin Hymer Group SE (“Erwin Hymer Group”) announced that they entered into a definitive agreement for the Company to acquire Erwin Hymer Group. In accordance with the agreement, consideration to be paid to the sellers at closing will consist of approximately EUR 1.7 billion cash ($2.0 billion at current exchange rate) and equity consisting of approximately 2.3 million shares of the Company. The Company will also assume responsibility for the debt of the Erwin Hymer Group of approximately EUR 300 million ($350 million at current exchange rate). The Erwin Hymer Group is headquartered in Bad Waldsee, Germany and is the largest RV manufacturer in Europe, by revenue. The transaction is subject to customary closing conditions, including regulatory approvals. The transaction is expected to close near the end of calendar year 2018. The Company plans to finance the acquisition primarily through debt financing. In connection with the planned acquisition, the Company has obtained financing commitments for a 5 year, $750 million asset-based credit facility and a 7 year, $2.3 billion term loan. |
SUMMARY OF SIGNIFICANT ACCOUN26
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations The Company’s ongoing business activities are primarily comprised of two distinct operations, which include the design, manufacture and sale of towable recreational vehicles and motorized recreational vehicles. Accordingly, the Company has presented segmented financial information for these two segments in Note 4 Note 3 |
Principles of Consolidation | Principles of Consolidation |
Estimates | Estimates non-product |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Note 10 |
Inventories | Inventories last-in, first-out first-in, first-out freight-in |
Depreciation | Depreciation Buildings and improvements – 10 to 39 years Machinery and equipment – 3 to 10 years Depreciation expense is recorded in cost of products sold except for $5,035, $5,710 and $3,812 in fiscal 2018, 2017 and 2016, respectively, which relates primarily to office buildings and office equipment and is recorded in selling, general and administrative expenses. |
Intangible Assets | Intangible Assets non-compete non-compete |
Long-lived Assets | Long-lived Assets |
Product Warranties | Product Warranties |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts |
Insurance Reserves | Insurance Reserves |
Revenue Recognition | Revenue Recognition 1) An order for a product has been received from a dealer; 2) Written or oral approval for payment has been received from the dealer’s flooring institution, if applicable; 3) A common carrier signs the delivery ticket accepting responsibility for the product as agent for the dealer; and 4) The product is removed from our property for delivery to the dealer who placed the order. These conditions are generally met when title passes, which is when vehicles are shipped to dealers in accordance with shipping terms, which are primarily FOB shipping point. Most sales are made to dealers financing their purchases under flooring arrangements with banks or finance companies. Certain shipments are sold to customers on credit or cash on delivery (“COD”) terms. The Company recognizes revenue on credit sales upon shipment and COD sales upon payment and delivery. Products are not sold on consignment, dealers do not have the right to return products and dealers are typically responsible for interest costs to floor plan lenders. At the time of revenue recognition, amounts billed to dealers for delivery of product are recognized as revenue and the corresponding delivery expense charged to costs of products sold. Revenues from the sale of extruded aluminum components are recognized when title to products and the risk of loss are transferred to the customer. |
Dealer Volume Rebates, Sales Incentives and Advertising Costs | Dealer Volume Rebates, Sales Incentives and Advertising Costs |
Repurchase Agreements | Repurchase Agreements – pre-defined |
Income Taxes | Income Taxes – The Company recognizes liabilities for uncertain tax positions based on a two-step Significant judgment is required in determining the Company’s provision for income taxes, the Company’s deferred tax assets and liabilities and the valuation allowance recorded against the Company’s deferred tax assets, if any. Valuation allowances must be considered due to the uncertainty of realizing deferred tax assets. The Company assesses whether valuation allowances should be established against our deferred tax assets on a tax jurisdictional basis based on the consideration of all available evidence, including cumulative income over recent periods, using a more likely than not standard. The valuation allowance activity during the year was not material. |
Stock-Based Compensation | Stock-Based Compensation |
Earnings Per Share | Earnings Per Share 2018 2017 2016 Weighted-average shares outstanding for basic earnings per share 52,674,161 52,562,723 52,458,789 Unvested restricted stock and restricted stock units 179,199 195,719 131,727 Weighted-average shares outstanding assuming dilution 52,853,360 52,758,442 52,590,516 The Company excludes restricted stock units and unvested restricted stock that have an antidilutive effect from its calculation of weighted-average shares outstanding assuming dilution, but had none at July 31, 2018, 2017 or 2016. |
Accounting Pronouncements | Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-04, In February 2016, the FASB issued ASU No. 2016-02, No. 2018-10, 2018-11, No. 2016-02 In May 2014, the FASB issued ASU No. 2014-09, No. 2014-09 after-tax |
SUMMARY OF SIGNIFICANT ACCOUN27
