THOR INDUSTRIES INC, 10-Q filed on 12/4/2024
Quarterly Report
v3.24.3
Cover Page - shares
 3 Months Ended
Oct. 31, 2024
Nov. 30, 2024
Entity Addresses [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Oct. 31, 2024  
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 52700 Independence Court  
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 $0.10 Per Share)  
Trading Symbol THO  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   53,219,768
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000730263  
Current Fiscal Year End Date --07-31  
Former Address    
Entity Addresses [Line Items]    
Entity Address, Address Line One 601 East Beardsley Avenue  
Entity Address, City or Town Elkhart  
Entity Address, State or Province IN  
Entity Address, Postal Zip Code 46514  
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Oct. 31, 2024
Jul. 31, 2024
Current assets:    
Cash and cash equivalents $ 445,222 $ 501,316
Accounts receivable, trade, net 516,425 502,301
Accounts receivable, other, net 122,020 198,594
Inventories, net 1,371,771 1,366,638
Prepaid income taxes, expenses and other 77,526 81,178
Total current assets 2,532,964 2,650,027
Property, plant and equipment, net 1,380,362 1,390,718
Other assets:    
Goodwill 1,791,704 1,786,973
Amortizable intangible assets, net 833,098 861,133
Deferred income tax assets, net 26,455 28,414
Equity investments 137,769 137,272
Other 170,829 166,286
Total other assets 2,959,855 2,980,078
TOTAL ASSETS 6,873,181 7,020,823
Current liabilities:    
Accounts payable 571,639 628,134
Current portion of long-term debt 32,206 32,650
Short-term financial obligations 69,850 72,051
Accrued liabilities:    
Compensation and related items 173,144 185,249
Product warranties 300,775 311,627
Income and other taxes 78,545 74,987
Promotions and rebates 156,252 169,928
Product, property and related liabilities 20,871 32,278
Dividends payable 26,551 0
Other 51,672 60,118
Total current liabilities 1,481,505 1,567,022
Long-term debt, net 1,043,790 1,101,265
Deferred income tax liabilities, net 72,069 74,401
Unrecognized tax benefits 12,004 12,405
Other liabilities 201,857 191,677
Total long-term liabilities 1,329,720 1,379,748
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 67,114,970 and 66,859,738 shares, respectively 6,711 6,686
Additional paid-in capital 589,414 577,015
Retained earnings 4,226,351 4,254,734
Accumulated other comprehensive loss, net of tax (81,805) (93,706)
Less: Treasury shares of 14,012,706 and 13,928,314, respectively, at cost (686,339) (677,299)
Stockholders’ equity attributable to THOR Industries, Inc. 4,054,332 4,067,430
Non-controlling interests 7,624 6,623
Total stockholders’ equity 4,061,956 4,074,053
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 6,873,181 $ 7,020,823
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares
Oct. 31, 2024
Jul. 31, 2024
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) 67,114,970 66,859,738
Treasury shares (in shares) 14,012,706 13,928,314
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Income Statement [Abstract]    
Net sales $ 2,142,784 $ 2,500,759
Cost of products sold 1,861,342 2,142,827
Gross profit 281,442 357,932
Selling, general and administrative expenses 240,197 217,896
Amortization of intangible assets 29,822 32,344
Interest expense, net 15,228 20,197
Other income (expense), net 2,649 (14,913)
Income (loss) before income taxes (1,156) 72,582
Income tax provision (benefit) (283) 17,549
Net income (loss) (873) 55,033
Less: Net income attributable to non-controlling interests 959 1,468
Net income (loss) attributable to THOR Industries, Inc. $ (1,832) $ 53,565
Weighted-average common shares outstanding:    
Basic (in shares) 52,974,603 53,295,835
Diluted (in shares) 52,974,603 53,853,719
Earnings (loss) per common share:    
Basic (in dollars per share) $ (0.03) $ 1.01
Diluted (in dollars per share) $ (0.03) $ 0.99
Comprehensive income (loss):    
Net income (loss) $ (873) $ 55,033
Other comprehensive income (loss), net of tax    
Foreign currency translation gain (loss), net of tax 11,943 (60,646)
Total other comprehensive income (loss), net of tax 11,943 (60,646)
Total Comprehensive income (loss) 11,070 (5,613)
Less: Comprehensive income attributable to non-controlling interests 1,001 746
Comprehensive income (loss) attributable to THOR Industries, Inc. $ 10,069 $ (6,359)
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ (873) $ 55,033
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 37,839 34,934
Amortization of intangible assets 29,822 32,344
Amortization of debt issuance costs 2,166 2,872
Deferred income tax expense (benefit) (367) 2,417
(Gain) loss on disposition of property, plant and equipment (2,270) 49
Stock-based compensation expense 10,537 10,452
Changes in assets and liabilities:    
Accounts receivable 64,441 20,979
Inventories (4,844) (94,527)
Prepaid income taxes, expenses and other 2,158 23,839
Accounts payable (57,661) 25,150
Accrued liabilities and other (61,968) (46,438)
Long-term liabilities and other 11,760 (7,436)
Net cash provided by operating activities 30,740 59,668
Cash flows from investing activities:    
Purchases of property, plant and equipment (25,273) (38,211)
Proceeds from dispositions of property, plant and equipment 3,363 275
Business acquisitions, net of cash acquired 0 (4,000)
Other (3,432) (9,126)
Net cash used in investing activities (25,342) (51,062)
Cash flows from financing activities:    
Borrowings on revolving asset-based credit facilities 0 53,449
Payments on revolving asset-based credit facilities 0 (51,925)
Payments on term-loan credit facilities (60,000) 0
Payments on other debt (1,829) (1,767)
Payments on finance lease obligations (203) (180)
Purchase of treasury shares 0 (30,037)
Short-term financial obligations and other, net (2,588) 11,307
Net cash used in financing activities (64,620) (19,153)
Effect of exchange rate changes on cash and cash equivalents 3,128 (4,857)
Net decrease in cash and cash equivalents (56,094) (15,404)
Cash and cash equivalents, beginning of period 501,316 441,232
Cash and cash equivalents, end of period 445,222 425,828
Supplemental cash flow information:    
Income taxes paid 9,226 7,153
Interest paid 21,896 26,203
Non-cash investing and financing transactions:    
Capital expenditures in accounts payable 4,505 7,427
Quarterly dividends payable $ 26,551 $ 25,539
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Stockholders' equity attributable to Thor
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Non-Controlling Interests
Beginning balance (in shares) at Jul. 31, 2023     66,344,340          
Beginning balance at Jul. 31, 2023 $ 3,983,398 $ 3,976,015 $ 6,634 $ 539,032 $ 4,091,563 $ (68,547) $ (592,667) $ 7,383
Beginning balance (in shares) at Jul. 31, 2023             13,030,030  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) $ 55,033 53,565     53,565     1,468
Purchase of treasury shares (in shares) 327,876           327,876  
Purchase of treasury shares $ (30,037) (30,037)         $ (30,037)  
Restricted stock unit activity (in shares)     342,158       122,120  
Restricted stock unit activity (9,071) (9,071) $ 35 2,007     $ (11,113)  
Dividends per common share (25,539) (25,539)     (25,539)      
Stock-based compensation expense 10,452 10,452   10,452        
Other comprehensive income (loss) (60,646) (59,924)       (59,924)   (722)
Ending balance (in shares) at Oct. 31, 2023     66,686,498          
Ending balance at Oct. 31, 2023 3,923,590 3,915,461 $ 6,669 551,491 4,119,589 (128,471) $ (633,817) 8,129
Ending balance (in shares) at Oct. 31, 2023             13,480,026  
Beginning balance (in shares) at Jul. 31, 2024     66,859,738          
Beginning balance at Jul. 31, 2024 $ 4,074,053 4,067,430 $ 6,686 577,015 4,254,734 (93,706) $ (677,299) 6,623
Beginning balance (in shares) at Jul. 31, 2024 13,928,314           13,928,314  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) $ (873) (1,832)     (1,832)     959
Purchase of treasury shares (in shares) 0              
Restricted stock unit activity (in shares)     255,232       84,392  
Restricted stock unit activity $ (7,153) (7,153) $ 25 1,862     $ (9,040)  
Dividends per common share (26,551) (26,551)     (26,551)      
Stock-based compensation expense 10,537 10,537   10,537        
Other comprehensive income (loss) 11,943 11,901       11,901   42
Ending balance (in shares) at Oct. 31, 2024     67,114,970          
Ending balance at Oct. 31, 2024 $ 4,061,956 $ 4,054,332 $ 6,711 $ 589,414 $ 4,226,351 $ (81,805) $ (686,339) $ 7,624
Ending balance (in shares) at Oct. 31, 2024 14,012,706           14,012,706  
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Equity [Abstract]    
Dividends per common share (in dollars per share) $ 0.50 $ 0.48
v3.24.3
Nature of Operations and Accounting Policies
 3 Months Ended
Oct. 31, 2024
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 primarily 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, 2024 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, 2024. Due to seasonality within the recreational vehicle industry, inflation and shifting consumer demand in our industry, among other factors, annualizing the results of operations for the three months ended October 31, 2024 would not necessarily be indicative of the results expected for the full fiscal year.

