View Filing Data

Print Document View Excel Document

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Aug. 31, 2019	Oct. 07, 2019	Feb. 22, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	WINNEBAGO INDUSTRIES INC
Entity Central Index Key	0000107687
Current Fiscal Year End Date	--08-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Aug. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		31,630,845
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Public Float			$ 648,711,299

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Net revenues	$ 1,985,674	$ 2,016,829	$ 1,547,119
Cost of goods sold	1,678,477	1,716,993	1,324,542
Gross profit	307,197	299,836	222,577
Operating expenses:
Selling, general, and administrative expenses	142,295	130,116	97,607
Postretirement health care benefit income	0	0	(24,796)
Amortization of intangible assets	9,635	9,328	24,660
Total operating expenses	151,930	139,444	97,471
Operating income	155,267	160,392	125,106
Interest expense	17,939	18,246	16,837
Non-operating income	(1,581)	(494)	(330)
Income before income taxes	138,909	142,640	108,599
Provision for income taxes	27,111	40,283	37,269
Net income	$ 111,798	$ 102,357	$ 71,330
Income per common share:
Basic income per common share	$ 3.55	$ 3.24	$ 2.33
Diluted income per common share	$ 3.52	$ 3.22	$ 2.32
Weighted average common shares outstanding:
Basic (in shares)	31,536	31,596	30,648
Diluted (in shares)	31,721	31,814	30,766
Other comprehensive income (loss):
Amortization of prior service credit (net of tax of $0, $0, and $15,409)	$ 0		$ (25,035)
Amortization of net actuarial loss (net of tax of $10, $11, and $5,976)	32	$ 27	9,705
Increase in actuarial loss (net of tax of $0, $0, and $35)			(57)
Plan amendment (net of tax of $0, $0, and $2,402)			3,903
Change in fair value of interest rate swap (net of tax of $454, $840, and $314)	(1,415)	1,947	(514)
Total other comprehensive income (loss)	(1,383)	1,974	(11,998)
Comprehensive income	$ 110,415	$ 104,331	$ 59,332

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Income Statement [Abstract]
Amortization of prior service credit, tax	$ 0	$ 0	$ 15,409
Amortization of net actuarial loss, tax	10	11	5,976
Increase in actuarial loss, tax	0	0	35
Plan amendment, tax	0	0	2,402
Change in fair value of interest rate swap, tax	$ 454	$ 840	$ 314

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2019	Aug. 25, 2018
Current assets:
Cash and cash equivalents	$ 37,431	$ 2,342
Receivables, less allowance for doubtful accounts ($160 and $197, respectively)	158,049	164,585
Inventories	201,126	195,128
Prepaid expenses and other assets	14,051	9,883
Total current assets	410,657	371,938
Property, plant, and equipment, net	127,572	101,193
Goodwill	274,931	274,370
Other intangible assets, net	256,082	265,717
Investment in life insurance	26,846	28,297
Other assets	8,143	10,290
Total assets	1,104,231	1,051,805
Current liabilities:
Accounts payable	81,635	81,039
Income taxes payable	0	15,655
Accrued expenses:
Accrued compensation	20,328	29,350
Product warranties	44,436	40,498
Self-insurance	13,820	12,262
Promotional	10,896	11,017
Accrued interest	4,059	3,095
Other	13,678	11,269
Current maturities of long-term debt	8,892	0
Total current liabilities	197,744	204,185
Total non-current liabilities:
Long-term debt, less current maturities	245,402	291,441
Deferred income taxes	12,032	4,457
Unrecognized tax benefits	3,591	1,745
Deferred compensations benefits, net of current portion	12,878	15,282
Other	372	250
Total non-current liabilities	274,275	313,175
Stockholders' equity:
Preferred stock, par value $0.01: Authorized-10,000 shares; Issued-none	0	0
Common stock, par value $0.50: Authorized-60,000 shares; Issued-51,776 shares	25,888	25,888
Additional paid-in capital	91,185	86,223
Retained earnings	866,886	768,816
Accumulated other comprehensive (loss) income	(491)	892
Treasury stock, at cost: 20,262 and 20,243 shares, respectively	(351,256)	(347,374)
Total stockholders' equity	632,212	534,445
Total liabilities and stockholders' equity	$ 1,104,231	$ 1,051,805

Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Aug. 31, 2019	Aug. 25, 2018
Statement of Financial Position [Abstract]
Receivables, less allowance for doubtful accounts	$ 160	$ 197
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	0	0
Capital stock common, par value (in dollars per share)	$ 0.50	$ 0.50
Capital stock common, shares authorized (in shares)	60,000	60,000
Capital stock common, shares issued (in shares)	51,776	51,776
Treasury stock, at cost, shares (in shares)	20,262	20,243

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Operating activities:
Net income	$ 111,798	$ 102,357	$ 71,330
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	13,682	9,849	7,315
Amortization of intangible assets	9,635	9,328	24,660
Amortization of debt issuance costs	1,612	2,206	1,596
LIFO expense	2,258	3,344	1,722
Stock-based compensation	7,058	7,434	2,977
Deferred income taxes	7,984	5,784	8,360
Deferred compensation expense and postretirement income	1,056	1,201	(23,379)
Other, net	257	(995)	(1,257)
Change in assets and liabilities:
Receivables	6,418	(37,739)	(25,136)
Inventories	(8,256)	(46,429)	(6,165)
Prepaid expenses and other assets	(4,499)	2,353	(2,461)
Accounts payable	907	(1,278)	23,778
Income taxes and unrecognized tax benefits	(13,810)	7,939	7,045
Accrued expenses and other liabilities	(2,350)	17,992	6,742
Net cash provided by operating activities	133,750	83,346	97,127
Investing activities:
Purchases of property and equipment	(40,858)	(28,668)	(13,993)
Acquisition of business, net of cash acquired	(702)	(81,200)	(392,473)
Proceeds from Sale of Property, Plant, and Equipment	148	338	223
Other, net	2,476	(2,231)	858
Net cash used in investing activities	(38,936)	(111,761)	(405,385)
Financing activities:
Borrowings on credit agreement	891,892	221,133	366,400
Repayments of credit agreement	(930,424)	(206,601)	(82,400)
Payments of cash dividends	(13,670)	(12,738)	(12,738)
Payments for repurchases of common stock	(8,171)	(6,481)	(1,530)
Payments of debt issuance costs	0	(589)	(11,020)
Other, net	648	88	(92)
Net cash provided by (used in) financing activities	(59,725)	(5,188)	258,620
Net (decrease) increase in cash and cash equivalents	35,089	(33,603)	(49,638)
Cash and cash equivalents at beginning of period	2,342	35,945	85,583
Cash and cash equivalents at end of period	37,431	2,342	35,945
Supplemental cash flow disclosure:
Income taxes paid, net	37,061	26,436	21,421
Interest paid	14,921	16,565	11,893
Non-cash transactions:
Issuance of Winnebago common stock for acquisition of business	0	0	124,066
Capital expenditures in accounts payable	$ 387	$ 698	$ 1,021

Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Shares [Member]	Additional Paid-In Capital (APIC) [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Treasury Stock [Member]
Beginning balance at Aug. 27, 2016	$ 268,359	$ 25,888	$ 32,717	$ 620,546	$ 10,975	$ (421,767)
Beginning balance (in shares) at Aug. 27, 2016		51,776				(24,875)
Stock-based compensation, net of forfeitures	2,908		2,830			$ 78
Stock-based compensation, net of forfeitures (in shares)						5
Issuance of restricted stock	808		(1,821)			$ 2,629
Issuance of restricted stock (in shares)						155
Issuance of stock for acquisition	124,066		46,205			$ 77,861
Issuance of stock for acquisition (in shares)						4,586
Creation/utilization of APIC pool due to stock award	470		470
Repurchase of common stock	(1,531)					$ (1,531)
Repurchase of common stock (in shares)						(54)
Cash dividends paid on common stock	(12,738)			(12,738)
Actuarial loss, net of tax	(15,387)				(15,387)
Plan amendment, net of tax	3,903				3,903
Change in fair value of interest rate swap, net of tax	(514)				(514)
Net income	71,330			71,330
Ending balance at Aug. 26, 2017	441,674	$ 25,888	80,401	679,138	(1,023)	$ (342,730)
Ending balance (in shares) at Aug. 26, 2017		51,776				(20,183)
Stock-based compensation, net of forfeitures	7,484		7,406			$ 78
Stock-based compensation, net of forfeitures (in shares)						5
Issuance of restricted stock	175		(1,584)			$ 1,759
Issuance of restricted stock (in shares)						104
Repurchase of common stock	(6,481)					$ (6,481)
Repurchase of common stock (in shares)						(169)
Cash dividends paid on common stock	(12,738)			(12,738)
Actuarial loss, net of tax	(27)				27
Change in fair value of interest rate swap, net of tax	1,947				1,947
Reclassification of tax effects	0			59	(59)
Net income	102,357			102,357
Ending balance at Aug. 25, 2018	534,445	$ 25,888	86,223	768,816	892	$ (347,374)
Ending balance (in shares) at Aug. 25, 2018		51,776				(20,243)
Stock-based compensation, net of forfeitures	7,075		6,993			$ 82
Stock-based compensation, net of forfeitures (in shares)						5
Issuance of restricted stock	2,176		(2,031)			$ 4,207
Issuance of restricted stock (in shares)						244
Repurchase of common stock	(8,171)					$ (8,171)
Repurchase of common stock (in shares)						(268)
Cash dividends paid on common stock	(13,728)			(13,728)
Actuarial loss, net of tax	(32)				32
Change in fair value of interest rate swap, net of tax	(1,415)				(1,415)
Net income	111,798			111,798
Ending balance at Aug. 31, 2019	$ 632,212	$ 25,888	$ 91,185	$ 866,886	$ (491)	$ (351,256)
Ending balance (in shares) at Aug. 31, 2019		51,776				(20,262)

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.43	$ 0.40	$ 0.40

Summary of Significant Accounting Policies

12 Months Ended

Aug. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Unless the context otherwise requires, the use of the terms "Winnebago Industries," "we," "us," and "our" in these Notes to Consolidated Financial Statements refers to Winnebago Industries, Inc. and its wholly-owned subsidiaries.

Nature of Operations

Winnebago Industries, Inc. is one of the leading U.S. manufacturers with a diversified portfolio of recreation vehicles ("RV"s) and marine products used primarily in leisure travel and outdoor recreation activities. We distribute our RV and marine products primarily through independent dealers throughout the U.S. and Canada, who then retail the products to the end consumer. We also distribute our marine products internationally through independent dealers, who then retail the products to the end consumer. Other products manufactured by us consist primarily of original equipment manufacturing parts for other manufacturers and commercial vehicles.

Reportable Segments

We have two reportable segments: (1) Towable and (2) Motorhome. The Towable segment includes all products which are not motorized and are generally towed by another vehicle. The Motorhome segment includes products that include a motorized chassis as well as other related manufactured products. Certain corporate administration expenses and non-operating income and expense are recorded in a Corporate / All Other category. See Note 3, Business Segments.

Principles of Consolidation

The consolidated financial statements for Fiscal 2019 include the parent company and our wholly-owned subsidiaries. All intercompany balances and transactions with our subsidiaries have been eliminated.

Fiscal Period

We follow a 52-/53-week fiscal year, ending the last Saturday in August. Fiscal 2019 is a 53-week year, while Fiscal 2018 and 2017 were 52-week years. The extra (53rd) week in Fiscal 2019 was recognized in our fourth quarter.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting years. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents consist primarily of highly liquid investments with an original maturity of three months or less. The carrying amount approximates fair value due to the short maturity of the investments.

Derivative Instruments and Hedging Activities

We use derivative instruments to hedge our floating interest rate exposure. Derivative instruments are accounted for at fair value in accordance with Accounting Standards Codification ("ASC") Topic 815, Derivatives and Hedging. We have designated these derivatives as cash flow hedges for accounting purposes. Changes in fair value, for the effective portion of qualifying hedges, are recorded in other comprehensive income. We review the effectiveness of our hedging instruments on a quarterly basis, recognize current year hedge ineffectiveness immediately in earnings, and discontinue hedge accounting for any hedge that we no longer consider to be highly effective. Refer to Note 4, Derivatives, Investments, and Fair Value Measurements, for additional information.

Receivables

Receivables consist principally of amounts due from our dealer network for RVs and boats sold.

We establish allowances for doubtful accounts based on historical loss experience and any specific customer collection issues identified. Additional amounts are provided through charges to income as we believe necessary after evaluation of receivables and current economic conditions. Amounts which are considered to be uncollectible are written off, and recoveries of amounts previously written off are credited to the allowance upon recovery.

Inventories

Generally, inventories are stated at the lower of cost or market, valued using the First-in, First-out basis ("FIFO"), except for our Motorhome segment which is valued using the Last-in, First-out ("LIFO") basis. Manufacturing cost includes materials, labor, and manufacturing overhead. Unallocated overhead and abnormal costs are expensed as incurred.

Property and Equipment

Depreciation of property and equipment is computed using the straight‑line method on the cost of the assets, less allowance for salvage value where appropriate, at rates based upon their estimated service lives as follows:



Asset Class	Asset Life
Buildings	8-45 years
Machinery and equipment	1-15 years
Software	1-10 years
Transportation equipment	1-7 years

Goodwill and Indefinite-Lived Intangible Assets

Goodwill

Goodwill is tested annually in the fourth quarter of each year and is tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amounts may be impaired. Impairment testing for goodwill is done at a reporting unit level and all goodwill is assigned to a reporting unit. Our reporting units are the same as our operating segments as defined in Note 3, Business Segments.

Companies have the option to first assess qualitative factors to determine whether the fair value of a reporting unit is “more likely than not” less than its carrying amount. If it is more likely than not that an impairment has occurred, companies then perform the quantitative goodwill impairment test. If we perform the quantitative test, we compare the carrying value of the reporting unit to an estimate of the reporting unit’s fair value to identify impairment. The estimate of the reporting unit’s fair value is determined by weighting a discounted cash flow model and a market-related model using current industry information that involve significant unobservable inputs (Level 3 inputs). In determining the estimated future cash flow, we consider and apply certain estimates and judgments, including current and projected future levels of income based on management’s plans, business trends, prospects, market and economic conditions, and market-participant considerations. If we fail the quantitative assessment of goodwill impairment, we will recognize an impairment loss equal to the amount that a reporting unit's carrying value exceeds its fair value.

Trade names

We have indefinite-lived intangible assets for trade names related to Grand Design within our Towable segment and to Chris-Craft within our Corporate / All Other category. Annually in the fourth quarter, or if conditions indicate an interim review is necessary, we assess qualitative factors to determine if it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If we perform a quantitative test, we use the relief from royalty method to determine the fair value of the trade name. This method uses assumptions, which require significant judgment and actual results may differ from assumed and estimated amounts. If we conclude that there has been impairment, we will write down the carrying value of the asset to its fair value.

During the fourth quarter of Fiscal 2019, we completed our annual impairment tests. We elected not to rely on the qualitative assessment as of the testing date and rather performed the quantitative analysis. The result of the test was that the fair value exceeded the carrying value, and no impairment was indicated.

Definite-Lived Intangible Assets and Long-Lived Assets

Long-lived assets, which include property, plant and equipment, and definite-lived intangible assets, primarily the dealer network, are assessed for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable from future cash flows. The impairment test involves comparing the carrying amount of the asset to the forecasted undiscounted future cash flows generated by that asset. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. In the event the carrying amount of the asset exceeds the undiscounted future cash flows generated by that asset and the carrying amount is not considered recoverable, an impairment exists. An impairment loss is measured as the excess of the asset’s carrying amount over its fair value and is recognized in the statement of income in the period that the impairment occurs. The reasonableness of the useful lives of this asset and other long-lived assets is regularly evaluated.

There was no impairment loss for the year ended August 31, 2019 for definite-lived intangible assets or long-lived assets.

