THOR INDUSTRIES INC, 10-Q filed on 3/9/2021
Quarterly Report
v3.20.4
Cover Page - shares
 6 Months Ended
Jan. 31, 2021
Feb. 28, 2021
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jan. 31, 2021  
Document Transition Report false  
Entity File Number 001-09235  
Entity Registrant Name THOR INDUSTRIES, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 93-0768752  
Entity Address, Address Line One 601 E. Beardsley Ave.  
Entity Address, City or Town Elkhart  
Entity Address, State or Province IN  
Entity Address, Postal Zip Code 46514  
City Area Code (574)  
Local Phone Number 970-7460  
Title of 12(b) Security Common stock (Par value $.10 Per Share)  
Trading Symbol THO  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   55,366,241
Amendment Flag false  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0000730263  
Current Fiscal Year End Date --07-31  
v3.20.4
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Jan. 31, 2021
Jul. 31, 2020
Current assets:    
Cash and cash equivalents $ 183,634 $ 538,519
Restricted cash 2,913 2,844
Accounts receivable, trade, net 724,026 588,069
Factored accounts receivable 128,672 143,278
Accounts receivable, other, net 91,268 82,880
Inventories, net 1,300,185 716,305
Prepaid income taxes, expenses and other 64,851 30,382
Total current assets 2,495,549 2,102,277
Property, plant and equipment, net 1,132,722 1,107,649
Other assets:    
Goodwill 1,581,990 1,476,541
Amortizable intangible assets, net 1,009,431 914,724
Deferred income tax assets, net 46,460 78,738
Other 103,394 91,531
Total other assets 2,741,275 2,561,534
TOTAL ASSETS 6,369,546 5,771,460
Current liabilities:    
Accounts payable 803,496 636,506
Current portion of long-term debt 12,802 13,817
Short-term financial obligations 36,672 35,939
Accrued liabilities:    
Compensation and related items 203,379 160,083
Product warranties 251,009 252,869
Income and other taxes 49,868 83,893
Promotions and rebates 95,973 97,378
Product, property and related liabilities 18,939 15,440
Liabilities related to factored receivables 128,672 143,278
Other 71,597 76,078
Total current liabilities 1,672,407 1,515,281
Long-term debt 1,821,522 1,652,831
Deferred income tax liabilities, net 123,486 123,802
Unrecognized tax benefits 18,748 12,765
Other liabilities 136,672 121,212
Total long-term liabilities 2,100,428 1,910,610
Contingent liabilities and commitments
Stockholders’ equity:    
Preferred stock – authorized 1,000,000 shares; none outstanding 0 0
Common stock – par value of $.10 per share; authorized 250,000,000 shares; issued 65,651,570 and 65,396,531 shares, respectively 6,565 6,540
Additional paid-in capital 448,010 436,828
Retained earnings 2,402,211 2,201,330
Accumulated other comprehensive income, net of tax 73,676 26,993
Less treasury shares of 10,285,329 and 10,197,775, respectively, at cost (360,226) (351,909)
Stockholders' equity attributable to THOR Industries, Inc. 2,570,236 2,319,782
Non-controlling interests 26,475 25,787
Total stockholders’ equity 2,596,711 2,345,569
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 6,369,546 $ 5,771,460
v3.20.4
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares
Jan. 31, 2021
Jul. 31, 2020
Statement of Financial Position [Abstract]    
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized (in shares) 250,000,000 250,000,000
Common stock, shares issued (in shares) 65,651,570 65,396,531
Treasury, shares (in shares) 10,285,329 10,197,775
v3.20.4
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Jan. 31, 2021
Jan. 31, 2020
Income Statement [Abstract]        
Net sales $ 2,727,788 $ 2,003,133 $ 5,265,148 $ 4,161,918
Cost of products sold 2,312,911 1,746,727 4,471,419 3,596,701
Gross profit 414,877 256,406 793,729 565,217
Selling, general and administrative expenses 206,189 162,357 387,952 350,821
Amortization of intangible assets 29,203 24,273 56,630 48,566
Impairment charges 0 10,057 0 10,057
Interest income 202 974 520 1,949
Interest expense 24,164 27,234 48,440 55,259
Other income, net 8,436 1,404 9,051 1,034
Income before income taxes 163,959 34,863 310,278 103,497
Income tax provision 32,769 7,837 63,449 24,626
Net income 131,190 27,026 246,829 78,871
Less: Net income (loss) attributable to non-controlling interests (1,334) (1,647) 548 (867)
Net income attributable to THOR Industries, Inc. $ 132,524 $ 28,673 $ 246,281 $ 79,738
Weighted-average common shares outstanding:        
Basic (in shares) 55,366,241 55,198,756 55,302,203 55,146,915
Diluted (in shares) 55,568,667 55,396,116 55,561,675 55,310,385
Earnings per common share:        
Basic (in dollars per share) $ 2.39 $ 0.52 $ 4.45 $ 1.45
Diluted (in dollars per share) $ 2.38 $ 0.52 $ 4.43 $ 1.44
Comprehensive income:        
Net income $ 131,190 $ 27,026 $ 246,829 $ 78,871
Other comprehensive income (loss), net of tax        
Foreign currency translation adjustment 60,133 (11,902) 41,140 (10,909)
Unrealized gain (loss) on derivatives, net of tax 2,351 (224) 5,683 (3,946)
Total other comprehensive income (loss), net of tax 62,484 (12,126) 46,823 (14,855)
Total Comprehensive income 193,674 14,900 293,652 64,016
Less: Comprehensive income (loss) attributable to non-controlling interests (1,307) (1,949) 688 (1,311)
Comprehensive income attributable to THOR Industries, Inc. $ 194,981 $ 16,849 $ 292,964 $ 65,327
v3.20.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Cash flows from operating activities:    
Net income $ 246,829 $ 78,871
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation 54,324 50,586
Amortization of intangible assets 56,630 48,566
Amortization of debt issuance costs 5,460 5,371
Impairment charges 0 10,057
Deferred income tax (benefit) provision (98) 1,661
(Gain) loss on disposition of property, plant and equipment (196) 1,241
Stock-based compensation expense 13,058 10,075
Changes in assets and liabilities:    
Accounts receivable (99,282) (121,725)
Inventories, net (425,026) (109,999)
Prepaid income taxes, expenses and other (39,226) 5,280
Accounts payable 112,131 67,036
Accrued liabilities (25,114) (47,216)
Long-term liabilities and other 11,944 5,494
Net cash provided by (used in) operating activities (88,566) 5,298
Cash flows from investing activities:    
Purchases of property, plant and equipment (48,097) (52,858)
Proceeds from dispositions of property, plant and equipment 1,084 20,350
Business acquisitions, net of cash acquired (310,576) 0
Other 0 (4,527)
Net cash used in investing activities (357,589) (37,035)
Cash flows from financing activities:    
Borrowings on revolving asset-based credit facilities 213,632 75,007
Payments on term-loan credit facilities (59,700) (155,388)
Payments on revolving asset-based credit facilities 0 (47,609)
Payments on other debt (7,522) (7,058)
Regular cash dividends paid (45,400) (44,159)
Payments on finance lease obligations (244) (214)
Payments related to vesting of stock-based awards (8,317) (3,763)
Short-term financial obligations and other, net (5,488) 9,896
Net cash provided by (used in) financing activities 86,961 (173,288)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 4,378 (566)
Net decrease in cash and cash equivalents and restricted cash (354,816) (205,591)
Cash and cash equivalents and restricted cash, beginning of period 541,363 451,262
Cash and cash equivalents and restricted cash, end of period 186,547 245,671
Cash and cash equivalents and restricted cash, total 186,547 245,671
Supplemental cash flow information:    
Income taxes paid 112,425 46,653
Interest paid 39,705 53,546
Non-cash investing and financing transactions:    
Capital expenditures in accounts payable $ 3,422 $ 2,631
v3.20.4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Treasury Stock
Stockholders' equity attributable to Thor
Non-controlling interests
Beginning balance (in shares) at Jul. 31, 2019   65,189,907       10,126,434    
Balance at beginning of period at Jul. 31, 2019 $ 2,095,228 $ 6,519 $ 416,382 $ 2,066,674 $ (57,004) $ (348,146) $ 2,084,425 $ 10,803
Net income 78,871     79,738     79,738 (867)
Restricted stock unit activity (in shares)   206,624       71,341    
Restricted stock unit activity (2,826) $ 21 916     $ (3,763) (2,826)  
Dividends per common share (44,159)     (44,159)     (44,159)  
Stock-based compensation expense 10,075   10,075       10,075  
Other comprehensive income (14,855)       (14,411)   (14,411) (444)
Ending balance (in shares) at Jan. 31, 2020   65,396,531       10,197,775    
Ending balance at Jan. 31, 2020 2,122,334 $ 6,540 427,373 2,102,253 (71,415) $ (351,909) 2,112,842 9,492
Beginning balance (in shares) at Oct. 31, 2019   65,396,531       10,197,775    
Balance at beginning of period at Oct. 31, 2019 2,124,971 $ 6,540 422,831 2,095,659 (59,591) $ (351,909) 2,113,530 11,441
Net income 27,026     28,673     28,673 (1,647)
Restricted stock unit activity (520)   (520)       (520)  
Dividends per common share (22,079)     (22,079)     (22,079)  
Stock-based compensation expense 5,062   5,062       5,062  
Other comprehensive income (12,126)       (11,824)   (11,824) (302)
Ending balance (in shares) at Jan. 31, 2020   65,396,531       10,197,775    
Ending balance at Jan. 31, 2020 2,122,334 $ 6,540 427,373 2,102,253 (71,415) $ (351,909) 2,112,842 9,492
Beginning balance (in shares) at Jul. 31, 2020   65,396,531       10,197,775    
Balance at beginning of period at Jul. 31, 2020 2,345,569 $ 6,540 436,828 2,201,330 26,993 $ (351,909) 2,319,782 25,787
Net income 246,829     246,281     246,281 548
Restricted stock unit activity (in shares)   255,039       87,554    
Restricted stock unit activity (10,168) $ 25 (1,876)     $ (8,317) (10,168)  
Dividends per common share (45,400)     (45,400)     (45,400)  
Stock-based compensation expense 13,058   13,058       13,058  
Other comprehensive income 46,823       46,683   46,683 140
Ending balance (in shares) at Jan. 31, 2021   65,651,570       10,285,329    
Ending balance at Jan. 31, 2021 2,596,711 $ 6,565 448,010 2,402,211 73,676 $ (360,226) 2,570,236 26,475
Beginning balance (in shares) at Oct. 31, 2020   65,651,570       10,285,329    
Balance at beginning of period at Oct. 31, 2020 2,420,521 $ 6,565 442,794 2,292,387 11,219 $ (360,226) 2,392,739 27,782
Net income 131,190     132,524     132,524 (1,334)
Restricted stock unit activity (2,074)   (2,074)       (2,074)  
Dividends per common share (22,700)     (22,700)     (22,700)  
Stock-based compensation expense 7,290   7,290       7,290  
Other comprehensive income 62,484       62,457   62,457 27
Ending balance (in shares) at Jan. 31, 2021   65,651,570       10,285,329    
Ending balance at Jan. 31, 2021 $ 2,596,711 $ 6,565 $ 448,010 $ 2,402,211 $ 73,676 $ (360,226) $ 2,570,236 $ 26,475
v3.20.4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Jan. 31, 2021
Jan. 31, 2020
Equity [Abstract]        
Cash dividends, per common share (in dollars per share) $ 0.41 $ 0.40 $ 0.82 $ 0.80
v3.20.4
Nature of Operations and Accounting Policies
 6 Months Ended
Jan. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Accounting Policies Nature of Operations and Accounting Policies
Nature of Operations

THOR Industries, Inc. was founded in 1980 and is the sole owner of operating subsidiaries (collectively, the “Company” or "THOR"), that, combined, represent the world's largest manufacturer of recreational vehicles (“RVs”). The Company manufactures a wide variety of RVs in the United States and Europe and sells those vehicles, as well as related parts and accessories, primarily to independent, non-franchise dealers throughout the United States, Canada and Europe. Unless the context requires or indicates otherwise, all references to “THOR,” the “Company,” “we,” “our” and “us” refer to THOR Industries, Inc. and its subsidiaries.

The July 31, 2020 amounts are derived from the annual audited financial statements of THOR. The interim financial statements are unaudited. In the opinion of management, all adjustments (which consist of normal, recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented have been made. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2020. Due to seasonality within the recreational vehicle industry, and the current COVID-19 pandemic, among other factors, annualizing the results of operations for the six months ended January 31, 2021 would not necessarily be indicative of the results expected for the full fiscal year.

Recently Adopted Accounting Standards

In January 2017, the FASB issued ASU No. 2017-04, "Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge (referred to as Step 2 in the goodwill impairment test). Instead, if the carrying amount of a reporting unit exceeds its fair value, an impairment charge equal to that excess shall be recognized, not to exceed the amount of goodwill allocated to the reporting unit. This ASU is effective for annual and any interim impairment tests for periods beginning after December 15, 2019. The Company adopted ASU 2017-04, effective August 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.
v3.20.4
Acquisitions
 6 Months Ended
Jan. 31, 2021
Business Combinations [Abstract]  
Acquisitions Acquisitions
Tiffin Group

On December 18, 2020, the Company closed on a Stock Purchase Agreement (“Tiffin Group SPA”) for the acquisition of all of the issued and outstanding capital stock of luxury motorized recreational vehicle manufacturer Tiffin Motorhomes, Inc., including fifth wheel towable recreational vehicle manufacturer Vanleigh RV, and certain other associated operating and supply companies, which primarily supply component parts and services to Tiffin Motorhomes, Inc. and Vanleigh RV, (collectively, the “Tiffin Group”). Tiffin Group, LLC, a wholly-owned subsidiary of the Company, will own the Tiffin Group. In accordance with the Tiffin Group SPA, the closing was deemed effective as of December 18, 2020. Tiffin Motorhomes, Inc. operates in various locations in Alabama while Vanleigh RV operates in Mississippi.