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Difference Between Basic and Diluted EPS as Result of Restricted Stock Units and Unvested Restricted Stock | The difference between basic EPS and diluted EPS is the result of restricted stock units and unvested restricted stock as follows: 2018 2017 2016 Weighted-average shares outstanding for basic earnings per share 52,674,161 52,562,723 52,458,789 Unvested restricted stock and restricted stock units 179,199 195,719 131,727 Weighted-average shares outstanding assuming dilution 52,853,360 52,758,442 52,590,516 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Unaudited Pro Forma Information | The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2016 acquisition of Jayco had occurred at the beginning of fiscal 2015: Fiscal Year Ended July 31, 2016 Net sales $ 6,176,686 Net income $ 284,394 Basic earnings per common share $ 5.42 Diluted earnings per common share $ 5.41 |
Jayco, Corp. | |
Summary of Final Fair Value Assigned to Net Assets Acquired | The following table summarizes the final fair values assigned to the Jayco net assets acquired, which are based on internal and independent external valuations: Cash $ 18,409 Other current assets 258,158 Property, plant and equipment 80,824 Dealer network 261,100 Trademarks 92,800 Backlog 12,400 Goodwill 74,184 Current liabilities (216,776 ) Total fair value of net assets acquired 581,099 Less cash acquired (18,409 ) Total cash consideration for acquisition, less cash acquired $ 562,690 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | 2018 2017 2016 Net sales: Recreational vehicles Towables $ 6,008,700 $ 5,127,491 $ 3,338,659 Motorized 2,146,315 1,971,466 1,094,250 Total recreational vehicles 8,155,015 7,098,957 4,432,909 Other 305,947 253,557 218,673 Intercompany eliminations (132,053 ) (105,562 ) (69,470 ) Total $ 8,328,909 $ 7,246,952 $ 4,582,112 Income (loss) from continuing operations before income taxes: Recreational vehicles Towables $ 532,657 $ 458,915 $ 321,874 Motorized 134,785 125,323 88,523 Total recreational vehicles 667,442 584,238 410,397 Other 32,973 28,909 18,547 Intercompany eliminations (306 ) (195 ) (23 ) Corporate (67,080 ) (56,566 ) (45,608 ) Total $ 633,029 $ 556,386 $ 383,313 Total assets: Recreational vehicles Towables $ 1,654,361 $ 1,535,029 $ 1,425,168 Motorized 492,830 500,761 476,973 Total recreational vehicles 2,147,191 2,035,790 1,902,141 Other, net 167,965 156,996 156,822 Corporate 463,509 365,145 266,501 Total $ 2,778,665 $ 2,557,931 $ 2,325,464 Depreciation and amortization expense: Recreational vehicles Towables $ 68,964 $ 75,568 $ 36,054 Motorized 11,800 9,393 2,994 Total recreational vehicles 80,764 84,961 39,048 Other 10,861 11,967 12,352 Corporate 1,598 1,330 1,175 Total $ 93,223 $ 98,258 $ 52,575 Capital acquisitions: Recreational vehicles Towables $ 85,304 $ 72,801 $ 37,489 Motorized 34,660 41,677 11,191 Total recreational vehicles 119,964 114,478 48,680 Other 8,440 1,157 2,799 Corporate 8,902 2,120 2,495 Total $ 137,306 $ 117,755 $ 53,974 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Major Classifications of Inventories | Major classifications of inventories are: July 31, 2018 2017 Finished products – RV $ 44,998 $ 24,904 Finished products – Other 35,320 27,862 Work in process 124,703 117,319 Raw materials 258,429 214,518 Chassis 116,308 109,555 Subtotal 579,758 494,158 Excess of FIFO costs over LIFO costs (41,849 ) (33,670 ) Total inventories $ 537,909 $ 460,488 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment is stated at cost, net of accumulated depreciation, and consists of the following: July 31, 2018 2017 Land $ 57,413 $ 48,812 Buildings and improvements 468,824 380,139 Machinery and equipment 197,294 161,724 Total cost 723,531 590,675 Less accumulated depreciation (201,477 ) (165,437 ) Net property, plant and equipment $ 522,054 $ 425,238 |
INTANGIBLE ASSETS, GOODWILL A32
INTANGIBLE ASSETS, GOODWILL AND LONG-LIVED ASSETS (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Amortizable Intangible Assets | The components of amortizable intangible assets are as follows: July 31, 2018 July 31, 2017 Weighted-Average Life in Years at July 31, 2018 Cost Accumulated Amortization Cost Accumulated Amortization Dealer networks/customer relationships 16 $ 404,960 $ 147,077 $ 404,960 $ 101,795 Trademarks 17 146,117 24,364 147,617 17,570 Design technology and other intangibles 7 18,200 9,555 19,300 9,203 Non-compete 1 450 383 450 293 Total amortizable intangible assets $ 569,727 $ 181,379 $ 572,327 $ 128,861 |
Estimated Amortization Expense | Estimated amortization expense for future years is as follows: For the fiscal year ending July 31, 2019 $ 50,043 For the fiscal year ending July 31, 2020 46,194 For the fiscal year ending July 31, 2021 42,860 For the fiscal year ending July 31, 2022 37,753 For the fiscal year ending July 31, 2023 30,291 For the fiscal year ending July 31, 2024 and thereafter 181,207 $ 388,348 |
Changes in Carrying Amount of Goodwill by Reportable Segment | Changes in the carrying amount of goodwill by reportable segment as of July 31, 2018 and 2017 are summarized as follows: Towables Motorized Other Total Net balance as of July 31, 2016 $ 334,822 $ – $ 42,871 $ 377,693 Fiscal year 2017 activity: No activity – – – – Net balance as of July 31, 2017 $ 334,822 $ – $ 42,871 $ 377,693 Fiscal year 2018 activity: No activity – – – – Net balance as of July 31, 2018 $ 334,822 $ – $ 42,871 $ 377,693 The components of the net balance as of July 31, 2018 are summarized as follows: Towables Motorized Other Total Goodwill $ 343,935 $ 17,252 $ 42,871 $ 404,058 Accumulated impairment charges (9,113 ) (17,252 ) – (26,365 ) Net balance as of July 31, 2018 $ 334,822 $ – $ 42,871 $ 377,693 |
INVESTMENTS AND FAIR VALUE ME33
INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets Measured on Recurring Basis | The financial assets that were accounted for at fair value on a recurring basis at July 31, 2018 and July 31, 2017, all using Level 1 inputs, are as follows: July 31, 2018 July 31, 2017 Cash equivalents $ 230,319 $ 176,663 Deferred compensation plan assets $ 43,316 $ 28,095 |
PRODUCT WARRANTY (Tables)
PRODUCT WARRANTY (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Guarantees and Product Warranties [Abstract] | |
