18. | REVENUE RECOGNITION |
2019 | 2018 | 2017 | ||||||||||
NET SALES: | ||||||||||||
Recreational vehicles | ||||||||||||
North American Towables | ||||||||||||
Travel Trailers and Other | $ | 2,710,308 | $ | 3,646,581 | $ | 3,088,561 | ||||||
Fifth Wheels | 1,848,143 | 2,362,119 | 2,038,930 | |||||||||
Total North American Towables | 4,558,451 | 6,008,700 | 5,127,491 | |||||||||
North American Motorized | ||||||||||||
Class A | 761,176 | 1,000,881 | 914,681 | |||||||||
Class C | 824,449 | 1,047,376 | 968,899 | |||||||||
Class B | 63,704 | 98,058 | 87,886 | |||||||||
Total North American Motorized | 1,649,329 | 2,146,315 | 1,971,466 | |||||||||
Total North America | 6,207,780 | 8,155,015 | 7,098,957 | |||||||||
European | ||||||||||||
Motorcaravan | 960,155 | – | – | |||||||||
Campervan | 201,089 | – | – | |||||||||
Caravan | 172,144 | – | – | |||||||||
Other RV-related | 153,590 | – | – | |||||||||
Total European | 1,486,978 | – | – | |||||||||
Total recreational vehicles | 7,694,758 | 8,155,015 | 7,098,957 | |||||||||
Other, primarily aluminum extruded components | 263,374 | 305,947 | 253,557 | |||||||||
Intercompany eliminations | (93,374 | ) | (132,053 | ) | (105,562 | ) | ||||||
Total | $ | 7,864,758 | $ | 8,328,909 | $ | 7,246,952 |
17. | STOCKHOLDERS’ EQUITY |
2019 | 2018 | 2017 | ||||||||||||||||||||||
Restricted Stock Units | Weighted- Average Grant Date Fair Value | Restricted Stock Units | Weighted- Average Grant Date Fair Value | Restricted Stock Units | Weighted- Average Grant Date Fair Value | |||||||||||||||||||
Nonvested, beginning of year | 328,431 | $ | 101.97 | 332,576 | $ | 69.41 | 325,136 | $ | 53.95 | |||||||||||||||
Granted | 310,924 | 79.12 | 171,340 | 124.84 | 166,567 | 84.85 | ||||||||||||||||||
Vested | (167,591 | ) | 90.23 | (168,714 | ) | 64.01 | (157,315 | ) | 53.87 | |||||||||||||||
Forfeited | (20,201 | ) | 91.11 | (6,771 | ) | 93.46 | (1,812 | ) | 64.03 | |||||||||||||||
Nonvested, end of year | 451,563 | $ | 91.08 | 328,431 | $ | 101.97 | 332,576 | $ | 69.41 |
2019 | 2018 | 2017 | ||||||||||
NET SALES: | ||||||||||||
Recreational vehicles | ||||||||||||
North American Towables | $ | 4,558,451 | $ | 6,008,700 | $ | 5,127,491 | ||||||
North American Motorized | 1,649,329 | 2,146,315 | 1,971,466 | |||||||||
Total North America | 6,207,780 | 8,155,015 | 7,098,957 | |||||||||
European | 1,486,978 | – | – | |||||||||
Total recreational vehicles | 7,694,758 | 8,155,015 | 7,098,957 | |||||||||
Other | 263,374 | 305,947 | 253,557 | |||||||||
Intercompany eliminations | (93,374 | ) | (132,053 | ) | (105,562 | ) | ||||||
Total | $ | 7,864,758 | $ | 8,328,909 | $ | 7,246,952 | ||||||
INCOME (LOSS) BEFORE INCOME TAXES: | ||||||||||||
Recreational vehicles | ||||||||||||
North American Towables | $ | 322,228 | $ | 532,657 | $ | 458,915 | ||||||
North American Motorized | 80,910 | 134,785 | 125,323 | |||||||||
Total North America | 403,138 | 667,442 | 584,238 | |||||||||
European | (5,946 | ) | – | – | ||||||||
Total recreational vehicles | 397,192 | 667,442 | 584,238 | |||||||||
Other, net | 29,086 | 32,667 | 28,714 | |||||||||
Corporate | (241,612 | ) | (67,080 | ) | (56,566 | ) | ||||||
Total | $ | 184,666 | $ | 633,029 | $ | 556,386 | ||||||
TOTAL ASSETS: | ||||||||||||
Recreational vehicles | ||||||||||||
North American Towables | $ | 1,516,519 | $ | 1,654,361 | $ | 1,535,029 | ||||||
North American Motorized | 446,626 | 492,830 | 500,761 | |||||||||
Total North America | 1,963,145 | 2,147,191 | 2,035,790 | |||||||||
European | 3,077,804 | – | – | |||||||||
Total recreational vehicles | 5,040,949 | 2,147,191 | 2,035,790 | |||||||||
Other, net | 163,897 | 167,965 | 156,996 | |||||||||
Corporate | 455,600 | 463,509 | 365,145 | |||||||||
Total | $ | 5,660,446 | $ | 2,778,665 | $ | 2,557,931 | ||||||
DEPRECIATION AND INTANGIBLE AMORTIZATION EXPENSE: | ||||||||||||
Recreational vehicles | ||||||||||||
North American Towables | $ | 67,751 | $ | 68,964 | $ | 75,568 | ||||||
North American Motorized | 13,831 | 11,800 | 9,393 | |||||||||
Total North America | 81,582 | 80,764 | 84,961 | |||||||||
European | 54,881 | – | – | |||||||||
Total recreational vehicles | 136,463 | 80,764 | 84,961 | |||||||||
Other | 10,647 | 10,861 | 11,967 | |||||||||
Corporate | 1,667 | 1,598 | 1,330 | |||||||||
Total | $ | 148,777 | $ | 93,223 | $ | 98,258 | ||||||
CAPITAL ACQUISITIONS: | ||||||||||||
Recreational vehicles | ||||||||||||
North American Towables | $ | 69,321 | $ | 85,304 | $ | 72,801 | ||||||
North American Motorized | 17,179 | 34,660 | 41,677 | |||||||||
Total North America | 86,500 | 119,964 | 114,478 | |||||||||
European | 35,653 | – | – | |||||||||
Total recreational vehicles | 122,153 | 119,964 | 114,478 | |||||||||
Other | 3,493 | 8,440 | 1,157 | |||||||||
Corporate | 1,599 | 8,902 | 2,120 | |||||||||
Total | $ | 127,245 | $ | 137,306 | $ | 117,755 | ||||||
DESTINATION OF NET SALES BY GEOGRAPHIC REGION: | ||||||||||||
United States | $ | 5,803,373 | $ | 7,540,015 | $ | 6,618,874 | ||||||
