BUSINESS SEGMENTS

12 Months Ended

Jul. 31, 2022

Segment Reporting [Abstract]

BUSINESS SEGMENTS

BUSINESS SEGMENTS

The Company has three reportable segments, all related to recreational vehicles: (1) North American towables, (2) North American motorized and (3) European.

The North American towable recreational vehicle reportable segment consists of the following operating segments that have been aggregated: Airstream (towable), Heartland (including Cruiser RV and DRV), Jayco (including Jayco towable, Starcraft and Highland Ridge), Keystone (including CrossRoads and Dutchmen), KZ (including Venture RV) and Tiffin Group (namely, Vanleigh RV). The North American motorized recreational vehicle reportable segment consists of the following operating segments that have been aggregated: Airstream (motorized), Jayco (including Jayco motorized and Entegra Coach), Thor Motor Coach and Tiffin Group (namely, Tiffin Motorhomes, Inc.). The European recreational vehicles reportable segment consists solely of the EHG business. EHG manufactures a full line of towable and motorized recreational vehicles, including caravans, motorcaravans, urban vehicles and campervans in eight primary RV production locations within Europe. EHG produces and sells numerous brands primarily within Europe, including Buccaneer, Buerstner, Carado, Compass, 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 Postle, Roadpass Digital (formerly Togo Group) and Airxcel subsidiaries are included in “Other”. Net sales included in Other relate primarily to the sale of specialized component parts and aluminum extrusions. Intercompany eliminations 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.

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 and certain Corporate real estate holdings primarily utilized by THOR’s U.S.-based operating subsidiaries.

 

	2022		2021		2020
NET SALES:
Recreational vehicles
North American Towables	$	8,661,945	$	6,221,928	$	4,140,482
North American Motorized	3,979,647		2,669,391		1,390,098
Total North America	12,641,592		8,891,319		5,530,580
European	2,887,453		3,200,079		2,485,391
Total recreational vehicles	15,529,045		12,091,398		8,015,971
Other	1,225,824		373,174		234,481
Intercompany eliminations	(442,344)		(147,192)		(82,519)
Total	$	16,312,525	$	12,317,380	$	8,167,933

INCOME (LOSS) BEFORE INCOME TAXES:
Recreational vehicles
North American Towables	$	1,050,536	$	658,964	$	336,207
North American Motorized	436,604		202,057		71,943
Total North America	1,487,140		861,021		408,150
European	87,116		116,576		9,850
Total recreational vehicles	1,574,256		977,597		418,000
Other, net	110,798		57,674		27,751
Corporate	(225,190)		(190,690)		(172,855)
Total	$	1,459,864	$	844,581	$	272,896

 

	2022		2021
TOTAL ASSETS:
Recreational vehicles
North American Towables	$	2,040,841	$	1,870,577
North American Motorized	1,239,476		1,073,506
Total North America	3,280,317		2,944,083
European	2,449,270		2,975,821
Total recreational vehicles	5,729,587		5,919,904
Other, net	1,272,829		272,350
Corporate	405,716		461,834
Total	$	7,408,132	$	6,654,088

	2022		2021		2020
DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE:
Recreational vehicles
North American Towables	$	65,260	$	66,078	$	66,042
North American Motorized	29,088		23,153		14,202
Total North America	94,348		89,231		80,244
European	131,518		127,432		103,671
Total recreational vehicles	225,866		216,663		183,915
Other, net	56,855		12,220		10,488
Corporate	1,732		1,698		1,764
Total	$	284,453	$	230,581	$	196,167

CAPITAL ACQUISITIONS:
Recreational vehicles
North American Towables	$	72,892	$	35,816	$	27,219
North American Motorized	36,321		22,230		12,603
Total North America	109,213		58,046		39,822
European	97,328		66,930		62,165
Total recreational vehicles	206,541		124,976		101,987
Other, net	33,162		5,620		2,664
Corporate	858		1,085		1,172
Total	$	240,561	$	131,681	$	105,823

DESTINATION OF NET SALES BY GEOGRAPHIC REGION:
United States	$	12,235,760	$	8,462,652	$	5,296,482
Germany	1,728,565		1,977,808		1,494,419
Other Europe	1,158,563		1,189,747		966,023
Canada	1,132,788		638,118		377,053
Other foreign	56,849		49,055		33,956
Total	$	16,312,525	$	12,317,380	$	8,167,933

	2022		2021
PROPERTY, PLANT AND EQUIPMENT BY GEOGRAPHIC REGION:
United States	$	749,343	$	626,375
Germany	397,015		460,446
Other Europe	106,921		95,266
Other	4,880		3,044
Total	$	1,258,159	$	1,185,131