Self-Insurance

Generally, we self-insure for a portion of product liability claims, workers' compensation, and health insurance. Under these plans, liabilities are recognized for claims incurred, including those incurred but not reported. We use third party administrators and actuaries using historical claims experience and various state statutes to assist in the determination of our accrued liability balance. We have a $50.0 million insurance policy that includes a self-insured retention for product liability of $1.0 million per occurrence and $2.0 million in aggregate per policy year. Our self-insured health insurance policy includes an individual retention of $0.2 million per occurrence and an aggregate retention of 125% of expected annual claims. We maintain excess liability insurance with outside insurance carriers to minimize our risks related to catastrophic claims in excess of our self-insured positions for product liability, health insurance, and personal injury matters. Any material change in the aforementioned factors could have an adverse impact on our operating results. Balances are included within Accrued expenses: Self-insurance on our Consolidated Balance Sheets.

Income Taxes

In preparing our financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our current tax exposure together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes. These temporary differences result in deferred tax assets and liabilities, which are included within our balance sheet. We then assess the likelihood that our deferred tax assets will be realized based on future taxable income and, to the extent we believe that recovery is not likely, we establish a valuation allowance. To the extent we establish a valuation allowance or change this allowance in a period, we include an expense or a benefit within the tax provision in our Consolidated Statements of Income and Comprehensive Income.

Legal

Litigation expense, including estimated defense costs, is recorded when probable and reasonably estimable.

Revenue Recognition

Our primary source of revenue is generated through the sale of non-motorized towable units, motorized units, and marine units to our independent dealer network (our customers). Unit revenue is recognized at a point-in-time when the performance obligation is satisfied, which generally occurs when the unit is shipped to or picked-up from our manufacturing facilities by the customer. Our payment terms are typically before or on delivery, and do not include a significant financing component. The amount of consideration received and recorded to revenue varies with changes in marketing incentives and offers to our customers. These marketing incentives and offers to our customers are considered variable consideration. We adjust the estimate of revenue at the earlier of when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed. Refer to Note 12, Revenue Recognition, for additional information.

Advertising

Advertising costs, which consist primarily of literature and trade shows, were $8.3 million, $7.4 million, and $5.7 million in Fiscal 2019, 2018, and 2017, respectively. Advertising costs are included in Selling, general, and administrative expenses and are expensed as incurred.

Subsequent Events

We evaluated events occurring between the end of our most recent fiscal year and the date the financial statements were issued. There were no material subsequent events, except as noted in Note 9, Long-Term Debt, and Note 13, Stock-Based Compensation Plans, and the items described below.

Dividend

On August 14, 2019, our Board of Directors declared a quarterly cash dividend of $0.11 per share, totaling $3.5 million, paid on September 25, 2019 to common stockholders of record at the close of business on September 11, 2019.

Acquisition

On September 15, 2019, we entered into a definitive agreement to acquire Newmar Corporation ("Newmar") for total consideration of approximately $344.0 million, based on the closing price of our stock on September 13, 2019. The consideration will consist of approximately $270.0 million in cash and a fixed amount of 2.0 million shares of our stock. Newmar is a leading manufacturer of Class A and Super C motorized recreational vehicles that sells through an established network of independent authorized dealers throughout North America.

The Purchase Agreement also provides that we may terminate the Purchase Agreement if our stock price falls below $20.00 per share, in which case we will be subject to a termination fee of $5.0 million. The acquisition is not subject to approval by our shareholders.

In connection with the execution of the Purchase Agreement, we executed a commitment letter with Goldman Sachs Bank USA, Bank of Montreal, and BMO Capital Markets Corp. (the “Commitment Letter”). As set forth in the Commitment Letter, (a) we intend to obtain up to $290.0 million in gross cash proceeds from the issuance of senior secured notes (the “Senior Notes”) and (b) if we do not, or are unable to, issue the full amount of the Senior Notes at or prior to the time of the closing of the acquisition, we plan to obtain a senior secured bridge facility in an amount up to $290.0 million minus any gross cash proceeds received by us from the issuance of any Senior Notes or other securities.

Recently Adopted Accounting Pronouncements

In the first quarter of Fiscal 2019, we adopted Accounting Standard Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), which establishes a comprehensive five-step model for the recognition of revenue from contracts with customers. This model is based on the core principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We elected the modified retrospective method of adoption, which we applied to contracts not completed as of the initial date of adoption. Application of the transition requirements had no material impact on operations or beginning retained earnings. While certain control processes and procedures were updated for this adoption, the changes did not have a material impact on our internal control over financial reporting framework.

Also, in the first quarter of Fiscal 2019, we retrospectively adopted ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (Topic 230), which provides guidance for eight specific cash flow issues with the objective of reducing the existing diversity in practice. The adoption of this standard did not materially impact our statements of cash flows, and no cash flow reclassifications were required for the prior years.

Recently Issued Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases (Topic 842), which requires an entity to recognize both assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. We plan to adopt the standard as of September 1, 2019, the beginning of Fiscal 2020. We will elect the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carryforward the historical lease classification. In addition, we are electing the hindsight practical expedient to determine the reasonably certain lease term for existing leases. We will make an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet. We will recognize these lease payments in the Consolidated Statement of Income on a straight-line basis over the lease term.

We estimate adoption of the standard will result in recognition of additional net lease assets and lease liabilities of approximately $34.0 million as of September 1, 2019. We do not believe the standard will materially impact our consolidated net earnings or our cash flows. As part of our adoption, we have also modified our control procedures and processes.

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815), which improves the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. ASU 2017-12 is effective for annual reporting periods beginning after December 15, 2018 (our Fiscal 2020), including interim periods within those annual reporting periods. Early adoption is permitted. We expect to adopt the new guidance in the first quarter of Fiscal 2020, and we do not expect a material impact to our consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and has since issued additional amendments. ASU 2016-13 will replace today’s “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. The standard is effective for annual reporting periods beginning after December 15, 2019 (our Fiscal 2021), including interim periods within those annual reporting periods. We expect to adopt the new guidance in the first quarter of Fiscal 2021, and we do not expect a material impact to our consolidated financial statements.

Business Combination

12 Months Ended

Aug. 31, 2019

Business Combinations [Abstract]

Business Combinations Disclosure [Text Block]

Business Combinations

Chris-Craft USA, Inc.

On June 4, 2018, we acquired 100% of the ownership interest of Chris-Craft USA, Inc. ("Chris-Craft"). The acquisition diversifies our outdoor lifestyle value proposition into the recreational powerboat industry. The assets, liabilities, and operating results have been included in our financial statements from the date of acquisition within the Corporate / All Other category. Pro forma results of operations for this acquisition have not been presented, as it was immaterial to the reported results. The purchase price allocation was finalized during the fourth quarter of Fiscal 2019.

Grand Design RV, LLC

On November 8, 2016, we acquired 100% of the ownership interests of Grand Design RV, LLC ("Grand Design") in accordance with the Securities Purchase Agreement for an aggregate purchase price of $520.5 million, which was paid in cash and Winnebago common stock shares as follows:



(in thousands, except shares)	November 8, 2016
Cash	$	396,442
Winnebago shares: 4,586,555 at $27.05 per share	124,066
Total	$	520,508

The cash portion was funded from cash on hand and borrowings under our debt agreements discussed in Note 9, Long-Term Debt. The stock was valued using our share price on the date of closing.

The acquisition has been accounted for in accordance with ASC 805, Business Combinations, using the acquisition method of accounting. Under the acquisition method of accounting, the total purchase price was allocated to the net tangible and intangible assets of Grand Design acquired, based on their fair values at the date of the acquisition. The purchase price allocation was finalized during the first quarter of Fiscal 2018.

The acquisition of 100% of the ownership interests of Grand Design occurred in two steps: (1) direct purchase of 89.34% of Grand Design member interests and (2) simultaneous acquisition of the remaining 10.66% of Grand Design member interests via the purchase of 100% of the shares of SP GE VIII-B GD RV Blocker Corp. ("Blocker Corporation"), which held the remaining 10.66% of the Grand Design member interests. We agreed to acquire Blocker Corporation as part of the Securities Purchase Agreement, and we did not receive a step-up in basis for 10.66% of the Grand Design assets. As a result, we established certain deferred tax liabilities on the opening balance sheet that relate to Blocker Corporation. In Fiscal 2018, Blocker Corporation was dissolved.

The goodwill recognized is primarily attributable to the value of the workforce, reputation of founders, customer and dealer growth opportunities, and expected synergies. Key areas of cost synergies include increased purchasing power for raw materials and supply chain consolidation. Goodwill is expected to be mostly deductible for tax purposes.

Within the Towable segment, the results of Grand Design's operations have been included in our consolidated financial statements from the close of the acquisition. The following table provides net revenues and operating income (which includes amortization expense) from the Grand Design business included in our consolidated results during Fiscal 2019, 2018, and 2017 following the November 8, 2016 closing date:



(in thousands)	2019		2018		2017
Net revenues	$	1,069,862	$	969,362	$	559,664
Operating income	145,900		129,123		54,188

Unaudited pro forma information has been prepared as if the acquisition had taken place on August 30, 2015. The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transaction actually taken place on August 30, 2015, and the unaudited pro forma information does not purport to be indicative of future financial operating results. The unaudited pro forma condensed consolidated financial information does not reflect any operating efficiencies and cost savings that may be realized from the integration of the acquisition. Unaudited pro forma information is as follows:



(in thousands, except per share data)	2017⁽¹⁾
Net revenues	$	1,642,786
Net income	91,163
Income per share - basic	2.89
Income per share - diluted	2.88


(1)	Net income and income per share include the increased benefit of $16.3 million, net of tax, associated with the termination of the postretirement health care plan in Fiscal 2017.

The unaudited pro forma data above includes the following significant non-recurring adjustments made to account for certain costs which would have changed if the acquisition of Grand Design had been completed on August 30, 2015:



(in thousands)	2017
Amortization of intangibles (1 year or less useful life)⁽¹⁾	$	(18,751	)
Increase in amortization of intangibles⁽¹⁾	1,551
Expenses related to business combination (transaction costs)⁽²⁾	(6,649		)
Interest to reflect new debt structure⁽³⁾	3,672
Taxes related to the adjustments to the pro forma data and to the income of Grand Design	11,648


(1)	Refer to Note 7, Goodwill and Intangible Assets, for additional information on the intangible assets recorded as a result of the acquisition.


(2)	Pro forma transaction costs include $0.1 million incurred by Grand Design prior to the acquisition.


(3)	Refer to Note 9, Long-Term Debt, for additional information on the new debt structure as a result of the acquisition.

We incurred approximately $7.0 million of acquisition-related costs to date, of which $0.1 million and $6.6 million was expensed during Fiscal 2018 and 2017, respectively.

Share Registration

As a result of the acquisition of Grand Design, we agreed to register the 4,586,555 shares of common stock issued to the sellers pursuant to the terms of a registration rights agreement. Under the registration rights agreement, we filed a shelf registration statement on January 20, 2017 to register these shares for resale. On April 11, 2017, pursuant to an underwriting agreement dated as of April 5, 2017, by and among the Company, certain of the sellers, and Morgan Stanley & Co., LLC, the sellers sold 2,293,277 shares of common stock in an underwritten block trade.

Business Segments

12 Months Ended

Aug. 31, 2019

Segment Reporting [Abstract]

Business Segments

We have identified five operating segments: 1) Grand Design towables, 2) Winnebago towables, 3) Winnebago motorhomes, 4) Chris-Craft marine, and 5) Winnebago specialty vehicles. We evaluate performance based on each operating segment's Adjusted EBITDA, as defined below, which excludes certain corporate administration expenses and non-operating income and expense.

Our two reportable segments include: 1) Towable (comprised of products which are not motorized and are generally towed by another vehicle as well as other related manufactured products and services), which is an aggregation of the Winnebago towables and Grand Design towables operating segments and 2) Motorhome (comprised of products that include a motorized chassis as well as other related manufactured products and services).

The Corporate / All Other category includes the Chris-Craft marine and Winnebago specialty vehicles operating segments as well as expenses related to certain corporate administration expenses for the oversight of the enterprise. These expenses include items such as corporate leadership and administration costs.

Identifiable assets of the reportable segments exclude general corporate assets, which principally consist of cash and cash equivalents and certain deferred tax balances. The general corporate assets are included in the Corporate / All Other category.

Our chief operating decision maker ("CODM") is our Chief Executive Officer. Our CODM relies on internal management reporting that analyzes consolidated results to the net earnings level and operating segment's Adjusted EBITDA. Our CODM has ultimate responsibility for enterprise decisions. Our CODM determines, in particular, resource allocation for, and monitors the performance of, the consolidated enterprise, the Towable segment, and the Motorhome segment. The Towable segment management and Motorhome segment management have responsibility for operating decisions, allocating resources, and assessing performance within their respective segments. The accounting policies of both reportable segments are the same and are described in Note 1, Summary of Significant Accounting Policies.

We evaluate the performance of our reportable segments based on Adjusted EBITDA. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense, and other adjustments made in order to present comparable results from year to year. Examples of items excluded from Adjusted EBITDA include the postretirement health care benefit income from terminating the plan, acquisition-related costs, restructuring expenses, and non-operating income.

The following table shows information by reportable segment:



(in thousands)	2019			2018			2017
Net Revenues
Towable	$	1,197,327		$	1,127,723		$	685,197
Motorhome	706,927			860,675			853,360
Corporate / All Other	81,420			28,431			8,562
Consolidated	$	1,985,674		$	2,016,829		$	1,547,119

Adjusted EBITDA
Towable	$	163,677		$	157,010		$	89,734
Motorhome	27,455			35,508			56,518
Corporate / All Other	(11,480		)	(10,772		)	(7,375		)
Consolidated	$	179,652		$	181,746		$	138,877

Capital expenditures
Towable	$	27,679		$	18,460		$	4,406
Motorhome	9,969			9,302			9,563
Corporate / All Other	3,210			906			24
Consolidated	$	40,858		$	28,668		$	13,993



(in thousands)	August 31, 2019		August 25, 2018
Total Assets
Towable	$	628,994	$	626,588
Motorhome	332,157		322,048
Corporate / All Other	143,080		103,169
Consolidated	$	1,104,231	$	1,051,805

The following table reconciles net income to consolidated Adjusted EBITDA:



(in thousands)	2019			2018			2017
Net income	$	111,798		$	102,357		$	71,330
Interest expense	17,939			18,246			16,837
Provision for income taxes	27,111			40,283			37,269
Depreciation	13,682			9,849			7,315
Amortization of intangible assets	9,635			9,328			24,660
EBITDA	180,165			180,063			157,411
Postretirement health care benefit income	—			—			(24,796		)
Restructuring⁽¹⁾	1,068			—			—
Acquisition-related costs	—			2,177			6,592
Non-operating income	(1,581		)	(494		)	(330		)
Adjusted EBITDA	$	179,652		$	181,746		$	138,877


(1)	Balance excludes depreciation expense classified as restructuring as the balance is already included in the EBITDA calculation.

The following table reconciles net revenues by geographic area:



(in thousands)	2019		2018		2017
United States	$	1,836,472	$	1,860,613	$	1,445,401
International	149,202		156,216		101,718
Net Revenues	$	1,985,674	$	2,016,829	$	1,547,119

Derivatives, Investments and Fair Value Measurements

12 Months Ended

Aug. 31, 2019

Fair Value Disclosures [Abstract]

Derivatives, Investments and Fair Value Measurements

Derivatives, Investments, and Fair Value Measurements

Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

We account for fair value measurements in accordance with ASC 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measurement, and expands disclosure about fair value measurement. The fair value hierarchy requires the use of observable market data when available. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows:

Level 1 - Unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date.

Level 2 - Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including:


•	Quoted prices for similar assets or liabilities in active markets;


•	Quoted prices for identical or similar assets in nonactive markets;


•	Inputs other than quoted prices that are observable for the asset or liability; and


•	Inputs that are derived principally from or corroborated by other observable market data.

Level 3 - Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.

