0000107687-20-000012 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Feb. 29, 2020	Mar. 18, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 29, 2020
Document Transition Report	false
Entity File Number	001-06403
Entity Registrant Name	WINNEBAGO INDUSTRIES, INC.
Entity Incorporation, State or Country Code	IA
Entity Tax Identification Number	42-0802678
Entity Address, Address Line One	P. O. Box 152
Entity Address, City or Town	Forest City
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50436
City Area Code	641-
Local Phone Number	585-3535
Title of 12(b) Security	Common Stock, $0.50 par value per share
Trading Symbol	WGO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,696,855
Entity Central Index Key	0000107687
Current Fiscal Year End Date	--08-29
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Feb. 23, 2019	Feb. 29, 2020	Feb. 23, 2019
Income Statement [Abstract]
Net revenues	$ 626,810	$ 432,690	$ 1,215,268	$ 926,338
Cost of goods sold	547,028	366,261	1,056,873	788,913
Gross profit	79,782	66,429	158,395	137,425
Selling, general, and administrative expenses	42,164	35,259	93,269	70,971
Amortization of intangible assets	7,974	2,267	11,588	4,926
Total operating expenses	50,138	37,526	104,857	75,897
Operating income	29,644	28,903	53,538	61,528
Interest expense	8,651	4,346	14,700	8,847
Non-operating income	(270)	(207)	(386)	(970)
Income before income taxes	21,263	24,764	39,224	53,651
Provision for income taxes	3,995	3,166	7,888	9,892
Net income	$ 17,268	$ 21,598	$ 31,336	$ 43,759
Income per common share:
Basic (in dollars per share)	$ 0.51	$ 0.68	$ 0.95	$ 1.39
Diluted (in dollars per share)	$ 0.51	$ 0.68	$ 0.95	$ 1.38
Weighted average common shares outstanding:
Basic (in shares)	33,614	31,577	32,840	31,572
Diluted (in shares)	33,918	31,724	33,143	31,755
Other comprehensive income (loss):
Amortization of net actuarial loss	$ 8	$ 8	$ 16	$ 16
Interest rate swap activity (net of tax of $—, $206, $22, and $213)	0		(68)
Interest rate swap activity (net of tax of $—, $206, $22, and $213)		(634)		(656)
Total other comprehensive income (loss)	8	(626)	(52)	(640)
Comprehensive income	$ 17,276	$ 20,972	$ 31,284	$ 43,119

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Feb. 23, 2019	Feb. 29, 2020	Feb. 23, 2019
Income Statement [Abstract]
Amortization of net actuarial loss, tax	$ 3,000	$ 2,000	$ 5,000	$ 5,000
Change in fair value of interest rate swap, tax	$ 0		$ 22
Change in fair value of interest rate swap, tax		$ 206		$ 213

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Feb. 29, 2020	Aug. 31, 2019
Current assets:
Cash and cash equivalents	$ 122,939	$ 37,431
Receivables, less allowance for doubtful accounts ($381 and $160, respectively)	182,475	158,049
Inventories, net	237,808	201,126
Prepaid expenses and other assets	20,883	14,051
Total current assets	564,105	410,657
Property, plant, and equipment, net	169,840	127,572
Other assets:
Goodwill	348,860	274,931
Other intangible assets, net	415,285	256,082
Investment in life insurance	27,231	26,846
Operating lease assets	30,460	0
Other assets	16,146	8,143
Total assets	1,571,927	1,104,231
Current liabilities:
Accounts payable	99,211	81,635
Accrued expenses:
Accrued compensation	28,639	20,328
Product warranties	60,211	44,436
Self-insurance	15,639	13,820
Promotional	13,761	10,896
Accrued interest	747	4,059
Other	18,773	13,678
Current maturities of long-term debt	13,668	8,892
Total current liabilities	250,649	197,744
Non-current liabilities:
Long-term debt, less current maturities	451,134	245,402
Deferred income taxes	17,057	12,032
Unrecognized tax benefits	6,253	3,591
Operating lease liabilities	27,882	0
Deferred compensation benefits, net of current portion	12,166	12,878
Other	5,262	372
Total non-current liabilities	519,754	274,275
Contingent liabilities and commitments (Note 12)
Stockholders' equity:
Preferred stock, par value $0.01: Authorized-10,000 shares; Issued-zero	0	0
Common stock, par value $0.50: Authorized-60,000 shares; Issued-51,776 shares	25,888	25,888
Additional paid-in capital	200,751	91,185
Retained earnings	890,994	866,886
Accumulated other comprehensive loss	(543)	(491)
Treasury stock, at cost: 18,153 and 20,262 shares, respectively	(315,566)	(351,256)
Total stockholders' equity	801,524	632,212
Total liabilities and stockholders' equity	$ 1,571,927	$ 1,104,231

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Feb. 29, 2020	Aug. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 381	$ 160
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
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)	60,000,000	60,000,000
Capital stock common, shares issued (in shares)	51,776,000	51,776,000
Treasury stock, at cost, shares (in shares)	18,153,000	20,262,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Feb. 29, 2020	Feb. 23, 2019
Operating activities:
Net income	$ 31,336	$ 43,759
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	7,720	6,268
Amortization of intangible assets	11,588	4,926
Non-cash interest expense, net	4,182	0
Amortization of debt issuance costs	1,457	790
Last-in, first-out expense	664	1,029
Stock-based compensation	3,640	4,605
Deferred income taxes	576	346
Other, net	252	(170)
Change in assets and liabilities:
Receivables	11,734	(15,355)
Inventories	45,275	4,488
Prepaid expenses and other assets	(4,081)	(4,926)
Accounts payable	4,688	11,992
Income taxes and unrecognized tax benefits	(966)	(15,216)
Accrued expenses and other liabilities	1,099	9,402
Net cash provided by operating activities	119,164	51,938
Investing activities:
Purchases of property and equipment	(19,057)	(23,366)
Acquisition of business, net of cash acquired	(264,280)	(702)
Other, net	179	1,044
Net cash used in investing activities	(283,158)	(23,024)
Financing activities:
Borrowings on credit agreement	1,112,294	218,720
Repayments of credit agreement	(1,112,294)	(233,922)
Proceeds from issuance of convertible senior notes	300,000	0
Purchase of convertible note hedge	(70,800)	0
Proceeds from issuance of warrants	42,210	0
Payments on long-term debt	(2,750)	0
Payments of offering costs	(10,761)	0
Payments of cash dividends	(7,174)	(6,713)
Payments for repurchase of common stock	0	(6,620)
Other, net	(1,223)	296
Net cash provided by (used in) financing activities	249,502	(28,239)
Net increase (decrease) in cash and cash equivalents	85,508	675
Cash and cash equivalents at beginning of period	37,431	2,342
Cash and cash equivalents at end of period	122,939	3,017
Supplement cash flow disclosure:
Income taxes paid, net	7,652	30,262
Interest paid	9,938	7,469
Non-cash transactions:
Issuance of Winnebago common stock for acquisition of business	92,572	0
Capital expenditures in accounts payable	$ 118	$ 259

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Shares	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance at Aug. 25, 2018	$ 534,445	$ 25,888	$ 86,223	$ 768,816	$ 892	$ (347,374)
Beginning balance (in shares) at Aug. 25, 2018		51,776				(20,243)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures	4,622		4,565			$ 57
Stock-based compensation, net of forfeitures (in shares)						3
Issuance of stock, net	1,528		(1,152)			$ 2,680
Issuance of stock, net (in shares)						156
Issuance of stock under ESPP	296		46			$ 250
Issuance of stock under ESPP (in shares)						15
Repurchase of common stock	(6,620)					$ (6,620)
Repurchase of common stock (in shares)						(223)
Common stock dividends	(6,724)			(6,724)
Actuarial loss, net of tax	16				16
Interest rate swap activity, net of tax	(656)				(656)
Net income	43,759			43,759
Ending balance at Feb. 23, 2019	570,666	$ 25,888	89,682	805,851	252	$ (351,007)
Ending balance (in shares) at Feb. 23, 2019		51,776				(20,292)
Beginning balance at Nov. 24, 2018	556,478	$ 25,888	88,288	787,794	878	$ (346,370)
Beginning balance (in shares) at Nov. 24, 2018		51,776				(20,178)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures	2,133		2,117			$ 16
Stock-based compensation, net of forfeitures (in shares)						1
Issuance of stock, net	0		(769)			$ 769
Issuance of stock, net (in shares)						45
Issuance of stock under ESPP	296		46			$ 250
Issuance of stock under ESPP (in shares)						15
Repurchase of common stock	(5,672)					$ (5,672)
Repurchase of common stock (in shares)						(175)
Common stock dividends	(3,541)			(3,541)
Actuarial loss, net of tax	8				8
Interest rate swap activity, net of tax	(634)				(634)
Net income	21,598			21,598
Ending balance at Feb. 23, 2019	570,666	$ 25,888	89,682	805,851	252	$ (351,007)
Ending balance (in shares) at Feb. 23, 2019		51,776				(20,292)
Beginning balance at Aug. 31, 2019	632,212	$ 25,888	91,185	866,886	(491)	$ (351,256)
Beginning balance (in shares) at Aug. 31, 2019		51,776				(20,262)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures	3,641		3,624			$ 17
Stock-based compensation, net of forfeitures (in shares)						0
Issuance of stock, net	618		(2,031)			$ 2,649
Issuance of stock, net (in shares)						153
Issuance of stock for acquisition	92,572		57,811			$ 34,761
Issuance of stock for acquisition (in shares)						2,000
Repurchase of common stock	(1,737)					$ (1,737)
Repurchase of common stock (in shares)						(44)
Common stock dividends	(7,228)			(7,228)
Actuarial loss, net of tax	16				16
Interest rate swap activity, net of tax	(68)				(68)
Equity component of convertible senior notes and offering costs, net of tax of $20,840	61,335		61,335
Convertible note hedge purchase, net of tax of $17,417	(53,383)		(53,383)
Warrant transactions	42,210		42,210
Net income	31,336			31,336
Ending balance at Feb. 29, 2020	801,524	$ 25,888	200,751	890,994	(543)	$ (315,566)
Ending balance (in shares) at Feb. 29, 2020		51,776				(18,153)
Beginning balance at Nov. 30, 2019	785,609	$ 25,888	198,733	877,469	(551)	$ (315,930)
Beginning balance (in shares) at Nov. 30, 2019		51,776				(18,177)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures	1,838		1,830			$ 8
Stock-based compensation, net of forfeitures (in shares)						0
Issuance of stock, net	618		188			$ 430
Issuance of stock, net (in shares)						25
Repurchase of common stock	(74)					$ (74)
Repurchase of common stock (in shares)						(1)
Common stock dividends	(3,743)			(3,743)
Actuarial loss, net of tax	8				8
Interest rate swap activity, net of tax	0
Net income	17,268			17,268
Ending balance at Feb. 29, 2020	$ 801,524	$ 25,888	$ 200,751	$ 890,994	$ (543)	$ (315,566)
Ending balance (in shares) at Feb. 29, 2020		51,776				(18,153)

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Feb. 23, 2019	Feb. 29, 2020	Feb. 23, 2019
Statement of Stockholders' Equity [Abstract]
Dividends paid per common share (in dollars per share)	$ 0.11	$ 0.11	$ 0.22	$ 0.21
Equity component of convertible senior notes and offering costs, tax			$ 20,840
Convertible note hedge purchase, tax			$ 17,417

Basis of Presentation

6 Months Ended

Feb. 29, 2020

Accounting Policies [Abstract]

Basis of Presentation

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

In the opinion of management, the accompanying Condensed Consolidated Financial Statements contain all adjustments necessary for a fair presentation as prescribed by accounting principles generally accepted in the United States (“GAAP”). All adjustments were comprised of normal recurring adjustments, except as noted in these Notes to Condensed Consolidated Financial Statements.

Interim results are not necessarily indicative of the results to be expected for the full year. The interim Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2019.

Fiscal Period

We follow a 52-/53-week fiscal year, ending the last Saturday in August. Fiscal 2020 is a 52-week year, while Fiscal 2019 was a 53-week year. The extra (53rd) week in Fiscal 2019 was recognized in our fourth quarter.

