0000107687-20-000035 | 10-K | XBRL Viewer

Goodwill and Intangible Assets (Tables)

12 Months Ended

Aug. 29, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in carrying amount of goodwill by segment were as follows in Fiscal 2020, 2019, and 2018:


(in thousands)	Towable		Motorhome		Corporate / All Other		Total
Balances at August 26, 2017	$	242,728	$	—	$	—	$	242,728
Grand Design purchase price adjustment	1,956		—		—		1,956
Acquisition of Chris-Craft⁽¹⁾	—		—		29,686		29,686
Balances at August 25, 2018	$	244,684	$	—	$	29,686	$	274,370
Chris-Craft purchase price adjustment⁽¹⁾	—		—		561		561
Balances at August 31, 2019	$	244,684	$	—	$	30,247	$	274,931
Acquisition of Newmar⁽¹⁾	—		73,127		—		73,127
Balances at August 29, 2020	$	244,684	$	73,127	$	30,247	$	348,058

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

Schedule of Other Intangible Assets

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


	August 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	12.2	159,581		$	32,487	12.2	95,581		$	20,329
Backlog	0.5	28,327		28,327		0.5	19,527		19,527
Non-compete agreements	4.1	6,647		4,223		4.1	5,347		3,077
Leasehold interest-favorable	0	—		—		8.1	2,000		690
Other intangible assets, gross		469,805		65,037			299,705		43,623
Less accumulated amortization		65,037					43,623
Other intangible assets, net		$	404,768				$	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 2021	$	14,361
Fiscal 2022	13,719
Fiscal 2023	13,526
Fiscal 2024	13,424
Fiscal 2025	13,219
Thereafter	61,269
Total amortization expense remaining	$	129,518

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Income Statement [Abstract]
Net revenues	$ 2,355,533	$ 1,985,674	$ 2,016,829
Cost of goods sold	2,042,605	1,678,477	1,716,993
Gross profit	312,928	307,197	299,836
Selling, general, and administrative expenses	177,061	142,295	130,116
Amortization of intangible assets	22,104	9,635	9,328
Total operating expenses	199,165	151,930	139,444
Operating income	113,763	155,267	160,392
Interest expense	37,461	17,939	18,246
Non-operating income	(974)	(1,581)	(494)
Income before income taxes	77,276	138,909	142,640
Provision for income taxes	15,834	27,111	40,283
Net income	$ 61,442	$ 111,798	$ 102,357
Income per common share:
Basic (in dollars per share)	$ 1.85	$ 3.55	$ 3.24
Diluted (in dollars per share)	$ 1.84	$ 3.52	$ 3.22
Weighted average common shares outstanding:
Basic (in shares)	33,236	31,536	31,596
Diluted (in shares)	33,454	31,721	31,814
Other comprehensive (loss) income:
Amortization of net actuarial loss (net of tax of $12, $10, and $11)	$ 33	$ 32	$ 27
Change in fair value of interest rate swap (net of tax of $22, $454, and $840)	(68)
Change in fair value of interest rate swap (net of tax of $22, $454, and $840)		(1,415)	1,947
Total other comprehensive (loss) income	(35)	(1,383)	1,974
Comprehensive income	$ 61,407	$ 110,415	$ 104,331

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Aug. 29, 2020	Aug. 31, 2019
Current assets:
Receivables, less allowance for doubtful accounts	$ 353	$ 160
Stockholders' equity:
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)	18,133,000	20,262,000

Business Combination - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Nov. 08, 2019	May 30, 2020	Aug. 31, 2019	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018	Jun. 04, 2018
Business Acquisition [Line Items]
Transaction costs			$ 600	$ 600
Transaction costs expensed				9,761	$ 0	$ 2,177
Newmar Corporation
Business Acquisition [Line Items]
Percent of voting interest acquired	100.00%
Stock consideration discount	7.00%
Purchase price adjustments		$ 3,300
Weighted-average useful life	10 years 6 months
Transaction costs				10,400
Transaction costs expensed				$ 9,800
Chris-Craft USA, Inc.
Business Acquisition [Line Items]
Percent of voting interest acquired							100.00%

Long-Term Debt - Convertible Notes Narrative (Details)	Nov. 01, 2019 USD ($) day $ / shares	Oct. 30, 2019 USD ($) $ / shares	Aug. 29, 2020 USD ($)	Aug. 31, 2019 USD ($)
Debt Instrument [Line Items]
Offering-related costs			$ 13,076,000	$ 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	9,800,000
Deferred offering costs classified as liability	7,000,000.0
Deferred offering costs classified as equity	2,800,000
Call Spread Transactions \| Warrant
Debt Instrument [Line Items]
Strike price (in dollars per share) \| $ / shares		$ 96.20
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Debt amount	$ 300,000,000.0
Interest rate, stated percentage	1.50%
Proceeds from issuance of notes	$ 290,200,000
Conversion rate	0.0156906
Conversion price (in dollars per share) \| $ / shares	$ 63,730,000
Number of consecutive trading days \| day	30
Consecutive business days \| day	5
Consecutive trading days \| day	5
Convertible Senior Notes due 2025 \| Convertible Note Hedge Transactions
Debt Instrument [Line Items]
Strike price (in dollars per share) \| $ / shares		$ 63.73
Convertible Senior Notes due 2025 \| 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 Senior Notes due 2025 \| Minimum
Debt Instrument [Line Items]
Percentage of the conversion price	130.00%
Number of trading days \| day	20
Convertible Senior Notes due 2025 \| Maximum
Debt Instrument [Line Items]
Percentage of the conversion price	98.00%

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Aug. 29, 2020 USD ($) $ / shares
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share) \| $ / shares	$ 0.45
Equity component of convertible senior notes and offering costs, tax	$ 20,840
Convertible note hedge purchase, tax	$ 17,417

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Goodwill [Roll Forward]
Balance at beginning of year	$ 274,931	$ 274,370	$ 242,728
Purchase price adjustment		561	1,956
Acquisition	73,127		29,686
Balance at end of year	348,058	274,931	274,370
Corporate / All Other
Goodwill [Roll Forward]
Balance at beginning of year	30,247	29,686	0
Purchase price adjustment		561	0
Acquisition	0		29,686
Balance at end of year	30,247	30,247	29,686
Towable \| Operating Segments
Goodwill [Roll Forward]
Balance at beginning of year	244,684	244,684	242,728
Purchase price adjustment		0	1,956
Acquisition	0		0
Balance at end of year	244,684	244,684	244,684
Motorhome \| Operating Segments
Goodwill [Roll Forward]
Balance at beginning of year	0	0	0
Purchase price adjustment		0	0
Acquisition	73,127		0
Balance at end of year	$ 73,127	$ 0	$ 0

Leases - Future Lease Commitments for Future Fiscal Years (Details) $ in Thousands	Aug. 29, 2020 USD ($)
Operating Leases as of August 29, 2020
Fiscal 2021	$ 4,403
Fiscal 2022	4,088
Fiscal 2023	4,397
Fiscal 2024	4,387
Fiscal 2025	4,193
Thereafter	17,318
Total future undiscounted lease payments	38,786
Less: Interest	9,078
Total reported lease liabilities	29,708
Related Party Amount
Operating Leases as of August 29, 2020
Fiscal 2021	900
Fiscal 2022	900
Fiscal 2023	1,500
Fiscal 2024	1,800
Fiscal 2025	1,800
Thereafter	7,800
Total future undiscounted lease payments	14,700
Less: Interest	3,874
Total reported lease liabilities	10,826
Non-Related Party Amount
Operating Leases as of August 29, 2020
Fiscal 2021	3,503
Fiscal 2022	3,188
Fiscal 2023	2,897
Fiscal 2024	2,587
Fiscal 2025	2,393
Thereafter	9,518
Total future undiscounted lease payments	24,086
Less: Interest	5,204
Total reported lease liabilities	18,882
Financing Leases
Fiscal 2021	855
Fiscal 2022	851
Fiscal 2023	842
Fiscal 2024	846
Fiscal 2025	867
Thereafter	2,575
Total future undiscounted lease payments	6,836
Less: Interest	1,429
Total reported lease liabilities	$ 5,407