The following tables set forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis at August 31, 2019 and August 25, 2018 according to the valuation techniques we used to determine their fair values:



	Fair Value at		Fair Value Hierarchy
(in thousands)	August 31, 2019		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	373	$	288	$	85	$	—
International equity funds	101		45		56		—
Fixed income funds	155		54		101		—
Interest rate swap contract	90		—		90		—
Total assets at fair value	$	719	$	387	$	332	$	—



	Fair Value at		Fair Value Hierarchy
(in thousands)	August 25, 2018		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	1,143	$	1,114	$	29	$	—
International equity funds	139		120		19		—
Fixed income funds	223		132		91		—
Interest rate swap contract	1,959		—		1,959		—
Total assets at fair value	$	3,464	$	1,366	$	2,098	$	—

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Assets that fund deferred compensation

Our assets that fund deferred compensation are marketable equity securities measured at fair value using quoted market prices and primarily consist of equity-based mutual funds. These securities are classified as Level 1 as they are traded in an active market for which closing stock prices are readily available. These securities fund the Executive Share Option Plan and the Executive Deferred Compensation Plan. Refer to Note 10, Employee and Retiree Benefits.

The proportion of the assets that will fund options which expire within a year are included in Prepaid expenses and other assets on the Consolidated Balance Sheets. The remaining assets are classified as non-current and are included in Other assets.

Interest Rate Swap Contract

On January 23, 2017, we entered into an interest swap contract, which effectively fixed our interest rate on our $300.0 million loan agreement ("Term Loan") for a notional amount that reduces each December during the swap contract. As of August 31, 2019, we had $120.0 million of our Term Loan fixed at an interest rate of 5.32%. As of August 25, 2018, we had $170.0 million of our Term Loan fixed at an interest rate of 5.32%. The swap contract expires on December 8, 2020.

The fair value of the interest rate swap is classified as Level 2 as it is determined based on observable market data. The asset is included in Other assets on the Consolidated Balance Sheets. The change in value is recorded to Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets since the interest rate swap has been designated for hedge accounting.

Assets and Liabilities that are measured at Fair Value on a Nonrecurring Basis

Our non-financial assets, which includes goodwill, intangible assets, and property, plant, and equipment, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur, or if an annual impairment test is required, we must evaluate the non-financial asset for impairment. If an impairment occurs, the asset is required to be recorded at the estimated fair value. No impairments were recorded for non-financial assets in Fiscal 2019, 2018, and 2017.

Fair Value of Financial Instruments

Our financial instruments, other than those presented in the disclosures above, include cash, receivables, accounts payable, other payables, and long-term debt. The fair values of cash, receivables, accounts payable, and other payables approximated carrying values because of the short-term nature of these instruments. If these instruments were measured at fair value in the financial statements, they would be classified as Level 1 in the fair value hierarchy. See Note 9, Long-Term Debt, for information about the fair value of our long-term debt.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventories

12 Months Ended

Aug. 31, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:



(in thousands)	August 31, 2019		August 25, 2018
Finished goods	$	53,417	$	26,513
Work-in-process ("WIP")	82,926		68,339
Raw materials	105,804		139,039
Total	242,147		233,891
Less LIFO reserve	41,021		38,763
Inventories	$	201,126	$	195,128

Inventory valuation methods consist of the following:



(in thousands)	August 31, 2019		August 25, 2018
LIFO basis	$	184,007	$	176,215
FIFO basis	58,140		57,676
Total	$	242,147	$	233,891

The above value of inventories, before reduction for the LIFO reserve, approximates replacement cost at the respective dates.

Property, Plant and Equipment

12 Months Ended

Aug. 31, 2019

Property, Plant and Equipment, Net [Abstract]

Property, Plant and Equipment

Property, Plant, and Equipment

Property, plant, and equipment is stated at cost, net of accumulated depreciation and consists of the following:



(in thousands)	August 31, 2019		August 25, 2018
Land	$	6,799	$	6,747
Buildings and building improvements	119,638		94,622
Machinery and equipment	107,701		105,663
Software	29,169		23,388
Transportation	3,865		8,837
Property, plant, and equipment, gross	267,172		239,257
Less accumulated depreciation	139,600		138,064
Property, plant, and equipment, net	$	127,572	$	101,193

For Fiscal 2019, 2018, and 2017, depreciation charged to operations was $13.7 million, $9.8 million, and $7.3 million, respectively.

Goodwill and Intangible Assets Goodwill and Intangible Assets

12 Months Ended

Aug. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Intangible Assets

The changes in carrying amount of goodwill by segment were as follows in Fiscal 2019, 2018, and 2017, noting we have no accumulated impairment losses:



(in thousands)	Towable		Corporate / All Other		Total
Balances at August 27, 2016	$	1,228	$	—	$	1,228
Acquisition of Grand Design⁽¹⁾	241,500		—		241,500
Balances at August 26, 2017	242,728		—		242,728
Grand Design purchase price adjustment⁽¹⁾	1,956		—		1,956
Acquisition of Chris-Craft⁽¹⁾	—		29,686		29,686
Balances at August 25, 2018	244,684		29,686		274,370
Chris-Craft purchase price adjustment⁽¹⁾	—		561		561
Balances at August 31, 2019	$	244,684	$	30,247	$	274,931


(1)	Refer to Note 2, Business Combinations, for additional information on the acquisitions of Grand Design and Chris-Craft.

Intangible assets, net of accumulated amortization consists of the following:



	August 31, 2019					August 25, 2018
(in thousands)	Weighted Average Life-Years	Cost		Accumulated Amortization		Weighted Average Life-Years	Cost		Accumulated Amortization
Trade names	Indefinite	$	177,250			Indefinite	$	177,250
Dealer networks	12.2	95,581		$	20,329	12.2	95,581		$	12,328
Backlog	0.5	19,527		19,527		0.5	19,527		19,135
Non-compete agreements	4.1	5,347		3,077		4.1	5,347		2,084
Leasehold interest-favorable	8.1	2,000		690		8.1	2,000		441
Other intangible assets, gross		299,705		43,623			299,705		33,988
Less accumulated amortization		43,623					33,988
Other intangible assets, net		$	256,082				$	265,717

The weighted average remaining amortization period for intangible assets as of August 31, 2019 was approximately ten years.

Remaining estimated aggregate annual amortization expense by fiscal year is as follows:



(in thousands)	Amount
Fiscal 2020	$	9,032
Fiscal 2021	9,032
Fiscal 2022	8,390
Fiscal 2023	8,197
Fiscal 2024	8,095
Thereafter	36,086
Total amortization expense remaining	$	78,832

Warranty

12 Months Ended

Aug. 31, 2019

Product Warranties Disclosures [Abstract]

Warranty

Product Warranties

We provide certain service and warranty on our products. From time to time, we also voluntarily incur costs for certain warranty-type expenses occurring after the normal warranty period to help protect the reputation of our products and the goodwill of our customers. Estimated costs related to product warranty are accrued at the time of sale and are based upon historical warranty and service claims experience. Adjustments are made to accruals as claim data and cost experience becomes available.

In addition to the costs associated with the contractual warranty coverage provided on our products, we also occasionally incur costs as a result of additional service actions not covered by our warranties, including product recalls and customer satisfaction actions. Although we estimate and reserve for the cost of these service actions, there can be no assurance that expense levels will remain at current levels or such reserves will continue to be adequate.

Changes in our product warranty liability are as follows:



(in thousands)	2019			2018			2017
Balance at beginning of year	$	40,498		$	30,805		$	12,412
Business acquisitions⁽¹⁾	—			611			12,904
Provision	45,902			42,377			31,631
Claims paid	(41,964		)	(33,295		)	(26,142		)
Balance at end of year	$	44,436		$	40,498		$	30,805


(1)	Refer to Note 2, Business Combinations, for additional information on the acquisitions of Grand Design and Chris-Craft.

Long-Term Debt (Notes)

12 Months Ended

Aug. 31, 2019

Debt Disclosure [Abstract]

Debt Disclosure

Long-Term Debt

On November 8, 2016, we entered into a $125.0 million credit agreement ("ABL") and a $300.0 million loan agreement ("Term Loan") with JPMorgan Chase Bank, N.A. ("JPMorgan Chase"), as administrative agent ("Credit Agreement") and certain lenders from time to time party thereto. The loan parties under the ABL and Term Loan are Winnebago Industries, Inc. and all material direct and indirect domestic subsidiaries, and the obligations under the Credit Agreement are secured by a security interest in substantially all of our assets and those of our subsidiaries.

Under the ABL, we have a five-year credit facility on a revolving basis, subject to availability under a borrowing base consisting of eligible accounts receivable and eligible inventory. The ABL is available for issuance of letters of credit to a specified limit of $10.0 million. We pay a commitment fee of 0.25% on the average daily amount of the facility available, but unused. We can elect to base the interest rate on various rates plus specific spreads depending on the amount of borrowings outstanding. We currently pay interest on ABL borrowings at a floating rate based upon LIBOR plus 1.25%. The amount that may be borrowed under the ABL was increased to $165.0 million as of September 21, 2018. On October 22, 2019, our ABL credit facility was amended and restated to increase the commitments thereunder to $192.5 million, which includes a $19.25 million letter of credit facility, and to extend the maturity to October 22, 2024 (subject to certain factors which may accelerate the maturity date). In addition to JPMorgan Chase, BMO Harris Bank N.A. and Goldman Sachs Bank USA are also committing lenders under the ABL credit facility.

Under the Term Loan, we can elect to base the interest rate on various rates plus specific spreads. The interest rate as of August 31, 2019 was based on LIBOR plus 2.32%. The Term Loan agreement currently requires quarterly payments in the amount of $2.8 million until December 31, 2019 at which time the quarterly payments change to $3.8 million, with all amounts then outstanding due on November 8, 2023. We have made voluntary prepayments that have extended the opportunity to defer quarterly payments, at our option, until December 31, 2019. There are mandatory prepayments for proceeds of new debt other than debt permitted under the Term Loan, sale of significant assets or subsidiaries, and excess cash flow as such terms are defined in the Term Loan. Incremental term loans of up to $125.0 million are available if certain financial ratios and other conditions are met.

We amortize debt issuance costs on a straight-line basis over the term of the associated debt agreement. If early principal payments are made on the Term Loan, a proportional amount of the unamortized issuance costs is expensed. During Fiscal 2018 as part of our amended Credit Agreement, we incurred $1.1 million of costs related to our ABL that are being amortized over the five-year term of the agreement and $10.5 million of costs related to our Term Loan that are being amortized over the seven-year term of the agreement. Unamortized debt issuance costs of $0.6 million related to the voluntary prepayment on the Term Loan were expensed in Fiscal 2018.

The Credit Agreement contains certain financial covenants. As of August 31, 2019, we were in compliance with all financial covenants of the Credit Agreement.

The components of long-term debt are as follows:



(in thousands)	August 31, 2019			August 25, 2018
ABL	$	—		$	38,532
Term Loan	260,000			260,000
Long-term debt, excluding debt issuance costs	260,000			298,532
Debt issuance cost, net	(5,706		)	(7,091		)
Long-term debt	254,294			291,441
Less current maturities	8,892			—
Long-term debt, less current maturities	$	245,402		$	291,441

As of August 31, 2019, the fair value of long-term debt, excluding debt issuance costs, was $255.8 million. As of August 25, 2018, the fair value of long-term debt, excluding debt issuance costs, approximated the carrying value.

Aggregate contractual maturities of debt in future fiscal years, are as follows:



(in thousands)	Amount
Fiscal 2020	$	10,250
Fiscal 2021	15,000
Fiscal 2022	15,000
Fiscal 2023	15,000
Fiscal 2024	$	204,750
Total Term Loan	$	260,000

Employee and Retiree Benefits

12 Months Ended

Aug. 31, 2019

Retirement Benefits [Abstract]

Employee and Retiree Benefits

Deferred compensation benefits are as follows:



(in thousands)	August 31, 2019		August 25, 2018
Non-qualified deferred compensation	$	13,093	$	14,831
Supplemental executive retirement plan	2,072		2,309
Executive share option plan	12		935
Executive deferred compensation plan	621		421
Officer stock-based compensation	—		1,528
Total deferred compensation benefits	15,798		20,024
Less current portion⁽¹⁾	2,920		4,742
Deferred compensation benefits, net of current portion	$	12,878	$	15,282


(1)	Included in accrued compensation in the consolidated balance sheets.

Postretirement Health Care Benefits

Historically, we provided certain health care and other benefits for retired employees hired before April 1, 2001, who had fulfilled eligibility requirements at age 55 with 15 years of continuous service. During the first quarter of Fiscal 2017, we announced the termination of the remaining postretirement health care benefits to all participants. As of January 1, 2017, postretirement health care benefits were discontinued.

Net periodic postretirement benefit income consisted of the following components:



(in thousands)	2017
Interest cost	$	29
Service cost	16
Amortization of prior service benefit	(40,444		)
Amortization of net actuarial loss	15,648
Net periodic postretirement benefit income	$	(24,751	)

For accounting purposes, we recognized net periodic postretirement income as presented in the previous table, due to the amortization of prior service benefit associated with the establishment of caps on the employer portion of benefits in Fiscal 2005 and the plan amendments.

Deferred Compensation Benefits

Non-Qualified Deferred Compensation

We have a Non-Qualified Deferred Compensation Program which permitted key employees to annually elect to defer a portion of their compensation until their retirement. The plan has been closed to any additional deferrals since January 2001. The retirement benefit to be provided is based upon the amount of compensation deferred and the age of the individual at the time of the contracted deferral. An individual generally vests at age 55 and 5 years of participation under the plan. For deferrals prior to December 1992, vesting occurs at the later of age 55 and 5 years of service from first deferral or 20 years of service. Deferred compensation expense was $0.9 million, $1.1 million, and $1.2 million in Fiscal 2019, 2018, and 2017, respectively.

Supplemental Executive Retirement Plan ("SERP")

The primary purpose of this plan was to provide our officers and managers with supplemental retirement income for a period of 15 years after retirement. We have not offered this plan on a continuing basis to members of management since 1998. The plan was funded with individual whole life insurance policies (split dollar program) owned by the named insured officer or manager. We initially paid the life insurance premiums on the life of the individual, and the individual would receive life insurance and supplemental cash payments during the 15 years following retirement. In October 2008, the plan was amended as a result of changes in the tax and accounting regulations and rising administrative costs. Under the redesigned SERP, the underlying life insurance policies previously owned by the insured individual became company-owned life insurance ("COLI") by a release of all interests by the participant and assignment to us as a prerequisite to participate in the SERP and transition from the Split Dollar Program. This program remains closed to new employee participation.

To assist in funding the deferred compensation and SERP liabilities, we have invested in COLI policies. The cash surrender value of these policies is presented in investment in life insurance in the accompanying balance sheets and consists of the following:



(in thousands)	August 31, 2019			August 25, 2018
Cash value	$	61,836		$	63,574
Borrowings	(34,990		)	(35,277		)
Investment in life insurance	$	26,846		$	28,297

Executive Deferred Compensation Plan

In December 2006, we adopted the Winnebago Industries, Inc. Executive Deferred Compensation Plan (the "Executive Deferred Compensation Plan"). Under the Executive Deferred Compensation Plan, corporate officers and certain key employees may annually choose to defer up to 50% of their salary and up to 100% of their cash incentive awards. The assets are presented as other assets in the accompanying balance sheets. Such assets on August 31, 2019 and August 25, 2018 were $0.6 million and $0.4 million, respectively.

Profit Sharing Plan

We have a qualified profit sharing and contributory 401(k) plan for eligible employees. The plan provides matching contributions made by us and discretionary contributions as approved by our Board of Directors. Matching contributions to the plan for Fiscal 2019, 2018, and 2017 were $2.9 million, $2.3 million, and $1.6 million, respectively. No discretionary contributions were approved for the years presented.