Recent Accounting Standards Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update No. 2023-07 (“ASU 2023-07”) “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which requires additional disclosures about significant segment expenses regularly provided to the Chief Operating Decision Maker. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023, or the annual report for fiscal 2025 for the Company, and interim periods within fiscal years beginning after December 15, 2024, or interim periods starting in fiscal 2026 for the Company. Early adoption is permitted. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, requiring enhancements and further transparency to certain income tax disclosures. Under this ASU, entities must disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires entities to disclose additional information about income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective for financial statements for annual periods beginning after December 15, 2024. This ASU is effective for the Company in its fiscal year 2026 beginning on August 1, 2025. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this guidance on the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which provides updates to qualitative and quantitative disclosure requirements over the disaggregation of relevant expense captions within the income statement to provide more transparency and useful information on expenses within the income statement including tabular presentation of prescribed expense categories such as the purchases of inventory, employee compensation, depreciation, intangible asset amortization, and inclusion of other specific expense, gains and losses required by existing GAAP with reconciliation of disaggregation to the face of the income statement. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The amendment should be applied prospectively; however, retrospective application is also permitted. This ASU will be effective for our fiscal year ending July 31, 2028. We are currently evaluating the impact ASU 2024-03 may have on our consolidated financial statement disclosures.
v3.24.3
Business Segments
 3 Months Ended
Oct. 31, 2024
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company has three reportable segments, all related to recreational vehicles: (1) North American Towable Recreational Vehicles, (2) North American Motorized Recreational Vehicles and (3) European Recreational Vehicles. The operations of the Company's Airxcel and Postle subsidiaries are included in “Other”. Net sales included in Other relate primarily to the sale of specialized component parts and aluminum extrusions. Intercompany eliminations adjust for Airxcel and Postle sales to the Company’s North American Towable and North American Motorized segments, which are consummated at established transfer prices generally consistent with the selling prices of products to third parties.

The following tables reflect certain financial information by reportable segment:

Three Months Ended October 31,
NET SALES:20242023
Recreational vehicles
North American Towable$898,778$945,454
North American Motorized505,208711,159
Total North America1,403,9861,656,613
European604,903708,201
Total recreational vehicles2,008,8892,364,814
Other193,511198,921
Intercompany eliminations(59,616)(62,976)
Total$2,142,784$2,500,759

Three Months Ended October 31,
INCOME (LOSS) BEFORE INCOME TAXES:20242023
Recreational vehicles
North American Towable$46,821$49,249
North American Motorized9,08137,052
Total North America55,90286,301
European1,17728,767
Total recreational vehicles57,079115,068
Other, net4,7749,476
Corporate(63,009)(51,962)
Total$(1,156)$72,582

TOTAL ASSETS:October 31, 2024July 31, 2024
Recreational vehicles
North American Towable$1,402,332$1,290,117
North American Motorized948,3421,077,808
Total North America2,350,6742,367,925
European2,814,5602,871,316
Total recreational vehicles5,165,2345,239,241
Other1,040,8211,058,842
Corporate667,126722,740
Total$6,873,181$7,020,823
DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE:Three Months Ended October 31,
20242023
Recreational vehicles
North American Towable$13,094$13,764
North American Motorized8,6568,942
Total North America21,75022,706
European32,24130,397
Total recreational vehicles53,99153,103
Other
12,87213,626
Corporate
798549
Total$67,661$67,278

Three Months Ended October 31,
CAPITAL ACQUISITIONS:20242023
Recreational vehicles
North American Towable$4,158$6,930
North American Motorized3,1367,475
Total North America7,29414,405
European10,90114,760
Total recreational vehicles18,19529,165
Other
3,6298,291
Corporate
2,5252,735
Total$24,349$40,191
v3.24.3
Earnings Per Common Share
 3 Months Ended
Oct. 31, 2024
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 October 31,
20242023
Weighted-average common shares outstanding for basic earnings per share
52,974,603 53,295,835 
Unvested restricted stock units and performance stock units— 
(1)
557,884 
Weighted-average common shares outstanding assuming dilution
52,974,603 53,853,719 
(1)Due to a loss for the three months ended October 31, 2024, zero incremental shares are included because the effect would be antidilutive.

The Company excluded 523,157 and 51,298 unvested restricted stock units and performance stock units that have an antidilutive effect from its calculation of weighted-average common shares outstanding assuming dilution at October 31, 2024 and October 31, 2023, respectively.
v3.24.3
Derivatives and Hedging
 3 Months Ended
Oct. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Derivatives and Hedging
As of October 31, 2024 and July 31, 2024 there were no derivative instruments designated as hedges, except for the net investment hedge discussed below.
Net Investment Hedge

The foreign currency transaction gains and losses on the Euro-denominated portion of the term loan, which is designated and effective as a hedge of the Company’s net investment in its Euro-denominated functional currency subsidiaries, are included as a component of the foreign currency translation adjustment. Gains (losses), net of tax, included in the foreign currency translation adjustments were $(1,248) for the three months ended October 31, 2024 and $13,409 for the three months ended October 31, 2023.

There were no amounts reclassified out of AOCI pertaining to the net investment hedge during the three-month periods ended October 31, 2024 or October 31, 2023.

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 $37,406 and a fair value liability of $1,084 as of October 31, 2024. These other derivative instruments had a notional amount totaling approximately $22,333 and a fair value liability of $1,137 as of July 31, 2024. 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 derivative instruments are as follows:

Three Months Ended October 31,
20242023
 Interest Interest
SalesExpenseSalesExpense
Gain (Loss) on Derivatives Not Designated as Hedging Instruments
Amount of gain (loss) recognized in income (loss), net of tax
Foreign currency forward contracts$(457)$— $157 $— 
Interest rate swap agreements— (27)— 64 
Total gain (loss)$(457)$(27)$157 $64 
v3.24.3
Inventories
 3 Months Ended
Oct. 31, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
Major classifications of inventories are as follows:
October 31, 2024July 31, 2024
Finished goods – RV$319,525 $249,949 
Finished goods – other104,288 91,371 
Work in process279,929 261,043 
Raw materials420,762 434,165 
Chassis395,377 478,220 
Subtotal
1,519,881 1,514,748 
Excess of FIFO costs over LIFO costs(148,110)(148,110)
Total inventories, net$1,371,771 $1,366,638 

Of the $1,519,881 and $1,514,748 of inventories at October 31, 2024 and July 31, 2024, $1,115,081 and $1,109,062, respectively, were valued on the first-in, first-out (“FIFO”) basis, and $404,800 and $405,686, respectively, were valued on the last-in, first-out (“LIFO”) basis.
v3.24.3
Property, Plant and Equipment
 3 Months Ended
Oct. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
Property, plant and equipment consists of the following:
October 31, 2024July 31, 2024
Land$152,109 $151,164 
Buildings and improvements1,061,556 1,053,812 
Machinery and equipment751,614 738,535 
Rental vehicles129,996 126,794 
Lease right-of-use assets – operating41,678 43,139 
Lease right-of-use assets – finance4,586 4,772 
Total cost2,141,539 2,118,216 
Less: Accumulated depreciation(761,177)(727,498)
Property, plant and equipment, net$1,380,362 $1,390,718 
v3.24.3
Intangible Assets and Goodwill
 3 Months Ended
Oct. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Intangible Assets and Goodwill
The components of Amortizable intangible assets are as follows:

October 31, 2024July 31, 2024
Accumulated
Accumulated
CostAmortizationCost
Amortization
Dealer networks/customer relationships
$1,109,070 $629,691 $1,107,396 $610,106 
Trademarks
354,034 119,087 353,435 114,272 
Design technology and other intangibles
259,124140,352258,260133,580
Total amortizable intangible assets
$1,722,228 $889,130 $1,719,091 $857,958 

Estimated future amortization expense is as follows:

For the remainder of the fiscal year ending July 31, 2025$89,051
For the fiscal year ending July 31, 2026107,456
For the fiscal year ending July 31, 202798,734
For the fiscal year ending July 31, 202889,888
For the fiscal year ending July 31, 202974,521
For the fiscal year ending July 31, 2030 and thereafter373,448
$833,098

Changes in the carrying amount of Goodwill by reportable segment for the three months ended October 31, 2024 are summarized as follows:

