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Acquisitions (Tables) | 3 Months Ended
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Oct. 31, 2021
Business Combinations [Abstract] |
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the preliminary estimated fair values of the Airxcel net assets acquired on the acquisition date. The Company is in the process of conducting a fair value analysis. While all amounts remain subject to adjustment, the areas subject to the most significant potential adjustment are intangible assets, deferred income tax liabilities and certain accrued expenses. The Company expects to finalize these values as soon as practical and no later than one year from the acquisition date.
Cash |  | $ | 23,404 |
Inventory |  | 71,150 |
Other assets |  | 61,921 |
Property, plant and equipment |  | 40,853 |
Amortizable intangible assets: |  |
Customer relationships |  | 284,000 |
Trademarks |  | 56,900 |
Design technology assets |  | 60,600 |
Backlog |  | 700 |
Goodwill |  | 368,639 |
Current liabilities |  | (109,336) |
Deferred income tax liabilities |  | (79,115) |
Other liabilities |  | (10,494) |
Non-controlling interest |  | (739) |
Total fair value of net assets acquired |  | 768,483 |
Less cash acquired |  | (23,404) |
Total cash consideration for acquisition, less cash acquired |  | $ | 745,079 |
The following table summarizes the final fair values of the Tiffin Group net assets acquired on the acquisition date.
Cash |  | $ | 13,074 |
Inventory |  | 116,441 |
Other assets |  | 53,860 |
Property, plant and equipment |  | 48,262 |
Amortizable intangible assets: |  |
Dealer network |  | 92,200 |
Trademarks |  | 32,100 |
Non-compete agreements |  | 1,400 |
Backlog |  | 4,800 |
Goodwill |  | 65,064 |
Current liabilities |  | (81,423) |
Deferred income tax liabilities |  | (37,263) |
Other liabilities |  | (7,203) |
Total fair value of net assets acquired |  | 301,312 |
Less cash acquired |  | (13,074) |
Total cash consideration for acquisition, less cash acquired |  | $ | 288,238 |
Business acquisition pro forma information | The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2022 acquisition of Airxcel had occurred at the beginning of fiscal 2021 and the fiscal 2021 acquisition of the Tiffin Group had occurred at the beginning of fiscal 2020. These pro forma results may not be indicative of the actual results that would have occurred under the ownership and management of the Company.
|  | Three Months Ended |  | Three Months Ended
|  | October 31, 2021 |  | October 31, 2020
Net sales |  | $ | 4,005,682 |  |  | $ | 2,813,236 |
Net income attributable to THOR Industries, Inc. |  | $ | 249,055 |  |  | $ | 117,489 |
Basic earnings per common share |  | $ | 4.49 |  |  | $ | 2.13 |
Diluted earnings per common share |  | $ | 4.46 |  |  | $ | 2.11 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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