Contingent Liabilites and Commitments

12 Months Ended

Aug. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Contingent Liabilities and Commitments

Repurchase Commitments

Generally, manufacturers in our industries enter into repurchase agreements with lending institutions which have provided wholesale floorplan financing to dealers. Most dealers are financed on a "floorplan" basis under which a bank or finance company lends the dealer all, or substantially all, of the purchase price, collateralized by a security interest in the units purchased.

Our repurchase agreements generally provide that, in the event of default by the dealer on the agreement to pay the lending institution, we will repurchase the financed merchandise. The terms of these agreements, which generally can last up to 24 months, provide that our liability will be the lesser of remaining principal owed by the dealer to the lending institution, or dealer invoice less periodic reductions based on the time since the date of the original invoice. Our liability cannot exceed 100% of the dealer invoice. In certain instances, we also repurchase inventory from our dealers due to state law or regulatory requirements that govern voluntary or involuntary relationship terminations. Although laws vary from state to state, some states have laws in place that require manufacturers of RVs or boats to repurchase current inventory if a dealership exits the business. Our total contingent liability on all repurchase agreements was approximately $874.9 million and $879.0 million at August 31, 2019 and August 25, 2018, respectively.

Repurchased sales are not recorded as a revenue transaction, but the net difference between the original repurchase price and the resale price are recorded against the loss reserve, which is a deduction from gross revenue. Our loss reserve for repurchase commitments contains uncertainties because the calculation requires management to make assumptions and apply judgment regarding a number of factors. Our risk of loss related to these repurchase commitments is significantly reduced by the potential resale value of any products that are subject to repurchase and is spread over numerous dealers and lenders. The aggregate contingent liability related to our repurchase agreements represents all financed dealer inventory at the period reporting date subject to a repurchase agreement, net of the greater of periodic reductions per the agreement or dealer principal payments. Based on these repurchase agreements and our historical loss experience, we establish an associated loss reserve which is included in accrued expenses-other on the consolidated balance sheets. Our accrued losses on repurchases were $0.9 million and $0.9 million as of August 31, 2019 and August 25, 2018, respectively. Repurchase risk is affected by the credit worthiness of our dealer network and we do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to establish the loss reserve for repurchase commitments.

A summary of the activity for the fiscal years stated for repurchased units is as follows:



($ in thousands)	2019		2018		2017
Inventory repurchased:
Units	125		56		14
Dollars	$	5,535	$	1,716	$	408
Inventory resold:
Units	109		56		15
Cash collected	$	4,634	$	1,585	$	393
Loss recognized	$	556	$	132	$	44
Units in ending inventory	16		—		—

Litigation

We are involved in various legal proceedings which are ordinary and routine litigation incidental to our business, some of which are covered in whole or in part by insurance. While we believe the ultimate disposition of litigation will not have a material adverse effect on our financial position, results of operations or liquidity, there exists the possibility that such litigation may have an impact on our results for a particular reporting period in which litigation effects become probable and reasonably estimable. Though we do not believe there is a reasonable likelihood that there will be a material change related to these matters, litigation is subject to inherent uncertainties and management’s view of these matters may change in the future.

Lease Commitments

Donald Clark, one of our executive officers, has a 20% ownership interest in Three Oaks, LLC, an entity which owns the land and buildings that Grand Design leases in order to operate its business. Upon joining our company, Mr. Clark agreed that as long as he is an employee of Grand Design, he has relinquished his voting rights in Three Oaks, LLC while retaining all other economic rights in Three Oaks, LLC.

We have operating leases for certain land, buildings, and equipment. Lease expense was $6.2 million, $4.4 million, and $2.9 million for Fiscal 2019, 2018, and 2017, respectively.

Our future lease commitments for future fiscal years included the following related party and non-related party leases:



	Operating Leases
(In thousands)	Related Party Amount		Non-Related Party Amount		Total
Fiscal 2020	$	2,864	$	1,236	$	4,100
Fiscal 2021	2,863		1,068		3,931
Fiscal 2022	2,863		759		3,622
Fiscal 2023	3,597		530		4,127
Fiscal 2024	3,963		361		4,324
Thereafter	25,064		1,359		26,423
Total future lease commitments	$	41,214	$	5,313	$	46,527

Revenue (Notes)

12 Months Ended

Aug. 31, 2019

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition, Deferred Revenue [Policy Text Block]

Revenue Recognition

The following table disaggregates revenue by reportable segment and product category:



(in thousands)	2019		2018
Net Revenues
Towable:
Fifth Wheel	$	688,932	$	629,906
Travel Trailer	489,956		484,416
Other⁽¹⁾	18,439		13,401
Total Towable	1,197,327		1,127,723
Motorhome:
Class A	178,750		318,197
Class B	255,000		168,495
Class C	246,417		346,876
Other⁽¹⁾	26,760		27,107
Total Motorhome	706,927		860,675
Corporate / All Other:
Other⁽²⁾	81,420		28,431
Total Corporate / All Other	81,420		28,431
Consolidated	$	1,985,674	$	2,016,829


(1)	Relates to parts, accessories, and services.


(2)	Relates to marine and specialty vehicle units, parts, accessories, and services.

We generate all of our operating revenue from contracts with customers. Our primary source of revenue is generated through the sale of manufactured motorized units, non-motorized towable units, and marine units to our independent dealer network (our customers). We also generate income through the sale of certain parts and services, acting as the principal in these arrangements. We apply the new revenue standard requirements to a portfolio of contracts (or performance obligations) with similar characteristics for transactions where it is expected that the effects on the financial statements of applying the revenue recognition guidance to the portfolio would not differ materially from applying this guidance to the individual contracts (or performance obligations) within that portfolio. Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the transaction price consideration that we expect to receive in exchange for those goods or services. Control refers to the ability of the customer to direct the use of, and obtain substantially all of, the remaining benefits from the goods or services. Our transaction price consideration is fixed, unless otherwise disclosed below as variable consideration. We made an accounting policy election so that our revenue excludes sales and usage-based taxes collected.

Unit revenue

Unit revenue is recognized at a point-in-time when control passes, which generally occurs when the unit is shipped to or picked-up from our manufacturing facilities by the customer, which is consistent with our past practice. Our payment terms are typically before or on delivery, and do not include a significant financing component. The amount of consideration received and recorded to revenue varies with changes in marketing incentives and offers to our customers. These marketing incentives and offers to our customers are considered variable consideration. We adjust the estimate of revenue at the earlier of when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed.

Our contracts include some incidental items that are immaterial in the context of the contract. We have made an accounting policy election to not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. We have made an accounting policy to account for any shipping and handling costs that occur after the transfer of control as a fulfillment cost that is accrued when control is transferred. Warranty obligations associated with the sale of a unit are assurance-type warranties that are a guarantee of the unit’s intended functionality and, therefore, do not represent a distinct performance obligation within the context of the contract. Contract costs incurred related to the sale of manufactured units are expensed at the point-in-time when the related revenue is recognized.

We do not have material contract assets or liabilities. We establish allowances for uncollectible receivables based on historical collection trends and write-off history.

Concentration of Risk

None of our dealer organizations accounted for more than 10% of our Net revenues for Fiscal 2019, 2018, and 2017.

Stock-Based Compensation Plans

12 Months Ended

Aug. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Plans

On December 11, 2018, our shareholders approved the Winnebago Industries, Inc. 2019 Omnibus Incentive Plan ("2019 Plan") as detailed in our Proxy Statement for the 2018 Annual Meeting of Shareholders. The 2019 Plan allows us to grant or issue non-qualified stock options, incentive stock options, share awards, and other equity compensation to key employees and to non-employee directors. The 2019 Plan replaces our 2014 Omnibus Equity, Performance Award, and Incentive Compensation Plan (as amended, the "2014 Plan"). The number of shares of our Common Stock that may be the subject of awards and issued under the 2019 Plan is 4.1 million, plus the shares subject to any awards outstanding under the 2014 Plan and our predecessor plan, the 2004 Incentive Compensation Plan (the “2004 Plan”), on December 11, 2018 that subsequently expire, are forfeited or canceled, or are settled for cash. Until such time, however, awards under the 2014 Plan and the 2004 Plan, respectively, that are outstanding on December 11, 2018 will continue to be subject to the terms of the 2014 Plan or 2004 Plan, as applicable. Shares remaining available for future awards under the 2014 Plan were not carried over into the 2019 Plan.

Our outstanding options have a 10-year term. Options issued to employees generally vest over a three-year period in equal annual installments on the annual anniversary dates following the grant date. Share awards generally vest based either upon continued employment ("time-based") or upon attainment of specified goals. Outstanding share awards that are not time-based vest at the end of a three-year incentive period based upon the achievement of company performance goals ("performance-based"). Generally, time-based share awards vest over a three-year period in equal annual installments on the annual anniversary dates following the grant date. Time-based share awards to directors vest one year from the grant date.

Beginning with our annual grant of restricted stock units in October 2018, we attach dividend equivalents to our restricted stock units equal to dividends payable on the same number of shares of our common stock during the applicable period. Dividend equivalents, settled in cash, accrue on restricted stock unit awards during the vesting period. No dividend equivalents are paid on any restricted stock units that are forfeited prior to the vesting date.

Our Employee Stock Purchase Plan ("ESPP") permits employees to purchase our common stock at a 15% discount from the market price at the end of semi-annual purchase periods and is compensatory. Employees are required to hold the common stock purchased for one-year. In Fiscal 2019 and 2018, 30,956 shares and 2,760 shares, respectively were purchased through the ESPP. Plan participants had accumulated $0.2 million and $0.1 million as of August 31, 2019 and August 25, 2018, respectively, to purchase our common stock pursuant to this plan.

Compensation expense associated with share-based awards is recognized on a straight-line basis over the required service period and forfeitures are recorded when it occurs. Total stock-based compensation expense for the past three fiscal years consisted of the following components:



(in thousands)	2019		2018		2017
Share awards:
Time-based	$	4,986	$	4,152	$	2,606
Performance-based	716		2,525		69
Stock options	925		502		164
Other⁽¹⁾	431		255		138
Total stock-based compensation expense	$	7,058	$	7,434	$	2,977


(1)	Includes stock-based compensation expense related to Board of Directors stock award expense and ESPP expense. Directors may elect to defer all or part of their annual retainer into a deferred compensation plan. The plan allows them to defer into either money units or stock units and is more fully described in the Proxy Statement.

Share Awards - Time-Based

The fair value of time-based share awards is determined based on the closing market price of our stock on the date of grant. A summary of the status of our nonvested time-based share awards at August 31, 2019, and changes during Fiscal 2019, were as follows:



	Shares		Weighted Average Fair Value
Outstanding at August 25, 2018	285,191		$	34.08
Granted	152,152		$	31.70
Vested	(213,379	)	$	32.88
Forfeited/canceled	(8,458	)	$	38.58
Outstanding at August 31, 2019	215,506		$	33.40

As of August 31, 2019, there was $3.3 million of unrecognized compensation expense related to nonvested time-based share awards that we expect to be recognized over a weighted average period of 0.8 years. The total fair value of awards vested during Fiscal 2019, 2018, and 2017 was $6.6 million, $7.1 million, and $4.9 million, respectively.

On October 9, 2019, the Board of Directors granted 81,872 restricted stock units under the 2019 Plan valued at $3.1 million to our key management group. The value of the restricted stock units, which is based on the closing price of our common stock on the date of grant, was $37.33. Estimated non-cash stock compensation expense based on this grant is expected to be approximately $1.5 million for Fiscal 2020.

Share Awards - Performance-Based

The fair value of performance-based share awards is determined based on the closing market price of our stock on the date of grant. A summary of the status of our nonvested performance-based share awards at August 31, 2019, and changes during Fiscal 2019, were as follows:



	Shares	Weighted Average Fair Value
Outstanding at August 25, 2018	127,226	$	35.08
Granted	80,207	$	31.70
Vested	—	$	—
Forfeited/canceled	—	$	—
Outstanding at August 31, 2019	207,433	$	33.77

As of August 31, 2019, there was $2.5 million of unrecognized compensation expense related to nonvested performance-based share awards that we expect to be recognized over a weighted average period of 1.1 years. No performance-based share awards vested during Fiscal 2019, 2018, or 2017.

Stock Options

A summary of stock option activity for Fiscal 2019 is as follows:



	Stock Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at August 25, 2018	138,510	$	36.68
Granted	114,635	$	31.70
Exercised	—	$	—
Forfeited/canceled	—	$	—
Outstanding at August 31, 2019	253,145	$	34.43	8.3	$	350.4
Vested and expected to vest at August 31, 2019	253,145	$	34.43	8.3	$	350.4
Exercisable at August 31, 2019	71,426	$	33.13	7.4	$	260.3

As of August 31, 2019, there was $1.3 million of unrecognized compensation expense related to option awards that is expected to be recognized over a weighted average period of 0.9 years.

The fair value of each stock option is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:



Valuation Assumptions⁽¹⁾	2019			2018			2017
Expected dividend yield	1.3		%	0.9		%	1.4		%
Risk-free interest rate⁽²⁾	3.0		%	2.0		%	1.5		%
Expected life of stock options (in years)⁽³⁾	5			5			5
Expected stock price volatility⁽⁴⁾	39.1		%	38.1		%	39.3		%
Weighted average fair value of options granted	$	11.09		$	14.78		$	9.58


(1)	Forfeitures are recorded when they occur.


(2)	Based on U.S. Treasury constant maturity interest rate whose term is consistent with the expected life of our stock options.


(3)	Estimated based on historical experience.


(4)	Based on historical experience over a term consistent with the expected life of the stock options.

Restructuring (Notes)

12 Months Ended

Aug. 31, 2019

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

Restructuring

On February 4, 2019, we announced our intent to move our diesel production from Junction City, OR to Forest City, IA to enable more effective product development and improve our cost structure. The following table details the restructuring charges incurred:



	Motorhome
(in thousands)	2019
Cost of goods sold	$	1,724
Selling, general, and administrative expenses	219
Restructuring expense	$	1,943

These expenses include employee-related costs and accelerated depreciation for assets that will no longer be used. Employee-related costs were primarily paid in Fiscal 2019. We expect additional expenses of up to $1.0 million in Fiscal 2020, primarily related to facility closure costs. We expect these expenses to be fully offset by the corresponding savings generated by the project.

Income Taxes

12 Months Ended

Aug. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Income tax expense consisted of the following:



(in thousands)	2019		2018		2017
Current
Federal	$	16,433	$	28,874	$	33,125
State	3,138		5,215		2,937
Total	19,571		34,089		36,062
Deferred
Federal	6,395		5,123		926
State	1,145		1,071		281
Total	7,540		6,194		1,207
Provision for income taxes	$	27,111	$	40,283	$	37,269

The following table provides a reconciliation of the U.S. statutory income tax rate to our effective income tax rate:



	2019		2018		2017
U.S. federal statutory rate⁽¹⁾	21.0	%	25.9	%	35.0	%
State taxes, net of federal benefit	2.9	%	3.0	%	2.8	%
Impact from Tax Act	—	%	2.6	%	—	%
Domestic production activities deduction	—	%	(2.2	)%	(2.4	)%
Income tax credits	(4.5	)%	(0.5	)%	(0.6	)%
Tax-free and dividend income	(0.5	)%	(0.4	)%	(0.7	)%
Uncertain tax position settlements and adjustments	0.9	%	0.1	%	(0.6	)%
Other items	(0.3	)%	(0.3	)%	0.8	%
Effective tax provision rate	19.5	%	28.2	%	34.3	%


(1)	The U.S. federal statutory rate for Fiscal 2018 is a blended rate, which includes the impact of the Tax Act enactment.

Our effective tax rate decreased to 19.5% for Fiscal 2019 from 28.2% for Fiscal 2018 due to the enactment of the 2017 Tax Cuts and Jobs Act ("Tax Act") on December 22, 2017 and net favorable discrete items, primarily attributable to R&D-related tax credits, which totaled $3.6 million or 2.6%.

ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118, provided guidance for companies that allows for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts under ASC 740, Income Taxes. In accordance with this guidance, a company must reflect the income tax effect of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company's accounting for certain income tax effects of the Tax Act is incomplete, but it is able to determine a reasonable estimate, the company must record a provisional estimate in the financial statements.