The initial cash consideration for the acquisition of the Tiffin Group was approximately $300,000, subject to adjustment, and was funded through existing cash-on-hand as well as $165,000 in borrowings from the Company’s existing asset-based credit facility. The total cash consideration to be paid is subject to the final determination of the actual acquired net working capital, as defined in the Tiffin Group SPA, as of the close of business on December 18, 2020, which determination is expected to be finalized later in fiscal 2021. The Tiffin Group will operate as an independent operation in the same manner as the Company’s other recreational vehicle subsidiaries, and its motorized operations are aggregated within the Company’s motorized recreational vehicle reportable segment and its towable operations are aggregated within the Company’s towable recreational vehicle reportable segment. The Company purchased the Tiffin Group to complement its existing motorized and towable RV product offerings and North American independent dealer base.
The results of the Tiffin Group are included in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income since the December 18, 2020 acquisition date. During this period, the Tiffin Group recorded net sales of $82,432 and the results of operations were not material.

The following table summarizes the preliminary estimated fair values of the Tiffin Group net assets acquired on the acquisition date. The Company is in the process of completing a fair value analysis, but this analysis has not been fully completed. While all amounts remain subject to adjustment, the areas subject to the most significant potential adjustment are intangible assets, deferred income tax liabilities and certain accrued expenses. The Company expects to finalize these values as soon as practical and no later than one year from the acquisition date.

Cash$12,985 
Inventory116,691 
Other assets53,860 
Property, plant and equipment48,511 
Amortizable intangible assets:
Dealer network92,100 
Trademarks32,100 
Non-compete agreements1,400 
Backlog4,800 
Goodwill62,336 
Current liabilities(81,859)
Deferred income tax liabilities(34,860)
Other liabilities(7,203)
Total fair value of net assets acquired300,861 
Less cash acquired(12,985)
Total cash consideration for acquisition, less cash acquired$287,876 

On the acquisition date, amortizable intangible assets had a weighted-average useful life of 18.8 years. The dealer network was valued based on the Discounted Cash Flow Method and will be amortized on an accelerated basis over 18 to 20 years. The trademarks were valued on the Relief from Royalty Method and will be amortized on a straight-line basis over 20 years. Backlog was valued based on the Discounted Cash Flow Method and will be amortized on a straight-line basis over 5 to 7 months. Generally, the goodwill recognized as a result of this transaction will be not deductible for tax purposes.

Togo Group

In February 2018, the Company formed a 50/50 joint venture, originally called TH2connect, LLC, with Tourism Holdings Limited ("thl"). In July 2019, this joint venture was rebranded as "Togo Group." Togo Group was formed to own, improve and sell innovative and comprehensive digital applications through a platform designed for the global RV industry.

Effective March 23, 2020, the Company and thl reached an agreement (the “2020 Agreement”) whereby the Company obtained additional ownership interest in Togo Group. THOR obtained a 73.5% controlling interest in Togo Group and the power to direct the activities of Togo Group. Since the effective date of the 2020 Agreement, the operating results, balance sheet accounts and cash flow activity of Togo Group have been consolidated within the Company's Condensed Consolidated Financial Statements.

The operations of Togo Group are focused on digital solutions primarily for the North American market related to travel and RV use, with expansion into other regions anticipated in future periods. The Togo Group is managed as a stand-alone operating entity and represents a non-reportable segment and a separate reporting unit for goodwill assessment purposes.
The table below summarizes the final estimated fair value of the Togo Group assets acquired and liabilities assumed as of the 2020 Agreement effective date.

Cash$326 
Accounts receivable466 
Other assets749 
Property, plant and equipment362 
Amortizable intangible assets
Trade names and trademarks1,130 
Developed technology5,700 
Other1,350 
Goodwill61,955 
Liabilities(2,595)
Non-controlling interest(16,835)
Total fair value of net assets acquired$52,608 

Amortizable intangible assets have a weighted-average useful life of approximately eight years and are amortized on a straight-line basis. The developed technology was valued using the Multi-Period Excess Earnings method, which is a form of the income approach. Trade names and trademarks were valued using the Relief from Royalty method. The majority of the goodwill is expected to be deductible for tax purposes.

Prior to the March 23, 2020 effective date of the 2020 Agreement, the Company accounted for the investment in Togo Group under the equity method of accounting, and the Company's share of the losses of this investment were included in Other income (expense), net in the Condensed Consolidated Statements of Income and Comprehensive Income. The Company's share of the losses from this investment recognized in the three and six-month periods ended January 31, 2020 were $2,652 and $4,747, respectively.

The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2021 acquisition of the Tiffin Group had occurred at the beginning of fiscal 2020 and the fiscal 2020 acquisition of the Togo Group had occurred at the beginning of fiscal 2019. These performance results may not be indicative of the actual results that would have occurred under the ownership and management of the Company.

Three Months EndedSix Months Ended
January 31, 2021January 31, 2021
Net sales$2,829,652 $5,529,050 
Net income attributable to THOR Industries, Inc.$139,345 $254,461 
Basic earnings per common share$2.52 $4.60 
Diluted earnings per common share$2.51 $4.58 

Three Months EndedSix Months Ended
January 31, 2020January 31, 2020
Net sales$2,204,841 $4,577,026 
Net income attributable to THOR Industries, Inc.$32,043 $82,657 
Basic earnings per common share$0.58 $1.50 
Diluted earnings per common share$0.58 $1.49 
v3.20.4
Business Segments
 6 Months Ended
Jan. 31, 2021
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company has three reportable segments, all related to recreational vehicles: (1) North American Towables, (2) North American Motorized and (3) European. The operations of the Company's Postle and Togo Group subsidiaries are included in Other, which is a non-reportable segment.

The following tables reflect certain financial information by reportable segment:

Three Months Ended January 31,Six Months Ended January 31,
NET SALES:2021202020212020
Recreational vehicles
North American Towables$1,373,181$983,907$2,765,225$2,184,795
North American Motorized576,995343,6801,070,850759,569
Total North America1,950,1761,327,5873,836,0752,944,364
European733,463637,1151,335,9511,130,122
Total recreational vehicles2,683,6391,964,7025,172,0264,074,486
Other74,71457,745155,421131,311
Intercompany eliminations(30,565)(19,314)(62,299)(43,879)
Total$2,727,788$2,003,133$5,265,148$4,161,918

Three Months Ended January 31,Six Months Ended January 31,
INCOME (LOSS) BEFORE INCOME TAXES:2021202020212020
Recreational vehicles
North American Towables$147,880$53,426$289,059$157,748
North American Motorized43,42114,91684,98836,691
Total North America191,30168,342374,047194,439
European10,2164,6904,710(18,334)
Total recreational vehicles201,51773,032378,757176,105
Other, net9,6448,60921,13420,360
Corporate(47,202)(46,778)(89,613)(92,968)
Total$163,959$34,863$310,278$103,497

TOTAL ASSETS:January 31, 2021July 31, 2020
Recreational vehicles
North American Towables$1,721,615$1,529,913
North American Motorized1,066,507480,225
Total North America2,788,1222,010,138
European3,031,5293,102,071
Total recreational vehicles5,819,6515,112,209
Other, net245,299212,378
Corporate304,596446,873
Total$6,369,546$5,771,460
Three Months Ended January 31,Six Months Ended January 31,
DEPRECIATION AND INTANGIBLE AMORTIZATION EXPENSE:2021202020212020
Recreational vehicles
North American Towables$16,318$16,431$32,125$32,702
North American Motorized5,3343,5149,1047,008
Total North America21,65219,94541,22939,710
European31,60826,02062,93153,503
Total recreational vehicles53,26045,965104,16093,213
Other
3,0392,5235,9505,034
Corporate
416457844905
Total$56,715$48,945$110,954$99,152

CAPITAL ACQUISITIONS:Three Months Ended January 31,Six Months Ended January 31,
Recreational vehicles2021202020212020
North American Towables$6,913$7,421$16,321$18,696
North American Motorized3,7305,8605,4758,428
Total North America10,64313,28121,79627,124
European13,3227,15023,21622,177
Total recreational vehicles23,96520,43145,01249,301
Other
1,2162732,660928
Corporate
28430389928
Total$25,209$21,134$48,061$51,157
v3.20.4
Earnings Per Common Share
 6 Months Ended
Jan. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
The following table reflects the weighted-average common shares used to compute basic and diluted earnings per common share as included on the Condensed Consolidated Statements of Income and Comprehensive Income:

Three Months Ended January 31,Six Months Ended January 31,
2021202020212020
Weighted-average common shares outstanding for basic earnings per share
55,366,241 55,198,756 55,302,203 55,146,915 
Unvested restricted stock units202,426 197,360 259,472 163,470 
Weighted-average common shares outstanding assuming dilution
55,568,667 55,396,116 55,561,675 55,310,385 

For the three months ended January 31, 2021 and 2020, the Company had 60,916 and 160,091 unvested restricted stock units outstanding, respectively, which were excluded from this calculation as their effect would be antidilutive. For the six months ended January 31, 2021 and 2020, the Company had 78,862 and 213,395 unvested restricted stock units outstanding, respectively, which we excluded from this calculation as their effect would have been antidilutive.
v3.20.4
Derivatives and Hedging
 6 Months Ended
Jan. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Derivatives and Hedging
The fair value of our derivative instruments and the associated notional amounts, presented on a pre-tax basis, were as follows:
January 31, 2021July 31, 2020
Fair Value inFair Value in
Other CurrentOther Current
Cash Flow HedgesNotionalLiabilitiesNotionalLiabilities
Foreign currency forward contracts$13,731 $92 $— $— 
Interest rate swap agreements581,913 17,387 673,400 24,840 
Total derivative financial instruments$595,644 $17,479 $673,400 $24,840 
Foreign currency forward contracts accounted for as cash flow hedges and outstanding at January 31, 2021 mature over the next two months.

Net Investment Hedges

The foreign currency transaction gains and losses on the Euro-denominated portion of the term loan, which is designated and effective as a hedge of the Company’s net investment in its Euro-denominated functional currency subsidiaries, are included as a component of the foreign currency translation adjustment. Losses for the three and six months ended January 31, 2021, net of tax, were $16,436 and $10,954, respectively, and gains for the three and six months ended January 31, 2020, net of tax, were $3,802 and $2,843, respectively.

There were no amounts reclassified out of accumulated other comprehensive income ("AOCI") pertaining to the net investment hedge during the three and six-month periods ended January 31, 2021 and January 31, 2020, respectively.

Derivatives Not Designated as Hedging Instruments

The Company has certain other derivative instruments which have not been designated as hedges. These other derivative instruments had a notional amount totaling approximately $34,431 and a fair value of $1,932, which is included in Other current liabilities in the Condensed Consolidated Balance Sheet as of January 31, 2021. These other derivative instruments had a notional amount totaling approximately $34,862 and a fair value of $1,824, as of July 31, 2020. For these derivative instruments, changes in fair value are recognized in earnings.

The total amounts presented in the Condensed Consolidated Statements of Income and Comprehensive Income due to changes in the fair value of the following derivative instruments are as follows:
Three Months Ended January 31,
20212020
Gain (Loss) on Derivatives Designated as Cash Flow Hedges
Gain (Loss) recognized in Other Comprehensive Income, net of tax
Foreign currency forward contracts$(66)$(490)
Interest rate swap agreements2,417 266 
Total gain (loss)$2,351 $(224)

Six Months Ended January 31,
20212020
Gain (Loss) on Derivatives Designated as Cash Flow Hedges
Gain (Loss) recognized in Other Comprehensive Income, net of tax
Foreign currency forward contracts$(66)$(1,015)
Interest rate swap agreements5,749 (2,931)
Total gain (loss)$5,683 $(3,946)
Three Months Ended January 31,
20212020
 Interest Interest
SalesExpenseSalesExpense
Gain (Loss) Reclassified from AOCI, Net of Tax
Foreign currency forward contracts$7 $— $(434)$— 
Interest rate swap agreements— (2,623)— (1,019)
(Loss) on Derivatives Not Designated as Hedging Instruments
Amount of loss recognized in income, net of tax
Interest rate swap agreements— (8)— (93)
Total gain (loss)$7 $(2,631)$(434)$(1,112)


Six Months Ended January 31,
20212020
 Interest Interest
SalesExpenseSalesExpense
Gain (Loss) Reclassified from AOCI, Net of Tax
Foreign currency forward contracts$7 $— $(434)$— 
Interest rate swap agreements— (5,397)— (1,514)
(Loss) on Derivatives Not Designated as Hedging Instruments
Amount of loss recognized in income, net of tax
Interest rate swap agreements— (46)— (168)
Total gain (loss)$7 $(5,443)$(434)$(1,682)
v3.20.4
Inventories
 6 Months Ended
Jan. 31, 2021
Inventory Disclosure [Abstract]  
Inventories Inventories
Major classifications of inventories are as follows:
January 31, 2021July 31, 2020
Finished goods – RV$141,961 $152,297 
Finished goods – other54,424 44,779 
Work in process285,544 128,181 
Raw materials462,044 302,813 
Chassis406,371 135,194 
Subtotal
1,350,344 763,264 
Excess of FIFO costs over LIFO costs(50,159)(46,959)
Total inventories, net$1,300,185 $716,305 
Of the $1,350,344 and $763,264 of inventories at January 31, 2021 and July 31, 2020, $468,153 and $251,099, respectively, were valued on the last-in, first-out (LIFO) method, and $882,191 and $512,165, respectively, were valued on the first-in, first-out (FIFO) method.
v3.20.4
Property, Plant and Equipment
 6 Months Ended
Jan. 31, 2021
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
Property, plant and equipment consists of the following:
January 31, 2021July 31, 2020
Land$141,459 $136,200 
Buildings and improvements805,276 760,986 
Machinery and equipment490,604 438,985 
Rental vehicles44,914 83,534 
Lease right-of-use assets – operating37,615 33,609 
Lease right-of-use assets – finance7,361 3,672 
Total cost1,527,229 1,456,986 
Less accumulated depreciation(394,507)(349,337)
Property, plant and equipment, net$1,132,722 $1,107,649 