North American TowableNorth American MotorizedEuropeanOtherTotal
Net balance as of August 1, 2024$337,883 $65,064 $948,674 $435,352 $1,786,973 
Fiscal 2025 activity:
Foreign currency translation — — 4,731 — 4,731 
Net balance as of October 31, 2024$337,883 $65,064 $953,405 $435,352 $1,791,704 
Changes in the carrying amount of Goodwill by reportable segment for the three months ended October 31, 2023 are summarized as follows:

North American TowableNorth American MotorizedEuropeanOtherTotal
Net balance as of August 1, 2023$337,883 $65,064 $965,758 $431,717 $1,800,422 
Fiscal 2024 activity:
Goodwill acquired— — — 3,751 3,751 
Foreign currency translation— — (35,396)— (35,396)
Net balance as of October 31, 2023$337,883 $65,064 $930,362 $435,468 $1,768,777 
v3.24.3
Equity Investments
 3 Months Ended
Oct. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity Investments Equity Investments
As discussed in Note 8 to the Company’s Consolidated Financial Statements included in the Fiscal 2024 Form 10-K, effective December 30, 2022, the Company formed a joint venture with TechNexus Holdings LLC (“TechNexus”), whereby the Company transferred TH2Connect, LLC d/b/a Roadpass Digital and its associated legal entities to TN-RP Holdings, LLC (“TN-RP”), following which the Company and TechNexus own 100% of the Class A-RP units and Class C-RP units, respectively, issued by TN-RP.

TN-RP is a variable interest entity (“VIE”), in which both the Company and TechNexus each have a variable interest. The Company’s equity interest, which entitles the Company to a share of future distributions from TN-RP, represents a variable interest. The Company has significant influence due to its Class A-RP unit ownership interest, non-majority seats on the TN-RP advisory board and certain protective rights, and therefore the Company’s investment in TN-RP is accounted for under the equity method of accounting and reported as a component of Equity investments in the Condensed Consolidated Balance Sheets. Similarly, the Company holds an additional investment that is also a VIE over which the Company has significant influence. This is also reported as a component of Equity investments in the Condensed Consolidated Balance Sheets.

The Company had the following aggregate investment and maximum exposure to loss related to these VIEs:

October 31, 2024July 31, 2024
Carrying amount of investments$137,769 $137,272 
Maximum exposure to loss$141,793 $144,047 

The Company’s share of gains and losses accounted for under the equity method of accounting are included in Other income (expense), net in the Condensed Consolidated Statements of Income and Comprehensive Income. The losses recognized in the three months ended October 31, 2024 were $2,254, and the losses recognized in the three months ended October 31, 2023 were $5,935.
v3.24.3
Concentration of Risk
 3 Months Ended
Oct. 31, 2024
Risks and Uncertainties [Abstract]  
Concentration of Risk Concentration of RiskOne dealer, FreedomRoads, LLC, accounted for approximately 12% of the Company’s consolidated net sales for the three-month period ended October 31, 2024 and approximately 14% of the Company’s consolidated net sales for the three-month period ended October 31, 2023. The majority of the sales to this dealer are reported within the North American Towable and North American Motorized reportable segments. This dealer also accounted for approximately 15% and approximately 10% of the Company’s consolidated trade accounts receivable at October 31, 2024 and July 31, 2024, respectively. The loss of this dealer or a deterioration in the liquidity or creditworthiness of this dealer could have a material effect on the Company’s business.
v3.24.3
Fair Value Measurements
 3 Months Ended
Oct. 31, 2024
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 October 31, 2024 and July 31, 2024 are as follows:
Input LevelOctober 31, 2024July 31, 2024
Cash equivalentsLevel 1$246,886$310,210
Deferred compensation plan mutual fund assetsLevel 1$27,930$28,985
Equity investmentsLevel 1$781$1,169
Foreign currency forward contract assetLevel 2$95$—
Interest rate swap liabilities, netLevel 2$1,179$1,137

Cash equivalents represent investments in short-term money market instruments that are direct obligations of the U.S. Treasury and/or repurchase agreements backed by U.S. Treasury obligations. These investments 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 (primarily mutual funds) traded in an active market held for the benefit of certain employees of the Company as part of a deferred compensation plan. Additional plan investments in corporate-owned life insurance are recorded at their cash surrender value, not fair value, and therefore are not included above.

Equity investments represent stock investments that are publicly traded in an active market and are reported within Other assets in the Condensed Consolidated Balance Sheets.

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.
v3.24.3
Product Warranties
 3 Months Ended
Oct. 31, 2024
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 October 31,
20242023
Beginning balance$311,627$345,197
Provision61,75374,435
Payments(72,979)(84,171)
Foreign currency translation374(2,187)
Ending balance$300,775$333,274
v3.24.3
Long-Term Debt
 3 Months Ended
Oct. 31, 2024
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The components of long-term debt are as follows:

October 31, 2024July 31, 2024
Term loan$536,003 $594,361 
Senior unsecured notes500,000 500,000 
Unsecured notes 27,205 27,070 
Other debt28,189 29,848 
Total long-term debt1,091,397 1,151,279 
Debt issuance costs, net of amortization(15,401)(17,364)
Total long-term debt, net of debt issuance costs1,075,996 1,133,915 
Less: Current portion of long-term debt(32,206)(32,650)
Total long-term debt, net, less current portion$1,043,790 $1,101,265 

As discussed in Note 13 to the Company’s Consolidated Financial Statements included in the Fiscal 2024 Form 10-K, the Company is a party to a seven-year term loan (“term loan”) agreement, which consists of both a U.S. dollar-denominated term loan tranche (“USD term loan”) and a Euro-denominated term loan tranche (“Euro term loan”) and a five-year $1,000,000 asset-based credit facility (“ABL”).
As of October 31, 2024, the outstanding USD term loan balance of $205,000 was subject to a Secured Overnight Financing Rate (“SOFR”)-based rate totaling 6.935%. The total interest rate on the October 31, 2024 outstanding Euro term loan tranche balance of $331,003 was 5.896%. The Senior Unsecured Notes were issued on October 14, 2021 in an aggregate principal amount of $500,000 and bear fixed interest at a rate of 4.000%.

As of October 31, 2024 and July 31, 2024, there were no outstanding ABL borrowings. Availability under the ABL agreement is subject to a borrowing base based on a percentage of applicable eligible receivables and eligible inventory, and based on October 31, 2024 eligible receivables and eligible inventory balances and net of amounts drawn, if any, totaled approximately $865,000.

For the three-month periods ended October 31, 2024 and October 31, 2023, interest expense on total long-term debt was $17,585 and $23,199, respectively. These interest expense amounts include the amortization of capitalized debt issuance costs of $2,166 and $2,872, for the three-month periods ended October 31, 2024 and October 31, 2023 respectively.

The fair value of the Company’s term loan debt at October 31, 2024 and July 31, 2024 was $537,028 and $597,334, respectively. The fair value of the Company’s Senior Unsecured Notes at October 31, 2024 and July 31, 2024 was $454,300 and $450,450, respectively. The fair value of all other debt held by the Company approximates carrying value. The fair values of the Company’s long-term debt are primarily estimated using Level 2 inputs as defined by ASC 820, based on quoted prices in markets that are not active.
v3.24.3
Provision for Income Taxes
 3 Months Ended
Oct. 31, 2024
Income Tax Disclosure [Abstract]  
Provision for Income Taxes Provision for Income Taxes
The overall effective income tax rate for the three months ended October 31, 2024 was 24.5%. This rate was favorably impacted by certain foreign tax rate differences which include certain interest income not subject to corporate income tax. The favorable foreign rate differential was partially offset by additional tax expense related to the jurisdictional mix of earnings between foreign and domestic operations during the three months ended October 31, 2024. The overall effective income tax rate for the three months ended October 31, 2023 was 24.2%, which was favorably impacted by certain foreign tax rate differences, which include certain interest income not subject to corporate income tax. The favorable foreign rate differential was partially offset by tax expense from the vesting of share-based compensation awards during the three months ended October 31, 2023.

Within the next 12 months, the Company does not anticipate any material changes in its unrecognized tax benefits as of October 31, 2024.
v3.24.3
Contingent Liabilities, Commitments and Legal Matters
 3 Months Ended
Oct. 31, 2024
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 dealer inventory financing were $3,422,718 and $3,642,137 as of October 31, 2024 and July 31, 2024, respectively. The commitment term is generally up to eighteen months.

The Company accounts for the guarantee under repurchase agreements of independent dealers’ financing by deferring a portion of the related product sale that represents the estimated fair value of the guarantee at inception. This estimate is based on recent historical experience supplemented by the Company’s assessment of current economic and other conditions affecting its independent dealers. This deferred amount is included in the repurchase and guarantee reserve balances of $12,870 and $14,356 as of October 31, 2024 and July 31, 2024, respectively, which are included in Other current liabilities in the Condensed Consolidated Balance Sheets.