Summary of Significant Accounting Policies - Narrative (Details)			3 Months Ended	12 Months Ended
	Aug. 19, 2020 USD ($) $ / shares	Sep. 01, 2019 USD ($)	Aug. 29, 2020 USD ($)	Aug. 29, 2020 USD ($) segment $ / shares	Aug. 31, 2019 USD ($) $ / shares	Aug. 25, 2018 USD ($) $ / shares
Accounting Policies [Abstract]
Number of reportable segments \| segment				2
Goodwill impairment			$ 0
Finite-lived impairment loss				$ 0
Insurance policy limit				50,000,000.0
Self insurance reserve for product liability, per occurrence				1,000,000.0
Self insurance reserve for product liability, aggregate per policy year				2,000,000.0
Self-insurance policy health, occurrence				$ 300,000
Self-insurance policy health, aggregate				125.00%
Advertising expense				$ 12,500,000	$ 8,300,000	$ 7,400,000
Common stock dividends (in dollars per share) \| $ / shares	$ 0.12			$ 0.45	$ 0.43	$ 0.40
Cash dividends paid on common stock	$ 4,000,000.0			$ 14,718,000	$ 13,728,000	$ 12,738,000
Deferred FICA liability			7,800,000	7,800,000
Employee retention credit			4,000,000.0	4,000,000.0
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201602Member
Net lease assets		$ 33,800,000	33,861,000	33,861,000
Net lease liabilities		$ 33,400,000	$ 35,115,000	$ 35,115,000

Goodwill and Intangible Assets

12 Months Ended

Aug. 29, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The changes in carrying amount of goodwill by segment were as follows in Fiscal 2020, 2019, and 2018:


(in thousands)	Towable		Motorhome		Corporate / All Other		Total
Balances at August 26, 2017	$	242,728	$	—	$	—	$	242,728
Grand Design purchase price adjustment	1,956		—		—		1,956
Acquisition of Chris-Craft⁽¹⁾	—		—		29,686		29,686
Balances at August 25, 2018	$	244,684	$	—	$	29,686	$	274,370
Chris-Craft purchase price adjustment⁽¹⁾	—		—		561		561
Balances at August 31, 2019	$	244,684	$	—	$	30,247	$	274,931
Acquisition of Newmar⁽¹⁾	—		73,127		—		73,127
Balances at August 29, 2020	$	244,684	$	73,127	$	30,247	$	348,058

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

The valuation used to test goodwill for impairment is dependent upon a number of significant estimates and assumptions, including macroeconomic conditions, growth rates, competitive activities, cost containment, margin expansion and the Company's business plans. The Company believes these estimates and assumptions are reasonable. However, future changes in the judgments, assumptions and estimates that are used in our impairment testing for goodwill, including discount and tax rates or future cash flow projections, could result in significantly different estimates of the fair values.

The Company has no accumulated impairment losses as of August 29, 2020. While the Chris-Craft reporting unit's fair value exceeded its respective carrying value, the fair value cushion was not substantial and could be impacted if projected operating results are not met or other significant assumptions referenced above change.

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


	August 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	12.2	159,581		$	32,487	12.2	95,581		$	20,329
Backlog	0.5	28,327		28,327		0.5	19,527		19,527
Non-compete agreements	4.1	6,647		4,223		4.1	5,347		3,077
Leasehold interest-favorable	0	—		—		8.1	2,000		690
Other intangible assets, gross		469,805		65,037			299,705		43,623
Less accumulated amortization		65,037					43,623
Other intangible assets, net		$	404,768				$	256,082

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

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


(in thousands)	Amount
Fiscal 2021	$	14,361
Fiscal 2022	13,719
Fiscal 2023	13,526
Fiscal 2024	13,424
Fiscal 2025	13,219
Thereafter	61,269
Total amortization expense remaining	$	129,518

Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Aug. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 327,183	$ 267,172
Less accumulated depreciation	152,238	139,600
Property, plant, and equipment, net	174,945	127,572
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	11,101	6,799
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	165,343	119,638
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	117,370	107,701
Software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	28,456	29,169
Transportation
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 4,913	$ 3,865

Contingent Liabilities and Commitments - Repurchase Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Repurchase agreement term	24 months
Percentage of dealer invoice that liability cannot exceed	100.00%
Accrued loss on repurchases	$ 1.0	$ 0.9
Obligation to Repurchase from Dealers
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Contingent liability on repurchase agreements	$ 798.9	$ 874.9

Stock-Based Compensation Plans - Share Awards Activity (Details) - $ / shares	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Time-based
Shares
Beginning balance (in shares)	215,506
Granted (in shares)	166,440
Vested (in shares)	(77,550)
Forfeited/canceled (in shares)	(2,132)
Ending balance (in shares)	302,264	215,506
Weighted Average Fair Value
Beginning balance (in dollars per share)	$ 38.27	$ 33.40
Granted (in dollars per share)		42.76
Vested (in dollars per share)		34.45
Forfeited/canceled (in dollars per share)		36.08
Ending balance (in dollars per share)		$ 38.27	$ 33.40
Performance-based
Shares
Beginning balance (in shares)	207,433
Granted (in shares)	64,914
Vested (in shares)	(65,302)	0	0
Forfeited/canceled (in shares)	(18,053)
Ending balance (in shares)	188,992	207,433
Weighted Average Fair Value
Beginning balance (in dollars per share)	$ 40.73	$ 33.87
Granted (in dollars per share)		47.93
Vested (in dollars per share)		28.21
Forfeited/canceled (in dollars per share)		32.79
Ending balance (in dollars per share)		$ 40.73	$ 33.87

Employee and Retiree Benefits - Postretirement Health Care and Deferred Compensation Benefits (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Aug. 31, 2019
Retirement Benefits [Abstract]
Non-qualified deferred compensation	$ 11,460	$ 13,093
Supplemental executive retirement plan	1,838	2,072
Executive share option plan	0	12
Executive deferred compensation plan	710	621
Total deferred compensation benefits	14,008	15,798
Less current portion	2,878	2,920
Deferred compensation benefits, net of current portion	$ 11,130	$ 12,878

Business Combinations - Consideration Paid (Details) - Newmar Corporation $ / shares in Units, $ in Thousands	Nov. 08, 2019 USD ($) $ / shares shares
Business Acquisition [Line Items]
Cash	$ 264,434
Winnebago Industries shares: 2,000,000 at $46.29	92,572
Total	$ 357,006
Shares issued for acquisition (in shares) \| shares	2,000,000
Share price (in dollars per share) \| $ / shares	$ 46.29

Goodwill and Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Thousands	Aug. 29, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Fiscal 2021	$ 14,361
Fiscal 2022	13,719
Fiscal 2023	13,526
Fiscal 2024	13,424
Fiscal 2025	13,219
Thereafter	61,269
Total amortization expense remaining	$ 129,518

Income Taxes

12 Months Ended

Aug. 29, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income tax expense consisted of the following:


(in thousands)	2020		2019		2018
Current
Federal	$	14,318	$	16,433	$	28,874
State	2,806		3,138		5,215
Total	17,124		19,571		34,089
Deferred
Federal	(790)		6,395		5,123
State	(500)		1,145		1,071
Total	(1,290)		7,540		6,194
Provision for income taxes	$	15,834	$	27,111	$	40,283

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


	2020		2019		2018
U.S. federal statutory rate⁽¹⁾	21.0	%	21.0	%	25.9	%
State taxes, net of federal benefit	1.9	%	2.9	%	3.0	%
Impact from Tax Act	—	%	—	%	2.6	%
Domestic production activities deduction	—	%	—	%	(2.2)	%
Income tax credits	(2.5)	%	(4.5)	%	(0.5)	%
Nondeductible compensation	0.9	%	—	%	—	%
Tax-free and dividend income	(0.6)	%	(0.5)	%	(0.4)	%
Uncertain tax position settlements and adjustments	0.1	%	0.9	%	0.1	%
Other items	(0.3)	%	(0.3)	%	(0.3)	%
Effective tax provision rate	20.5	%	19.5	%	28.2	%

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

The Company's effective tax rate increased to 20.5% for Fiscal 2020 from 19.5% for Fiscal 2019 due primarily to the favorable impact in the prior year of research and development credits partially offset by the reduction in annual pre-tax income in Fiscal 2020.