Germany | 836,151 | 1,687 | 1,138 | |||||||||
Other Europe | 636,105 | 4,358 | 1,504 | |||||||||
Canada | 561,172 | 776,068 | 614,528 | |||||||||
Other foreign | 27,957 | 6,781 | 10,908 | |||||||||
Total | $ | 7,864,758 | $ | 8,328,909 | $ | 7,246,952 | ||||||
PROPERTY, PLANT AND EQUIPMENT BY GEOGRAPHIC REGION: | ||||||||||||
United States | $ | 569,641 | $ | 522,054 | $ | 425,238 | ||||||
Germany | 424,333 | – | – | |||||||||
Other Europe | 92,553 | – | – | |||||||||
Other | 5,944 | – | – | |||||||||
Total | $ | 1,092,471 | $ | 522,054 | $ | 425,238 |
July 31, 2019 | July 31, 2018 | |||||||
Finished goods—RV | $ | 230,483 | $ | 44,998 | ||||
Finished goods—other | 60,593 | 35,320 | ||||||
Work in process | 126,636 | 124,703 | ||||||
Raw materials | 300,721 | 258,429 | ||||||
Chassis | 155,099 | 116,308 | ||||||
Subtotal | 873,532 | 579,758 | ||||||
Excess of FIFO costs over LIFO costs | (45,544 | ) | (41,849 | ) | ||||
Total inventories, net | $ | 827,988 | $ | 537,909 |
July 31, 2019 | July 31, 2018 | |||||||
Finished goods—RV | $ | 230,483 | $ | 44,998 | ||||
Finished goods—other | 60,593 | 35,320 | ||||||
Work in process | 126,636 | 124,703 | ||||||
Raw materials | 300,721 | 258,429 | ||||||
Chassis | 155,099 | 116,308 | ||||||
Subtotal | 873,532 | 579,758 | ||||||
Excess of FIFO costs over LIFO costs | (45,544 | ) | (41,849 | ) | ||||
Total inventories, net | $ | 827,988 | $ | 537,909 |
For the fiscal year ending July 31, 2020 | $ | 97,337 | ||
For the fiscal year ending July 31, 2021 | 103,968 | |||
For the fiscal year ending July 31, 2022 | 107,530 | |||
For the fiscal year ending July 31, 2023 | 88,051 | |||
For the fiscal year ending July 31, 2024 | 79,588 | |||
For the fiscal year ending July 31, 2025 and thereafter | 494,337 | |||
$ | 970,811 |
July 31, 2019 | July 31, 2018 | |||||||
Land | $ | 142,475 | $ | 57,413 | ||||
Buildings and improvements | 742,736 | 468,824 | ||||||
Machinery and equipment | 389,666 | 197,294 | ||||||
Rental vehicles | 87,243 | – | ||||||
Total cost | 1,362,120 | 723,531 | ||||||
Less accumulated depreciation | (269,649 | ) | (201,477 | ) | ||||
Property, plant and equipment, net | $ | 1,092,471 | $ | 522,054 |
July 31, 2019 | July 31, 2018 | |||||||
Land | $ | 142,475 | $ | 57,413 | ||||
Buildings and improvements | 742,736 | 468,824 | ||||||
Machinery and equipment | 389,666 | 197,294 | ||||||
Rental vehicles | 87,243 | – | ||||||
Total cost | 1,362,120 | 723,531 | ||||||
Less accumulated depreciation | (269,649 | ) | (201,477 | ) | ||||
Property, plant and equipment, net | $ | 1,092,471 | $ | 522,054 |
19. | ACCUMULATED OTHER COMPREHENSIVE LOSS |
2019 | ||||||||||||||||
Foreign Currency | Unrealized | |||||||||||||||
Translation | Gain (Loss) on | |||||||||||||||
Adjustment | Derivatives | Other | Total | |||||||||||||
Balance at beginning of period | $ | – | $ | – | $ | – | $ | – | ||||||||
OCI before reclassifications | (44,684 | ) | (12,184 | ) | (1,048 | ) | (57,916 | ) | ||||||||
Income taxes associated with OCI before reclassifications (1) | (2,394 | ) | 2,917 | – | 523 | |||||||||||
Amounts reclassified from AOCI | – | (279 | ) | – | (279 | ) | ||||||||||
Income taxes associated with amounts reclassified from AOCI | – | 74 | – | 74 | ||||||||||||
AOCI, net of tax | (47,078 | ) | (9,472 | ) | (1,048 | ) | (57,598 | ) | ||||||||
Less: OCI attributable to non-controlling interest | (594 | ) | – | – | (594 | ) | ||||||||||
AOCI, net of tax attributable to Thor Industries, Inc. | $ | (46,484 | ) | $ | (9,472 | ) | $ | (1,048 | ) | $ | (57,004 | ) |
(1) | We do not recognize deferred taxes for a majority of the foreign currency translation gains and losses because we do not anticipate reversal in the foreseeable future. |
2019 | 2018 | 2017 | ||||||||||
NET SALES: | ||||||||||||
Recreational vehicles | ||||||||||||
North American Towables | ||||||||||||
Travel Trailers and Other | $ | 2,710,308 | $ | 3,646,581 | $ | 3,088,561 | ||||||
Fifth Wheels | 1,848,143 | 2,362,119 | 2,038,930 | |||||||||
Total North American Towables | 4,558,451 | 6,008,700 | 5,127,491 | |||||||||
North American Motorized | ||||||||||||
Class A | 761,176 | 1,000,881 | 914,681 | |||||||||
Class C | 824,449 | 1,047,376 | 968,899 | |||||||||
Class B | 63,704 | 98,058 | 87,886 | |||||||||
Total North American Motorized | 1,649,329 | 2,146,315 | 1,971,466 | |||||||||
Total North America | 6,207,780 | 8,155,015 | 7,098,957 | |||||||||
European | ||||||||||||
Motorcaravan | 960,155 | – | – | |||||||||
Campervan | 201,089 | – | – | |||||||||
Caravan | 172,144 | – | – | |||||||||
Other RV-related | 153,590 | – | – | |||||||||
Total European | 1,486,978 | – | – | |||||||||
Total recreational vehicles | 7,694,758 | 8,155,015 | 7,098,957 | |||||||||
Other, primarily aluminum extruded components | 263,374 | 305,947 | 253,557 | |||||||||
Intercompany eliminations | (93,374 | ) | (132,053 | ) | (105,562 | ) | ||||||
Total | $ | 7,864,758 | $ | 8,328,909 | $ | 7,246,952 |
July 31, 2019 | July 31, 2018 | ||||||||||||||||||