See Note 15 to the Condensed Consolidated Financial Statements for further information regarding the lease right-of-use assets.
v3.20.4
Intangible Assets and Goodwill
 6 Months Ended
Jan. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Intangible Assets and Goodwill
The components of amortizable intangible assets are as follows:
January 31, 2021July 31, 2020
Accumulated
Accumulated
CostAmortizationCost
Amortization
Dealer networks/customer relationships
$869,055 $290,948 $766,198 $252,320 
Trademarks
313,903 55,195 275,775 47,743 
Design technology and other intangibles
219,87652,245213,46840,654
Backlog
4,8001,157——
Non-compete agreements
1,40058——
Total amortizable intangible assets
$1,409,034 $399,603 $1,255,441 $340,717 

Estimated future amortization expense is as follows:
For the remainder of the fiscal year ending July 31, 2021$60,929
For the fiscal year ending July 31, 2022125,677
For the fiscal year ending July 31, 2023107,038
For the fiscal year ending July 31, 202497,122
For the fiscal year ending July 31, 202588,894
For the fiscal year ending July 31, 2026 and thereafter529,771
$1,009,431

Changes in the carrying amount of goodwill by reportable segment for the six months ended January 31, 2021 are summarized as follows:
North American TowablesNorth American MotorizedEuropeanOtherTotal
Net balance as of August 1, 2020$333,786 $— $1,037,929 $104,826 $1,476,541 
Fiscal 2021 activity:
Goodwill acquired18,845 43,491 — 17,882 80,218 
Foreign currency translation — — 25,231 — 25,231 
Net balance as of January 31, 2021$352,631 $43,491 $1,063,160 $122,708 $1,581,990 
Changes in the carrying amount of goodwill by reportable segment for the six months ended January 31, 2020 are summarized as follows:
North American TowablesNorth American MotorizedEuropeanOtherTotal
Net balance as of August 1, 2019$334,822 $— $980,339 $42,871 $1,358,032 
Fiscal 2020 activity:
Measurement period adjustments— — 5,087 — 5,087 
Foreign currency translation— — (8,890)— (8,890)
Impairment charge(1,109)— — — (1,109)
Net balance as of January 31, 2020$333,712 $— $976,536 $42,871 $1,353,120 

During the fiscal quarter ended January 31, 2020, there was an interim impairment assessment performed related to two groups of tangible and intangible assets within the North American Towables reportable segment using Level 3 inputs as defined by ASC 820. The Company recognized an aggregate impairment charge of $10,057 related to these assets during the fiscal quarter ended January 31, 2020, which included a goodwill impairment charge of $1,109.
v3.20.4
Concentration of Risk
 6 Months Ended
Jan. 31, 2021
Risks and Uncertainties [Abstract]  
Concentration of Risk Concentration of RiskOne dealer, FreedomRoads, LLC, accounted for 13% of the Company's consolidated net sales for both the three-month periods ended January 31, 2021 and January 31, 2020, and 14% for both the six-month periods ended January 31, 2021 and January 31, 2020, respectively. Sales to this dealer are reported within both the North American Towables and North American Motorized segments. This dealer also accounted for 17% and 18% of the Company’s consolidated trade accounts receivable at January 31, 2021 and July 31, 2020, respectively. The loss of this dealer could have a material effect on the Company’s business.
v3.20.4
Fair Value Measurements
 6 Months Ended
Jan. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The financial assets and liabilities that are accounted for at fair value on a recurring basis at January 31, 2021 and July 31, 2020 are as follows:
Input LevelJanuary 31, 2021July 31, 2020
Cash equivalentsLevel 1$217$227,154
Deferred compensation plan mutual fund assetsLevel 1$50,770$47,327
Deferred compensation plan liabilitiesLevel 1$72,192$61,290
Foreign currency forward contract liabilityLevel 2$92$—
Interest rate swap liabilitiesLevel 2$19,319$26,664

Cash equivalents represent investments in government and other money market funds traded in an active market and are reported as a component of Cash and cash equivalents in the Condensed Consolidated Balance Sheets.

Deferred compensation plan assets accounted for at fair value are investments in securities traded in an active market held for the benefit of certain employees of the Company as part of a deferred compensation plan. Additional plan investments in corporate-owned life insurance are recorded at their cash surrender value, not fair value, and therefore are not included above.

Foreign currency forward contracts outstanding at January 31, 2021 are used to exchange British Pounds Sterling ("GBP") for Euro. The total notional value of these contracts, including designated hedges and other contracts not designated, at January 31, 2021 is 10,000 GBP ($13,731), and these contracts have various maturity dates through March 31, 2021.

The Company entered into interest rate swaps to convert a portion of the Company's long-term debt from floating rate to fixed rate debt. As of January 31, 2021, the outstanding swaps had notional contract values of $581,913, partially hedging the interest rate risk related to the Company's U.S. dollar term loan tranche that matures in February 2026. The Company's other interest rate swaps not designated as hedging instruments had a notional contract value of $34,431 at January 31, 2021.
The fair value of foreign currency forward contracts is estimated by discounting the difference between the contractual forward price and the current available forward price for the residual maturity of the contract using observable market rates. The fair value of interest rate swaps is determined by discounting the estimated future cash flows based on the applicable observable yield curves.
v3.20.4
Product Warranties
 6 Months Ended
Jan. 31, 2021
Guarantees and Product Warranties [Abstract]  
Product Warranties Product Warranties
The Company generally provides retail customers of its products with a one-year or two-year warranty covering defects in material or workmanship, with longer warranties on certain structural components.

Changes in our product warranty liability during the indicated periods are as follows:

Three Months Ended January 31,Six Months Ended January 31,
2021202020212020
Beginning balance$245,554$285,600$252,869$289,679
Provision52,87061,463103,741121,673
Payments(60,365)(64,148)(117,939)(128,742)
Acquisition11,032—11,032—
Foreign currency translation1,918(294)1,30611
Liabilities held for sale reclassification—(556)—(556)
Ending balance$251,009$282,065$251,009$282,065
v3.20.4
Long-Term Debt
 6 Months Ended
Jan. 31, 2021
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The components of long-term debt are as follows:
January 31, 2021July 31, 2020
Term loan$1,552,337 $1,597,091 
Asset-based credit facility213,544 — 
Unsecured notes 30,340 29,620 
Other debt78,916 84,500 
Gross long-term debt1,875,137 1,711,211 
Debt issuance costs, net of amortization(40,813)(44,563)
Total long-term debt, net of debt issuance costs1,834,324 1,666,648 
Less: current portion of long-term debt(12,802)(13,817)
Total long-term debt, net, less current portion$1,821,522 $1,652,831 

On February 1, 2019, the Company entered into a seven-year term loan (“term loan”) agreement, which consists of both a United States Dollar-denominated term loan tranche and a Euro-denominated term loan tranche, and a $750,000 revolving asset-based credit facility (“ABL”). Subject to earlier termination, the term loan matures on February 1, 2026 and the ABL matures on February 1, 2024.

As of January 31, 2021, the entire outstanding U.S. term loan tranche balance of $941,900 was subject to a LIBOR-based rate totaling 3.938%, but the interest rate on $581,913 of that balance was fixed at 6.216% through an interest rate swap, dated March 18, 2019, by swapping the underlying 1-month LIBOR rate for a fixed rate of 2.466%. As of July 31, 2020, the entire outstanding U.S. term loan tranche balance of $941,900 was subject to a LIBOR-base rate of 3.938%, but the interest rate on $673,400 of that balance was fixed at 6.216% through an interest rate swap, dated March 18, 2019, by swapping the underlying 1-month LIBOR rate for a fixed rate of 2.466%. The total interest rate on both the January 31, 2021 and July 31, 2020 outstanding Euro term loan tranche balance of $610,437 and $655,191, respectively, was 4.00%.

The Company must make mandatory prepayments of principal under the term loan agreement upon the occurrence of certain specified events, including certain asset sales, debt issuances and receipt of annual cash flows in excess of certain amounts. No such specified events occurred during the three or six months ended January 31, 2021 or 2020.
Availability under the ABL agreement is subject to a borrowing base based on a percentage of applicable eligible receivables and eligible inventory. The ABL carries interest at an annual base rate plus 0.25% to 0.75%, or LIBOR plus 1.25% to 1.75%, based on adjusted excess availability as defined in the ABL agreement. This agreement also includes a 0.25% unused facility fee. The Company may, generally at its option, pay any borrowings under the ABL, in whole or in part, at any time and from time to time, without premium or penalty.

The unused availability under the ABL is generally available to the Company for general operating purposes and, based on January 31, 2021 eligible accounts receivable and inventory balances, net of amounts drawn, totaled approximately $507,000.

The unsecured notes of 25,000 Euro ($30,340) relate to long-term debt of our European segment. There are two series, 20,000 Euro ($24,272) with an interest rate of 1.945% maturing in March 2025, and 5,000 Euro ($6,068) with an interest rate of 2.534% maturing March 2028. Other debt relates primarily to real estate loans with varying maturity dates through September 2032 and interest rates ranging from 1.40% to 3.43%.

Total contractual gross debt maturities are as follows:
 For the remainder of the fiscal year ending July 31, 2021$6,282
For the fiscal year ending July 31, 202212,319
For the fiscal year ending July 31, 202312,445
For the fiscal year ending July 31, 2024226,119
For the fiscal year ending July 31, 202536,720
For the fiscal year ending July 31, 2026 and thereafter1,581,252
$1,875,137

For the three and six months ended January 31, 2021, interest expense on the term loan, ABL and other debt facilities was $20,663 and $41,251, respectively. For the three and six months ended January 31, 2020, interest expense on the term loan, ABL and other debt facilities was $23,863 and $48,212, respectively. The Company incurred fees to secure the term loan and ABL, and those amounts are being amortized ratably over the respective seven and five-year terms of those agreements. In addition, the Company recorded total charges related to the amortization of these term loan and ABL fees, which are included in interest expense, of $2,737 and $5,460 for the three and six months ended January 31, 2021, respectively. The Company also recorded total charges related to the amortization of these term loan and ABL fees, which are included in interest expense, of $2,686 and $5,371 for the three and six months ended January 31, 2020, respectively. The unamortized balance of the ABL facility fees was $8,406 at January 31, 2021 and $9,807 as of July 31, 2020 and is included in Other long-term assets in the Condensed Consolidated Balance Sheets.

The fair value of the Company’s term-loan debt at January 31, 2021 and July 31, 2020 was $1,555,088 and $1,565,866, respectively. The carrying value of the Company’s term-loan debt, excluding debt issuance costs, was $1,552,337 and $1,597,091 at January 31, 2021 and July 31, 2020, respectively. The fair value of the Company's debt is primarily estimated using Level 2 inputs as defined by ASC 820, primarily based on quoted market prices for the term loan debt. The fair value of other debt held by the Company approximates fair value.
v3.20.4
Provision for Income Taxes
 6 Months Ended
Jan. 31, 2021
Income Tax Disclosure [Abstract]  
Provision for Income Taxes Provision for Income Taxes
The overall effective income tax rate for the three months ended January 31, 2021 was 20.0%, and the effective income tax rate for the six months ended January 31, 2021 was 20.4%. These rates were both favorably impacted by certain foreign rate differences which include certain interest income not subject to corporate income tax and also by certain foreign return-to-provision adjustments. The overall effective income tax rate for the three months ended January 31, 2020 was 22.5%, and the effective income tax rate for the six months ended January 31, 2020 was 23.8%. These rates were both favorably impacted by certain foreign rate differences which include certain interest income not subject to corporate income tax. This benefit for the six months ended January 31, 2020 was partially offset by additional tax expense from the vesting of share-based compensation awards.

Within the next 12 months, the Company anticipates a decrease of approximately $7,900 in unrecognized tax benefits, and $2,000 in accrued interest related to unrecognized tax benefits recorded as of January 31, 2021, from expected settlements or payments of uncertain tax positions and lapses of the applicable statutes of limitations. Actual results may differ from these estimates.
The Company files income tax returns in the U.S. federal jurisdiction and in many U.S. state and foreign jurisdictions. For U.S. federal income tax purposes, fiscal years 2017 through 2019 remain open and could be subject to examination. In major state and major foreign jurisdictions, fiscal years 2017 through 2019 generally remain open and could be subject to examination. The Company is currently under exam by certain U.S. state tax authorities for the fiscal years ended July 31, 2015 through 2017. The Company believes it has adequately reserved for its exposure to additional payments for uncertain tax positions in its liability for unrecognized tax benefits.
v3.20.4
Contingent Liabilities, Commitments and Legal Matters
 6 Months Ended
Jan. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Contingent Liabilities, Commitments and Legal Matters Contingent Liabilities, Commitments and Legal Matters
The Company’s total commercial commitments under standby repurchase obligations on global dealer inventory financing were $2,367,122 and $1,876,922 as of January 31, 2021 and July 31, 2020, respectively. The commitment term is generally up to 18 months.