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


(in thousands)	August 29, 2020		August 31, 2019
Warranty reserves	$	13,969	$	10,949
Deferred compensation	5,406		3,989
Self-insurance reserve	3,426		2,617
Stock-based compensation	2,865		2,558
Accrued vacation	1,681		1,227
Unrecognized tax benefit	498		444
Inventory	717		—
Leases	8,638		—
Other⁽¹⁾	3,295		3,337
Total deferred tax assets	40,495		25,121
Convertible notes	3,125		—
Intangibles	32,933		28,055
Depreciation	11,715		8,192
Inventory	—		906
Leases	8,330		—
Total deferred tax liabilities	56,103		37,153
Total deferred income tax liabilities, net	$	15,608	$	12,032

(1) At August 29, 2020, other includes $0.5 million related to state net operating losses. At August 31, 2019, other includes $0.6 million and $0.4 million related to federal and state net operating losses, respectively. These net operating losses are subject to various expiration periods from 5 years to no expiration. We have evaluated all the positive and negative evidence and consider it more likely than not that these carryforwards can be realized before expiration.

Changes in the unrecognized tax benefits are as follows:


(in thousands)	2020		2019		2018
Balance at beginning of year	$	2,822	$	1,220	$	1,195
Gross increases-tax positions in a prior year	2,486		1,173		25
Gross increases-current year tax positions	522		429		—
Balance at end of year	5,830		2,822		1,220
Accrued interest and penalties	681		769		525
Total unrecognized tax benefits	$	6,511	$	3,591	$	1,745

The amount of unrecognized tax benefits is not expected to change materially within the next 12 months. If the remaining uncertain tax positions are ultimately resolved favorably, $2.9 million of unrecognized tax benefits would have a favorable impact on the Company's effective tax rate. It is the Company's policy to recognize interest and penalties accrued relative to unrecognized tax benefits in income tax expense.

The Company files a U.S. Federal tax return, as well as returns in various international and state jurisdictions. Although certain years are no longer subject to examination by the Internal Revenue Service ("IRS") and various state taxing authorities, net operating loss carryforwards generated in those years may still be adjusted upon examination by the IRS or state taxing authorities. As of August 29, 2020, the Company's federal returns from Fiscal 2017 to present are subject to review by the IRS. With limited exception, state returns from Fiscal 2016 to present continue to be subject to review by state taxing jurisdictions. Several years may lapse before an uncertain tax position is audited and finally resolved and it is difficult to predict the outcome of such audits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Income Taxes (Tables)

12 Months Ended

Aug. 29, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense consisted of the following:


(in thousands)	2020		2019		2018
Current
Federal	$	14,318	$	16,433	$	28,874
State	2,806		3,138		5,215
Total	17,124		19,571		34,089
Deferred
Federal	(790)		6,395		5,123
State	(500)		1,145		1,071
Total	(1,290)		7,540		6,194
Provision for income taxes	$	15,834	$	27,111	$	40,283

Schedule of Effective Income Tax Rate Reconciliation

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


	2020		2019		2018
U.S. federal statutory rate⁽¹⁾	21.0	%	21.0	%	25.9	%
State taxes, net of federal benefit	1.9	%	2.9	%	3.0	%
Impact from Tax Act	—	%	—	%	2.6	%
Domestic production activities deduction	—	%	—	%	(2.2)	%
Income tax credits	(2.5)	%	(4.5)	%	(0.5)	%
Nondeductible compensation	0.9	%	—	%	—	%
Tax-free and dividend income	(0.6)	%	(0.5)	%	(0.4)	%
Uncertain tax position settlements and adjustments	0.1	%	0.9	%	0.1	%
Other items	(0.3)	%	(0.3)	%	(0.3)	%
Effective tax provision rate	20.5	%	19.5	%	28.2	%

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

Schedule of Deferred Income Taxes

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


(in thousands)	August 29, 2020		August 31, 2019
Warranty reserves	$	13,969	$	10,949
Deferred compensation	5,406		3,989
Self-insurance reserve	3,426		2,617
Stock-based compensation	2,865		2,558
Accrued vacation	1,681		1,227
Unrecognized tax benefit	498		444
Inventory	717		—
Leases	8,638		—
Other⁽¹⁾	3,295		3,337
Total deferred tax assets	40,495		25,121
Convertible notes	3,125		—
Intangibles	32,933		28,055
Depreciation	11,715		8,192
Inventory	—		906
Leases	8,330		—
Total deferred tax liabilities	56,103		37,153
Total deferred income tax liabilities, net	$	15,608	$	12,032

Schedule of Unrecognized Tax Benefits

Changes in the unrecognized tax benefits are as follows:


(in thousands)	2020		2019		2018
Balance at beginning of year	$	2,822	$	1,220	$	1,195
Gross increases-tax positions in a prior year	2,486		1,173		25
Gross increases-current year tax positions	522		429		—
Balance at end of year	5,830		2,822		1,220
Accrued interest and penalties	681		769		525
Total unrecognized tax benefits	$	6,511	$	3,591	$	1,745

Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Property, Plant and Equipment, Net [Abstract]
Depreciation	$ 15,997	$ 13,682	$ 9,849

Restructuring

12 Months Ended

Aug. 29, 2020

Restructuring and Related Activities [Abstract]

Restructuring

During the third quarter of Fiscal 2020, the Company completed a reduction in force intended to improve operational efficiencies and to align with the Company's long-term strategic plan, which has resulted in headcount reductions in the Motorhome segment. As a result, the Company recognized $1.5 million of restructuring charges during the latter half of Fiscal 2020. These charges include termination benefits.

On February 4, 2019, the Company announced the intent to move the Motorhome diesel production from Junction City, OR to Forest City, IA to enable more effective product development and improve cost structure. The associated charges include termination benefits, asset-related expenses, facility closure costs, headcount reductions, and other related costs. Employee-related costs were primarily paid in Fiscal 2019.

The following table details the aggregate restructuring charges incurred:


	Motorhome
(in thousands)	2020		2019
Cost of goods sold	$	1,650	$	1,724
Selling, general, and administrative expenses	47		219
Restructuring expense	$	1,697	$	1,943

Expenses in the current Fiscal year mainly include headcount reductions and adjustments for facility closure costs. The Company expects approximately $0.4 million of additional restructuring costs related to the facility closure. These costs could be higher or lower in the event the Company makes additional decisions in future periods that impact reorganization efforts.

Summary of Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Aug. 29, 2020
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Asset Life	10 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Asset Life	30 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Asset Life	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Asset Life	15 years
Software \| Minimum
Property, Plant and Equipment [Line Items]
Asset Life	5 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Asset Life	10 years
Transportation equipment \| Minimum
Property, Plant and Equipment [Line Items]
Asset Life	5 years
Transportation equipment \| Maximum
Property, Plant and Equipment [Line Items]
Asset Life	6 years

Business Combinations - Schedule of Intangible Assets (Details) - Newmar Corporation $ 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

Income Taxes - Reconciliation of U.S. Statutory Income Tax Rate (Details)	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21.00%	21.00%	25.90%
State taxes, net of federal benefit	1.90%	2.90%	3.00%
Impact from Tax Act	0	0	0.026
Domestic production activities deduction	0.00%	0.00%	(2.20%)
Income tax credits	(2.50%)	(4.50%)	(0.50%)
Nondeductible compensation	0.90%	0.00%	0.00%
Tax-free and dividend income	(0.60%)	(0.50%)	(0.40%)
Uncertain tax position settlements and adjustments	0.10%	0.90%	0.10%
Other items	(0.30%)	(0.30%)	(0.30%)
Effective tax provision rate	20.50%	19.50%	28.20%