Weighted-Average | |||||||||||||||||||
Remaining | |||||||||||||||||||
Life in Years | Accumulated | Accumulated | |||||||||||||||||
at July 31, 2019 | Cost | Amortization | Cost | Amortization | |||||||||||||||
Dealer networks/customer relationships | 18 | $ | 750,641 | $ | 191,017 | $ | 404,960 | $ | 147,077 | ||||||||||
Trademarks | 18 | 268,778 | 34,518 | 146,117 | 24,364 | ||||||||||||||
Design technology and other intangibles | 9 | 196,616 | 19,689 | 18,200 | 9,555 | ||||||||||||||
Non-compete agreements | – | 450 | 450 | 450 | 383 | ||||||||||||||
Total amortizable intangible assets | $ | 1,216,485 | $ | 245,674 | $ | 569,727 | $ | 181,379 |
For the fiscal year ending July 31, 2020 | $ | 97,337 | ||
For the fiscal year ending July 31, 2021 | 103,968 | |||
For the fiscal year ending July 31, 2022 | 107,530 | |||
For the fiscal year ending July 31, 2023 | 88,051 | |||
For the fiscal year ending July 31, 2024 | 79,588 | |||
For the fiscal year ending July 31, 2025 and thereafter | 494,337 | |||
$ | 970,811 |
North American | North American | |||||||||||||||||||
Towables | Motorized | European | Other | Total | ||||||||||||||||
Net balance as of July 31, 2017 | $ | 334,822 | $ | – | $ | – | $ | 42,871 | $ | 377,693 | ||||||||||
Fiscal year 2018 activity: | ||||||||||||||||||||
No activity | – | – | – | – | – | |||||||||||||||
Net balance as of July 31, 2018 | $ | 334,822 | $ | – | $ | – | $ | 42,871 | $ | 377,693 | ||||||||||
Goodwill acquired | – | – | 1,008,472 | – | 1,008,472 | |||||||||||||||
Foreign currency translation | – | – | (28,133 | ) | – | (28,133 | ) | |||||||||||||
Net balance as of July 31, 2019 | $ | 334,822 | $ | – | $ | 980,339 | $ | 42,871 | $ | 1,358,032 |
North American | North American | |||||||||||||||||||
Towables | Motorized | European | Other | Total | ||||||||||||||||
Goodwill | $ | 343,935 | $ | 17,252 | $ | 980,339 | $ | 42,871 | $ | 1,384,397 | ||||||||||
Accumulated impairment charges | (9,113 | ) | (17,252 | ) | – | – | (26,365 | ) | ||||||||||||
Net balance as of July 31, 2019 | $ | 334,822 | $ | – | $ | 980,339 | $ | 42,871 | $ | 1,358,032 | ||||||||||
North American | North American | |||||||||||||||||||
Towables | Motorized | European | Other | Total | ||||||||||||||||
Goodwill | $ | 343,935 | $ | 17,252 | $ | – | $ | 42,871 | $ | 404,058 | ||||||||||
Accumulated impairment charges | (9,113 | ) | (17,252 | ) | – | – | (26,365 | ) | ||||||||||||
Net balance as of July 31, 2018 | $ | 334,822 | $ | – | $ | – | $ | 42,871 | $ | 377,693 |
| • | Level 1 inputs include quoted prices in active markets for identical assets or liabilities and are the most observable. |
| • | Level 2 inputs include inputs other than Level 1 that are either directly or indirectly observable, such as quoted market prices for similar but not identical assets or liabilities, quoted prices in inactive markets or other inputs that can be corroborated by observable market data. |
| • | Level 3 inputs are not observable, are supported by little or no market activity and include management’s judgments about the assumptions market participants would use in pricing the asset or liability. |
Input Level | July 31, 2019 | July 31, 2018 | ||||||||||
Cash equivalents | Level 1 | $ | 130,100 | $ | 230,319 | |||||||
Deferred compensation plan assets and liabilities | Level 1 | $ | 53,828 | $ | 43,316 | |||||||
Interest rate swap liability | Level 2 | $ | 12,463 | $ | – |
Fiscal 2019 | Fiscal 2018 | |||||||
Net sales | $ | 9,067,750 | $ | 11,175,302 | ||||
Net income | $ | 143,517 | $ | 305,101 | ||||
Basic earnings per common share | $ | 2.66 | $ | 5.55 | ||||
Diluted earnings per common share | $ | 2.66 | $ | 5.54 |
2019 | 2018 | 2017 | ||||||||||
NET SALES: | ||||||||||||
Recreational vehicles | ||||||||||||
North American Towables | $ | 4,558,451 | $ | 6,008,700 | $ | 5,127,491 | ||||||
North American Motorized | 1,649,329 | 2,146,315 | 1,971,466 | |||||||||
Total North America | 6,207,780 | 8,155,015 | 7,098,957 | |||||||||
European | 1,486,978 | – | – | |||||||||
Total recreational vehicles | 7,694,758 | 8,155,015 | 7,098,957 | |||||||||
Other | 263,374 | 305,947 | 253,557 | |||||||||
Intercompany eliminations | (93,374 | ) | (132,053 | ) | (105,562 | ) | ||||||
Total | $ | 7,864,758 | $ | 8,328,909 | $ | 7,246,952 | ||||||
INCOME (LOSS) BEFORE INCOME TAXES: | ||||||||||||
Recreational vehicles | ||||||||||||
North American Towables | $ | 322,228 | $ | 532,657 | $ | 458,915 | ||||||
North American Motorized | 80,910 | 134,785 | 125,323 | |||||||||
Total North America | 403,138 | 667,442 | 584,238 | |||||||||
European | (5,946 | ) | – | – | ||||||||
Total recreational vehicles | 397,192 | 667,442 | 584,238 | |||||||||
Other, net | 29,086 | 32,667 | 28,714 | |||||||||
Corporate | (241,612 | ) | (67,080 | ) | (56,566 | ) | ||||||
Total | $ | 184,666 | $ | 633,029 | $ | 556,386 | ||||||
TOTAL ASSETS: | ||||||||||||
Recreational vehicles | ||||||||||||
North American Towables | $ | 1,516,519 | $ | 1,654,361 | $ | 1,535,029 | ||||||