Losses incurred related to repurchase agreements that were settled during the three months ended October 31, 2024 and October 31, 2023 were not material. Based on current market conditions and other conditions affecting its independent dealers, 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.

As discussed in Note 15 to the Company’s Consolidated Financial Statements included in the Fiscal 2024 Form 10-K, the Company is involved in a product recall and was part of an advertising-related investigation by certain German-based authorities that has been fully resolved. There were no significant developments related to these matters during the first quarter of fiscal 2025. There was no impact on the condensed consolidated financial statements for the first quarter of fiscal 2025 related to these matters, and in the first quarter of fiscal 2024, the Company recognized $10,000 of income within selling, general and administrative expenses due to reducing previously recorded reserves related to these matters.
v3.24.3
Leases
 3 Months Ended
Oct. 31, 2024
Leases [Abstract]  
Leases Leases
The components of lease costs for the three-month periods ended October 31, 2024 and October 31, 2023 were as follows:

Three Months Ended October 31,
20242023
Operating lease cost$8,842 $8,011 
Finance lease cost:
Amortization of right-of-use assets186 186 
Interest on lease liabilities64 83 
Total lease cost$9,092 $8,280 

Other information related to leases was as follows:

Three Months Ended October 31,
Supplemental Cash Flows Information20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$8,829 $7,987 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$1,636 $914 

Supplemental Balance Sheet InformationOctober 31, 2024July 31, 2024
Operating leases:
Operating lease liabilities
Other current liabilities$11,414 $11,405 
Other long-term liabilities30,585 32,007 
Total operating lease liabilities$41,999 $43,412 
Finance leases:
Finance lease liabilities
Other current liabilities$883 $855 
Other long-term liabilities1,635 1,866 
Total finance lease liabilities$2,518 $2,721 
Leases Leases
The components of lease costs for the three-month periods ended October 31, 2024 and October 31, 2023 were as follows:

Three Months Ended October 31,
20242023
Operating lease cost$8,842 $8,011 
Finance lease cost:
Amortization of right-of-use assets186 186 
Interest on lease liabilities64 83 
Total lease cost$9,092 $8,280 

Other information related to leases was as follows:

Three Months Ended October 31,
Supplemental Cash Flows Information20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$8,829 $7,987 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$1,636 $914 

Supplemental Balance Sheet InformationOctober 31, 2024July 31, 2024
Operating leases:
Operating lease liabilities
Other current liabilities$11,414 $11,405 
Other long-term liabilities30,585 32,007 
Total operating lease liabilities$41,999 $43,412 
Finance leases:
Finance lease liabilities
Other current liabilities$883 $855 
Other long-term liabilities1,635 1,866 
Total finance lease liabilities$2,518 $2,721 
v3.24.3
Stockholders' Equity
 3 Months Ended
Oct. 31, 2024
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Total stock-based compensation expense recognized in the three-month periods ended October 31, 2024 and October 31, 2023 for stock-based awards totaled $10,537 and $10,452, respectively.

Share Repurchase Program

As discussed in Note 17 to the Company’s Consolidated Financial Statements included in the Fiscal 2024 Form 10-K, on December 21, 2021, the Company’s Board of Directors authorized Company management to utilize up to $250,000 to repurchase shares of the Company’s common stock through December 21, 2024. On June 24, 2022, the Board authorized Company management to utilize up to an additional $448,321 to repurchase shares of the Company’s common stock through July 31, 2025.

During the three-month period ended October 31, 2024, the Company did not purchase any shares of its common stock. During the three-month period ended October 31, 2023, the Company purchased 327,876 shares of its common stock, at various times in the open market, at a weighted-average price of $91.61 and held them as treasury shares at an aggregate purchase price of $30,037, all from the December 21, 2021 authorization.

Since the inception of the initial December 21, 2021 authorization, the Company has repurchased 3,214,772 shares of its common stock, at various times in the open market, at a weighted-average price of $85.70 and held them as treasury shares at an aggregate purchase price of $275,501.

As of October 31, 2024, there is no remaining amount of the Company's common stock that may be repurchased under the December 21, 2021 $250,000 authorization. As of October 31, 2024, the remaining amount of the Company’s common stock that may be repurchased under the June 24, 2022 authorization expiring on July 31, 2025 is $422,820.
v3.24.3
Revenue Recognition
 3 Months Ended
Oct. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The table below disaggregates revenue to the level that the Company believes best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors. Other RV-related revenues shown below in the European segment include sales related to accessories and services, new and used vehicle sales at owned dealerships and RV rentals. Performance obligations for all material revenue streams are recognized at a point-in-time. Other sales relate primarily to component part sales to RV original equipment manufacturers and aftermarket sales through dealers and retailers, as well as aluminum extruded components.

Three Months Ended October 31,
NET SALES:20242023
Recreational vehicles
North American Towable
Travel Trailers$602,695 $619,538 
Fifth Wheels296,083 325,916 
Total North American Towable898,778 945,454 
North American Motorized
Class A156,576 207,911 
Class C234,227 333,776 
Class B114,405 169,472 
Total North American Motorized505,208 711,159 
Total North America1,403,986 1,656,613 
European
Motorcaravan318,216 346,511 
Campervan173,216 221,609 
Caravan33,071 64,627 
Other RV-related80,400 75,454 
Total European604,903 708,201 
Total recreational vehicles2,008,889 2,364,814 
Other193,511 198,921 
Intercompany eliminations(59,616)(62,976)
Total$2,142,784 $2,500,759 
v3.24.3
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Oct. 31, 2024
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 October 31, 2024
Foreign Currency
Translation
Adjustment (1)
OtherAOCI, net of tax, Attributable to THORNon-controlling InterestsTotal AOCI
Balance at beginning of period, net of tax$(93,984)$278 $(93,706)$(3,435)$(97,141)
OCI before reclassifications11,901 — 11,901 42 11,943 
OCI, net of tax for the fiscal year11,901 — 11,901 42 11,943 
AOCI, net of tax$(82,083)$278 $(81,805)$(3,393)$(85,198)
Three Months Ended October 31, 2023
Foreign Currency
Translation
Adjustment (1)
OtherAOCI, net of tax, Attributable to THORNon-controlling InterestsTotal AOCI
Balance at beginning of period, net of tax$(68,911)$364 $(68,547)$(2,583)$(71,130)
OCI before reclassifications(59,924)— (59,924)(722)(60,646)
OCI, net of tax for the fiscal year(59,924)— (59,924)(722)(60,646)
AOCI, net of tax$(128,835)$364 $(128,471)$(3,305)$(131,776)

(1)We do not recognize deferred taxes for a majority of the foreign currency translation gains and losses because we do not anticipate reversal in the foreseeable future.
v3.24.3
Weather Damage at Manufacturing Facilities
 3 Months Ended
Oct. 31, 2024
Risks and Uncertainties [Abstract]  
Weather Damage at Manufacturing Facilities Weather Damage at Manufacturing Facilities
On March 14, 2024, a weather event that included large damaging hail occurred at and around the Company’s Jackson Center, OH facilities. The hail resulted in significant roof damage to the motorized production facility and significant damage to inventory that was stored outside, primarily motorized chassis, but also some work in process and finished goods inventory.

The Company maintains insurance coverage, subject to a $1,000 self-insured retention, for the repair or replacement of covered assets that suffer loss, as well as coverage for business interruption, including lost profits. Inventory is a covered asset under the insurance policy, as is the production facility itself.

As of October 31, 2024, the Company has a receivable in the amount of $40,270 related to estimated damages incurred for which we deem the recovery of such losses from our insurance carriers to be probable. Total estimated losses are $64,220 and are primarily attributed to the write-off of motorized chassis. The Company has received initial insurance proceeds related to this event totaling $22,950 through the fiscal quarter ended October 31, 2024. This insurance recovery receivable is included in Accounts receivable, other, net on the Condensed Consolidated Balance Sheets, as we believe recovery will be realized within one year of the balance sheet date.

Given the expectation of recovery from insurance, the impact on our consolidated income before income taxes during fiscal 2024 and the first quarter of fiscal 2025 related to the losses incurred on the weather damages noted above was not material. As of the date of this report, the Company is still in the process of fully assessing damages and submitting relevant insurance claim information.