The Company accounts for the guarantee under repurchase agreements of dealers’ financing by deferring a portion of the related product sale that represents the estimated fair value of the guarantee at inception. This deferred amount is included in the repurchase and guarantee reserve balances of $8,054 and $7,747 as of January 31, 2021 and July 31, 2020, respectively, which is included in Other current liabilities in the Condensed Consolidated Balance Sheets.

Losses incurred related to repurchase agreements that were settled during the three and six months ended January 31, 2021 and January 31, 2020 were not material. Based on current market conditions, the Company believes that any future losses under these agreements will not have a material effect on the Company’s consolidated financial position, results of operations or cash flows.

The Company is also involved in certain litigation arising out of its operations in the normal course of its business, most of which is based upon state “lemon laws,” warranty claims and vehicle accidents (for which the Company carries insurance above a specified self-insured retention or deductible amount). The outcomes of legal proceedings and claims brought against the Company are subject to significant uncertainty. There is significant judgment required in assessing both the probability of an adverse outcome and the determination as to whether an exposure can be reasonably estimated. Based on current conditions, and in management’s opinion, the ultimate disposition of any current legal proceedings or claims against the Company will not have a material effect on the Company’s financial condition, operating results or cash flows. Litigation is, however, inherently uncertain and an adverse outcome from such litigation could have a material effect on the operating results of a particular reporting period.
v3.20.4
Leases
 6 Months Ended
Jan. 31, 2021
Leases [Abstract]  
Leases Leases
The Company has operating leases principally for land, buildings and equipment and has various finance leases for certain land and buildings expiring through 2035.

Certain of the Company's leases include options to extend or terminate the leases and these options have been included in the relevant lease term to the extent that they are reasonably certain to be exercised.

The Company does not include significant restrictions or covenants in our lease agreements, and residual value guarantees are not generally included within our operating leases.

The components of lease costs for the three and six-month periods ended January 31, 2021 and January 31, 2020 were as follows:
Three Months Ended January 31,Six Months Ended January 31,
2021202020212020
Operating lease cost$3,881 $3,112 $7,758 $6,143 
Finance lease cost
Amortization of right-of-use assets175 136 311 272 
Interest on lease liabilities131 134 257 271 
Total lease cost$4,187 $3,382 $8,326 $6,686 
Other information related to leases was as follows:
Six Months Ended January 31,
Supplemental Cash Flows Information20212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$7,710 $6,094 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$7,204 $1,561 
Finance leases$4,000 $— 

Supplemental Balance Sheet InformationJanuary 31, 2021July 31, 2020
Operating leases:
Operating lease right-of-use assets$37,615 $33,609 
Operating lease liabilities:
Other current liabilities$6,872 $5,343 
Other long-term liabilities30,979 28,456 
Total operating lease liabilities$37,851 $33,799 
Finance leases:
Finance lease right-of-use assets$7,361 $3,672 
Finance lease liabilities
Other current liabilities$996 $505 
Other long-term liabilities5,284 4,743 
Total finance lease liabilities$6,280 $5,248 

January 31, 2021July 31, 2020
Weighted-average remaining lease term:
Operating leases12.3 years13.6 years
Finance leases5.5 years6.8 years
Weighted-average discount rate:
Operating leases3.3 %3.4 %
Finance leases8.8 %9.7 %

Future minimum rental payments required under operating and finance leases as of January 31, 2021 were as follows:
Operating LeasesFinancing Leases
 For the remainder of the fiscal year ending July 31, 2021$6,238 $769 
For the fiscal year ending July 31, 202210,599 1,555 
For the fiscal year ending July 31, 20237,989 1,578 
For the fiscal year ending July 31, 20245,721 1,059 
For the fiscal year ending July 31, 2025 4,216 1,083 
For the fiscal year ending July 31, 2026 and thereafter19,569 2,061 
Total future lease payments54,332 8,105 
Less: amount representing interest(16,481)(1,825)
Total reported lease liability$37,851 $6,280 
Leases Leases
The Company has operating leases principally for land, buildings and equipment and has various finance leases for certain land and buildings expiring through 2035.

Certain of the Company's leases include options to extend or terminate the leases and these options have been included in the relevant lease term to the extent that they are reasonably certain to be exercised.

The Company does not include significant restrictions or covenants in our lease agreements, and residual value guarantees are not generally included within our operating leases.

The components of lease costs for the three and six-month periods ended January 31, 2021 and January 31, 2020 were as follows:
Three Months Ended January 31,Six Months Ended January 31,
2021202020212020
Operating lease cost$3,881 $3,112 $7,758 $6,143 
Finance lease cost
Amortization of right-of-use assets175 136 311 272 
Interest on lease liabilities131 134 257 271 
Total lease cost$4,187 $3,382 $8,326 $6,686 
Other information related to leases was as follows:
Six Months Ended January 31,
Supplemental Cash Flows Information20212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$7,710 $6,094 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$7,204 $1,561 
Finance leases$4,000 $— 

Supplemental Balance Sheet InformationJanuary 31, 2021July 31, 2020
Operating leases:
Operating lease right-of-use assets$37,615 $33,609 
Operating lease liabilities:
Other current liabilities$6,872 $5,343 
Other long-term liabilities30,979 28,456 
Total operating lease liabilities$37,851 $33,799 
Finance leases:
Finance lease right-of-use assets$7,361 $3,672 
Finance lease liabilities
Other current liabilities$996 $505 
Other long-term liabilities5,284 4,743 
Total finance lease liabilities$6,280 $5,248 

January 31, 2021July 31, 2020
Weighted-average remaining lease term:
Operating leases12.3 years13.6 years
Finance leases5.5 years6.8 years
Weighted-average discount rate:
Operating leases3.3 %3.4 %
Finance leases8.8 %9.7 %

Future minimum rental payments required under operating and finance leases as of January 31, 2021 were as follows:
Operating LeasesFinancing Leases
 For the remainder of the fiscal year ending July 31, 2021$6,238 $769 
For the fiscal year ending July 31, 202210,599 1,555 
For the fiscal year ending July 31, 20237,989 1,578 
For the fiscal year ending July 31, 20245,721 1,059 
For the fiscal year ending July 31, 2025 4,216 1,083 
For the fiscal year ending July 31, 2026 and thereafter19,569 2,061 
Total future lease payments54,332 8,105 
Less: amount representing interest(16,481)(1,825)
Total reported lease liability$37,851 $6,280 
v3.20.4
Stockholders' Equity
 6 Months Ended
Jan. 31, 2021
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Stock-Based Compensation

Total stock-based compensation expense recognized in the three-month periods ended January 31, 2021 and January 31, 2020 for stock-based awards totaled $7,290 and $5,062, respectively. Total stock-based compensation expense recognized in the six-month periods ended January 31, 2021 and January 31, 2020 for stock-based awards totaled $13,058 and $10,075, respectively.
v3.20.4
Revenue
 6 Months Ended
Jan. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The table below disaggregates revenue to the level that the Company believes best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors. Other RV-related revenues shown below in the European segment include sales related to accessories and services, used vehicle sales at owned dealerships and RV rentals. All material revenue streams are considered point in time.

Three Months Ended January 31,Six Months Ended January 31,
NET SALES:2021202020212020
Recreational vehicles
North American Towables
Travel Trailers$831,359 $583,121 $1,669,259 $1,292,786 
Fifth Wheels541,822 400,786 1,095,966 892,009 
Total North American Towables1,373,181 983,907 2,765,225 2,184,795 
North American Motorized
Class A222,128 125,474 380,683 287,206 
Class C294,300 186,761 569,699 416,598 
Class B60,567 31,445 120,468 55,765 
Total North American Motorized576,995 343,680 1,070,850 759,569 
Total North America1,950,176 1,327,587 3,836,075 2,944,364 
European
Motorcaravan419,137 382,422 737,480 664,155 
Campervan149,112 97,923 292,512 175,520 
Caravan71,654 69,909 126,849 130,941 
Other RV-related93,560 86,861 179,110 159,506 
Total European733,463 637,115 1,335,951 1,130,122 
Total recreational vehicles2,683,639 1,964,702 5,172,026 4,074,486 
Other, primarily aluminum extruded components74,714 57,745 155,421 131,311 
Intercompany eliminations(30,565)(19,314)(62,299)(43,879)
Total$2,727,788 $2,003,133 $5,265,148 $4,161,918 
v3.20.4
Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jan. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
The components of other comprehensive income (loss) ("OCI") and the changes in the Company's accumulated other comprehensive income (loss) ("AOCI") by component were as follows:
Three Months Ended January 31,
20212020
Foreign CurrencyUnrealizedForeign CurrencyUnrealized
TranslationGain (Loss) onTranslationGain (Loss) on
AdjustmentDerivativeOtherTotalAdjustmentDerivativeOtherTotal
Balance at beginning of period$26,664 $(15,491)$(696)$10,477 $(46,085)$(13,194)$(1,048)$(60,327)
OCI before reclassifications60,133 (352)— 59,781 (11,902)(2,272)— (14,174)
Income taxes associated with OCI before reclassifications— 87 — 87 — 595 — 595 
Amounts reclassified from AOCI— 3,410 — 3,410 — 1,935 — 1,935 
Income taxes associated with amounts reclassified from AOCI— (794)— (794)— (482)— (482)
AOCI, net of tax86,797 (13,140)(696)72,961 (57,987)(13,418)(1,048)(72,453)
Less: AOCI attributable to noncontrolling interest(715)— — (715)(1,038)— — (1,038)
AOCI, net of tax, attributable to THOR Industries, Inc.$87,512 $(13,140)$(696)$73,676 $(56,949)$(13,418)$(1,048)$(71,415)
Six Months Ended January 31,
20212020
Foreign CurrencyUnrealizedForeign CurrencyUnrealized
TranslationGain (Loss) onTranslationGain (Loss) on
AdjustmentDerivativeOtherTotalAdjustmentDerivativeOtherTotal
Balance at beginning of period$45,657 $(18,823)$(696)$26,138 $(47,078)$(9,472)$(1,048)$(57,598)
OCI before reclassifications41,140 380 — 41,520 (10,909)(7,826)— (18,735)
Income taxes associated with OCI before reclassifications— (87)— (87)— 1,932 — 1,932 
Amounts reclassified from AOCI— 7,049 — 7,049 — 2,582 — 2,582 
Income taxes associated with amounts reclassified from AOCI— (1,659)— (1,659)— (634)— (634)
AOCI, net of tax86,797 (13,140)(696)72,961 (57,987)(13,418)(1,048)(72,453)
Less: AOCI attributable to noncontrolling interest(715)— — (715)(1,038)— — (1,038)
AOCI, net of tax, attributable to THOR Industries Inc.$87,512 $(13,140)$(696)$73,676 $(56,949)$(13,418)$(1,048)$(71,415)

The Company does not recognize deferred taxes for a majority of the foreign currency translation gains and losses because the Company does not anticipate reversal in the foreseeable future.
v3.20.4
Nature of Operations and Accounting Policies (Policies)
 6 Months Ended
Jan. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations
Nature of Operations

THOR Industries, Inc. was founded in 1980 and is the sole owner of operating subsidiaries (collectively, the “Company” or "THOR"), that, combined, represent the world's largest manufacturer of recreational vehicles (“RVs”). The Company manufactures a wide variety of RVs in the United States and Europe and sells those vehicles, as well as related parts and accessories, primarily to independent, non-franchise dealers throughout the United States, Canada and Europe. Unless the context requires or indicates otherwise, all references to “THOR,” the “Company,” “we,” “our” and “us” refer to THOR Industries, Inc. and its subsidiaries.

The July 31, 2020 amounts are derived from the annual audited financial statements of THOR. The interim financial statements are unaudited. In the opinion of management, all adjustments (which consist of normal, recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented have been made. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2020. Due to seasonality within the recreational vehicle industry, and the current COVID-19 pandemic, among other factors, annualizing the results of operations for the six months ended January 31, 2021 would not necessarily be indicative of the results expected for the full fiscal year.
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards

In January 2017, the FASB issued ASU No. 2017-04, "Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge (referred to as Step 2 in the goodwill impairment test). Instead, if the carrying amount of a reporting unit exceeds its fair value, an impairment charge equal to that excess shall be recognized, not to exceed the amount of goodwill allocated to the reporting unit. This ASU is effective for annual and any interim impairment tests for periods beginning after December 15, 2019. The Company adopted ASU 2017-04, effective August 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.
v3.20.4
Acquisitions (Tables)
 6 Months Ended
Jan. 31, 2021
Business Combinations [Abstract]  
Schedule of recognized identified assets acquired and liabilities assumed
The following table summarizes the preliminary estimated fair values of the Tiffin Group net assets acquired on the acquisition date. The Company is in the process of completing a fair value analysis, but this analysis has not been fully completed. While all amounts remain subject to adjustment, the areas subject to the most significant potential adjustment are intangible assets, deferred income tax liabilities and certain accrued expenses. The Company expects to finalize these values as soon as practical and no later than one year from the acquisition date.

Cash$12,985 
Inventory116,691 
Other assets53,860 
Property, plant and equipment48,511 
Amortizable intangible assets:
Dealer network92,100 
Trademarks32,100 
Non-compete agreements1,400 
Backlog4,800 
Goodwill62,336 
Current liabilities(81,859)
Deferred income tax liabilities(34,860)
Other liabilities(7,203)
Total fair value of net assets acquired300,861 
Less cash acquired(12,985)
Total cash consideration for acquisition, less cash acquired$287,876 
The table below summarizes the final estimated fair value of the Togo Group assets acquired and liabilities assumed as of the 2020 Agreement effective date.