In accordance with ASC 740, we recorded non-cash provisional estimates of $3.6 million to income tax expense in Fiscal 2018 as a result of revaluing all deferred tax assets and liabilities at the newly enacted Federal corporate income tax rate. We made no measurement period adjustments related to these items during Fiscal 2019 and are complete in analyzing and recording all aspects of the enactment of the Tax Act.

The tax effects of temporary differences that give rise to deferred income taxes were as follows:



(in thousands)	August 31, 2019		August 25, 2018
Warranty reserves	$	10,949	$	9,842
Deferred compensation	3,989		4,730
Self-insurance reserve	2,617		2,601
Stock-based compensation	2,558		1,277
Accrued vacation	1,227		1,298
Unrecognized tax benefit	444		584
Inventory	—		615
Other⁽¹⁾	3,337		1,797
Total deferred tax assets	25,121		22,744
Intangibles	28,055		21,292
Depreciation	8,192		5,909
Inventory	906		—
Total deferred tax liabilities	37,153		27,201
Total deferred income tax liabilities, net	$	12,032	$	4,457

(1)

At August 31, 2019, other includes $0.6 million and $0.4 million related to federal and state net operating losses, respectively. At August 25, 2018, other includes $1.4 million and $0.1 million related to federal and state net operating losses, respectively. These net operating losses do not expire. We have evaluated all the positive and negative evidence and consider it more likely than not that these carryforwards can be realized.

Changes in the unrecognized tax benefits are as follows:



(in thousands)	2019		2018		2017
Balance at beginning of year	$	1,220	$	1,195	$	1,710
Gross increases (decreases)-tax positions in a prior year	1,173		25		(536		)
Gross increases-current year tax positions	429		—		21
Balance at end of year	2,822		1,220		1,195
Accrued interest and penalties	769		525		411
Total unrecognized tax benefits	$	3,591	$	1,745	$	1,606

The amount of unrecognized tax benefits is not expected to change materially within the next 12 months. If the remaining uncertain tax positions are ultimately resolved favorably, $2.8 million of unrecognized tax benefits would have a positive impact on our effective tax rate. It is our policy to recognize interest and penalties accrued relative to unrecognized tax benefits in income tax expense.

We file a U.S. Federal tax return, as well as returns in various international and state jurisdictions. Although certain years are no longer subject to examination by the Internal Revenue Service ("IRS") and various state taxing authorities, net operating loss carryforwards generated in those years may still be adjusted upon examination by the IRS or state taxing authorities. As of August 31, 2019, our federal returns from Fiscal 2016 to present are subject to review by the IRS. With limited exception, state returns from Fiscal 2015 to present continue to be subject to review by state taxing jurisdictions. Several years may lapse before an uncertain tax position is audited and finally resolved and it is difficult to predict the outcome of such audits.

Income Per Share

12 Months Ended

Aug. 31, 2019

Earnings Per Share [Abstract]

Income Per Share

Income per Share

The following table reflects the calculation of basic and diluted income per share:



(in thousands, except per share data)	2019		2018		2017
Numerator
Net income	$	111,798	$	102,357	$	71,330

Denominator
Weighted average common shares outstanding	31,536		31,596		30,648
Dilutive impact of stock compensation awards	185		218		118
Weighted average common shares outstanding, assuming dilution	31,721		31,814		30,766

Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution	189		62		56

Basic income per common share	$	3.55	$	3.24	$	2.33
Diluted income per common share	$	3.52	$	3.22	$	2.32

Anti-dilutive securities were not included in the computation of diluted income per share, because they are considered anti-dilutive under the treasury stock method.

Comprehensive Income

12 Months Ended

Aug. 31, 2019

Equity [Abstract]

Comprehensive Income

Accumulated Other Comprehensive Income (Loss)

Changes in Accumulated Other Comprehensive Income ("AOCI") by component, net of tax, were:



	2019									2018
(in thousands)	Defined Benefit Pension Items			Interest Rate Swap			Total			Defined Benefit Pension Items			Interest Rate Swap			Total
Balance at beginning of year	$	(591	)	$	1,483		$	892		$	(509	)	$	(514	)	$	(1,023	)
OCI before reclassifications	—			(1,415		)	(1,415		)	—			1,947			1,947
Amounts reclassified from AOCI	32			—			32			27			—			27
Net current-year OCI	32			(1,415		)	(1,383		)	27			1,947			1,974
Reclassification to retained earnings	—			—			—			(109		)	50			(59		)
Balance at end of year	$	(559	)	$	68		$	(491	)	$	(591	)	$	1,483		$	892

Reclassifications out of AOCI in net periodic benefit costs, net of tax, were:



(In thousands)	Location on Consolidated Statements of Income and Comprehensive Income	2019		2018		2017
Amortization of prior service credit	SG&A	$	—	$	—	$	(25,035	)
Amortization of net actuarial loss	SG&A	32		27		9,705
Total reclassifications		$	32	$	27	$	(15,330	)

Interim Financial Information (Unaudited)

12 Months Ended

Aug. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Interim Financial Information (Unaudited)

The following tables show selected operating results for each 3-month quarter of Fiscal 2019 and 2018 (unaudited):



Fiscal 2019	Quarter Ended
(In thousands, except per share data)	November 24, 2018		February 23, 2019		May 25, 2019		August 31, 2019⁽¹⁾
Net revenues	$	493,648	$	432,690	$	528,940	$	530,396
Gross profit	70,996		66,429		86,584		83,188
Operating income	32,625		28,903		48,974		44,765
Net income	22,161		21,598		36,171		31,868
Net income per share (basic)	0.70		0.68		1.15		1.01
Net income per share (diluted)	0.70		0.68		1.14		1.01

Fiscal 2018	Quarter Ended
(In thousands, except per share data)	November 25, 2017		February 24, 2018		May 26, 2018		August 25, 2018
Net revenues	$	450,021	$	468,359	$	562,261	$	536,188
Gross profit	62,831		67,661		85,514		83,830
Operating income	31,176		35,251		48,277		45,688
Net income	17,958		22,088		32,521		29,790
Net income per share (basic)	0.57		0.70		1.03		0.94
Net income per share (diluted)	0.57		0.69		1.02		0.94


(1)	During the quarter ended August 31, 2019, we recorded a $10.8 million reduction of WIP inventory and increase to Cost of goods sold for the cumulative correction of an immaterial error related to prior periods. The error was not material to our Consolidated Financial Statements for any quarterly or annual period.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Aug. 31, 2019

Accounting Policies [Abstract]

Reporting Segment [Policy Text Block]

Reportable Segments

Principles of Consolidation [Policy Text Block]

Principles of Consolidation

Fiscal Period [Policy Text Block]

Fiscal Period

Use of Estimates [Policy Text Block]

Use of Estimates

Cash and Cash Equivalents [Policy Text Block]

Cash and Cash Equivalents

Derivatives Instruments and Hedging Activities [Policy Text Block]

Derivative Instruments and Hedging Activities

Allowance for Doubtful Accounts [Policy Text Block]

Receivables

Receivables consist principally of amounts due from our dealer network for RVs and boats sold.

Inventories [Policy Text Block]

Inventories

Property and Equipment [Policy Text Block]

Property and Equipment



Asset Class	Asset Life
Buildings	8-45 years
Machinery and equipment	1-15 years
Software	1-10 years
Transportation equipment	1-7 years

Goodwill and Indefinite-Lived Intangible Asset [Policy Text Block]

Goodwill and Indefinite-Lived Intangible Assets

Goodwill

Trade names

Other Intangible and Long-Lived Assets [Policy Text Block]

Definite-Lived Intangible Assets and Long-Lived Assets

There was no impairment loss for the year ended August 31, 2019 for definite-lived intangible assets or long-lived assets.

Self-Insurance [Policy Text Block]

Self-Insurance

Income Taxes [Policy Text Block]

Income Taxes

Legal [Policy Text Block]

Legal

Litigation expense, including estimated defense costs, is recorded when probable and reasonably estimable.

Revenue Recognition [Policy Text Block]

Revenue Recognition

Advertising [Policy Text Block]

Advertising

Subsequent Events [Policy Text Block]

Subsequent Events

Dividend

Acquisition

New Accounting Pronouncements [Policy Text Block]

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Fair Value Disclosures of Financial Instruments [Policy Text Block]

Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

Level 1 - Unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date.

Level 2 - Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including:


•	Quoted prices for similar assets or liabilities in active markets;


•	Quoted prices for identical or similar assets in nonactive markets;


•	Inputs other than quoted prices that are observable for the asset or liability; and


•	Inputs that are derived principally from or corroborated by other observable market data.

Debt Issuance Costs [Policy Text Block]

Repurchase Commitments [Policy Text Block]

Repurchase Commitments

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Aug. 31, 2019

Accounting Policies [Abstract]

Property, Plant and Equipment [Table Text Block]



Asset Class	Asset Life
Buildings	8-45 years
Machinery and equipment	1-15 years
Software	1-10 years
Transportation equipment	1-7 years

Property, plant, and equipment is stated at cost, net of accumulated depreciation and consists of the following:



(in thousands)	August 31, 2019		August 25, 2018
Land	$	6,799	$	6,747
Buildings and building improvements	119,638		94,622
Machinery and equipment	107,701		105,663
Software	29,169		23,388
Transportation	3,865		8,837
Property, plant, and equipment, gross	267,172		239,257
Less accumulated depreciation	139,600		138,064
Property, plant, and equipment, net	$	127,572	$	101,193

Business Combination (Tables)

12 Months Ended

Aug. 31, 2019

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]



(in thousands, except shares)	November 8, 2016
Cash	$	396,442
Winnebago shares: 4,586,555 at $27.05 per share	124,066
Total	$	520,508

Business Acquisition, Results included in Consolidation [Table Text Block]

The following table provides net revenues and operating income (which includes amortization expense) from the Grand Design business included in our consolidated results during Fiscal 2019, 2018, and 2017 following the November 8, 2016 closing date:



(in thousands)	2019		2018		2017
Net revenues	$	1,069,862	$	969,362	$	559,664
Operating income	145,900		129,123		54,188

Business Acquisition, Pro Forma Information [Table Text Block]

Unaudited pro forma information is as follows:



(in thousands, except per share data)	2017⁽¹⁾
Net revenues	$	1,642,786
Net income	91,163
Income per share - basic	2.89
Income per share - diluted	2.88


(1)	Net income and income per share include the increased benefit of $16.3 million, net of tax, associated with the termination of the postretirement health care plan in Fiscal 2017.

Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table Text Block]



(in thousands)	2017
Amortization of intangibles (1 year or less useful life)⁽¹⁾	$	(18,751	)
Increase in amortization of intangibles⁽¹⁾	1,551
Expenses related to business combination (transaction costs)⁽²⁾	(6,649		)
Interest to reflect new debt structure⁽³⁾	3,672
Taxes related to the adjustments to the pro forma data and to the income of Grand Design	11,648


(1)	Refer to Note 7, Goodwill and Intangible Assets, for additional information on the intangible assets recorded as a result of the acquisition.


(2)	Pro forma transaction costs include $0.1 million incurred by Grand Design prior to the acquisition.


(3)	Refer to Note 9, Long-Term Debt, for additional information on the new debt structure as a result of the acquisition.

Business Segments (Tables)

12 Months Ended

Aug. 31, 2019

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The following table shows information by reportable segment:



(in thousands)	2019			2018			2017
Net Revenues
Towable	$	1,197,327		$	1,127,723		$	685,197
Motorhome	706,927			860,675			853,360
Corporate / All Other	81,420			28,431			8,562
Consolidated	$	1,985,674		$	2,016,829		$	1,547,119

Adjusted EBITDA
Towable	$	163,677		$	157,010		$	89,734
Motorhome	27,455			35,508			56,518
Corporate / All Other	(11,480		)	(10,772		)	(7,375		)
Consolidated	$	179,652		$	181,746		$	138,877

Capital expenditures
Towable	$	27,679		$	18,460		$	4,406
Motorhome	9,969			9,302			9,563
Corporate / All Other	3,210			906			24
Consolidated	$	40,858		$	28,668		$	13,993



(in thousands)	August 31, 2019		August 25, 2018
Total Assets
Towable	$	628,994	$	626,588
Motorhome	332,157		322,048
Corporate / All Other	143,080		103,169
Consolidated	$	1,104,231	$	1,051,805

The following table reconciles net income to consolidated Adjusted EBITDA:



(in thousands)	2019			2018			2017
Net income	$	111,798		$	102,357		$	71,330
Interest expense	17,939			18,246			16,837
Provision for income taxes	27,111			40,283			37,269
Depreciation	13,682			9,849			7,315
Amortization of intangible assets	9,635			9,328			24,660
EBITDA	180,165			180,063			157,411
Postretirement health care benefit income	—			—			(24,796		)
Restructuring⁽¹⁾	1,068			—			—
Acquisition-related costs	—			2,177			6,592
Non-operating income	(1,581		)	(494		)	(330		)
Adjusted EBITDA	$	179,652		$	181,746		$	138,877

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

The following table reconciles net revenues by geographic area:



(in thousands)	2019		2018		2017
United States	$	1,836,472	$	1,860,613	$	1,445,401
International	149,202		156,216		101,718
Net Revenues	$	1,985,674	$	2,016,829	$	1,547,119

Derivatives, Investments and Fair Value Measurements (Tables)

12 Months Ended

Aug. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]



	Fair Value at		Fair Value Hierarchy
(in thousands)	August 31, 2019		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	373	$	288	$	85	$	—
International equity funds	101		45		56		—
Fixed income funds	155		54		101		—
Interest rate swap contract	90		—		90		—
Total assets at fair value	$	719	$	387	$	332	$	—



	Fair Value at		Fair Value Hierarchy
(in thousands)	August 25, 2018		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	1,143	$	1,114	$	29	$	—
International equity funds	139		120		19		—
Fixed income funds	223		132		91		—
Interest rate swap contract	1,959		—		1,959		—
Total assets at fair value	$	3,464	$	1,366	$	2,098	$	—

Inventories (Tables)

12 Months Ended

Aug. 31, 2019

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories consist of the following:



(in thousands)	August 31, 2019		August 25, 2018
Finished goods	$	53,417	$	26,513
Work-in-process ("WIP")	82,926		68,339
Raw materials	105,804		139,039
Total	242,147		233,891
Less LIFO reserve	41,021		38,763
Inventories	$	201,126	$	195,128

Inventory valuation methods consist of the following:



(in thousands)	August 31, 2019		August 25, 2018
LIFO basis	$	184,007	$	176,215
FIFO basis	58,140		57,676
Total	$	242,147	$	233,891

Property, Plant and Equipment (Tables)

12 Months Ended

Aug. 31, 2019

Property, Plant and Equipment, Net [Abstract]

Property, Plant and Equipment [Table Text Block]



Asset Class	Asset Life
Buildings	8-45 years
Machinery and equipment	1-15 years
Software	1-10 years
Transportation equipment	1-7 years

Property, plant, and equipment is stated at cost, net of accumulated depreciation and consists of the following:



(in thousands)	August 31, 2019		August 25, 2018
Land	$	6,799	$	6,747
Buildings and building improvements	119,638		94,622
Machinery and equipment	107,701		105,663
Software	29,169		23,388
Transportation	3,865		8,837
Property, plant, and equipment, gross	267,172		239,257
Less accumulated depreciation	139,600		138,064
Property, plant, and equipment, net	$	127,572	$	101,193

Goodwill and Intangible Assets Goodwill and Intangible Assets (Tables)

12 Months Ended

Aug. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Table Text Block]

The changes in carrying amount of goodwill by segment were as follows in Fiscal 2019, 2018, and 2017, noting we have no accumulated impairment losses:



(in thousands)	Towable		Corporate / All Other		Total
Balances at August 27, 2016	$	1,228	$	—	$	1,228
Acquisition of Grand Design⁽¹⁾	241,500		—		241,500
Balances at August 26, 2017	242,728		—		242,728
Grand Design purchase price adjustment⁽¹⁾	1,956		—		1,956
Acquisition of Chris-Craft⁽¹⁾	—		29,686		29,686
Balances at August 25, 2018	244,684		29,686		274,370
Chris-Craft purchase price adjustment⁽¹⁾	—		561		561
Balances at August 31, 2019	$	244,684	$	30,247	$	274,931


(1)	Refer to Note 2, Business Combinations, for additional information on the acquisitions of Grand Design and Chris-Craft.