Subsequent Events

In preparing the accompanying unaudited Condensed Consolidated Financial Statements, we evaluated subsequent events for potential recognition and disclosure through the date of this filing. There were no material subsequent events, except for the items described below.

Dividend

On March 17, 2020, our Board of Directors declared a quarterly cash dividend of $0.11 per share payable on April 29, 2020 to common stockholders of record at the close of business on April 15, 2020.

Interest Rate Swap

On March 2, 2020, the Company entered into an interest rate swap agreement for an incremental notional amount of $25 million to exchange floating for fixed rate interest payments for our LIBOR-based borrowings. The interest rate swap had a fair value of zero at inception, is effective March 4, 2020 and has been designated as a cash flow hedge. The interest rate swap agreement, with a maturity date of March 4, 2025, converts the Company's interest rate payments on $25 million of variable-rate, 1-month LIBOR-based debt to a fixed interest rate of 1.364%.

On March 6, 2020, the Company entered into an additional interest rate swap agreement for an incremental notional amount of $25 million to exchange floating for fixed rate interest payments for our LIBOR-based borrowings. The interest rate swap had a fair value of zero at inception, is effective March 10, 2020 and has been designated as a cash flow hedge. The interest rate swap agreement, with a maturity date of March 4, 2025, converts the Company's interest rate payments on an incremental $25 million of variable-rate, 1-month LIBOR-based debt to a fixed interest rate of 1.265%.

COVID-19

In March 2020, the World Health Organization declared the outbreak of coronavirus (COVID-19) as a pandemic, which continues to spread throughout the United States. On March 23, 2020, the Company announced that it would temporarily suspend production at its facilities anticipated to last through April 12, 2020. While the Company expects this matter to negatively impact its results of operations, the extent to which the coronavirus may impact its liquidity, financial condition, and results of operations is uncertain.

Recently Adopted Accounting Pronouncements

We adopted Accounting Standard Update (“ASU”) 2016-02, Leases (Topic 842), as of September 1, 2019, using the modified retrospective basis as of the beginning of the period of adoption. In addition, we elected the package of practical expedients permitted under the transition guidance with the new standard, which among other things, allowed us to carry forward the historical lease classification, and we elected the hindsight practical expedient. Adoption of the new standard resulted in the recording of net lease assets and lease liabilities of $33.8 million and $33.4 million, respectively, as of September 1, 2019. The standard did not materially impact our consolidated net earnings and had no impact on our cash flows.

The following table details line items impacted by the adoption of this ASU within the Condensed Consolidated Balance Sheets as of September 1, 2019:


(in thousands)	August 31, 2019 As Reported		ASU 2016-02 Adjustment on September 1, 2019		September 1, 2019 As Adjusted
Assets
Other intangible assets, net	$	256,082	$	(1,310)	$	254,772
Operating lease assets	—		33,811		33,811
Total assets	$	1,104,231	$	32,501	$	1,136,732

Liabilities and Stockholders' Equity
Accrued expenses: Other	$	13,678	$	1,258	$	14,936
Total current liabilities	197,744		1,258		199,002
Operating lease liabilities	—		31,243		31,243
Total non-current liabilities	274,275		31,243		305,518
Total liabilities and stockholders' equity	$	1,104,231	$	32,501	$	1,136,732

Also, in the first quarter of Fiscal 2020, we adopted 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. The adoption of this standard did not materially impact our Condensed Consolidated Financial Statements.

Recently Issued Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board ("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.

In December 2019, the Financial Accounting Standards Board ("FASB") issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740. The standard is effective for annual reporting periods beginning after December 15, 2020 (our Fiscal 2022), including interim periods within those annual reporting periods. We expect to adopt the new guidance in the first quarter of Fiscal 2022, and we do not expect a material impact to our consolidated financial statements.

Business Combinations

6 Months Ended

Feb. 29, 2020

Business Combinations [Abstract]

Business Combinations

Newmar Corporation

On November 8, 2019, pursuant to the terms of the Stock Purchase Agreement dated September 15, 2019 (the "Purchase Agreement"), Winnebago completed the acquisition of 100% of Newmar Corporation, Dutch Real Estate Corp., New-Way Transport, and New-Serv (collectively “Newmar”). Newmar is a leading manufacturer of Class A and Super C motorized recreation vehicles that are sold through an established network of independent authorized dealers throughout North America.

The following table summarizes the total consideration paid for Newmar, noting that it is subject to purchase price adjustments as stipulated in the Purchase Agreement:


(in thousands)	November 8, 2019
Cash	$	267,749
Winnebago Industries shares: 2,000,000 at $46.29	92,572
Total	$	360,321

The cash portion of the purchase price of the acquisition and certain transaction expenses were funded through the private placement of convertible senior notes (as further described in Note 9, Long-Term Debt) and cash on hand. The stock consideration was discounted by 7.0% due to lack of marketability because of the one year lock-up restrictions.

The total purchase price was allocated to the net tangible and intangible assets of Newmar acquired, based on their fair values at the date of the acquisition. We believe that the information provides a reasonable basis for estimating the fair values, but we are waiting for additional information necessary to finalize the working capital adjustment as defined in the purchase agreement and the amounts related to income taxes. Thus, the preliminary measurements of fair value reflected are subject to change. We expect to finalize the valuation and complete the purchase price allocation no later than one year from the acquisition date. The following table summarizes the preliminary fair values assigned to the Newmar net assets acquired and the determination of net assets:


(in thousands)	November 8, 2019
Cash	$	3,469
Accounts receivable	37,147
Inventories	82,621
Prepaid expenses and other assets	9,586
Property, plant, and equipment	31,143
Goodwill	73,929
Other intangible assets	172,100
Total assets acquired	409,995
Accounts payable	14,023
Accrued compensation	4,306
Product warranties	15,147
Promotional	3,593
Other	11,637
Deferred tax liabilities	968
Total liabilities assumed	49,674
Total purchase price	$	360,321

The goodwill, recognized in our Motorhome segment, 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.

The following table summarizes the other intangible assets acquired:


($ in thousands)	November 8, 2019		Useful Life-Years
Trade name	$	98,000	Indefinite
Dealer network	64,000		12.0
Backlog	8,800		0.5
Non-compete agreements	1,300		5.0

The fair value of the trade name and dealer network were estimated using an income approach. Under the income approach, an intangible asset's fair value is equal to the present value of the future economic benefits to be derived from ownership of the asset. The fair value of the trade name was estimated using an income approach, specifically the relief from royalty method. The relief from royalty method is based on the hypothetical royalty stream that would be received if we were to license the trade name and was based on expected revenues. The fair value of the trade name was estimated using an income approach, specifically the cost to recreate/cost saving method. This method uses the replacement of the asset as an indicator of the fair value of the asset. The useful life of the intangibles was determined considering the expected cash flows used to measure the fair value of the intangible assets adjusted for the entity-specific factors including legal, regulatory, contractual, competitive, economic or other factors that may limit the useful life of intangible assets. On the acquisition date, amortizable intangible assets had a weighted-average useful life of approximately 10.5 years.

The results of Newmar's operations have been included in our Condensed Consolidated Financial Statements from the close of the acquisition within the Motorhome segment. The following table provides net revenues and operating income from the Newmar operating segment included in our consolidated results following the November 8, 2019 closing date:


	Three Months Ended		Six Months Ended
(in thousands)	February 29, 2020		February 29, 2020
Net revenues	$	138,416	$	174,079
Operating loss	2,551		3,863

The following unaudited pro forma information represents our results of operations as if the Fiscal 2020 acquisition of Newmar had occurred at the beginning of Fiscal 2019:


	Three Months Ended						Six Months Ended
(in thousands, except per share data)	February 29, 2020		February 23, 2019		February 29, 2020		February 23, 2019
Net revenues	$	626,810	$	579,163	$	1,368,527	$	1,242,949
Net income	23,361		15,841		40,561		26,511
Income per share - basic	$	0.69	$	0.47	$	1.23	$	0.79
Income per share - diluted	$	0.69	$	0.47	$	1.21	$	0.79

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 Newmar had occurred at the beginning of Fiscal 2019:


	Three Months Ended						Six Months Ended
(in thousands)	February 29, 2020		February 23, 2019		February 29, 2020		February 23, 2019
Amortization of intangibles (1 year or less useful life)⁽¹⁾	$	8,023	$	(4,400)	$	10,274	$	(13,610)
Amortization of intangibles⁽²⁾	(6)		(1,394)		(1,059)		(2,789)
Expenses related to business combination (transaction costs)⁽³⁾	—		(648)		9,950		(11,254)
Interest to reflect new debt structure⁽⁴⁾	(304)		(4,624)		(3,671)		(9,170)
Taxes related to the adjustments to the pro forma data and to the income of Newmar⁽⁵⁾	(1,619)		1,530		(2,452)		4,585

(1) Includes amortization adjustments for our backlog intangible asset and our fair-value inventory adjustment.

(2) Includes amortization adjustments for our dealer network and non-compete intangible assets.

(3) Pro forma transaction costs include $0.6 million incurred prior to the acquisition.

(4) Includes adjustments for cash and non-cash interest expense as well as deferred financing costs. Refer to Note 9, Long-Term Debt, for additional information on the Company's new debt structure as a result of the acquisition.

(5) Calculated using our U.S. federal statutory rate of 21.0%.

The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transaction actually taken place at the beginning of Fiscal 2019, 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.

Transaction costs related to the Newmar acquisition were $10.6 million, of which $10.0 million were expensed during the first quarter of Fiscal 2020 and $0.6 million were expensed during the fourth quarter of Fiscal 2019. Transaction costs are included in Selling, general, and administrative expenses in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income.

Business Segments

6 Months Ended

Feb. 29, 2020

Segment Reporting [Abstract]

Business Segments

Business Segments We have six operating segments: 1) Grand Design towables, 2) Winnebago towables, 3) Winnebago motorhomes, 4) Newmar motorhomes, 5) Chris-Craft marine, and 6) 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 Grand Design towables and the Winnebago towables operating segments and 2) Motorhome (comprised of products that include a motorized chassis as well as other related manufactured products and services), which is an aggregation of the Winnebago motorhomes and Newmar motorhomes operating segments.

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 operating segments' 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, of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2019.

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 period to period. Examples of items excluded from Adjusted EBITDA include acquisition-related fair-value inventory step-up, acquisition-related costs, restructuring expenses, and non-operating income.

The following table shows information by reportable segment:


	Three Months Ended						Six Months Ended
(in thousands)	February 29, 2020		February 23, 2019		February 29, 2020		February 23, 2019
Net Revenues
Towable	$	283,463	$	250,691	$	624,713	$	543,524
Motorhome	325,542		164,662		551,433		345,990
Corporate / All Other	17,805		17,337		39,122		36,824
Consolidated	$	626,810	$	432,690	$	1,215,268	$	926,338

Adjusted EBITDA
Towable	$	34,746	$	33,638	$	70,531	$	64,466
Motorhome	14,946		4,359		24,277		16,335
Corporate / All Other	(4,263)		(3,509)		(7,331)		(7,860)
Consolidated	$	45,429	$	34,488	$	87,477	$	72,941

Capital Expenditures
Towable	$	5,640	$	7,648	$	9,666	$	16,525
Motorhome	5,372		2,198		7,612		5,390
Corporate / All Other	1,421		749		1,779		1,451
Consolidated	$	12,433	$	10,595	$	19,057	$	23,366


(in thousands)	February 29, 2020		August 31, 2019
Total Assets
Towable	$	687,718	$	628,994
Motorhome	653,014		332,157
Corporate / All Other	231,195		143,080
Consolidated	$	1,571,927	$	1,104,231

Reconciliation of net income to consolidated Adjusted EBITDA:


	Three Months Ended						Six Months Ended
(in thousands)	February 29, 2020		February 23, 2019		February 29, 2020		February 23, 2019
Net income	$	17,268	$	21,598	$	31,336	$	43,759
Interest expense	8,651		4,346		14,700		8,847
Provision for income taxes	3,995		3,166		7,888		9,892
Depreciation	4,134		3,099		7,720		6,268
Amortization of intangible assets	7,974		2,267		11,588		4,926
EBITDA	42,022		34,476		73,232		73,692
Acquisition-related fair-value inventory step-up	3,634				4,810		—
Acquisition-related costs	—		—		9,950		—
Restructuring expenses	43		219		(129)		219
Non-operating income	(270)		(207)		(386)		(970)
Adjusted EBITDA	$	45,429	$	34,488	$	87,477	$	72,941

Derivatives, Investments, and Fair Value Measurements

6 Months Ended

Feb. 29, 2020

Fair Value Disclosures [Abstract]

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 Accounting Standards Codification ("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 February 29, 2020 and August 31, 2019 according to the valuation techniques we used to determine their fair values:


	Fair Value at		Fair Value Hierarchy
(in thousands)	February 29, 2020		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	435	$	343	$	92	$	—
International equity funds	100		34		66		—
Fixed income funds	173		52		121		—
Total assets at fair value	$	708	$	429	$	279	$	—


	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	$	—

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 primarily 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, of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2019 for additional information regarding these plans.

