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Weather Damage at Manufacturing Facilities | 6 Months Ended
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Jan. 31, 2025
Risks and Uncertainties [Abstract] |
Weather Damage at Manufacturing Facilities | Weather Damage at Manufacturing Facilities On March 14, 2024, a weather event that included large damaging hail occurred at and around the Company’s Jackson Center, OH facilities. The hail resulted in significant roof damage to the motorized production facility and significant damage to inventory that was stored outside, primarily motorized chassis, but also some work in process and finished goods inventory. The Company maintains insurance coverage, subject to a $1,000 self-insured retention, for the repair or replacement of covered assets that suffer loss, as well as coverage for business interruption, including lost profits. Inventory is a covered asset under the insurance policy, as is the production facility itself. Total estimated losses related to this event are $65,428, primarily attributable to the write-off of motorized chassis, and, through the fiscal quarter ended January 31, 2025, the Company has received insurance proceeds related to this event totaling $33,000. As of January 31, 2025, the Company recorded an insurance recovery receivable in the amount of $31,428 related to the remaining estimated damages incurred for which we deem the recovery of such losses from our insurance carriers to be probable. This insurance recovery receivable is included in Accounts receivable, other, net on the Condensed Consolidated Balance Sheets, as we believe recovery will be realized within one year of the balance sheet date. Given the expectation of recovery from insurance, the impact on our consolidated income (loss) before income taxes during fiscal 2024 and through the second quarter of fiscal 2025 related to the losses incurred on the weather damages noted above was not material. As of the date of this report, the Company is still in the process of fully assessing damages and submitting relevant insurance claim information. Although our insurance covers business interruption, the Company has not recognized any recovery for business interruption to date and will do so at the time of final settlement or when nonrefundable cash advances are made in subsequent periods.

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