Schedule of Changes in Product Warranty Liabilities | Changes in our product warranty liabilities are as follows: 2018 2017 2016 Beginning balance $ 216,781 $ 201,840 $ 108,206 Provision 259,845 195,799 114,119 Payments (211,698 ) (180,858 ) (110,092 ) Acquisitions – – 89,607 Ending balance $ 264,928 $ 216,781 $ 201,840 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Provision (Benefit) for Income Taxes | The components of the provision (benefit) for income taxes from continuing operations are as follows: July 31, Income Taxes: 2018 2017 2016 Federal $ 166,402 $ 200,370 $ 126,846 State and local 21,025 20,941 12,716 Total current expense 187,427 221,311 139,562 Federal 17,820 (37,033 ) (13,079 ) State and local (2,369 ) (2,146 ) (1,192 ) Total deferred expense (benefit) 15,451 (39,179 ) (14,271 ) Total income tax expense $ 202,878 $ 182,132 $ 125,291 |
Schedule of Differences Between Income Taxes at Federal Statutory Rate and Actual Income Taxes | The differences between income taxes at the federal statutory rate and the actual income taxes are as follows: July 31, 2018 2017 2016 Provision at federal statutory rate $ 170,095 $ 194,735 $ 134,160 State and local income taxes, net of federal benefit 14,255 11,021 6,599 Federal income tax credits and incentives (3,518) (3,228) (4,194) Domestic production activities deduction (16,175) (19,527) (12,609) Change in uncertain tax positions 396 375 611 Effect of U.S. federal tax reform 38,620 – – Other (795) (1,244) 724 Total income tax expense $ 202,878 $ 182,132 $ 125,291 |
Schedule of Deferred Income Taxes | A summary of deferred income taxes is as follows: July 31, 2018 2017 Deferred income tax asset (liability): Inventory basis $ 922 $ 1,460 Employee benefits 3,427 6,471 Self-Insurance Reserves 6,368 9,940 Accrued product warranties 62,332 73,393 Accrued incentives 5,235 6,175 Sales returns and allowances 1,741 2,340 Accrued expenses 1,905 3,399 Property, plant and equipment (9,060) (8,151) Deferred compensation 12,864 14,556 Intangibles (9,151) (17,184) Unrecognized tax benefits 2,581 3,925 Other (720) (3,355) Deferred income tax asset, net $ 78,444 $ 92,969 |
Schedule of Changes in Unrecognized Tax Benefit | Changes in the unrecognized tax benefit during fiscal years 2018, 2017 and 2016 were as follows: 2018 2017 2016 Beginning balance $ 12,671 $ 13,269 $ 13,156 Tax positions related to prior years: Additions 353 75 1,546 Reductions (2,203) (1,510) (920) Tax positions related to current year: Additions 3,629 3,853 3,123 Settlements (192) (1,450) (956) Lapses in statute of limitations (1,254) (1,566) (2,680) Ending balance $ 13,004 $ 12,671 $ 13,269 |
Components of Total Unrecognized Tax Benefits | The components of total unrecognized tax benefits are summarized as follows: July 31, 2018 2017 Unrecognized tax benefits $ 13,004 $ 12,671 Reduction to unrecognized tax benefits for tax credit carry forward (955) (1,882) Accrued interest and penalties 1,290 1,209 Total unrecognized tax benefits $ 13,339 $ 11,998 Short-term, included in “Income and other taxes” $ 893 $ 1,735 Long-term 12,446 10,263 Total unrecognized tax benefits $ 13,339 $ 11,998 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Leases [Abstract] | |
Future Minimum Rental Payments under Capital and Operating Leases | Future minimum rental payments required under capital and operating leases as of July 31, 2018 are as follows: Capital Leases Operating Leases For the fiscal year ending July 31, 2019 $ 977 $ 2,301 For the fiscal year ending July 31, 2020 974 1,544 For the fiscal year ending July 31, 2021 993 1,259 For the fiscal year ending July 31, 2022 1,015 1,046 For the fiscal year ending July 31, 2023 1,037 1,011 For the fiscal year ending July 31, 2024 and thereafter 4,098 6,723 Total minimum lease payments 9,094 $ 13,884 Less amount representing interest (2,999 ) Present value of net minimum capital lease payments 6,095 Less current portion (410 ) Long-term capital lease obligations $ 5,685 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Restricted Stock Awards | |
Summary of Restricted Stock Award Activity | A summary of restricted stock award activity under the 2010 Equity and Incentive Plan for fiscal 2018, 2017 and 2016 is as follows: 2018 2017 2016 Shares Weighted- Average Grant Shares Weighted- Average Grant Shares Weighted- Average Grant Nonvested, beginning of year 1,899 $ 32.36 5,806 $ 31.36 9,713 $ 31.16 Granted – – – – – – Vested (1,899) 32.36 (3,907) 30.87 (3,907) 30.87 Forfeited – – – – – – Nonvested, end of year – $ – 1,899 $ 32.36 5,806 $ 31.36 |
Restricted Stock Units (RSUs) | |
Summary of Restricted Stock Award Activity | A summary of restricted stock unit activity during fiscal 2018, 2017 and 2016 is included below: 2018 2017 2016 Restricted Stock Weighted- Average Grant Restricted Stock Weighted- Average Grant Restricted Stock Weighted- Average Grant Nonvested, beginning of year 332,576 $ 69.41 325,136 $ 53.95 280,353 $ 50.55 Granted 171,340 124.84 166,567 84.85 181,872 55.37 Vested (168,714) 64.01 (157,315) 53.87 (133,758) 48.73 Forfeited (6,771) 93.46 (1,812) 64.03 (3,331) 54.18 Nonvested, end of year 328,431 $ 101.97 332,576 $ 69.41 325,136 $ 53.95 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2018USD ($)Segmentshares | Jul. 31, 2017USD ($)shares | Jul. 31, 2016USD ($)shares | Jul. 31, 2015USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of reportable segments | Segment | 2 | |||
Cash and cash equivalents | $ 275,249 | $ 223,258 | $ 209,902 | $ 183,478 |
Depreciation | 38,105 | 34,333 | 24,613 | |
Excess liability insurance | 50,000 | |||
Advertising costs | $ 26,874 | $ 24,997 | $ 14,472 | |
Maximum percentage of tax benefits realized upon ultimate settlement | 50.00% | |||
Antidilutive stock options, restricted stock units and unvested restricted stock outstanding | shares | 0 | 0 | 0 | |
Trademarks | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization period | 17 years | |||