North American Motorized | 446,626 | 492,830 | 500,761 | |||||||||
Total North America | 1,963,145 | 2,147,191 | 2,035,790 | |||||||||
European | 3,077,804 | – | – | |||||||||
Total recreational vehicles | 5,040,949 | 2,147,191 | 2,035,790 | |||||||||
Other, net | 163,897 | 167,965 | 156,996 | |||||||||
Corporate | 455,600 | 463,509 | 365,145 | |||||||||
Total | $ | 5,660,446 | $ | 2,778,665 | $ | 2,557,931 | ||||||
DEPRECIATION AND INTANGIBLE AMORTIZATION EXPENSE: | ||||||||||||
Recreational vehicles | ||||||||||||
North American Towables | $ | 67,751 | $ | 68,964 | $ | 75,568 | ||||||
North American Motorized | 13,831 | 11,800 | 9,393 | |||||||||
Total North America | 81,582 | 80,764 | 84,961 | |||||||||
European | 54,881 | – | – | |||||||||
Total recreational vehicles | 136,463 | 80,764 | 84,961 | |||||||||
Other | 10,647 | 10,861 | 11,967 | |||||||||
Corporate | 1,667 | 1,598 | 1,330 | |||||||||
Total | $ | 148,777 | $ | 93,223 | $ | 98,258 | ||||||
CAPITAL ACQUISITIONS: | ||||||||||||
Recreational vehicles | ||||||||||||
North American Towables | $ | 69,321 | $ | 85,304 | $ | 72,801 | ||||||
North American Motorized | 17,179 | 34,660 | 41,677 | |||||||||
Total North America | 86,500 | 119,964 | 114,478 | |||||||||
European | 35,653 | – | – | |||||||||
Total recreational vehicles | 122,153 | 119,964 | 114,478 | |||||||||
Other | 3,493 | 8,440 | 1,157 | |||||||||
Corporate | 1,599 | 8,902 | 2,120 | |||||||||
Total | $ | 127,245 | $ | 137,306 | $ | 117,755 | ||||||
DESTINATION OF NET SALES BY GEOGRAPHIC REGION: | ||||||||||||
United States | $ | 5,803,373 | $ | 7,540,015 | $ | 6,618,874 | ||||||
Germany | 836,151 | 1,687 | 1,138 | |||||||||
Other Europe | 636,105 | 4,358 | 1,504 | |||||||||
Canada | 561,172 | 776,068 | 614,528 | |||||||||
Other foreign | 27,957 | 6,781 | 10,908 | |||||||||
Total | $ | 7,864,758 | $ | 8,328,909 | $ | 7,246,952 | ||||||
PROPERTY, PLANT AND EQUIPMENT BY GEOGRAPHIC REGION: | ||||||||||||
United States | $ | 569,641 | $ | 522,054 | $ | 425,238 | ||||||
Germany | 424,333 | – | – | |||||||||
Other Europe | 92,553 | – | – | |||||||||
Other | 5,944 | – | – | |||||||||
Total | $ | 1,092,471 | $ | 522,054 | $ | 425,238 |
July 31, 2019 | July 31, 2018 | ||||||||||||||||||
Weighted-Average | |||||||||||||||||||
Remaining | |||||||||||||||||||
Life in Years | Accumulated | Accumulated | |||||||||||||||||
at July 31, 2019 | Cost | Amortization | Cost | Amortization | |||||||||||||||
Dealer networks/customer relationships | 18 | $ | 750,641 | $ | 191,017 | $ | 404,960 | $ | 147,077 | ||||||||||
Trademarks | 18 | 268,778 | 34,518 | 146,117 | 24,364 | ||||||||||||||
Design technology and other intangibles | 9 | 196,616 | 19,689 | 18,200 | 9,555 | ||||||||||||||
Non-compete agreements | – | 450 | 450 | 450 | 383 | ||||||||||||||
Total amortizable intangible assets | $ | 1,216,485 | $ | 245,674 | $ | 569,727 | $ | 181,379 |
2019 | ||||||||||||||||
Foreign Currency | Unrealized | |||||||||||||||
Translation | Gain (Loss) on | |||||||||||||||
Adjustment | Derivatives | Other | Total | |||||||||||||
Balance at beginning of period | $ | – | $ | – | $ | – | $ | – | ||||||||
OCI before reclassifications | (44,684 | ) | (12,184 | ) | (1,048 | ) | (57,916 | ) | ||||||||
Income taxes associated with OCI before reclassifications (1) | (2,394 | ) | 2,917 | – | 523 | |||||||||||
Amounts reclassified from AOCI | – | (279 | ) | – | (279 | ) | ||||||||||
Income taxes associated with amounts reclassified from AOCI | – | 74 | – | 74 | ||||||||||||
AOCI, net of tax | (47,078 | ) | (9,472 | ) | (1,048 | ) | (57,598 | ) | ||||||||
Less: OCI attributable to non-controlling interest | (594 | ) | – | – | (594 | ) | ||||||||||
AOCI, net of tax attributable to Thor Industries, Inc. | $ | (46,484 | ) | $ | (9,472 | ) | $ | (1,048 | ) | $ | (57,004 | ) |
(1) | We do not recognize deferred taxes for a majority of the foreign currency translation gains and losses because we do not anticipate reversal in the foreseeable future. |
Cash | $ | 97,887 | ||
Inventory | 593,053 | |||
Other assets | 429,150 | |||
Property, plant and equipment, rental vehicles | 80,132 | |||
Property, plant and equipment | 447,621 | |||
Amortizable intangible assets: | ||||
Dealer network | 355,601 | |||
Trademarks | 126,181 | |||
Technology assets | 183,536 | |||
Backlog | 11,471 | |||
Goodwill | 1,008,472 | |||
Guarantee liabilities related to former EHG North American subsidiaries | (115,668 | ) | ||
Other current liabilities | (850,623 | ) | ||
Debt—Unsecured notes | (114,710 | ) | ||
Debt—Other | (166,196 | ) | ||
Deferred income tax liabilities | (155,863 | ) | ||
Other long-term liabilities | (17,205 | ) | ||
Non-controlling interests | (12,207 | ) | ||
Total fair value of net assets acquired | 1,900,632 | |||
Less: cash acquired | (97,887 | ) | ||
Total fair value of net assets acquired, less cash acquired | $ | 1,802,745 |
Fiscal 2019 | Fiscal 2018 | |||||||
Net sales | $ | 9,067,750 | $ | 11,175,302 | ||||
Net income | $ | 143,517 | $ | 305,101 | ||||