Although our insurance covers business interruption, the Company did not recognize recovery for business interruption during the fiscal quarter ended October 31, 2024 and will do so at the time of final settlement or when nonrefundable cash advances are made in subsequent periods.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Pay vs Performance Disclosure    
Net Income (Loss) Attributable to Parent $ (1,832) $ 53,565
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Oct. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Nature of Operations and Accounting Policies (Policies)
 3 Months Ended
Oct. 31, 2024
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 primarily 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, 2024 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, 2024. Due to seasonality within the recreational vehicle industry, inflation and shifting consumer demand in our industry, among other factors, annualizing the results of operations for the three months ended October 31, 2024 would not necessarily be indicative of the results expected for the full fiscal year.
Recent Accounting Standards Not Yet Adopted
Recent Accounting Standards Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update No. 2023-07 (“ASU 2023-07”) “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which requires additional disclosures about significant segment expenses regularly provided to the Chief Operating Decision Maker. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023, or the annual report for fiscal 2025 for the Company, and interim periods within fiscal years beginning after December 15, 2024, or interim periods starting in fiscal 2026 for the Company. Early adoption is permitted. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, requiring enhancements and further transparency to certain income tax disclosures. Under this ASU, entities must disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires entities to disclose additional information about income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective for financial statements for annual periods beginning after December 15, 2024. This ASU is effective for the Company in its fiscal year 2026 beginning on August 1, 2025. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this guidance on the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which provides updates to qualitative and quantitative disclosure requirements over the disaggregation of relevant expense captions within the income statement to provide more transparency and useful information on expenses within the income statement including tabular presentation of prescribed expense categories such as the purchases of inventory, employee compensation, depreciation, intangible asset amortization, and inclusion of other specific expense, gains and losses required by existing GAAP with reconciliation of disaggregation to the face of the income statement. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The amendment should be applied prospectively; however, retrospective application is also permitted. This ASU will be effective for our fiscal year ending July 31, 2028. We are currently evaluating the impact ASU 2024-03 may have on our consolidated financial statement disclosures.
v3.24.3
Business Segments (Tables)
 3 Months Ended
Oct. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information by Segment
The following tables reflect certain financial information by reportable segment:

Three Months Ended October 31,
NET SALES:20242023
Recreational vehicles
North American Towable$898,778$945,454
North American Motorized505,208711,159
Total North America1,403,9861,656,613
European604,903708,201
Total recreational vehicles2,008,8892,364,814
Other193,511198,921
Intercompany eliminations(59,616)(62,976)
Total$2,142,784$2,500,759

Three Months Ended October 31,
INCOME (LOSS) BEFORE INCOME TAXES:20242023
Recreational vehicles
North American Towable$46,821$49,249
North American Motorized9,08137,052
Total North America55,90286,301
European1,17728,767
Total recreational vehicles57,079115,068
Other, net4,7749,476
Corporate(63,009)(51,962)
Total$(1,156)$72,582

TOTAL ASSETS:October 31, 2024July 31, 2024
Recreational vehicles
North American Towable$1,402,332$1,290,117
North American Motorized948,3421,077,808
Total North America2,350,6742,367,925
European2,814,5602,871,316
Total recreational vehicles5,165,2345,239,241
Other1,040,8211,058,842
Corporate667,126722,740
Total$6,873,181$7,020,823
DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE:Three Months Ended October 31,
20242023
Recreational vehicles
North American Towable$13,094$13,764
North American Motorized8,6568,942
Total North America21,75022,706
European32,24130,397
Total recreational vehicles53,99153,103
Other
12,87213,626
Corporate
798549
Total$67,661$67,278

Three Months Ended October 31,
CAPITAL ACQUISITIONS:20242023
Recreational vehicles
North American Towable$4,158$6,930
North American Motorized3,1367,475
Total North America7,29414,405
European10,90114,760
Total recreational vehicles18,19529,165
Other
3,6298,291
Corporate
2,5252,735
Total$24,349$40,191
v3.24.3
Earnings Per Common Share (Tables)
 3 Months Ended
Oct. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Weighted-Average Common Shares Used to Compute Basic and Diluted 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 October 31,
20242023
Weighted-average common shares outstanding for basic earnings per share
52,974,603 53,295,835 
Unvested restricted stock units and performance stock units— 
(1)
557,884 
Weighted-average common shares outstanding assuming dilution
52,974,603 53,853,719 
(1)Due to a loss for the three months ended October 31, 2024, zero incremental shares are included because the effect would be antidilutive.
v3.24.3
Derivatives and Hedging (Tables)
 3 Months Ended
Oct. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Consolidated Statements of Income and Comprehensive Income Due to Changes in Fair Value of Derivative Instruments
The total amounts presented in the Condensed Consolidated Statements of Income and Comprehensive Income due to changes in the fair value of the derivative instruments are as follows:

Three Months Ended October 31,
20242023
 Interest Interest
SalesExpenseSalesExpense
Gain (Loss) on Derivatives Not Designated as Hedging Instruments
Amount of gain (loss) recognized in income (loss), net of tax
Foreign currency forward contracts$(457)$— $157 $— 
Interest rate swap agreements— (27)— 64 
Total gain (loss)$(457)$(27)$157 $64 
v3.24.3
Inventories (Tables)
 3 Months Ended
Oct. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Major Classifications of Inventories
Major classifications of inventories are as follows:
October 31, 2024July 31, 2024
Finished goods – RV$319,525 $249,949 
Finished goods – other104,288 91,371 
Work in process279,929 261,043 
Raw materials420,762 434,165 
Chassis395,377 478,220 
Subtotal
1,519,881 1,514,748 
Excess of FIFO costs over LIFO costs(148,110)(148,110)
Total inventories, net$1,371,771 $1,366,638 
v3.24.3
Property, Plant and Equipment (Tables)
 3 Months Ended
Oct. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Property, plant and equipment consists of the following:
October 31, 2024July 31, 2024
Land$152,109 $151,164 
Buildings and improvements1,061,556 1,053,812 
Machinery and equipment751,614 738,535 
Rental vehicles129,996 126,794 
Lease right-of-use assets – operating41,678 43,139 
Lease right-of-use assets – finance4,586 4,772 
Total cost2,141,539 2,118,216 
Less: Accumulated depreciation(761,177)(727,498)
Property, plant and equipment, net$1,380,362 $1,390,718 
v3.24.3
Intangible Assets and Goodwill (Tables)
 3 Months Ended
Oct. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Components of Amortizable Intangible Assets
The components of Amortizable intangible assets are as follows:

October 31, 2024July 31, 2024
Accumulated
Accumulated
CostAmortizationCost
Amortization
Dealer networks/customer relationships
$1,109,070 $629,691 $1,107,396 $610,106 
Trademarks
354,034 119,087 353,435 114,272 
Design technology and other intangibles
259,124140,352258,260133,580
Total amortizable intangible assets
$1,722,228 $889,130 $1,719,091 $857,958 
Schedule of Estimated Future Amortization Expense
Estimated future amortization expense is as follows:

For the remainder of the fiscal year ending July 31, 2025$89,051
For the fiscal year ending July 31, 2026107,456
For the fiscal year ending July 31, 202798,734
For the fiscal year ending July 31, 202889,888
For the fiscal year ending July 31, 202974,521
For the fiscal year ending July 31, 2030 and thereafter373,448
$833,098
Schedule of Changes in Carrying Amount of Goodwill
Changes in the carrying amount of Goodwill by reportable segment for the three months ended October 31, 2024 are summarized as follows:

North American TowableNorth American MotorizedEuropeanOtherTotal
Net balance as of August 1, 2024$337,883 $65,064 $948,674 $435,352 $1,786,973 
Fiscal 2025 activity:
Foreign currency translation — — 4,731 — 4,731 
Net balance as of October 31, 2024$337,883 $65,064 $953,405 $435,352 $1,791,704 
Changes in the carrying amount of Goodwill by reportable segment for the three months ended October 31, 2023 are summarized as follows:

North American TowableNorth American MotorizedEuropeanOtherTotal
Net balance as of August 1, 2023$337,883 $65,064 $965,758 $431,717 $1,800,422 
Fiscal 2024 activity:
Goodwill acquired— — — 3,751 3,751 
Foreign currency translation— — (35,396)— (35,396)
Net balance as of October 31, 2023$337,883 $65,064 $930,362 $435,468 $1,768,777 
v3.24.3
Equity Investments (Tables)
 3 Months Ended
Oct. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Aggregate Investment and Maximum Exposure to Loss
The Company had the following aggregate investment and maximum exposure to loss related to these VIEs:

October 31, 2024July 31, 2024
Carrying amount of investments$137,769 $137,272 
Maximum exposure to loss$141,793 $144,047 
v3.24.3
Fair Value Measurements (Tables)
 3 Months Ended
Oct. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities that are Accounted for at Fair Value on a Recurring Basis
The financial assets and liabilities that are accounted for at fair value on a recurring basis at October 31, 2024 and July 31, 2024 are as follows:
Input LevelOctober 31, 2024July 31, 2024
Cash equivalentsLevel 1$246,886$310,210
Deferred compensation plan mutual fund assetsLevel 1$27,930$28,985
Equity investmentsLevel 1$781$1,169
Foreign currency forward contract assetLevel 2$95$—
Interest rate swap liabilities, netLevel 2$1,179$1,137
v3.24.3
Product Warranties (Tables)
 3 Months Ended
Oct. 31, 2024
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 October 31,
20242023
Beginning balance$311,627$345,197
Provision61,75374,435
Payments(72,979)(84,171)
Foreign currency translation374(2,187)
Ending balance$300,775$333,274
v3.24.3
Long-Term Debt (Tables)
 3 Months Ended
Oct. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Components of Long-Term Debt
The components of long-term debt are as follows:

October 31, 2024July 31, 2024
Term loan$536,003 $594,361 
Senior unsecured notes500,000 500,000 
Unsecured notes 27,205 27,070 
Other debt28,189 29,848 
Total long-term debt1,091,397 1,151,279 
Debt issuance costs, net of amortization(15,401)(17,364)
Total long-term debt, net of debt issuance costs1,075,996 1,133,915 
Less: Current portion of long-term debt(32,206)(32,650)
Total long-term debt, net, less current portion$1,043,790 $1,101,265 
v3.24.3
Leases (Tables)
 3 Months Ended
Oct. 31, 2024
Leases [Abstract]  
Schedule of Components of Lease Costs and Other Information Related to Leases
The components of lease costs for the three-month periods ended October 31, 2024 and October 31, 2023 were as follows:

Three Months Ended October 31,
20242023
Operating lease cost$8,842 $8,011 
Finance lease cost:
Amortization of right-of-use assets186 186 
Interest on lease liabilities64 83 
Total lease cost$9,092 $8,280 

Other information related to leases was as follows:

Three Months Ended October 31,
Supplemental Cash Flows Information20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$8,829 $7,987 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$1,636 $914 

Supplemental Balance Sheet InformationOctober 31, 2024July 31, 2024
Operating leases:
Operating lease liabilities
Other current liabilities$11,414 $11,405 
Other long-term liabilities30,585 32,007 
Total operating lease liabilities$41,999 $43,412 
Finance leases:
Finance lease liabilities
Other current liabilities$883 $855 
Other long-term liabilities1,635 1,866 
Total finance lease liabilities$2,518 $2,721 
v3.24.3
Revenue Recognition (Tables)
 3 Months Ended
Oct. 31, 2024
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, new and used vehicle sales at owned dealerships and RV rentals. Performance obligations for all material revenue streams are recognized at a point-in-time. Other sales relate primarily to component part sales to RV original equipment manufacturers and aftermarket sales through dealers and retailers, as well as aluminum extruded components.

Three Months Ended October 31,
NET SALES:20242023
Recreational vehicles
North American Towable
Travel Trailers$602,695 $619,538 
Fifth Wheels296,083 325,916 
Total North American Towable898,778 945,454 
North American Motorized
Class A156,576 207,911 
Class C234,227 333,776 
Class B114,405 169,472 
Total North American Motorized505,208 711,159 
Total North America1,403,986 1,656,613 
European
Motorcaravan318,216 346,511 
Campervan173,216 221,609 
Caravan33,071 64,627 
Other RV-related80,400 75,454 
Total European604,903 708,201 
Total recreational vehicles2,008,889 2,364,814 
Other193,511 198,921 
Intercompany eliminations(59,616)(62,976)
Total$2,142,784 $2,500,759 
v3.24.3
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Oct. 31, 2024
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 October 31, 2024
Foreign Currency
Translation
Adjustment (1)
OtherAOCI, net of tax, Attributable to THORNon-controlling InterestsTotal AOCI
Balance at beginning of period, net of tax$(93,984)$278 $(93,706)$(3,435)$(97,141)
OCI before reclassifications11,901 — 11,901 42 11,943 
OCI, net of tax for the fiscal year11,901 — 11,901 42 11,943 
AOCI, net of tax$(82,083)$278 $(81,805)$(3,393)$(85,198)
Three Months Ended October 31, 2023
Foreign Currency
Translation
Adjustment (1)
OtherAOCI, net of tax, Attributable to THORNon-controlling InterestsTotal AOCI
Balance at beginning of period, net of tax$(68,911)$364 $(68,547)$(2,583)$(71,130)
OCI before reclassifications(59,924)— (59,924)(722)(60,646)
OCI, net of tax for the fiscal year(59,924)— (59,924)(722)(60,646)
AOCI, net of tax$(128,835)$364 $(128,471)$(3,305)$(131,776)