The proportion of the assets that will fund options which expire within a year are included in Prepaid expenses and other assets in the accompanying Condensed 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 rate swap contract, which effectively fixed our interest rate on our $300.0 million term loan agreement ("Term Loan") for a notional amount that reduced 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%. In the first quarter of Fiscal 2020, we exited the swap contract prior to its expiration on December 8, 2020.

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

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

Our non-financial assets, which include 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 has occurred, the asset is required to be recorded at the estimated fair value. No impairments were recorded for non-financial assets in the second quarter of Fiscal 2020 or the second quarter of Fiscal 2019.

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.

Inventories

6 Months Ended

Feb. 29, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:


(in thousands)	February 29, 2020		August 31, 2019
Finished goods	$	62,569	$	53,417
Work-in-process	110,058		82,926
Raw materials	106,865		105,804
Total	279,492		242,147
Less last-in, first-out ("LIFO") reserve	41,684		41,021
Inventories, net	$	237,808	$	201,126

Inventory valuation methods consist of the following:


(in thousands)	February 29, 2020		August 31, 2019
LIFO basis	$	135,437	$	184,007
First-in, first-out basis	144,055		58,140
Total	$	279,492	$	242,147

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

Property, Plant, and Equipment

6 Months Ended

Feb. 29, 2020

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

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


(in thousands)	February 29, 2020		August 31, 2019
Land	$	10,749	$	6,799
Buildings and building improvements	156,865		119,638
Machinery and equipment	113,957		107,701
Software	29,622		29,169
Transportation	4,212		3,865
Property, plant, and equipment, gross	315,405		267,172
Less accumulated depreciation	145,565		139,600
Property, plant, and equipment, net	$	169,840	$	127,572

Depreciation expense was $4.1 million and $3.1 million during the second quarters of Fiscal 2020 and 2019, respectively; and $7.7 million and $6.3 million during the first six months of Fiscal 2020 and 2019, respectively.

Goodwill and Intangible Assets

6 Months Ended

Feb. 29, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill by segment were as follows for the first six months of Fiscal 2020 and 2019, of which there were no accumulated impairment losses:


(in thousands)	Towable		Motorhome		Corporate / All Other		Total
Balances at August 25, 2018	$	244,684	$	—	$	29,686	$	274,370
Chris-Craft purchase price adjustment⁽¹⁾	—		—		702		702
Balances at February 23, 2019	$	244,684	$	—	$	30,388	$	275,072

Balances at August 31, 2019	$	244,684	$	—	$	30,247	$	274,931
Acquisition of Newmar⁽²⁾	—		73,929		—		73,929
Balances at February 29, 2020	$	244,684	$	73,929	$	30,247	$	348,860

(1) Refer to Note 2, Business Combinations, of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2019 for additional information.

(2) Refer to Note 2, Business Combinations, for additional information.

Other intangible assets, net of accumulated amortization, consist of the following:


		February 29, 2020							August 31, 2019
($ in thousands)	Weighted Average Life-Years	Cost		Accumulated Amortization		Weighted Average Life-Years	Cost		Accumulated Amortization
Trade names	Indefinite	$	275,250			Indefinite	$	177,250
Dealer networks	12.1	159,581		$	25,903	12.2	95,581		$	20,329
Backlog	0.5	28,327		24,991		0.5	19,527		19,527
Non-compete agreements	4.3	6,647		3,626		4.1	5,347		3,077
Leasehold interest-favorable		—		—		8.1	2,000		690
Other intangible assets, gross		469,805		54,520			299,705		43,623
Less accumulated amortization		54,520					43,623
Other intangible assets, net		$	415,285				$	256,082

The weighted average remaining amortization period for intangible assets as of February 29, 2020 was approximately 10 years.

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


(in thousands)	Amount
Fiscal 2020	$	10,517
Fiscal 2021	14,361
Fiscal 2022	13,719
Fiscal 2023	13,526
Fiscal 2024	13,424
Thereafter	74,488
Total amortization expense remaining	$	140,035

Product Warranties

6 Months Ended

Feb. 29, 2020

Product Warranties Disclosures [Abstract]

Product Warranties

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:


	Three Months Ended						Six Months Ended
(in thousands)	February 29, 2020		February 23, 2019		February 29, 2020		February 23, 2019
Balance at beginning of period	$	61,107	$	41,303	$	44,436	$	40,498
Business acquisition⁽¹⁾	—		—		15,147		—
Provision	15,729		9,194		31,047		19,951
Claims paid	(16,625)		(10,192)		(30,419)		(20,144)
Balance at end of period	$	60,211	$	40,305	$	60,211	$	40,305

(1) Refer to Note 2, Business Combinations, for additional information.

Long-Term Debt

6 Months Ended

Feb. 29, 2020

Debt Disclosure [Abstract]

Long-Term Debt

The components of long-term debt are as follows:


(in thousands)	February 29, 2020		August 31, 2019
ABL Credit Facility	$	—	$	—
Term Loan	257,250		260,000
Convertible Notes	300,000		—
Long-term debt, gross	557,250		260,000
Convertible Notes unamortized interest discount	(80,839)		—
Debt issuance costs, net	(11,609)		(5,706)
Long-term debt	464,802		254,294
Less current maturities	13,668		8,892
Long-term debt, less current maturities	$	451,134	$	245,402

Credit Agreements

On November 8, 2016, we entered into a $125.0 million credit facility ("ABL Credit Facility") and a $300.0 million loan agreement ("Term Loan") with JPMorgan Chase Bank, N.A. (the agreements governing the ABL Credit Facility and the Term Loan, collectively the "Credit Agreements"). On October 22, 2019, our ABL Credit Facility was amended and restated to, among other things, increase the commitments thereunder to $192.5 million. The Credit Agreements contain certain financial covenants. As of February 29, 2020, we are in compliance with all financial covenants of the Credit Agreements.

Convertible Notes

On November 1, 2019, we issued $300.0 million in aggregate principal amount of 1.5% unsecured convertible senior notes due 2025 (“Convertible Notes”). The net proceeds from the issuance of the Convertible Notes, after deducting the initial purchasers' transaction fees and offering expense payable by us, were approximately $290.4 million. The Convertible Notes bear interest at the annual rate of 1.5%, payable on April 1 and October 1 of each year, beginning on April 1, 2020, and will mature on April 1, 2025, unless earlier converted or repurchased by us.

The Convertible Notes will be convertible into cash, shares of our common stock or a combination thereof, at our election, at an initial conversion rate of 15.6906 shares of common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $63.73 per share, as adjusted pursuant to the terms of the indenture governing the Convertible Notes (the "Indenture"). The Convertible Notes may be converted at any time on or after October 1, 2024, until the close of business on the second scheduled trading day immediately preceding the maturity date.

The conversion rate of the Convertible Notes may be adjusted in certain circumstances, including in connection with a conversion of the Convertible Notes made following certain fundamental changes and under other circumstances set forth in the Indenture. It is our current intent to settle all conversions of the Convertible Notes through settlement of cash.

Prior to the close of business on the business day immediately preceding October 1, 2024, the Convertible Notes will be convertible only under the following circumstances:

(1) during any fiscal quarter commencing after December 31, 2019 if the closing sale price of the common stock is more than 130% of the applicable conversion price on each applicable trading day for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

(2) during the 5 consecutive business day period after any 5 consecutive trading day period (the "measurement period") in which the trading price per $1,000 principal amount of Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate for the Convertible Notes on each such trading day; or

(3) upon the occurrence of certain specified corporate events set forth in the indenture.

We may not redeem the Convertible Notes at our option prior to the maturity date, and no sinking fund is provided for the Convertible Notes.

On October 29, 2019 and October 30, 2019, in connection with the offering of the Convertible Notes, we entered into privately negotiated convertible note hedge transactions (collectively, the “Hedge Transactions”) that cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the Convertible Notes, and are expected generally to reduce the potential dilution and/or offset any cash payments we are required to make in excess of the principal amount due, as the case may be, upon conversion of the Convertible Notes in the event that the market price of our common stock is greater than the strike price of the Hedge Transactions, which was initially $63.73 per share (subject to adjustment under the terms of the Hedge Transactions), corresponding to the initial conversion price of the Convertible Notes.

On October 29, 2019 and October 30, 2019, we also entered into privately negotiated warrant transactions (collectively, the “Warrant Transactions” and, together with the Hedge Transactions, the “Call Spread Transactions”), whereby we sold warrants at a higher strike price relating to the same number of shares of our common stock that initially underlie the Convertible Notes, subject to customary anti-dilution adjustments. The initial strike price of the warrants is $96.20 per share (subject to adjustment under the terms of the Warrant Transactions), which is 100% above the last reported sale price of our common stock on October 29, 2019. The Warrant Transactions could have a dilutive effect to our stockholders to the extent that the market price per share of our common stock, as measured under the terms of the Warrant Transactions, exceeds the applicable strike price of the warrants.

We used $28.6 million of the net proceeds from the issuance of the Convertible Notes to pay the cost of the Call Spread Transactions.

The Hedge Transactions and the Warrant Transactions are separate transactions, in each case, and are not part of the terms of the Convertible Notes and will not affect any holder’s rights under the Convertible Notes. Holders of the Convertible Notes will not have any rights with respect to the Call Spread Transactions.

Accounting Treatment of the Convertible Notes and Related Hedge Transactions and Warrant Transactions

The Call Spread Transactions were classified as equity. We bifurcated the proceeds from the offering of the Convertible Notes between liability and equity components. On the date of issuance, the liability and equity components were calculated to be approximately $215.0 million and $85.0 million, respectively. The initial $215.0 million liability component was determined based on the fair value of similar debt instruments excluding the conversion feature assuming a hypothetical interest rate of 8%. The initial $85.0 million ($64.1 million net of tax) equity component represents the difference between the fair value of the initial $215.0 million in debt and the $300.0 million of gross proceeds. The related initial debt discount of $85.0 million is being amortized over the life of the Convertible Notes as non-cash interest expense using the effective interest method.

In connection with the above-noted transactions, we incurred approximately $9.6 million of offering-related costs. These offering fees were allocated to the liability and equity components in proportion to the allocation of proceeds and accounted for as debt and equity issuance costs, respectively. We allocated $7.0 million of debt issuance costs to the liability component, which were capitalized as deferred financing costs within Long-term debt. These costs are being amortized as interest expense over the term of the debt using the effective interest method. The remaining $2.6 million of transaction costs allocated to the equity component were recorded as a reduction of the equity component.

Fair Value and Future Maturities

As of February 29, 2020, the fair value of long-term debt, gross, was $581.3 million. As of August 31, 2019, the fair value of long-term debt, gross, approximated the carrying value.