Non-Compete Agreements | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization period | 1 year | |||
Any occurrence after March 31,2015 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Self-insured retention for products liability and personal injury matters | $ 500 | |||
Any occurrence after March 31, 2014 and through March 31, 2015 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Self-insured retention for products liability and personal injury matters | 1,000 | |||
Continuing Operations | Selling, General and Administrative Expenses | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Depreciation | $ 5,035 | $ 5,710 | $ 3,812 | |
Restricted Stock Units (RSUs) | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Stock-based Compensation, requisite service period | 3 years | |||
Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Self-insured retention for products liability and personal injury matters | $ 500 | |||
Minimum | Trademarks | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization period | 15 years | |||
Minimum | Dealer Network | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization period | 12 years | |||
Minimum | Design Technology Assets | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization period | 2 years | |||
Minimum | Non-Compete Agreements | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization period | 2 years | |||
Minimum | Building and Building Improvements | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, estimated useful life | 10 years | |||
Minimum | Machinery and Equipment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, estimated useful life | 3 years | |||
Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash equivalents maturity period | 3 months | 3 months | ||
Self-insured retention for products liability and personal injury matters | $ 7,500 | |||
Maximum | Trademarks | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization period | 25 years | |||
Maximum | Dealer Network | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization period | 20 years | |||
Maximum | Design Technology Assets | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization period | 15 years | |||
Maximum | Non-Compete Agreements | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization period | 15 years | |||
Maximum | Backlog | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible assets amortization period | 3 months | |||
Maximum | Building and Building Improvements | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, estimated useful life | 39 years | |||
Maximum | Machinery and Equipment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, estimated useful life | 10 years | |||
Held By One Financial Institution | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents | $ 254,701 | $ 211,408 |
Schedule of Difference Between
Schedule of Difference Between Basic and Diluted EPS as Result of Restricted Stock Units and Unvested Restricted Stock (Detail) - shares | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Weighted-average shares outstanding for basic earnings per share | 52,674,161 | 52,562,723 | 52,458,789 |
Unvested restricted stock and restricted stock units | 179,199 | 195,719 | 131,727 |
Weighted-average shares outstanding assuming dilution | 52,853,360 | 52,758,442 | 52,590,516 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Oct. 31, 2016 | Jul. 31, 2018 | Jul. 31, 2016 |
Business Acquisition [Line Items] | ||||
Borrowings on revolving credit facility | $ 360,000 | |||
Jayco, Corp. | ||||
Business Acquisition [Line Items] | ||||
Payment to acquire business | $ 576,060 | |||
Asset purchase agreement date | Jun. 30, 2016 | |||
Asset purchase effective date | Jun. 30, 2016 | |||
Purchase price adjustment | $ 5,039 | |||
Amortizable intangible assets, weighted average useful life | 19 years 3 months 18 days | |||
Jayco, Corp. | Consideration Funded By Credit Facility | ||||
Business Acquisition [Line Items] | ||||
Borrowings on revolving credit facility | $ 360,000 | |||
Dealer Network | Jayco, Corp. | ||||
Business Acquisition [Line Items] | ||||
Intangible assets amortization period | 20 years | |||
Amortizable intangible assets, amortization method | Accelerated cash flow basis | |||
Trademarks | ||||
Business Acquisition [Line Items] | ||||
Intangible assets amortization period | 17 years | |||
Trademarks | Jayco, Corp. | ||||
Business Acquisition [Line Items] | ||||
Intangible assets amortization period | 20 years | |||
Amortizable intangible assets, amortization method | Straight-line basis | |||
Backlog | Jayco, Corp. | ||||
Business Acquisition [Line Items] | ||||
Intangible assets amortization period | 3 months | |||
Amortizable intangible assets, amortization method | Straight-line basis |
Summary of Final Fair Value Ass
Summary of Final Fair Value Assigned to Net Assets Acquired (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2018 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 377,693 | $ 377,693 | $ 377,693 | |
Total cash consideration for acquisition, less cash acquired | $ (5,039) | $ (557,651) | ||
Jayco, Corp. | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 18,409 | |||
Other current assets | 258,158 | |||
Property, plant and equipment | 80,824 | |||
Goodwill | 74,184 | |||
Current liabilities | (216,776) | |||
Total fair value of net assets acquired | 581,099 | |||
Total fair value of net assets acquired | 581,099 | |||
Less cash acquired | (18,409) | |||
Total cash consideration for acquisition, less cash acquired | 562,690 | |||
Jayco, Corp. | Trademarks | ||||
Business Acquisition [Line Items] | ||||
Business acquisition allocated to amortizing intangible asset | 92,800 | |||
Jayco, Corp. | Backlog | ||||
Business Acquisition [Line Items] | ||||
Business acquisition allocated to amortizing intangible asset | 12,400 | |||
Jayco, Corp. | Dealer Network | ||||
Business Acquisition [Line Items] | ||||
Business acquisition allocated to amortizing intangible asset | $ 261,100 |