(1)We do not recognize deferred taxes for a majority of the foreign currency translation gains and losses because we do not anticipate reversal in the foreseeable future.
v3.24.3
Business Segments - Narrative (Details)
 3 Months Ended
Oct. 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.24.3
Business Segments - Schedule of Segment Reporting Information by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Segment Reporting Information [Line Items]    
NET SALES: $ 2,142,784 $ 2,500,759
INCOME (LOSS) BEFORE INCOME TAXES: (1,156) 72,582
Operating Segments    
Segment Reporting Information [Line Items]    
NET SALES: 2,008,889 2,364,814
INCOME (LOSS) BEFORE INCOME TAXES: 57,079 115,068
Operating Segments | Total North America    
Segment Reporting Information [Line Items]    
NET SALES: 1,403,986 1,656,613
INCOME (LOSS) BEFORE INCOME TAXES: 55,902 86,301
Operating Segments | North American Towable    
Segment Reporting Information [Line Items]    
NET SALES: 898,778 945,454
INCOME (LOSS) BEFORE INCOME TAXES: 46,821 49,249
Operating Segments | North American Motorized    
Segment Reporting Information [Line Items]    
NET SALES: 505,208 711,159
INCOME (LOSS) BEFORE INCOME TAXES: 9,081 37,052
Operating Segments | European    
Segment Reporting Information [Line Items]    
NET SALES: 604,903 708,201
INCOME (LOSS) BEFORE INCOME TAXES: 1,177 28,767
Other    
Segment Reporting Information [Line Items]    
NET SALES: 193,511 198,921
INCOME (LOSS) BEFORE INCOME TAXES: 4,774 9,476
Intercompany eliminations    
Segment Reporting Information [Line Items]    
NET SALES: (59,616) (62,976)
Corporate    
Segment Reporting Information [Line Items]    
INCOME (LOSS) BEFORE INCOME TAXES: $ (63,009) $ (51,962)
v3.24.3
Business Segments - Schedule of Segment Reporting Information, by Segment Balance Sheet Item (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Jul. 31, 2024
Segment Reporting Information [Line Items]      
TOTAL ASSETS: $ 6,873,181   $ 7,020,823
DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE: 67,661 $ 67,278  
CAPITAL ACQUISITIONS: 24,349 40,191  
Operating Segments      
Segment Reporting Information [Line Items]      
TOTAL ASSETS: 5,165,234   5,239,241
DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE: 53,991 53,103  
CAPITAL ACQUISITIONS: 18,195 29,165  
Operating Segments | Total North America      
Segment Reporting Information [Line Items]      
TOTAL ASSETS: 2,350,674   2,367,925
DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE: 21,750 22,706  
CAPITAL ACQUISITIONS: 7,294 14,405  
Operating Segments | North American Towable      
Segment Reporting Information [Line Items]      
TOTAL ASSETS: 1,402,332   1,290,117
DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE: 13,094 13,764  
CAPITAL ACQUISITIONS: 4,158 6,930  
Operating Segments | North American Motorized      
Segment Reporting Information [Line Items]      
TOTAL ASSETS: 948,342   1,077,808
DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE: 8,656 8,942  
CAPITAL ACQUISITIONS: 3,136 7,475  
Operating Segments | European      
Segment Reporting Information [Line Items]      
TOTAL ASSETS: 2,814,560   2,871,316
DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE: 32,241 30,397  
CAPITAL ACQUISITIONS: 10,901 14,760  
Other      
Segment Reporting Information [Line Items]      
TOTAL ASSETS: 1,040,821   1,058,842
DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE: 12,872 13,626  
CAPITAL ACQUISITIONS: 3,629 8,291  
Corporate      
Segment Reporting Information [Line Items]      
TOTAL ASSETS: 667,126   $ 722,740
DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE: 798 549  
CAPITAL ACQUISITIONS: $ 2,525 $ 2,735  
v3.24.3
Earnings Per Common Share - Schedule of Weighted-Average Common Shares Used to Compute Basic and Diluted Earnings Per Common Share (Detail) - shares
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Earnings Per Share [Abstract]    
Weighted-average common shares outstanding for basic earnings per share (in shares) 52,974,603 53,295,835
Unvested restricted stock units and performance stock units (in shares) 0 557,884
Weighted-average common shares outstanding assuming dilution (in shares) 52,974,603 53,853,719
v3.24.3
Earnings Per Common Share - Narrative (Details) - shares
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Earnings Per Share [Abstract]    
Antidilutive stock options, unvested restricted stock units outstanding (in shares) 523,157 51,298
v3.24.3
Derivatives and Hedging - Narrative (Details) - USD ($)
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Jul. 31, 2024
Derivative [Line Items]      
Foreign currency transaction gain (loss) $ (1,248,000) $ 13,409,000  
Amount reclassified out of AOCI 0 $ 0  
Not Designated as Hedging Instrument      
Derivative [Line Items]      
Derivative notional amount 37,406,000   $ 22,333,000
Derivative liability $ 1,084,000   $ 1,137,000
v3.24.3
Derivatives and Hedging - Schedule of Consolidated Statements of Income and Comprehensive Income Due to Changes in Fair Value of Derivative Instruments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Sales    
Gain (Loss) on Derivatives Not Designated as Hedging Instruments    
Total gain (loss) $ (457) $ 157
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net sales Net sales
Sales | Foreign currency forward contracts    
Gain (Loss) on Derivatives Not Designated as Hedging Instruments    
Amount of gain (loss) recognized in income (loss), net of tax $ (457) $ 157
Sales | Interest rate swap agreements    
Gain (Loss) on Derivatives Not Designated as Hedging Instruments    
Amount of gain (loss) recognized in income (loss), net of tax 0 0
Interest Expense    
Gain (Loss) on Derivatives Not Designated as Hedging Instruments    
Total gain (loss) $ (27) $ 64
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest Income (Expense), Nonoperating Interest Income (Expense), Nonoperating
Interest Expense | Foreign currency forward contracts    
Gain (Loss) on Derivatives Not Designated as Hedging Instruments    
Amount of gain (loss) recognized in income (loss), net of tax $ 0 $ 0
Interest Expense | Interest rate swap agreements    
Gain (Loss) on Derivatives Not Designated as Hedging Instruments    
Amount of gain (loss) recognized in income (loss), net of tax $ (27) $ 64
v3.24.3
Inventories - Schedule of Major Classifications of Inventories (Details) - USD ($)
$ in Thousands
Oct. 31, 2024
Jul. 31, 2024
Inventory [Line Items]    
Work in process $ 279,929 $ 261,043
Raw materials 420,762 434,165
Chassis 395,377 478,220
Subtotal 1,519,881 1,514,748
Excess of FIFO costs over LIFO costs (148,110) (148,110)
Total inventories, net 1,371,771 1,366,638
Recreational vehicles    
Inventory [Line Items]    
Finished products 319,525 249,949
Other    
Inventory [Line Items]    
Finished products $ 104,288 $ 91,371
v3.24.3
Inventories - Narrative (Details) - USD ($)
$ in Thousands
Oct. 31, 2024
Jul. 31, 2024
Inventory Disclosure [Abstract]    
Inventories $ 1,519,881 $ 1,514,748
Subsidiaries valued inventory in first-in, first-out method 1,115,081 1,109,062
Subsidiaries valued inventory in last-in, first-out method $ 404,800 $ 405,686
v3.24.3
Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Oct. 31, 2024
Jul. 31, 2024
Property, Plant, Equipment, and ROU Assets [Line Items]    
Lease right-of-use assets – operating $ 41,678 $ 43,139
Lease right-of-use assets – finance 4,586 4,772
Total cost 2,141,539 2,118,216
Less: Accumulated depreciation (761,177) (727,498)
Property, plant and equipment, net 1,380,362 1,390,718
Land    
Property, Plant, Equipment, and ROU Assets [Line Items]    
Property, plant and equipment 152,109 151,164
Buildings and improvements    
Property, Plant, Equipment, and ROU Assets [Line Items]    
Property, plant and equipment 1,061,556 1,053,812
Machinery and equipment    
Property, Plant, Equipment, and ROU Assets [Line Items]    
Property, plant and equipment 751,614 738,535
Rental vehicles    
Property, Plant, Equipment, and ROU Assets [Line Items]    
Property, plant and equipment $ 129,996 $ 126,794
v3.24.3
Intangible Assets and Goodwill - Schedule of Components of Amortizable Intangible Assets (Details) - USD ($)
$ in Thousands
Oct. 31, 2024
Jul. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Cost $ 1,722,228 $ 1,719,091
Accumulated Amortization 889,130 857,958
Dealer networks/customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Cost 1,109,070 1,107,396
Accumulated Amortization 629,691 610,106
Trademarks    
Finite-Lived Intangible Assets [Line Items]    
Cost 354,034 353,435
Accumulated Amortization 119,087 114,272
Design technology and other intangibles    
Finite-Lived Intangible Assets [Line Items]    
Cost 259,124 258,260
Accumulated Amortization $ 140,352 $ 133,580
v3.24.3
Intangible Assets and Goodwill - Schedule of Estimated Future Amortization Expense (Details) - USD ($)
$ in Thousands
Oct. 31, 2024
Jul. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
For the remainder of the fiscal year ending July 31, 2025 $ 89,051  
For the fiscal year ending July 31, 2026 107,456  
For the fiscal year ending July 31, 2027 98,734  
For the fiscal year ending July 31, 2028 89,888  
For the fiscal year ending July 31, 2029 74,521  
For the fiscal year ending July 31, 2030 and thereafter 373,448  
Estimated annual amortization expense, total $ 833,098 $ 861,133
v3.24.3
Intangible Assets and Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Goodwill [Roll Forward]    
Goodwill, beginning balance $ 1,786,973 $ 1,800,422
Goodwill acquired   3,751
Foreign currency translation 4,731 (35,396)
Goodwill, ending balance 1,791,704 1,768,777
Other    
Goodwill [Roll Forward]    
Goodwill, beginning balance 435,352 431,717
Goodwill acquired   3,751
Foreign currency translation 0 0
Goodwill, ending balance 435,352 435,468
European | Recreational vehicles    
Goodwill [Roll Forward]    
Goodwill, beginning balance 948,674 965,758
Goodwill acquired   0
Foreign currency translation 4,731 (35,396)
Goodwill, ending balance 953,405 930,362
North American Towable | North America | Recreational vehicles    
Goodwill [Roll Forward]    
Goodwill, beginning balance 337,883 337,883
Goodwill acquired   0
Foreign currency translation 0 0
Goodwill, ending balance 337,883 337,883
North American Motorized | North America | Recreational vehicles    
Goodwill [Roll Forward]    
Goodwill, beginning balance 65,064 65,064
Goodwill acquired   0
Foreign currency translation 0 0
Goodwill, ending balance $ 65,064 $ 65,064
v3.24.3
Equity Investments - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Dec. 30, 2022
Schedule of Equity Method Investments [Line Items]      
Losses from investment $ 2,254 $ 5,935  
TN-RP Holding LLC | Class C-RP Units | TechNexus      
