Cash and Cash Equivalents – Interest-bearing\n deposits and other investments with maturities of three months or\n less when purchased are considered cash equivalents. At\n July 31, 2017 and 2016, cash and cash equivalents of $211,408\n and $164,696, respectively, were held by one financial\n institution.
"}]},{"name":"rpt:f-507","factDimensions":{"xbrl:concept":"us-gaap:CommitmentsAndContingenciesDisclosureTextBlock","xbrl:period":"2016-08-01T00:00:00/2017-08-01T00:00:00","xbrl:entity":"cik:0000730263"},"factValues":[{"value":"\n 13. CONTINGENT LIABILITIES AND\n COMMITMENTS
\nThe Company is contingently liable under terms of repurchase\n agreements with financial institutions providing inventory\n financing for certain dealers of certain of its RV products. These\n arrangements, which are customary in the RV industry, provide for\n the repurchase of products sold to dealers in the event of default\n by the dealer on their agreement to pay the financial institution.\n The repurchase price is generally determined by the original sales\n price of the product and pre-defined curtailment arrangements. The\n Company typically resells the repurchased product at a discount\n from its repurchase price. The risk of loss from these agreements\n is spread over numerous dealers. In addition to the guarantee under\n these repurchase agreements, the Company may also be required to\n repurchase inventory relative to dealer terminations in certain\n states in accordance with state laws or regulatory requirements.\n The repurchase activity related to dealer terminations in certain\n states has historically been insignificant in relation to our\n repurchase obligation with financial institutions.
\nThe Company’s total commercial commitments under standby\n repurchase obligations on dealer inventory financing as of\n July 31, 2017 and July 31, 2016 were $2,200,544 and\n $1,898,307, respectively. The commitment term is generally up to\n eighteen months.
\nThe Company accounts for the guarantee under repurchase\n agreements of dealers’ financing by deferring a portion of\n the related product sale that represents the estimated fair value\n of the guarantee at inception. The estimated fair value takes into\n account an estimate of the losses that may be incurred upon resale\n of any repurchases. This estimate is based on recent historical\n experience supplemented by the Company’s assessment of\n current economic and other conditions affecting its dealers. This\n deferred amount is included in the repurchase and guarantee reserve\n balances of $6,345 and $6,068 as of July 31, 2017 and\n July 31, 2016, respectively, which are included in Other\n current liabilities in the Consolidated Balance Sheets.
\nThe following table reflects losses incurred related to\n repurchase agreements that were settled in the past three fiscal\n years. The Company believes that any future losses under these\n agreements will not have a significant effect on the\n Company’s consolidated financial position, results of\n operations or cash flows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | \n 2017 \n | \n \n | \n | \n 2016 \n | \n \n | \n | 2015 | \n\n | |||
| \n Cost of units\n repurchased \n | \n \n | $ | \n4,453 | \n\n | \n | $ | \n4,650 | \n\n | \n | $ | \n7,171 | \n\n |
| \n Realization of units\n resold \n | \n \n | \n | 4,151 | \n\n | \n | \n | 3,832 | \n\n | \n | \n | 5,906 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Losses due to\n repurchase \n | \n \n | $ | \n302 | \n\n | \n | $ | \n818 | \n\n | \n | $ | \n1,265 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
\n Legal\n Matters
\nThe Company is involved in certain litigation arising out of\n its operations in the normal course of its business, most of which\n is based upon state “lemon laws”, warranty claims and\n vehicle accidents (for which the Company carries insurance above a\n specified self-insured retention or deductible amount). The\n outcomes of legal proceedings and claims brought against the\n Company are subject to significant uncertainty. There is\n significant judgment required in assessing both the probability of\n an adverse outcome and the determination as to whether an exposure\n can be reasonably estimated. In management’s opinion,\n the ultimate disposition of any current legal proceedings or\n claims against the Company will not have a material effect on the\n Company’s financial condition, operating results or cash\n flows. Litigation is, however, inherently uncertain and an adverse\n outcome from such litigation could have a material effect on the\n operating results of a particular reporting period.
\n\n 3. DISCONTINUED OPERATIONS
\nOn July 31, 2013, the Company entered into a Stock\n Purchase Agreement (“ASV SPA”) and sold its bus\n business to Allied Specialty Vehicles, Inc. (“ASV”).\n The sale closed on October 20, 2013. The Company’s bus\n business, which manufactured and sold transit and shuttle buses,\n included the operations of Champion Bus Inc., General Coach\n America, Inc., Goshen Coach, Inc., ElDorado National (California),\n Inc. and ElDorado National (Kansas), Inc. This divestiture allowed\n the Company to focus on the strategic development and growth of its\n core recreational vehicle business.
\nThe results of operations for the bus business have been\n reported as loss from discontinued operations, net of income taxes,\n in the Consolidated Statements of Income and Comprehensive Income\n for fiscal 2016 and fiscal 2015.
\nThe following table summarizes the results of discontinued\n operations:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||||||||||||||
| \n Loss before income\n taxes \n | \n \n | \n | \n | \n | \n | $ | \n– | \n\n | \n | \n | \n | \n | \n | $ | \n(2,417 | \n) | \n\n | \n | \n | \n | \n | $ | \n(4,791 | \n) | \n
| \n Income tax\n benefit \n | \n \n | \n | \n | \n | \n | \n | – | \n\n | \n | \n | \n | \n | \n | \n | 914 | \n\n | \n | \n | \n | \n | \n | \n | 2,167 | \n\n |
| \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n |
| \n Loss from discontinued\n operations, net of income taxes \n | \n \n | \n | \n | \n | \n | $ | \n– | \n\n | \n | \n | \n | \n | \n | $ | \n(1,503 | \n) | \n\n | \n | \n | \n | \n | $ | \n(2,624 | \n) | \n
| \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n |
The loss before income taxes of discontinued operations\n reflects expenses incurred directly related to the former bus\n operations, including ongoing costs related to liabilities retained\n by the Company under the ASV SPA for bus product liability and\n workers’ compensation claims occurring prior to the closing\n date of the sale.
\nAs a result of the sale of the bus business, and in accordance\n with the ASV SPA, the Company is no longer the primary obligor to\n the taxing authorities for bus operations in certain states. Under\n the terms of the sale, the Company has agreed to indemnify ASV for\n any claims made by the taxing authorities after the date of sale\n for these uncertain tax positions, but does not expect future\n losses under this guarantee to be material.
\n \n \nEarnings Per Share – Basic earnings per\n common share (“EPS”) is computed by dividing net income\n by the weighted-average number of common shares outstanding.\n Diluted EPS is computed by dividing net income by the\n weighted-average number of common shares outstanding assuming\n dilution. The difference between basic EPS and diluted EPS is the\n result of unvested restricted stock and restricted stock units as\n follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||
| \n Weighted-average shares\n outstanding for basic earnings per share \n | \n \n | \n | 52,562,723 | \n\n | \n | \n | 52,458,789 | \n\n | \n | \n | 53,166,206 | \n\n |
| \n Unvested restricted stock\n and restricted stock units \n | \n \n | \n | 195,719 | \n\n | \n | \n | 131,727 | \n\n | \n | \n | 109,304 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Weighted-average shares\n outstanding assuming dilution \n | \n \n | \n | 52,758,442 | \n\n | \n | \n | 52,590,516 | \n\n | \n | \n | 53,275,510 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
The Company excludes unvested restricted stock and restricted\n stock units that have an antidilutive effect from its calculation\n of weighted-average shares outstanding assuming dilution, but had\n none at July 31, 2017, 2016 or 2015.
\nFair Value of Financial Instruments – The carrying amount of\n cash equivalents, investments, accounts receivable, notes\n receivable and accounts payable approximate fair value because of\n the relatively short maturity of these financial instruments. The\n carrying value of the Company’s long-term debt approximates\n fair value as the entire balance is subject to variable market\n interest rates that the Company believes approximate market rates\n for a similarly situated Company. The fair value of debt is largely\n estimated using level 2 inputs as defined by ASC 820 and discussed\n in Note 9 to the Consolidated Financial Statements.
"}]},{"name":"rpt:f-517","factDimensions":{"xbrl:concept":"us-gaap:IncomeLossFromContinuingOperationsPerDilutedShare","xbrl:period":"2016-08-01T00:00:00/2017-08-01T00:00:00","xbrl:entity":"cik:0000730263","xbrl:unit":"iso4217:USD/xbrla:shares"},"factValues":[{"value":"7.09","decimals":2}]},{"name":"rpt:f-518","factDimensions":{"xbrl:concept":"us-gaap:InventoryDisclosureTextBlock","xbrl:period":"2016-08-01T00:00:00/2017-08-01T00:00:00","xbrl:entity":"cik:0000730263"},"factValues":[{"value":"\n 5. INVENTORIES
\n\n Major\n classifications of inventories are:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | July 31, | \n\n | |||||
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | ||
| \n Finished products –\n RV \n | \n \n | $ | \n24,904 | \n\n | \n | $ | \n39,943 | \n\n |
| \n Finished products –\n other \n | \n \n | \n | 27,862 | \n\n | \n | \n | 20,141 | \n\n |
| \n Work in process \n | \n \n | \n | 117,319 | \n\n | \n | \n | 97,872 | \n\n |
| \n Raw materials \n | \n \n | \n | 214,518 | \n\n | \n | \n | 173,362 | \n\n |
| \n Chassis \n | \n \n | \n | 109,555 | \n\n | \n | \n | 102,686 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Subtotal \n | \n \n | \n | 494,158 | \n\n | \n | \n | 434,004 | \n\n |
| \n Excess of FIFO costs over\n LIFO costs \n | \n \n | \n | (33,670 | \n) | \n\n | \n | (30,135 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total inventories \n | \n \n | $ | \n460,488 | \n\n | \n | $ | \n403,869 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
Of the $494,158 and $434,004 of inventory at July 31, 2017\n and 2016, $284,897 and $219,050, respectively, was valued on the\n last-in, first-out (LIFO) basis, and $209,261 and $214,954,\n respectively, was valued on the first-in, first-out (FIFO)\n method.
\nThe Company’s reserves for inventory obsolescence were\n $5,240 at July 31, 2017 and $4,840 at July 31,\n 2016.
\nInventories – Certain inventories\n are stated at the lower of cost or market, determined on the\n last-in, first-out (“LIFO”) basis with the remainder\n being valued on a first-in, first-out (“FIFO”) basis.\n Manufacturing costs include materials, labor, freight-in and\n manufacturing overhead. Unallocated overhead and abnormal costs are\n expensed as incurred.
"}]},{"name":"rpt:f-520","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2016-08-01T00:00:00/2017-08-01T00:00:00","xbrl:entity":"cik:0000730263"},"factValues":[{"value":"Accounting\n Pronouncements
\n\n In January 2017,\n the Financial Accounting Standards Board (“FASB”)\n issued Accounting Standards Update (“ASU”)\n No. 2017-04, “Intangibles—Goodwill and Other\n (Topic 350): Simplifying the Test for Goodwill Impairment,”\n which eliminates the requirement to calculate the implied fair\n value of goodwill to measure a goodwill impairment charge (referred\n to as Step 2 in the goodwill impairment test). Instead, if the\n carrying amount of a reporting unit exceeds its fair value, an\n impairment charge equal to that excess shall be recognized, not to\n exceed the amount of goodwill allocated to the reporting unit. The\n standard is effective for annual and any interim impairment tests\n for periods beginning after December 15, 2019, with early\n adoption permitted after January 1, 2017. ASU\n No. 2017-04 is effective for the Company in its fiscal year\n 2021 beginning on August 1, 2020. The Company is\n currently evaluating the impact of this standard on its\n consolidated financial statements, which will depend on the\n outcomes of future goodwill impairment tests.
\n\n In March 2016, the\n FASB issued Accounting Standards Update No. 2016-09\n (“ASU 2016-09”), “Improvements to Employee\n Share-Based Payment Accounting,” which simplifies several\n aspects of the accounting for employee share-based payment\n transactions, including the accounting for the related income\n taxes, forfeitures, statutory tax withholding requirements and\n classification in the statement of cash flows. ASU 2016-09 is\n effective for annual reporting periods beginning after\n December 15, 2016, including interim periods within those\n annual reporting periods. Early adoption is permitted and the\n Company adopted the provisions of ASU 2016-09 as of August 1,\n 2016. Applicable provisions of the standard were adopted\n prospectively as allowed under this ASU. The provisions related to\n income taxes resulted in a tax benefit of $1,898 for fiscal 2017.\n The Company did not change its policy related to forfeitures, which\n is estimated based on historical forfeiture rates over the vesting\n period of employee awards. Provisions related to the statement of\n cash flows have been adopted prospectively and result in the\n recognition of the excess tax benefits from share-based awards\n being reflected in cash provided by operating\n activities.
\n\n In February 2016,\n the FASB issued Accounting Standards Update No. 2016-02\n (“ASU 2016-02”), “Leases (Topic 842),”\n which provides guidance on the recognition, measurement,\n presentation, and disclosure of leases. ASU 2016-02 requires\n the recognition of lease assets and lease liabilities by lessees\n for all leases with terms greater than 12 months. The principal\n difference from current guidance is that the lease assets and lease\n liabilities arising from operating leases will be recognized on the\n Consolidated Balance Sheet. This ASU is effective for fiscal\n years, and interim periods within those years, beginning after\n December 15, 2018. Early adoption is permitted. The ASU is\n effective for the Company in its fiscal year 2020 beginning on\n August 1, 2019. The Company is currently evaluating the\n impact that implementing this ASU will have on its financial\n statements.
\n\n In September 2015,\n the FASB issued Accounting Standards Update No. 2015-16\n (“ASU 2015-16”), “Business Combinations (Topic\n 805): Simplifying the Accounting for Measurement Period\n Adjustments,” to simplify the accounting for\n measurement-period adjustments in a business combination. Under the\n new standard, an acquirer must recognize adjustments to provisional\n amounts in a business combination in the reporting period in which\n the adjustment amounts are determined, rather than retrospectively\n adjusting the provisional amounts recognized at the acquisition\n date with a corresponding adjustment to goodwill as under current\n guidance. ASU 2015-16 is effective for fiscal years, and the\n interim periods within those years, beginning after\n December 15, 2015. The Company adopted ASU 2015-16 on\n August 1, 2016 and there was no impact upon its\n adoption.
\n\n In July 2015, the\n FASB issued Accounting Standards Update No. 2015-11\n (“ASU 2015-11”), “Inventory (Topic 330):\n Simplifying the Measurement of Inventory.” ASU 2015-11\n requires inventory measured using any method other than last-in,\n first-out (“LIFO”) or the retail inventory method to be\n subsequently measured at the lower of cost or net realizable value,\n rather than at the lower of cost or market. Under this standard,\n subsequent measurement of inventory using the LIFO and retail\n inventory method is unchanged. ASU 2015-11 is effective\n prospectively for fiscal years, and for interim periods within\n those years, beginning after December 15, 2016. ASU 2015-11 is\n effective for the Company in its fiscal year 2018 beginning on\n August 1, 2017. The Company does not expect the adoption of\n ASU 2015-11 to have a material impact on its consolidated financial\n statements.
\n\n In May 2014, the\n FASB issued Accounting Standards Update No. 2014-09\n (“ASU 2014-09”), “Revenue from Contracts with\n Customers (Topic 606),” which outlines a single comprehensive\n model for entities to use in accounting for revenue arising from\n contracts with customers. This standard will supersede most current\n revenue recognition guidance. Under the new standard, entities are\n required to identify the contract with a customer, identify the\n separate performance obligations in the contract, determine the\n transaction price, allocate the transaction price to the separate\n performance obligations in the contract and recognize the\n appropriate amount of revenue when (or as) the entity satisfies\n each performance obligation. The new standard will also require\n additional qualitative and quantitative disclosures about contracts\n with customers, significant judgments made in applying the revenue\n guidance, and assets recognized from the costs to obtain or fulfill\n a contract. ASU 2014-09 is effective for fiscal years, and the\n interim periods within those years, beginning after\n December 15, 2017. The standard is effective for the Company\n in its fiscal year 2019 beginning on August 1, 2018. In\n applying the ASU, entities have the option of using either a full\n retrospective transition or a modified retrospective approach with\n the cumulative effect recognized as of the date of adoption. The\n Company is currently evaluating the approach it will use to apply\n the ASU and the impact that the adoption of the ASU will have on\n the Company’s consolidated financial statements including the\n impact on financial statement disclosure under the ASU.