Unaudited Pro Forma Information
Unaudited Pro Forma Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Jul. 31, 2016USD ($)$ / shares | |
Business Combinations [Abstract] | |
Net sales | $ | $ 6,176,686 |
Net income | $ | $ 284,394 |
Basic earnings per common share | $ / shares | $ 5.42 |
Diluted earnings per common share | $ / shares | $ 5.41 |
Business Segments - Additional
Business Segments - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018USD ($)Segment | Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | Segment | 2 | ||
Net sales | $ 8,328,909 | $ 7,246,952 | $ 4,582,112 |
Continuing Operations | Export | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 788,894 | $ 628,176 | $ 368,426 |
Net sales, Percentage | 9.50% | 8.70% | 8.00% |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 8,328,909 | $ 7,246,952 | $ 4,582,112 |
Income (loss) from continuing operations before income taxes | 633,029 | 556,386 | 383,313 |
Operating Segments | Recreational vehicles | |||
Segment Reporting Information [Line Items] | |||
Net sales | 8,155,015 | 7,098,957 | 4,432,909 |
Income (loss) from continuing operations before income taxes | 667,442 | 584,238 | 410,397 |
Operating Segments | Recreational vehicles | Towables | |||
Segment Reporting Information [Line Items] | |||
Net sales | 6,008,700 | 5,127,491 | 3,338,659 |
Income (loss) from continuing operations before income taxes | 532,657 | 458,915 | 321,874 |
Operating Segments | Recreational vehicles | Motorized | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,146,315 | 1,971,466 | 1,094,250 |
Income (loss) from continuing operations before income taxes | 134,785 | 125,323 | 88,523 |
Corporate and Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 305,947 | 253,557 | 218,673 |
Income (loss) from continuing operations before income taxes | 32,973 | 28,909 | 18,547 |
Intercompany Eliminations | |||
Segment Reporting Information [Line Items] | |||
Net sales | (132,053) | (105,562) | (69,470) |
Income (loss) from continuing operations before income taxes | (306) | (195) | (23) |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from continuing operations before income taxes | $ (67,080) | $ (56,566) | $ (45,608) |
Schedule of Segment Reporting45
Schedule of Segment Reporting Information, by Segment Balance Sheet Item (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Total assets | $ 2,778,665 | $ 2,557,931 | $ 2,325,464 |
Depreciation and amortization expense, total | 93,223 | 98,258 | 52,575 |
Capital acquisitions | 137,306 | 117,755 | 53,974 |
Operating Segments | Recreational vehicles | |||
Segment Reporting Information [Line Items] | |||
Total assets | 2,147,191 | 2,035,790 | 1,902,141 |
Depreciation and amortization expense, total | 80,764 | 84,961 | 39,048 |
Capital acquisitions | 119,964 | 114,478 | 48,680 |
Operating Segments | Recreational vehicles | Towables | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,654,361 | 1,535,029 | 1,425,168 |
Depreciation and amortization expense, total | 68,964 | 75,568 | 36,054 |
Capital acquisitions | 85,304 | 72,801 | 37,489 |
Operating Segments | Recreational vehicles | Motorized | |||
Segment Reporting Information [Line Items] | |||
Total assets | 492,830 | 500,761 | 476,973 |
Depreciation and amortization expense, total | 11,800 | 9,393 | 2,994 |
Capital acquisitions | 34,660 | 41,677 | 11,191 |
Corporate and Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 167,965 | 156,996 | 156,822 |
Depreciation and amortization expense, total | 10,861 | 11,967 | 12,352 |
Capital acquisitions | 8,440 | 1,157 | 2,799 |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 463,509 | 365,145 | 266,501 |
Depreciation and amortization expense, total | 1,598 | 1,330 | 1,175 |
Capital acquisitions | $ 8,902 | $ 2,120 | $ 2,495 |
Schedule of Major Classificatio
Schedule of Major Classifications of Inventories (Detail) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Inventory [Line Items] | ||
Work in process | $ 124,703 | $ 117,319 |
Raw materials | 258,429 | 214,518 |
Chassis | 116,308 | 109,555 |
Subtotal | 579,758 | 494,158 |
Excess of FIFO costs over LIFO costs | (41,849) | (33,670) |
Total inventories | 537,909 | 460,488 |
Recreational vehicles | ||
Inventory [Line Items] | ||
Finished products | 44,998 | 24,904 |
Other | ||
Inventory [Line Items] | ||
Finished products | $ 35,320 | $ 27,862 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Inventories | $ 579,758 | $ 494,158 |
Subsidiaries valued inventory in last-in, first-out method | 305,990 | 284,897 |
Subsidiaries valued inventory in first-in, first-out method | 273,768 | 209,261 |
Inventory obsolescence reserve | $ 5,273 | $ 5,240 |
Property, Plant and Equipment48
Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 723,531 | $ 590,675 |
Less accumulated depreciation | (201,477) | (165,437) |
Net property, plant and equipment | 522,054 | 425,238 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 57,413 | 48,812 |
Building and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 468,824 | 380,139 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 197,294 | $ 161,724 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 723,531 | $ 590,675 |
Accumulated depreciation | 201,477 | 165,437 |
Assets Held under Capital Leases | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 6,527 | 6,527 |
Accumulated depreciation | $ 1,768 | $ 1,224 |
Components of Amortizable Intan
Components of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 569,727 | $ 572,327 |
Accumulated Amortization | $ 181,379 | 128,861 |
Dealer Network/Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life | 16 years | |
Cost | $ 404,960 | 404,960 |
Accumulated Amortization | $ 147,077 | 101,795 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life | 17 years | |
Cost | $ 146,117 | 147,617 |
Accumulated Amortization | $ 24,364 | 17,570 |