Business Combinations - Net Revenues and Operating Income (Details) - Newmar Corporation - Motorhome $ in Thousands	12 Months Ended
	Aug. 29, 2020 USD ($)
Business Acquisition [Line Items]
Net revenues	$ 388,383
Net income (loss)	$ (3,642)

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Aug. 29, 2020

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

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


	2020										2019
(in thousands)	Defined Benefit Pension Items		Interest Rate Swap		Total		Defined Benefit Pension Items		Interest Rate Swap		Total
Balance at beginning of year	$	(559)	$	68	$	(491)	$	(591)	$	1,483	$	892
OCI before reclassifications	—		(500)		(500)		—		(1,415)		(1,415)
Amounts reclassified from AOCI	33		432		465		32		—		32
Net current-year OCI	33		(68)		(35)		32		(1,415)		(1,383)
Balance at end of year	$	(526)	$	—	$	(526)	$	(559)	$	68	$	(491)

Reclassification out of AOCI in Net Periodic Benefit Costs

Reclassifications out of AOCI, net of tax, were:


(In thousands)	Location on Consolidated Statements of Income and Comprehensive Income	2020		2019		2018
Amortization of net actuarial loss	SG&A	$	33	$	32	$	27
Interest rate contract	Interest expense	432		—		—
Total reclassifications		$	465	$	32	$	27

Inventories - Inventory Schedule (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Aug. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 17,141	$ 53,417
Work-in-process ("WIP")	86,651	82,926
Raw materials	114,982	105,804
Total	218,774	242,147
Less LIFO reserve	35,833	41,021
Inventories	$ 182,941	$ 201,126

Long-Term Debt (Details) - USD ($)			12 Months Ended
Long-Term Debt (Details) - USD ($)	Jul. 08, 2020	Nov. 08, 2016	Aug. 31, 2019	Jul. 01, 2020	Oct. 22, 2019
Prior Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs capitalized			$ 7,300,000
Debt instrument, term			8 years
Term Loan
Debt Instrument [Line Items]
Debt amount		$ 300,000,000
Debt repaid	$ 249,800,000
Write off of debt issuance costs		$ 4,700,000
Term Loan \| Interest Rate Swap
Debt Instrument [Line Items]
Derivative liability position				$ 600,000
ABL
Debt Instrument [Line Items]
Debt, face amount					$ 192,500,000
Commitment fee percentage		0.25%
ABL \| Minimum
Debt Instrument [Line Items]
Floating rate		1.25%
ABL \| Maximum
Debt Instrument [Line Items]
Floating rate		1.75%
Senior Notes \| Senior Secured Notes due 2028
Debt Instrument [Line Items]
Debt amount	$ 300,000,000
Interest rate, stated percentage	6.25%
Letter of Credit \| ABL
Debt Instrument [Line Items]
Debt amount		$ 19,300,000

Leases

12 Months Ended

Aug. 29, 2020

Leases [Abstract]

Leases

The Company's leases primarily include operating leases for office and manufacturing space and equipment. The Company's 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. The Company has lease agreements that contain both lease and non-lease components, and has 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 Consolidated Balance Sheets; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. When the terms of multiple lease agreements are materially consistent, the Company has 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. The Company generally uses a collateralized incremental borrowing rate based on the information available at commencement date, including lease term, in determining the present value of future payments. The assumed lease terms of the Company generally do not include options to extend or terminate the lease unless it is reasonably certain that the option will be exercised.

Some of the Company's real estate operating leases require payment of real estate taxes, common area maintenance, and insurance. In addition, certain of the leases are subject to annual changes in the consumer price index. These components comprise the majority of the Company's variable lease cost and are excluded from the present value of the lease obligations. Fixed payments may contain predetermined fixed rent escalations. For operating leases, the Company recognizes 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 the Company's leases:


(in thousands)	Classification	August 29, 2020
Assets
Operating leases	Operating lease assets	$	29,463
Finance leases	Other assets	$	4,398
Total lease assets		$	33,861

Liabilities
Current: Operating leases	Accrued expenses: Other	$	2,660
Current: Finance leases	Accrued expenses: Other	539
Non-Current: Operating leases	Operating lease liabilities	27,048
Non-Current: Finance leases	Non-current liabilities: Other	$	4,868
Total lease liabilities		$	35,115

The following table details the operating lease cost incurred:


		Year Ended
(in thousands)	Classification	August 29, 2020
Operating lease expense⁽¹⁾	Costs of goods sold and SG&A	$	6,962
Finance lease cost:
Depreciation of lease assets	Costs of goods sold and SG&A	474
Interest on lease liabilities	Interest expense	289
Total lease cost		$	7,725

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

The Company's future lease commitments for future fiscal years as of August 29, 2020 included the following related party and non-related party leases:


	Operating Leases as of August 29, 2020								Financing Leases
(in thousands)	Related Party Amount		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2021	$	900	$	3,503	$	4,403	$	855
Fiscal 2022	900		3,188		4,088		851
Fiscal 2023	1,500		2,897		4,397		842
Fiscal 2024	1,800		2,587		4,387		846
Fiscal 2025	1,800		2,393		4,193		867
Thereafter	7,800		9,518		17,318		2,575
Total future undiscounted lease payments	14,700		24,086		38,786		6,836
Less: Interest	3,874		5,204		9,078		1,429
Total reported lease liabilities	$	10,826	$	18,882	$	29,708	$	5,407

The Company's future minimum lease payments for future fiscal years as determined prior to the adoption of ASC 842, Leases, and as disclosed in the Company's 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 as of August 31, 2019
(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 the Company's leases:


(in thousands)	August 29, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,463
Operating cash flows from financing leases	289
Financing cash flows from financing leases	362
Lease assets obtained in exchange for new lease liabilities:
Operating leases	1,179
Finance leases ⁽¹⁾	5,664

	August 29, 2020
Weighted average remaining lease term:
Operating leases	8.7
Finance leases	7.8
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 the Company's leases:


(in thousands)	Classification	August 29, 2020
Assets
Operating leases	Operating lease assets	$	29,463
Finance leases	Other assets	$	4,398
Total lease assets		$	33,861

Liabilities
Current: Operating leases	Accrued expenses: Other	$	2,660
Current: Finance leases	Accrued expenses: Other	539
Non-Current: Operating leases	Operating lease liabilities	27,048
Non-Current: Finance leases	Non-current liabilities: Other	$	4,868
Total lease liabilities		$	35,115

The following table details the operating lease cost incurred:


		Year Ended
(in thousands)	Classification	August 29, 2020
Operating lease expense⁽¹⁾	Costs of goods sold and SG&A	$	6,962
Finance lease cost:
Depreciation of lease assets	Costs of goods sold and SG&A	474
Interest on lease liabilities	Interest expense	289
Total lease cost		$	7,725

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

The Company's future lease commitments for future fiscal years as of August 29, 2020 included the following related party and non-related party leases:


	Operating Leases as of August 29, 2020								Financing Leases
(in thousands)	Related Party Amount		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2021	$	900	$	3,503	$	4,403	$	855
Fiscal 2022	900		3,188		4,088		851
Fiscal 2023	1,500		2,897		4,397		842
Fiscal 2024	1,800		2,587		4,387		846
Fiscal 2025	1,800		2,393		4,193		867
Thereafter	7,800		9,518		17,318		2,575
Total future undiscounted lease payments	14,700		24,086		38,786		6,836
Less: Interest	3,874		5,204		9,078		1,429
Total reported lease liabilities	$	10,826	$	18,882	$	29,708	$	5,407


	Operating Leases as of August 31, 2019
(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 the Company's leases:


(in thousands)	August 29, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,463
Operating cash flows from financing leases	289
Financing cash flows from financing leases	362
Lease assets obtained in exchange for new lease liabilities:
Operating leases	1,179
Finance leases ⁽¹⁾	5,664