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

Intangible assets, net of accumulated amortization consists of the following:



	August 31, 2019					August 25, 2018
(in thousands)	Weighted Average Life-Years	Cost		Accumulated Amortization		Weighted Average Life-Years	Cost		Accumulated Amortization
Trade names	Indefinite	$	177,250			Indefinite	$	177,250
Dealer networks	12.2	95,581		$	20,329	12.2	95,581		$	12,328
Backlog	0.5	19,527		19,527		0.5	19,527		19,135
Non-compete agreements	4.1	5,347		3,077		4.1	5,347		2,084
Leasehold interest-favorable	8.1	2,000		690		8.1	2,000		441
Other intangible assets, gross		299,705		43,623			299,705		33,988
Less accumulated amortization		43,623					33,988
Other intangible assets, net		$	256,082				$	265,717

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Remaining estimated aggregate annual amortization expense by fiscal year is as follows:



(in thousands)	Amount
Fiscal 2020	$	9,032
Fiscal 2021	9,032
Fiscal 2022	8,390
Fiscal 2023	8,197
Fiscal 2024	8,095
Thereafter	36,086
Total amortization expense remaining	$	78,832

Warranty (Tables)

12 Months Ended

Aug. 31, 2019

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability [Table Text Block]

Changes in our product warranty liability are as follows:



(in thousands)	2019			2018			2017
Balance at beginning of year	$	40,498		$	30,805		$	12,412
Business acquisitions⁽¹⁾	—			611			12,904
Provision	45,902			42,377			31,631
Claims paid	(41,964		)	(33,295		)	(26,142		)
Balance at end of year	$	44,436		$	40,498		$	30,805


(1)	Refer to Note 2, Business Combinations, for additional information on the acquisitions of Grand Design and Chris-Craft.

Long-Term Debt (Tables)

12 Months Ended

Aug. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The components of long-term debt are as follows:



(in thousands)	August 31, 2019			August 25, 2018
ABL	$	—		$	38,532
Term Loan	260,000			260,000
Long-term debt, excluding debt issuance costs	260,000			298,532
Debt issuance cost, net	(5,706		)	(7,091		)
Long-term debt	254,294			291,441
Less current maturities	8,892			—
Long-term debt, less current maturities	$	245,402		$	291,441

Schedule of Maturities of Long-term Debt

Aggregate contractual maturities of debt in future fiscal years, are as follows:



(in thousands)	Amount
Fiscal 2020	$	10,250
Fiscal 2021	15,000
Fiscal 2022	15,000
Fiscal 2023	15,000
Fiscal 2024	$	204,750
Total Term Loan	$	260,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Employee and Retiree Benefits (Tables)

12 Months Ended

Aug. 31, 2019

Retirement Benefits [Abstract]

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

Deferred compensation benefits are as follows:



(in thousands)	August 31, 2019		August 25, 2018
Non-qualified deferred compensation	$	13,093	$	14,831
Supplemental executive retirement plan	2,072		2,309
Executive share option plan	12		935
Executive deferred compensation plan	621		421
Officer stock-based compensation	—		1,528
Total deferred compensation benefits	15,798		20,024
Less current portion⁽¹⁾	2,920		4,742
Deferred compensation benefits, net of current portion	$	12,878	$	15,282


(1)	Included in accrued compensation in the consolidated balance sheets.

Schedule of Net Benefit Costs [Table Text Block]

Net periodic postretirement benefit income consisted of the following components:



(in thousands)	2017
Interest cost	$	29
Service cost	16
Amortization of prior service benefit	(40,444		)
Amortization of net actuarial loss	15,648
Net periodic postretirement benefit income	$	(24,751	)

Investment in Life Insurance [Table Text Block]

The cash surrender value of these policies is presented in investment in life insurance in the accompanying balance sheets and consists of the following:



(in thousands)	August 31, 2019			August 25, 2018
Cash value	$	61,836		$	63,574
Borrowings	(34,990		)	(35,277		)
Investment in life insurance	$	26,846		$	28,297

Contingent Liabilites and Commitments (Tables)

12 Months Ended

Aug. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of Repurchase Agreements [Table Text Block]

A summary of the activity for the fiscal years stated for repurchased units is as follows:



($ in thousands)	2019		2018		2017
Inventory repurchased:
Units	125		56		14
Dollars	$	5,535	$	1,716	$	408
Inventory resold:
Units	109		56		15
Cash collected	$	4,634	$	1,585	$	393
Loss recognized	$	556	$	132	$	44
Units in ending inventory	16		—		—

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Our future lease commitments for future fiscal years included the following related party and non-related party leases:



	Operating Leases
(In thousands)	Related Party Amount		Non-Related Party Amount		Total
Fiscal 2020	$	2,864	$	1,236	$	4,100
Fiscal 2021	2,863		1,068		3,931
Fiscal 2022	2,863		759		3,622
Fiscal 2023	3,597		530		4,127
Fiscal 2024	3,963		361		4,324
Thereafter	25,064		1,359		26,423
Total future lease commitments	$	41,214	$	5,313	$	46,527

Revenue (Tables)

12 Months Ended

Aug. 31, 2019

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of Revenue [Table Text Block]

The following table disaggregates revenue by reportable segment and product category:



(in thousands)	2019		2018
Net Revenues
Towable:
Fifth Wheel	$	688,932	$	629,906
Travel Trailer	489,956		484,416
Other⁽¹⁾	18,439		13,401
Total Towable	1,197,327		1,127,723
Motorhome:
Class A	178,750		318,197
Class B	255,000		168,495
Class C	246,417		346,876
Other⁽¹⁾	26,760		27,107
Total Motorhome	706,927		860,675
Corporate / All Other:
Other⁽²⁾	81,420		28,431
Total Corporate / All Other	81,420		28,431
Consolidated	$	1,985,674	$	2,016,829


(1)	Relates to parts, accessories, and services.


(2)	Relates to marine and specialty vehicle units, parts, accessories, and services.

Stock-Based Compensation Plans (Tables)

12 Months Ended

Aug. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]

Total stock-based compensation expense for the past three fiscal years consisted of the following components:



(in thousands)	2019		2018		2017
Share awards:
Time-based	$	4,986	$	4,152	$	2,606
Performance-based	716		2,525		69
Stock options	925		502		164
Other⁽¹⁾	431		255		138
Total stock-based compensation expense	$	7,058	$	7,434	$	2,977


(1)	Includes stock-based compensation expense related to Board of Directors stock award expense and ESPP expense. Directors may elect to defer all or part of their annual retainer into a deferred compensation plan. The plan allows them to defer into either money units or stock units and is more fully described in the Proxy Statement.

Schedule of Nonvested Share Activity [Table Text Block]

A summary of the status of our nonvested time-based share awards at August 31, 2019, and changes during Fiscal 2019, were as follows:



	Shares		Weighted Average Fair Value
Outstanding at August 25, 2018	285,191		$	34.08
Granted	152,152		$	31.70
Vested	(213,379	)	$	32.88
Forfeited/canceled	(8,458	)	$	38.58
Outstanding at August 31, 2019	215,506		$	33.40

Share-based Compensation, Performance Shares Award Nonvested Activity [Table Text Block]

A summary of the status of our nonvested performance-based share awards at August 31, 2019, and changes during Fiscal 2019, were as follows:



	Shares	Weighted Average Fair Value
Outstanding at August 25, 2018	127,226	$	35.08
Granted	80,207	$	31.70
Vested	—	$	—
Forfeited/canceled	—	$	—
Outstanding at August 31, 2019	207,433	$	33.77

Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of stock option activity for Fiscal 2019 is as follows:



	Stock Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at August 25, 2018	138,510	$	36.68
Granted	114,635	$	31.70
Exercised	—	$	—
Forfeited/canceled	—	$	—
Outstanding at August 31, 2019	253,145	$	34.43	8.3	$	350.4
Vested and expected to vest at August 31, 2019	253,145	$	34.43	8.3	$	350.4
Exercisable at August 31, 2019	71,426	$	33.13	7.4	$	260.3

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The fair value of each stock option is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:



Valuation Assumptions⁽¹⁾	2019			2018			2017
Expected dividend yield	1.3		%	0.9		%	1.4		%
Risk-free interest rate⁽²⁾	3.0		%	2.0		%	1.5		%
Expected life of stock options (in years)⁽³⁾	5			5			5
Expected stock price volatility⁽⁴⁾	39.1		%	38.1		%	39.3		%
Weighted average fair value of options granted	$	11.09		$	14.78		$	9.58


(1)	Forfeitures are recorded when they occur.


(2)	Based on U.S. Treasury constant maturity interest rate whose term is consistent with the expected life of our stock options.


(3)	Estimated based on historical experience.


(4)	Based on historical experience over a term consistent with the expected life of the stock options.

Restructuring (Tables)

12 Months Ended

Aug. 31, 2019

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs [Table Text Block]

The following table details the restructuring charges incurred:



	Motorhome
(in thousands)	2019
Cost of goods sold	$	1,724
Selling, general, and administrative expenses	219
Restructuring expense	$	1,943

Income Taxes (Tables)

12 Months Ended

Aug. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income tax expense consisted of the following:



(in thousands)	2019		2018		2017
Current
Federal	$	16,433	$	28,874	$	33,125
State	3,138		5,215		2,937
Total	19,571		34,089		36,062
Deferred
Federal	6,395		5,123		926
State	1,145		1,071		281
Total	7,540		6,194		1,207
Provision for income taxes	$	27,111	$	40,283	$	37,269

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following table provides a reconciliation of the U.S. statutory income tax rate to our effective income tax rate:



	2019		2018		2017
U.S. federal statutory rate⁽¹⁾	21.0	%	25.9	%	35.0	%
State taxes, net of federal benefit	2.9	%	3.0	%	2.8	%
Impact from Tax Act	—	%	2.6	%	—	%
Domestic production activities deduction	—	%	(2.2	)%	(2.4	)%
Income tax credits	(4.5	)%	(0.5	)%	(0.6	)%
Tax-free and dividend income	(0.5	)%	(0.4	)%	(0.7	)%
Uncertain tax position settlements and adjustments	0.9	%	0.1	%	(0.6	)%
Other items	(0.3	)%	(0.3	)%	0.8	%
Effective tax provision rate	19.5	%	28.2	%	34.3	%


(1)	The U.S. federal statutory rate for Fiscal 2018 is a blended rate, which includes the impact of the Tax Act enactment.

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences that give rise to deferred income taxes were as follows:



(in thousands)	August 31, 2019		August 25, 2018
Warranty reserves	$	10,949	$	9,842
Deferred compensation	3,989		4,730
Self-insurance reserve	2,617		2,601
Stock-based compensation	2,558		1,277
Accrued vacation	1,227		1,298
Unrecognized tax benefit	444		584
Inventory	—		615
Other⁽¹⁾	3,337		1,797
Total deferred tax assets	25,121		22,744
Intangibles	28,055		21,292
Depreciation	8,192		5,909
Inventory	906		—
Total deferred tax liabilities	37,153		27,201
Total deferred income tax liabilities, net	$	12,032	$	4,457

(1)

Summary of Income Tax Contingencies [Table Text Block]

Changes in the unrecognized tax benefits are as follows:



(in thousands)	2019		2018		2017
Balance at beginning of year	$	1,220	$	1,195	$	1,710
Gross increases (decreases)-tax positions in a prior year	1,173		25		(536		)
Gross increases-current year tax positions	429		—		21
Balance at end of year	2,822		1,220		1,195
Accrued interest and penalties	769		525		411
Total unrecognized tax benefits	$	3,591	$	1,745	$	1,606

Income Per Share (Tables)

12 Months Ended

Aug. 31, 2019

Earnings Per Share [Abstract]

Schedule of Income Per Share, Basic and Diluted [Table Text Block]

The following table reflects the calculation of basic and diluted income per share:



(in thousands, except per share data)	2019		2018		2017
Numerator
Net income	$	111,798	$	102,357	$	71,330

Denominator
Weighted average common shares outstanding	31,536		31,596		30,648
Dilutive impact of stock compensation awards	185		218		118
Weighted average common shares outstanding, assuming dilution	31,721		31,814		30,766

Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution	189		62		56

Basic income per common share	$	3.55	$	3.24	$	2.33
Diluted income per common share	$	3.52	$	3.22	$	2.32

Comprehensive Income (Tables)

12 Months Ended

Aug. 31, 2019

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Changes in Accumulated Other Comprehensive Income ("AOCI") by component, net of tax, were:



	2019									2018
(in thousands)	Defined Benefit Pension Items			Interest Rate Swap			Total			Defined Benefit Pension Items			Interest Rate Swap			Total
Balance at beginning of year	$	(591	)	$	1,483		$	892		$	(509	)	$	(514	)	$	(1,023	)
OCI before reclassifications	—			(1,415		)	(1,415		)	—			1,947			1,947
Amounts reclassified from AOCI	32			—			32			27			—			27
Net current-year OCI	32			(1,415		)	(1,383		)	27			1,947			1,974
Reclassification to retained earnings	—			—			—			(109		)	50			(59		)
Balance at end of year	$	(559	)	$	68		$	(491	)	$	(591	)	$	1,483		$	892

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

Reclassifications out of AOCI in net periodic benefit costs, net of tax, were:



(In thousands)	Location on Consolidated Statements of Income and Comprehensive Income	2019		2018		2017
Amortization of prior service credit	SG&A	$	—	$	—	$	(25,035	)
Amortization of net actuarial loss	SG&A	32		27		9,705
Total reclassifications		$	32	$	27	$	(15,330	)

Interim Financial Information (Unaudited) (Tables)

12 Months Ended

Aug. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]

The following tables show selected operating results for each 3-month quarter of Fiscal 2019 and 2018 (unaudited):



Fiscal 2019	Quarter Ended
(In thousands, except per share data)	November 24, 2018		February 23, 2019		May 25, 2019		August 31, 2019⁽¹⁾
Net revenues	$	493,648	$	432,690	$	528,940	$	530,396
Gross profit	70,996		66,429		86,584		83,188
Operating income	32,625		28,903		48,974		44,765
Net income	22,161		21,598		36,171		31,868
Net income per share (basic)	0.70		0.68		1.15		1.01
Net income per share (diluted)	0.70		0.68		1.14		1.01

Fiscal 2018	Quarter Ended
(In thousands, except per share data)	November 25, 2017		February 24, 2018		May 26, 2018		August 25, 2018
Net revenues	$	450,021	$	468,359	$	562,261	$	536,188
Gross profit	62,831		67,661		85,514		83,830
Operating income	31,176		35,251		48,277		45,688
Net income	17,958		22,088		32,521		29,790
Net income per share (basic)	0.57		0.70		1.03		0.94
Net income per share (diluted)	0.57		0.69		1.02		0.94


(1)	During the quarter ended August 31, 2019, we recorded a $10.8 million reduction of WIP inventory and increase to Cost of goods sold for the cumulative correction of an immaterial error related to prior periods. The error was not material to our Consolidated Financial Statements for any quarterly or annual period.