Cash$326 
Accounts receivable466 
Other assets749 
Property, plant and equipment362 
Amortizable intangible assets
Trade names and trademarks1,130 
Developed technology5,700 
Other1,350 
Goodwill61,955 
Liabilities(2,595)
Non-controlling interest(16,835)
Total fair value of net assets acquired$52,608 
Business Acquisition, Pro Forma Information
The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2021 acquisition of the Tiffin Group had occurred at the beginning of fiscal 2020 and the fiscal 2020 acquisition of the Togo Group had occurred at the beginning of fiscal 2019. These performance results may not be indicative of the actual results that would have occurred under the ownership and management of the Company.

Three Months EndedSix Months Ended
January 31, 2021January 31, 2021
Net sales$2,829,652 $5,529,050 
Net income attributable to THOR Industries, Inc.$139,345 $254,461 
Basic earnings per common share$2.52 $4.60 
Diluted earnings per common share$2.51 $4.58 

Three Months EndedSix Months Ended
January 31, 2020January 31, 2020
Net sales$2,204,841 $4,577,026 
Net income attributable to THOR Industries, Inc.$32,043 $82,657 
Basic earnings per common share$0.58 $1.50 
Diluted earnings per common share$0.58 $1.49 
v3.20.4
Business Segments (Tables)
 6 Months Ended
Jan. 31, 2021
Segment Reporting [Abstract]  
Schedule of segment reporting information by segment
The following tables reflect certain financial information by reportable segment:

Three Months Ended January 31,Six Months Ended January 31,
NET SALES:2021202020212020
Recreational vehicles
North American Towables$1,373,181$983,907$2,765,225$2,184,795
North American Motorized576,995343,6801,070,850759,569
Total North America1,950,1761,327,5873,836,0752,944,364
European733,463637,1151,335,9511,130,122
Total recreational vehicles2,683,6391,964,7025,172,0264,074,486
Other74,71457,745155,421131,311
Intercompany eliminations(30,565)(19,314)(62,299)(43,879)
Total$2,727,788$2,003,133$5,265,148$4,161,918

Three Months Ended January 31,Six Months Ended January 31,
INCOME (LOSS) BEFORE INCOME TAXES:2021202020212020
Recreational vehicles
North American Towables$147,880$53,426$289,059$157,748
North American Motorized43,42114,91684,98836,691
Total North America191,30168,342374,047194,439
European10,2164,6904,710(18,334)
Total recreational vehicles201,51773,032378,757176,105
Other, net9,6448,60921,13420,360
Corporate(47,202)(46,778)(89,613)(92,968)
Total$163,959$34,863$310,278$103,497

TOTAL ASSETS:January 31, 2021July 31, 2020
Recreational vehicles
North American Towables$1,721,615$1,529,913
North American Motorized1,066,507480,225
Total North America2,788,1222,010,138
European3,031,5293,102,071
Total recreational vehicles5,819,6515,112,209
Other, net245,299212,378
Corporate304,596446,873
Total$6,369,546$5,771,460
Three Months Ended January 31,Six Months Ended January 31,
DEPRECIATION AND INTANGIBLE AMORTIZATION EXPENSE:2021202020212020
Recreational vehicles
North American Towables$16,318$16,431$32,125$32,702
North American Motorized5,3343,5149,1047,008
Total North America21,65219,94541,22939,710
European31,60826,02062,93153,503
Total recreational vehicles53,26045,965104,16093,213
Other
3,0392,5235,9505,034
Corporate
416457844905
Total$56,715$48,945$110,954$99,152

CAPITAL ACQUISITIONS:Three Months Ended January 31,Six Months Ended January 31,
Recreational vehicles2021202020212020
North American Towables$6,913$7,421$16,321$18,696
North American Motorized3,7305,8605,4758,428
Total North America10,64313,28121,79627,124
European13,3227,15023,21622,177
Total recreational vehicles23,96520,43145,01249,301
Other
1,2162732,660928
Corporate
28430389928
Total$25,209$21,134$48,061$51,157
v3.20.4
Earnings Per Common Share (Tables)
 6 Months Ended
Jan. 31, 2021
Earnings Per Share [Abstract]  
Schedule of earnings per common share
The following table reflects the weighted-average common shares used to compute basic and diluted earnings per common share as included on the Condensed Consolidated Statements of Income and Comprehensive Income:

Three Months Ended January 31,Six Months Ended January 31,
2021202020212020
Weighted-average common shares outstanding for basic earnings per share
55,366,241 55,198,756 55,302,203 55,146,915 
Unvested restricted stock units202,426 197,360 259,472 163,470 
Weighted-average common shares outstanding assuming dilution
55,568,667 55,396,116 55,561,675 55,310,385 
v3.20.4
Derivatives and Hedging (Tables)
 6 Months Ended
Jan. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments
The fair value of our derivative instruments and the associated notional amounts, presented on a pre-tax basis, were as follows:
January 31, 2021July 31, 2020
Fair Value inFair Value in
Other CurrentOther Current
Cash Flow HedgesNotionalLiabilitiesNotionalLiabilities
Foreign currency forward contracts$13,731 $92 $— $— 
Interest rate swap agreements581,913 17,387 673,400 24,840 
Total derivative financial instruments$595,644 $17,479 $673,400 $24,840 
Derivative instruments, gain (loss)
The total amounts presented in the Condensed Consolidated Statements of Income and Comprehensive Income due to changes in the fair value of the following derivative instruments are as follows:
Three Months Ended January 31,
20212020
Gain (Loss) on Derivatives Designated as Cash Flow Hedges
Gain (Loss) recognized in Other Comprehensive Income, net of tax
Foreign currency forward contracts$(66)$(490)
Interest rate swap agreements2,417 266 
Total gain (loss)$2,351 $(224)

Six Months Ended January 31,
20212020
Gain (Loss) on Derivatives Designated as Cash Flow Hedges
Gain (Loss) recognized in Other Comprehensive Income, net of tax
Foreign currency forward contracts$(66)$(1,015)
Interest rate swap agreements5,749 (2,931)
Total gain (loss)$5,683 $(3,946)
Three Months Ended January 31,
20212020
 Interest Interest
SalesExpenseSalesExpense
Gain (Loss) Reclassified from AOCI, Net of Tax
Foreign currency forward contracts$7 $— $(434)$— 
Interest rate swap agreements— (2,623)— (1,019)
(Loss) on Derivatives Not Designated as Hedging Instruments
Amount of loss recognized in income, net of tax
Interest rate swap agreements— (8)— (93)
Total gain (loss)$7 $(2,631)$(434)$(1,112)


Six Months Ended January 31,
20212020
 Interest Interest
SalesExpenseSalesExpense
Gain (Loss) Reclassified from AOCI, Net of Tax
Foreign currency forward contracts$7 $— $(434)$— 
Interest rate swap agreements— (5,397)— (1,514)
(Loss) on Derivatives Not Designated as Hedging Instruments
Amount of loss recognized in income, net of tax
Interest rate swap agreements— (46)— (168)
Total gain (loss)$7 $(5,443)$(434)$(1,682)
v3.20.4
Inventories (Tables)
 6 Months Ended
Jan. 31, 2021
Inventory Disclosure [Abstract]  
Schedule of major classifications of inventories
Major classifications of inventories are as follows:
January 31, 2021July 31, 2020
Finished goods – RV$141,961 $152,297 
Finished goods – other54,424 44,779 
Work in process285,544 128,181 
Raw materials462,044 302,813 
Chassis406,371 135,194 
Subtotal
1,350,344 763,264 
Excess of FIFO costs over LIFO costs(50,159)(46,959)
Total inventories, net$1,300,185 $716,305 
v3.20.4
Property, Plant and Equipment (Tables)
 6 Months Ended
Jan. 31, 2021
Property, Plant and Equipment [Abstract]  
Property, plant and equipment
Property, plant and equipment consists of the following:
January 31, 2021July 31, 2020
Land$141,459 $136,200 
Buildings and improvements805,276 760,986 
Machinery and equipment490,604 438,985 
Rental vehicles44,914 83,534 
Lease right-of-use assets – operating37,615 33,609 
Lease right-of-use assets – finance7,361 3,672 
Total cost1,527,229 1,456,986 
Less accumulated depreciation(394,507)(349,337)
Property, plant and equipment, net$1,132,722 $1,107,649 
v3.20.4
Intangible Assets and Goodwill (Tables)
 6 Months Ended
Jan. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Components of amortizable intangible assets
The components of amortizable intangible assets are as follows:
January 31, 2021July 31, 2020
Accumulated
Accumulated
CostAmortizationCost
Amortization
Dealer networks/customer relationships
$869,055 $290,948 $766,198 $252,320 
Trademarks
313,903 55,195 275,775 47,743 
Design technology and other intangibles
219,87652,245213,46840,654
Backlog
4,8001,157——
Non-compete agreements
1,40058——
Total amortizable intangible assets
$1,409,034 $399,603 $1,255,441 $340,717 
Estimated amortization expense
Estimated future amortization expense is as follows:
For the remainder of the fiscal year ending July 31, 2021$60,929
For the fiscal year ending July 31, 2022125,677
For the fiscal year ending July 31, 2023107,038
For the fiscal year ending July 31, 202497,122
For the fiscal year ending July 31, 202588,894
For the fiscal year ending July 31, 2026 and thereafter529,771
$1,009,431
Schedule of goodwill
Changes in the carrying amount of goodwill by reportable segment for the six months ended January 31, 2021 are summarized as follows:
North American TowablesNorth American MotorizedEuropeanOtherTotal
Net balance as of August 1, 2020$333,786 $— $1,037,929 $104,826 $1,476,541 
Fiscal 2021 activity:
Goodwill acquired18,845 43,491 — 17,882 80,218 
Foreign currency translation — — 25,231 — 25,231 
Net balance as of January 31, 2021$352,631 $43,491 $1,063,160 $122,708 $1,581,990 
Changes in the carrying amount of goodwill by reportable segment for the six months ended January 31, 2020 are summarized as follows:
North American TowablesNorth American MotorizedEuropeanOtherTotal
Net balance as of August 1, 2019$334,822 $— $980,339 $42,871 $1,358,032 
Fiscal 2020 activity:
Measurement period adjustments— — 5,087 — 5,087 
Foreign currency translation— — (8,890)— (8,890)
Impairment charge(1,109)— — — (1,109)
Net balance as of January 31, 2020$333,712 $— $976,536 $42,871 $1,353,120 
v3.20.4
Fair Value Measurements (Tables)
 6 Months Ended
Jan. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of fair value, assets measured on recurring basis
The financial assets and liabilities that are accounted for at fair value on a recurring basis at January 31, 2021 and July 31, 2020 are as follows:
Input LevelJanuary 31, 2021July 31, 2020
Cash equivalentsLevel 1$217$227,154
Deferred compensation plan mutual fund assetsLevel 1$50,770$47,327
Deferred compensation plan liabilitiesLevel 1$72,192$61,290
Foreign currency forward contract liabilityLevel 2$92$—
Interest rate swap liabilitiesLevel 2$19,319$26,664
v3.20.4
Product Warranties (Tables)
 6 Months Ended
Jan. 31, 2021
Guarantees and Product Warranties [Abstract]  
Schedule of changes in product warranty liabilities
Changes in our product warranty liability during the indicated periods are as follows:

Three Months Ended January 31,Six Months Ended January 31,
2021202020212020
Beginning balance$245,554$285,600$252,869$289,679
Provision52,87061,463103,741121,673
Payments(60,365)(64,148)(117,939)(128,742)
Acquisition11,032—11,032—
Foreign currency translation1,918(294)1,30611
Liabilities held for sale reclassification—(556)—(556)
Ending balance$251,009$282,065$251,009$282,065
v3.20.4
Long-Term Debt (Tables)
 6 Months Ended
Jan. 31, 2021
Debt Disclosure [Abstract]  
Schedule of long-term debt instruments
The components of long-term debt are as follows:
January 31, 2021July 31, 2020
Term loan$1,552,337 $1,597,091 
Asset-based credit facility213,544 — 
Unsecured notes 30,340 29,620 
Other debt78,916 84,500 
Gross long-term debt1,875,137 1,711,211 
Debt issuance costs, net of amortization(40,813)(44,563)
Total long-term debt, net of debt issuance costs1,834,324 1,666,648 
Less: current portion of long-term debt(12,802)(13,817)
Total long-term debt, net, less current portion$1,821,522 $1,652,831 
Schedule of maturities of long-term debt
Total contractual gross debt maturities are as follows:
 For the remainder of the fiscal year ending July 31, 2021$6,282
For the fiscal year ending July 31, 202212,319
For the fiscal year ending July 31, 202312,445
For the fiscal year ending July 31, 2024226,119
For the fiscal year ending July 31, 202536,720
For the fiscal year ending July 31, 2026 and thereafter1,581,252
$1,875,137
v3.20.4
Leases (Tables)
 6 Months Ended
Jan. 31, 2021
Leases [Abstract]  
Components of lease costs
The components of lease costs for the three and six-month periods ended January 31, 2021 and January 31, 2020 were as follows:
Three Months Ended January 31,Six Months Ended January 31,
2021202020212020
Operating lease cost$3,881 $3,112 $7,758 $6,143 
Finance lease cost
Amortization of right-of-use assets175 136 311 272 
Interest on lease liabilities131 134 257 271 
Total lease cost$4,187 $3,382 $8,326 $6,686 
Other information related to leases was as follows:
Six Months Ended January 31,
Supplemental Cash Flows Information20212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$7,710 $6,094 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$7,204 $1,561 
Finance leases$4,000 $— 

Supplemental Balance Sheet InformationJanuary 31, 2021July 31, 2020
Operating leases:
Operating lease right-of-use assets$37,615 $33,609 
Operating lease liabilities:
Other current liabilities$6,872 $5,343 
Other long-term liabilities30,979 28,456 
Total operating lease liabilities$37,851 $33,799 
Finance leases:
Finance lease right-of-use assets$7,361 $3,672 
Finance lease liabilities
Other current liabilities$996 $505 
Other long-term liabilities5,284 4,743 
Total finance lease liabilities$6,280 $5,248 

