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BUSINESS SEGMENTS | 12 Months Ended
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Jul. 31, 2025
Segment Reporting [Abstract] |
BUSINESS SEGMENTS | BUSINESS SEGMENTS The Company’s Chief Operating Decision Maker ("CODM") is the President and Chief Executive Officer. The CODM uses net sales, gross profit and income (loss) before income taxes to measure performance of the Company’s segments, allocate resources and make operating decisions. The CODM regularly evaluates these financial measures compared to prior year and forecasted results. Income (loss) before income taxes is utilized during the Company’s budgeting and forecasting process to assess segment profitability and enable decision making regarding strategic initiatives, capital investments and other resources. The Company has three reportable segments, all related to recreational vehicles: (1) North American Towable Recreational Vehicles, (2) North American Motorized Recreational Vehicles and (3) European Recreational Vehicles. The North American Towable Recreational Vehicles reportable segment consists of the following operating segments that have been aggregated: Airstream (towable), Heartland (which will be reported as a component of Jayco (towable) beginning in fiscal 2026), Jayco (towable), Keystone and KZ. The North American Motorized Recreational Vehicles reportable segment consists of the following operating segments that have been aggregated: Airstream (motorized), Jayco (motorized), Thor Motor Coach and the Tiffin Group. The European Recreational Vehicles reportable segment consists solely of the EHG business. EHG manufactures a full line of motorized and towable recreational vehicles, including motorcaravans, campervans, urban vehicles and caravans in nine primary RV production locations within Europe. EHG produces and sells numerous brands primarily within Europe, including Buccaneer, Buerstner, Carado, CrossCamp, Dethleffs, Elddis, Eriba, Etrusco, Hymer, Laika, LMC, Niesmann+Bischoff, Sunlight and Xplore. In addition, EHG’s operations include other RV-related products and services. The operations of the Company’s Airxcel and Postle subsidiaries are included in “Other”. Net sales included in Other related primarily to the sale of specialized component parts and aluminum extrusions. Intercompany eliminations primarily adjust for Postle and Airxcel sales to the Company’s North American Towables and North American Motorized segments, which are consummated at established transfer prices generally consistent with the selling prices of products to third parties. Corporate results include items such as corporate governance expenses, interest expense and other product development expenses. Other expense (income) includes the gains or losses on the sales of fixed assets, foreign currency changes and equity method investment gains and losses, as well as market value changes in the Company's deferred compensation plan assets and other non-operational items such as insurance gains or losses as discussed in Note 19. Total assets include those assets used in the operation of each reportable and non-reportable segment, and the Corporate assets consist primarily of cash and cash equivalents, deferred income taxes, deferred compensation plan assets, equity and other investments and certain Corporate real estate holdings primarily utilized by THOR’s U.S.-based operating subsidiaries. The accounting policies of the reportable segments are the same as those described in Note 1 to the Consolidated Financial Statements. The following tables summarize the Company's financial performance by reportable segment:
|  | 2025 |  | 2024 |  | 2023
NET SALES: |  |  |  |  |  |
Recreational vehicles |  |  |  |  |  |