Basic earnings per common share | $ | 2.66 | $ | 5.55 | ||||
Diluted earnings per common share | $ | 2.66 | $ | 5.54 |
Cash | $ | 97,887 | ||
Inventory | 593,053 | |||
Other assets | 429,150 | |||
Property, plant and equipment, rental vehicles | 80,132 | |||
Property, plant and equipment | 447,621 | |||
Amortizable intangible assets: | ||||
Dealer network | 355,601 | |||
Trademarks | 126,181 | |||
Technology assets | 183,536 | |||
Backlog | 11,471 | |||
Goodwill | 1,008,472 | |||
Guarantee liabilities related to former EHG North American subsidiaries | (115,668 | ) | ||
Other current liabilities | (850,623 | ) | ||
Debt—Unsecured notes | (114,710 | ) | ||
Debt—Other | (166,196 | ) | ||
Deferred income tax liabilities | (155,863 | ) | ||
Other long-term liabilities | (17,205 | ) | ||
Non-controlling interests | (12,207 | ) | ||
Total fair value of net assets acquired | 1,900,632 | |||
Less: cash acquired | (97,887 | ) | ||
Total fair value of net assets acquired, less cash acquired | $ | 1,802,745 |
Input Level | July 31, 2019 | July 31, 2018 | ||||||||||
Cash equivalents | Level 1 | $ | 130,100 | $ | 230,319 | |||||||
Deferred compensation plan assets and liabilities | Level 1 | $ | 53,828 | $ | 43,316 | |||||||
Interest rate swap liability | Level 2 | $ | 12,463 | $ | – |
2019 | 2018 | 2017 | ||||||||||
Weighted-average shares outstanding for basic earnings per share | 53,905,667 | 52,674,161 | 52,562,723 | |||||||||
Unvested restricted stock and restricted stock units | 121,019 | 179,199 | 195,719 | |||||||||
Weighted-average shares outstanding assuming dilution | 54,026,686 | 52,853,360 | 52,758,442 |
Capital Leases | Operating Leases | |||||||
For the fiscal year ending July 31, 2020 | $ | 974 | $ | 8,785 | ||||
For the fiscal year ending July 31, 2021 | 993 | 6,809 | ||||||
For the fiscal year ending July 31, 2022 | 1,015 | 5,437 | ||||||
For the fiscal year ending July 31, 2023 | 1,037 | 3,980 | ||||||
For the fiscal year ending July 31, 2024 | 1,061 | 3,424 | ||||||
For the fiscal year ending July 31, 2025 and thereafter | 3,037 | 20,745 | ||||||
Total minimum lease payments | 8,117 | $ | 49,180 | |||||
Less amount representing interest | (2,427 | ) | ||||||
Present value of net minimum capital lease payments | 5,690 | |||||||
Less current portion | (444 | ) | ||||||
Long-term capital lease obligations | $ | 5,246 |
July 31, 2019 | ||||||||
Fair Value in | ||||||||
Other Current | ||||||||
Cash Flow Hedges | Notional | Liabilities | ||||||
Interest rate swap agreements | 849,550 | 12,463 | ||||||
Total derivative financial instruments | $ | 849,550 | $ | 12,463 |
July 31, 2019 | ||||||||
Fair Value in | ||||||||
Other Current | ||||||||
Cash Flow Hedges | Notional | Liabilities | ||||||
Interest rate swap agreements | 849,550 | 12,463 | ||||||
Total derivative financial instruments | $ | 849,550 | $ | 12,463 |
2019 | 2018 | 2017 | ||||||||||
Gain (Loss) on Derivatives | ||||||||||||
Designated as Cash Flow Hedges | ||||||||||||
Gain (Loss) recognized in Other Comprehensive Income, net of tax | ||||||||||||
Foreign currency forward contracts | $ | 129 | $ | – | $ | – | ||||||
Interest rate swap agreements | (9,396 | ) | – | – | ||||||||
Total gain (loss) | $ | (9,267 | ) | $ | – | $ | – | |||||
2019 | ||||||||||||
Acquisition- | Interest | |||||||||||
Sales | Related Costs | Expense | ||||||||||
Gain (Loss) Reclassified from AOCI, Net of Tax | ||||||||||||
Foreign currency forward contracts | $ | 129 | $ | – | $ | – | ||||||
Interest rate swap agreements | – | – | 76 | |||||||||
Gain (Loss) on Derivatives Not Designated as Hedging Instruments | ||||||||||||
Amount of gain (loss) recognized in income, net of tax | ||||||||||||
Foreign currency forward contracts | – | (70,777 | ) | – | ||||||||
Interest rate swap agreements | – | – | (438 | ) | ||||||||
Total gain (loss) | $ | 129 | $ | (70,777 | ) | $ | (362 | ) |
North American | North American | |||||||||||||||||||
Towables | Motorized | European | Other | Total | ||||||||||||||||
Net balance as of July 31, 2017 | $ | 334,822 | $ | – | $ | – | $ | 42,871 | $ | 377,693 | ||||||||||
Fiscal year 2018 activity: | ||||||||||||||||||||
No activity | – | – | – | – | – | |||||||||||||||
Net balance as of July 31, 2018 | $ | 334,822 | $ | – | $ | – | $ | 42,871 | $ | 377,693 | ||||||||||
Goodwill acquired | – | – | 1,008,472 | – | 1,008,472 | |||||||||||||||
Foreign currency translation | – | – | (28,133 | ) | – | (28,133 | ) | |||||||||||||
Net balance as of July 31, 2019 | $ | 334,822 | $ | – | $ | 980,339 | $ | 42,871 | $ | 1,358,032 |
North American | North American | |||||||||||||||||||
Towables | Motorized | European | Other | Total | ||||||||||||||||
Goodwill | $ | 343,935 | $ | 17,252 | $ | 980,339 | $ | 42,871 | $ | 1,384,397 | ||||||||||
Accumulated impairment charges | (9,113 | ) | (17,252 | ) | – | – | (26,365 | ) | ||||||||||||
Net balance as of July 31, 2019 | $ | 334,822 | $ | – | $ | 980,339 | $ | 42,871 | $ | 1,358,032 | ||||||||||
North American | North American | |||||||||||||||||||