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


(in thousands)	Amount
Fiscal 2020	$	7,500
Fiscal 2021	15,000
Fiscal 2022	15,000
Fiscal 2023	15,000
Fiscal 2024	204,750
Thereafter	300,000
Total Term Loan and Convertible Notes	$	557,250

Leases

6 Months Ended

Feb. 29, 2020

Leases [Abstract]

Leases

Our leases primarily include operating leases for office and manufacturing space and equipment. Our finance leases are primarily for real estate. For any lease with an initial term in excess of 12 months, the related lease assets and liabilities are recognized on the Condensed Consolidated Balance Sheets as either operating or finance leases at the inception of an agreement where it is determined that a lease exists. We have lease agreements that contain both lease and non-lease components, and we have elected to combine lease and non-lease components for all classes of assets. Leases with an initial term of 12 months or less are not recorded on the Condensed Consolidated Balance Sheets; we recognize lease expense for these leases on a straight-line basis over the lease term. When the terms of multiple lease agreements are materially consistent, we have elected the portfolio approach for our asset and liability calculations.

Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are recognized based on the present value of future payments over the lease term at commencement date. We generally use a collateralized incremental borrowing rate based on the information available at commencement date, including lease term, in determining the present value of future payments. Our assumed lease terms generally do not include options to extend or terminate the lease unless it is reasonably certain that the option will be exercised.

Some of our real estate operating leases require payment of real estate taxes, common area maintenance, and insurance. In addition, certain of our leases are subject to annual changes in the consumer price index. These components comprise the majority of our variable lease cost and are excluded from the present value of our lease obligations. Fixed payments may contain predetermined fixed rent escalations. For our operating leases, we recognize the related rent expense on a straight-line basis from the commencement date to the end of the lease term.

The following table details the supplemental balance sheet information related to our leases:


(in thousands)	Classification	February 29, 2020
Assets
Operating leases	Operating lease assets	$	30,460
Finance leases	Other assets	4,686
Total lease assets		$	35,146

Liabilities
Current: Operating leases	Accrued expenses: Other	$	2,500
Current: Finance leases	Accrued expenses: Other	522
Non-Current: Operating leases	Operating lease liabilities	27,882
Non-Current: Finance leases	Non-current liabilities: Other	5,141
Total lease liabilities		$	36,045

The following table details the operating lease cost incurred:


		Three Months Ended		Six Months Ended
(in thousands)	Classification	February 29, 2020		February 29, 2020
Operating lease expense⁽¹⁾	Costs of goods sold and SG&A	$	1,773	$	3,536
Finance lease cost:
Depreciation of lease assets	Costs of goods sold and SG&A	144		187
Interest on lease liabilities	Interest expense	88		119
Total lease cost		$	2,005	$	3,842

(1) Operating lease expense includes short-term leases and variable lease payments, which are immaterial.

Our future lease commitments for future fiscal years as of February 29,2020 included the following related party and non-related party leases:


	Operating Leases								Finance Leases
(in thousands)	Related Party Amount		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2020	$	450	$	1,724	$	2,174	$	426
Fiscal 2021	900		3,299		4,199		855
Fiscal 2022	900		2,983		3,883		851
Fiscal 2023	1,500		2,726		4,226		842
Fiscal 2024	1,800		2,556		4,356		845
Thereafter	9,600		11,893		21,493		3,443
Total future undiscounted lease payments	15,150		25,181		40,331		7,262
Less: Interest	4,210		5,739		9,949		1,599
Total reported lease liabilities	$	10,940	$	19,442	$	30,382	$	5,663

Our future minimum lease payments for future fiscal years as determined prior to the adoption of ASC 842, Leases, and as disclosed in our Annual Report on Form 10-K for the fiscal year ended August 31, 2019, 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

The following table details additional information related to our leases:


	Six Months Ended
(in thousands)	February 29, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,168
Operating cash flows from finance leases	119
Financing cash flows from finance leases	104
Leased assets obtained in exchange for lease liabilities:
Operating leases	1,801
Finance leases⁽¹⁾	5,664

	February 29, 2020
Weighted average remaining lease term (in years):
Operating leases	9.2
Finance leases	8.2
Weighted average discount rate:
Operating leases	6.2		%
Finance leases	6.2		%

(1) Represents the lease liability added. Lease assets are offset by a $1.0 million unfavorable lease liability created by the acquisition of Newmar.

Leases

The following table details the supplemental balance sheet information related to our leases:


(in thousands)	Classification	February 29, 2020
Assets
Operating leases	Operating lease assets	$	30,460
Finance leases	Other assets	4,686
Total lease assets		$	35,146

Liabilities
Current: Operating leases	Accrued expenses: Other	$	2,500
Current: Finance leases	Accrued expenses: Other	522
Non-Current: Operating leases	Operating lease liabilities	27,882
Non-Current: Finance leases	Non-current liabilities: Other	5,141
Total lease liabilities		$	36,045

The following table details the operating lease cost incurred:


		Three Months Ended		Six Months Ended
(in thousands)	Classification	February 29, 2020		February 29, 2020
Operating lease expense⁽¹⁾	Costs of goods sold and SG&A	$	1,773	$	3,536
Finance lease cost:
Depreciation of lease assets	Costs of goods sold and SG&A	144		187
Interest on lease liabilities	Interest expense	88		119
Total lease cost		$	2,005	$	3,842

(1) Operating lease expense includes short-term leases and variable lease payments, which are immaterial.

Our future lease commitments for future fiscal years as of February 29,2020 included the following related party and non-related party leases:


	Operating Leases								Finance Leases
(in thousands)	Related Party Amount		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2020	$	450	$	1,724	$	2,174	$	426
Fiscal 2021	900		3,299		4,199		855
Fiscal 2022	900		2,983		3,883		851
Fiscal 2023	1,500		2,726		4,226		842
Fiscal 2024	1,800		2,556		4,356		845
Thereafter	9,600		11,893		21,493		3,443
Total future undiscounted lease payments	15,150		25,181		40,331		7,262
Less: Interest	4,210		5,739		9,949		1,599
Total reported lease liabilities	$	10,940	$	19,442	$	30,382	$	5,663


	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

The following table details additional information related to our leases:


	Six Months Ended
(in thousands)	February 29, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,168
Operating cash flows from finance leases	119
Financing cash flows from finance leases	104
Leased assets obtained in exchange for lease liabilities:
Operating leases	1,801
Finance leases⁽¹⁾	5,664

	February 29, 2020
Weighted average remaining lease term (in years):
Operating leases	9.2
Finance leases	8.2
Weighted average discount rate:
Operating leases	6.2		%
Finance leases	6.2		%

(1) Represents the lease liability added. Lease assets are offset by a $1.0 million unfavorable lease liability created by the acquisition of Newmar.

Employee and Retiree Benefits

6 Months Ended

Feb. 29, 2020

Retirement Benefits [Abstract]

Employee and Retiree Benefits

Deferred compensation liabilities are as follows:


(in thousands)	February 29, 2020		August 31, 2019
Non-qualified deferred compensation	$	12,259	$	13,093
Supplemental executive retirement plan	2,098		2,072
Executive share option plan	—		12
Executive deferred compensation plan	665		621
Deferred compensation benefits	15,022		15,798
Less current portion⁽¹⁾	2,856		2,920
Deferred compensation benefits, net of current portion	$	12,166	$	12,878

(1) Included in Accrued compensation on the Condensed Consolidated Balance Sheets.

Contingent Liabilities and Commitments	6 Months Ended
Contingent Liabilities and Commitments	Feb. 29, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities and Commitments	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 recreational vehicles or boats to repurchase current inventory if a dealership exits the business. Our total contingent liability on all repurchase agreements was approximately $1.4 billion and $874.9 million at February 29, 2020 and August 31, 2019, 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 Condensed Consolidated Balance Sheets. Our accrued losses on repurchases were $1.3 million and $0.9 million at February 29, 2020 and August 31, 2019, 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. There was no material activity related to repurchase agreements during the first six months ended February 29, 2020 and February 23, 2019. 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.

Revenue

6 Months Ended

Feb. 29, 2020

Revenue from Contract with Customer [Abstract]

Revenue

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


	Three Months Ended						Six Months Ended
(in thousands)	February 29, 2020		February 23, 2019		February 29, 2020		February 23, 2019
Net Revenues
Towable:
Fifth Wheel	$	156,748	$	154,783	$	351,937	$	317,532
Travel Trailer	123,894		92,162		264,357		217,788
Other⁽¹⁾	2,821		3,746		8,419		8,204
Total Towable	283,463		250,691		624,713		543,524
Motorhome:
Class A	179,705		55,000		245,349		103,678
Class B	81,893		52,260		167,349		120,980
Class C	55,657		52,243		122,533		108,385
Other⁽¹⁾	8,287		5,159		16,202		12,947
Total Motorhome	325,542		164,662		551,433		345,990
Corporate / All Other:
Other⁽²⁾	17,805		17,337		39,122		36,824
Total Corporate / All Other	17,805		17,337		39,122		36,824
Consolidated	$	626,810	$	432,690	$	1,215,268	$	926,338

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

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

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 revenue for the second quarter of Fiscal 2020, while one dealer organization accounted for more than 10% of our net revenue for the second quarter of 2019. In addition, none of our dealer organizations accounted for more than 10% of our net revenue for the first six months of Fiscal 2020 or 2019.

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Feb. 29, 2020
Stockholders' Equity Note [Abstract]
Stock-Based Compensation	Stock-Based Compensation 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. Stock-based compensation expense was $2.0 million and $2.1 million during the second quarters of Fiscal 2020 and 2019, respectively, and $3.6 million and $4.6 million during the first six months of Fiscal 2020 and 2019, respectively. Compensation expense is recognized over the requisite service period of the award.

Restructuring

6 Months Ended

Feb. 29, 2020

Restructuring and Related Activities [Abstract]

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
	Three Months Ended						Six Months Ended				Cumulative
(in thousands)	February 29, 2020		February 23, 2019		February 29, 2020		February 23, 2019		February 29, 2020
Cost of goods sold	$	43	$	—	$	(176)	$	—	$	1,548
Selling, general, and administrative expenses	—		219		47		219		266
Restructuring expense	$	43	$	219	$	(129)	$	219	$	1,814

Expenses in the current period mainly include adjustments for facility closure costs. We expect additional net expenses of approximately $0.3 million in Fiscal 2020.

Income Taxes	6 Months Ended
Income Taxes	Feb. 29, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate increased to 20.1% for the first six months ended February 29, 2020 from 18.4% for the first six months ended February 23, 2019 due primarily to the favorable impact in the prior year of research and development tax credits . We file a U.S. Federal tax return, as well as returns in various international and state jurisdictions. As of February 29, 2020, our federal returns from Fiscal 2016 to present are subject to review by the Internal Revenue Service. With limited exception, state returns from Fiscal 2015 to present continue to be subject to review by state taxing jurisdictions. We are currently under review by certain U.S. state tax authorities for Fiscal 2015 through 2018. We believe we have adequately reserved for our exposure to additional payments for uncertain tax positions in our liability for unrecognized tax benefits.

Income Per Share

6 Months Ended

Feb. 29, 2020

Earnings Per Share [Abstract]

Income Per Share

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


	Three Months Ended						Six Months Ended
(in thousands, except per share data)	February 29, 2020		February 23, 2019		February 29, 2020		February 23, 2019
Numerator
Net income	$	17,268	$	21,598	$	31,336	$	43,759

Denominator
Weighted average common shares outstanding	33,614		31,577		32,840		31,572
Dilutive impact of stock compensation awards	304		147		303		183
Weighted average common shares outstanding, assuming dilution	33,918		31,724		33,143		31,755

Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution	45		243		94		212

Basic income per common share	$	0.51	$	0.68	$	0.95	$	1.39
Diluted income per common share	$	0.51	$	0.68	$	0.95	$	1.38

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

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Feb. 29, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended
	February 29, 2020										February 23, 2019
(in thousands)	Defined Benefit Pension Items		Interest Rate Swap		Total		Defined Benefit Pension Items		Interest Rate Swap		Total
Balance at beginning of period	$	(551)	$	—	$	(551)	$	(583)	$	1,461	$	878
Other comprehensive income ("OCI") before reclassifications			—		—		—		(634)		(634)
Amounts reclassified from AOCI	8		—		8		8		—		8
Net current-period OCI	8		—		8		8		(634)		(626)
Balance at end of period	$	(543)	$	—	$	(543)	$	(575)	$	827	$	252

	Six Months Ended
	February 29, 2020										February 23, 2019
(in thousands)	Defined Benefit Pension Items		Interest Rate Swap		Total		Defined Benefit Pension Items		Interest Rate Swap		Total
Balance at beginning of period	$	(559)	$	68	$	(491)	$	(591)	$	1,483	$	892
OCI before reclassifications	—		(68)		(68)		—		(656)		(656)
Amounts reclassified from AOCI	16		—		16		16		—		16
Net current-period OCI	16		(68)		(52)		16		(656)		(640)
Balance at end of period	$	(543)	$	—	$	(543)	$	(575)	$	827	$	252

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


		Three Months Ended						Six Months Ended
(in thousands)	Location on Consolidated Statements of Income and Comprehensive Income	February 29, 2020		February 23, 2019		February 29, 2020		February 23, 2019
Amortization of net actuarial loss	SG&A	$	8	$	8	$	16	$	16

Basis of Presentation (Policies)

6 Months Ended

Feb. 29, 2020

Accounting Policies [Abstract]

Basis of Presentation

Fiscal Period

Subsequent Events

Dividend

On March 17, 2020, our Board of Directors declared a quarterly cash dividend of $0.11 per share payable on April 29, 2020 to common stockholders of record at the close of business on April 15, 2020.