Design Technology and Other Intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life | 7 years | |
Cost | $ 18,200 | 19,300 |
Accumulated Amortization | $ 9,555 | 9,203 |
Non-Compete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life | 1 year | |
Cost | $ 450 | 450 |
Accumulated Amortization | $ 383 | $ 293 |
Estimated Amortization Expense
Estimated Amortization Expense (Detail) $ in Thousands | Jul. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated annual amortization expense, For the fiscal year ending July 31, 2019 | $ 50,043 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2020 | 46,194 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2021 | 42,860 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2022 | 37,753 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2023 | 30,291 |
Estimated annual amortization expense, For the fiscal year ending July 31, 2024 and thereafter | 181,207 |
Estimated annual amortization expense, Total | $ 388,348 |
Intangible Assets, Goodwill a52
Intangible Assets, Goodwill and Long-Lived Assets - Additional Information (Detail) - USD ($) $ in Thousands | May 31, 2018 | Jan. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Pre-tax, non-cash goodwill impairment charge | $ 0 | $ 9,113 |
Changes in Carrying Amount of G
Changes in Carrying Amount of Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 377,693 | $ 377,693 |
No activity | 0 | 0 |
Goodwill, Ending Balance | 377,693 | 377,693 |
Towables | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 334,822 | 334,822 |
No activity | 0 | 0 |
Goodwill, Ending Balance | 334,822 | 334,822 |
Motorized | ||
Goodwill [Line Items] | ||
No activity | 0 | 0 |
Other | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 42,871 | 42,871 |
No activity | 0 | 0 |
Goodwill, Ending Balance | $ 42,871 | $ 42,871 |
Summary of Components of Net Ba
Summary of Components of Net Balance (Detail) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 |
Goodwill [Line Items] | |||
Goodwill, gross | $ 404,058 | ||
Accumulated impairment charges | (26,365) | ||
Goodwill | 377,693 | $ 377,693 | $ 377,693 |
Towables | |||
Goodwill [Line Items] | |||
Goodwill, gross | 343,935 | ||
Accumulated impairment charges | (9,113) | ||
Goodwill | 334,822 | 334,822 | 334,822 |
Motorized | |||
Goodwill [Line Items] | |||
Goodwill, gross | 17,252 | ||
Accumulated impairment charges | (17,252) | ||
Other | |||
Goodwill [Line Items] | |||
Goodwill, gross | 42,871 | ||
Goodwill | $ 42,871 | $ 42,871 | $ 42,871 |
Equity Investment - Additional
Equity Investment - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 15, 2018 | Jun. 30, 2018 | Jul. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | |||
Cash contributed in joint venture | $ 50,402 | ||
TH2 | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percent | 50.00% | ||
Cash contributed in joint venture | $ 46,902 | $ 3,500 | |
Losses from investment | $ 1,939 | ||
Tourism Holdings Limited ('thl') | TH2 | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percent | 50.00% |
Concentration of Risk - Additio
Concentration of Risk - Additional Information (Detail) - Customer Concentration Risk [Member] - Freedom Roads, LLC | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Net Sales | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 20.00% | 20.00% | 20.00% |
Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 26.00% | 30.00% |
Schedule of Fair Value, Assets
Schedule of Fair Value, Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan assets | $ 43,316 | $ 28,095 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 230,319 | 176,663 |
Deferred compensation plan assets | $ 43,316 | $ 28,095 |
Product Warranty - Additional I
Product Warranty - Additional Information (Detail) | 12 Months Ended |
Jul. 31, 2018 | |
Product Warranty One | |
Product Warranty Liability [Line Items] | |
Warranty period for retail customers, years | 1 year |
Product Warranty Two | |
Product Warranty Liability [Line Items] | |
Warranty period for retail customers, years | 2 years |
Schedule of Changes in Product
Schedule of Changes in Product Warranty Liabilities for Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Product Warranty | |||
Beginning balance | $ 216,781 | $ 201,840 | $ 108,206 |
Provision | 259,845 | 195,799 | 114,119 |
Payments | (211,698) | (180,858) | (110,092) |
Acquisitions | 89,607 | ||
Ending balance | $ 264,928 | $ 216,781 | $ 201,840 |
Long - Term Debt - Additional I
Long - Term Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Line of Credit Facility [Line Items] | |||
Line of credit, outstanding amount | $ 145,000,000 | ||
Interest expense | $ 5,187,000 | 9,730,000 | $ 1,592,000 |
Fees to secure the facility, amortized amount | $ 1,570,000 | 1,570,000 | 131,000 |
Asset-based revolving credit facility | |||
Line of Credit Facility [Line Items] | |||
Line of credit, maturity period | 5 years | ||
Line of credit, commencement date | Jun. 30, 2016 | ||
Line of credit, maturity date | Jun. 30, 2021 | ||
Line of credit, current borrowing capacity | $ 500,000,000 | ||
Line of credit, entitled expansion option | 100,000,000 | ||
Line of credit, outstanding amount | $ 0 | $ 145,000,000 | |
Line of credit, borrowing availability term | Borrowing availability under the credit agreement is limited to the lesser of the facility total and the monthly calculated borrowing base | ||
Line of credit, covenant term | The credit agreement has no financial covenant restrictions for borrowings as long as the Company has adjusted excess availability under the facility that exceeds 10% of the lesser of the line commitment or the borrowing base total, with a floor of $40,000. | ||
Line of credit, borrowing availability | $ 495,657,000 | ||
Weighted-average interest rate on borrowings | 2.82% | 2.34% | |
Fees to secure the facility, amount incurred | 7,850,000 | ||
Fees to secure the facility, unamortized amount | $ 4,579,000 | $ 6,149,000 | |
Asset-based revolving credit facility | Interest expense | |||