	August 29, 2020
Weighted average remaining lease term:
Operating leases	8.7
Finance leases	7.8
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 - Deferred Compensation Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer discretionary contribution amount	$ 3.4	$ 2.9	$ 2.3
Key Employees \| Non-Qualified Deferred Compensation Program (1981)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Vesting age	55 years
Requisite service period	5 years
Requisite service period prior to December 1992	20 years
Deferred compensation expense	$ 0.9	0.9	$ 1.1
Officers and Managers \| Supplemental Employee Retirement Plan (SERP)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contractual amount of years after retirement	15 years
Officers and Key Employees \| Executive Deferred Compensation Plan 2007
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Maximum salary deferral	50.00%
Maximum cash incentive award deferral	100.00%
Deferred compensation assets	$ 0.7	$ 0.6

Interim Financial Information (Unaudited) (Tables)

12 Months Ended

Aug. 29, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The following tables show selected operating results for each 3-month quarter of Fiscal 2020 and 2019 (unaudited):


Fiscal 2020	Quarter Ended
(In thousands, except per share data)	November 30, 2019		February 29, 2020		May 30, 2020		August 29, 2020
Net revenues	$	588,458	$	626,810	$	402,458	$	737,807
Gross profit	78,613		79,782		32,024		122,509
Operating income	23,894		29,644		(8,173)		68,398
Net income	14,068		17,268		(12,353)		42,459
Net income per share (basic)	0.44		0.51		(0.37)		1.26
Net income per share (diluted)	0.44		0.51		(0.37)		1.25

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

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

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Aug. 29, 2020	May 30, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 25, 2019	Feb. 23, 2019	Nov. 24, 2018	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Disaggregation of Revenue [Line Items]
Net revenues	$ 737,807	$ 402,458	$ 626,810	$ 588,458	$ 530,396	$ 528,940	$ 432,690	$ 493,648	$ 2,355,533	$ 1,985,674	$ 2,016,829
Operating Segments \| Towable
Disaggregation of Revenue [Line Items]
Net revenues									1,227,567	1,197,327	1,127,723
Operating Segments \| Towable \| Fifth Wheel
Disaggregation of Revenue [Line Items]
Net revenues									690,452	688,932
Operating Segments \| Towable \| Travel Trailer
Disaggregation of Revenue [Line Items]
Net revenues									519,282	489,956
Operating Segments \| Towable \| Other
Disaggregation of Revenue [Line Items]
Net revenues									17,833	18,439
Operating Segments \| Motorhome
Disaggregation of Revenue [Line Items]
Net revenues									1,056,794	706,927	860,675
Operating Segments \| Motorhome \| Other
Disaggregation of Revenue [Line Items]
Net revenues									33,245	26,760
Operating Segments \| Motorhome \| Class A
Disaggregation of Revenue [Line Items]
Net revenues									479,120	178,750
Operating Segments \| Motorhome \| Class B
Disaggregation of Revenue [Line Items]
Net revenues									332,961	255,000
Operating Segments \| Motorhome \| Class C
Disaggregation of Revenue [Line Items]
Net revenues									211,468	246,417
Corporate / All Other
Disaggregation of Revenue [Line Items]
Net revenues									71,172	81,420	$ 28,431
Corporate / All Other \| Other
Disaggregation of Revenue [Line Items]
Net revenues									$ 71,172	$ 81,420

Income Taxes - Components of Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Current
Federal	$ 14,318	$ 16,433	$ 28,874
State	2,806	3,138	5,215
Total	17,124	19,571	34,089
Deferred
Federal	(790)	6,395	5,123
State	(500)	1,145	1,071
Total	(1,290)	7,540	6,194
Provision for income taxes	$ 15,834	$ 27,111	$ 40,283

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Inventories

12 Months Ended

Aug. 29, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:


(in thousands)	August 29, 2020		August 31, 2019
Finished goods	$	17,141	$	53,417
Work-in-process ("WIP")	86,651		82,926
Raw materials	114,982		105,804
Total	218,774		242,147
Less LIFO reserve	35,833		41,021
Inventories	$	182,941	$	201,126

Inventory valuation methods consist of the following:


(in thousands)	August 29, 2020		August 31, 2019
LIFO basis	$	88,675	$	184,007
FIFO basis	130,099		58,140
Total	$	218,774	$	242,147

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

Our inventory quantities were reduced during Fiscal 2020, resulting in a liquidation of LIFO inventory layers (a "LIFO decrement"). A LIFO decrement results in the erosion of layers created in earlier years, and, therefore, a LIFO layer is not created for years that

have decrements. The Company had a decrement of its LIFO inventory layers of $5.2 million in Fiscal 2020. There was no LIFO decrement recorded in Fiscal 2019.

Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended	12 Months Ended
	Oct. 13, 2020	May 30, 2020	Aug. 28, 2021	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018	Dec. 11, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued compensation				$ 36,533	$ 20,328
Unrecognized compensation expense related to stock options				$ 1,300
Incentive Compensation Plan 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)							4,100,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount market price percentage				15.00%
Term of sale restriction period after grant				1 year
Shares purchased through the ESPP (in shares)				21,094	30,956
Accrued compensation				$ 300	$ 200
Time-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Unrecognized compensation expense				$ 5,000
Unrecognized compensation expense, period of recognition		9 months 18 days
Total fair value of awards vested				$ 3,300	$ 6,600	$ 7,100
Granted (in shares)				166,440
Vested (in shares)				77,550
Time-based \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Unrecognized compensation expense				$ 2,900
Unrecognized compensation expense, period of recognition				10 months 24 days
Total fair value of awards vested				$ 2,400
Granted (in shares)				64,914
Vested (in shares)				65,302	0	0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding options term				10 years
Vesting period				3 years
Unrecognized compensation expense, period of recognition				9 months 18 days
Restricted Stock Units (RSUs) \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing price of common stock on grant date (in dollars per share)	$ 54.49
Restricted Stock Units (RSUs) \| Scenario, Forecast \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 1,800
Restricted Stock Units (RSUs) \| Key Management \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	69,538
Shares granted, value	$ 3,800

Leases - Additional Lease Costs (Details) $ in Thousands	12 Months Ended
Leases - Additional Lease Costs (Details) $ in Thousands	Aug. 29, 2020 USD ($)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 2,463
Operating cash flows from financing leases	289
Financing cash flows from financing leases	362
Lease assets obtained in exchange for new lease liabilities:
Operating leases	1,179
Finance leases	$ 5,664
Weighted average remaining lease term:
Operating leases	8 years 8 months 12 days
Finance leases	7 years 9 months 18 days
Weighted average discount rate:
Operating leases	6.20%
Finance leases	6.20%
Unfavorable lease liability	$ 1,000

Revenue Recognition

12 Months Ended

Aug. 29, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

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


(in thousands)	2020		2019
Net Revenues
Towable:
Fifth Wheel	$	690,452	$	688,932
Travel Trailer	519,282		489,956
Other⁽¹⁾	17,833		18,439
Total Towable	1,227,567		1,197,327
Motorhome:
Class A	479,120		178,750
Class B	332,961		255,000
Class C	211,468		246,417
Other⁽¹⁾	33,245		26,760
Total Motorhome	1,056,794		706,927
Corporate / All Other:
Other⁽²⁾	71,172		81,420
Total Corporate / All Other	71,172		81,420
Consolidated	$	2,355,533	$	1,985,674

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

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

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

Unit revenue

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

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

The Company does not have material contract assets or liabilities. The Company establishes allowances for uncollectible receivables based on historical collection trends and write-off history.