Interest Rate Swap

COVID-19

Recently Adopted/Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

The following table details line items impacted by the adoption of this ASU within the Condensed Consolidated Balance Sheets as of September 1, 2019:


(in thousands)	August 31, 2019 As Reported		ASU 2016-02 Adjustment on September 1, 2019		September 1, 2019 As Adjusted
Assets
Other intangible assets, net	$	256,082	$	(1,310)	$	254,772
Operating lease assets	—		33,811		33,811
Total assets	$	1,104,231	$	32,501	$	1,136,732

Liabilities and Stockholders' Equity
Accrued expenses: Other	$	13,678	$	1,258	$	14,936
Total current liabilities	197,744		1,258		199,002
Operating lease liabilities	—		31,243		31,243
Total non-current liabilities	274,275		31,243		305,518
Total liabilities and stockholders' equity	$	1,104,231	$	32,501	$	1,136,732

Recently Issued Accounting Pronouncements

Basis of Presentation (Tables)

6 Months Ended

Feb. 29, 2020

Accounting Policies [Abstract]

Balance Sheet Impacts By Adoption of Leases Accounting Standard Update

The following table details line items impacted by the adoption of this ASU within the Condensed Consolidated Balance Sheets as of September 1, 2019:


(in thousands)	August 31, 2019 As Reported		ASU 2016-02 Adjustment on September 1, 2019		September 1, 2019 As Adjusted
Assets
Other intangible assets, net	$	256,082	$	(1,310)	$	254,772
Operating lease assets	—		33,811		33,811
Total assets	$	1,104,231	$	32,501	$	1,136,732

Liabilities and Stockholders' Equity
Accrued expenses: Other	$	13,678	$	1,258	$	14,936
Total current liabilities	197,744		1,258		199,002
Operating lease liabilities	—		31,243		31,243
Total non-current liabilities	274,275		31,243		305,518
Total liabilities and stockholders' equity	$	1,104,231	$	32,501	$	1,136,732

Business Combinations (Tables)

6 Months Ended

Feb. 29, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the total consideration paid for Newmar, noting that it is subject to purchase price adjustments as stipulated in the Purchase Agreement:


(in thousands)	November 8, 2019
Cash	$	267,749
Winnebago Industries shares: 2,000,000 at $46.29	92,572
Total	$	360,321

The following table provides net revenues and operating income from the Newmar operating segment included in our consolidated results following the November 8, 2019 closing date:


	Three Months Ended		Six Months Ended
(in thousands)	February 29, 2020		February 29, 2020
Net revenues	$	138,416	$	174,079
Operating loss	2,551		3,863

Schedule of Preliminary Fair Values Assigned

The following table summarizes the preliminary fair values assigned to the Newmar net assets acquired and the determination of net assets:


(in thousands)	November 8, 2019
Cash	$	3,469
Accounts receivable	37,147
Inventories	82,621
Prepaid expenses and other assets	9,586
Property, plant, and equipment	31,143
Goodwill	73,929
Other intangible assets	172,100
Total assets acquired	409,995
Accounts payable	14,023
Accrued compensation	4,306
Product warranties	15,147
Promotional	3,593
Other	11,637
Deferred tax liabilities	968
Total liabilities assumed	49,674
Total purchase price	$	360,321

Schedule of Finite-Lived Intangible Assets

The following table summarizes the other intangible assets acquired:


($ in thousands)	November 8, 2019		Useful Life-Years
Trade name	$	98,000	Indefinite
Dealer network	64,000		12.0
Backlog	8,800		0.5
Non-compete agreements	1,300		5.0

Schedule of Indefinite-lived Intangible Assets

The following table summarizes the other intangible assets acquired:


($ in thousands)	November 8, 2019		Useful Life-Years
Trade name	$	98,000	Indefinite
Dealer network	64,000		12.0
Backlog	8,800		0.5
Non-compete agreements	1,300		5.0

Schedule of Pro Forma Information

The following unaudited pro forma information represents our results of operations as if the Fiscal 2020 acquisition of Newmar had occurred at the beginning of Fiscal 2019:


	Three Months Ended						Six Months Ended
(in thousands, except per share data)	February 29, 2020		February 23, 2019		February 29, 2020		February 23, 2019
Net revenues	$	626,810	$	579,163	$	1,368,527	$	1,242,949
Net income	23,361		15,841		40,561		26,511
Income per share - basic	$	0.69	$	0.47	$	1.23	$	0.79
Income per share - diluted	$	0.69	$	0.47	$	1.21	$	0.79

Pro Forma Data With Non-Recurring Adjustments


	Three Months Ended						Six Months Ended
(in thousands)	February 29, 2020		February 23, 2019		February 29, 2020		February 23, 2019
Amortization of intangibles (1 year or less useful life)⁽¹⁾	$	8,023	$	(4,400)	$	10,274	$	(13,610)
Amortization of intangibles⁽²⁾	(6)		(1,394)		(1,059)		(2,789)
Expenses related to business combination (transaction costs)⁽³⁾	—		(648)		9,950		(11,254)
Interest to reflect new debt structure⁽⁴⁾	(304)		(4,624)		(3,671)		(9,170)
Taxes related to the adjustments to the pro forma data and to the income of Newmar⁽⁵⁾	(1,619)		1,530		(2,452)		4,585

(1) Includes amortization adjustments for our backlog intangible asset and our fair-value inventory adjustment.

(2) Includes amortization adjustments for our dealer network and non-compete intangible assets.

(3) Pro forma transaction costs include $0.6 million incurred prior to the acquisition.

(5) Calculated using our U.S. federal statutory rate of 21.0%.

Business Segments (Tables)

6 Months Ended

Feb. 29, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table shows information by reportable segment:


	Three Months Ended						Six Months Ended
(in thousands)	February 29, 2020		February 23, 2019		February 29, 2020		February 23, 2019
Net Revenues
Towable	$	283,463	$	250,691	$	624,713	$	543,524
Motorhome	325,542		164,662		551,433		345,990
Corporate / All Other	17,805		17,337		39,122		36,824
Consolidated	$	626,810	$	432,690	$	1,215,268	$	926,338

Adjusted EBITDA
Towable	$	34,746	$	33,638	$	70,531	$	64,466
Motorhome	14,946		4,359		24,277		16,335
Corporate / All Other	(4,263)		(3,509)		(7,331)		(7,860)
Consolidated	$	45,429	$	34,488	$	87,477	$	72,941

Capital Expenditures
Towable	$	5,640	$	7,648	$	9,666	$	16,525
Motorhome	5,372		2,198		7,612		5,390
Corporate / All Other	1,421		749		1,779		1,451
Consolidated	$	12,433	$	10,595	$	19,057	$	23,366


(in thousands)	February 29, 2020		August 31, 2019
Total Assets
Towable	$	687,718	$	628,994
Motorhome	653,014		332,157
Corporate / All Other	231,195		143,080
Consolidated	$	1,571,927	$	1,104,231

Reconciliation of net income to consolidated Adjusted EBITDA:


	Three Months Ended						Six Months Ended
(in thousands)	February 29, 2020		February 23, 2019		February 29, 2020		February 23, 2019
Net income	$	17,268	$	21,598	$	31,336	$	43,759
Interest expense	8,651		4,346		14,700		8,847
Provision for income taxes	3,995		3,166		7,888		9,892
Depreciation	4,134		3,099		7,720		6,268
Amortization of intangible assets	7,974		2,267		11,588		4,926
EBITDA	42,022		34,476		73,232		73,692
Acquisition-related fair-value inventory step-up	3,634				4,810		—
Acquisition-related costs	—		—		9,950		—
Restructuring expenses	43		219		(129)		219
Non-operating income	(270)		(207)		(386)		(970)
Adjusted EBITDA	$	45,429	$	34,488	$	87,477	$	72,941

Derivatives, Investments, and Fair Value Measurements (Tables)

6 Months Ended

Feb. 29, 2020

Fair Value Disclosures [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring Basis


	Fair Value at		Fair Value Hierarchy
(in thousands)	February 29, 2020		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	435	$	343	$	92	$	—
International equity funds	100		34		66		—
Fixed income funds	173		52		121		—
Total assets at fair value	$	708	$	429	$	279	$	—


	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	$	—

Inventories (Tables)

6 Months Ended

Feb. 29, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consist of the following:


(in thousands)	February 29, 2020		August 31, 2019
Finished goods	$	62,569	$	53,417
Work-in-process	110,058		82,926
Raw materials	106,865		105,804
Total	279,492		242,147
Less last-in, first-out ("LIFO") reserve	41,684		41,021
Inventories, net	$	237,808	$	201,126

Inventory valuation methods consist of the following:


(in thousands)	February 29, 2020		August 31, 2019
LIFO basis	$	135,437	$	184,007
First-in, first-out basis	144,055		58,140
Total	$	279,492	$	242,147

Property, Plant, and Equipment (Tables)

6 Months Ended

Feb. 29, 2020

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

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


(in thousands)	February 29, 2020		August 31, 2019
Land	$	10,749	$	6,799
Buildings and building improvements	156,865		119,638
Machinery and equipment	113,957		107,701
Software	29,622		29,169
Transportation	4,212		3,865
Property, plant, and equipment, gross	315,405		267,172
Less accumulated depreciation	145,565		139,600
Property, plant, and equipment, net	$	169,840	$	127,572

Goodwill and Intangible Assets (Tables)

6 Months Ended

Feb. 29, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill by segment were as follows for the first six months of Fiscal 2020 and 2019, of which there were no accumulated impairment losses:


(in thousands)	Towable		Motorhome		Corporate / All Other		Total
Balances at August 25, 2018	$	244,684	$	—	$	29,686	$	274,370
Chris-Craft purchase price adjustment⁽¹⁾	—		—		702		702
Balances at February 23, 2019	$	244,684	$	—	$	30,388	$	275,072

Balances at August 31, 2019	$	244,684	$	—	$	30,247	$	274,931
Acquisition of Newmar⁽²⁾	—		73,929		—		73,929
Balances at February 29, 2020	$	244,684	$	73,929	$	30,247	$	348,860

(2) Refer to Note 2, Business Combinations, for additional information.