\n \n \n\n 10. PRODUCT WARRANTY
\nThe Company generally provides retail customers of its products\n with a one-year or two-year warranty covering defects in material\n or workmanship, with longer warranties on certain structural\n components. The Company records a liability based on its best\n estimate of the amounts necessary to settle future and existing\n claims on products sold as of the balance sheet date. Factors used\n in estimating the warranty liability include a history of units\n sold, existing dealer inventory, average cost incurred and a\n profile of the distribution of warranty expenditures over the\n warranty period. Management believes that the warranty liabilities\n are adequate. However, actual claims incurred could differ from\n estimates, requiring adjustments to the reserves. Warranty\n liabilities are reviewed and adjusted as necessary on at least a\n quarterly basis.
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||
| \n Beginning balance \n | \n \n | $ | \n201,840 | \n\n | \n | $ | \n108,206 | \n\n | \n | $ | \n94,938 | \n\n |
| \n Provision \n | \n \n | \n | 195,799 | \n\n | \n | \n | 114,119 | \n\n | \n | \n | 114,429 | \n\n |
| \n Payments \n | \n \n | \n | (180,858 | \n) | \n\n | \n | (110,092 | \n) | \n\n | \n | (106,266 | \n) | \n
| \n Acquisitions \n | \n \n | \n | – | \n\n | \n | \n | 89,607 | \n\n | \n | \n | 5,105 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Ending balance \n | \n \n | $ | \n216,781 | \n\n | \n | $ | \n201,840 | \n\n | \n | $ | \n108,206 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
The components of the provision (benefit) for income taxes from\n continuing operations are as follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | July 31, | \n\n | |||||||||
| Income Taxes: | \n\n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||
| \n Federal \n | \n \n | $ | \n200,370 | \n\n | \n | $ | \n126,846 | \n\n | \n | $ | \n98,504 | \n\n |
| \n State and local \n | \n \n | \n | 20,941 | \n\n | \n | \n | 12,716 | \n\n | \n | \n | 1,222 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total current\n expense \n | \n \n | \n | 221,311 | \n\n | \n | \n | 139,562 | \n\n | \n | \n | 99,726 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n | \n | \n | \n | |||||||||
| \n Federal \n | \n \n | \n | (37,033 | \n) | \n\n | \n | (13,079 | \n) | \n\n | \n | (7,785 | \n) | \n
| \n State and local \n | \n \n | \n | (2,146 | \n) | \n\n | \n | (1,192 | \n) | \n\n | \n | (1,055 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total deferred\n (benefit) \n | \n \n | \n | (39,179 | \n) | \n\n | \n | (14,271 | \n) | \n\n | \n | (8,840 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n | \n | \n | \n | |||||||||
| \n Total income tax\n expense \n | \n \n | $ | \n182,132 | \n\n | \n | $ | \n125,291 | \n\n | \n | $ | \n90,886 | \n\n |
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||
| \n Beginning balance \n | \n \n | $ | \n201,840 | \n\n | \n | $ | \n108,206 | \n\n | \n | $ | \n94,938 | \n\n |
| \n Provision \n | \n \n | \n | 195,799 | \n\n | \n | \n | 114,119 | \n\n | \n | \n | 114,429 | \n\n |
| \n Payments \n | \n \n | \n | (180,858 | \n) | \n\n | \n | (110,092 | \n) | \n\n | \n | (106,266 | \n) | \n
| \n Acquisitions \n | \n \n | \n | – | \n\n | \n | \n | 89,607 | \n\n | \n | \n | 5,105 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Ending balance \n | \n \n | $ | \n216,781 | \n\n | \n | $ | \n201,840 | \n\n | \n | $ | \n108,206 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
\n 1. SUMMARY OF SIGNIFICANT ACCOUNTING\n POLICIES
\nNature of Operations – Thor Industries, Inc.\n was founded in 1980 and, through its subsidiaries, manufactures a\n wide range of recreational vehicles at various manufacturing\n facilities primarily in Indiana and Ohio, with additional\n facilities in Oregon and Idaho. These products are sold to\n independent dealers primarily throughout the United States and\n Canada. Unless the context otherwise requires or indicates, all\n references to “Thor”, the “Company”,\n “we”, “our” and “us” refer to\n Thor Industries, Inc. and its subsidiaries.
\nThe Company’s ongoing business activities are primarily\n comprised of two distinct operations, which include the design,\n manufacture and sale of towable recreational vehicles and motorized\n recreational vehicles. Accordingly, the Company has presented\n segmented financial information for these two segments in Note 4 to\n the Consolidated Financial Statements. See Note 3 to the\n Consolidated Financial Statements for a description of the\n Company’s former bus operations which were sold as of\n October 20, 2013. Accordingly, the accompanying financial\n statements (including footnote disclosures unless otherwise\n indicated) reflect these operations as discontinued operations\n apart from the Company’s continuing operations.
\nCertain amounts for fiscal 2016 and fiscal 2015 included in\n Note 12 to the Consolidated Financial Statements have been\n reclassified to conform to the fiscal 2017 presentation.
\nPrinciples of Consolidation – The accompanying\n Consolidated Financial Statements include the accounts of Thor\n Industries, Inc. and its wholly-owned subsidiaries. All\n intercompany balances and transactions are eliminated upon\n consolidation.
\nEstimates – The preparation of\n financial statements in conformity with accounting principles\n generally accepted in the U.S. requires management to make\n estimates and assumptions that affect the reported amounts of\n assets and liabilities at the date of the financial statements and\n the reported amount of revenues and expenses during the reporting\n period. Key estimates include reserves for inventory, incurred but\n not reported medical claims, warranty claims, recalls,\n workers’ compensation claims, vehicle repurchases, uncertain\n tax positions, product and non-product litigation and assumptions\n made in asset impairment assessments. The Company bases its\n estimates on historical experience and on various other assumptions\n believed to be reasonable under the circumstances. The Company\n believes that such estimates are made using consistent and\n appropriate methods. Actual results could differ from these\n estimates.
\nCash and Cash Equivalents – Interest-bearing\n deposits and other investments with maturities of three months or\n less when purchased are considered cash equivalents. At\n July 31, 2017 and 2016, cash and cash equivalents of $211,408\n and $164,696, respectively, were held by one financial\n institution.
\nFair Value of Financial Instruments – The carrying amount of\n cash equivalents, investments, accounts receivable, notes\n receivable and accounts payable approximate fair value because of\n the relatively short maturity of these financial instruments. The\n carrying value of the Company’s long-term debt approximates\n fair value as the entire balance is subject to variable market\n interest rates that the Company believes approximate market rates\n for a similarly situated Company. The fair value of debt is largely\n estimated using level 2 inputs as defined by ASC 820 and discussed\n in Note 9 to the Consolidated Financial Statements.
\nInventories – Certain inventories\n are stated at the lower of cost or market, determined on the\n last-in, first-out (“LIFO”) basis with the remainder\n being valued on a first-in, first-out (“FIFO”) basis.\n Manufacturing costs include materials, labor, freight-in and\n manufacturing overhead. Unallocated overhead and abnormal costs are\n expensed as incurred.
\nDepreciation – Property, plant and\n equipment are recorded at cost and depreciated using the\n straight-line method over the estimated useful lives of the assets\n as follows:
\nBuildings and improvements – 10 to 39 years
\nMachinery and equipment – 3 to 10 years
\nDepreciation expense is recorded in cost of products sold\n except for $5,710, $3,812 and $2,362 in fiscal 2017, 2016 and 2015,\n respectively, which relates primarily to office buildings and\n office equipment and is recorded in selling, general and\n administrative expenses.
\nIntangible Assets – Intangible assets\n consist of goodwill, trademarks, dealer networks/customer\n relationships, design technology assets and non-compete agreements.\n Trademarks are amortized on a straight-line basis over 15 to 25\n years. Dealer networks/customer relationships are amortized on an\n accelerated basis over 12 to 20 years, and design technology assets\n and non-compete agreements are amortized using the straight-line\n method over 2 to 15 years.
\n\n
\nBacklog is amortized using a straight-line basis method over\n periods up to 3 months. Goodwill is not amortized but is tested at\n least annually for impairment. Goodwill is reviewed for impairment\n by applying a fair-value based test on an annual basis, or more\n frequently if events or circumstances indicate a potential\n impairment.
\nLong-lived Assets – Property, plant and\n equipment and identifiable intangibles that are amortized are\n reviewed for impairment whenever events or changes in circumstances\n indicate that the carrying amount of an asset may not be\n recoverable from future cash flows. If the carrying value of a\n long-lived asset is impaired, an impairment charge is recorded for\n the amount by which the carrying value of the long-lived asset\n exceeds its fair value.
\nProduct Warranties – Estimated warranty\n costs are provided at the time of sale of the related products.\n Warranty reserves are reviewed and adjusted as necessary on at\n least a quarterly basis.
\nAllowance for Doubtful Accounts – The allowance for\n doubtful accounts represents management’s estimate of\n probable credit losses in existing accounts receivable, as\n determined from a review of past due balances and other specific\n account information. The allowance for doubtful accounts activity\n during fiscal 2017, 2016 and 2015 was not material.
\nInsurance Reserves – Generally, the Company\n is self-insured for workers’ compensation, products liability\n and group medical insurance. Under these plans, liabilities are\n recognized for claims incurred, including those incurred but not\n reported. The liability for workers’ compensation claims is\n determined by the Company with the assistance of a third party\n administrator and actuary using various state statutes and\n historical claims experience. Group medical reserves are estimated\n using historical claims experience. The Company has a self-insured\n retention (“SIR”) for products liability and personal\n injury matters ranging from $500 to $7,500 per occurrence,\n depending on the product type and when the occurrence took place.\n Generally, any occurrence (as defined by our insurance policies)\n after March 31, 2015 is subject to the $500 SIR, while matters\n occurring after March 31, 2014 and through March 31, 2015\n are subject to a $1,000 SIR. The Company has established a\n liability on our balance sheet for product liability and personal\n injury occurrences based on historical data, known cases and\n actuarial information. Currently, the Company maintains excess\n liability insurance aggregating $50,000 with outside insurance\n carriers to minimize our risks related to catastrophic claims in\n excess of our self-insured positions for products liability and\n personal injury matters.
\nRevenue Recognition – Revenues from the sale\n of recreational vehicles are recorded primarily when all of the\n following conditions have been met:
\n\n
\n| 1) | \n\n An order for a product has been received from a\n dealer; \n | \n
\n
\n| 2) | \n\n Written or oral approval for payment has been received from the\n dealer’s flooring institution, if applicable; \n | \n
\n
\n| 3) | \n\n A common carrier signs the delivery ticket accepting\n responsibility for the product as agent for the dealer;\n and \n | \n
\n
\n| 4) | \n\n The product is removed from the Company’s property for\n delivery to the dealer who placed the order. \n | \n
These conditions are generally met when title passes, which is\n when vehicles are shipped to dealers in accordance with shipping\n terms, which are primarily FOB shipping point. Most sales are made\n to dealers financing their purchases under flooring arrangements\n with banks or finance companies. Certain shipments are sold to\n customers on credit or cash on delivery (“COD”) terms.\n The Company recognizes revenue on credit sales upon shipment and\n COD sales upon payment and delivery. Products are not sold on\n consignment, dealers do not have the right to return products and\n dealers are typically responsible for interest costs to floor plan\n lenders.
\nAt the time of revenue recognition, amounts billed to dealers\n for delivery of product are recognized as revenue and the\n corresponding delivery expense charged to costs of products\n sold.
\nRevenues from the sale of extruded aluminum components are\n recognized when title to products and the risk of loss are\n transferred to the customer.
\nDealer Volume Rebates, Sales Incentives and Advertising\n Costs – Estimated costs\n related to dealer volume rebates and sales incentives are accrued\n as a reduction of revenue at the later of the time products are\n sold or the date the rebate or incentive is offered. Advertising\n costs, which consist primarily of tradeshows, are expensed as\n incurred, and were $24,997, $14,472 and $12,515 in fiscal 2017,\n 2016 and 2015, respectively.
\nRepurchase Agreements – The Company is contingently\n liable under terms of repurchase agreements with financial\n institutions providing inventory financing for certain dealers of\n certain of its RV products. These arrangements, which are customary\n in the RV industry, provide for the repurchase of products sold to\n dealers in the event of default by the dealer on their agreement to\n pay the financial institution. The risk of loss from these\n agreements is spread over numerous dealers.
\n\n
\nIn addition to the guarantee under these repurchase agreements,\n we may also be required to repurchase inventory relative to dealer\n terminations in certain states in accordance with state laws or\n regulatory requirements. The repurchase price is generally\n determined by the original sales price of the product and\n pre-defined curtailment arrangements and the Company typically\n resells the repurchased product at a discount from its repurchase\n price. The Company accounts for the guarantee under its repurchase\n agreements with our dealers’ financing institutions by\n estimating and deferring a portion of the related product sale that\n represents the estimated fair value of the repurchase obligation.\n The estimated fair value takes into account our estimate of the\n loss we will incur upon resale of any repurchases. This estimate is\n based on recent historical experience supplemented by\n management’s assessment of current economic and other\n conditions affecting our dealers. This deferred amount is included\n in our repurchase and guarantee reserve which is included in Other\n current liabilities in the Consolidated Balance Sheets.
\nIncome Taxes – The objectives of accounting\n for income taxes are to recognize the amount of taxes payable or\n refundable for the current year and deferred tax liabilities and\n assets for the future tax consequences of events that have been\n recognized in our financial statements or tax returns. Judgment is\n required in assessing the future tax consequences of events that\n have been recognized in our financial statements or tax returns.\n Fluctuations in the actual outcome of these tax consequences could\n materially impact our financial position or results of\n operations.
\nThe Company recognizes liabilities for uncertain tax positions\n based on a two-step process. The first step is to evaluate the tax\n position for recognition by determining if the weight of available\n evidence indicates that it is more likely than not that the\n position will be sustained on audit, including resolution of\n related appeals or litigation processes, if any. The second step\n requires the Company to estimate and measure the tax benefit as the\n largest amount that is more than 50% likely to be realized upon\n ultimate settlement. It is inherently difficult and subjective to\n estimate such amounts, as the Company has to determine the\n probability of various possible outcomes. The Company reevaluates\n these uncertain tax positions on a quarterly basis. This evaluation\n is based on factors including, but not limited to, changes in facts\n or circumstances, changes in tax law, effectively settled issues\n under audit, voluntary settlements and new audit activity. Such a\n change in recognition or measurement would result in the\n recognition of a tax benefit or an additional charge to the tax\n provision.
\nSignificant judgment is required in determining the\n Company’s provision for income taxes, the Company’s\n deferred tax assets and liabilities and the valuation allowance\n recorded against the Company’s deferred tax assets, if any.\n Valuation allowances must be considered due to the uncertainty of\n realizing deferred tax assets. The Company assesses whether\n valuation allowances should be established against our deferred tax\n assets on a tax jurisdictional basis based on the consideration of\n all available evidence, including cumulative income over recent\n periods, using a more likely than not standard. The valuation\n allowance activity during the year was not material.
\nStock-Based Compensation – The Company records\n compensation expense based on the fair value of stock-based awards,\n primarily restricted stock units, on a straight-line basis over the\n requisite service period, which is generally three\n years.
\nEarnings Per Share – Basic earnings per\n common share (“EPS”) is computed by dividing net income\n by the weighted-average number of common shares outstanding.\n Diluted EPS is computed by dividing net income by the\n weighted-average number of common shares outstanding assuming\n dilution. The difference between basic EPS and diluted EPS is the\n result of unvested restricted stock and restricted stock units as\n follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||
| \n Weighted-average shares\n outstanding for basic earnings per share \n | \n \n | \n | 52,562,723 | \n\n | \n | \n | 52,458,789 | \n\n | \n | \n | 53,166,206 | \n\n |
| \n Unvested restricted stock\n and restricted stock units \n | \n \n | \n | 195,719 | \n\n | \n | \n | 131,727 | \n\n | \n | \n | 109,304 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Weighted-average shares\n outstanding assuming dilution \n | \n \n | \n | 52,758,442 | \n\n | \n | \n | 52,590,516 | \n\n | \n | \n | 53,275,510 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
The Company excludes unvested restricted stock and restricted\n stock units that have an antidilutive effect from its calculation\n of weighted-average shares outstanding assuming dilution, but had\n none at July 31, 2017, 2016 or 2015.
\n\n
\n\n Accounting\n Pronouncements
\nIn January 2017, the Financial Accounting Standards Board\n (“FASB”) issued Accounting Standards Update\n (“ASU”) No. 2017-04,\n “Intangibles—Goodwill and Other (Topic 350):\n Simplifying the Test for Goodwill Impairment,” which\n eliminates the requirement to calculate the implied fair value of\n goodwill to measure a goodwill impairment charge (referred to as\n Step 2 in the goodwill impairment test). Instead, if the\n carrying amount of a reporting unit exceeds its fair value, an\n impairment charge equal to that excess shall be recognized, not to\n exceed the amount of goodwill allocated to the reporting unit. The\n standard is effective for annual and any interim impairment tests\n for periods beginning after December 15, 2019, with early\n adoption permitted after January 1, 2017. ASU\n No. 2017-04 is effective for the Company in its fiscal year\n 2021 beginning on August 1, 2020. The Company is\n currently evaluating the impact of this standard on its\n consolidated financial statements, which will depend on the\n outcomes of future goodwill impairment tests.