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands, shares in Millions		3 Months Ended	12 Months Ended
	Sep. 16, 2019 USD ($) shares	Nov. 30, 2019 USD ($) $ / shares	Aug. 31, 2019 USD ($) reportable_segments	Aug. 25, 2018 USD ($)	Aug. 26, 2017 USD ($)	Sep. 01, 2019 USD ($)
New Accounting Pronouncements and Subsequent Events [Line Items]
Dividends, Common Stock, Cash			$ 13,728	$ 12,738	$ 12,738
Number of Reportable Segments \| reportable_segments			2
Insurance policy limit			$ 50,000
Self insurance reserve for product liability, per occurance			1,000
Self insurance reserve for product liability, aggregate per policy year			2,000
Self-insurance policy health, occurrence			$ 200
Self-insurance policy health, aggregate			125.00%
Advertising expense			$ 8,300	$ 7,400	$ 5,700
Subsequent Event [Member]
New Accounting Pronouncements and Subsequent Events [Line Items]
Dividends paid per common share \| $ / shares		$ 0.11
Dividends, Common Stock, Cash		$ 3,500
Operating Lease, Liability						$ 34,000
Subsequent Event [Member] \| Newmar [Member] [Member]
New Accounting Pronouncements and Subsequent Events [Line Items]
Business Combination, Consideration Transferred	$ 344,000
Payments to Acquire Businesses, Gross	$ 270,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares	2.0
business combination termination fee	$ 5,000
Business Combination, Consideration Transferred, Liabilities Incurred	$ 290,000

Summary of Significant Accounting Policies (Property and Equipment) (Details)	12 Months Ended
	Aug. 31, 2019
Buildings [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated service life	8 years
Buildings [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated service life	45 years
Machinery and equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated service life	1 year
Machinery and equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated service life	15 years
Software [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated service life	1 year
Software [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated service life	10 years
Transportation equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated service life	1 year
Transportation equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated service life	7 years

Business Combination - Narrative (Details) - USD ($) $ in Thousands	Nov. 08, 2016	Jun. 04, 2018
Chris-Craft [Member]
Business Acquisition [Line Items]
Percent of voting interest acquired		100.00%
Grand Design [Member]
Business Acquisition [Line Items]
Percent of voting interest acquired	100.00%
Member interest held	10.66%
Grand Design [Member]
Business Acquisition [Line Items]
Aggregate purchase price of acquisition	$ 520,508
Grand Design Member Interest [Member] \| Grand Design [Member]
Business Acquisition [Line Items]
Percent of voting interest acquired	89.34%
Blocker Corp [Member] \| Grand Design [Member]
Business Acquisition [Line Items]
Percent of voting interest acquired	100.00%

Business Combination (Details) - Grand Design [Member] - USD ($) $ / shares in Units, $ in Thousands	Apr. 11, 2017	Nov. 08, 2016
Business Acquisition [Line Items]
Cash		$ 396,442
Winnebago shares: 4,586,555 at $27.05 per share		124,066
Total		$ 520,508
Shares issued for acquisition		4,586,555
Share price (in dollars per share)		$ 27.05
Shares sold after acquisition	2,293,277

Business Combination - ProForma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended			22 Months Ended
	Nov. 26, 2016	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017	Aug. 25, 2018
Business Acquisition [Line Items]
Acquisition related costs	$ 100		$ 100	$ 6,600	$ 7,000
Amortization of intangibles (1 year or less useful life) [Member]
Business Acquisition [Line Items]
Nonrecurring adjustments				(18,751)
Increase in amortization of intangibles [Member]
Business Acquisition [Line Items]
Nonrecurring adjustments				1,551
Expenses Related to Business Combination [Member]
Business Acquisition [Line Items]
Nonrecurring adjustments				(6,649)
Interest to reflect new debt structure [Member]
Business Acquisition [Line Items]
Nonrecurring adjustments				3,672
Taxes related to the adjustments to the pro forma [Member]
Business Acquisition [Line Items]
Nonrecurring adjustments				11,648
Grand Design [Member]
Business Acquisition [Line Items]
Revenue since acquisition	559,664	$ 1,069,862	969,362
Operating income since acquisition	$ 54,188	$ 145,900	$ 129,123
Pro forma net revenues				1,642,786
Pro forma net income				$ 91,163
Pro forma income per share - basic (in dollars per share)				$ 2.89
Pro forma income per share - diluted (in dollars per share)				$ 2.88

Business Segments (Details) $ in Thousands	3 Months Ended								12 Months Ended
Business Segments (Details) $ in Thousands	Aug. 31, 2019 USD ($)	May 25, 2019 USD ($)	Feb. 23, 2019 USD ($)	Nov. 24, 2018 USD ($)	Aug. 25, 2018 USD ($)	May 26, 2018 USD ($)	Feb. 24, 2018 USD ($)	Nov. 25, 2017 USD ($)	Aug. 31, 2019 USD ($) reportable_segments	Aug. 25, 2018 USD ($)	Aug. 26, 2017 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments \| reportable_segments									2
Net revenues	$ 530,396	$ 528,940	$ 432,690	$ 493,648	$ 536,188	$ 562,261	$ 468,359	$ 450,021	$ 1,985,674	$ 2,016,829	$ 1,547,119
Purchases of property and equipment									40,858	28,668	13,993
Assets	1,104,231				1,051,805				1,104,231	1,051,805
Net income	31,868	$ 36,171	$ 21,598	$ 22,161	29,790	$ 32,521	$ 22,088	$ 17,958	111,798	102,357	71,330
Interest expense									17,939	18,246	16,837
Provision for income taxes									27,111	40,283	37,269
Depreciation									13,682	9,849	7,315
Amortization of intangible assets									9,635	9,328	24,660
EBITDA									180,165	180,063	157,411
Postretirement health care benefit income									0	0	(24,796)
Restructuring charges, excluding depreciation									1,068	0	0
Transaction costs									0	2,177	6,592
Non-operating income									(1,581)	(494)	(330)
Adjusted EBITDA									179,652	181,746	138,877
Towable [Member]
Segment Reporting Information [Line Items]
Net revenues									1,197,327	1,127,723	685,197
Purchases of property and equipment									27,679	18,460	4,406
Assets	628,994				626,588				628,994	626,588
Adjusted EBITDA									163,677	157,010	89,734
Motorhome [Member]
Segment Reporting Information [Line Items]
Net revenues									706,927	860,675	853,360
Purchases of property and equipment									9,969	9,302	9,563
Assets	332,157				322,048				332,157	322,048
Adjusted EBITDA									27,455	35,508	56,518
Corporate All Other [Member]
Segment Reporting Information [Line Items]
Net revenues									81,420	28,431	8,562
Purchases of property and equipment									3,210	906	24
Assets	$ 143,080				$ 103,169				143,080	103,169
Adjusted EBITDA									$ (11,480)	$ (10,772)	$ (7,375)

Business Segments (Revenues by Geographic Area) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Aug. 31, 2019	May 25, 2019	Feb. 23, 2019	Nov. 24, 2018	Aug. 25, 2018	May 26, 2018	Feb. 24, 2018	Nov. 25, 2017	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 530,396	$ 528,940	$ 432,690	$ 493,648	$ 536,188	$ 562,261	$ 468,359	$ 450,021	$ 1,985,674	$ 2,016,829	$ 1,547,119
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									1,836,472	1,860,613	1,445,401
International [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									$ 149,202	$ 156,216	$ 101,718

Derivatives, Investments and Fair Value Measurements (Fair Value Inputs) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Aug. 31, 2019	Aug. 25, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Domestic equity funds	$ 373	$ 1,143
International equity funds	101	139
Fixed income funds	155	223
Interest rate swap contract, asset	90	1,959
Total assets (liabilities) at fair value	719	3,464
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Domestic equity funds	288	1,114
International equity funds	45	120
Fixed income funds	54	132
Total assets (liabilities) at fair value	387	1,366
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Domestic equity funds	85	29
International equity funds	56	19
Fixed income funds	101	91
Interest rate swap contract, asset	90	1,959
Total assets (liabilities) at fair value	$ 332	$ 2,098

Derivatives, Investments and Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Nov. 08, 2016
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Impairment Charges	$ 0
Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Face Amount			$ 300,000
Term Loan \| Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	$ 120,000	$ 170,000
Interest rate, stated percentage	5.32%	5.32%

Inventories Inventory Schedule (Details) - USD ($) $ in Thousands	Aug. 31, 2019	Aug. 25, 2018
Inventory Disclosure [Abstract]
Finished goods	$ 53,417	$ 26,513
Work-in-process	82,926	68,339
Raw materials	105,804	139,039
Total	242,147	233,891
LIFO reserve	(41,021)	(38,763)
Inventories	$ 201,126	$ 195,128

Inventories Inventory Basis (Details) - USD ($) $ in Thousands	Aug. 31, 2019	Aug. 25, 2018
Inventory Disclosure [Abstract]
LIFO basis	$ 184,007	$ 176,215
FIFO basis	58,140	57,676
Total	$ 242,147	$ 233,891

Property, Plant and Equipment (Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Aug. 31, 2019	Aug. 25, 2018
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 267,172	$ 239,257
Less accumulated depreciation	(139,600)	(138,064)
Total property, plant and equipment, net	127,572	101,193
Land [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	6,799	6,747
Building and building improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	119,638	94,622
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	107,701	105,663
Software [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	29,169	23,388
Transportation [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 3,865	$ 8,837

Property, Plant and Equipment Property, Plant, and Equipment (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Property, Plant and Equipment, Net [Abstract]
Depreciation	$ 13,682	$ 9,849	$ 7,315

Goodwill and Intangible Assets Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Goodwill [Line Items]
Balance at beginning of year	$ 274,370	$ 242,728	$ 1,228
Goodwill, Period Increase (Decrease)		29,686	241,500
Goodwill, Purchase Accounting Adjustments	561	1,956
Balance at end of year	274,931	274,370	242,728
Towable [Member]
Goodwill [Line Items]
Balance at beginning of year	244,684	242,728	1,228
Goodwill, Period Increase (Decrease)			241,500
Goodwill, Purchase Accounting Adjustments		1,956
Balance at end of year	244,684	244,684	$ 242,728
Corporate All Other [Member]
Goodwill [Line Items]
Balance at beginning of year	29,686
Goodwill, Period Increase (Decrease)		29,686
Goodwill, Purchase Accounting Adjustments	561
Balance at end of year	$ 30,247	$ 29,686

Goodwill and Intangible Assets Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018
Schedule of Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 299,705	$ 299,705
Finite-Lived Intangible Assets, Accumulated Amortization	43,623	33,988
Other intangible assets, net	$ 256,082	265,717
Finite-Lived Intangible Assets, Remaining Amortization Period	10 years
Trade Names [Member]
Schedule of Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 177,250	177,250
Dealer Network [Member]
Schedule of Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	95,581	95,581
Finite-Lived Intangible Assets, Accumulated Amortization	$ 20,329	$ 12,328
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 years 2 months	12 years 2 months
Order or Production Backlog [Member]
Schedule of Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 19,527	$ 19,527
Finite-Lived Intangible Assets, Accumulated Amortization	$ 19,527	$ 19,135
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	6 months	6 months
Noncompete Agreements [Member]
Schedule of Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 5,347	$ 5,347
Finite-Lived Intangible Assets, Accumulated Amortization	$ 3,077	$ 2,084
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	4 years 1 month	4 years 1 month
Off-Market Favorable Lease [Member]
Schedule of Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	$ 2,000	$ 2,000
Finite-Lived Intangible Assets, Accumulated Amortization	$ 690	$ 441
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	8 years 1 month	8 years 1 month

Goodwill and Intangible Assets Future Amortization of Intangible Assets (Details) $ in Thousands	Aug. 31, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Fiscal 2020	$ 9,032
Fiscal 2021	9,032
Fiscal 2022	8,390
Fiscal 2023	8,197
Fiscal 2024	8,095
Thereafter	36,086
Total amortization expense remaining	$ 78,832

Warranty (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 40,498	$ 30,805	$ 12,412
Business acquisitions	0	611	12,904
Provision	45,902	42,377	31,631
Claims paid	(41,964)	(33,295)	(26,142)
Balance at end of year	$ 44,436	$ 40,498	$ 30,805

Long-Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
Long-Term Debt (Details) - USD ($) $ in Thousands	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017	Oct. 22, 2019	Sep. 21, 2018	Nov. 08, 2016
Debt Instrument [Line Items]
Payments of Debt Issuance Costs	$ 0	$ 589	$ 11,020
Amortization of debt issuance costs	$ 1,612	$ 2,206	$ 1,596
ABL
Debt Instrument [Line Items]
Debt, face amount					$ 165,000	$ 125,000
Debt instrument, term		5 years
Line of Credit Facility, Commitment Fee Percentage	0.25%
Debt Instrument, Basis Spread on Variable Rate	1.25%
Payments of Debt Issuance Costs		$ 1,100
Term Loan
Debt Instrument [Line Items]
Debt instrument, term		7 years
Debt Instrument, Face Amount						300,000
Debt Instrument, Basis Spread on Variable Rate	2.32%
Payments of Debt Issuance Costs		$ 10,500
Prior Credit Agreement [Member]
Debt Instrument [Line Items]
Amortization of debt issuance costs		$ 600
Letter of Credit [Member] \| ABL
Debt Instrument [Line Items]
Debt Instrument, Face Amount						$ 10,000
Subsequent Event [Member] \| ABL
Debt Instrument [Line Items]
Debt, face amount				$ 192,500

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 25, 2018	Aug. 31, 2019	Sep. 21, 2018	Nov. 08, 2016
Debt Instrument [Line Items]
Long-term debt, gross	$ 298,532	$ 260,000
Less: debt issuance cost, net	(7,091)	(5,706)
Long-term debt	291,441	254,294
Less: current maturities	0	(8,892)
Long-term debt, less current maturities	$ 291,441	245,402
ABL
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 165,000	$ 125,000
Debt Instrument, Term	5 years
Long-term debt, gross	$ 38,532	0
Term Loan
Debt Instrument [Line Items]
Debt Instrument, Term	7 years
Long-term debt, gross	$ 260,000	260,000
Long-term Debt, Fair Value		$ 255,800

Long-Term Debt - Contractual Maturities (Details) - USD ($) $ in Thousands	Aug. 31, 2019	Aug. 25, 2018
Debt Instrument [Line Items]
Total long-term debt	$ 260,000	$ 298,532
Term Loan
Debt Instrument [Line Items]
Fiscal 2020	10,250
Fiscal 2021	15,000
Fiscal 2022	15,000
Fiscal 2023	15,000
Fiscal 2024	204,750
Total long-term debt	$ 260,000	$ 260,000

Employee and Retiree Benefits (Postretirement Health Care and Deferred Compensation Benefits) (Details) - USD ($) $ in Thousands	Aug. 31, 2019	Aug. 25, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Non-qualified deferred compensation	$ 13,093	$ 14,831
SERP benefit liability	2,072	2,309
Executive share option plan liability	12	935
Executive deferred compensation	621	421
Officer stock-based compensation		1,528
Total postretirement health care and deferred compensation benefits	15,798	20,024
Less current portion	(2,920)	(4,742)
Long-term deferred compensation benefits	$ 12,878	$ 15,282

Employee and Retiree Benefits (Postretirement Benefit Income) (Details) $ in Thousands	12 Months Ended
	Aug. 26, 2017 USD ($)
Retirement Benefits [Abstract]
Interest cost	$ 29
Service cost	16
Amortization of prior service benfit	(40,444)
Amortization of net actuarial loss	15,648
Net periodic postretirement benefit income	$ (24,751)

Employee and Retiree Benefits (Investment in Life Insurance) (Details) - USD ($) $ in Thousands	Aug. 31, 2019	Aug. 25, 2018
Retirement Benefits [Abstract]
Cash value	$ 61,836	$ 63,574
Borrowings	(34,990)	(35,277)
Investment in life insurance	$ 26,846	$ 28,297

Employee and Retiree Benefits (Postretirement Narrative) (Details)	12 Months Ended
	Aug. 31, 2019
Retirement Benefits [Abstract]
Postretirement health care benefits age requirement before distribution occurs	55 years
Postretirement health care benefits continuous service requirement	15 years