Line of Credit Facility [Line Items] | |||
Fees to secure the facility, amortized amount | $ 1,570,000 | 1,570,000 | $ 131,000 |
Asset-based revolving credit facility | Minimum | |||
Line of Credit Facility [Line Items] | |||
Line of credit, percentage of line commitment to be exceeded by the excess borrowing availability | 10.00% | ||
Line of credit, borrowing base | $ 40,000,000 | ||
Asset-based revolving credit facility | Maximum | |||
Line of Credit Facility [Line Items] | |||
Fees to secure the facility, amortization period | 5 years | ||
Asset-based revolving credit facility | LIBOR rate | |||
Line of Credit Facility [Line Items] | |||
Line of credit, outstanding amount | $ 145,000,000 | ||
Line of credit, pricing spreads rate | 1.50% | ||
Line of credit, effective interest rate | 2.72% | ||
Asset-based revolving credit facility | LIBOR rate | Minimum | |||
Line of Credit Facility [Line Items] | |||
Line of credit, pricing spreads rate | 1.25% | ||
Asset-based revolving credit facility | LIBOR rate | Maximum | |||
Line of Credit Facility [Line Items] | |||
Line of credit, pricing spreads rate | 1.75% | ||
Asset-based revolving credit facility | Base rate | Minimum | |||
Line of Credit Facility [Line Items] | |||
Line of credit, pricing spreads rate | 0.25% | ||
Asset-based revolving credit facility | Base rate | Maximum | |||
Line of Credit Facility [Line Items] | |||
Line of credit, pricing spreads rate | 0.75% | ||
Asset-based revolving credit facility | LIBOR and base rate | |||
Line of Credit Facility [Line Items] | |||
Interest expense | $ 1,939,000 | $ 7,002,000 |
Schedule of Components of Provi
Schedule of Components of Provision (Benefit) for Income Taxes from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ 166,402 | $ 200,370 | $ 126,846 |
State and local | 21,025 | 20,941 | 12,716 |
Total current expense | 187,427 | 221,311 | 139,562 |
Federal | 17,820 | (37,033) | (13,079) |
State and local | (2,369) | (2,146) | (1,192) |
Total deferred expense (benefit) | 15,451 | (39,179) | (14,271) |
Total income tax expense | $ 202,878 | $ 182,132 | $ 125,291 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Jul. 31, 2018 | Dec. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Income Tax [Line Items] | ||||||
Corporate tax rate | 35.00% | 21.00% | 26.90% | |||
Unrecognized tax benefits that, if recognized, would affect the company's income tax rate | $ 10,491 | $ 10,491 | $ 10,491 | $ 8,477 | $ 8,886 | |
Accrued interest and penalties | 1,290 | 1,290 | 1,290 | 1,209 | ||
Total amount of interest and penalties expense (benefit) recognized | 203 | $ (218) | $ (231) | |||
Expected decrease in unrecognized tax benefits due to resolution of uncertain tax positions | 2,300 | 2,300 | 2,300 | |||
Expected decrease in interest due to resolution of uncertain tax positions | 450 | |||||
State and Local Jurisdiction | ||||||
Income Tax [Line Items] | ||||||
Tax credit carry forward | 996 | 996 | 996 | |||
Gross state tax Net Operating Loss carry forwards | 9,141 | 9,141 | 9,141 | |||
Deferred tax asset, Net Operating Loss carry forwards | 525 | $ 525 | $ 525 | |||
State and Local Jurisdiction | Earliest Tax Year | ||||||
Income Tax [Line Items] | ||||||
Tax credit carry forward expiration year | 2,027 | |||||
Gross state tax Net Operating Loss carry forwards, expiration year | 2,019 | |||||
State and Local Jurisdiction | Latest Tax Year | ||||||
Income Tax [Line Items] | ||||||
Tax credit carry forward expiration year | 2,028 | |||||
Gross state tax Net Operating Loss carry forwards, expiration year | 2,038 | |||||
Staff Accounting Bulletin Number 118 | ||||||
Income Tax [Line Items] | ||||||
Measurement period | 1 year | |||||
Provisional tax amount of additional deferred income tax expense | $ 34,000 | |||||
Provisional tax amount of additional income tax expense | $ 2,000 |
Schedule of Differences between
Schedule of Differences between Income Taxes at Federal Statutory Rate and Actual Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Provision at federal statutory rate | $ 170,095 | $ 194,735 | $ 134,160 |
State and local income taxes, net of federal benefit | 14,255 | 11,021 | 6,599 |
Federal income tax credits and incentives | (3,518) | (3,228) | (4,194) |
Domestic production activities deduction | (16,175) | (19,527) | (12,609) |
Change in uncertain tax positions | 396 | 375 | 611 |
Effect of U.S. federal tax reform | 38,620 | ||
Other | (795) | (1,244) | 724 |
Total income tax expense | $ 202,878 | $ 182,132 | $ 125,291 |
Schedule of Deferred Income Tax
Schedule of Deferred Income Taxes (Detail) - Noncurrent Deferred Income Tax Assets (Liabilities) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ||
Inventory basis | $ 922 | $ 1,460 |
Employee benefits | 3,427 | 6,471 |
Self-Insurance Reserves | 6,368 | 9,940 |
Accrued product warranties | 62,332 | 73,393 |
Accrued incentives | 5,235 | 6,175 |
Sales returns and allowances | 1,741 | 2,340 |
Accrued expenses | 1,905 | 3,399 |
Property, plant and equipment | (9,060) | (8,151) |
Deferred compensation | 12,864 | 14,556 |
Intangibles | (9,151) | (17,184) |
Unrecognized tax benefits | 2,581 | 3,925 |
Other | (720) | (3,355) |
Deferred income tax asset, net | $ 78,444 | $ 92,969 |
Schedule of Changes in Unrecogn
Schedule of Changes in Unrecognized Tax Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 12,671 | $ 13,269 | $ 13,156 |
Tax positions related to prior years: Additions | 353 | 75 | 1,546 |
Tax positions related to prior years: Reductions | (2,203) | (1,510) | (920) |
Tax positions related to current year: Additions | 3,629 | 3,853 | 3,123 |
Settlements | (192) | (1,450) | (956) |
Lapses in statute of limitations | (1,254) | (1,566) | (2,680) |
Ending balance | $ 13,004 | $ 12,671 | $ 13,269 |
Components of Total Unrecognize
Components of Total Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized tax benefits | $ 13,004 | $ 12,671 | $ 13,269 | $ 13,156 |