\nIn March 2016, the FASB issued Accounting Standards Update\n No. 2016-09 (“ASU 2016-09”), “Improvements\n to Employee Share-Based Payment Accounting,” which simplifies\n several aspects of the accounting for employee share-based payment\n transactions, including the accounting for the related income\n taxes, forfeitures, statutory tax withholding requirements and\n classification in the statement of cash flows. ASU 2016-09 is\n effective for annual reporting periods beginning after\n December 15, 2016, including interim periods within those\n annual reporting periods. Early adoption is permitted and the\n Company adopted the provisions of ASU 2016-09 as of August 1,\n 2016. Applicable provisions of the standard were adopted\n prospectively as allowed under this ASU. The provisions related to\n income taxes resulted in a tax benefit of $1,898 for fiscal 2017.\n The Company did not change its policy related to forfeitures, which\n is estimated based on historical forfeiture rates over the vesting\n period of employee awards. Provisions related to the statement of\n cash flows have been adopted prospectively and result in the\n recognition of the excess tax benefits from share-based awards\n being reflected in cash provided by operating\n activities.
\nIn February 2016, the FASB issued Accounting Standards Update\n No. 2016-02 (“ASU 2016-02”), “Leases (Topic\n 842),” which provides guidance on the recognition,\n measurement, presentation, and disclosure of leases. ASU\n 2016-02 requires the recognition of lease assets and lease\n liabilities by lessees for all leases with terms greater than 12\n months. The principal difference from current guidance is that the\n lease assets and lease liabilities arising from operating leases\n will be recognized on the Consolidated Balance Sheet. This ASU\n is effective for fiscal years, and interim periods within those\n years, beginning after December 15, 2018. Early adoption is\n permitted. The ASU is effective for the Company in its fiscal year\n 2020 beginning on August 1, 2019. The Company is\n currently evaluating the impact that implementing this ASU will\n have on its financial statements.
\nIn September 2015, the FASB issued Accounting Standards Update\n No. 2015-16 (“ASU 2015-16”), “Business\n Combinations (Topic 805): Simplifying the Accounting for\n Measurement Period Adjustments,” to simplify the accounting\n for measurement-period adjustments in a business combination. Under\n the new standard, an acquirer must recognize adjustments to\n provisional amounts in a business combination in the reporting\n period in which the adjustment amounts are determined, rather than\n retrospectively adjusting the provisional amounts recognized at the\n acquisition date with a corresponding adjustment to goodwill as\n under current guidance. ASU 2015-16 is effective for fiscal years,\n and the interim periods within those years, beginning after\n December 15, 2015. The Company adopted ASU 2015-16 on\n August 1, 2016 and there was no impact upon its\n adoption.
\nIn July 2015, the FASB issued Accounting Standards Update\n No. 2015-11 (“ASU 2015-11”), “Inventory\n (Topic 330): Simplifying the Measurement of Inventory.” ASU\n 2015-11 requires inventory measured using any method other than\n last-in, first-out (“LIFO”) or the retail inventory\n method to be subsequently measured at the lower of cost or net\n realizable value, rather than at the lower of cost or market. Under\n this standard, subsequent measurement of inventory using the LIFO\n and retail inventory method is unchanged. ASU 2015-11 is effective\n prospectively for fiscal years, and for interim periods within\n those years, beginning after December 15, 2016. ASU 2015-11 is\n effective for the Company in its fiscal year 2018 beginning on\n August 1, 2017. The Company does not expect the adoption of\n ASU 2015-11 to have a material impact on its consolidated financial\n statements.
\nIn May 2014, the FASB issued Accounting Standards Update\n No. 2014-09 (“ASU 2014-09”), “Revenue from\n Contracts with Customers (Topic 606),” which outlines a\n single comprehensive model for entities to use in accounting for\n revenue arising from contracts with customers. This standard will\n supersede most current revenue recognition guidance. Under the new\n standard, entities are required to identify the contract with a\n customer, identify the separate performance obligations in the\n contract, determine the transaction price, allocate the transaction\n price to the separate performance obligations in the contract and\n recognize the appropriate amount of revenue when (or as) the entity\n satisfies each performance obligation. The new standard will also\n require additional qualitative and quantitative disclosures about\n contracts with customers, significant judgments made in applying\n the revenue guidance, and assets recognized from the costs to\n obtain or fulfill a contract. ASU 2014-09 is effective for fiscal\n years, and the interim periods within those years, beginning after\n December 15, 2017. The standard is effective for the Company\n in its fiscal year 2019 beginning on August 1, 2018. In\n applying the ASU, entities have the option of using either a full\n retrospective transition or a modified retrospective approach with\n the cumulative effect recognized as of the date of adoption. The\n Company is currently evaluating the approach it will use to apply\n the ASU and the impact that the adoption of the ASU will have on\n the Company’s consolidated financial statements including the\n impact on financial statement disclosure under the ASU.
\n\n 15. EMPLOYEE BENEFIT PLANS
\nSubstantially all non-highly compensated employees are eligible\n to participate in a 401(k) plan. The Company may make discretionary\n contributions to the 401(k) plan according to a matching formula\n determined by each operating subsidiary. Total expense for the plan\n was $1,797 in fiscal 2017, $917 in fiscal 2016 and $565 in fiscal\n 2015.
\nThe Company has established a deferred compensation plan for\n highly compensated employees who are not eligible to participate in\n a 401(k) plan. This plan allows participants to defer a portion of\n their compensation and to direct the Company to invest the funds in\n mutual fund investments held by the Company. Participant benefits\n are limited to the value of the investments held on their behalf.\n Investments held by the Company are accounted for at fair value and\n reported as Other long-term assets, and the equal and offsetting\n obligation to the participants is reported as Other long-term\n liabilities in the Consolidated Balance Sheets. Changes in the fair\n value of the plan assets and the related deferred liability are\n both recorded through the Consolidated Statements of Income and\n Comprehensive Income. The Company does not make contributions to\n the plan. The balance of investments held in this plan, and the\n equal and offsetting long-term liability to the participants, was\n $28,095 at July 31, 2017 and $15,529 at July 31,\n 2016.
\n \n \nPrinciples of Consolidation – The accompanying\n Consolidated Financial Statements include the accounts of Thor\n Industries, Inc. and its wholly-owned subsidiaries. All\n intercompany balances and transactions are eliminated upon\n consolidation.
"}]},{"name":"rpt:f-531","factDimensions":{"xbrl:concept":"us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock","xbrl:period":"2016-08-01T00:00:00/2017-08-01T00:00:00","xbrl:entity":"cik:0000730263"},"factValues":[{"value":"The financial assets that were accounted for at fair value on a\n recurring basis at July 31, 2017 and July 31, 2016, all\n using Level 1 inputs, are as follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | July 31,\n 2017 | \n\n | \n | July 31,\n 2016 | \n\n | ||
| \n Cash equivalents \n | \n \n | $ | \n176,663 | \n\n | \n | $ | \n143,282 | \n\n |
| \n Deferred compensation plan\n assets \n | \n \n | $ | \n28,095 | \n\n | \n | $ | \n15,529 | \n\n |
\n 7.\n INTANGIBLE ASSETS, GOODWILL AND LONG-LIVED\n ASSETS
\n\n The components\n of amortizable intangible assets are as follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | \n | \n | \n | \n | \n | July 31,\n 2017 | \n\n | \n | July 31,\n 2016 | \n\n | |||||||||||
| \n | \n | Weighted-Average \n Remaining \n Life in Years \n at July 31, 2017 | \n \n | \n | \n | \n | Cost | \n\n | \n | Accumulated \n Amortization | \n \n | \n | Cost | \n\n | \n | Accumulated \n Amortization | \n \n | |||||
| \n Dealer networks/customer\n relationships \n | \n \n | 16 | \n\n | \n | \n | \n | \n | $ | \n404,960 | \n\n | \n | $ | \n101,795 | \n\n | \n | $ | \n404,960 | \n\n | \n | $ | \n55,191 | \n\n |
| \n Trademarks \n | \n \n | 18 | \n\n | \n | \n | \n | \n | \n | 147,617 | \n\n | \n | \n | 17,570 | \n\n | \n | \n | 148,117 | \n\n | \n | \n | 10,539 | \n\n |
| \n Design technology and other\n intangibles \n | \n \n | 8 | \n\n | \n | \n | \n | \n | \n | 19,300 | \n\n | \n | \n | 9,203 | \n\n | \n | \n | 22,400 | \n\n | \n | \n | 10,870 | \n\n |
| \n Non-compete\n agreements \n | \n \n | 2 | \n\n | \n | \n | \n | \n | \n | 450 | \n\n | \n | \n | 293 | \n\n | \n | \n | 450 | \n\n | \n | \n | 203 | \n\n |
| \n Backlog \n | \n \n | – | \n\n | \n | \n | \n | \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | 12,400 | \n\n | \n | \n | 4,133 | \n\n |
| \n | \n | \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total amortizable intangible\n assets \n | \n \n | \n | \n | \n | \n | \n | \n | $ | \n572,327 | \n\n | \n | $ | \n128,861 | \n\n | \n | $ | \n588,327 | \n\n | \n | $ | \n80,936 | \n\n |
| \n | \n | \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
\n
\nThe dealer networks and customer relationships are being\n amortized on an accelerated basis. Trademarks, design technology\n and other intangibles and non-compete agreements are amortized on a\n straight-line basis.
\n\n Estimated\n amortization expense for future years is as follows:
\n\n
\n| \n | \n | \n | \n | \n |
| \n For the fiscal year ending\n July 31, 2018 \n | \n \n | $ | \n53,968 | \n\n |
| \n For the fiscal year ending\n July 31, 2019 \n | \n \n | \n | 50,136 | \n\n |
| \n For the fiscal year ending\n July 31, 2020 \n | \n \n | \n | 46,269 | \n\n |
| \n For the fiscal year ending\n July 31, 2021 \n | \n \n | \n | 42,935 | \n\n |
| \n For the fiscal year ending\n July 31, 2022 \n | \n \n | \n | 37,828 | \n\n |
| \n For the fiscal year ending\n July 31, 2023 and thereafter \n | \n \n | \n | 212,330 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n |
| \n | \n | $ | \n443,466 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n |
During the second quarter of fiscal 2016, the Company\n determined that sufficient evidence existed to warrant an interim\n goodwill impairment analysis for one of its reporting units. As a\n result of this analysis, the Company recorded a pre-tax, non-cash\n goodwill impairment charge of $9,113 in the second quarter of\n fiscal 2016 related to this reporting unit within the towables\n reportable segment. For the purpose of this goodwill test, the fair\n value of the reporting unit was determined by employing a\n discounted cash flow model, which utilized Level 3 inputs as\n defined by ASC 820 and discussed in Note 9 to the Consolidated\n Financial Statements. The $9,113 charge represents the full\n impairment of the goodwill related to this reporting\n unit.
\nHistorically, the Company completed its annual impairment test\n as of April 30. During the fourth quarter of the fiscal\n year ended July 31, 2017, the Company changed the date of its\n annual impairment test to May 31. This change did not\n result in any delay, acceleration or avoidance of\n impairment. The Company completed its annual impairment test\n as of April 30, 2017, and then performed an additional\n impairment test as of May 31, 2017 in connection with the\n change. No impairment of goodwill was identified as of either\n April 30, 2017 or May 31, 2017. The Company believes\n May 31 is a preferable test date because it will allow the\n Company to consider certain industry forecasts and other relevant\n external information important to the financial forecasting process\n that are not available as of the April 30\n date. Furthermore, the May 31 date will allow additional\n time to complete the impairment testing and estimate the implied\n fair value of goodwill for comparison with the carrying value,\n should that be necessary, because the testing will occur earlier\n within a quarterly reporting cycle. This change was applied\n prospectively beginning May 31, 2017. Retrospective\n application to prior periods is impracticable as the Company is\n unable to objectively determine, without the use of hindsight, the\n assumptions that would have been used in those earlier\n periods.
\nThe Company’s reporting units are generally the same as\n its operating segments, which are identified in Note 4 to the\n Consolidated Financial Statements. Fair values are determined\n by a discounted cash flow model. These estimates are subject\n to significant management judgment, including the determination of\n many factors such as sales growth rates, gross margin patterns,\n cost growth rates, terminal value assumptions and discount rates,\n and therefore largely represent Level 3 inputs as defined by ASC\n 820 and discussed in Note 9 to the Consolidated Financial\n Statements. Changes in these estimates can have a significant\n impact on the determination of cash flows and fair value and could\n potentially result in future material impairments.
\n\n Changes in the\n carrying amount of goodwill by reportable segment as of\n July 31, 2017 and 2016 are summarized as follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | Towables | \n\n | \n | Motorized | \n\n | \n | Other | \n\n | \n | Total | \n\n | ||||
| \n Net balance as of\n July 31, 2015 \n | \n \n | $ | \n269,751 | \n\n | \n | $ | \n– | \n\n | \n | $ | \n42,871 | \n\n | \n | $ | \n312,622 | \n\n |
| \n | \n | \n | \n | \n | ||||||||||||
| \n Fiscal year 2016\n activity: \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Goodwill acquired \n | \n \n | \n | 74,184 | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | 74,184 | \n\n |
| \n Impairment\n charges \n | \n \n | \n | (9,113 | \n) | \n\n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | (9,113 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Net balance as of\n July 31, 2016 \n | \n \n | $ | \n334,822 | \n\n | \n | $ | \n– | \n\n | \n | $ | \n42,871 | \n\n | \n | $ | \n377,693 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n | \n | \n | \n | \n | ||||||||||||
| \n Fiscal year 2017\n activity: \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n No activity \n | \n \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Net balance as of\n July 31, 2017 \n | \n \n | $ | \n334,822 | \n\n | \n | $ | \n– | \n\n | \n | $ | \n42,871 | \n\n | \n | $ | \n377,693 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
\n
\n\n The components\n of the net balance as of July 31, 2017 are summarized as\n follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | \n | \n | \n | ||||||||||||
| \n | \n | Towables | \n\n | \n | Motorized | \n\n | \n | Other | \n\n | \n | Total | \n\n | ||||
| \n Goodwill \n | \n \n | $ | \n343,935 | \n\n | \n | $ | \n17,252 | \n\n | \n | $ | \n42,871 | \n\n | \n | $ | \n404,058 | \n\n |
| \n Accumulated impairment\n charges \n | \n \n | \n | (9,113 | \n) | \n\n | \n | (17,252 | \n) | \n\n | \n | – | \n\n | \n | \n | (26,365 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Net balance as of\n July 31, 2017 \n | \n \n | $ | \n334,822 | \n\n | \n | $ | \n– | \n\n | \n | $ | \n42,871 | \n\n | \n | $ | \n377,693 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
\n 12. INCOME TAXES
\nThe components of the provision (benefit) for income taxes from\n continuing operations are as follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | July 31, | \n\n | |||||||||
| Income Taxes: | \n\n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||
| \n Federal \n | \n \n | $ | \n200,370 | \n\n | \n | $ | \n126,846 | \n\n | \n | $ | \n98,504 | \n\n |
| \n State and local \n | \n \n | \n | 20,941 | \n\n | \n | \n | 12,716 | \n\n | \n | \n | 1,222 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total current\n expense \n | \n \n | \n | 221,311 | \n\n | \n | \n | 139,562 | \n\n | \n | \n | 99,726 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n | \n | \n | \n | |||||||||
| \n Federal \n | \n \n | \n | (37,033 | \n) | \n\n | \n | (13,079 | \n) | \n\n | \n | (7,785 | \n) | \n
| \n State and local \n | \n \n | \n | (2,146 | \n) | \n\n | \n | (1,192 | \n) | \n\n | \n | (1,055 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total deferred\n (benefit) \n | \n \n | \n | (39,179 | \n) | \n\n | \n | (14,271 | \n) | \n\n | \n | (8,840 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n | \n | \n | \n | |||||||||
| \n Total income tax\n expense \n | \n \n | $ | \n182,132 | \n\n | \n | $ | \n125,291 | \n\n | \n | $ | \n90,886 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
\n
\nThe differences between income taxes at the federal statutory\n rate and the actual income taxes are as follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | July 31, | \n\n | |||||||||
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||
| \n Provision at federal\n statutory rate \n | \n \n | $ | \n194,735 | \n\n | \n | $ | \n134,160 | \n\n | \n | $ | \n102,513 | \n\n |
| \n State and local income\n taxes, net of federal benefit \n | \n \n | \n | 11,021 | \n\n | \n | \n | 6,599 | \n\n | \n | \n | 5,144 | \n\n |
| \n Federal income tax credits\n and incentives \n | \n \n | \n | (3,228 | \n) | \n\n | \n | (4,194 | \n) | \n\n | \n | (2,207 | \n) | \n
| \n Domestic production\n activities deduction \n | \n \n | \n | (19,527 | \n) | \n\n | \n | (12,609 | \n) | \n\n | \n | (9,519 | \n) | \n
| \n Change in uncertain tax\n positions \n | \n \n | \n | 375 | \n\n | \n | \n | 611 | \n\n | \n | \n | (5,650 | \n) | \n
| \n Other \n | \n \n | \n | (1,244 | \n) | \n\n | \n | 724 | \n\n | \n | \n | 605 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total income tax\n expense \n | \n \n | $ | \n182,132 | \n\n | \n | $ | \n125,291 | \n\n | \n | $ | \n90,886 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
A summary of deferred income taxes is a follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | July 31, | \n\n | |||||
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | ||
| \n Deferred income tax asset\n (liability): \n | \n \n | \n | \n | \n | \n | \n | \n | \n |
| \n Inventory basis \n | \n \n | $ | \n1,460 | \n\n | \n | $ | \n1,196 | \n\n |
| \n Employee benefits \n | \n \n | \n | 6,471 | \n\n | \n | \n | 4,587 | \n\n |
| \n Self-Insurance\n Reserves \n | \n \n | \n | 9,940 | \n\n | \n | \n | 10,504 | \n\n |
| \n Accrued product\n warranties \n | \n \n | \n | 73,393 | \n\n | \n | \n | 43,388 | \n\n |
| \n Accrued\n incentives \n | \n \n | \n | 6,175 | \n\n | \n | \n | 5,154 | \n\n |
| \n Sales returns and\n allowances \n | \n \n | \n | 2,340 | \n\n | \n | \n | 1,642 | \n\n |
| \n Accrued expenses \n | \n \n | \n | 3,399 | \n\n | \n | \n | 2,607 | \n\n |
| \n Property, plant and\n equipment \n | \n \n | \n | (8,151 | \n) | \n\n | \n | (4,164 | \n) | \n
| \n Deferred\n compensation \n | \n \n | \n | 14,556 | \n\n | \n | \n | 9,145 | \n\n |
| \n Intangibles \n | \n \n | \n | (17,184 | \n) | \n\n | \n | (22,308 | \n) | \n
| \n Unrecognized tax\n benefits \n | \n \n | \n | 3,925 | \n\n | \n | \n | 4,105 | \n\n |
| \n Other \n | \n \n | \n | (3,355 | \n) | \n\n | \n | (2,439 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Deferred income tax asset,\n net \n | \n \n | $ | \n92,969 | \n\n | \n | $ | \n53,417 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
As of July 31, 2017, the Company has $1,882 of state tax\n credit carry forwards that expire from fiscal 2026-2027 which the\n Company expects to realize prior to expiration. In addition, the\n Company has $8,973 of gross state tax Net Operating Loss\n (“NOL”) carry forwards that expire from fiscal\n 2018-2037 that the Company does not expect to realize and therefore\n has been fully reserved. The deferred tax asset of $422 associated\n with the state tax NOL carry forwards and the related equal and\n offsetting valuation allowance are not reflected in the table\n above.