North American Towable |  | $ | 3,784,666 |  |  | $ | 3,679,671 |  |  | $ | 4,202,628 |
North American Motorized |  | 2,175,604 |  |  | 2,445,850 |  |  | 3,314,170 |
Total North America |  | 5,960,270 |  |  | 6,125,521 |  |  | 7,516,798 |
European |  | 3,023,961 |  |  | 3,364,980 |  |  | 3,037,147 |
Total recreational vehicles |  | 8,984,231 |  |  | 9,490,501 |  |  | 10,553,945 |
Other |  | 859,609 |  |  | 781,927 |  |  | 777,639 |
Intercompany eliminations |  | (264,350) |  |  | (229,020) |  |  | (209,979) |
Total |  | $ | 9,579,490 |  |  | $ | 10,043,408 |  |  | $ | 11,121,605 |
|  | 2025 |  | 2024 |  | 2023
COST OF PRODUCTS SOLD: |  |  |  |  |  |
Recreational vehicles |  |  |  |  |  |
North American Towable |  | $ | 3,287,690 |  |  | $ | 3,252,285 |  |  | $ | 3,699,141 |
North American Motorized |  | 1,964,970 |  |  | 2,168,010 |  |  | 2,871,455 |
Total North America |  | 5,252,660 |  |  | 5,420,295 |  |  | 6,570,596 |
European |  | 2,563,642 |  |  | 2,783,769 |  |  | 2,531,803 |
Total recreational vehicles |  | 7,816,302 |  |  | 8,204,064 |  |  | 9,102,399 |
Other |  | 685,739 |  |  | 616,549 |  |  | 636,164 |
Intercompany eliminations |  | (263,192) |  |  | (229,167) |  |  | (213,311) |
Total |  | $ | 8,238,849 |  |  | $ | 8,591,446 |  |  | $ | 9,525,252 |
GROSS PROFIT: |  |  |  |  |  |
Recreational vehicles |  |  |  |  |  |
North American Towable |  | $ | 496,976 |  |  | $ | 427,386 |  |  | $ | 503,487 |
North American Motorized |  | 210,634 |  |  | 277,840 |  |  | 442,715 |
Total North America |  | 707,610 |  |  | 705,226 |  |  | 946,202 |
European |  | 460,319 |  |  | 581,211 |  |  | 505,344 |
Total recreational vehicles |  | 1,167,929 |  |  | 1,286,437 |  |  | 1,451,546 |
Other, net |  | 172,712 |  |  | 165,525 |  |  | 144,807 |
Total |  | $ | 1,340,641 |  |  | $ | 1,451,962 |  |  | $ | 1,596,353 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE: |  |  |  |
Recreational vehicles |  |  |  |  |  |
North American Towable |  | $ | 256,536 |  |  | $ | 246,330 |  |  | $ | 243,616 |
North American Motorized |  | 124,715 |  |  | 136,398 |  |  | 175,509 |
Total North America |  | 381,251 |  |  | 382,728 |  |  | 419,125 |
European |  | 306,254 |  |  | 298,013 |  |  | 271,038 |
Total recreational vehicles |  | 687,505 |  |  | 680,741 |  |  | 690,163 |
Other, net |  | 81,517 |  |  | 75,108 |  |  | 65,955 |
Corporate |  | 153,532 |  |  | 139,682 |  |  | 113,936 |
Total |  | $ | 922,554 |  |  | $ | 895,531 |  |  | $ | 870,054 |
AMORTIZATION EXPENSE: |  |  |  |  |  |
Recreational vehicles |  |  |  |  |  |
North American Towable |  | $ | 18,076 |  |  | $ | 20,101 |  |  | $ | 26,226 |
North American Motorized |  | 14,627 |  |  | 15,487 |  |  | 13,065 |
Total North America |  | 32,703 |  |  | 35,588 |  |  | 39,291 |
European |  | 48,566 |  |  | 51,649 |  |  | 54,634 |
Total recreational vehicles |  | 81,269 |  |  | 87,237 |  |  | 93,925 |
Other, net |  | 37,200 |  |  | 45,183 |  |  | 46,883 |
Corporate |  | 558 |  |  | 124 |  |  | — |
Total |  | $ | 119,027 |  |  | $ | 132,544 |  |  | $ | 140,808 |
|  | 2025 |  | 2024 |  | 2023
INTEREST EXPENSE (INCOME), NET: |  |  |  |  |  |
Recreational vehicles |  |  |  |  |  |
North American Towable |  | $ | (11) |  |  | $ | (14) |  |  | $ | (15) |
North American Motorized |  | (8) |  |  | 1 |  |  | (6) |
Total North America |  | (19) |  |  | (13) |  |  | (21) |
European |  | 2,191 |  |  | 6,078 |  |  | 2,618 |
Total recreational vehicles |  | 2,172 |  |  | 6,065 |  |  | 2,597 |
Other, net |  | 164 |  |  | 295 |  |  | 374 |
Corporate |  | 46,105 |  |  | 82,306 |  |  | 94,476 |
Total |  | $ | 48,441 |  |  | $ | 88,666 |  |  | $ | 97,447 |
OTHER EXPENSE (INCOME), NET: |  |  |  |  |  |
Recreational vehicles |  |  |  |  |  |
North American Towable |  | $ | (24,637) |  |  | $ | (8,263) |  |  | $ | (3,463) |