January 31, 2021July 31, 2020
Weighted-average remaining lease term:
Operating leases12.3 years13.6 years
Finance leases5.5 years6.8 years
Weighted-average discount rate:
Operating leases3.3 %3.4 %
Finance leases8.8 %9.7 %
Operating lease liability maturities
Future minimum rental payments required under operating and finance leases as of January 31, 2021 were as follows:
Operating LeasesFinancing Leases
 For the remainder of the fiscal year ending July 31, 2021$6,238 $769 
For the fiscal year ending July 31, 202210,599 1,555 
For the fiscal year ending July 31, 20237,989 1,578 
For the fiscal year ending July 31, 20245,721 1,059 
For the fiscal year ending July 31, 2025 4,216 1,083 
For the fiscal year ending July 31, 2026 and thereafter19,569 2,061 
Total future lease payments54,332 8,105 
Less: amount representing interest(16,481)(1,825)
Total reported lease liability$37,851 $6,280 
Finance lease liability maturities
Future minimum rental payments required under operating and finance leases as of January 31, 2021 were as follows:
Operating LeasesFinancing Leases
 For the remainder of the fiscal year ending July 31, 2021$6,238 $769 
For the fiscal year ending July 31, 202210,599 1,555 
For the fiscal year ending July 31, 20237,989 1,578 
For the fiscal year ending July 31, 20245,721 1,059 
For the fiscal year ending July 31, 2025 4,216 1,083 
For the fiscal year ending July 31, 2026 and thereafter19,569 2,061 
Total future lease payments54,332 8,105 
Less: amount representing interest(16,481)(1,825)
Total reported lease liability$37,851 $6,280 
v3.20.4
Revenue (Tables)
 6 Months Ended
Jan. 31, 2021
Revenue from Contract with Customer [Abstract]  
Schedule of revenue
The table below disaggregates revenue to the level that the Company believes best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors. Other RV-related revenues shown below in the European segment include sales related to accessories and services, used vehicle sales at owned dealerships and RV rentals. All material revenue streams are considered point in time.