\n\n Unrecognized\n Tax Benefits:
\nThe benefits of tax positions reflected on income tax returns\n but whose outcome remains uncertain are only recognized for\n financial accounting purposes if they meet minimum recognition\n thresholds. The total amount of unrecognized tax benefits that, if\n recognized, would have impacted the Company’s effective tax\n rate were $8,477 for fiscal 2017, $8,886 for fiscal 2016 and $8,764\n for fiscal 2015.
\n\n
\nChanges in the unrecognized tax benefit during fiscal years\n 2017, 2016 and 2015 were as follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||
| \n Beginning balance \n | \n \n | $ | \n13,269 | \n\n | \n | $ | \n13,156 | \n\n | \n | $ | \n20,813 | \n\n |
| \n Tax positions related to\n prior years: \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Additions \n | \n \n | \n | 75 | \n\n | \n | \n | 1,546 | \n\n | \n | \n | 126 | \n\n |
| \n Reductions \n | \n \n | \n | (1,510 | \n) | \n\n | \n | (920 | \n) | \n\n | \n | (7,695 | \n) | \n
| \n Tax positions related to\n current year: \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Additions \n | \n \n | \n | 3,853 | \n\n | \n | \n | 3,123 | \n\n | \n | \n | 2,858 | \n\n |
| \n Settlements \n | \n \n | \n | (1,450 | \n) | \n\n | \n | (956 | \n) | \n\n | \n | (1,898 | \n) | \n
| \n Lapses in statute of\n limitations \n | \n \n | \n | (1,566 | \n) | \n\n | \n | (2,680 | \n) | \n\n | \n | (1,048 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Ending balance \n | \n \n | $ | \n12,671 | \n\n | \n | $ | \n13,269 | \n\n | \n | $ | \n13,156 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
It is the Company’s policy to recognize interest and\n penalties accrued relative to unrecognized tax benefits in income\n tax expense. The total amount of liabilities accrued for interest\n and penalties related to unrecognized tax benefits as of\n July 31, 2017 and 2016 were $1,209 and $1,547, respectively.\n The total amount of interest and penalties benefit recognized in\n the Consolidated Statements of Income and Comprehensive Income for\n the fiscal years ended July 31, 2017, 2016 and 2015 were $218,\n $231 and $2,552, respectively.
\nThe total unrecognized tax benefits above, along with the\n related accrued interest and penalties, are reported within the\n liability section of the Consolidated Balance Sheets. A portion of\n the unrecognized tax benefits is classified as short-term and is\n included in the “Income and other taxes” line of the\n Consolidated Balance Sheets, while the remainder is classified as a\n long-term liability.
\nThe components of total unrecognized tax benefits are\n summarized as follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | July 31, | \n\n | |||||
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | ||
| \n Unrecognized tax\n benefits \n | \n \n | $ | \n12,671 | \n\n | \n | $ | \n13,269 | \n\n |
| \n Reduction to unrecognized\n tax benefits for tax credit carry forward \n | \n \n | \n | (1,882 | \n) | \n\n | \n | (2,255 | \n) | \n
| \n Accrued interest and\n penalties \n | \n \n | \n | 1,209 | \n\n | \n | \n | 1,547 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total unrecognized tax\n benefits \n | \n \n | $ | \n11,998 | \n\n | \n | $ | \n12,561 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n | \n | \n | ||||||
| \n Short-term, included in\n “Income and other taxes” \n | \n \n | $ | \n1,735 | \n\n | \n | $ | \n2,586 | \n\n |
| \n Long-term \n | \n \n | \n | 10,263 | \n\n | \n | \n | 9,975 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total unrecognized tax\n benefits \n | \n \n | $ | \n11,998 | \n\n | \n | $ | \n12,561 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
The Company anticipates a decrease of approximately $3,950 in\n unrecognized tax benefits and $500 in interest during fiscal 2018\n from expected settlements or payments of uncertain tax positions\n and lapses of the applicable statutes of limitations. Actual\n results may differ from these estimates.
\nGenerally, fiscal years 2015 and 2016 remain open for federal\n income tax purposes and fiscal years 2013, 2014, 2015 and 2016\n remain open for state and Canadian income tax purposes. The Company\n and its subsidiaries file a consolidated U.S. federal income tax\n return and multiple state income tax returns. The Company is\n currently under exam by various state authorities for the fiscal\n years ended July 31, 2013 through 2015. The Company believes\n it has adequately reserved for its exposure to additional payments\n for uncertain tax positions related to its state income tax returns\n in its liability for unrecognized tax benefits.
\n\n 14. LEASES
\nThe Company has operating leases principally for land,\n buildings and equipment and also leases certain real estate and\n transportation equipment under various capital leases expiring\n between 2017 and 2028. Future minimum rental payments required\n under capital and operating leases as of July 31, 2017 are as\n follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | Capital Leases | \n\n | \n | Operating Leases | \n\n | ||
| \n For the fiscal year ending\n July 31, 2018 \n | \n \n | $ | \n948 | \n\n | \n | $ | \n2,547 | \n\n |
| \n For the fiscal year ending\n July 31, 2019 \n | \n \n | \n | 938 | \n\n | \n | \n | 2,152 | \n\n |
| \n For the fiscal year ending\n July 31, 2020 \n | \n \n | \n | 933 | \n\n | \n | \n | 1,434 | \n\n |
| \n For the fiscal year ending\n July 31, 2021 \n | \n \n | \n | 951 | \n\n | \n | \n | 1,123 | \n\n |
| \n For the fiscal year ending\n July 31, 2022 \n | \n \n | \n | 973 | \n\n | \n | \n | 907 | \n\n |
| \n For the fiscal year ending\n July 31, 2023 and thereafter \n | \n \n | \n | 5,015 | \n\n | \n | \n | 7,493 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total minimum lease\n payments \n | \n \n | \n | 9,758 | \n\n | \n | $ | \n15,656 | \n\n |
| \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n |
| \n Less amount representing\n interest \n | \n \n | \n | (3,285 | \n) | \n\n | \n | \n | \n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n |
| \n Present value of net minimum\n capital lease payments \n | \n \n | \n | 6,473 | \n\n | \n | \n | \n | \n |
| \n Less current\n portion \n | \n \n | \n | (378 | \n) | \n\n | \n | \n | \n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n |
| \n Long-term capital lease\n obligations \n | \n \n | $ | \n6,095 | \n\n | \n | \n | \n | \n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n |
The current portion of capital lease obligations are included\n in Other current liabilities and the long-term capital lease\n obligations are included in Other long-term liabilities,\n respectively, in the Consolidated Balance Sheets.
\nRent expense for the fiscal years ended July 31, 2017,\n 2016 and 2015 was $3,560, $3,757 and $2,092,\n respectively.
\n\n Property, plant\n and equipment is stated at cost, net of accumulated depreciation,\n and consists of the following:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | July 31, | \n\n | |||||
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | ||
| \n Land \n | \n \n | $ | \n48,812 | \n\n | \n | $ | \n46,422 | \n\n |
| \n Buildings and\n improvements \n | \n \n | \n | 380,139 | \n\n | \n | \n | 300,902 | \n\n |
| \n Machinery and\n equipment \n | \n \n | \n | 161,724 | \n\n | \n | \n | 133,112 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total cost \n | \n \n | \n | 590,675 | \n\n | \n | \n | 480,436 | \n\n |
| \n Less accumulated\n depreciation \n | \n \n | \n | (165,437 | \n) | \n\n | \n | (136,169 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Net property, plant and\n equipment \n | \n \n | $ | \n425,238 | \n\n | \n | $ | \n344,267 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
Repurchase Agreements – The Company is contingently\n liable under terms of repurchase agreements with financial\n institutions providing inventory financing for certain dealers of\n certain of its RV products. These arrangements, which are customary\n in the RV industry, provide for the repurchase of products sold to\n dealers in the event of default by the dealer on their agreement to\n pay the financial institution. The risk of loss from these\n agreements is spread over numerous dealers.
\n\n
\nIn addition to the guarantee under these repurchase agreements,\n we may also be required to repurchase inventory relative to dealer\n terminations in certain states in accordance with state laws or\n regulatory requirements. The repurchase price is generally\n determined by the original sales price of the product and\n pre-defined curtailment arrangements and the Company typically\n resells the repurchased product at a discount from its repurchase\n price. The Company accounts for the guarantee under its repurchase\n agreements with our dealers’ financing institutions by\n estimating and deferring a portion of the related product sale that\n represents the estimated fair value of the repurchase obligation.\n The estimated fair value takes into account our estimate of the\n loss we will incur upon resale of any repurchases. This estimate is\n based on recent historical experience supplemented by\n management’s assessment of current economic and other\n conditions affecting our dealers. This deferred amount is included\n in our repurchase and guarantee reserve which is included in Other\n current liabilities in the Consolidated Balance Sheets.
\nRevenue Recognition – Revenues from the sale\n of recreational vehicles are recorded primarily when all of the\n following conditions have been met:
\n\n
\n| 1) | \n\n An order for a product has been received from a\n dealer; \n | \n
\n
\n| 2) | \n\n Written or oral approval for payment has been received from the\n dealer’s flooring institution, if applicable; \n | \n
\n
\n| 3) | \n\n A common carrier signs the delivery ticket accepting\n responsibility for the product as agent for the dealer;\n and \n | \n
\n
\n| 4) | \n\n The product is removed from the Company’s property for\n delivery to the dealer who placed the order. \n | \n
These conditions are generally met when title passes, which is\n when vehicles are shipped to dealers in accordance with shipping\n terms, which are primarily FOB shipping point. Most sales are made\n to dealers financing their purchases under flooring arrangements\n with banks or finance companies. Certain shipments are sold to\n customers on credit or cash on delivery (“COD”) terms.\n The Company recognizes revenue on credit sales upon shipment and\n COD sales upon payment and delivery. Products are not sold on\n consignment, dealers do not have the right to return products and\n dealers are typically responsible for interest costs to floor plan\n lenders.
\nAt the time of revenue recognition, amounts billed to dealers\n for delivery of product are recognized as revenue and the\n corresponding delivery expense charged to costs of products\n sold.
\nRevenues from the sale of extruded aluminum components are\n recognized when title to products and the risk of loss are\n transferred to the customer.