Concentration of Risk

None of the Company's dealer organizations accounted for more than 10% of Net revenues for Fiscal 2020, 2019, and 2018.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Stock-Based Compensation Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 29, 2020
Stock Options
Outstanding beginning balance (in shares)	253,145
Granted (in shares)	55,036
Exercised (in shares)	(9,718)
Forfeited/canceled (in shares)	(6,019)
Outstanding ending balance (in shares)	253,145	292,444
Vested and expected to vest at end of year (in shares)		292,444
Exercisable at end of year (in shares)		142,754
Weighted Average Exercise Price Per Share
Outstanding beginning balance (in dollars per share)	$ 34.43
Granted (in dollars per share)	47.93
Exercised (in dollars per share)	34.21
Forfeited/canceled (in dollars per share)	35.09
Outstanding ending balance (in dollars per share)	$ 36.96
Vested and expected to vest at end of year (in dollars per share)		$ 36.96
Exercisable at end of year (in dollars per share)		$ 34.20
Weighted Average Remaining Contractual Term (in years)
Weighted average remaining contractual term, outstanding	7 years 8 months 12 days
Weighted average remaining contractual term, vested and expected to vest	7 years 8 months 12 days
Weighted average remaining contractual term, exercisable	6 years 10 months 24 days
Aggregate Intrinsic Value (in thousands)
Aggregate intrinsic value, outstanding		$ 6,273
Aggregate intrinsic value, vested and expected to vest		6,273
Aggregate intrinsic value, exercisable		$ 3,455

Property, Plant, and Equipment

12 Months Ended

Aug. 29, 2020

Property, Plant and Equipment, Net [Abstract]

Property, Plant, and Equipment

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


(in thousands)	August 29, 2020		August 31, 2019
Land	$	11,101	$	6,799
Buildings and building improvements	165,343		119,638
Machinery and equipment	117,370		107,701
Software	28,456		29,169
Transportation	4,913		3,865
Property, plant, and equipment, gross	327,183		267,172
Less accumulated depreciation	152,238		139,600
Property, plant, and equipment, net	$	174,945	$	127,572

For Fiscal 2020, 2019, and 2018, depreciation charged to operations was $16.0 million, $13.7 million, and $9.8 million, respectively.

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Sep. 01, 2019
Assets
Operating leases	$ 29,463
Finance leases	4,398
Total lease assets	33,861	$ 33,800
Liabilities
Current: Operating leases	2,660
Current: Finance leases	539
Non-Current: Operating leases	27,048
Non-Current: Finance leases	4,868
Total lease liabilities	$ 35,115	$ 33,400

Business Combinations - Schedule of Preliminary Fair Values Assigned (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Nov. 08, 2019	Aug. 31, 2019	Aug. 25, 2018	Aug. 26, 2017
Business Acquisition [Line Items]
Goodwill	$ 348,058		$ 274,931	$ 274,370	$ 242,728
Newmar Corporation
Business Acquisition [Line Items]
Cash		$ 3,469
Accounts receivable		37,147
Inventories		82,621
Prepaid expenses and other assets		9,830
Property, plant, and equipment		31,143
Goodwill		73,127
Other intangible assets		172,100
Total assets acquired		409,437
Accounts payable		14,023
Accrued compensation		4,306
Product warranties		15,147
Promotional		6,351
Other		11,636
Deferred tax liabilities		968
Total liabilities assumed		52,431
Total purchase price		$ 357,006

Employee and Retiree Benefits (Tables)

12 Months Ended

Aug. 29, 2020

Retirement Benefits [Abstract]

Schedule of Deferred Compensation Benefits

Deferred compensation benefits are as follows:


(in thousands)	August 29, 2020		August 31, 2019
Non-qualified deferred compensation	$	11,460	$	13,093
Supplemental executive retirement plan	1,838		2,072
Executive share option plan	—		12
Executive deferred compensation plan	710		621
Total deferred compensation benefits	14,008		15,798
Less current portion⁽¹⁾	2,878		2,920
Deferred compensation benefits, net of current portion	$	11,130	$	12,878

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

Investment in Life Insurance

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


(in thousands)	August 29, 2020		August 31, 2019
Cash value	$	64,214	$	61,836
Borrowings	(36,376)		(34,990)
Investment in life insurance	$	27,838	$	26,846

Interim Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Aug. 29, 2020	May 30, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 25, 2019	Feb. 23, 2019	Nov. 24, 2018	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Quarterly Financial Information Disclosure [Abstract]
Net revenues	$ 737,807	$ 402,458	$ 626,810	$ 588,458	$ 530,396	$ 528,940	$ 432,690	$ 493,648	$ 2,355,533	$ 1,985,674	$ 2,016,829
Gross profit	122,509	32,024	79,782	78,613	83,188	86,584	66,429	70,996	312,928	307,197	299,836
Operating income	68,398	(8,173)	29,644	23,894	44,765	48,974	28,903	32,625	113,763	155,267	160,392
Net income	$ 42,459	$ (12,353)	$ 17,268	$ 14,068	$ 31,868	$ 36,171	$ 21,598	$ 22,161	$ 61,442	$ 111,798	$ 102,357
Net income per share (basic) (in dollars per share)	$ 1.26	$ (0.37)	$ 0.51	$ 0.44	$ 1.01	$ 1.15	$ 0.68	$ 0.70	$ 1.85	$ 3.55	$ 3.24
Net income per share (diluted) (in dollars per share)	$ 1.25	$ (0.37)	$ 0.51	$ 0.44	$ 1.01	$ 1.14	$ 0.68	$ 0.70	$ 1.84	$ 3.52	$ 3.22
Work-in-process inventory error correction					$ 10,800

- Definition

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

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Property, Plant, and Equipment (Tables)

12 Months Ended

Aug. 29, 2020

Property, Plant and Equipment, Net [Abstract]

Property, Plant, and Equipment

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


Asset Class			Asset Life
Buildings			10-30 years
Machinery and equipment			3-15 years
Software			5-10 years
Transportation equipment			5-6 years

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


(in thousands)	August 29, 2020		August 31, 2019
Land	$	11,101	$	6,799
Buildings and building improvements	165,343		119,638
Machinery and equipment	117,370		107,701
Software	28,456		29,169
Transportation	4,913		3,865
Property, plant, and equipment, gross	327,183		267,172
Less accumulated depreciation	152,238		139,600
Property, plant, and equipment, net	$	174,945	$	127,572

Employee and Retiree Benefits - Investment in Life Insurance (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Aug. 31, 2019
Retirement Benefits [Abstract]
Cash value	$ 64,214	$ 61,836
Borrowings	(36,376)	(34,990)
Investment in life insurance	$ 27,838	$ 26,846

Accumulated Other Comprehensive Income (Loss) - Reclassification out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Aug. 29, 2020	May 30, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 25, 2019	Feb. 23, 2019	Nov. 24, 2018	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general, and administrative expenses									$ 177,061	$ 142,295	$ 130,116
Interest expense									37,461	17,939	18,246
Net income	$ 42,459	$ (12,353)	$ 17,268	$ 14,068	$ 31,868	$ 36,171	$ 21,598	$ 22,161	61,442	111,798	102,357
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income									465	32	27
Amortization of net actuarial loss \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general, and administrative expenses									33	32	27
Interest rate contract \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense									$ 432	$ 0	$ 0

- Definition

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

+ References

+ Details

Income per Share - Calculation of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Aug. 29, 2020	May 30, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 25, 2019	Feb. 23, 2019	Nov. 24, 2018	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Numerator
Net income	$ 42,459	$ (12,353)	$ 17,268	$ 14,068	$ 31,868	$ 36,171	$ 21,598	$ 22,161	$ 61,442	$ 111,798	$ 102,357
Denominator
Weighted average common shares outstanding (in shares)									33,236	31,536	31,596
Dilutive impact of stock compensation awards (in shares)									218	185	218
Weighted average common shares outstanding, assuming dilution (in shares)									33,454	31,721	31,814
Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution (in shares)									39	189	62
Basic income per common share (in dollars per share)	$ 1.26	$ (0.37)	$ 0.51	$ 0.44	$ 1.01	$ 1.15	$ 0.68	$ 0.70	$ 1.85	$ 3.55	$ 3.24
Diluted income per common share (in dollars per share)	$ 1.25	$ (0.37)	$ 0.51	$ 0.44	$ 1.01	$ 1.14	$ 0.68	$ 0.70	$ 1.84	$ 3.52	$ 3.22

- Definition

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

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

+ References

+ Details

Revenue Recognition (Tables)