Towables | Motorized | European | Other | Total | ||||||||||||||||
Goodwill | $ | 343,935 | $ | 17,252 | $ | – | $ | 42,871 | $ | 404,058 | ||||||||||
Accumulated impairment charges | (9,113 | ) | (17,252 | ) | – | – | (26,365 | ) | ||||||||||||
Net balance as of July 31, 2018 | $ | 334,822 | $ | – | $ | – | $ | 42,871 | $ | 377,693 |
2019 | 2018 | 2017 | ||||||||||
Gain (Loss) on Derivatives | ||||||||||||
Designated as Cash Flow Hedges | ||||||||||||
Gain (Loss) recognized in Other Comprehensive Income, net of tax | ||||||||||||
Foreign currency forward contracts | $ | 129 | $ | – | $ | – | ||||||
Interest rate swap agreements | (9,396 | ) | – | – | ||||||||
Total gain (loss) | $ | (9,267 | ) | $ | – | $ | – | |||||
2019 | ||||||||||||
Acquisition- | Interest | |||||||||||
Sales | Related Costs | Expense | ||||||||||
Gain (Loss) Reclassified from AOCI, Net of Tax | ||||||||||||
Foreign currency forward contracts | $ | 129 | $ | – | $ | – | ||||||
Interest rate swap agreements | – | – | 76 | |||||||||
Gain (Loss) on Derivatives Not Designated as Hedging Instruments | ||||||||||||
Amount of gain (loss) recognized in income, net of tax | ||||||||||||
Foreign currency forward contracts | – | (70,777 | ) | – | ||||||||
Interest rate swap agreements | – | – | (438 | ) | ||||||||
Total gain (loss) | $ | 129 | $ | (70,777 | ) | $ | (362 | ) |
Capital Leases | Operating Leases | |||||||
For the fiscal year ending July 31, 2020 | $ | 974 | $ | 8,785 | ||||
For the fiscal year ending July 31, 2021 | 993 | 6,809 | ||||||
For the fiscal year ending July 31, 2022 | 1,015 | 5,437 | ||||||
For the fiscal year ending July 31, 2023 | 1,037 | 3,980 | ||||||
For the fiscal year ending July 31, 2024 | 1,061 | 3,424 | ||||||
For the fiscal year ending July 31, 2025 and thereafter | 3,037 | 20,745 | ||||||
Total minimum lease payments | 8,117 | $ | 49,180 | |||||
Less amount representing interest | (2,427 | ) | ||||||
Present value of net minimum capital lease payments | 5,690 | |||||||
Less current portion | (444 | ) | ||||||
Long-term capital lease obligations | $ | 5,246 |
2019 | 2018 | 2017 | ||||||||||||||||||||||
Restricted Stock Units | Weighted- Average Grant Date Fair Value | Restricted Stock Units | Weighted- Average Grant Date Fair Value | Restricted Stock Units | Weighted- Average Grant Date Fair Value | |||||||||||||||||||
Nonvested, beginning of year | 328,431 | $ | 101.97 | 332,576 | $ | 69.41 | 325,136 | $ | 53.95 | |||||||||||||||
Granted | 310,924 | 79.12 | 171,340 | 124.84 | 166,567 | 84.85 | ||||||||||||||||||
Vested | (167,591 | ) | 90.23 | (168,714 | ) | 64.01 | (157,315 | ) | 53.87 | |||||||||||||||
Forfeited | (20,201 | ) | 91.11 | (6,771 | ) | 93.46 | (1,812 | ) | 64.03 | |||||||||||||||
Nonvested, end of year | 451,563 | $ | 91.08 | 328,431 | $ | 101.97 | 332,576 | $ | 69.41 |
For the Fiscal Year Ended July 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Provision at federal statutory rate | $ | 38,779 | $ | 170,095 | $ | 194,735 | ||||||
Differences between U.S. federal statutory and foreign tax rates | 1,478 | |||||||||||
U.S. state and local income taxes, net of federal benefit | 4,642 | 14,255 | 11,021 | |||||||||
Nondeductible compensation | 2,401 | – | – | |||||||||
Nondeductible acquisition costs | 3,031 | – | – | |||||||||
Nondeductible foreign currency forward contract loss on acquisition | 14,863 | – | – | |||||||||
Nontaxable foreign currency remeasurement gains | (12,942 | ) | ||||||||||
Federal income tax credits and incentives | (3,373 | ) | (3,518 | ) | (3,228 | ) | ||||||
Domestic production activities deduction | – | (16,175 | ) | (19,527 | ) | |||||||
Change in uncertain tax positions | 1,279 | 396 | 375 | |||||||||
Effect of the U.S. Tax Act | – | 38,620 | – | |||||||||
Other | 2,043 | (795 | ) | (1,244 | ) | |||||||
Total income tax expense | $ | 52,201 | $ | 202,878 | $ | 182,132 |
For the Fiscal Year Ended July 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
United States | $ | 200,859 | $ | 633,029 | $ | 556,386 | ||||||
Foreign | (16,193 | ) | – | – | ||||||||
Total | $ | 184,666 | $ | 633,029 | $ | 556,386 |
For the Fiscal Year Ended July 31, | ||||||||||||
Income Taxes: | 2019 | 2018 | 2017 | |||||||||
U.S. Federal | $ | 48,757 | $ | 166,402 | $ | 200,370 | ||||||
U.S. state and local | 5,921 | 21,025 | 20,941 | |||||||||
Foreign | 6,611 | |||||||||||
Total current expense | 61,289 | 187,427 | 221,311 | |||||||||
U.S. Federal | 10,862 | 17,820 | (37,033 | ) | ||||||||
U.S. state and local | (36 | ) | (2,369 | ) | (2,146 | ) | ||||||
Foreign | (19,914 | ) | – | – | ||||||||
Total deferred expense (benefit) | (9,088 | ) | 15,451 | (39,179 | ) | |||||||
Total income tax expense | $ | 52,201 | $ | 202,878 | $ | 182,132 |
For the Fiscal Year Ended July 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Provision at federal statutory rate | $ | 38,779 | $ | 170,095 | $ | 194,735 | ||||||
Differences between U.S. federal statutory and foreign tax rates | 1,478 | |||||||||||