\nA summary of deferred income taxes is a follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | July 31, | \n\n | |||||
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | ||
| \n Deferred income tax asset\n (liability): \n | \n \n | \n | \n | \n | \n | \n | \n | \n |
| \n Inventory basis \n | \n \n | $ | \n1,460 | \n\n | \n | $ | \n1,196 | \n\n |
| \n Employee benefits \n | \n \n | \n | 6,471 | \n\n | \n | \n | 4,587 | \n\n |
| \n Self-Insurance\n Reserves \n | \n \n | \n | 9,940 | \n\n | \n | \n | 10,504 | \n\n |
| \n Accrued product\n warranties \n | \n \n | \n | 73,393 | \n\n | \n | \n | 43,388 | \n\n |
| \n Accrued\n incentives \n | \n \n | \n | 6,175 | \n\n | \n | \n | 5,154 | \n\n |
| \n Sales returns and\n allowances \n | \n \n | \n | 2,340 | \n\n | \n | \n | 1,642 | \n\n |
| \n Accrued expenses \n | \n \n | \n | 3,399 | \n\n | \n | \n | 2,607 | \n\n |
| \n Property, plant and\n equipment \n | \n \n | \n | (8,151 | \n) | \n\n | \n | (4,164 | \n) | \n
| \n Deferred\n compensation \n | \n \n | \n | 14,556 | \n\n | \n | \n | 9,145 | \n\n |
| \n Intangibles \n | \n \n | \n | (17,184 | \n) | \n\n | \n | (22,308 | \n) | \n
| \n Unrecognized tax\n benefits \n | \n \n | \n | 3,925 | \n\n | \n | \n | 4,105 | \n\n |
| \n Other \n | \n \n | \n | (3,355 | \n) | \n\n | \n | (2,439 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Deferred income tax asset,\n net \n | \n \n | $ | \n92,969 | \n\n | \n | $ | \n53,417 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
\n Estimated\n amortization expense for future years is as follows:
\n\n
\n| \n | \n | \n | \n | \n |
| \n For the fiscal year ending\n July 31, 2018 \n | \n \n | $ | \n53,968 | \n\n |
| \n For the fiscal year ending\n July 31, 2019 \n | \n \n | \n | 50,136 | \n\n |
| \n For the fiscal year ending\n July 31, 2020 \n | \n \n | \n | 46,269 | \n\n |
| \n For the fiscal year ending\n July 31, 2021 \n | \n \n | \n | 42,935 | \n\n |
| \n For the fiscal year ending\n July 31, 2022 \n | \n \n | \n | 37,828 | \n\n |
| \n For the fiscal year ending\n July 31, 2023 and thereafter \n | \n \n | \n | 212,330 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n |
| \n | \n | $ | \n443,466 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n |
\n Changes in the\n carrying amount of goodwill by reportable segment as of\n July 31, 2017 and 2016 are summarized as follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | Towables | \n\n | \n | Motorized | \n\n | \n | Other | \n\n | \n | Total | \n\n | ||||
| \n Net balance as of\n July 31, 2015 \n | \n \n | $ | \n269,751 | \n\n | \n | $ | \n– | \n\n | \n | $ | \n42,871 | \n\n | \n | $ | \n312,622 | \n\n |
| \n | \n | \n | \n | \n | ||||||||||||
| \n Fiscal year 2016\n activity: \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Goodwill acquired \n | \n \n | \n | 74,184 | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | 74,184 | \n\n |
| \n Impairment\n charges \n | \n \n | \n | (9,113 | \n) | \n\n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | (9,113 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Net balance as of\n July 31, 2016 \n | \n \n | $ | \n334,822 | \n\n | \n | $ | \n– | \n\n | \n | $ | \n42,871 | \n\n | \n | $ | \n377,693 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n | \n | \n | \n | \n | ||||||||||||
| \n Fiscal year 2017\n activity: \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n No activity \n | \n \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Net balance as of\n July 31, 2017 \n | \n \n | $ | \n334,822 | \n\n | \n | $ | \n– | \n\n | \n | $ | \n42,871 | \n\n | \n | $ | \n377,693 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
\n
\n\n The components\n of the net balance as of July 31, 2017 are summarized as\n follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | \n | \n | \n | ||||||||||||
| \n | \n | Towables | \n\n | \n | Motorized | \n\n | \n | Other | \n\n | \n | Total | \n\n | ||||
| \n Goodwill \n | \n \n | $ | \n343,935 | \n\n | \n | $ | \n17,252 | \n\n | \n | $ | \n42,871 | \n\n | \n | $ | \n404,058 | \n\n |
| \n Accumulated impairment\n charges \n | \n \n | \n | (9,113 | \n) | \n\n | \n | (17,252 | \n) | \n\n | \n | – | \n\n | \n | \n | (26,365 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Net balance as of\n July 31, 2017 \n | \n \n | $ | \n334,822 | \n\n | \n | $ | \n– | \n\n | \n | $ | \n42,871 | \n\n | \n | $ | \n377,693 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
\n Major\n classifications of inventories are:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | July 31, | \n\n | |||||
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | ||
| \n Finished products –\n RV \n | \n \n | $ | \n24,904 | \n\n | \n | $ | \n39,943 | \n\n |
| \n Finished products –\n other \n | \n \n | \n | 27,862 | \n\n | \n | \n | 20,141 | \n\n |
| \n Work in process \n | \n \n | \n | 117,319 | \n\n | \n | \n | 97,872 | \n\n |
| \n Raw materials \n | \n \n | \n | 214,518 | \n\n | \n | \n | 173,362 | \n\n |
| \n Chassis \n | \n \n | \n | 109,555 | \n\n | \n | \n | 102,686 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Subtotal \n | \n \n | \n | 494,158 | \n\n | \n | \n | 434,004 | \n\n |
| \n Excess of FIFO costs over\n LIFO costs \n | \n \n | \n | (33,670 | \n) | \n\n | \n | (30,135 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total inventories \n | \n \n | $ | \n460,488 | \n\n | \n | $ | \n403,869 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
The difference between basic\n EPS and diluted EPS is the result of unvested restricted stock and\n restricted stock units as follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||
| \n Weighted-average shares\n outstanding for basic earnings per share \n | \n \n | \n | 52,562,723 | \n\n | \n | \n | 52,458,789 | \n\n | \n | \n | 53,166,206 | \n\n |
| \n Unvested restricted stock\n and restricted stock units \n | \n \n | \n | 195,719 | \n\n | \n | \n | 131,727 | \n\n | \n | \n | 109,304 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Weighted-average shares\n outstanding assuming dilution \n | \n \n | \n | 52,758,442 | \n\n | \n | \n | 52,590,516 | \n\n | \n | \n | 53,275,510 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
Stock-Based Compensation – The Company records\n compensation expense based on the fair value of stock-based awards,\n primarily restricted stock units, on a straight-line basis over the\n requisite service period, which is generally three\n years.
"}]},{"name":"rpt:f-546","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationDisclosureTextBlock","xbrl:period":"2016-08-01T00:00:00/2017-08-01T00:00:00","xbrl:entity":"cik:0000730263"},"factValues":[{"value":"\n 2. ACQUISITIONS
\n\n Jayco,\n Inc.
\nOn June 30, 2016, the Company closed on a Stock Purchase\n Agreement (“Jayco SPA”) for the acquisition of all the\n issued and outstanding capital stock of towable and motorized\n recreational vehicle manufacturer Jayco, Corp.\n (“Jayco”) for initial cash consideration of $576,060,\n subject to adjustment. This acquisition was funded from the\n Company’s cash on hand and $360,000 from an asset-based\n revolving credit facility as more fully described in Note 11 to the\n Consolidated Financial Statements. The final purchase price\n adjustment of $5,039, included in accounts payable as of\n July 31, 2016, was based on the final determination of net\n assets as of the June 30, 2016 closing date and was paid\n during the first quarter of fiscal 2017. Jayco operates as an\n independent operation in the same manner as the Company’s\n other recreational vehicle subsidiaries, and its towables\n operations are aggregated within the Company’s towable\n recreational vehicle reportable segment and its motorized\n operations are aggregated within the Company’s motorized\n recreational vehicle reportable segment. The Company purchased\n Jayco to complement its existing towable and motorized RV product\n offerings and dealer base.
\nThe following table summarizes the final fair values assigned\n to the Jayco net assets acquired, which are based on internal and\n independent external valuations:
\n\n
\n| \n | \n | \n | \n | \n |
| \n Cash \n | \n \n | $ | \n18,409 | \n\n |
| \n Other current\n assets \n | \n \n | \n | 258,158 | \n\n |
| \n Property, plant and\n equipment \n | \n \n | \n | 80,824 | \n\n |
| \n Dealer network \n | \n \n | \n | 261,100 | \n\n |
| \n Trademarks \n | \n \n | \n | 92,800 | \n\n |
| \n Backlog \n | \n \n | \n | 12,400 | \n\n |
| \n Goodwill \n | \n \n | \n | 74,184 | \n\n |
| \n Current\n liabilities \n | \n \n | \n | (216,776 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n |
| \n Total fair value of net\n assets acquired \n | \n \n | \n | 581,099 | \n\n |
| \n Less cash\n acquired \n | \n \n | \n | (18,409 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n |
| \n Total cash consideration for\n acquisition, less cash acquired \n | \n \n | $ | \n562,690 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n |
On the acquisition date, amortizable intangible assets had a\n weighted-average useful life of 19.3 years. The dealer network was\n valued based on the Discounted Cash Flow Method and is amortized on\n an accelerated basis over 20 years. The trademarks were valued on\n the Relief from Royalty Method and are amortized on a straight-line\n basis over 20 years. Backlog was valued based on the Discounted\n Cash Flow Method and is amortized on a straight-line basis over 3\n months. Goodwill is deductible for tax purposes.
\nThe following unaudited pro forma information represents the\n Company’s results of operations as if the fiscal 2016\n acquisition of Jayco had occurred at the beginning of fiscal\n 2015:
\n\n
\n| \n | \n | \n | \n | \n |
| \n | \n | Fiscal Year Ended \n July 31, 2016 | \n \n | |
| \n Net sales \n | \n \n | $ | \n6,176,686 | \n\n |
| \n Net income \n | \n \n | $ | \n284,394 | \n\n |
| \n Basic earnings per common\n share \n | \n \n | $ | \n5.42 | \n\n |
| \n Diluted earnings per common\n share \n | \n \n | $ | \n5.41 | \n\n |
\n Postle
\nOn May 1, 2015, the Company closed on a Membership\n Interest Purchase Agreement with Postle Aluminum Company, LLC for\n the acquisition of all the outstanding membership units of Postle\n Operating, LLC (“Postle”), a manufacturer of aluminum\n extrusion and specialized component products sold to RV and other\n manufacturers, for total cash consideration of $144,048, net of\n cash acquired. The net cash consideration of $144,048 was funded\n entirely from the Company’s cash on hand, based on a final\n determination of the actual net assets as of the May 1, 2015\n closing date and paid during the fourth quarter of fiscal 2015.\n Postle operates as an independent operation in the same manner as\n the Company’s other subsidiaries. The operations of Postle\n are reported in Other, which is a non-reportable\n segment.
\n\n
\nThe following table summarizes the fair values assigned to the\n Postle net assets acquired, which are based on internal and\n independent external valuations:
\n\n
\n| \n | \n | \n | \n | \n |
| \n Cash \n | \n \n | $ | \n2,963 | \n\n |
| \n Other current\n assets \n | \n \n | \n | 54,780 | \n\n |
| \n Property, plant and\n equipment \n | \n \n | \n | 32,251 | \n\n |
| \n Customer\n relationships \n | \n \n | \n | 38,800 | \n\n |
| \n Trademarks \n | \n \n | \n | 6,000 | \n\n |
| \n Backlog \n | \n \n | \n | 300 | \n\n |
| \n Goodwill \n | \n \n | \n | 42,871 | \n\n |
| \n Current\n liabilities \n | \n \n | \n | (23,729 | \n) | \n
| \n Capital lease\n obligations \n | \n \n | \n | (7,225 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n |
| \n Total fair value of net\n assets acquired \n | \n \n | \n | 147,011 | \n\n |
| \n Less cash\n acquired \n | \n \n | \n | (2,963 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n |
| \n Total cash consideration for\n acquisition, less cash acquired \n | \n \n | $ | \n144,048 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n |
On the acquisition date, amortizable intangible assets had a\n weighted-average useful life of 12.3 years. The customer\n relationships were valued based on the Discounted Cash Flow Method\n and will be amortized on an accelerated basis over 12 years. The\n trademarks were valued on the Relief from Royalty Method and will\n be amortized on a straight-line basis over 15 years. Backlog was\n valued based on the Discounted Cash Flow Method and was amortized\n on a straight-line basis over 6 weeks. Goodwill is deductible for\n tax purposes.
\n\n Cruiser\n RV, LLC and DRV, LLC
\nOn January 5, 2015, the Company closed on a Stock Purchase\n Agreement (“CRV/DRV SPA”) for the acquisition of all\n the outstanding membership units of towable recreational vehicle\n manufacturer Cruiser RV, LLC (“CRV”) and luxury fifth\n wheel towable recreational vehicle manufacturer DRV, LLC\n (“DRV”) through its Heartland Recreational Vehicles,\n LLC subsidiary (“Heartland”). The Heartland operations\n are reported within the towable recreational vehicle reportable\n segment. In accordance with the CRV/DRV SPA, the closing was deemed\n effective as of January 1, 2015. As contemplated in the\n CRV/DRV SPA, the Company also acquired, in a series of integrated\n transactions, certain real estate used in the ongoing operations of\n CRV and DRV. The initial cash paid for this acquisition was\n $47,412, subject to adjustment, and was funded entirely from the\n Company’s cash on hand. Adjustments to increase the net cash\n consideration of $1,173 were identified as of July 31, 2015,\n based on the determination of the actual net assets as of the close\n of business on December 31, 2014 and the finalization of\n certain tax matters, and paid during the fourth quarter of fiscal\n 2015. The $1,173 included reimbursing the seller for $1,062 of cash\n on hand at the acquisition date, and resulted in total net cash\n consideration of $47,523. The Company purchased CRV and DRV to\n supplement and expand its existing lightweight travel trailer and\n luxury fifth wheel product offerings and dealer base.
\nThe following table summarizes the final fair values assigned\n to the CRV and DRV net assets acquired, which are based on internal\n and independent external valuations:
\n\n
\n| \n | \n | \n | \n | \n |
| \n Cash \n | \n \n | $ | \n1,062 | \n\n |
| \n Other current\n assets \n | \n \n | \n | 22,175 | \n\n |
| \n Property, plant and\n equipment \n | \n \n | \n | 4,533 | \n\n |
| \n Dealer network \n | \n \n | \n | 14,300 | \n\n |
| \n Trademarks \n | \n \n | \n | 5,400 | \n\n |
| \n Backlog \n | \n \n | \n | 450 | \n\n |
| \n Goodwill \n | \n \n | \n | 13,172 | \n\n |
| \n Current\n liabilities \n | \n \n | \n | (12,507 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n |
| \n Total fair value of net\n assets acquired \n | \n \n | \n | 48,585 | \n\n |
| \n Less cash\n acquired \n | \n \n | \n | (1,062 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n |
| \n Total cash consideration for\n acquisition, less cash acquired \n | \n \n | $ | \n47,523 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n |
\n
\nOn the acquisition date, amortizable intangible assets had a\n weighted-average useful life of 13.9 years. The dealer network was\n valued based on the Discounted Cash Flow Method and will be\n amortized on an accelerated basis over 12 years. The trademarks\n were valued on the Relief from Royalty Method and will be amortized\n on a straight-line basis over 20 years. Backlog was valued based on\n the Discounted Cash Flow Method and was amortized on a\n straight-line basis over 6 weeks. Goodwill is deductible for tax\n purposes.
\n\n 6.\n PROPERTY, PLANT AND EQUIPMENT
\n\n Property, plant\n and equipment is stated at cost, net of accumulated depreciation,\n and consists of the following:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | July 31, | \n\n | |||||
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | ||
| \n Land \n | \n \n | $ | \n48,812 | \n\n | \n | $ | \n46,422 | \n\n |
| \n Buildings and\n improvements \n | \n \n | \n | 380,139 | \n\n | \n | \n | 300,902 | \n\n |
| \n Machinery and\n equipment \n | \n \n | \n | 161,724 | \n\n | \n | \n | 133,112 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total cost \n | \n \n | \n | 590,675 | \n\n | \n | \n | 480,436 | \n\n |
| \n Less accumulated\n depreciation \n | \n \n | \n | (165,437 | \n) | \n\n | \n | (136,169 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Net property, plant and\n equipment \n | \n \n | $ | \n425,238 | \n\n | \n | $ | \n344,267 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
Property, plant and equipment at both July 31, 2017 and\n July 31, 2016 includes buildings and improvements acquired\n under capital leases of $6,527, and includes related amortization\n included in accumulated depreciation of $1,224 and $680,\n respectively.
\nThe Company sold land and buildings and improvements related to\n a towable RV facility located in the western United States in the\n first quarter of fiscal 2017. The sale resulted in net cash\n proceeds of $4,254 and a gain on the sale of $2,165, which is\n included in Other income, net in the Consolidated Statements of\n Income and Comprehensive Income. RV production from this facility\n was previously consolidated into another Company complex in the\n same region.