Three Months Ended January 31,Six Months Ended January 31,
NET SALES:2021202020212020
Recreational vehicles
North American Towables
Travel Trailers$831,359 $583,121 $1,669,259 $1,292,786 
Fifth Wheels541,822 400,786 1,095,966 892,009 
Total North American Towables1,373,181 983,907 2,765,225 2,184,795 
North American Motorized
Class A222,128 125,474 380,683 287,206 
Class C294,300 186,761 569,699 416,598 
Class B60,567 31,445 120,468 55,765 
Total North American Motorized576,995 343,680 1,070,850 759,569 
Total North America1,950,176 1,327,587 3,836,075 2,944,364 
European
Motorcaravan419,137 382,422 737,480 664,155 
Campervan149,112 97,923 292,512 175,520 
Caravan71,654 69,909 126,849 130,941 
Other RV-related93,560 86,861 179,110 159,506 
Total European733,463 637,115 1,335,951 1,130,122 
Total recreational vehicles2,683,639 1,964,702 5,172,026 4,074,486 
Other, primarily aluminum extruded components74,714 57,745 155,421 131,311 
Intercompany eliminations(30,565)(19,314)(62,299)(43,879)
Total$2,727,788 $2,003,133 $5,265,148 $4,161,918 
v3.20.4
Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jan. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of accumulated other comprehensive income (loss)
The components of other comprehensive income (loss) ("OCI") and the changes in the Company's accumulated other comprehensive income (loss) ("AOCI") by component were as follows:
Three Months Ended January 31,
20212020
Foreign CurrencyUnrealizedForeign CurrencyUnrealized
TranslationGain (Loss) onTranslationGain (Loss) on
AdjustmentDerivativeOtherTotalAdjustmentDerivativeOtherTotal
Balance at beginning of period$26,664 $(15,491)$(696)$10,477 $(46,085)$(13,194)$(1,048)$(60,327)
OCI before reclassifications60,133 (352)— 59,781 (11,902)(2,272)— (14,174)
Income taxes associated with OCI before reclassifications— 87 — 87 — 595 — 595 
Amounts reclassified from AOCI— 3,410 — 3,410 — 1,935 — 1,935 
Income taxes associated with amounts reclassified from AOCI— (794)— (794)— (482)— (482)
AOCI, net of tax86,797 (13,140)(696)72,961 (57,987)(13,418)(1,048)(72,453)
Less: AOCI attributable to noncontrolling interest(715)— — (715)(1,038)— — (1,038)
AOCI, net of tax, attributable to THOR Industries, Inc.$87,512 $(13,140)$(696)$73,676 $(56,949)$(13,418)$(1,048)$(71,415)
Six Months Ended January 31,
20212020
Foreign CurrencyUnrealizedForeign CurrencyUnrealized
TranslationGain (Loss) onTranslationGain (Loss) on
AdjustmentDerivativeOtherTotalAdjustmentDerivativeOtherTotal
Balance at beginning of period$45,657 $(18,823)$(696)$26,138 $(47,078)$(9,472)$(1,048)$(57,598)
OCI before reclassifications41,140 380 — 41,520 (10,909)(7,826)— (18,735)
Income taxes associated with OCI before reclassifications— (87)— (87)— 1,932 — 1,932 
Amounts reclassified from AOCI— 7,049 — 7,049 — 2,582 — 2,582 
Income taxes associated with amounts reclassified from AOCI— (1,659)— (1,659)— (634)— (634)
AOCI, net of tax86,797 (13,140)(696)72,961 (57,987)(13,418)(1,048)(72,453)
Less: AOCI attributable to noncontrolling interest(715)— — (715)(1,038)— — (1,038)
AOCI, net of tax, attributable to THOR Industries Inc.$87,512 $(13,140)$(696)$73,676 $(56,949)$(13,418)$(1,048)$(71,415)
v3.20.4
Acquisitions - Tiffin Group Narrative (Details) - Tiffin Group - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 18, 2020
Business Acquisition [Line Items]    
Cash paid to acquire business, gross   $ 300,000
Net sales $ 82,432  
Acquired finite-lived intangible assets, weighted average useful life   18 years 9 months 18 days
Asset-based credit facility    
Business Acquisition [Line Items]    
Amount of cash borrowed from long term line of credit to fund business acquisition   $ 165,000
Trademarks    
Business Acquisition [Line Items]    
Finite lived intangible assets, useful life   20 years
Minimum | Dealer network    
Business Acquisition [Line Items]    
Finite lived intangible assets, useful life   18 years
Minimum | Backlog    
Business Acquisition [Line Items]    
Finite lived intangible assets, useful life   5 months
Maximum | Dealer network    
Business Acquisition [Line Items]    
Finite lived intangible assets, useful life   20 years
Maximum | Backlog    
Business Acquisition [Line Items]    
Finite lived intangible assets, useful life   7 months
v3.20.4
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed from Tiffin Group (Details) - USD ($)
$ in Thousands
 6 Months Ended
Dec. 18, 2020
Jan. 31, 2021
Jan. 31, 2020
Jul. 31, 2020
Jul. 31, 2019
Business Acquisition [Line Items]          
Goodwill   $ 1,581,990 $ 1,353,120 $ 1,476,541 $ 1,358,032
Total fair value of net assets acquired $ 300,861        
Total cash consideration for acquisition, less cash acquired 287,876 $ 310,576 $ 0    
Tiffin Group          
Business Acquisition [Line Items]          
Cash 12,985        
Inventory 116,691        
Other assets 53,860        
Property, plant and equipment 48,511        
Goodwill 62,336        
Current liabilities (81,859)        
Deferred income tax liabilities (34,860)        
Other liabilities (7,203)        
Tiffin Group | Dealer network          
Business Acquisition [Line Items]          
Amortizable intangible assets 92,100        
Tiffin Group | Trademarks          
Business Acquisition [Line Items]          
Amortizable intangible assets 32,100        
Tiffin Group | Non-compete agreements          
Business Acquisition [Line Items]          
Amortizable intangible assets 1,400        
Tiffin Group | Backlog          
Business Acquisition [Line Items]          
Amortizable intangible assets $ 4,800        
v3.20.4
Acquisitions - Togo Group (Details) - Togo Group - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 23, 2020
Jan. 31, 2020
Jan. 31, 2020
Business Acquisition [Line Items]      
Ownership percentage after all transactions 73.50%    
Acquired finite-lived intangible assets, weighted average useful life 8 years    
Losses from investment   $ 2,652 $ 4,747
v3.20.4
Acquisitions - Togo Group Schedule of Net Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Jan. 31, 2021
Jul. 31, 2020
Mar. 23, 2020
Jan. 31, 2020
Jul. 31, 2019
Business Acquisition [Line Items]          
Goodwill $ 1,581,990 $ 1,476,541   $ 1,353,120 $ 1,358,032
Togo Group          
Business Acquisition [Line Items]          
Cash     $ 326    
Accounts receivable     466    
Other assets     749    
Property, plant and equipment     362    
Goodwill     61,955    
Liabilities     (2,595)    
Non-controlling interest     (16,835)    
Total fair value of net assets acquired     52,608    
Togo Group | Trade names and trademarks          
Business Acquisition [Line Items]          
Amortizable intangible assets     1,130    
Togo Group | Developed technology          
Business Acquisition [Line Items]          
Amortizable intangible assets     5,700    
Togo Group | Other          
Business Acquisition [Line Items]          
Amortizable intangible assets     $ 1,350    
v3.20.4
Acquisitions - Pro Forma Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Jan. 31, 2021
Jan. 31, 2020
Business Combinations [Abstract]        
Net sales $ 2,829,652 $ 2,204,841 $ 5,529,050 $ 4,577,026
Net income $ 139,345 $ 32,043 $ 254,461 $ 82,657
Basic earnings per common share (in dollars per share) $ 2.52 $ 0.58 $ 4.60 $ 1.50
Diluted earnings per common share (in dollars per share) $ 2.51 $ 0.58 $ 4.58 $ 1.49
v3.20.4
Business Segments - Additional Information (Details)
 6 Months Ended
Jan. 31, 2021
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.20.4
Business Segments - Schedule of Reporting Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Jan. 31, 2021
Jan. 31, 2020
Jul. 31, 2020
Segment Reporting Information [Line Items]          
Net sales $ 2,727,788 $ 2,003,133 $ 5,265,148 $ 4,161,918  
Income (loss) from continuing operations before income taxes 163,959 34,863 310,278 103,497  
Total assets 6,369,546   6,369,546   $ 5,771,460
Depreciation and amortization expense, total 56,715 48,945 110,954 99,152  
Capital acquisitions 25,209 21,134 48,061 51,157  
Recreational vehicles          
Segment Reporting Information [Line Items]          
Net sales 2,683,639 1,964,702      
Operating segments | Recreational vehicles          
Segment Reporting Information [Line Items]          
Net sales 2,683,639 1,964,702 5,172,026 4,074,486  
Income (loss) from continuing operations before income taxes 201,517 73,032 378,757 176,105  
Total assets 5,819,651   5,819,651   5,112,209
Depreciation and amortization expense, total 53,260 45,965 104,160 93,213  
Capital acquisitions 23,965 20,431 45,012 49,301  
Operating segments | Recreational vehicles | North America          
Segment Reporting Information [Line Items]          
Net sales 1,950,176 1,327,587 3,836,075 2,944,364  
Income (loss) from continuing operations before income taxes 191,301 68,342 374,047 194,439  
Total assets 2,788,122   2,788,122   2,010,138
Depreciation and amortization expense, total 21,652 19,945 41,229 39,710  
Capital acquisitions 10,643 13,281 21,796 27,124  
Operating segments | Recreational vehicles | North America | North American Towables          
Segment Reporting Information [Line Items]          
Net sales 1,373,181 983,907 2,765,225 2,184,795  
Income (loss) from continuing operations before income taxes 147,880 53,426 289,059 157,748  
Total assets 1,721,615   1,721,615   1,529,913
Depreciation and amortization expense, total 16,318 16,431 32,125 32,702  
Capital acquisitions 6,913 7,421 16,321 18,696  
Operating segments | Recreational vehicles | North America | North American Motorized          
Segment Reporting Information [Line Items]          
Net sales 576,995 343,680 1,070,850 759,569  
Income (loss) from continuing operations before income taxes 43,421 14,916 84,988 36,691  
Total assets 1,066,507   1,066,507   480,225
Depreciation and amortization expense, total 5,334 3,514 9,104 7,008  
Capital acquisitions 3,730 5,860 5,475 8,428  
Operating segments | Recreational vehicles | Europe          
Segment Reporting Information [Line Items]          
Net sales 733,463 637,115 1,335,951 1,130,122  
Income (loss) from continuing operations before income taxes 10,216 4,690 4,710 (18,334)  
Total assets 3,031,529   3,031,529   3,102,071
Depreciation and amortization expense, total 31,608 26,020 62,931 53,503  
Capital acquisitions 13,322 7,150 23,216 22,177  
Other, net          
Segment Reporting Information [Line Items]          
Net sales 74,714 57,745 155,421 131,311  
Income (loss) from continuing operations before income taxes 9,644 8,609 21,134 20,360  
Total assets 245,299   245,299   212,378
Depreciation and amortization expense, total 3,039 2,523 5,950 5,034  
Capital acquisitions 1,216 273 2,660 928  
Corporate          
Segment Reporting Information [Line Items]          
Income (loss) from continuing operations before income taxes (47,202) (46,778) (89,613) (92,968)  
Total assets 304,596   304,596   $ 446,873
Depreciation and amortization expense, total 416 457 844 905  
Capital acquisitions 28 430 389 928  
Intercompany eliminations          
Segment Reporting Information [Line Items]          
Net sales $ (30,565) $ (19,314) $ (62,299) $ (43,879)  
v3.20.4
Earnings Per Common Share (Detail) - shares
 3 Months Ended 6 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Jan. 31, 2021
Jan. 31, 2020
Earnings Per Share [Abstract]        
Weighted-average common shares outstanding for basic earnings per share (in shares) 55,366,241 55,198,756 55,302,203 55,146,915
Unvested restricted stock units (in shares) 202,426 197,360 259,472 163,470
Weighted-average common shares outstanding assuming dilution (in shares) 55,568,667 55,396,116 55,561,675 55,310,385
Antidilutive stock options, unvested restricted stock units outstanding (in shares) 60,916 160,091 78,862 213,395
v3.20.4
Derivatives and Hedging - Fair Value and Associated Notional Amounts (Details) - Cash Flow Hedges - USD ($)
Jan. 31, 2021
Jul. 31, 2020
Derivative [Line Items]    
Notional $ 595,644,000 $ 673,400,000
Fair value in other current liabilities 17,479,000 24,840,000
Interest rate swap agreements    
Derivative [Line Items]    
Notional 581,913,000 673,400,000
Fair value in other current liabilities 17,387,000 24,840,000
Foreign exchange forward    
Derivative [Line Items]    
Notional 13,731,000 0
Fair value in other current liabilities $ 92,000 $ 0
v3.20.4
Derivatives and Hedging - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Jan. 31, 2021
Jan. 31, 2020
Jul. 31, 2020
Derivative [Line Items]          
Foreign currency transaction gain (loss) $ (16,436,000) $ 3,802,000 $ (10,954,000) $ 2,843,000  
Amount reclassified 0     $ 0  
Not designated as hedging instrument          
Derivative [Line Items]          
Notional amount 34,431,000   34,431,000   $ 34,862,000
Derivative liability $ 1,932,000   $ 1,932,000   $ 1,824,000
v3.20.4
Derivatives and Hedging - Financial Statement Impact of Derivatives (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Jan. 31, 2021
Jan. 31, 2020
Not designated as hedging instrument        
Gain (Loss) recognized in Other Comprehensive Income, net of tax        
Total gain (loss) $ 2,351 $ (224) $ 5,683 $ (3,946)
Foreign currency forward contracts | Not designated as hedging instrument        
Gain (Loss) recognized in Other Comprehensive Income, net of tax        
Total gain (loss) (66) (490) (66) (1,015)
Interest rate swap agreements | Not designated as hedging instrument        
Gain (Loss) recognized in Other Comprehensive Income, net of tax        
Total gain (loss) 2,417 266 5,749 (2,931)
Sales        
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract]        
Total gain (loss) 7 (434) 7 (434)
Sales | Foreign currency forward contracts | Designated as hedging instrument | Cash Flow Hedges        
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract]        
Gain (Loss) Reclassified from AOCI, Net of Tax 7 (434) 7 (434)
Sales | Interest rate swap agreements        
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract]        
Amount of loss recognized in income, net of tax 0 0 0 0
Sales | Interest rate swap agreements | Designated as hedging instrument | Cash Flow Hedges        
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract]        
Gain (Loss) Reclassified from AOCI, Net of Tax 0 0 0 0
Interest expense        
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract]        
Total gain (loss) (2,631) (1,112) (5,443) (1,682)
Interest expense | Foreign currency forward contracts | Designated as hedging instrument | Cash Flow Hedges        
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract]        
Gain (Loss) Reclassified from AOCI, Net of Tax 0 0 0 0
Interest expense | Interest rate swap agreements        
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract]        
Amount of loss recognized in income, net of tax (8) (93) (46) (168)
Interest expense | Interest rate swap agreements | Designated as hedging instrument | Cash Flow Hedges        
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract]        
Gain (Loss) Reclassified from AOCI, Net of Tax $ (2,623) $ (1,019) $ (5,397) $ (1,514)
v3.20.4
Inventories - Schedule of Major Classifications of Inventories (Detail) - USD ($)
$ in Thousands
Jan. 31, 2021
Jul. 31, 2020
Inventory [Line Items]    
Work in process $ 285,544 $ 128,181
Raw materials 462,044 302,813
Chassis 406,371 135,194
Subtotal 1,350,344 763,264
Excess of FIFO costs over LIFO costs (50,159) (46,959)
Total inventories, net 1,300,185 716,305
Recreational vehicles    
Inventory [Line Items]    
Finished products 141,961 152,297
Other    
Inventory [Line Items]    
Finished products $ 54,424 $ 44,779
v3.20.4
Inventories - Additional Information (Detail) - USD ($)
$ in Thousands
Jan. 31, 2021
Jul. 31, 2020
Inventory Disclosure [Abstract]    
Inventories $ 1,350,344 $ 763,264
Subsidiaries valued inventory in last-in, first-out method 468,153 251,099
Subsidiaries valued inventory in first-in, first-out method $ 882,191 $ 512,165
v3.20.4
Property, Plant and Equipment (Detail) - USD ($)
$ in Thousands
Jan. 31, 2021
Jul. 31, 2020
Property, Plant, Equipment, and ROU Assets [Line Items]    
Lease right-of-use assets – operating $ 37,615 $ 33,609
Lease right-of-use assets – finance 7,361 3,672
Total cost 1,527,229 1,456,986
Less accumulated depreciation (394,507) (349,337)
Property, plant and equipment, net 1,132,722 1,107,649
Land    
Property, Plant, Equipment, and ROU Assets [Line Items]    
Property, plant and equipment 141,459 136,200
Buildings and improvements    
Property, Plant, Equipment, and ROU Assets [Line Items]    
Property, plant and equipment 805,276 760,986
Machinery and equipment    
Property, Plant, Equipment, and ROU Assets [Line Items]    
Property, plant and equipment 490,604 438,985
Rental vehicles    
Property, Plant, Equipment, and ROU Assets [Line Items]    
Property, plant and equipment $ 44,914 $ 83,534
v3.20.4
Intangible Assets and Goodwill - Components of Amortizable Intangible Assets (Detail) - USD ($)
$ in Thousands
Jan. 31, 2021
Jul. 31, 2020
Finite-Lived Intangible Assets [Line Items]    
Cost $ 1,409,034 $ 1,255,441
Accumulated amortization 399,603 340,717
Dealer networks/customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Cost 869,055 766,198
Accumulated amortization 290,948 252,320
Trademarks    
Finite-Lived Intangible Assets [Line Items]    
Cost 313,903 275,775
Accumulated amortization 55,195 47,743
Design technology and other intangibles    
Finite-Lived Intangible Assets [Line Items]    
Cost 219,876 213,468
Accumulated amortization 52,245 40,654
Backlog    
Finite-Lived Intangible Assets [Line Items]    
Cost 4,800 0
Accumulated amortization 1,157 0
Non-compete agreements    
Finite-Lived Intangible Assets [Line Items]    
Cost 1,400 0
Accumulated amortization $ 58 $ 0
v3.20.4
Intangible Assets and Goodwill - Estimated Amortization Expense (Detail) - USD ($)
$ in Thousands
Jan. 31, 2021
Jul. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]    
For the remainder of the fiscal year ending July 31, 2021 $ 60,929  
For the fiscal year ending July 31, 2022 125,677  
For the fiscal year ending July 31, 2023 107,038  
For the fiscal year ending July 31, 2024 97,122  
For the fiscal year ending July 31, 2025 88,894  
For the fiscal year ending July 31, 2026 and thereafter 529,771  
Estimated annual amortization expense, total $ 1,009,431 $ 914,724
v3.20.4
Intangible Assets and Goodwill - Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2020
Jan. 31, 2021
Jan. 31, 2020
Jul. 31, 2020
Jul. 31, 2019
Goodwill [Line Items]          
Goodwill $ 1,353,120 $ 1,581,990 $ 1,353,120 $ 1,476,541 $ 1,358,032
Goodwill acquired   80,218      
Measurement period adjustments     5,087    
Foreign currency translation   25,231 (8,890)    
Impairment charge     (1,109)    
Other          
Goodwill [Line Items]          
Goodwill 42,871 122,708 42,871 104,826 42,871
Goodwill acquired   17,882      
Measurement period adjustments     0    
Foreign currency translation   0 0    
Impairment charge     0    
Europe | Recreational vehicles          
Goodwill [Line Items]          