U.S. state and local income taxes, net of federal benefit | 4,642 | 14,255 | 11,021 | |||||||||
Nondeductible compensation | 2,401 | – | – | |||||||||
Nondeductible acquisition costs | 3,031 | – | – | |||||||||
Nondeductible foreign currency forward contract loss on acquisition | 14,863 | – | – | |||||||||
Nontaxable foreign currency remeasurement gains | (12,942 | ) | ||||||||||
Federal income tax credits and incentives | (3,373 | ) | (3,518 | ) | (3,228 | ) | ||||||
Domestic production activities deduction | – | (16,175 | ) | (19,527 | ) | |||||||
Change in uncertain tax positions | 1,279 | 396 | 375 | |||||||||
Effect of the U.S. Tax Act | – | 38,620 | – | |||||||||
Other | 2,043 | (795 | ) | (1,244 | ) | |||||||
Total income tax expense | $ | 52,201 | $ | 202,878 | $ | 182,132 |
July 31, | ||||||||
2019 | 2018 | |||||||
Deferred income tax asset (liability): | ||||||||
Inventory basis | $ | 807 | $ | 922 | ||||
Employee benefits | 5,272 | 3,427 | ||||||
Self-insurance reserves | 5,185 | 6,368 | ||||||
Accrued product warranties | 62,563 | 62,332 | ||||||
Accrued incentives | 6,144 | 5,235 | ||||||
Sales returns and allowances | 1,516 | 1,741 | ||||||
Accrued expenses | 3,617 | 1,905 | ||||||
Property, plant and equipment | (22,699 | ) | (9,060 | ) | ||||
Deferred compensation | 15,247 | 12,864 | ||||||
Intangibles | (143,861 | ) | (9,151 | ) | ||||
Net operating loss and other carryforwards | 15,725 | – | ||||||
Unrealized gain/loss | (4,546 | ) | – | |||||
Unrecognized tax benefits | 2,689 | 2,581 | ||||||
Other | 2,759 | (720 | ) | |||||
Valuation allowance | (12,945 | ) | $ | – | ||||
Deferred income tax asset (liability), net | $ | (62,527 | ) | $ | 78,444 |
July 31, | ||||||||
2019 | 2018 | |||||||
Deferred tax assets | $ | 273,273 | $ | 97,375 | ||||
Deferred tax liabilities | (322,855 | ) | (18,931 | ) | ||||
Valuation allowance | (12,945 | ) | – | |||||
Net deferred tax assets / (liabilities) | $ | (62,527 | ) | $ | 78,444 |
2019 | 2018 | 2017 | ||||||||||
Beginning balance | $ | 13,004 | $ | 12,671 | $ | 13,269 | ||||||
Tax positions related to prior years: | ||||||||||||
Additions | – | 353 | 75 | |||||||||
Reductions | (263 | ) | (2,203 | ) | (1,510 | ) | ||||||
Tax positions related to current year: | ||||||||||||
Additions | 2,062 | 3,629 | 3,853 | |||||||||
Settlements | (773 | ) | (192 | ) | (1,450 | ) | ||||||
Lapses in statute of limitations | (918 | ) | (1,254 | ) | (1,566 | ) | ||||||
Tax positions acquired from EHG | 736 | – | – | |||||||||
Ending balance | $ | 13,848 | $ | 13,004 | $ | 12,671 |
July 31, | ||||||||
2019 | 2018 | |||||||
Unrecognized tax benefits | $ | 13,848 | $ | 13,004 | ||||
Reduction to unrecognized tax benefits which offset tax credit and loss carryforwards | (1,916 | ) | (955 | ) | ||||
Accrued interest and penalties | 1,758 | 1,290 | ||||||
Total unrecognized tax benefits | $ | 13,690 | $ | 13,339 | ||||
Short-term, included in “Income and other taxes” | $ | 2,891 | $ | 893 | ||||
Long-term | 10,799 | 12,446 | ||||||
Total unrecognized tax benefits | $ | 13,690 | $ | 13,339 |
Major Tax Jurisdiction | Tax Years Subject to Exam | ||||
United States – Federal | Fiscal 2016 – Fiscal 2018 | ||||
United States – State | Fiscal 2016 – Fiscal 2018 | ||||
Germany | Fiscal 2016 – Fiscal 2018 | ||||
France | Fiscal 2016 – Fiscal 2018 | ||||
Italy | Fiscal 2015 – Fiscal 2018 | ||||
United Kingdom | Fiscal 2018 |
2019 | 2018 | 2017 | ||||||||||
Weighted-average shares outstanding for basic earnings per share | 53,905,667 | 52,674,161 | 52,562,723 | |||||||||
Unvested restricted stock and restricted stock units | 121,019 | 179,199 | 195,719 | |||||||||
Weighted-average shares outstanding assuming dilution | 54,026,686 | 52,853,360 | 52,758,442 |
2019 | 2018 | 2017 | ||||||||||
Weighted-average shares outstanding for basic earnings per share | 53,905,667 | 52,674,161 | 52,562,723 | |||||||||
Unvested restricted stock and restricted stock units | 121,019 | 179,199 | 195,719 | |||||||||
Weighted-average shares outstanding assuming dilution | 54,026,686 | 52,853,360 | 52,758,442 |
For the Fiscal Year Ended July 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
United States | $ | 200,859 | $ | 633,029 | $ | 556,386 | ||||||
Foreign | (16,193 | ) | – | – | ||||||||
Total | $ | 184,666 | $ | 633,029 | $ | 556,386 |
For the Fiscal Year Ended July 31, | ||||||||||||
Income Taxes: | 2019 | 2018 | 2017 | |||||||||
U.S. Federal | $ | 48,757 | $ | 166,402 | $ | 200,370 | ||||||
U.S. state and local | 5,921 | 21,025 | 20,941 | |||||||||
Foreign | 6,611 | |||||||||||
Total current expense | 61,289 | 187,427 | 221,311 | |||||||||
U.S. Federal | 10,862 | 17,820 | (37,033 | ) | ||||||||
U.S. state and local | (36 | ) | (2,369 | ) | (2,146 | ) | ||||||
Foreign | (19,914 | ) | – | – | ||||||||
Total deferred expense (benefit) | (9,088 | ) | 15,451 | (39,179 | ) | |||||||
Total income tax expense | $ | 52,201 | $ | 202,878 | $ | 182,132 |
July 31, | ||||||||
2019 | 2018 | |||||||