\n| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||
| \n Net sales: \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Recreational\n vehicles \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Towables \n | \n \n | $ | \n5,127,491 | \n\n | \n | $ | \n3,338,659 | \n\n | \n | $ | \n3,096,405 | \n\n |
| \n Motorized \n | \n \n | \n | 1,971,466 | \n\n | \n | \n | 1,094,250 | \n\n | \n | \n | 870,799 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total recreational\n vehicles \n | \n \n | \n | 7,098,957 | \n\n | \n | \n | 4,432,909 | \n\n | \n | \n | 3,967,204 | \n\n |
| \n Other \n | \n \n | \n | 253,557 | \n\n | \n | \n | 218,673 | \n\n | \n | \n | 56,594 | \n\n |
| \n Intercompany\n eliminations \n | \n \n | \n | (105,562 | \n) | \n\n | \n | (69,470 | \n) | \n\n | \n | (16,979 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total \n | \n \n | $ | \n7,246,952 | \n\n | \n | $ | \n4,582,112 | \n\n | \n | $ | \n4,006,819 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n | \n | \n | \n | |||||||||
| \n Income (loss) from\n continuing operations before income taxes: \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Recreational\n vehicles \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Towables \n | \n \n | $ | \n458,915 | \n\n | \n | $ | \n321,874 | \n\n | \n | $ | \n259,092 | \n\n |
| \n Motorized \n | \n \n | \n | 125,323 | \n\n | \n | \n | 88,523 | \n\n | \n | \n | 66,746 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total recreational\n vehicles \n | \n \n | \n | 584,238 | \n\n | \n | \n | 410,397 | \n\n | \n | \n | 325,838 | \n\n |
| \n Other \n | \n \n | \n | 28,909 | \n\n | \n | \n | 18,547 | \n\n | \n | \n | 1,424 | \n\n |
| \n Intercompany\n eliminations \n | \n \n | \n | (195 | \n) | \n\n | \n | (23 | \n) | \n\n | \n | (554 | \n) | \n
| \n Corporate \n | \n \n | \n | (56,566 | \n) | \n\n | \n | (45,608 | \n) | \n\n | \n | (33,813 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total \n | \n \n | $ | \n556,386 | \n\n | \n | $ | \n383,313 | \n\n | \n | $ | \n292,895 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n | \n | \n | \n | |||||||||
| \n Total\n assets: \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Recreational\n vehicles \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Towables \n | \n \n | $ | \n1,535,029 | \n\n | \n | $ | \n1,425,168 | \n\n | \n | $ | \n907,175 | \n\n |
| \n Motorized \n | \n \n | \n | 500,761 | \n\n | \n | \n | 476,973 | \n\n | \n | \n | 162,940 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total recreational\n vehicles \n | \n \n | \n | 2,035,790 | \n\n | \n | \n | 1,902,141 | \n\n | \n | \n | 1,070,115 | \n\n |
| \n Other, net \n | \n \n | \n | 156,996 | \n\n | \n | \n | 156,822 | \n\n | \n | \n | 161,075 | \n\n |
| \n Corporate \n | \n \n | \n | 365,145 | \n\n | \n | \n | 266,501 | \n\n | \n | \n | 272,058 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total \n | \n \n | $ | \n2,557,931 | \n\n | \n | $ | \n2,325,464 | \n\n | \n | $ | \n1,503,248 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n | \n | \n | \n | |||||||||
| \n Depreciation and\n amortization expense: \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Recreational\n vehicles \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Towables \n | \n \n | $ | \n75,568 | \n\n | \n | $ | \n36,054 | \n\n | \n | $ | \n26,296 | \n\n |
| \n Motorized \n | \n \n | \n | 9,393 | \n\n | \n | \n | 2,994 | \n\n | \n | \n | 2,353 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total recreational\n vehicles \n | \n \n | \n | 84,961 | \n\n | \n | \n | 39,048 | \n\n | \n | \n | 28,649 | \n\n |
| \n Other \n | \n \n | \n | 11,967 | \n\n | \n | \n | 12,352 | \n\n | \n | \n | 1,678 | \n\n |
| \n Corporate \n | \n \n | \n | 1,330 | \n\n | \n | \n | 1,175 | \n\n | \n | \n | 1,054 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total \n | \n \n | $ | \n98,258 | \n\n | \n | $ | \n52,575 | \n\n | \n | $ | \n31,381 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n | \n | \n | \n | |||||||||
| \n Capital\n acquisitions: \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Recreational\n vehicles \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Towables \n | \n \n | $ | \n72,801 | \n\n | \n | $ | \n37,489 | \n\n | \n | $ | \n35,039 | \n\n |
| \n Motorized \n | \n \n | \n | 41,677 | \n\n | \n | \n | 11,191 | \n\n | \n | \n | 4,309 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total recreational\n vehicles \n | \n \n | \n | 114,478 | \n\n | \n | \n | 48,680 | \n\n | \n | \n | 39,348 | \n\n |
| \n Other \n | \n \n | \n | 1,157 | \n\n | \n | \n | 2,799 | \n\n | \n | \n | 436 | \n\n |
| \n Corporate \n | \n \n | \n | 2,120 | \n\n | \n | \n | 2,495 | \n\n | \n | \n | 3,271 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total \n | \n \n | $ | \n117,755 | \n\n | \n | $ | \n53,974 | \n\n | \n | $ | \n43,055 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
\n 16. STOCKHOLDERS’ EQUITY
\n\n Treasury\n Stock
\nThe Company entered into a repurchase agreement, dated\n May 15, 2015 (the “May 15, 2015 Repurchase\n Agreement”), to purchase certain shares of its common stock\n from the Thompson Family Foundation (the “Foundation”)\n in a private transaction. Pursuant to the terms of the May 15,\n 2015 Repurchase Agreement, the Company purchased 1,000,000 shares\n of its common stock at a price of $60.00 per share from the\n Foundation, and held them as treasury stock, representing an\n aggregate purchase price of $60,000. The closing price of Thor\n common stock on May 15, 2015 was $61.29. The Foundation holds\n shares of common stock of the Company previously owned by the late\n Wade F. B. Thompson, the Company’s co-founder and former\n Chief Executive Officer. At the time of the repurchase transaction,\n Alan Siegel, a member of the board of directors of the Company (the\n “Board”), served as a director of the Foundation. The\n repurchase transaction was evaluated and approved by members of the\n Board who are not affiliated with the Foundation. The transaction\n was consummated on May 19, 2015, and the Company used\n available cash to purchase the shares. The number of shares\n repurchased by the Company represented 1.9% of the Company’s\n issued and outstanding common stock immediately prior to the\n repurchase.
\n\n
\n\n Stock-Based\n Compensation
\nThe Board approved the Thor Industries, Inc. 2016 Equity and\n Incentive Plan (the “2016 Equity and Incentive Plan”)\n on October 11, 2016 and the 2010 Equity Incentive Plan (the\n “2010 Equity Incentive Plan”) on October 25, 2010.\n These plans were subsequently approved by shareholders at the 2016\n and 2010 annual meetings, respectively. The maximum number of\n shares issuable under each of the 2016 Equity and Incentive Plan\n and the 2010 Equity and Incentive Plan is 2,000,000. As of\n July 31, 2017, the remaining shares available to be granted\n under the 2016 Equity and Incentive Plan are 1,834,021 and under\n the 2010 Equity Incentive Plan are 1,211,385. Awards may be in the\n form of options (incentive stock options and non-statutory stock\n options), restricted stock, restricted stock units, performance\n compensation awards and stock appreciation rights.
\nRestricted Stock Awards – A\n summary of restricted stock award activity under the 2010 Equity\n and Incentive Plan for fiscal 2017, 2016 and 2015 is as\n follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||||||||||||||
| \n | \n | Shares | \n\n | \n | Weighted- \n Average Grant \n Date \n Fair Value | \n \n | \n | Shares | \n\n | \n | Weighted- \n Average Grant \n Date \n Fair Value | \n \n | \n | Shares | \n\n | \n | Weighted- \n Average Grant \n Date \n Fair Value | \n \n | ||||||
| \n Nonvested, beginning of\n year \n | \n \n | \n | 5,806 | \n\n | \n | $ | \n31.36 | \n\n | \n | \n | 9,713 | \n\n | \n | $ | \n31.16 | \n\n | \n | \n | 13,620 | \n\n | \n | $ | \n31.08 | \n\n |
| \n Granted \n | \n \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n |
| \n Vested \n | \n \n | \n | (3,907 | \n) | \n\n | \n | 30.87 | \n\n | \n | \n | (3,907 | \n) | \n\n | \n | 30.87 | \n\n | \n | \n | (3,907 | \n) | \n\n | \n | 30.87 | \n\n |
| \n Forfeited \n | \n \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n |
| \n Nonvested, end of\n year \n | \n \n | \n | 1,899 | \n\n | \n | $ | \n32.36 | \n\n | \n | \n | 5,806 | \n\n | \n | $ | \n31.36 | \n\n | \n | \n | 9,713 | \n\n | \n | $ | \n31.16 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n |
In fiscal 2017, 2016 and 2015, the Company recorded expense for\n restricted stock awards under this Plan of $101, $115 and $115,\n respectively. At July 31, 2017, there were no unrecognized\n future compensation costs related to restricted stock. This\n restricted stock vests evenly over 5 years from the date of\n grant.
\nDuring fiscal 2013, the Compensation and Development Committee\n of the Board (the “Committee”) approved a program to\n award restricted stock units (the “RSU program”) to\n certain employees at the operating subsidiary and corporate\n levels. In December 2016, the stockholders of the Company\n approved a new equity compensation plan that allows the RSU program\n to continue in subsequent years on similar terms, but now includes\n a double-trigger change in control provision. The\n double-trigger provision, which is applicable to awards granted in\n fiscal 2017 and subsequent years, stipulates that immediate vesting\n of an outstanding grant would occur only upon the occurrence of\n both a change in control, as defined by the plan, and a\n corresponding change in employment status.
\nUnder the RSU program, the Committee has approved awards each\n October related to the financial performance of the most recently\n completed fiscal year since 2012. The awarded employee restricted\n stock units vest, and shares of common stock are issued, in equal\n installments on the first, second and third anniversaries of the\n date of grant. In addition, concurrent with the timing of the\n employee awards, the Nominating and Governance Committee of the\n Board has awarded restricted stock units to Board members that will\n vest, and shares of common stock will be issued, on the first\n anniversary of the date of the grant.
\nThe fair value of the employee and Board member restricted\n stock units is determined using the Company’s stock price on\n the date of grant. Total expense recognized in fiscal 2017, 2016\n and 2015 for these restricted stock unit awards was $12,399, $9,272\n and $6,661 respectively.
\n\n
\nRestricted Stock Units – A\n summary of restricted stock unit activity during fiscal 2017, 2016\n and 2015 is included below:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||||||||||||||
| \n | \n | Restricted Stock \n Units | \n \n | \n | Weighted- \n Average Grant \n Date \n Fair Value | \n \n | \n | Restricted Stock \n Units | \n \n | \n | Weighted- \n Average Grant \n Date \n Fair Value | \n \n | \n | Restricted Stock \n Units | \n \n | \n | Weighted- \n Average Grant \n Date \n Fair Value | \n \n | ||||||
| \n Nonvested, beginning of\n year \n | \n \n | \n | 325,136 | \n\n | \n | $ | \n53.95 | \n\n | \n | \n | 280,353 | \n\n | \n | $ | \n50.55 | \n\n | \n | \n | 212,073 | \n\n | \n | $ | \n49.21 | \n\n |
| \n Granted \n | \n \n | \n | 166,567 | \n\n | \n | \n | 84.85 | \n\n | \n | \n | 181,872 | \n\n | \n | \n | 55.37 | \n\n | \n | \n | 162,967 | \n\n | \n | \n | 50.95 | \n\n |
| \n Vested \n | \n \n | \n | (157,315 | \n) | \n\n | \n | 53.87 | \n\n | \n | \n | (133,758 | \n) | \n\n | \n | 48.73 | \n\n | \n | \n | (90,608 | \n) | \n\n | \n | 48.14 | \n\n |
| \n Forfeited \n | \n \n | \n | (1,812 | \n) | \n\n | \n | 64.03 | \n\n | \n | \n | (3,331 | \n) | \n\n | \n | 54.18 | \n\n | \n | \n | (4,079 | \n) | \n\n | \n | 50.54 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n |
| \n Nonvested, end of\n year \n | \n \n | \n | 332,576 | \n\n | \n | $ | \n69.41 | \n\n | \n | \n | 325,136 | \n\n | \n | $ | \n53.95 | \n\n | \n | \n | 280,353 | \n\n | \n | $ | \n50.55 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n |
At July 31, 2017 there was $16,679 of total unrecognized\n compensation costs related to restricted stock unit awards that is\n expected to be recognized over a weighted-average period of 2.28\n years.
\nTotal non-cash compensation expense recognized for restricted\n stock awards and restricted stock unit awards in fiscal 2017, 2016\n and 2015 was $12,500, $9,387 and $6,776, respectively.
\nThe Company recognized a tax benefit related to total stock\n based compensation expense of $4,625, $3,473 and $2,507 in fiscal\n 2017, 2016 and 2015, respectively.
\n
\n
Estimates – The preparation of\n financial statements in conformity with accounting principles\n generally accepted in the U.S. requires management to make\n estimates and assumptions that affect the reported amounts of\n assets and liabilities at the date of the financial statements and\n the reported amount of revenues and expenses during the reporting\n period. Key estimates include reserves for inventory, incurred but\n not reported medical claims, warranty claims, recalls,\n workers’ compensation claims, vehicle repurchases, uncertain\n tax positions, product and non-product litigation and assumptions\n made in asset impairment assessments. The Company bases its\n estimates on historical experience and on various other assumptions\n believed to be reasonable under the circumstances. The Company\n believes that such estimates are made using consistent and\n appropriate methods. Actual results could differ from these\n estimates.
"}]},{"name":"rpt:f-558","factDimensions":{"xbrl:concept":"us-gaap:BusinessAcquisitionProFormaInformationTextBlock","xbrl:period":"2016-08-01T00:00:00/2017-08-01T00:00:00","xbrl:entity":"cik:0000730263"},"factValues":[{"value":"The following unaudited pro forma information represents the\n Company’s results of operations as if the fiscal 2016\n acquisition of Jayco had occurred at the beginning of fiscal\n 2015:
\n\n
\n| \n | \n | \n | \n | \n |
| \n | \n | Fiscal Year Ended \n July 31, 2016 | \n \n | |
| \n Net sales \n | \n \n | $ | \n6,176,686 | \n\n |
| \n Net income \n | \n \n | $ | \n284,394 | \n\n |
| \n Basic earnings per common\n share \n | \n \n | $ | \n5.42 | \n\n |
| \n Diluted earnings per common\n share \n | \n \n | $ | \n5.41 | \n\n |
\n 8. CONCENTRATION OF RISK
\nOne dealer, FreedomRoads, LLC, accounted for 20% of the\n Company’s consolidated net sales in fiscal 2017, 20% in\n fiscal 2016 and 17% in fiscal 2015. This dealer also accounted for\n 30% of the Company’s continuing consolidated trade accounts\n receivable at July 31, 2017 and 18% at July 31, 2016. The\n loss of this dealer could have a significant effect on the\n Company’s business.
\n \n \n\n 9. INVESTMENTS AND FAIR VALUE\n MEASUREMENTS
\nThe Company assesses the inputs used to measure the fair value\n of certain assets and liabilities using a three level hierarchy, as\n prescribed in ASC 820, “Fair Value Measurements and\n Disclosures.” Level 1 inputs include quoted prices in active\n markets for identical assets or liabilities and are the most\n observable. Level 2 inputs include inputs other than Level 1 that\n are either directly or indirectly observable, such as quoted market\n prices for similar but not identical assets or liabilities, quoted\n prices in inactive markets or other inputs that can be corroborated\n by observable market data. Level 3 inputs are not observable, are\n supported by little or no market activity and include\n management’s judgments about the assumptions market\n participants would use in pricing the asset or\n liability.
\nThe financial assets that were accounted for at fair value on a\n recurring basis at July 31, 2017 and July 31, 2016, all\n using Level 1 inputs, are as follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | July 31,\n 2017 | \n\n | \n | July 31,\n 2016 | \n\n | ||
| \n Cash equivalents \n | \n \n | $ | \n176,663 | \n\n | \n | $ | \n143,282 | \n\n |
| \n Deferred compensation plan\n assets \n | \n \n | $ | \n28,095 | \n\n | \n | $ | \n15,529 | \n\n |
Cash equivalents represent investments in government and other\n money market funds traded in an active market, and are reported as\n a component of Cash and cash equivalents in the Consolidated\n Balance Sheets.
\nDeferred compensation plan assets represent investments in\n securities (primarily mutual funds) traded in an active market held\n for the benefit of certain employees of the Company as part of a\n deferred compensation plan. Deferred compensation plan asset\n balances are recorded as components of Other long-term assets in\n the Consolidated Balance Sheets. An equal and offsetting liability\n is also recorded in regards to the deferred compensation plan as a\n component of Other long-term liabilities in the Consolidated\n Balance Sheets. Changes in the fair value of the plan assets and\n the related liability are reflected in Other income, net and\n Selling, general and administrative expenses, respectively, in the\n Consolidated Statements of Income and Comprehensive\n Income.
\nIntangible Assets – Intangible assets\n consist of goodwill, trademarks, dealer networks/customer\n relationships, design technology assets and non-compete agreements.\n Trademarks are amortized on a straight-line basis over 15 to 25\n years. Dealer networks/customer relationships are amortized on an\n accelerated basis over 12 to 20 years, and design technology assets\n and non-compete agreements are amortized using the straight-line\n method over 2 to 15 years.
\n\n
\nBacklog is amortized using a straight-line basis method over\n periods up to 3 months. Goodwill is not amortized but is tested at\n least annually for impairment. Goodwill is reviewed for impairment\n by applying a fair-value based test on an annual basis, or more\n frequently if events or circumstances indicate a potential\n impairment.
\nLong-lived\n Assets – Property, plant and\n equipment and identifiable intangibles that are amortized are\n reviewed for impairment whenever events or changes in circumstances\n indicate that the carrying amount of an asset may not be\n recoverable from future cash flows. If the carrying value of a\n long-lived asset is impaired, an impairment charge is recorded for\n the amount by which the carrying value of the long-lived asset\n exceeds its fair value.
"}]},{"name":"rpt:f-566","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxPolicyTextBlock","xbrl:period":"2016-08-01T00:00:00/2017-08-01T00:00:00","xbrl:entity":"cik:0000730263"},"factValues":[{"value":"Income Taxes – The objectives of accounting\n for income taxes are to recognize the amount of taxes payable or\n refundable for the current year and deferred tax liabilities and\n assets for the future tax consequences of events that have been\n recognized in our financial statements or tax returns. Judgment is\n required in assessing the future tax consequences of events that\n have been recognized in our financial statements or tax returns.\n Fluctuations in the actual outcome of these tax consequences could\n materially impact our financial position or results of\n operations.