Goodwill 976,536 1,063,160 976,536 1,037,929 980,339
Goodwill acquired   0      
Measurement period adjustments     5,087    
Foreign currency translation   25,231 (8,890)    
Impairment charge     0    
North American Towables | North America | Recreational vehicles          
Goodwill [Line Items]          
Goodwill 333,712 352,631 333,712 333,786 334,822
Goodwill acquired   18,845      
Measurement period adjustments     0    
Foreign currency translation   0 0    
Impairment charge (1,109)   (1,109)    
North American Motorized | North America | Recreational vehicles          
Goodwill [Line Items]          
Goodwill $ 0 43,491 0 $ 0 $ 0
Goodwill acquired   43,491      
Measurement period adjustments     0    
Foreign currency translation   $ 0 0    
Impairment charge     $ 0    
v3.20.4
Intangible Assets and Goodwill - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Jan. 31, 2021
Jan. 31, 2020
Goodwill [Line Items]        
Impairment charges $ 0 $ 10,057 $ 0 $ 10,057
Goodwill impairment loss       1,109
North American Towables | North America | Recreational vehicles        
Goodwill [Line Items]        
Goodwill impairment loss   $ 1,109   $ 1,109
v3.20.4
Concentration of Risk (Detail) - Customer concentration risk - Freedom Roads, LLC
 3 Months Ended 6 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Jan. 31, 2021
Jan. 31, 2020
Sales revenue        
Concentration Risk [Line Items]        
Concentration risk percentage 13.00% 13.00% 14.00% 14.00%
Accounts receivable        
Concentration Risk [Line Items]        
Concentration risk percentage     17.00% 18.00%
v3.20.4
Fair Value Measurements - Schedule of Fair Value, Assets Measured on Recurring Basis (Detail) - USD ($)
$ in Thousands
Jan. 31, 2021
Jul. 31, 2020
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 217 $ 227,154
Deferred compensation plan mutual fund assets 50,770 47,327
Deferred compensation plan liabilities 72,192 61,290
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest rate swap liabilities 19,319 26,664
Foreign currency forward contract liability $ 92 $ 0
v3.20.4
Fair Value Measurements - Additional Information (Detail)
£ in Thousands, $ in Thousands
Jan. 31, 2021
USD ($)
Jan. 31, 2021
GBP (£)
Jul. 31, 2020
USD ($)
Not designated as hedging instrument      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Notional amount $ 34,431   $ 34,862
Foreign exchange forward      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Notional amount 13,731 £ 10,000  
Interest rate swap | Designated as hedging instrument      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Notional amount 581,913    
Interest rate swap | Not designated as hedging instrument      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Notional amount $ 34,431    
v3.20.4
Product Warranties - Additional Information (Detail)
 6 Months Ended
Jan. 31, 2021
Product warranty one  
Product Warranty Liability [Line Items]  
Warranty period for retail customers, years 1 year
Product warranty two  
Product Warranty Liability [Line Items]  
Warranty period for retail customers, years 2 years
v3.20.4
Product Warranties - Changes in Warranty Liabilities (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Jan. 31, 2021
Jan. 31, 2020
Product Warranty        
Beginning balance $ 245,554 $ 285,600 $ 252,869 $ 289,679
Provision 52,870 61,463 103,741 121,673
Payments (60,365) (64,148) (117,939) (128,742)
Acquisition 11,032 0 11,032 0
Foreign currency translation 1,918 (294) 1,306 11
Liabilities held for sale reclassification 0 (556) 0 (556)
Ending balance $ 251,009 $ 282,065 $ 251,009 $ 282,065
v3.20.4
Long-Term Debt - Schedule of Long-term Debt (Details)
$ in Thousands
Jan. 31, 2021
USD ($)
Jan. 31, 2021
EUR (€)
Jul. 31, 2020
USD ($)
Line of Credit Facility [Line Items]      
Term loan $ 1,552,337   $ 1,597,091
Unsecured notes 30,340 € 25,000,000 29,620
Other debt 78,916   84,500
Gross long-term debt 1,875,137   1,711,211
Debt issuance costs, net of amortization (40,813)   (44,563)
Total long-term debt, net of debt issuance costs 1,834,324   1,666,648
Less: current portion of long-term debt (12,802)   (13,817)
Total long-term debt, net, less current portion 1,821,522   1,652,831
Term loan      
Line of Credit Facility [Line Items]      
Term loan 1,552,337   1,597,091
Asset-based credit facility      
Line of Credit Facility [Line Items]      
Term loan $ 213,544   $ 0
v3.20.4
Long-Term Debt - Additional Information (Detail)
 3 Months Ended 6 Months Ended
Feb. 01, 2019
USD ($)
Jan. 31, 2021
USD ($)
Jan. 31, 2020
USD ($)
Jan. 31, 2021
USD ($)
Jan. 31, 2020
USD ($)
Jan. 31, 2021
EUR (€)
Jul. 31, 2020
USD ($)
Line of Credit Facility [Line Items]              
Unsecured debt   $ 30,340,000   $ 30,340,000   € 25,000,000 $ 29,620,000
Interest expense   20,663,000 $ 23,863,000 41,251,000 $ 48,212,000    
Fees to secure the facility, amortized amount   2,737,000 $ 2,686,000 5,460,000 $ 5,371,000    
Unamortized debt issuance expense   8,406,000   8,406,000     9,807,000
Term loan   1,552,337,000   $ 1,552,337,000     1,597,091,000
Term loan              
Line of Credit Facility [Line Items]              
Debt instrument, term 7 years            
Loan fee amortization period       7 years      
Debt, fair value   1,555,088,000   $ 1,555,088,000     1,565,866,000
Term loan   1,552,337,000   1,552,337,000     1,597,091,000
Term loan | US tranche              
Line of Credit Facility [Line Items]              
Line of credit, outstanding amount   $ 581,913,000   $ 581,913,000     $ 673,400,000
Long-term debt, percentage bearing fixed interest   6.216%   6.216%   6.216% 6.216%
Term loan | US tranche | LIBOR              
Line of Credit Facility [Line Items]              
Line of credit, outstanding amount   $ 941,900,000   $ 941,900,000     $ 941,900,000
Stated interest rate   3.938%   3.938%   3.938% 3.938%
Term loan | US tranche | 1-month LIBOR              
Line of Credit Facility [Line Items]              
Stated interest rate   2.466%   2.466%   2.466% 2.466%
Term loan | Euro tranche              
Line of Credit Facility [Line Items]              
Line of credit, outstanding amount   $ 610,437,000   $ 610,437,000     $ 655,191,000
Stated interest rate   4.00%   4.00%   4.00% 4.00%
Unsecured series one debt              
Line of Credit Facility [Line Items]              
Stated interest rate   1.945%   1.945%   1.945%  
Unsecured debt   $ 24,272,000   $ 24,272,000   € 20,000,000  
Unsecured series two debt              
Line of Credit Facility [Line Items]              
Stated interest rate   2.534%   2.534%   2.534%  
Unsecured debt   $ 6,068,000   $ 6,068,000   € 5,000,000  
Other long term debt | Minimum              
Line of Credit Facility [Line Items]              
Stated interest rate   1.40%   1.40%   1.40%  
Other long term debt | Maximum              
Line of Credit Facility [Line Items]              
Stated interest rate   3.43%   3.43%   3.43%  
Asset-based credit facility              
Line of Credit Facility [Line Items]              
Line of credit, maximum borrowing capacity $ 750,000,000            
Line of credit, unused capacity commitment fee percentage       0.25%      
Accounts receivable and inventory, net of amounts drawn   $ 507,000,000   $ 507,000,000      
Loan fee amortization period       5 years      
Term loan   $ 213,544,000   $ 213,544,000     $ 0
Asset-based credit facility | LIBOR | Minimum              
Line of Credit Facility [Line Items]              
Basis spread on variable rate       1.25%      
Asset-based credit facility | LIBOR | Maximum              
Line of Credit Facility [Line Items]              
Basis spread on variable rate       1.75%      
Asset-based credit facility | Base Rate | Minimum              
Line of Credit Facility [Line Items]              
Basis spread on variable rate       0.25%      
Asset-based credit facility | Base Rate | Maximum              
Line of Credit Facility [Line Items]              
Basis spread on variable rate       0.75%      
v3.20.4
Long-Term Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($)
$ in Thousands
Jan. 31, 2021
Jul. 31, 2020
Debt Disclosure [Abstract]    
For the remainder of the fiscal year ending July 31, 2021 $ 6,282  
For the fiscal year ending July 31, 2022 12,319  
For the fiscal year ending July 31, 2023 12,445  
For the fiscal year ending July 31, 2024 226,119  
For the fiscal year ending July 31, 2025 36,720  
For the fiscal year ending July 31, 2026 and thereafter 1,581,252  
Gross long-term debt $ 1,875,137 $ 1,711,211
v3.20.4
Provision for Income Taxes (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Jan. 31, 2021
Jan. 31, 2020
Income Tax Disclosure [Abstract]        
Effective income tax rate 20.00% 22.50% 20.40% 23.80%
Expected decrease in unrecognized tax benefits due to resolution of uncertain tax positions $ 7,900   $ 7,900  
Accrued interest $ 2,000   $ 2,000  
v3.20.4
Contingent Liabilities, Commitments and Legal Matters (Detail) - USD ($)
$ in Thousands
 6 Months Ended
Jan. 31, 2021
Jul. 31, 2020
Commitments and Contingencies Disclosure [Abstract]    
Standby repurchase obligations amount $ 2,367,122 $ 1,876,922
Term of commitments 18 months  
Repurchase and guarantee reserve balances $ 8,054 $ 7,747
v3.20.4
Leases - Components of Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Jan. 31, 2021
Jan. 31, 2020
Leases [Abstract]        
Operating lease cost $ 3,881 $ 3,112 $ 7,758 $ 6,143
Amortization of right-of-use assets 175 136 311 272
Interest on lease liabilities 131 134 257 271
Total lease cost $ 4,187 $ 3,382 $ 8,326 $ 6,686
v3.20.4
Leases - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Leases [Abstract]    
Operating cash flows from operating leases $ 7,710 $ 6,094
Operating leases 7,204 1,561
Finance leases $ 4,000 $ 0
v3.20.4
Leases - Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jan. 31, 2021
Jul. 31, 2020
Leases [Abstract]    
Operating lease right-of-use assets $ 37,615 $ 33,609
Operating lease liabilities:    
Other current liabilities 6,872 5,343
Other long-term liabilities 30,979 28,456
Total operating lease liabilities 37,851 33,799
Finance lease right-of-use assets 7,361 3,672
Finance lease liabilities    
Other current liabilities 996 505
Other long-term liabilities 5,284 4,743
Total finance lease liabilities $ 6,280 $ 5,248
Weighted-aver remaining lease term - operating leases 12 years 3 months 18 days 13 years 7 months 6 days
Weighted-aver remaining lease term - finance leases 5 years 6 months 6 years 9 months 18 days
Weighted-average discount rate - operating leases 3.30% 3.40%
Weighted-average discount rate - finance leases 8.80% 9.70%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] us-gaap:OtherLiabilitiesCurrent us-gaap:OtherLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] us-gaap:OtherLiabilitiesNoncurrent us-gaap:OtherLiabilitiesNoncurrent
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] us-gaap:OtherLiabilitiesCurrent us-gaap:OtherLiabilitiesCurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] us-gaap:OtherLiabilitiesNoncurrent us-gaap:OtherLiabilitiesNoncurrent
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] tho:PropertyPlantAndEquipmentAndFinanceAndOperatingLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization tho:PropertyPlantAndEquipmentAndFinanceAndOperatingLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] tho:PropertyPlantAndEquipmentAndFinanceAndOperatingLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization tho:PropertyPlantAndEquipmentAndFinanceAndOperatingLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
v3.20.4
Leases - Schedule of Maturities of Company's Operating and Finance Leases (Details) - USD ($)
$ in Thousands
Jan. 31, 2021
Jul. 31, 2020
Operating Leases    
For the remainder of the fiscal year ending July 31, 2021 $ 6,238  
For the fiscal year ending July 31, 2022 10,599  
For the fiscal year ending July 31, 2023 7,989  
For the fiscal year ending July 31, 2024 5,721  
For the fiscal year ending July 31, 2025 4,216  
For the fiscal year ending July 31, 2026 and thereafter 19,569  
Total future lease payments 54,332  
Less: amount representing interest (16,481)  
Total operating lease liabilities 37,851 $ 33,799
Financing Leases    
For the remainder of the fiscal year ending July 31, 2021 769  
For the fiscal year ending July 31, 2022 1,555  
For the fiscal year ending July 31, 2023 1,578  
For the fiscal year ending July 31, 2024 1,059  
For the fiscal year ending July 31, 2025 1,083  
For the fiscal year ending July 31, 2026 and thereafter 2,061  
Total future lease payments 8,105  
Less: amount representing interest (1,825)  
Total reported lease liability $ 6,280 $ 5,248
v3.20.4
Stockholders' Equity (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Jan. 31, 2021
Jan. 31, 2020
Equity [Abstract]        
Stock-based compensation $ 7,290 $ 5,062 $ 13,058 $ 10,075
v3.20.4
Revenue (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Jan. 31, 2021
Jan. 31, 2020
Disaggregation of Revenue [Line Items]        
Net sales $ 2,727,788 $ 2,003,133 $ 5,265,148 $ 4,161,918
Recreational vehicles        
Disaggregation of Revenue [Line Items]        
Net sales 2,683,639 1,964,702    
Operating segments | Recreational vehicles        
Disaggregation of Revenue [Line Items]        
Net sales 2,683,639 1,964,702 5,172,026 4,074,486
Operating segments | North America | Recreational vehicles        
Disaggregation of Revenue [Line Items]        
Net sales 1,950,176 1,327,587 3,836,075 2,944,364
Operating segments | Europe | Recreational vehicles        
Disaggregation of Revenue [Line Items]        
Net sales 733,463 637,115 1,335,951 1,130,122
Operating segments | Travel Trailers | North America | Recreational vehicles        
Disaggregation of Revenue [Line Items]        
Net sales 831,359 583,121 1,669,259 1,292,786
Operating segments | Fifth Wheels | North America | Recreational vehicles        
Disaggregation of Revenue [Line Items]        
Net sales 541,822 400,786 1,095,966 892,009
Operating segments | North American Towables | North America | Recreational vehicles        
Disaggregation of Revenue [Line Items]        
Net sales 1,373,181 983,907 2,765,225 2,184,795
Operating segments | Class A | North America | Recreational vehicles        
Disaggregation of Revenue [Line Items]        
Net sales 222,128 125,474 380,683 287,206
Operating segments | Class C | North America | Recreational vehicles        
Disaggregation of Revenue [Line Items]        
Net sales 294,300 186,761 569,699 416,598
Operating segments | Class B | North America | Recreational vehicles        
Disaggregation of Revenue [Line Items]        
Net sales 60,567 31,445 120,468 55,765
Operating segments | North American Motorized | North America | Recreational vehicles        
Disaggregation of Revenue [Line Items]        
Net sales 576,995 343,680 1,070,850 759,569
Operating segments | Motorcaravan | Europe | Recreational vehicles        
Disaggregation of Revenue [Line Items]        
Net sales 419,137 382,422 737,480 664,155
Operating segments | Campervan | Europe | Recreational vehicles        
Disaggregation of Revenue [Line Items]        
Net sales 149,112 97,923 292,512 175,520
Operating segments | Caravan | Europe | Recreational vehicles        
Disaggregation of Revenue [Line Items]        
Net sales 71,654 69,909 126,849 130,941
Operating segments | Other RV-related | Europe | Recreational vehicles        
Disaggregation of Revenue [Line Items]        
Net sales 93,560 86,861 179,110 159,506
Corporate and eliminations        
Disaggregation of Revenue [Line Items]        
Net sales 74,714 57,745 155,421 131,311
Intercompany eliminations        
Disaggregation of Revenue [Line Items]        
Net sales $ (30,565) $ (19,314) $ (62,299) $ (43,879)
v3.20.4
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Jan. 31, 2021
Jan. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance at beginning of period $ 2,420,521 $ 2,124,971 $ 2,345,569 $ 2,095,228
Ending balance 2,596,711 2,122,334 2,596,711 2,122,334
Foreign currency translation adjustment        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance at beginning of period 26,664 (46,085) 45,657 (47,078)
OCI before reclassifications 60,133 (11,902) 41,140 (10,909)
Income taxes associated with OCI before reclassifications 0 0 0 0
Amounts reclassified from AOCI 0 0 0 0
Income taxes associated with amounts reclassified from AOCI 0 0 0 0
Ending balance 86,797 (57,987) 86,797 (57,987)
Unrealized gain (loss) on derivative        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance at beginning of period (15,491) (13,194) (18,823) (9,472)
OCI before reclassifications (352) (2,272) 380 (7,826)
Income taxes associated with OCI before reclassifications 87 595 (87) 1,932
Amounts reclassified from AOCI 3,410 1,935 7,049 2,582
Income taxes associated with amounts reclassified from AOCI (794) (482) (1,659) (634)
Ending balance (13,140) (13,418) (13,140) (13,418)
Other        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance at beginning of period (696) (1,048) (696) (1,048)
OCI before reclassifications 0 0 0 0
Income taxes associated with OCI before reclassifications 0 0 0 0
Amounts reclassified from AOCI 0 0 0 0
Income taxes associated with amounts reclassified from AOCI 0 0 0 0
Ending balance (696) (1,048) (696) (1,048)
AOCI including portion attributable to noncontrolling interest        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance at beginning of period 10,477 (60,327) 26,138 (57,598)
OCI before reclassifications 59,781 (14,174) 41,520 (18,735)
Income taxes associated with OCI before reclassifications 87 595 (87) 1,932
Amounts reclassified from AOCI 3,410 1,935 7,049 2,582
Income taxes associated with amounts reclassified from AOCI (794) (482) (1,659) (634)
Ending balance 72,961 (72,453) 72,961 (72,453)
Foreign currency translation adjustment, attributable to noncontrolling interest        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Ending balance (715) (1,038) (715) (1,038)
Unrealized gain (loss) on derivatives, attributable to noncontrolling interest        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Ending balance 0 0 0 0
Other, attributable to noncontrolling interest        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Ending balance 0 0 0 0
AOCI, attributable to noncontrolling interest        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Ending balance (715) (1,038) (715) (1,038)
Foreign currency translation adjustment, attributable to parent        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Ending balance 87,512 (56,949) 87,512 (56,949)
Unrealized gain (loss) on derivative, attributable to parent        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Ending balance (13,140) (13,418) (13,140) (13,418)
Other, attributable to parent        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Ending balance (696) (1,048) (696) (1,048)
AOCI, attributable to parent        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance at beginning of period 11,219 (59,591) 26,993 (57,004)
Ending balance $ 73,676 $ (71,415) $ 73,676 $ (71,415)