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Revenue Recognition | 9 Months Ended
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Apr. 30, 2019
Revenue from Contract with Customer [Abstract] |
Revenue Recognition |
18. | Revenue Recognition
Revenue is recognized as performance obligations under the terms of contracts with customers are satisfied. The Company’s vehicle and extruded aluminum contracts have a single performance obligation of providing the promised goods (recreational vehicles and extruded aluminum components), which is satisfied when control of the goods is transferred to the customer. Revenue from the sales of extruded aluminum components is generally recognized upon delivery to the customer’s location. The Company’s European recreational vehicle reportable segment includes vehicle sales to third party dealers as well as sales of new and used vehicles to end customers through our owned and operated dealership network. For recreational vehicle sales, the Company recognizes revenue when all performance obligations have been satisfied and control of the product is transferred to the dealer in accordance with shipping terms. Shipping terms vary depending on regional contracting practices. U.S. customers primarily contract under FOB shipping point terms. European customers generally contract on ExWorks (“EXW”) incoterms (meaning the seller fulfills its obligation to deliver when it makes goods available at its premises, or another specified location, for the buyer to collect). Under EXW incoterms, the performance obligation is satisfied and control is transferred at the point when the customer is notified that the vehicle is available for pickup. In addition to recreational vehicle sales, the Company’s European reportable segment sells accessory items and provides repair services through our dealerships. Each ordered item represents a distinct performance obligation satisfied when control of the good is transferred to the customer. Service and repair contracts with customers are short term in nature and are recognized when the service is complete. Dealers do not have a right of return. All warranties provided are assurance-type warranties. Revenue is measured as the amount of consideration to which the Company expects to be entitled in exchange for the Company’s products and services. The amount of revenue recognized includes adjustments for any variable consideration, such as sales discounts, sales allowances, promotions, rebates and other sales incentives which are included in the transaction price and allocated to each performance obligation based on the standalone selling price. The Company estimates variable consideration based on the expected value of total consideration to which customers are likely to be entitled to based primarily on historical experience and current market conditions. Included in the estimate is an assessment as to whether any variable consideration is constrained. Revenue estimates are adjusted at the earlier of a change in the expected value of consideration or when the consideration becomes fixed. During the three and nine-month periods ended April 30, 2019, adjustments to revenue from performance obligations satisfied in prior periods, which relate primarily to changes in estimated variable consideration, were immaterial. Amounts billed to customers related to shipping and handling activities are included in net sales. In adopting ASU No. 2014-09, the Company elected to account for shipping and handling costs as fulfillment activities, and these costs are included in cost of sales. All revenue streams are considered point in time. The table below disaggregates revenue to the level that the Company believes best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors. Other RV-related revenues shown below in the European segment include sales related to accessories and services, used vehicle sales at owned dealerships and RV rentals.
|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
NET SALES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recreational vehicles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North American Towables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Travel Trailers and Other |  | $ | 734,028 |  |  | $ | 978,906 |  |  | $ | 2,031,291 |  |  | $ | 2,801,828 |
Fifth Wheels |  |  | 503,227 |  |  |  | 629,308 |  |  |  | 1,366,626 |  |  |  | 1,798,005 |
Total North American Towables |  |  | 1,237,255 |  |  |  | 1,608,214 |  |  |  | 3,397,917 |  |  |  | 4,599,833 |
North American Motorized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A |  |  | 201,927 |  |  |  | 273,095 |  |  |  | 602,689 |  |  |  | 782,610 |
Class C |  |  | 242,912 |  |  |  | 301,303 |  |  |  | 609,798 |  |  |  | 866,822 |
Class B |  |  | 14,399 |  |  |  | 24,061 |  |  |  | 49,444 |  |  |  | 75,547 |
Total North American Motorized |  |  | 459,238 |  |  |  | 598,459 |  |  |  | 1,261,931 |  |  |  | 1,724,979 |
Total North America |  |  | 1,696,493 |  |  |  | 2,206,673 |  |  |  | 4,659,848 |  |  |  | 6,324,812 |
European |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Motorcaravan |  |  | 506,964 |  |  |  | — |  |  |  | 506,964 |  |  |  | — |
Campervan |  |  | 94,226 |  |  |  | — |  |  |  | 94,226 |  |  |  | — |
Caravan |  |  | 100,741 |  |  |  | — |  |  |  | 100,741 |  |  |  | — |
Other RV-related |  |  | 65,578 |  |  |  |  |  |  |  | 65,578 |  |  |  |  |
Total European |  |  | 767,509 |  |  |  | — |  |  |  | 767,509 |  |  |  | — |
Total recreational vehicles |  |  | 2,464,002 |  |  |  | 2,206,673 |  |  |  | 5,427,357 |  |  |  | 6,324,812 |
Other, primarily aluminum extruded components |  |  | 69,506 |  |  |  | 82,239 |  |  |  | 198,468 |  |  |  | 233,171 |
Intercompany eliminations |  |  | (26,925 | ) |  |  | (37,342 | ) |  |  | (72,690 | ) |  |  | (103,185 | )
Total |  | $ | 2,506,583 |  |  | $ | 2,251,570 |  |  | $ | 5,553,135 |  |  | $ | 6,454,798 |
Other Practical Expedients We do not disclose information about the transaction price allocated to the remaining performance obligations at period end because our contracts generally have original expected durations of one year or less. In addition, we expense when incurred contract acquisition costs, primarily sales commissions, because the amortization period would be one year or less.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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