Schedule of Other Intangible Assets

Other intangible assets, net of accumulated amortization, consist of the following:


		February 29, 2020							August 31, 2019
($ in thousands)	Weighted Average Life-Years	Cost		Accumulated Amortization		Weighted Average Life-Years	Cost		Accumulated Amortization
Trade names	Indefinite	$	275,250			Indefinite	$	177,250
Dealer networks	12.1	159,581		$	25,903	12.2	95,581		$	20,329
Backlog	0.5	28,327		24,991		0.5	19,527		19,527
Non-compete agreements	4.3	6,647		3,626		4.1	5,347		3,077
Leasehold interest-favorable		—		—		8.1	2,000		690
Other intangible assets, gross		469,805		54,520			299,705		43,623
Less accumulated amortization		54,520					43,623
Other intangible assets, net		$	415,285				$	256,082

Schedule of Remaining Estimated Aggregate Annual Amortization Expense

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


(in thousands)	Amount
Fiscal 2020	$	10,517
Fiscal 2021	14,361
Fiscal 2022	13,719
Fiscal 2023	13,526
Fiscal 2024	13,424
Thereafter	74,488
Total amortization expense remaining	$	140,035

Product Warranties (Tables)

6 Months Ended

Feb. 29, 2020

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability

Changes in our product warranty liability are as follows:


	Three Months Ended						Six Months Ended
(in thousands)	February 29, 2020		February 23, 2019		February 29, 2020		February 23, 2019
Balance at beginning of period	$	61,107	$	41,303	$	44,436	$	40,498
Business acquisition⁽¹⁾	—		—		15,147		—
Provision	15,729		9,194		31,047		19,951
Claims paid	(16,625)		(10,192)		(30,419)		(20,144)
Balance at end of period	$	60,211	$	40,305	$	60,211	$	40,305

(1) Refer to Note 2, Business Combinations, for additional information.

Long-Term Debt (Tables)

6 Months Ended

Feb. 29, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The components of long-term debt are as follows:


(in thousands)	February 29, 2020		August 31, 2019
ABL Credit Facility	$	—	$	—
Term Loan	257,250		260,000
Convertible Notes	300,000		—
Long-term debt, gross	557,250		260,000
Convertible Notes unamortized interest discount	(80,839)		—
Debt issuance costs, net	(11,609)		(5,706)
Long-term debt	464,802		254,294
Less current maturities	13,668		8,892
Long-term debt, less current maturities	$	451,134	$	245,402

Schedule of Maturities of Long-term Debt

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


(in thousands)	Amount
Fiscal 2020	$	7,500
Fiscal 2021	15,000
Fiscal 2022	15,000
Fiscal 2023	15,000
Fiscal 2024	204,750
Thereafter	300,000
Total Term Loan and Convertible Notes	$	557,250

- 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

Leases (Tables)

6 Months Ended

Feb. 29, 2020

Leases [Abstract]

Supplemental Balance Sheet Information

The following table details the supplemental balance sheet information related to our leases:


(in thousands)	Classification	February 29, 2020
Assets
Operating leases	Operating lease assets	$	30,460
Finance leases	Other assets	4,686
Total lease assets		$	35,146

Liabilities
Current: Operating leases	Accrued expenses: Other	$	2,500
Current: Finance leases	Accrued expenses: Other	522
Non-Current: Operating leases	Operating lease liabilities	27,882
Non-Current: Finance leases	Non-current liabilities: Other	5,141
Total lease liabilities		$	36,045

Schedule of Lease Costs

The following table details the operating lease cost incurred:


		Three Months Ended		Six Months Ended
(in thousands)	Classification	February 29, 2020		February 29, 2020
Operating lease expense⁽¹⁾	Costs of goods sold and SG&A	$	1,773	$	3,536
Finance lease cost:
Depreciation of lease assets	Costs of goods sold and SG&A	144		187
Interest on lease liabilities	Interest expense	88		119
Total lease cost		$	2,005	$	3,842

(1) Operating lease expense includes short-term leases and variable lease payments, which are immaterial.

The following table details additional information related to our leases:


	Six Months Ended
(in thousands)	February 29, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,168
Operating cash flows from finance leases	119
Financing cash flows from finance leases	104
Leased assets obtained in exchange for lease liabilities:
Operating leases	1,801
Finance leases⁽¹⁾	5,664

	February 29, 2020
Weighted average remaining lease term (in years):
Operating leases	9.2
Finance leases	8.2
Weighted average discount rate:
Operating leases	6.2		%
Finance leases	6.2		%

(1) Represents the lease liability added. Lease assets are offset by a $1.0 million unfavorable lease liability created by the acquisition of Newmar.

Future Lease Commitments for Future Fiscal Years of Operating Leases

Our future lease commitments for future fiscal years as of February 29,2020 included the following related party and non-related party leases:


	Operating Leases								Finance Leases
(in thousands)	Related Party Amount		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2020	$	450	$	1,724	$	2,174	$	426
Fiscal 2021	900		3,299		4,199		855
Fiscal 2022	900		2,983		3,883		851
Fiscal 2023	1,500		2,726		4,226		842
Fiscal 2024	1,800		2,556		4,356		845
Thereafter	9,600		11,893		21,493		3,443
Total future undiscounted lease payments	15,150		25,181		40,331		7,262
Less: Interest	4,210		5,739		9,949		1,599
Total reported lease liabilities	$	10,940	$	19,442	$	30,382	$	5,663

Future Lease Commitments for Future Fiscal Years of Financing Leases

Our future lease commitments for future fiscal years as of February 29,2020 included the following related party and non-related party leases:


	Operating Leases								Finance Leases
(in thousands)	Related Party Amount		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2020	$	450	$	1,724	$	2,174	$	426
Fiscal 2021	900		3,299		4,199		855
Fiscal 2022	900		2,983		3,883		851
Fiscal 2023	1,500		2,726		4,226		842
Fiscal 2024	1,800		2,556		4,356		845
Thereafter	9,600		11,893		21,493		3,443
Total future undiscounted lease payments	15,150		25,181		40,331		7,262
Less: Interest	4,210		5,739		9,949		1,599
Total reported lease liabilities	$	10,940	$	19,442	$	30,382	$	5,663

Schedule of Future Minimum Lease Payments Prior to Adoption of ASC 842


	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

Employee and Retiree Benefits (Tables)

6 Months Ended

Feb. 29, 2020

Retirement Benefits [Abstract]

Schedule of Deferred Compensation Liabilities

Deferred compensation liabilities are as follows:


(in thousands)	February 29, 2020		August 31, 2019
Non-qualified deferred compensation	$	12,259	$	13,093
Supplemental executive retirement plan	2,098		2,072
Executive share option plan	—		12
Executive deferred compensation plan	665		621
Deferred compensation benefits	15,022		15,798
Less current portion⁽¹⁾	2,856		2,920
Deferred compensation benefits, net of current portion	$	12,166	$	12,878

(1) Included in Accrued compensation on the Condensed Consolidated Balance Sheets.

Revenue (Tables)

6 Months Ended

Feb. 29, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


	Three Months Ended						Six Months Ended
(in thousands)	February 29, 2020		February 23, 2019		February 29, 2020		February 23, 2019
Net Revenues
Towable:
Fifth Wheel	$	156,748	$	154,783	$	351,937	$	317,532
Travel Trailer	123,894		92,162		264,357		217,788
Other⁽¹⁾	2,821		3,746		8,419		8,204
Total Towable	283,463		250,691		624,713		543,524
Motorhome:
Class A	179,705		55,000		245,349		103,678
Class B	81,893		52,260		167,349		120,980
Class C	55,657		52,243		122,533		108,385
Other⁽¹⁾	8,287		5,159		16,202		12,947
Total Motorhome	325,542		164,662		551,433		345,990
Corporate / All Other:
Other⁽²⁾	17,805		17,337		39,122		36,824
Total Corporate / All Other	17,805		17,337		39,122		36,824
Consolidated	$	626,810	$	432,690	$	1,215,268	$	926,338

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

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

Restructuring (Tables)

6 Months Ended

Feb. 29, 2020

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges Incurred

The following table details the restructuring charges incurred:


	Motorhome
	Three Months Ended						Six Months Ended				Cumulative
(in thousands)	February 29, 2020		February 23, 2019		February 29, 2020		February 23, 2019		February 29, 2020
Cost of goods sold	$	43	$	—	$	(176)	$	—	$	1,548
Selling, general, and administrative expenses	—		219		47		219		266
Restructuring expense	$	43	$	219	$	(129)	$	219	$	1,814

Income Per Share (Tables)

6 Months Ended

Feb. 29, 2020

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Income Per Share

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


	Three Months Ended						Six Months Ended
(in thousands, except per share data)	February 29, 2020		February 23, 2019		February 29, 2020		February 23, 2019
Numerator
Net income	$	17,268	$	21,598	$	31,336	$	43,759

Denominator
Weighted average common shares outstanding	33,614		31,577		32,840		31,572
Dilutive impact of stock compensation awards	304		147		303		183
Weighted average common shares outstanding, assuming dilution	33,918		31,724		33,143		31,755

Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution	45		243		94		212

Basic income per common share	$	0.51	$	0.68	$	0.95	$	1.39
Diluted income per common share	$	0.51	$	0.68	$	0.95	$	1.38

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Feb. 29, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income By Component

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


	Three Months Ended
	February 29, 2020										February 23, 2019
(in thousands)	Defined Benefit Pension Items		Interest Rate Swap		Total		Defined Benefit Pension Items		Interest Rate Swap		Total
Balance at beginning of period	$	(551)	$	—	$	(551)	$	(583)	$	1,461	$	878
Other comprehensive income ("OCI") before reclassifications			—		—		—		(634)		(634)
Amounts reclassified from AOCI	8		—		8		8		—		8
Net current-period OCI	8		—		8		8		(634)		(626)
Balance at end of period	$	(543)	$	—	$	(543)	$	(575)	$	827	$	252

	Six Months Ended
	February 29, 2020										February 23, 2019
(in thousands)	Defined Benefit Pension Items		Interest Rate Swap		Total		Defined Benefit Pension Items		Interest Rate Swap		Total
Balance at beginning of period	$	(559)	$	68	$	(491)	$	(591)	$	1,483	$	892
OCI before reclassifications	—		(68)		(68)		—		(656)		(656)
Amounts reclassified from AOCI	16		—		16		16		—		16
Net current-period OCI	16		(68)		(52)		16		(656)		(640)
Balance at end of period	$	(543)	$	—	$	(543)	$	(575)	$	827	$	252

Reclassification out of Accumulated Other Comprehensive Income

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


		Three Months Ended						Six Months Ended
(in thousands)	Location on Consolidated Statements of Income and Comprehensive Income	February 29, 2020		February 23, 2019		February 29, 2020		February 23, 2019
Amortization of net actuarial loss	SG&A	$	8	$	8	$	16	$	16

Basis of Presentation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 17, 2020	Mar. 06, 2020	Mar. 02, 2020	Feb. 29, 2020	Sep. 01, 2019	Aug. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets				$ 30,460	$ 33,811	$ 0
Operating lease liabilities				$ 30,382
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets					33,811
Operating lease liabilities					$ 33,400
Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash dividend (in dollars per share)	$ 0.11
Subsequent Event \| Interest Rate Swap
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Notional amount		$ 25,000	$ 25,000
Interest rate, stated percentage		1.265%	1.364%

Basis of Presentation - Balance Sheet Impacts by Adoption of Leases Accounting Standard Update (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Sep. 01, 2019	Aug. 31, 2019
Assets
Other intangible assets, net	$ 415,285	$ 254,772	$ 256,082
Operating lease assets	30,460	33,811	0
Total assets	1,571,927	1,136,732	1,104,231
Liabilities and Stockholders' Equity
Accrued expenses: Other	18,773	14,936	13,678
Total current liabilities	250,649	199,002	197,744
Operating lease liabilities	27,882	31,243	0
Total non-current liabilities	519,754	305,518	274,275
Total liabilities and stockholders' equity	$ 1,571,927	1,136,732	$ 1,104,231
Accounting Standards Update 2016-02
Assets
Other intangible assets, net		(1,310)
Operating lease assets		33,811
Total assets		32,501
Liabilities and Stockholders' Equity
Accrued expenses: Other		1,258
Total current liabilities		1,258
Operating lease liabilities		31,243
Total non-current liabilities		31,243
Total liabilities and stockholders' equity		$ 32,501

Business Combinations - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
	Nov. 08, 2019	Feb. 29, 2020	Nov. 30, 2019	Feb. 23, 2019	Feb. 29, 2020	Feb. 23, 2019
Business Acquisition [Line Items]
Acquisition related costs			$ 600		$ 600
Acquisition-related costs expensed		$ 0		$ 0	9,950	$ 0
Newmar
Business Acquisition [Line Items]
Stock consideration discount	7.00%
Weighted-average useful life	10 years 6 months
Acquisition related costs					10,600
Acquisition-related costs expensed					$ 10,000
Newmar \| Newmar
Business Acquisition [Line Items]
Percent of voting interest acquired	100.00%