Deferred income tax asset (liability): | ||||||||
Inventory basis | $ | 807 | $ | 922 | ||||
Employee benefits | 5,272 | 3,427 | ||||||
Self-insurance reserves | 5,185 | 6,368 | ||||||
Accrued product warranties | 62,563 | 62,332 | ||||||
Accrued incentives | 6,144 | 5,235 | ||||||
Sales returns and allowances | 1,516 | 1,741 | ||||||
Accrued expenses | 3,617 | 1,905 | ||||||
Property, plant and equipment | (22,699 | ) | (9,060 | ) | ||||
Deferred compensation | 15,247 | 12,864 | ||||||
Intangibles | (143,861 | ) | (9,151 | ) | ||||
Net operating loss and other carryforwards | 15,725 | – | ||||||
Unrealized gain/loss | (4,546 | ) | – | |||||
Unrecognized tax benefits | 2,689 | 2,581 | ||||||
Other | 2,759 | (720 | ) | |||||
Valuation allowance | (12,945 | ) | $ | – | ||||
Deferred income tax asset (liability), net | $ | (62,527 | ) | $ | 78,444 |
July 31, | ||||||||
2019 | 2018 | |||||||
Deferred tax assets | $ | 273,273 | $ | 97,375 | ||||
Deferred tax liabilities | (322,855 | ) | (18,931 | ) | ||||
Valuation allowance | (12,945 | ) | – | |||||
Net deferred tax assets / (liabilities) | $ | (62,527 | ) | $ | 78,444 |
2019 | 2018 | 2017 | ||||||||||
Beginning balance | $ | 13,004 | $ | 12,671 | $ | 13,269 | ||||||
Tax positions related to prior years: | ||||||||||||
Additions | – | 353 | 75 | |||||||||
Reductions | (263 | ) | (2,203 | ) | (1,510 | ) | ||||||
Tax positions related to current year: | ||||||||||||
Additions | 2,062 | 3,629 | 3,853 | |||||||||
Settlements | (773 | ) | (192 | ) | (1,450 | ) | ||||||
Lapses in statute of limitations | (918 | ) | (1,254 | ) | (1,566 | ) | ||||||
Tax positions acquired from EHG | 736 | – | – | |||||||||
Ending balance | $ | 13,848 | $ | 13,004 | $ | 12,671 |
July 31, | ||||||||
2019 | 2018 | |||||||
Unrecognized tax benefits | $ | 13,848 | $ | 13,004 | ||||
Reduction to unrecognized tax benefits which offset tax credit and loss carryforwards | (1,916 | ) | (955 | ) | ||||
Accrued interest and penalties | 1,758 | 1,290 | ||||||
Total unrecognized tax benefits | $ | 13,690 | $ | 13,339 | ||||
Short-term, included in “Income and other taxes” | $ | 2,891 | $ | 893 | ||||
Long-term | 10,799 | 12,446 | ||||||
Total unrecognized tax benefits | $ | 13,690 | $ | 13,339 |
Major Tax Jurisdiction | Tax Years Subject to Exam | ||||
United States – Federal | Fiscal 2016 – Fiscal 2018 | ||||
United States – State | Fiscal 2016 – Fiscal 2018 | ||||
Germany | Fiscal 2016 – Fiscal 2018 | ||||
France | Fiscal 2016 – Fiscal 2018 | ||||
Italy | Fiscal 2015 – Fiscal 2018 | ||||
United Kingdom | Fiscal 2018 |
2019 | 2018 | 2017 | ||||||||||
Beginning balance | $ | 264,928 | $ | 216,781 | $ | 201,840 | ||||||
Provision | 233,927 | 259,845 | 195,799 | |||||||||
Payments | (251,071 | ) | (211,698 | ) | (180,858 | ) | ||||||
Acquisition | 43,329 | – | – | |||||||||
Foreign currency translation | (1,434 | ) | – | – | ||||||||
Ending balance | $ | 289,679 | $ | 264,928 | $ | 216,781 |
2019 | 2018 | 2017 | ||||||||||
Beginning balance | $ | 264,928 | $ | 216,781 | $ | 201,840 | ||||||
Provision | 233,927 | 259,845 | 195,799 | |||||||||
Payments | (251,071 | ) | (211,698 | ) | (180,858 | ) | ||||||
Acquisition | 43,329 | – | – | |||||||||
Foreign currency translation | (1,434 | ) | – | – | ||||||||
Ending balance | $ | 289,679 | $ | 264,928 | $ | 216,781 |
July 31, 2019 | July 31, 2018 | |||||||
Term loan | $ | 1,832,341 | $ | – | ||||
Unsecured notes | 27,878 | – | ||||||
Other debt | 94,124 | – | ||||||
Total long-term debt | 1,954,343 | – | ||||||
Debt issuance costs, net of amortization | (51,720 | ) | – | |||||
Total long-term debt, net of debt issuance costs | 1,902,623 | – | ||||||
Less: current portion of long-term debt | (17,370 | ) | – | |||||
Total long-term debt, net, less current portion | $ | 1,885,253 | $ | – |
For the fiscal year ending July 31, 2020 | $ | 18,826 | ||
For the fiscal year ending July 31, 2021 | 19,549 | |||
For the fiscal year ending July 31, 2022 | 18,264 | |||
For the fiscal year ending July 31, 2023 | 18,382 | |||
For the fiscal year ending July 31, 2024 | 18,463 | |||
For the fiscal year ending July 31, 2025 and thereafter | 1,860,859 | |||
$ | 1,954,343 |
July 31, 2019 | July 31, 2018 | |||||||
Term loan | $ | 1,832,341 | $ | – | ||||
Unsecured notes | 27,878 | – | ||||||
Other debt | 94,124 | – | ||||||
Total long-term debt | 1,954,343 | – | ||||||
Debt issuance costs, net of amortization | (51,720 | ) | – | |||||
Total long-term debt, net of debt issuance costs | 1,902,623 | – | ||||||
Less: current portion of long-term debt | (17,370 | ) | – | |||||
Total long-term debt, net, less current portion | $ | 1,885,253 | $ | – |
For the fiscal year ending July 31, 2020 | $ | 18,826 | ||
For the fiscal year ending July 31, 2021 | 19,549 | |||
For the fiscal year ending July 31, 2022 | 18,264 | |||
For the fiscal year ending July 31, 2023 | 18,382 | |||
For the fiscal year ending July 31, 2024 | 18,463 | |||
For the fiscal year ending July 31, 2025 and thereafter | 1,860,859 | |||
$ | 1,954,343 |