\nThe Company recognizes liabilities for uncertain tax positions\n based on a two-step process. The first step is to evaluate the tax\n position for recognition by determining if the weight of available\n evidence indicates that it is more likely than not that the\n position will be sustained on audit, including resolution of\n related appeals or litigation processes, if any. The second step\n requires the Company to estimate and measure the tax benefit as the\n largest amount that is more than 50% likely to be realized upon\n ultimate settlement. It is inherently difficult and subjective to\n estimate such amounts, as the Company has to determine the\n probability of various possible outcomes. The Company reevaluates\n these uncertain tax positions on a quarterly basis. This evaluation\n is based on factors including, but not limited to, changes in facts\n or circumstances, changes in tax law, effectively settled issues\n under audit, voluntary settlements and new audit activity. Such a\n change in recognition or measurement would result in the\n recognition of a tax benefit or an additional charge to the tax\n provision.
\nSignificant judgment is required in determining the\n Company’s provision for income taxes, the Company’s\n deferred tax assets and liabilities and the valuation allowance\n recorded against the Company’s deferred tax assets, if any.\n Valuation allowances must be considered due to the uncertainty of\n realizing deferred tax assets. The Company assesses whether\n valuation allowances should be established against our deferred tax\n assets on a tax jurisdictional basis based on the consideration of\n all available evidence, including cumulative income over recent\n periods, using a more likely than not standard. The valuation\n allowance activity during the year was not material.
\n\n 11. LONG-TERM DEBT
\nThe Company has a five-year credit agreement, which was entered\n into on June 30, 2016 and matures on June 30, 2021. The\n agreement provides for a $500,000 asset-based revolving credit\n facility and a $100,000 expansion option, subject to certain\n conditions. Borrowings outstanding on this facility totaled\n $145,000 at July 31, 2017 and $360,000 at July 31, 2016,\n and are subject to a variable pricing structure which can result in\n increases or decreases to the interest rate. Under the terms of the\n credit agreement, the Company can elect to borrow funds under two\n different structures. The first option is a variable interest rate\n based upon the prime rate plus a pricing spread (“Base\n Rate”). The second option is a variable interest rate based\n upon the London Interbank Offered Rate plus a pricing spread\n (“LIBOR Rate”). Depending on the Company’s\n borrowing availability as a percentage of the revolving credit\n commitment, pricing spreads can range from 1.25% to 1.75% in the\n case of loans bearing interest at the LIBOR Rate, and from 0.25% to\n 0.75% for loans bearing interest at the Base Rate.
\nAs of July 31, 2017, all of the $145,000 in outstanding\n borrowings were loans bearing interest at the LIBOR Rate, and the\n borrowing spread on those loans was 1.50%, resulting in a total\n rate of approximately 2.72%. The revolving credit facility, which\n is secured by substantially all of the Company’s tangible and\n intangible assets excluding real property, contains customary\n limits and restrictions concerning investments, sales of assets,\n liens on assets, stock repurchases and dividend and other payments\n depending on adjusted excess cash availability as defined in the\n agreement and summarized below. The terms of the facility permit\n prepayment without penalty at any time, subject to customary\n breakage costs relative to the LIBOR-based loans.
\nBorrowing availability under the credit agreement is limited to\n the lesser of the facility total and the monthly calculated\n borrowing base, which is based on stipulated loan percentages\n applied to specified assets of the Company. The credit agreement\n has no financial covenant restrictions for borrowings as long as\n the Company has adjusted excess availability under the facility\n that exceeds 10% of the lesser of the line commitment or the\n borrowing base total, with a floor of $40,000. As of July 31,\n 2017, the available and unused credit line under the revolver was\n $352,675, and the Company was in compliance with the financial\n covenant in the credit agreement
\nIn fiscal 2017, total LIBOR Rate and Base Rate interest expense\n on the facility was $7,002 and the weighted-average interest rate\n on borrowings from the facility was 2.34%. In fiscal 2016, total\n LIBOR Rate and Base Rate interest expense on the facility was $789\n and the weighted-average interest rate on borrowings from the\n facility was 2.55%. The Company incurred fees to secure the\n facility of $7,850 in fiscal 2016, and those fees are being\n amortized ratably over the five-year term of the agreement, or a\n shorter period if the credit agreement period is shortened for any\n reason. The Company recorded charges related to the amortization of\n these fees, which are reflected in interest expense, of $1,570 in\n fiscal 2017 and $131 in fiscal 2016. The unamortized balances of\n these facility fees were $6,149 at July 31, 2017 and $7,719 at\n July 31, 2016 and are included in Other long-term assets in\n the Consolidated Balance Sheets.
\nThe carrying value of the Company’s long-term debt at\n July 31, 2017 approximates fair value as the entire balance is\n subject to variable market interest rates that the Company believes\n are market rates for a similarly situated Company. The fair value\n of debt is largely estimated using level 2 inputs as defined by ASC\n 820 and discussed in Note 9 to the Consolidated Financial\n Statements.
\n \n \nDepreciation – Property, plant and\n equipment are recorded at cost and depreciated using the\n straight-line method over the estimated useful lives of the assets\n as follows:
\nBuildings and improvements – 10 to 39 years
\nMachinery and equipment – 3 to 10 years
\nDepreciation expense is recorded in cost of products sold\n except for $5,710, $3,812 and $2,362 in fiscal 2017, 2016 and 2015,\n respectively, which relates primarily to office buildings and\n office equipment and is recorded in selling, general and\n administrative expenses.
\nAllowance for Doubtful Accounts – The allowance for\n doubtful accounts represents management’s estimate of\n probable credit losses in existing accounts receivable, as\n determined from a review of past due balances and other specific\n account information. The allowance for doubtful accounts activity\n during fiscal 2017, 2016 and 2015 was not material.
"}]},{"name":"rpt:f-571","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock","xbrl:period":"2016-08-01T00:00:00/2017-08-01T00:00:00","xbrl:entity":"cik:0000730263"},"factValues":[{"value":"\n The components\n of amortizable intangible assets are as follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | \n | \n | \n | \n | \n | July 31,\n 2017 | \n\n | \n | July 31,\n 2016 | \n\n | |||||||||||
| \n | \n | Weighted-Average \n Remaining \n Life in Years \n at July 31, 2017 | \n \n | \n | \n | \n | Cost | \n\n | \n | Accumulated \n Amortization | \n \n | \n | Cost | \n\n | \n | Accumulated \n Amortization | \n \n | |||||
| \n Dealer networks/customer\n relationships \n | \n \n | 16 | \n\n | \n | \n | \n | \n | $ | \n404,960 | \n\n | \n | $ | \n101,795 | \n\n | \n | $ | \n404,960 | \n\n | \n | $ | \n55,191 | \n\n |
| \n Trademarks \n | \n \n | 18 | \n\n | \n | \n | \n | \n | \n | 147,617 | \n\n | \n | \n | 17,570 | \n\n | \n | \n | 148,117 | \n\n | \n | \n | 10,539 | \n\n |
| \n Design technology and other\n intangibles \n | \n \n | 8 | \n\n | \n | \n | \n | \n | \n | 19,300 | \n\n | \n | \n | 9,203 | \n\n | \n | \n | 22,400 | \n\n | \n | \n | 10,870 | \n\n |
| \n Non-compete\n agreements \n | \n \n | 2 | \n\n | \n | \n | \n | \n | \n | 450 | \n\n | \n | \n | 293 | \n\n | \n | \n | 450 | \n\n | \n | \n | 203 | \n\n |
| \n Backlog \n | \n \n | – | \n\n | \n | \n | \n | \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | 12,400 | \n\n | \n | \n | 4,133 | \n\n |
| \n | \n | \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total amortizable intangible\n assets \n | \n \n | \n | \n | \n | \n | \n | \n | $ | \n572,327 | \n\n | \n | $ | \n128,861 | \n\n | \n | $ | \n588,327 | \n\n | \n | $ | \n80,936 | \n\n |
| \n | \n | \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
Changes in the unrecognized tax benefit during fiscal years\n 2017, 2016 and 2015 were as follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||
| \n Beginning balance \n | \n \n | $ | \n13,269 | \n\n | \n | $ | \n13,156 | \n\n | \n | $ | \n20,813 | \n\n |
| \n Tax positions related to\n prior years: \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Additions \n | \n \n | \n | 75 | \n\n | \n | \n | 1,546 | \n\n | \n | \n | 126 | \n\n |
| \n Reductions \n | \n \n | \n | (1,510 | \n) | \n\n | \n | (920 | \n) | \n\n | \n | (7,695 | \n) | \n
| \n Tax positions related to\n current year: \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Additions \n | \n \n | \n | 3,853 | \n\n | \n | \n | 3,123 | \n\n | \n | \n | 2,858 | \n\n |
| \n Settlements \n | \n \n | \n | (1,450 | \n) | \n\n | \n | (956 | \n) | \n\n | \n | (1,898 | \n) | \n
| \n Lapses in statute of\n limitations \n | \n \n | \n | (1,566 | \n) | \n\n | \n | (2,680 | \n) | \n\n | \n | (1,048 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Ending balance \n | \n \n | $ | \n12,671 | \n\n | \n | $ | \n13,269 | \n\n | \n | $ | \n13,156 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
\n 4. BUSINESS SEGMENTS
\nThe Company has two reportable segments: (1) towable\n recreational vehicles and (2) motorized recreational vehicles.\n The towables recreational vehicle reportable segment consists of\n the following operating segments that have been aggregated:\n Airstream (towable), Heartland (including Bison, CRV and DRV),\n Jayco (including Jayco towable, Starcraft and Highland Ridge),\n Keystone (including CrossRoads and Dutchmen), and KZ (including\n Livin’ Lite). The motorized recreational vehicle reportable\n segment consists of the following operating segments that have been\n aggregated: Airstream (motorized), Jayco (including Jayco motorized\n and Entegra Coach) and Thor Motor Coach.
\nThe operations of the Company’s Postle subsidiary, which\n was acquired May 1, 2015, are included in “Other,”\n which is a non-reportable segment. Net sales included in Other\n mainly relate to the sale of aluminum extrusions and specialized\n component products. Intercompany eliminations adjust for Postle\n sales to the Company’s towables and motorized segments, which\n are consummated at established arm’s-length transfer prices\n generally consistent with the selling prices of extrusion\n components to third party customers.
\nAll manufacturing is conducted in the United States. Total\n assets include those assets used in the operation of each\n reportable and non-reportable segment, and the Corporate assets\n consist primarily of cash and cash equivalents and deferred income\n tax assets.
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||
| \n Net sales: \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Recreational\n vehicles \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Towables \n | \n \n | $ | \n5,127,491 | \n\n | \n | $ | \n3,338,659 | \n\n | \n | $ | \n3,096,405 | \n\n |
| \n Motorized \n | \n \n | \n | 1,971,466 | \n\n | \n | \n | 1,094,250 | \n\n | \n | \n | 870,799 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total recreational\n vehicles \n | \n \n | \n | 7,098,957 | \n\n | \n | \n | 4,432,909 | \n\n | \n | \n | 3,967,204 | \n\n |
| \n Other \n | \n \n | \n | 253,557 | \n\n | \n | \n | 218,673 | \n\n | \n | \n | 56,594 | \n\n |
| \n Intercompany\n eliminations \n | \n \n | \n | (105,562 | \n) | \n\n | \n | (69,470 | \n) | \n\n | \n | (16,979 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total \n | \n \n | $ | \n7,246,952 | \n\n | \n | $ | \n4,582,112 | \n\n | \n | $ | \n4,006,819 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n | \n | \n | \n | |||||||||
| \n Income (loss) from\n continuing operations before income taxes: \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Recreational\n vehicles \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Towables \n | \n \n | $ | \n458,915 | \n\n | \n | $ | \n321,874 | \n\n | \n | $ | \n259,092 | \n\n |
| \n Motorized \n | \n \n | \n | 125,323 | \n\n | \n | \n | 88,523 | \n\n | \n | \n | 66,746 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total recreational\n vehicles \n | \n \n | \n | 584,238 | \n\n | \n | \n | 410,397 | \n\n | \n | \n | 325,838 | \n\n |
| \n Other \n | \n \n | \n | 28,909 | \n\n | \n | \n | 18,547 | \n\n | \n | \n | 1,424 | \n\n |
| \n Intercompany\n eliminations \n | \n \n | \n | (195 | \n) | \n\n | \n | (23 | \n) | \n\n | \n | (554 | \n) | \n
| \n Corporate \n | \n \n | \n | (56,566 | \n) | \n\n | \n | (45,608 | \n) | \n\n | \n | (33,813 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total \n | \n \n | $ | \n556,386 | \n\n | \n | $ | \n383,313 | \n\n | \n | $ | \n292,895 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n | \n | \n | \n | |||||||||
| \n Total\n assets: \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Recreational\n vehicles \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Towables \n | \n \n | $ | \n1,535,029 | \n\n | \n | $ | \n1,425,168 | \n\n | \n | $ | \n907,175 | \n\n |
| \n Motorized \n | \n \n | \n | 500,761 | \n\n | \n | \n | 476,973 | \n\n | \n | \n | 162,940 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total recreational\n vehicles \n | \n \n | \n | 2,035,790 | \n\n | \n | \n | 1,902,141 | \n\n | \n | \n | 1,070,115 | \n\n |
| \n Other, net \n | \n \n | \n | 156,996 | \n\n | \n | \n | 156,822 | \n\n | \n | \n | 161,075 | \n\n |
| \n Corporate \n | \n \n | \n | 365,145 | \n\n | \n | \n | 266,501 | \n\n | \n | \n | 272,058 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total \n | \n \n | $ | \n2,557,931 | \n\n | \n | $ | \n2,325,464 | \n\n | \n | $ | \n1,503,248 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n | \n | \n | \n | |||||||||
| \n Depreciation and\n amortization expense: \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Recreational\n vehicles \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Towables \n | \n \n | $ | \n75,568 | \n\n | \n | $ | \n36,054 | \n\n | \n | $ | \n26,296 | \n\n |
| \n Motorized \n | \n \n | \n | 9,393 | \n\n | \n | \n | 2,994 | \n\n | \n | \n | 2,353 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total recreational\n vehicles \n | \n \n | \n | 84,961 | \n\n | \n | \n | 39,048 | \n\n | \n | \n | 28,649 | \n\n |
| \n Other \n | \n \n | \n | 11,967 | \n\n | \n | \n | 12,352 | \n\n | \n | \n | 1,678 | \n\n |
| \n Corporate \n | \n \n | \n | 1,330 | \n\n | \n | \n | 1,175 | \n\n | \n | \n | 1,054 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total \n | \n \n | $ | \n98,258 | \n\n | \n | $ | \n52,575 | \n\n | \n | $ | \n31,381 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n | \n | \n | \n | |||||||||
| \n Capital\n acquisitions: \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Recreational\n vehicles \n | \n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Towables \n | \n \n | $ | \n72,801 | \n\n | \n | $ | \n37,489 | \n\n | \n | $ | \n35,039 | \n\n |
| \n Motorized \n | \n \n | \n | 41,677 | \n\n | \n | \n | 11,191 | \n\n | \n | \n | 4,309 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total recreational\n vehicles \n | \n \n | \n | 114,478 | \n\n | \n | \n | 48,680 | \n\n | \n | \n | 39,348 | \n\n |
| \n Other \n | \n \n | \n | 1,157 | \n\n | \n | \n | 2,799 | \n\n | \n | \n | 436 | \n\n |
| \n Corporate \n | \n \n | \n | 2,120 | \n\n | \n | \n | 2,495 | \n\n | \n | \n | 3,271 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total \n | \n \n | $ | \n117,755 | \n\n | \n | $ | \n53,974 | \n\n | \n | $ | \n43,055 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
Export sales from the Company’s continuing operations,\n predominantly to Canada, were $628,176, $368,426 and $465,642 in\n fiscal 2017, 2016 and 2015, respectively, and accounted for 8.7%,\n 8.0% and 11.6% of the Company’s consolidated net sales for\n those respective years.
\n \n \nProduct Warranties – Estimated warranty\n costs are provided at the time of sale of the related products.\n Warranty reserves are reviewed and adjusted as necessary on at\n least a quarterly basis.