Schedule of Equity Method Investments [Line Items]      
Ownership (as a percent)     100.00%
TN-RP Holding LLC | Class A-RP Units      
Schedule of Equity Method Investments [Line Items]      
Ownership (as a percent)     100.00%
v3.24.3
Equity Investments - Schedule of Aggregate Investment and Maximum Exposure to Loss (Details) - USD ($)
$ in Thousands
Oct. 31, 2024
Jul. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Carrying amount of investments $ 137,769 $ 137,272
TN-RP Holding LLC    
Schedule of Equity Method Investments [Line Items]    
Carrying amount of investments 137,769 137,272
Maximum exposure to loss $ 141,793 $ 144,047
v3.24.3
Concentration of Risk (Details) - Customer Concentration Risk - Freedom Roads, LLC
 3 Months Ended 12 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Jul. 31, 2024
Sales Revenue      
Concentration Risk [Line Items]      
Concentration risk percentage (as a percent) 12.00% 14.00%  
Accounts Receivable      
Concentration Risk [Line Items]      
Concentration risk percentage (as a percent) 15.00%   10.00%
v3.24.3
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Oct. 31, 2024
Jul. 31, 2024
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 246,886 $ 310,210
Deferred compensation plan mutual fund assets 27,930 28,985
Equity investments 781 1,169
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreign currency forward contract asset 95 0
Interest rate swap liabilities, net $ 1,179 $ 1,137
v3.24.3
Product Warranties - Narrative (Details)
 3 Months Ended
Oct. 31, 2024
Product Warranty One  
Product Warranty Liability [Line Items]  
Warranty period for retail customers (in years) 1 year
Product Warranty Two  
Product Warranty Liability [Line Items]  
Warranty period for retail customers (in years) 2 years
v3.24.3
Product Warranties - Schedule of Changes in Product Warranty Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Product Warranty    
Beginning balance $ 311,627 $ 345,197
Provision 61,753 74,435
Payments (72,979) (84,171)
Foreign currency translation 374 (2,187)
Ending balance $ 300,775 $ 333,274
v3.24.3
Long-Term Debt - Schedule of Components of Long-Term Debt (Details) - USD ($)
$ in Thousands
Oct. 31, 2024
Jul. 31, 2024
Line of Credit Facility [Line Items]    
Senior unsecured notes $ 1,091,397 $ 1,151,279
Unsecured notes 27,205 27,070
Other debt 28,189 29,848
Debt issuance costs, net of amortization (15,401) (17,364)
Total long-term debt, net of debt issuance costs 1,075,996 1,133,915
Less: Current portion of long-term debt (32,206) (32,650)
Total long-term debt, net, less current portion 1,043,790 1,101,265
Term loan    
Line of Credit Facility [Line Items]    
Term loan 536,003 594,361
Unsecured Debt | Senior unsecured notes    
Line of Credit Facility [Line Items]    
Senior unsecured notes $ 500,000 $ 500,000
v3.24.3
Long-Term Debt - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Jul. 31, 2024
Oct. 14, 2021
Line of Credit Facility [Line Items]        
Total long-term debt $ 1,091,397   $ 1,151,279  
Interest expense 17,585 $ 23,199    
Fees to secure the facility, amortized amount $ 2,166 $ 2,872    
Asset-based credit facility        
Line of Credit Facility [Line Items]        
Term loan (in years) 5 years      
Line of credit, maximum borrowing capacity $ 1,000,000      
Line of credit, outstanding amount 0   0  
Unused availability under agreement $ 865,000      
Term loan        
Line of Credit Facility [Line Items]        
Term loan (in years) 7 years      
Line of credit, outstanding amount $ 536,003   594,361  
Debt, fair value 537,028   597,334  
Term loan | US Tranche        
Line of Credit Facility [Line Items]        
Total long-term debt $ 205,000      
Stated interest rate (as percent) 6.935%      
Term loan | Euro Tranche        
Line of Credit Facility [Line Items]        
Stated interest rate (as percent) 5.896%      
Line of credit, outstanding amount $ 331,003      
Unsecured Debt | Senior unsecured notes        
Line of Credit Facility [Line Items]        
Total long-term debt 500,000   500,000  
Stated interest rate (as percent)       4.00%
Debt aggregate principal amount       $ 500,000
Debt, fair value $ 454,300   $ 450,450  
v3.24.3
Provision for Income Taxes (Details)
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Income Tax Disclosure [Abstract]    
Effective income tax rate (as a percent) 24.50% 24.20%
v3.24.3
Contingent Liabilities, Commitments and Legal Matters (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Jul. 31, 2024
Loss Contingencies [Line Items]      
Standby repurchase obligations amount $ 3,422,718   $ 3,642,137
Term of commitments (in months) 18 months    
Repurchase and guarantee reserve balances $ 12,870   $ 14,356
General and Administrative Expense      
Loss Contingencies [Line Items]      
Expense recorded related to product recall costs $ 0 $ 10,000  
v3.24.3
Leases - Schedule of Components of Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Leases [Abstract]    
Operating lease cost $ 8,842 $ 8,011
Finance lease cost:    
Amortization of right-of-use assets 186 186
Interest on lease liabilities 64 83
Total lease cost $ 9,092 $ 8,280
v3.24.3
Leases - Schedule of Supplemental Cash Flows Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Leases [Abstract]    
Operating cash flows from operating leases $ 8,829 $ 7,987
Operating leases $ 1,636 $ 914
v3.24.3
Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($)
$ in Thousands
Oct. 31, 2024
Jul. 31, 2024
Leases [Abstract]    
Other current liabilities $ 11,414 $ 11,405
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other Other
Other long-term liabilities $ 30,585 $ 32,007
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Total operating lease liabilities $ 41,999 $ 43,412
Other current liabilities $ 883 $ 855
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] Other Other
Other long-term liabilities $ 1,635 $ 1,866
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Total finance lease liabilities $ 2,518 $ 2,721
v3.24.3
Stockholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 34 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Oct. 31, 2024
Jun. 24, 2022
Dec. 21, 2021
Equity, Class of Treasury Stock [Line Items]          
Stock-based compensation expense $ 10,537 $ 10,452      
Purchase of common shares (in shares) 0 327,876 3,214,772    
Average price of treasury shares acquired (in dollars per share)   $ 91.61 $ 85.70    
Aggregate purchase price   $ 30,037 $ 275,501    
December Twenty Twenty One Share Repurchase Plan          
Equity, Class of Treasury Stock [Line Items]          
Stock repurchase program authorized amount         $ 250,000
Aggregate purchase price   $ 30,037      
Remaining authorized repurchase amount $ 0   0    
June Twenty Twenty Two Share Repurchase Plan          
Equity, Class of Treasury Stock [Line Items]          
Stock repurchase program authorized amount       $ 448,321  
Remaining authorized repurchase amount $ 422,820   $ 422,820    
v3.24.3
Revenue Recognition (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
Disaggregation of Revenue [Line Items]    
NET SALES: $ 2,142,784 $ 2,500,759
Operating Segments    
Disaggregation of Revenue [Line Items]    
NET SALES: 2,008,889 2,364,814
Operating Segments | Total North America    
Disaggregation of Revenue [Line Items]    
NET SALES: 1,403,986 1,656,613
Operating Segments | North American Towable    
Disaggregation of Revenue [Line Items]    
NET SALES: 898,778 945,454
Operating Segments | North American Motorized    
Disaggregation of Revenue [Line Items]    
NET SALES: 505,208 711,159
Operating Segments | European    
Disaggregation of Revenue [Line Items]    
NET SALES: 604,903 708,201
Operating Segments | Travel Trailers | North American Towable    
Disaggregation of Revenue [Line Items]    
NET SALES: 602,695 619,538
Operating Segments | Fifth Wheels | North American Towable    
Disaggregation of Revenue [Line Items]    
NET SALES: 296,083 325,916
Operating Segments | Class A | North American Motorized    
Disaggregation of Revenue [Line Items]    
NET SALES: 156,576 207,911
Operating Segments | Class C | North American Motorized    
Disaggregation of Revenue [Line Items]    
NET SALES: 234,227 333,776
Operating Segments | Class B | North American Motorized    
Disaggregation of Revenue [Line Items]    
NET SALES: 114,405 169,472
Operating Segments | Motorcaravan | European    
Disaggregation of Revenue [Line Items]    
NET SALES: 318,216 346,511
Operating Segments | Campervan | European    
Disaggregation of Revenue [Line Items]    
NET SALES: 173,216 221,609
Operating Segments | Caravan | European    
Disaggregation of Revenue [Line Items]    
NET SALES: 33,071 64,627
Operating Segments | Other RV-related | European    
Disaggregation of Revenue [Line Items]    
NET SALES: 80,400 75,454
Other    
Disaggregation of Revenue [Line Items]    
NET SALES: 193,511 198,921
Intercompany eliminations    
Disaggregation of Revenue [Line Items]    
NET SALES: $ (59,616) $ (62,976)
v3.24.3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 31, 2024
Oct. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance $ 4,074,053 $ 3,983,398
Total other comprehensive income (loss), net of tax 11,943 (60,646)
Ending balance 4,061,956 3,923,590
Foreign Currency Translation Adjustment    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (93,984) (68,911)
OCI before reclassifications 11,901 (59,924)
Total other comprehensive income (loss), net of tax 11,901 (59,924)
Ending balance (82,083) (128,835)
Other    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance 278 364
OCI before reclassifications 0 0
Total other comprehensive income (loss), net of tax 0 0
Ending balance 278 364
AOCI, net of tax, Attributable to THOR    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (93,706) (68,547)
OCI before reclassifications 11,901 (59,924)
Total other comprehensive income (loss), net of tax 11,901 (59,924)
Ending balance (81,805) (128,471)
Non-controlling Interests    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (3,435) (2,583)
OCI before reclassifications 42 (722)
Total other comprehensive income (loss), net of tax 42 (722)
Ending balance (3,393) (3,305)
Total AOCI    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (97,141) (71,130)
OCI before reclassifications 11,943 (60,646)
Total other comprehensive income (loss), net of tax 11,943 (60,646)
Ending balance $ (85,198) $ (131,776)
v3.24.3
Weather Damage at Manufacturing Facilities (Details)
$ in Thousands
 3 Months Ended
Oct. 31, 2024
USD ($)
Risks and Uncertainties [Abstract]  
Self insured retention $ 1,000
Estimated damages incurred 40,270
Inventory write down estimated loss 64,220
Initial installment of insurance proceeds $ 22,950