BUSINESS SEGMENTS

12 Months Ended

Jul. 31, 2023

Segment Reporting [Abstract]

BUSINESS SEGMENTS

BUSINESS SEGMENTS

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 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), and KZ (including Venture 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 and Airxcel subsidiaries are included in “Other”, along with the operations of Roadpass Digital through December 30, 2022 as discussed in Note 8 to the Consolidated Financial Statements. 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.

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.

 

	2023		2022		2021
NET SALES:
Recreational vehicles
North American Towable	$	4,202,628	$	8,661,945	$	6,221,928
North American Motorized	3,314,170		3,979,647		2,669,391
Total North America	7,516,798		12,641,592		8,891,319
European	3,037,147		2,887,453		3,200,079
Total recreational vehicles	10,553,945		15,529,045		12,091,398
Other	777,639		1,225,824		373,174
Intercompany eliminations	(209,979)		(442,344)		(147,192)
Total	$	11,121,605	$	16,312,525	$	12,317,380

INCOME (LOSS) BEFORE INCOME TAXES:
Recreational vehicles
North American Towable	$	237,123	$	1,050,536	$	658,964
North American Motorized	255,207		436,604		202,057
Total North America	492,330		1,487,140		861,021
European	179,625		87,116		116,576
Total recreational vehicles	671,955		1,574,256		977,597
Other, net	36,965		110,798		57,674
Corporate	(209,567)		(225,190)		(190,690)
Total	$	499,353	$	1,459,864	$	844,581

 

	2023		2022
TOTAL ASSETS:
Recreational vehicles
North American Towable	$	1,429,899	$	2,040,841
North American Motorized	1,268,109		1,239,476
Total North America	2,698,008		3,280,317
European	2,898,175		2,449,270
Total recreational vehicles	5,596,183		5,729,587
Other, net	1,048,076		1,272,829
Corporate	616,571		405,716
Total	$	7,260,830	$	7,408,132

	2023		2022		2021
DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE:
Recreational vehicles
North American Towable	$	60,880	$	65,260	$	66,078
North American Motorized	32,639		29,088		23,153
Total North America	93,519		94,348		89,231
European	121,464		131,518		127,432
Total recreational vehicles	214,983		225,866		216,663
Other, net	60,172		56,855		12,220
Corporate	1,773		1,732		1,698
Total	$	276,928	$	284,453	$	230,581

CAPITAL ACQUISITIONS:
Recreational vehicles
North American Towable	$	63,898	$	72,892	$	35,816
North American Motorized	42,902		36,321		22,230
Total North America	106,800		109,213		58,046
European	65,745		97,328		66,930
Total recreational vehicles	172,545		206,541		124,976
Other, net	34,190		33,162		5,620
Corporate	2,173		858		1,085
Total	$	208,908	$	240,561	$	131,681

DESTINATION OF NET SALES BY GEOGRAPHIC REGION:
United States	$	7,444,023	$	12,235,760	$	8,462,652
Germany	1,816,282		1,728,565		1,977,808
Other Europe	1,220,158		1,158,563		1,189,747
Canada	587,559		1,132,788		638,118
Other foreign	53,583		56,849		49,055
Total	$	11,121,605	$	16,312,525	$	12,317,380

	2023		2022
PROPERTY, PLANT AND EQUIPMENT BY GEOGRAPHIC REGION:
United States	$	806,230	$	749,343
Germany	433,136		397,015
Other Europe	139,188		106,921
Other	9,254		4,880
Total	$	1,387,808	$	1,258,159