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minimum rental payments required under capital and\n operating leases as of July 31, 2017 are as\n follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | Capital Leases | \n\n | \n | Operating Leases | \n\n | ||
| \n For the fiscal year ending\n July 31, 2018 \n | \n \n | $ | \n948 | \n\n | \n | $ | \n2,547 | \n\n |
| \n For the fiscal year ending\n July 31, 2019 \n | \n \n | \n | 938 | \n\n | \n | \n | 2,152 | \n\n |
| \n For the fiscal year ending\n July 31, 2020 \n | \n \n | \n | 933 | \n\n | \n | \n | 1,434 | \n\n |
| \n For the fiscal year ending\n July 31, 2021 \n | \n \n | \n | 951 | \n\n | \n | \n | 1,123 | \n\n |
| \n For the fiscal year ending\n July 31, 2022 \n | \n \n | \n | 973 | \n\n | \n | \n | 907 | \n\n |
| \n For the fiscal year ending\n July 31, 2023 and thereafter \n | \n \n | \n | 5,015 | \n\n | \n | \n | 7,493 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total minimum lease\n payments \n | \n \n | \n | 9,758 | \n\n | \n | $ | \n15,656 | \n\n |
| \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n |
| \n Less amount representing\n interest \n | \n \n | \n | (3,285 | \n) | \n\n | \n | \n | \n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n |
| \n Present value of net minimum\n capital lease payments \n | \n \n | \n | 6,473 | \n\n | \n | \n | \n | \n |
| \n Less current\n portion \n | \n \n | \n | (378 | \n) | \n\n | \n | \n | \n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n |
| \n Long-term capital lease\n obligations \n | \n \n | $ | \n6,095 | \n\n | \n | \n | \n | \n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n |
Nature of Operations – Thor Industries, Inc.\n was founded in 1980 and, through its subsidiaries, manufactures a\n wide range of recreational vehicles at various manufacturing\n facilities primarily in Indiana and Ohio, with additional\n facilities in Oregon and Idaho. These products are sold to\n independent dealers primarily throughout the United States and\n Canada. Unless the context otherwise requires or indicates, all\n references to “Thor”, the “Company”,\n “we”, “our” and “us” refer to\n Thor Industries, Inc. and its subsidiaries.
\nThe Company’s ongoing business activities are primarily\n comprised of two distinct operations, which include the design,\n manufacture and sale of towable recreational vehicles and motorized\n recreational vehicles. Accordingly, the Company has presented\n segmented financial information for these two segments in Note 4 to\n the Consolidated Financial Statements. See Note 3 to the\n Consolidated Financial Statements for a description of the\n Company’s former bus operations which were sold as of\n October 20, 2013. Accordingly, the accompanying financial\n statements (including footnote disclosures unless otherwise\n indicated) reflect these operations as discontinued operations\n apart from the Company’s continuing operations.
\nCertain amounts for fiscal 2016 and fiscal 2015 included in\n Note 12 to the Consolidated Financial Statements have been\n reclassified to conform to the fiscal 2017 presentation.
\nThe following table reflects losses incurred related to\n repurchase agreements that were settled in the past three fiscal\n years. The Company believes that any future losses under these\n agreements will not have a significant effect on the\n Company’s consolidated financial position, results of\n operations or cash flows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | \n 2017 \n | \n \n | \n | \n 2016 \n | \n \n | \n | 2015 | \n\n | |||
| \n Cost of units\n repurchased \n | \n \n | $ | \n4,453 | \n\n | \n | $ | \n4,650 | \n\n | \n | $ | \n7,171 | \n\n |
| \n Realization of units\n resold \n | \n \n | \n | 4,151 | \n\n | \n | \n | 3,832 | \n\n | \n | \n | 5,906 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Losses due to\n repurchase \n | \n \n | $ | \n302 | \n\n | \n | $ | \n818 | \n\n | \n | $ | \n1,265 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
The following table summarizes the results of discontinued\n operations:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||||||||||||||
| \n Loss before income\n taxes \n | \n \n | \n | \n | \n | \n | $ | \n– | \n\n | \n | \n | \n | \n | \n | $ | \n(2,417 | \n) | \n\n | \n | \n | \n | \n | $ | \n(4,791 | \n) | \n
| \n Income tax\n benefit \n | \n \n | \n | \n | \n | \n | \n | – | \n\n | \n | \n | \n | \n | \n | \n | 914 | \n\n | \n | \n | \n | \n | \n | \n | 2,167 | \n\n |
| \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n |
| \n Loss from discontinued\n operations, net of income taxes \n | \n \n | \n | \n | \n | \n | $ | \n– | \n\n | \n | \n | \n | \n | \n | $ | \n(1,503 | \n) | \n\n | \n | \n | \n | \n | $ | \n(2,624 | \n) | \n
| \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n |
Dealer Volume Rebates, Sales Incentives and Advertising\n Costs – Estimated costs\n related to dealer volume rebates and sales incentives are accrued\n as a reduction of revenue at the later of the time products are\n sold or the date the rebate or incentive is offered. Advertising\n costs, which consist primarily of tradeshows, are expensed as\n incurred, and were $24,997, $14,472 and $12,515 in fiscal 2017,\n 2016 and 2015, respectively.
"}]},{"name":"rpt:f-652","factDimensions":{"xbrl:concept":"tho:ScheduleOfUnrecognizedTaxBenefitsTableTextBlock","xbrl:period":"2016-08-01T00:00:00/2017-08-01T00:00:00","xbrl:entity":"cik:0000730263"},"factValues":[{"value":"The components of total unrecognized tax benefits are\n summarized as follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | July 31, | \n\n | |||||
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | ||
| \n Unrecognized tax\n benefits \n | \n \n | $ | \n12,671 | \n\n | \n | $ | \n13,269 | \n\n |
| \n Reduction to unrecognized\n tax benefits for tax credit carry forward \n | \n \n | \n | (1,882 | \n) | \n\n | \n | (2,255 | \n) | \n
| \n Accrued interest and\n penalties \n | \n \n | \n | 1,209 | \n\n | \n | \n | 1,547 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total unrecognized tax\n benefits \n | \n \n | $ | \n11,998 | \n\n | \n | $ | \n12,561 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n | \n | \n | ||||||
| \n Short-term, included in\n “Income and other taxes” \n | \n \n | $ | \n1,735 | \n\n | \n | $ | \n2,586 | \n\n |
| \n Long-term \n | \n \n | \n | 10,263 | \n\n | \n | \n | 9,975 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total unrecognized tax\n benefits \n | \n \n | $ | \n11,998 | \n\n | \n | $ | \n12,561 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
\n The differences\n between income taxes at the federal statutory rate and the actual\n income taxes are as follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | July 31, | \n\n | |||||||||
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||
| \n Provision at federal\n statutory rate \n | \n \n | $ | \n194,735 | \n\n | \n | $ | \n134,160 | \n\n | \n | $ | \n102,513 | \n\n |
| \n State and local income\n taxes, net of federal benefit \n | \n \n | \n | 11,021 | \n\n | \n | \n | 6,599 | \n\n | \n | \n | 5,144 | \n\n |
| \n Federal income tax credits\n and incentives \n | \n \n | \n | (3,228 | \n) | \n\n | \n | (4,194 | \n) | \n\n | \n | (2,207 | \n) | \n
| \n Domestic production\n activities deduction \n | \n \n | \n | (19,527 | \n) | \n\n | \n | (12,609 | \n) | \n\n | \n | (9,519 | \n) | \n
| \n Change in uncertain tax\n positions \n | \n \n | \n | 375 | \n\n | \n | \n | 611 | \n\n | \n | \n | (5,650 | \n) | \n
| \n Other \n | \n \n | \n | (1,244 | \n) | \n\n | \n | 724 | \n\n | \n | \n | 605 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n | \n | \n \n | \n \n \n | \n \n |
| \n Total income tax\n expense \n | \n \n | $ | \n182,132 | \n\n | \n | $ | \n125,291 | \n\n | \n | $ | \n90,886 | \n\n |
| \n |
Insurance Reserves – Generally, the Company\n is self-insured for workers’ compensation, products liability\n and group medical insurance. Under these plans, liabilities are\n recognized for claims incurred, including those incurred but not\n reported. The liability for workers’ compensation claims is\n determined by the Company with the assistance of a third party\n administrator and actuary using various state statutes and\n historical claims experience. Group medical reserves are estimated\n using historical claims experience. The Company has a self-insured\n retention (“SIR”) for products liability and personal\n injury matters ranging from $500 to $7,500 per occurrence,\n depending on the product type and when the occurrence took place.\n Generally, any occurrence (as defined by our insurance policies)\n after March 31, 2015 is subject to the $500 SIR, while matters\n occurring after March 31, 2014 and through March 31, 2015\n are subject to a $1,000 SIR. The Company has established a\n liability on our balance sheet for product liability and personal\n injury occurrences based on historical data, known cases and\n actuarial information. Currently, the Company maintains excess\n liability insurance aggregating $50,000 with outside insurance\n carriers to minimize our risks related to catastrophic claims in\n excess of our self-insured positions for products liability and\n personal injury matters.
"}]},{"name":"rpt:f-656","factDimensions":{"xbrl:concept":"tho:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestIncomeExpenses","xbrl:period":"2016-08-01T00:00:00/2017-08-01T00:00:00","xbrl:entity":"cik:0000730263","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-218000","decimals":-3}]},{"name":"rpt:f-657","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue","xbrl:period":"2016-08-01T00:00:00/2017-08-01T00:00:00","xbrl:entity":"cik:0000730263","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"30.87","decimals":2}]},{"name":"rpt:f-658","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod","xbrl:period":"2016-08-01T00:00:00/2017-08-01T00:00:00","xbrl:entity":"cik:0000730263","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"3907"}]},{"name":"rpt:f-659","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock","xbrl:period":"2016-08-01T00:00:00/2017-08-01T00:00:00","xbrl:entity":"cik:0000730263","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"A summary of restricted stock unit activity during fiscal 2017,\n 2016 and 2015 is included below:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||||||||||||||
| \n | \n | Restricted Stock \n Units | \n \n | \n | Weighted- \n Average Grant \n Date \n Fair Value | \n \n | \n | Restricted Stock \n Units | \n \n | \n | Weighted- \n Average Grant \n Date \n Fair Value | \n \n | \n | Restricted Stock \n Units | \n \n | \n | Weighted- \n Average Grant \n Date \n Fair Value | \n \n | ||||||
| \n Nonvested, beginning of\n year \n | \n \n | \n | 325,136 | \n\n | \n | $ | \n53.95 | \n\n | \n | \n | 280,353 | \n\n | \n | $ | \n50.55 | \n\n | \n | \n | 212,073 | \n\n | \n | $ | \n49.21 | \n\n |
| \n Granted \n | \n \n | \n | 166,567 | \n\n | \n | \n | 84.85 | \n\n | \n | \n | 181,872 | \n\n | \n | \n | 55.37 | \n\n | \n | \n | 162,967 | \n\n | \n | \n | 50.95 | \n\n |
| \n Vested \n | \n \n | \n | (157,315 | \n) | \n\n | \n | 53.87 | \n\n | \n | \n | (133,758 | \n) | \n\n | \n | 48.73 | \n\n | \n | \n | (90,608 | \n) | \n\n | \n | 48.14 | \n\n |
| \n Forfeited \n | \n \n | \n | (1,812 | \n) | \n\n | \n | 64.03 | \n\n | \n | \n | (3,331 | \n) | \n\n | \n | 54.18 | \n\n | \n | \n | (4,079 | \n) | \n\n | \n | 50.54 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n |
| \n Nonvested, end of\n year \n | \n \n | \n | 332,576 | \n\n | \n | $ | \n69.41 | \n\n | \n | \n | 325,136 | \n\n | \n | $ | \n53.95 | \n\n | \n | \n | 280,353 | \n\n | \n | $ | \n50.55 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n |
A summary of restricted stock award activity under the 2010\n Equity and Incentive Plan for fiscal 2017, 2016 and 2015 is as\n follows:
\n\n
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | 2017 | \n\n | \n | 2016 | \n\n | \n | 2015 | \n\n | |||||||||||||||
| \n | \n | Shares | \n\n | \n | Weighted- \n Average Grant \n Date \n Fair Value | \n \n | \n | Shares | \n\n | \n | Weighted- \n Average Grant \n Date \n Fair Value | \n \n | \n | Shares | \n\n | \n | Weighted- \n Average Grant \n Date \n Fair Value | \n \n | ||||||
| \n Nonvested, beginning of\n year \n | \n \n | \n | 5,806 | \n\n | \n | $ | \n31.36 | \n\n | \n | \n | 9,713 | \n\n | \n | $ | \n31.16 | \n\n | \n | \n | 13,620 | \n\n | \n | $ | \n31.08 | \n\n |
| \n Granted \n | \n \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n |
| \n Vested \n | \n \n | \n | (3,907 | \n) | \n\n | \n | 30.87 | \n\n | \n | \n | (3,907 | \n) | \n\n | \n | 30.87 | \n\n | \n | \n | (3,907 | \n) | \n\n | \n | 30.87 | \n\n |
| \n Forfeited \n | \n \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n | \n | \n | – | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n |
| \n Nonvested, end of\n year \n | \n \n | \n | 1,899 | \n\n | \n | $ | \n32.36 | \n\n | \n | \n | 5,806 | \n\n | \n | $ | \n31.36 | \n\n | \n | \n | 9,713 | \n\n | \n | $ | \n31.16 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n | \n | \n \n | \n \n \n | \n \n | \n | \n | \n | \n |
The following table summarizes the fair values assigned to the\n Postle net assets acquired, which are based on internal and\n independent external valuations:
\n\n
\n| \n | \n | \n | \n | \n |
| \n Cash \n | \n \n | $ | \n2,963 | \n\n |
| \n Other current\n assets \n | \n \n | \n | 54,780 | \n\n |
| \n Property, plant and\n equipment \n | \n \n | \n | 32,251 | \n\n |
| \n Customer\n relationships \n | \n \n | \n | 38,800 | \n\n |
| \n Trademarks \n | \n \n | \n | 6,000 | \n\n |
| \n Backlog \n | \n \n | \n | 300 | \n\n |
| \n Goodwill \n | \n \n | \n | 42,871 | \n\n |
| \n Current\n liabilities \n | \n \n | \n | (23,729 | \n) | \n
| \n Capital lease\n obligations \n | \n \n | \n | (7,225 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n |
| \n Total fair value of net\n assets acquired \n | \n \n | \n | 147,011 | \n\n |
| \n Less cash\n acquired \n | \n \n | \n | (2,963 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n |
| \n Total cash consideration for\n acquisition, less cash acquired \n | \n \n | $ | \n144,048 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n |
The following table summarizes the final fair values assigned\n to the CRV and DRV net assets acquired, which are based on internal\n and independent external valuations:
\n\n
\n| \n | \n | \n | \n | \n |
| \n Cash \n | \n \n | $ | \n1,062 | \n\n |
| \n Other current\n assets \n | \n \n | \n | 22,175 | \n\n |
| \n Property, plant and\n equipment \n | \n \n | \n | 4,533 | \n\n |
| \n Dealer network \n | \n \n | \n | 14,300 | \n\n |
| \n Trademarks \n | \n \n | \n | 5,400 | \n\n |
| \n Backlog \n | \n \n | \n | 450 | \n\n |
| \n Goodwill \n | \n \n | \n | 13,172 | \n\n |
| \n Current\n liabilities \n | \n \n | \n | (12,507 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n |
| \n Total fair value of net\n assets acquired \n | \n \n | \n | 48,585 | \n\n |
| \n Less cash\n acquired \n | \n \n | \n | (1,062 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n |
| \n Total cash consideration for\n acquisition, less cash acquired \n | \n \n | $ | \n47,523 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n |
The following table summarizes the final fair values assigned\n to the Jayco net assets acquired, which are based on internal and\n independent external valuations:
\n\n
\n| \n | \n | \n | \n | \n |
| \n Cash \n | \n \n | $ | \n18,409 | \n\n |
| \n Other current\n assets \n | \n \n | \n | 258,158 | \n\n |
| \n Property, plant and\n equipment \n | \n \n | \n | 80,824 | \n\n |
| \n Dealer network \n | \n \n | \n | 261,100 | \n\n |
| \n Trademarks \n | \n \n | \n | 92,800 | \n\n |
| \n Backlog \n | \n \n | \n | 12,400 | \n\n |
| \n Goodwill \n | \n \n | \n | 74,184 | \n\n |
| \n Current\n liabilities \n | \n \n | \n | (216,776 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n |
| \n Total fair value of net\n assets acquired \n | \n \n | \n | 581,099 | \n\n |
| \n Less cash\n acquired \n | \n \n | \n | (18,409 | \n) | \n
| \n | \n | \n \n | \n \n \n | \n \n |
| \n Total cash consideration for\n acquisition, less cash acquired \n | \n \n | $ | \n562,690 | \n\n |
| \n | \n | \n \n | \n \n \n | \n \n |