North American Motorized |  | (14,043) |  |  | (542) |  |  | (1,060) |
Total North America |  | (38,680) |  |  | (8,805) |  |  | (4,523) |
European |  | 1,674 |  |  | (5,906) |  |  | (2,571) |
Total recreational vehicles |  | (37,006) |  |  | (14,711) |  |  | (7,094) |
Other, net |  | 91 |  |  | (360) |  |  | (5,370) |
Corporate |  | (8,657) |  |  | 1,448 |  |  | 1,155 |
Total |  | $ | (45,572) |  |  | $ | (13,623) |  |  | $ | (11,309) |
INCOME (LOSS) BEFORE INCOME TAXES: |  |  |  |  |  |
Recreational vehicles |  |  |  |  |  |
North American Towable |  | $ | 247,012 |  |  | $ | 169,232 |  |  | $ | 237,123 |
North American Motorized |  | 85,343 |  |  | 126,496 |  |  | 255,207 |
Total North America |  | 332,355 |  |  | 295,728 |  |  | 492,330 |
European |  | 101,634 |  |  | 231,377 |  |  | 179,625 |
Total recreational vehicles |  | 433,989 |  |  | 527,105 |  |  | 671,955 |
Other, net |  | 53,740 |  |  | 45,299 |  |  | 36,965 |
Corporate |  | (191,538) |  |  | (223,560) |  |  | (209,567) |
Total |  | $ | 296,191 |  |  | $ | 348,844 |  |  | $ | 499,353 |
The following tables provide other supplemental financial information by reportable segment:
|  | 2025 |  | 2024
TOTAL ASSETS: |  |  |  |
Recreational vehicles |  |  |  |
North American Towable |  | $ | 1,270,005 |  |  | $ | 1,290,117 |
North American Motorized |  | 978,762 |  |  | 1,077,808 |
Total North America |  | 2,248,767 |  |  | 2,367,925 |
European |  | 2,965,645 |  |  | 2,871,316 |
Total recreational vehicles |  | 5,214,412 |  |  | 5,239,241 |
Other, net |  | 1,018,622 |  |  | 1,058,842 |
Corporate |  | 832,250 |  |  | 722,740 |
Total |  | $ | 7,065,284 |  |  | $ | 7,020,823 |
|  | 2025 |  | 2024 |  | 2023
DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE: |  |  |  |  |  |
Recreational vehicles |  |  |  |  |  |
North American Towable |  | $ | 52,662 |  |  | $ | 54,716 |  |  | $ | 60,880 |
North American Motorized |  | 34,119 |  |  | 34,789 |  |  | 32,639 |
Total North America |  | 86,781 |  |  | 89,505 |  |  | 93,519 |
European |  | 129,434 |  |  | 126,831 |  |  | 121,464 |
Total recreational vehicles |  | 216,215 |  |  | 216,336 |  |  | 214,983 |
Other, net |  | 51,699 |  |  | 58,233 |  |  | 60,172 |
Corporate |  | 3,293 |  |  | 2,576 |  |  | 1,773 |
Total |  | $ | 271,207 |  |  | $ | 277,145 |  |  | $ | 276,928 |
CAPITAL ACQUISITIONS: |  |  |  |  |  |
Recreational vehicles |  |  |  |  |  |
North American Towable |  | $ | 15,808 |  |  | $ | 16,938 |  |  | $ | 63,898 |
North American Motorized |  | 15,249 |  |  | 16,329 |  |  | 42,902 |
Total North America |  | 31,057 |  |  | 33,267 |  |  | 106,800 |
European |  | 71,454 |  |  | 70,497 |  |  | 65,745 |
Total recreational vehicles |  | 102,511 |  |  | 103,764 |  |  | 172,545 |
Other, net |  | 11,792 |  |  | 26,108 |  |  | 34,190 |
Corporate |  | 7,313 |  |  | 9,745 |  |  | 2,173 |
Total |  | $ | 121,616 |  |  | $ | 139,617 |  |  | $ | 208,908 |
|  | 2025 |  | 2024 |  | 2023
DESTINATION OF NET SALES BY GEOGRAPHIC REGION: |  |  |  |  |  |
United States |  | $ | 6,120,620 |  |  | $ | 6,190,597 |  |  | $ | 7,444,023 |
Germany |  | 1,922,361 |  |  | 2,023,566 |  |  | 1,816,282 |
Other Europe |  | 1,103,112 |  |  | 1,343,081 |  |  | 1,220,158 |
Canada |  | 392,985 |  |  | 435,839 |  |  | 587,559 |
Other foreign |  | 40,412 |  |  | 50,325 |  |  | 53,583 |
Total |  | $ | 9,579,490 |  |  | $ | 10,043,408 |  |  | $ | 11,121,605 |
|  | 2025 |  | 2024
PROPERTY, PLANT AND EQUIPMENT BY GEOGRAPHIC REGION: |  |  |  |
United States |  | $ | 677,364 |  |  | $ | 787,696 |
Germany |  | 490,681 |  |  | 448,182 |
Other Europe |  | 131,386 |  |  | 137,588 |
Other |  | 16,297 |  |  | 17,252 |
Total |  | $ | 1,315,728 |  |  | $ | 1,390,718 |

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