Reduction to unrecognized tax benefits for tax credit carry forward | (955) | (1,882) | ||
Accrued interest and penalties | 1,290 | 1,209 | ||
Total unrecognized tax benefits | 13,339 | 11,998 | ||
Short-term, included in "Income and other taxes" | 893 | 1,735 | ||
Long-term | 12,446 | 10,263 | ||
Total unrecognized tax benefits | $ 13,339 | $ 11,998 |
Contingent Liabilities and Co67
Contingent Liabilities and Commitments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Standby Repurchase Obligations Amount | $ 2,748,465 | $ 2,200,544 |
Term of Commitments | Up to eighteen months | |
Repurchase and guarantee reserve balances | $ 7,400 | $ 6,345 |
Future Minimum Rental Payments
Future Minimum Rental Payments under Capital and Operating Leases (Detail) $ in Thousands | Jul. 31, 2018USD ($) |
Leases [Abstract] | |
For the fiscal year ending July 31, 2019 | $ 977 |
For the fiscal year ending July 31, 2020 | 974 |
For the fiscal year ending July 31, 2021 | 993 |
For the fiscal year ending July 31, 2022 | 1,015 |
For the fiscal year ending July 31, 2023 | 1,037 |
For the fiscal year ending July 31, 2024 and thereafter | 4,098 |
Total minimum lease payments | 9,094 |
Less amount representing interest | (2,999) |
Present value of net minimum capital lease payments | 6,095 |
Less current portion | (410) |
Long-term capital lease obligations | 5,685 |
For the fiscal year ending July 31, 2019 | 2,301 |
For the fiscal year ending July 31, 2020 | 1,544 |
For the fiscal year ending July 31, 2021 | 1,259 |
For the fiscal year ending July 31, 2022 | 1,046 |
For the fiscal year ending July 31, 2023 | 1,011 |
For the fiscal year ending July 31, 2024 and thereafter | 6,723 |
Total minimum lease payments | $ 13,884 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Leases [Abstract] | |||
Rent expense | $ 3,804 | $ 3,560 | $ 3,757 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Postemployment Benefits [Abstract] | |||
Employer match and administrative fees for 401(k) plan | $ 2,689 | $ 1,797 | $ 917 |
Investments under employees deferred compensation plan | $ 43,316 | $ 28,095 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Jun. 19, 2018 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 |
Stock Based Compensation And Stockholders Equity [Line Items] | ||||
Total unrecognized compensation costs | $ 21,993,000 | |||
Period for recognition of compensation cost not yet recognized | 2 years 2 months 23 days | |||
Tax benefits from stock compensation expense | $ 4,930,000 | $ 4,625,000 | $ 3,473,000 | |
Stock repurchase program authorized amount | $ 250,000,000 | |||
Stock repurchase program expiration date | Jun. 19, 2020 | |||
Obligation to repurchase common stock | 0 | |||
Restricted Stock Units (RSUs) | ||||
Stock Based Compensation And Stockholders Equity [Line Items] | ||||
Total compensation expenses | $ 17,000,000 | 12,399,000 | 9,272,000 | |
2010 Equity Incentive Plan | ||||
Stock Based Compensation And Stockholders Equity [Line Items] | ||||
Number of shares authorized under stock option plan | 2,000,000 | |||
Number of shares available to be granted | 1,211,385 | |||
2016 Equity Incentive Plan | ||||
Stock Based Compensation And Stockholders Equity [Line Items] | ||||
Number of shares authorized under stock option plan | 2,000,000 | |||
Number of shares available to be granted | 1,669,452 | |||
Restricted Stock Awards | ||||
Stock Based Compensation And Stockholders Equity [Line Items] | ||||
Total compensation expenses | $ 0 | $ 101,000 | $ 115,000 | |
Total unrecognized compensation costs | $ 0 | |||
Share-based compensation arrangement by share-based payment award, award vesting period | 5 years |
Schedule of Restricted Stock Aw
Schedule of Restricted Stock Award Activity (Detail) - $ / shares | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested, beginning of year, Shares | 1,899 | 5,806 | 9,713 |
Vested, Shares | (1,899) | (3,907) | (3,907) |
Nonvested, end of year, Shares | 1,899 | 5,806 | |
Nonvested, beginning of year, Weighted Average Grant Date Fair Value | $ 32.36 | $ 31.36 | $ 31.16 |
Vested, Weighted Average Grant Date Fair Value | $ 32.36 | 30.87 | 30.87 |
Nonvested, end of year, Weighted Average Grant Date Fair Value | $ 32.36 | $ 31.36 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested, beginning of year, Shares | 332,576 | 325,136 | 280,353 |
Granted, Shares | 171,340 | 166,567 | 181,872 |
Vested, Shares | (168,714) | (157,315) | (133,758) |
Forfeited, Shares | (6,771) | (1,812) | (3,331) |
Nonvested, end of year, Shares | 328,431 | 332,576 | 325,136 |
Nonvested, beginning of year, Weighted Average Grant Date Fair Value | $ 69.41 | $ 53.95 | $ 50.55 |
Granted, Weighted Average Grant Date Fair Value | 124.84 | 84.85 | 55.37 |
Vested, Weighted Average Grant Date Fair Value | 64.01 | 53.87 | 48.73 |
Forfeited, Weighted Average Grant Date Fair Value | 93.46 | 64.03 | 54.18 |
Nonvested, end of year, Weighted Average Grant Date Fair Value | $ 101.97 | $ 69.41 | $ 53.95 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) $ in Thousands, € in Millions, shares in Millions | Sep. 18, 2018USD ($)shares | Sep. 18, 2018EUR (€)shares | Sep. 18, 2018EUR (€) | Jul. 31, 2017USD ($) |
Subsequent Event [Line Items] | ||||
Amount of debt financing | $ 145,000 | |||
Subsequent Event | Erwin Hymer Group [Member] | ||||
Subsequent Event [Line Items] | ||||
Business acquisition,Consideration transferred | $ 2,000,000 | € 1,700 | ||
Business acquisition, Equity consideration | shares | 2.3 | 2.3 | ||
Business acquisition, debt assumed | $ 350,000 | € 300 | ||
Subsequent Event | Erwin Hymer Group [Member] | Term Loan [Member] | ||||
Subsequent Event [Line Items] | ||||
Credit facility term | 7 years | 7 years | ||
Amount of debt financing | $ 2,300,000 | |||
Subsequent Event | Asset Based Credit Facility [Member] | Erwin Hymer Group [Member] | ||||
Subsequent Event [Line Items] | ||||
Credit facility term | 5 years | 5 years | ||
Amount of debt financing | $ 750,000 |