Business Combinations - Consideration Paid and Net Revenues and Operating Income (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Nov. 08, 2019	Feb. 29, 2020	Feb. 23, 2019	Feb. 29, 2020	Feb. 23, 2019
Business Acquisition [Line Items]
Net revenues		$ 626,810	$ 432,690	$ 1,215,268	$ 926,338
Operating loss		(29,644)	$ (28,903)	(53,538)	$ (61,528)
Newmar
Business Acquisition [Line Items]
Cash	$ 267,749
Winnebago Industries shares: 2,000,000 at $46.29	92,572
Total	$ 360,321
Number of shares in business combination (in shares)	2,000,000
Share price in business combination (in dollars per share)	$ 46.29
Motorhome \| Newmar
Business Acquisition [Line Items]
Net revenues		138,416		174,079
Operating loss		$ 2,551		$ 3,863

Business Combinations Business Combinations - Schedule of Preliminary Fair Values Assigned (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Nov. 08, 2019	Aug. 31, 2019	Feb. 23, 2019	Aug. 25, 2018
Business Acquisition [Line Items]
Goodwill	$ 348,860		$ 274,931	$ 275,072	$ 274,370
Newmar
Business Acquisition [Line Items]
Cash		$ 3,469
Accounts receivable		37,147
Inventories		82,621
Prepaid expenses and other assets		9,586
Property, plant, and equipment		31,143
Goodwill		73,929
Other intangible assets		172,100
Total assets acquired		409,995
Accounts payable		14,023
Accrued compensation		4,306
Product warranties		15,147
Promotional		3,593
Other		11,637
Deferred tax liabilities		968
Total liabilities assumed		49,674
Total purchase price		$ 360,321

Business Combinations - Schedule of Intangible Assets (Details) - Newmar $ in Thousands	Nov. 08, 2019 USD ($)
Business Acquisition [Line Items]
Other intangible assets	$ 172,100
Dealer network
Business Acquisition [Line Items]
Other intangible assets	$ 64,000
Useful Life-Years	12 years
Backlog
Business Acquisition [Line Items]
Other intangible assets	$ 8,800
Useful Life-Years	6 months
Non-compete agreements
Business Acquisition [Line Items]
Other intangible assets	$ 1,300
Useful Life-Years	5 years
Trade name
Business Acquisition [Line Items]
Other intangible assets	$ 98,000

Business Combinations - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Feb. 29, 2020	Nov. 30, 2019	Feb. 23, 2019	Feb. 29, 2020	Feb. 23, 2019
Business Acquisition [Line Items]
Acquisition related costs		$ 600		$ 600
Newmar
Business Acquisition [Line Items]
Pro forma net revenues	$ 626,810		$ 579,163	1,368,527	$ 1,242,949
Pro forma net income	$ 23,361		$ 15,841	$ 40,561	$ 26,511
Pro forma income per share - basic (in dollars per share)	$ 0.69		$ 0.47	$ 1.23	$ 0.79
Pro forma income per share - diluted (in dollars per share)	$ 0.69		$ 0.47	$ 1.21	$ 0.79
Acquisition related costs				$ 10,600
Newmar \| Amortization of intangibles (1 year or less useful life)
Business Acquisition [Line Items]
Nonrecurring adjustments	$ 8,023		$ (4,400)	10,274	$ (13,610)
Newmar \| Increase in amortization of intangibles
Business Acquisition [Line Items]
Nonrecurring adjustments	(6)		(1,394)	(1,059)	(2,789)
Newmar \| Expenses related to business combination (transaction costs)
Business Acquisition [Line Items]
Nonrecurring adjustments	0		(648)	9,950	(11,254)
Newmar \| Interest to reflect new debt structure
Business Acquisition [Line Items]
Nonrecurring adjustments	(304)		(4,624)	(3,671)	(9,170)
Newmar \| Taxes related to the adjustments to the pro forma data and to the income of Newmar
Business Acquisition [Line Items]
Nonrecurring adjustments	$ (1,619)		$ 1,530	$ (2,452)	$ 4,585

Business Segments (Details) $ in Thousands	3 Months Ended			6 Months Ended
Business Segments (Details) $ in Thousands	Feb. 29, 2020 USD ($)	Feb. 23, 2019 USD ($)	Feb. 24, 2018 USD ($)	Feb. 29, 2020 USD ($) segment	Feb. 23, 2019 USD ($)	Sep. 01, 2019 USD ($)	Aug. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment				6
Number of reportable segments \| segment				2
Net Revenues	$ 626,810	$ 432,690		$ 1,215,268	$ 926,338
Adjusted EBITDA	45,429	34,488		87,477	72,941
Capital Expenditures	12,433	10,595		19,057	23,366
Total Assets	1,571,927			1,571,927		$ 1,136,732	$ 1,104,231
Net income	17,268	21,598		31,336	43,759
Interest expense	8,651	4,346		14,700	8,847
Provision for income taxes	3,995	3,166		7,888	9,892
Depreciation	4,134	3,099	$ 3,100	7,720	6,268
Amortization of intangible assets	7,974	2,267		11,588	4,926
EBITDA	42,022	34,476		73,232	73,692
Acquisition-related fair-value inventory step-up	3,634			4,810	0
Acquisition-related costs	0	0		9,950	0
Restructuring expenses	43	219		(129)	219
Non-operating income	(270)	(207)		(386)	(970)
Operating Segments \| Towable
Segment Reporting Information [Line Items]
Net Revenues	283,463	250,691		624,713	543,524
Adjusted EBITDA	34,746	33,638		70,531	64,466
Capital Expenditures	5,640	7,648		9,666	16,525
Total Assets	687,718			687,718			628,994
Operating Segments \| Motorhome
Segment Reporting Information [Line Items]
Net Revenues	325,542	164,662		551,433	345,990
Adjusted EBITDA	14,946	4,359		24,277	16,335
Capital Expenditures	5,372	2,198		7,612	5,390
Total Assets	653,014			653,014			332,157
Corporate / All Other
Segment Reporting Information [Line Items]
Net Revenues	17,805	17,337		39,122	36,824
Adjusted EBITDA	(4,263)	(3,509)		(7,331)	(7,860)
Capital Expenditures	1,421	$ 749		1,779	$ 1,451
Total Assets	$ 231,195			$ 231,195			$ 143,080

Derivatives, Investments, and Fair Value Measurements - Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Feb. 29, 2020	Aug. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Domestic equity funds	$ 435	$ 373
International equity funds	100	101
Fixed income funds	173	155
Interest rate swap contract		90
Total assets at fair value	708	719
Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Domestic equity funds	343	288
International equity funds	34	45
Fixed income funds	52	54
Interest rate swap contract		0
Total assets at fair value	429	387
Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Domestic equity funds	92	85
International equity funds	66	56
Fixed income funds	121	101
Interest rate swap contract		90
Total assets at fair value	279	332
Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Domestic equity funds	0	0
International equity funds	0	0
Fixed income funds	0	0
Interest rate swap contract		0
Total assets at fair value	$ 0	$ 0

Derivatives, Investments, and Fair Value Measurements - Narrative (Details) - USD ($)	6 Months Ended
	Feb. 29, 2020	Feb. 23, 2019	Aug. 31, 2019	Jan. 23, 2017
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment charges	$ 0	$ 0
Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt amount				$ 300,000,000.0
Term Loan \| Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount			$ 120,000,000.0
Interest rate, stated percentage			5.32%

- Schedule of Inventories (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Aug. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 62,569	$ 53,417
Work-in-process	110,058	82,926
Raw materials	106,865	105,804
Total	279,492	242,147
Less last-in, first-out ("LIFO") reserve	41,684	41,021
Inventories, net	$ 237,808	$ 201,126

Inventories - Inventory Valuation Methods (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Aug. 31, 2019
Inventory Disclosure [Abstract]
LIFO basis	$ 135,437	$ 184,007
First-in, first-out basis	144,055	58,140
Total	$ 279,492	$ 242,147

Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Feb. 29, 2020	Feb. 23, 2019	Feb. 24, 2018	Feb. 29, 2020	Feb. 23, 2019	Aug. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 315,405			$ 315,405		$ 267,172
Less accumulated depreciation	145,565			145,565		139,600
Property, plant, and equipment, net	169,840			169,840		127,572
Depreciation	4,134	$ 3,099	$ 3,100	7,720	$ 6,268
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	10,749			10,749		6,799
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	156,865			156,865		119,638
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	113,957			113,957		107,701
Software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	29,622			29,622		29,169
Transportation
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 4,212			$ 4,212		$ 3,865

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Feb. 29, 2020	Feb. 23, 2019
Goodwill [Roll Forward]
Beginning balance	$ 274,931	$ 274,370
Chris-Craft purchase price adjustment		702
Acquisition of Newmar	73,929
Ending balance	348,860	275,072
Towable
Goodwill [Roll Forward]
Beginning balance	244,684	244,684
Chris-Craft purchase price adjustment		0
Acquisition of Newmar	0
Ending balance	244,684	244,684
Motorhome
Goodwill [Roll Forward]
Beginning balance	0	0
Chris-Craft purchase price adjustment		0
Acquisition of Newmar	73,929
Ending balance	73,929	0
Corporate / All Other
Goodwill [Roll Forward]
Beginning balance	30,247	29,686
Chris-Craft purchase price adjustment		702
Acquisition of Newmar	0
Ending balance	$ 30,247	$ 30,388

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Feb. 29, 2020	Aug. 31, 2019	Sep. 01, 2019
Schedule of Intangible Assets [Line Items]
Other intangible assets, gross	$ 469,805	$ 299,705
Accumulated Amortization	54,520	43,623
Other intangible assets, net	$ 415,285	$ 256,082	$ 254,772
Weighted average remaining amortization period	10 years
Dealer networks
Schedule of Intangible Assets [Line Items]
Weighted Average Life-Years	12 years 1 month 6 days	12 years 2 months 12 days
Other intangible assets, gross	$ 159,581	$ 95,581
Accumulated Amortization	$ 25,903	$ 20,329
Backlog
Schedule of Intangible Assets [Line Items]
Weighted Average Life-Years	6 months	6 months
Other intangible assets, gross	$ 28,327	$ 19,527
Accumulated Amortization	$ 24,991	$ 19,527
Non-compete agreements
Schedule of Intangible Assets [Line Items]
Weighted Average Life-Years	4 years 3 months 18 days	4 years 1 month 6 days
Other intangible assets, gross	$ 6,647	$ 5,347
Accumulated Amortization	3,626	$ 3,077
Leasehold interest-favorable
Schedule of Intangible Assets [Line Items]
Weighted Average Life-Years		8 years 1 month 6 days
Other intangible assets, gross	0	$ 2,000
Accumulated Amortization	0	690
Trade names
Schedule of Intangible Assets [Line Items]
Other intangible assets, gross	$ 275,250	$ 177,250

Goodwill and Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Thousands	Feb. 29, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Fiscal 2020	$ 10,517
Fiscal 2021	14,361
Fiscal 2022	13,719
Fiscal 2023	13,526
Fiscal 2024	13,424
Thereafter	74,488
Total amortization expense remaining	$ 140,035

Product Warranties - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Feb. 23, 2019	Feb. 29, 2020	Feb. 23, 2019
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 61,107	$ 41,303	$ 44,436	$ 40,498
Business acquisition	0	0	15,147	0
Provision	15,729	9,194	31,047	19,951
Claims paid	(16,625)	(10,192)	(30,419)	(20,144)
Balance at end of period	$ 60,211	$ 40,305	$ 60,211	$ 40,305

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Aug. 31, 2019
Debt Instrument [Line Items]
Long-term debt, gross	$ 557,250	$ 260,000
Convertible Notes unamortized interest discount	(80,839)	0
Debt issuance costs, net	(11,609)	(5,706)
Long-term debt	464,802	254,294
Less current maturities	13,668	8,892
Long-term debt, less current maturities	451,134	245,402
ABL Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	0	0
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	257,250	260,000
Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 300,000	$ 0