Employee and Retiree Benefits (Deferred Compensation Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer discretionary contribution amount	$ 2.9	$ 2.3	$ 1.6
Key Employees [Member] \| Non-Qualified Deferred Compensation Program (1981) [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Vesting age	55 years
Requisite service period	5 years
Requiste service period prior to December 1992	20 years
Deferred compensation expense	$ 0.9	1.1	$ 1.2
Officers and Managers [Member] \| Supplemental Employee Retirement Plan (SERP) [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contractual amount of years after retirement	15 years
Executive Deferred Compensation Plan 2007 [Member] \| Officers and Key Employees [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Deferred compensation assets	$ 0.6	$ 0.4
Maximum salary deferral	50.00%
Maximum cash incentive award deferral	100.00%

Contingent Liabilites and Commitments (Repurchase Commitments) (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Repurchase agreement term	24 months
Accrued loss on repurchases	$ 0.9	$ 0.9
Obligation to Repurchase from Dealers [Member]
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Contingent liability on repurchase agreements	$ 874.9	$ 879.0

Contingent Liabilites and Commitments (Schedule of Repurchased Activity) (Details) $ in Thousands	12 Months Ended
	Aug. 31, 2019 USD ($) Recreational_vehicles	Aug. 25, 2018 USD ($) Recreational_vehicles	Aug. 26, 2017 USD ($) Recreational_vehicles
Commitments and Contingencies Disclosure [Abstract]
Inventory repurchased, units (in recreation vehicles) \| Recreational_vehicles	125	56	14
Inventory repurchased, dollars \| $	$ 5,535	$ 1,716	$ 408
Inventory resold, units (in recreation vehicles) \| Recreational_vehicles	109	56	15
Inventory resold, cash collected \| $	$ 4,634	$ 1,585	$ 393
Inventory resold, loss recognized \| $	$ 556	$ 132	$ 44
Units in ending inventory (in recreation vehicles) \| Recreational_vehicles	16	0	0

Contingent Liabilites and Commitments (Lease Commitments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Business Acquisition, Contingent Consideration [Line Items]
Lease expense	$ 6,200	$ 4,400	$ 2,900
Minimum future lease commitments under noncancelable lease agreements
Fiscal 2020	4,100
Fiscal 2021	3,931
Fiscal 2022	3,622
Fiscal 2023	4,127
Fiscal 2024	4,324
Thereafter	26,423
Total future lease commitments	46,527
Non-related Party [Member]
Minimum future lease commitments under noncancelable lease agreements
Fiscal 2020	1,236
Fiscal 2021	1,068
Fiscal 2022	759
Fiscal 2023	530
Fiscal 2024	361
Thereafter	1,359
Total future lease commitments	5,313
Related Party [Member]
Minimum future lease commitments under noncancelable lease agreements
Fiscal 2020	2,864
Fiscal 2021	2,863
Fiscal 2022	2,863
Fiscal 2023	3,597
Fiscal 2024	3,963
Thereafter	25,064
Total future lease commitments	$ 41,214

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Aug. 31, 2019	May 25, 2019	Feb. 23, 2019	Nov. 24, 2018	Aug. 25, 2018	May 26, 2018	Feb. 24, 2018	Nov. 25, 2017	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Disaggregation of Revenue [Line Items]
Net revenues	$ 530,396	$ 528,940	$ 432,690	$ 493,648	$ 536,188	$ 562,261	$ 468,359	$ 450,021	$ 1,985,674	$ 2,016,829	$ 1,547,119
Towable [Member]
Disaggregation of Revenue [Line Items]
Net revenues									1,197,327	1,127,723	685,197
Towable [Member] \| Fifth Wheel [Domain]
Disaggregation of Revenue [Line Items]
Net revenues									688,932	629,906
Towable [Member] \| Travel Trailer [Domain]
Disaggregation of Revenue [Line Items]
Net revenues									489,956	484,416
Towable [Member] \| Other [Domain]
Disaggregation of Revenue [Line Items]
Net revenues									18,439	13,401
Motorhome [Member]
Disaggregation of Revenue [Line Items]
Net revenues									706,927	860,675	853,360
Motorhome [Member] \| Other [Domain]
Disaggregation of Revenue [Line Items]
Net revenues									26,760	27,107
Motorhome [Member] \| Class A [Domain]
Disaggregation of Revenue [Line Items]
Net revenues									178,750	318,197
Motorhome [Member] \| Class B [Domain]
Disaggregation of Revenue [Line Items]
Net revenues									255,000	168,495
Motorhome [Member] \| Class C [Domain]
Disaggregation of Revenue [Line Items]
Net revenues									246,417	346,876
Corporate All Other [Member]
Disaggregation of Revenue [Line Items]
Net revenues									81,420	28,431	$ 8,562
Corporate All Other [Member] \| Other [Domain]
Disaggregation of Revenue [Line Items]
Net revenues									$ 81,420	$ 28,431

Stock-Based Compensation Plans (Narrative) (Details) - USD ($)		12 Months Ended
	Oct. 10, 2019	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee-related Liabilities, Current			$ 20,328,000	$ 29,350,000
Incentive Compensation Plan 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized			4,100,000.0
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date			15.00%
Stock Issued During Period, Shares, Employee Stock Purchase Plans			30,956	2,760
Term of sale restriction period after grant			1 year
Employee-related Liabilities, Current			$ 200,000	$ 100,000
Time-based share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options			$ 3,300,000
Unrecognized compensation expense, period of recognition			9 months
Total fair value of awards vested			$ 6,600,000	$ 7,100,000	$ 4,900,000
Shares granted			152,152
Performance-based share award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options			$ 2,500,000
Unrecognized compensation expense, period of recognition			1 year 1 month
Shares granted			80,207
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period of recognition			11 months
Aggregate intrinsic value of options outstanding			$ 350,400
Unrecognized compensation expense related to stock options			$ 1,300,000
Weighted average remaining contractual life for outstanding options			8 years 3 months
Restricted Stock Units (RSUs) [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing price of common stock on grant date	$ 37.33
Restricted Stock Units (RSUs) [Member] \| Subsequent Event [Member] \| Forecasted stock-based comp expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 1,500,000
Restricted Stock Units (RSUs) [Member] \| Key Management [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	81,872
Shares granted, value	$ 3,100,000

Stock-Based Compensation Plans (Expense Components) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 7,058	$ 7,434	$ 2,977
Time-based share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	4,986	4,152	2,606
Performance-based share award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	716	2,525	69
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	925	502	164
Other equity awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 431	$ 255	$ 138

Stock-Based Compensation Plans (Share Awards Activity) (Details)	12 Months Ended
	Aug. 31, 2019 $ / shares shares
Time-based share awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning of year, Shares \| shares	285,191
Shares granted \| shares	152,152
Vested, Shares \| shares	(213,379)
Canceled, Shares \| shares	(8,458)
End of year, Shares \| shares	215,506
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Beginning of year, Weighted Average Grant Date Fair Value	$ 34.08
Granted, Weighted Average Grant Date Fair Value	31.70
Vested, Weighted Average Grant Date Fair Value	32.88
Canceled, Weighted Average Grant Date Fair Value	38.58
End of year, Weighted Average Grant Date Fair Value	$ 33.40
Performance-based share award
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning of year, Shares \| shares	127,226
Shares granted \| shares	80,207
Vested, Shares \| shares	0
End of year, Shares \| shares	207,433
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Beginning of year, Weighted Average Grant Date Fair Value	$ 35.08
Granted, Weighted Average Grant Date Fair Value	31.70
Vested, Weighted Average Grant Date Fair Value	0.00
Canceled, Weighted Average Grant Date Fair Value	0.00
End of year, Weighted Average Grant Date Fair Value	$ 33.77

Stock-Based Compensation Plans (Stock Option Activity) (Details) - Stock options	12 Months Ended
	Aug. 31, 2019 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of year, Shares \| shares	138,510
Options granted, shares \| shares	114,635
Outstanding at end of year, Shares \| shares	253,145
Vested and expected to vest at end of year, Shares \| shares	253,145
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	8 years 3 months
Exercisable at end of year, Shares \| shares	71,426
Exercisable at end of year, Wtd. Avg. Exercise Price per Share (in dollars per share) \| $ / shares	$ 33.13
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning of year, Wtd. Avg. Exercise Price per Share (in dollars per share) \| $ / shares	36.68
Options granted, Wtd. Avg. Exercise Price per Share (in dollars per share) \| $ / shares	31.70
Outstanding at end of year, Wtd. Avg. Exercise Price per Share (in dollars per share) \| $ / shares	$ 34.43
Weighted average remaining contractual life for outstanding options	8 years 3 months
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term	7 years 5 months
Aggregate intrinsic value of options outstanding \| $	$ 350,400
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value \| $	350,400
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value \| $	$ 260,300
Vested and expected to vest at end of year, Wtd. Avg. Exercise Price per Share (in dollars per share) \| $ / shares	$ 34.43

Stock-Based Compensation Plans Stock Option Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected dividend yield	1.30%	0.90%	1.35%
Risk free interest rate	3.00%	1.99%	1.47%
Expected life (in years)	5 years	5 years	5 years
Expected volatility	39.10%	38.08%	39.34%
Weighted average fair value of options granted	$ 11.09	$ 14.78	$ 9.58

Restructuring (Details) - Motorhome [Member] - Junction City, OR Production Site [Domain] - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 25, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		$ 1,943
Scenario, Forecast [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 1,000
Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		1,724
Selling, General and Administrative Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		$ 219

Income Taxes (Components of Income Tax (Benefit) Provision) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Current
Federal	$ 16,433	$ 28,874	$ 33,125
State	3,138	5,215	2,937
Total	19,571	34,089	36,062
Deferred
Federal	6,395	5,123	926
State	1,145	1,071	281
Total	7,540	6,194	1,207
Provision for income taxes	$ 27,111	$ 40,283	$ 37,269

Income Taxes (Reconciliation of U.S. Statutory Income Tax Rate) (Details)	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21.00%	25.90%	35.00%
State taxes, net of federal benefit	2.90%	3.00%	2.80%
Impact from Tax Act	0	0.026	0
Domestic production activities deduction	(0.00%)	(2.20%)	(2.40%)
Income tax credits	(4.50%)	(0.50%)	(0.60%)
Tax-free and dividend income	(0.50%)	(0.40%)	(0.70%)
Uncertain tax position settlements and adjustments	0.90%	0.10%	(0.60%)
Other items	(0.30%)	(0.30%)	0.80%
Effective tax provision rate	19.50%	28.20%	34.30%

Income Taxes (Significant Items Comprising Deferred Taxes) (Details) - USD ($) $ in Thousands	Aug. 31, 2019	Aug. 25, 2018
Income Tax Disclosure [Abstract]
Warranty reserves	$ 10,949	$ 9,842
Deferred compensation	3,989	4,730
Self-insurance reserve	2,617	2,601
Stock-based compensation	2,558	1,277
Accrued vacation	1,227	1,298
Unrecognized tax benefit	444	584
Inventory	0	615
Other	3,337	1,797
Deferred tax assets	25,121	22,744
Intangibles	(28,055)	(21,292)
Depreciation	(8,192)	(5,909)
Inventory	(906)	0
Deferred tax liabilities	(37,153)	(27,201)
Deferred tax liabilities, net	(12,032)	(4,457)
Federal NOL carry forward	600	1,400
State NOL carryforward	$ 400	$ 100

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Aug. 31, 2019	Aug. 25, 2018
Income Tax Disclosure [Abstract]
Income tax credits and adjustments	$ 3.6
Tax Cuts And Jobs Act Of 2017, Income Tax Expense (Benefit)		$ 3.6

Income Taxes Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Income Tax Disclosure [Abstract]
Balance at beginning of year	$ 1,220	$ 1,195	$ 1,710
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	1,173	25
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions			(536)
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions	429	0	21
Balance at end of year	2,822	1,220	1,195
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	769	525	411
Unrecognized tax benefits	$ 3,591	$ 1,745	$ 1,606

Income Per Share (Calculation of Basic and Diluted Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Aug. 31, 2019	May 25, 2019	Feb. 23, 2019	Nov. 24, 2018	Aug. 25, 2018	May 26, 2018	Feb. 24, 2018	Nov. 25, 2017	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 31,868	$ 36,171	$ 21,598	$ 22,161	$ 29,790	$ 32,521	$ 22,088	$ 17,958	$ 111,798	$ 102,357	$ 71,330
Weighted average common shares outstanding									31,536	31,596	30,648
Dilutive impact of stock compensation awards									185	218	118
Weighted average common shares outstanding, assuming dilution									31,721	31,814	30,766
Basic income per common share	$ 1.01	$ 1.15	$ 0.68	$ 0.70	$ 0.94	$ 1.03	$ 0.70	$ 0.57	$ 3.55	$ 3.24	$ 2.33
Diluted income per common share	$ 1.01	$ 1.14	$ 0.68	$ 0.70	$ 0.94	$ 1.02	$ 0.69	$ 0.57	$ 3.52	$ 3.22	$ 2.32
Stock options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution									189	62	56

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=114873790&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1337-109256

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=109256448&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=115205541&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1252-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=114873765&loc=SL114874048-224260

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109260490&loc=SL5780133-109256

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=109256448&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1252-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=114873765&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=115205541&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109260490&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=114873790&loc=SL114874131-224263

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Comprehensive Income (Changes in AOCI by component) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of year	$ 892
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Change in fair value of interest rate swap, net of tax	(1,415)	$ 1,947	$ (514)
Amounts reclassified from AOCI	32	27	9,705
Reclassification to retained earnings		0
Balance at end of year	(491)	892
Defined Benefit Pension Items [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of year	(591)	(509)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Amounts reclassified from AOCI	32	27
Net current-year OCI	32	27
Reclassification to retained earnings		(109)
Balance at end of year	(559)	(591)	(509)
Interest Rate Swap [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of year	1,483	(514)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Change in fair value of interest rate swap, net of tax	(1,415)	1,947
Net current-year OCI	(1,415)	1,947
Reclassification to retained earnings		50
Balance at end of year	68	1,483	(514)
Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of year	892	(1,023)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Change in fair value of interest rate swap, net of tax	(1,415)	1,947	(514)
Amounts reclassified from AOCI	32	27
Net current-year OCI	(1,383)	1,974
Reclassification to retained earnings		(59)
Balance at end of year	$ (491)	$ 892	$ (1,023)

Comprehensive Income (Reclassification out of AOCI) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service credit (net of tax)	$ 0		$ (25,035)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications (net of tax)	(32)	$ (27)	15,330
Operating Expense [Member] \| Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service credit (net of tax)		0	(25,035)
Operating Expense [Member] \| Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial loss (net of tax)	$ 32	$ 27	$ 9,705

Interim Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Aug. 31, 2019	May 25, 2019	Feb. 23, 2019	Nov. 24, 2018	Aug. 25, 2018	May 26, 2018	Feb. 24, 2018	Nov. 25, 2017	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Quarterly Financial Information Disclosure [Abstract]
Net revenues	$ 530,396	$ 528,940	$ 432,690	$ 493,648	$ 536,188	$ 562,261	$ 468,359	$ 450,021	$ 1,985,674	$ 2,016,829	$ 1,547,119
Gross profit	83,188	86,584	66,429	70,996	83,830	85,514	67,661	62,831	307,197	299,836	222,577
Operating income	44,765	48,974	28,903	32,625	45,688	48,277	35,251	31,176	155,267	160,392	125,106
Net income	$ 31,868	$ 36,171	$ 21,598	$ 22,161	$ 29,790	$ 32,521	$ 22,088	$ 17,958	$ 111,798	$ 102,357	$ 71,330
Net income (loss) per share (basic) (in dollars per share)	$ 1.01	$ 1.15	$ 0.68	$ 0.70	$ 0.94	$ 1.03	$ 0.70	$ 0.57	$ 3.55	$ 3.24	$ 2.33
Net income (loss) per share (diluted) (in dollars per share)	$ 1.01	$ 1.14	$ 0.68	$ 0.70	$ 0.94	$ 1.02	$ 0.69	$ 0.57	$ 3.52	$ 3.22	$ 2.32
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Work-in-process inventory error correction	$ 10,800

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details