Long-Term Debt - Credit Agreements Narrative (Details) - USD ($)	Oct. 22, 2019	Jan. 23, 2017	Nov. 08, 2016
Term Loan
Debt Instrument [Line Items]
Debt amount		$ 300,000,000.0
ABL Credit Facility
Debt Instrument [Line Items]
Credit facility amount	$ 192,500,000		$ 125,000,000.0

Long-Term Debt - Convertible Notes Narrative (Details)	Nov. 01, 2019 USD ($) trading_day $ / shares	Oct. 30, 2019 USD ($) $ / shares	Feb. 29, 2020 USD ($)	Aug. 31, 2019 USD ($)
Debt Instrument [Line Items]
Offering-related costs			$ 11,609,000	$ 5,706,000
Call Spread Transactions
Debt Instrument [Line Items]
Percentage increase of strike price		100.00%
Equity component of issuance			85,000,000.0
Equity component of issuance, net of tax			64,100,000
Offering-related costs			9,600,000
Deferred offering costs classified as liability			7,000,000.0
Deferred offering costs classified as equity			2,600,000
Call Spread Transactions \| Warrant
Debt Instrument [Line Items]
Strike price (in dollars per share) \| $ / shares		$ 96.20
Convertible Notes
Debt Instrument [Line Items]
Debt amount	$ 300,000,000.0		300,000,000.0
Interest rate, stated percentage	1.50%
Proceeds from issuance of notes	$ 290,400,000
Conversion rate	15.6906
Conversion price (in dollars per share) \| $ / shares	$ 63.73
Number of consecutive trading days \| trading_day	30
Consecutive trading days \| trading_day	5
Convertible Notes \| Convertible Note Hedge Transactions
Debt Instrument [Line Items]
Strike price (in dollars per share) \| $ / shares		$ 63.73
Convertible Notes \| Call Spread Transactions
Debt Instrument [Line Items]
Debt amount			$ 215,000,000.0
Interest rate, stated percentage			8.00%
Proceeds from issuance of notes		$ 28,600,000
Convertible Notes \| Minimum
Debt Instrument [Line Items]
Percentage of the conversion price	130.00%
Number of trading days \| trading_day	20
Convertible Notes \| Maximum
Debt Instrument [Line Items]
Percentage of the conversion price	98.00%

Long-Term Debt - Long-Term Debt Contractual Maturities (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Aug. 31, 2019
Debt Instrument [Line Items]
Fair value of long-term debt, gross	$ 581,300
Total Term Loan and Convertible Notes	557,250	$ 260,000
Term Loan and Convertible Notes
Debt Instrument [Line Items]
Fiscal 2020	7,500
Fiscal 2021	15,000
Fiscal 2022	15,000
Fiscal 2023	15,000
Fiscal 2024	204,750
Thereafter	300,000
Total Term Loan and Convertible Notes	$ 557,250

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Sep. 01, 2019	Aug. 31, 2019
Assets
Operating leases	$ 30,460	$ 33,811	$ 0
Finance leases	4,686
Total lease assets	35,146
Liabilities
Current: Operating leases	2,500
Current: Finance leases	522
Non-Current: Operating leases	27,882	$ 31,243	$ 0
Non-Current: Finance leases	5,141
Total lease liabilities	$ 36,045

Leases - Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Feb. 29, 2020	Feb. 29, 2020
Leases [Abstract]
Operating lease expense	$ 1,773	$ 3,536
Finance lease cost:
Depreciation of lease assets	144	187
Interest on lease liabilities	88	119
Total lease cost	$ 2,005	$ 3,842

Leases - Future Lease Commitments for Future Fiscal Years (Details) $ in Thousands	Feb. 29, 2020 USD ($)
Operating Leases
Fiscal 2020	$ 2,174
Fiscal 2021	4,199
Fiscal 2022	3,883
Fiscal 2023	4,226
Fiscal 2024	4,356
Thereafter	21,493
Total future undiscounted lease payments	40,331
Less: Interest	9,949
Total reported lease liabilities	30,382
Related Party Amount
Operating Leases
Fiscal 2020	450
Fiscal 2021	900
Fiscal 2022	900
Fiscal 2023	1,500
Fiscal 2024	1,800
Thereafter	9,600
Total future undiscounted lease payments	15,150
Less: Interest	4,210
Total reported lease liabilities	10,940
Non-Related Party Amount
Operating Leases
Fiscal 2020	1,724
Fiscal 2021	3,299
Fiscal 2022	2,983
Fiscal 2023	2,726
Fiscal 2024	2,556
Thereafter	11,893
Total future undiscounted lease payments	25,181
Less: Interest	5,739
Total reported lease liabilities	19,442
Finance Leases
Fiscal 2020	426
Fiscal 2021	855
Fiscal 2022	851
Fiscal 2023	842
Fiscal 2024	845
Thereafter	3,443
Total future undiscounted lease payments	7,262
Less: Interest	1,599
Total reported lease liabilities	$ 5,663

Leases - Future Minimum Lease Payments Prior to 842 Adoption (Details) $ in Thousands	Aug. 31, 2019 USD ($)
Related Party Transaction [Line Items]
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
Related Party Amount
Related Party Transaction [Line Items]
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
Non-Related Party Amount
Related Party Transaction [Line Items]
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

Leases - Additional Lease Costs (Details) $ in Thousands	6 Months Ended
Leases - Additional Lease Costs (Details) $ in Thousands	Feb. 29, 2020 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,168
Operating cash flows from finance leases	119
Financing cash flows from finance leases	104
Leased assets obtained in exchange for lease liabilities:
Leased assets obtained in exchange for lease liabilities:	1,801
Finance leases	$ 5,664
Weighted average remaining lease term (in years):
Weighted average remaining lease term (in years):	9 years 2 months 12 days
Finance Lease, Weighted Average Remaining Lease Term	8 years 2 months 12 days
Weighted average discount rate:
Weighted average discount rate:	6.20%
Finance leases	6.20%
Unfavorable lease liability	$ 1,000

Employee and Retiree Benefits - Schedule of Deferred Compensation Benefits (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Aug. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Non-qualified deferred compensation	$ 12,259	$ 13,093
Supplemental executive retirement plan	2,098	2,072
Executive share option plan	0	12
Executive deferred compensation plan	665	621
Deferred compensation benefits	15,022	15,798
Less current portion	2,856	2,920
Deferred compensation benefits, net of current portion	$ 12,166	$ 12,878

Contingent Liabilities and Commitments - Repurchase Commitments Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Feb. 29, 2020	Aug. 31, 2019
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Repurchase agreement term	24 months
Accrued loss on repurchases	$ 1.3	$ 0.9
Obligation to Repurchase from Dealers
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Contingent liability on repurchase agreements	$ 1,400.0	$ 874.9

Revenue - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Feb. 23, 2019	Feb. 29, 2020	Feb. 23, 2019
Disaggregation of Revenue [Line Items]
Net revenues	$ 626,810	$ 432,690	$ 1,215,268	$ 926,338
Operating Segments \| Towable
Disaggregation of Revenue [Line Items]
Net revenues	283,463	250,691	624,713	543,524
Operating Segments \| Towable \| Fifth Wheel
Disaggregation of Revenue [Line Items]
Net revenues	156,748	154,783	351,937	317,532
Operating Segments \| Towable \| Travel Trailer
Disaggregation of Revenue [Line Items]
Net revenues	123,894	92,162	264,357	217,788
Operating Segments \| Towable \| Other
Disaggregation of Revenue [Line Items]
Net revenues	2,821	3,746	8,419	8,204
Operating Segments \| Motorhome
Disaggregation of Revenue [Line Items]
Net revenues	325,542	164,662	551,433	345,990
Operating Segments \| Motorhome \| Other
Disaggregation of Revenue [Line Items]
Net revenues	8,287	5,159	16,202	12,947
Operating Segments \| Motorhome \| Class A
Disaggregation of Revenue [Line Items]
Net revenues	179,705	55,000	245,349	103,678
Operating Segments \| Motorhome \| Class B
Disaggregation of Revenue [Line Items]
Net revenues	81,893	52,260	167,349	120,980
Operating Segments \| Motorhome \| Class C
Disaggregation of Revenue [Line Items]
Net revenues	55,657	52,243	122,533	108,385
Corporate / All Other
Disaggregation of Revenue [Line Items]
Net revenues	17,805	17,337	39,122	36,824
Corporate / All Other \| Other
Disaggregation of Revenue [Line Items]
Net revenues	$ 17,805	$ 17,337	$ 39,122	$ 36,824

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Feb. 23, 2019	Feb. 29, 2020	Feb. 23, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 2,000	$ 2,100	$ 3,640	$ 4,605
Incentive Compensation Plan 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued under the plan (in shares)		4.1		4.1

Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Restructuring (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Feb. 23, 2019	Feb. 29, 2020	Feb. 23, 2019	Aug. 29, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 43	$ 219	$ (129)	$ 219
Junction City, OR Production Site
Restructuring Cost and Reserve [Line Items]
Restructuring expenses			1,814
Cost of goods sold \| Junction City, OR Production Site
Restructuring Cost and Reserve [Line Items]
Restructuring expenses			1,548
Selling, general, and administrative expenses \| Junction City, OR Production Site
Restructuring Cost and Reserve [Line Items]
Restructuring expenses			266
Motorhome \| Junction City, OR Production Site
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	43	219	(129)	219
Motorhome \| Junction City, OR Production Site \| Forecast
Restructuring Cost and Reserve [Line Items]
Restructuring expenses					$ 300
Motorhome \| Cost of goods sold \| Junction City, OR Production Site
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	43	0	(176)	0
Motorhome \| Selling, general, and administrative expenses \| Junction City, OR Production Site
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 0	$ 219	$ 47	$ 219

Income Taxes - Narrative (Details)	6 Months Ended
Income Taxes - Narrative (Details)	Feb. 29, 2020	Feb. 23, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	20.10%	18.40%

Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Feb. 23, 2019	Feb. 29, 2020	Feb. 23, 2019
Numerator
Net income	$ 17,268	$ 21,598	$ 31,336	$ 43,759
Denominator
Weighted average common shares outstanding (in shares)	33,614,000	31,577,000	32,840,000	31,572,000
Dilutive impact of stock compensation awards (in shares)	304,000	147,000	303,000	183,000
Weighted average common shares outstanding, assuming dilution (in shares)	33,918,000	31,724,000	33,143,000	31,755,000
Basic income per common share (in dollars per share)	$ 0.51	$ 0.68	$ 0.95	$ 1.39
Diluted income per common share (in dollars per share)	$ 0.51	$ 0.68	$ 0.95	$ 1.38
Share-based Payment Arrangement, Option
Denominator
Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution (in shares)	45,000	243,000	94,000	212,000

Accumulated Other Comprehensive Income (Loss) - Changes in AOCI by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Feb. 23, 2019	Feb. 29, 2020	Feb. 23, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period			$ (491)
OCI before reclassifications	$ 0		(68)
OCI before reclassifications		$ (634)		$ (656)
Amounts reclassified from AOCI	8	8	16	16
Net current-period OCI	8	(626)	(52)	(640)
Balance at end of period	(543)		(543)
Defined Benefit Pension Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(551)	(583)	(559)	(591)
OCI before reclassifications			0
OCI before reclassifications		0		0
Amounts reclassified from AOCI	8	8	16	16
Net current-period OCI	8	8	16	16
Balance at end of period	(543)	(575)	(543)	(575)
Interest Rate Swap
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	0	1,461	68	1,483
OCI before reclassifications	0		(68)
OCI before reclassifications		(634)		(656)
Amounts reclassified from AOCI	0	0	0	0
Net current-period OCI	0	(634)	(68)	(656)
Balance at end of period	0	827	0	827
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(551)	878	(491)	892
OCI before reclassifications		(634)		(656)
Balance at end of period	$ (543)	$ 252	$ (543)	$ 252

Accumulated Other Comprehensive Income (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Feb. 23, 2019	Feb. 29, 2020	Feb. 23, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial loss	$ 8	$ 8	$ 16	$ 16
Reclassification out of Accumulated Other Comprehensive Income \| Selling, general, and administrative expenses \| Amortization of net actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial loss	$ 8	$ 8	$ 16	$ 16