12 Months Ended

Aug. 29, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Reportable Segment

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


(in thousands)	2020		2019
Net Revenues
Towable:
Fifth Wheel	$	690,452	$	688,932
Travel Trailer	519,282		489,956
Other⁽¹⁾	17,833		18,439
Total Towable	1,227,567		1,197,327
Motorhome:
Class A	479,120		178,750
Class B	332,961		255,000
Class C	211,468		246,417
Other⁽¹⁾	33,245		26,760
Total Motorhome	1,056,794		706,927
Corporate / All Other:
Other⁽²⁾	71,172		81,420
Total Corporate / All Other	71,172		81,420
Consolidated	$	2,355,533	$	1,985,674

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

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

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Aug. 29, 2020	Oct. 16, 2020	Feb. 28, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Aug. 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,670,376,429
Entity Common Stock, Shares Outstanding		33,758,021
Documents Incorporated by Reference	Portions of the registrant's Proxy Statement relating to the registrant's 2020 Annual Meeting of Shareholders, scheduled to be held December 15, 2020, are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.
Entity Central Index Key	0000107687
Current Fiscal Year End Date	--08-29
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Business Segments (Tables)

12 Months Ended

Aug. 29, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table shows information by reportable segment:


(in thousands)	2020		2019		2018
Net Revenues
Towable	$	1,227,567	$	1,197,327	$	1,127,723
Motorhome	1,056,794		706,927		860,675
Corporate / All Other	71,172		81,420		28,431
Consolidated	$	2,355,533	$	1,985,674	$	2,016,829

Adjusted EBITDA
Towable	$	148,276	$	163,677	$	157,010
Motorhome	32,949		27,455		35,508
Corporate / All Other	(13,150)		(11,480)		(10,772)
Consolidated	$	168,075	$	179,652	$	181,746

Capital expenditures
Towable	$	13,389	$	27,679	$	18,460
Motorhome	15,061		9,969		9,302
Corporate / All Other	3,927		3,210		906
Consolidated	$	32,377	$	40,858	$	28,668


(in thousands)	August 29, 2020		August 31, 2019
Total Assets
Towable	$	718,253	$	628,994
Motorhome	600,304		332,157
Corporate / All Other	395,143		143,080
Consolidated	$	1,713,700	$	1,104,231

The following table reconciles net income to consolidated Adjusted EBITDA:


(in thousands)	2020		2019		2018
Net income	$	61,442	$	111,798	$	102,357
Interest expense	37,461		17,939		18,246
Provision for income taxes	15,834		27,111		40,283
Depreciation	15,997		13,682		9,849
Amortization of intangible assets	22,104		9,635		9,328
EBITDA	152,838		180,165		180,063
Acquisition-related fair-value inventory step-up	4,810		—		—
Acquisition-related costs	9,761		—		2,177
Restructuring⁽¹⁾	1,640		1,068		—
Non-operating income	(974)		(1,581)		(494)
Adjusted EBITDA	$	168,075	$	179,652	$	181,746

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

Schedule of Revenue by Geographic Area

The following table reconciles net revenues by geographic area:


(in thousands)	2020		2019		2018
United States	$	2,225,028	$	1,836,472	$	1,860,613
International	130,505		149,202		156,216
Net Revenues	$	2,355,533	$	1,985,674	$	2,016,829

Contingent Liabilities and Commitments

12 Months Ended

Aug. 29, 2020

Commitments and Contingencies Disclosure [Abstract]

Contingent Liabilities and Commitments

Repurchase Commitments

Generally, manufacturers in the RV, motorhome, and boat 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.

The Company's repurchase agreements generally provide that, in the event of default by the dealer on the agreement to pay the lending institution, Winnebago Industries will repurchase the financed merchandise. The terms of these agreements, which generally can last up to 24 months, provide that the Company's 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. The Company's liability cannot exceed 100% of the dealer invoice. In certain instances, the Company also repurchases inventory from dealers due to state law or regulatory requirements that govern voluntary or involuntary relationship terminations. Although laws vary from state to state, some states have laws in place that require manufacturers of RVs or boats to repurchase current inventory if a dealership exits the business. The Company's total contingent liability on all repurchase agreements was approximately $798.9 million and $874.9 million at August 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. The Company's loss reserve for repurchase commitments contains uncertainties because the calculation requires management to make assumptions and apply judgment regarding a number of factors. The Company's 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 the Company's 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 the Company's historical loss experience, an associated loss reserve is established which is included in accrued expenses-other on the consolidated balance sheets. The Company's repurchase accrual was $1.0 million and $0.9 million as of August 29, 2020 and August 31, 2019, respectively. Repurchase risk is affected by the credit worthiness of the Company's dealer network and it is not believed that there is a reasonable likelihood there will be a material change in the estimates or assumptions used to establish the loss reserve for repurchase commitments.

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


($ in thousands)	2020		2019		2018
Inventory repurchased:
Units	107		125		56
Dollars	$	2,592	$	5,535	$	1,716
Inventory resold:
Units	118		109		56
Cash collected	$	2,540	$	4,634	$	1,585
Loss recognized	$	252	$	556	$	132
Units in ending inventory	5		16		—

Litigation

The Company is involved in various legal proceedings which are ordinary and routine litigation incidental to the business, some of which are covered in whole or in part by insurance. While the Company believes the ultimate disposition of litigation will not have a material adverse effect on the Company's financial position, results of operations or liquidity, there exists the possibility that such litigation may have an impact on results for a particular reporting period in which litigation effects become probable and reasonably estimable. Though the Company does 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.

Leases - Operating Lease Cost (Details) $ in Thousands	12 Months Ended
Leases - Operating Lease Cost (Details) $ in Thousands	Aug. 29, 2020 USD ($)
Leases [Abstract]
Operating lease expense	$ 6,962
Finance lease cost:
Depreciation of lease assets	474
Interest on lease liabilities	289
Total lease cost	$ 7,725
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent

Accumulated Other Comprehensive Income (Loss) - Changes in AOCI by Component (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of year	$ 632,212	$ 534,445	$ 441,674
Change in fair value of interest rate swap, net of tax	(500)	(1,415)
Amounts reclassified from AOCI	465	32
Total other comprehensive (loss) income	(35)	(1,383)	1,974
Balance at end of year	827,466	632,212	534,445
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of year	(491)	892	(1,023)
Balance at end of year	(526)	(491)	892
Defined Benefit Pension Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of year	(559)	(591)
Change in fair value of interest rate swap, net of tax	0	0
Amounts reclassified from AOCI	33	32
Total other comprehensive (loss) income	33	32
Balance at end of year	(526)	(559)	(591)
Interest Rate Swap
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of year		1,483
Change in fair value of interest rate swap, net of tax		(1,415)
Amounts reclassified from AOCI		0
Total other comprehensive (loss) income		(1,415)
Balance at end of year			$ 1,483
Interest Rate Swap
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of year	68
Change in fair value of interest rate swap, net of tax	(500)
Amounts reclassified from AOCI	432
Total other comprehensive (loss) income	(68)
Balance at end of year	$ 0	$ 68

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Income Statement [Abstract]
Amortization of net actuarial loss, tax	$ 12	$ 10	$ 11
Change in fair value of interest rate swap, tax	$ 22
Change in fair value of interest rate swap, tax		$ 454	$ 840

Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Shares	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance (in shares) at Aug. 26, 2017		51,776				20,183
Balance at beginning of year at Aug. 26, 2017	$ 441,674	$ 25,888	$ 80,401	$ 679,138	$ (1,023)	$ (342,730)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures	7,484		7,406			$ 78
Stock-based compensation, net of forfeitures (in shares)						5
Issuance of stock	175		(1,584)			$ 1,759
Issuance of stock (in shares)						104
Repurchase of common stock (in shares)						(169)
Repurchase of common stock	(6,481)					$ (6,481)
Common stock dividends	(12,738)			(12,738)
Actuarial loss, net of tax	27				27
Change in fair value of interest rate swap, net of tax	1,947				1,947
Reclassification of tax effects	0			59	(59)
Net income	102,357			102,357
Ending balance (in shares) at Aug. 25, 2018		51,776				20,243
Balance at end of year at Aug. 25, 2018	534,445	$ 25,888	86,223	768,816	892	$ (347,374)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures	7,075		6,993			$ 82
Stock-based compensation, net of forfeitures (in shares)						5
Issuance of stock	2,176		(2,031)			$ 4,207
Issuance of stock (in shares)						244
Repurchase of common stock (in shares)						(268)
Repurchase of common stock	(8,171)					$ (8,171)
Common stock dividends	(13,728)			(13,728)
Actuarial loss, net of tax	32				32
Change in fair value of interest rate swap, net of tax	(1,415)				(1,415)
Net income	111,798			111,798
Ending balance (in shares) at Aug. 31, 2019		51,776				20,262
Balance at end of year at Aug. 31, 2019	632,212	$ 25,888	91,185	866,886	(491)	$ (351,256)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures	6,475		6,446			$ 29
Stock-based compensation, net of forfeitures (in shares)						0
Issuance of stock	1,200		(1,813)			$ 3,013
Issuance of stock (in shares)						174
Issuance of stock for acquisition (in shares)						2,000
Issuance of stock for acquisition	92,572		57,811			$ 34,761
Repurchase of common stock (in shares)						(45)
Repurchase of common stock	(1,844)					$ (1,844)
Common stock dividends	(14,718)			(14,718)
Actuarial loss, net of tax	33				33
Change in fair value of interest rate swap, 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)
Issuance of warrants	42,210		42,210
Net income	61,442			61,442
Ending balance (in shares) at Aug. 29, 2020		51,776				18,133
Balance at end of year at Aug. 29, 2020	$ 827,466	$ 25,888	$ 203,791	$ 913,610	$ (526)	$ (315,297)

Leases (Tables)

12 Months Ended

Aug. 29, 2020

Leases [Abstract]

Supplemental Balance Sheet Information

The following table details the supplemental balance sheet information related to the Company's leases:


(in thousands)	Classification	August 29, 2020
Assets
Operating leases	Operating lease assets	$	29,463
Finance leases	Other assets	$	4,398
Total lease assets		$	33,861

Liabilities
Current: Operating leases	Accrued expenses: Other	$	2,660
Current: Finance leases	Accrued expenses: Other	539
Non-Current: Operating leases	Operating lease liabilities	27,048
Non-Current: Finance leases	Non-current liabilities: Other	$	4,868
Total lease liabilities		$	35,115

Schedule of Lease Costs

The following table details the operating lease cost incurred:


		Year Ended
(in thousands)	Classification	August 29, 2020
Operating lease expense⁽¹⁾	Costs of goods sold and SG&A	$	6,962
Finance lease cost:
Depreciation of lease assets	Costs of goods sold and SG&A	474
Interest on lease liabilities	Interest expense	289
Total lease cost		$	7,725

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

The following table details additional information related to the Company's leases:


(in thousands)	August 29, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,463
Operating cash flows from financing leases	289
Financing cash flows from financing leases	362
Lease assets obtained in exchange for new lease liabilities:
Operating leases	1,179
Finance leases ⁽¹⁾	5,664

	August 29, 2020
Weighted average remaining lease term:
Operating leases	8.7
Finance leases	7.8
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

The Company's future lease commitments for future fiscal years as of August 29, 2020 included the following related party and non-related party leases:


	Operating Leases as of August 29, 2020								Financing Leases
(in thousands)	Related Party Amount		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2021	$	900	$	3,503	$	4,403	$	855
Fiscal 2022	900		3,188		4,088		851
Fiscal 2023	1,500		2,897		4,397		842
Fiscal 2024	1,800		2,587		4,387		846
Fiscal 2025	1,800		2,393		4,193		867
Thereafter	7,800		9,518		17,318		2,575
Total future undiscounted lease payments	14,700		24,086		38,786		6,836
Less: Interest	3,874		5,204		9,078		1,429
Total reported lease liabilities	$	10,826	$	18,882	$	29,708	$	5,407

Future Lease Commitments for Future Fiscal Years of Financing Leases

The Company's future lease commitments for future fiscal years as of August 29, 2020 included the following related party and non-related party leases:


	Operating Leases as of August 29, 2020								Financing Leases
(in thousands)	Related Party Amount		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2021	$	900	$	3,503	$	4,403	$	855
Fiscal 2022	900		3,188		4,088		851
Fiscal 2023	1,500		2,897		4,397		842
Fiscal 2024	1,800		2,587		4,387		846
Fiscal 2025	1,800		2,393		4,193		867
Thereafter	7,800		9,518		17,318		2,575
Total future undiscounted lease payments	14,700		24,086		38,786		6,836
Less: Interest	3,874		5,204		9,078		1,429
Total reported lease liabilities	$	10,826	$	18,882	$	29,708	$	5,407

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


	Operating Leases as of August 31, 2019
(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

Income per Share

12 Months Ended

Aug. 29, 2020

Earnings Per Share [Abstract]

Income per Share

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


(in thousands, except per share data)	2020		2019		2018
Numerator
Net income	$	61,442	$	111,798	$	102,357

Denominator
Weighted average common shares outstanding	33,236		31,536		31,596
Dilutive impact of stock compensation awards	218		185		218
Weighted average common shares outstanding, assuming dilution	33,454		31,721		31,814

Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution	39		189		62

Basic income per common share	$	1.85	$	3.55	$	3.24
Diluted income per common share	$	1.84	$	3.52	$	3.22

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

Inventories (Tables)

12 Months Ended

Aug. 29, 2020

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following:


(in thousands)	August 29, 2020		August 31, 2019
Finished goods	$	17,141	$	53,417
Work-in-process ("WIP")	86,651		82,926
Raw materials	114,982		105,804
Total	218,774		242,147
Less LIFO reserve	35,833		41,021
Inventories	$	182,941	$	201,126

Inventory valuation methods consist of the following:


(in thousands)	August 29, 2020		August 31, 2019
LIFO basis	$	88,675	$	184,007
FIFO basis	130,099		58,140
Total	$	218,774	$	242,147

Long-Term Debt

12 Months Ended

Aug. 29, 2020

Debt Disclosure [Abstract]

Long-Term Debt

On July 8, 2020, the Company closed its private offering (the “Senior Secured Notes Offering”) of $300 million aggregate principal amount of 6.25% Senior Secured Notes due 2028 (the “Senior Secured Notes”). The Senior Secured Notes were issued in accordance with an Indenture dated as of July 8, 2020 (the “Indenture”). The Senior Secured Notes will mature on July 15, 2028 unless earlier redeemed or repurchased. Interest on the Senior Secured Notes accrues starting July 8, 2020 and is payable semi-annually in arrears on January 15 and July 15 of each year, beginning January 15, 2021. The Senior Secured Notes and the related guarantees are secured by (i) a first-priority lien on substantially all of the Company’s and the subsidiary guarantor parties existing and future assets (other than certain collateral under the Company’s ABL facility) and (ii) a second-priority lien on the Company’s present and future accounts and receivables, inventory and other related assets and proceeds that secure the ABL facility on a first-priority basis.

The Indenture limits certain abilities of the Company and its subsidiaries (subject to certain exceptions and qualifications) to incur additional debt and provide additional guarantees; make restricted payments; create or permit certain liens; make certain asset sales; use the proceeds from the sale of assets and subsidiary stock; create or permit restrictions on the ability of the Company’s restricted subsidiaries to pay dividends or make other inter-company distributions; engage in certain transactions with affiliates; designate subsidiaries as unrestricted subsidiaries; and consolidate, merge or transfer all or substantially all of the Company’s assets and the assets of its restricted subsidiaries.

The Company amortizes debt issuance costs on a straight-line basis over the term of the associated debt agreement. If early principal payments are made on the Senior Secured Notes, a proportional amount of the unamortized issuance costs is expensed. As part of the Senior Secured Notes Offering, the Company capitalized $7.3 million in debt issuance costs that will be amortized over the eight-year term of the agreement.

On November 8, 2016, the Company entered into an asset-based revolving credit agreement ("ABL") and a loan agreement ("Term Loan") with JPMorgan Chase Bank, N.A. ("JPMorgan Chase"), as administrative agent and certain lenders from time to time party thereto. The remaining principal balance of the Term Loan as of July 8, 2020 was $249.8 million, which was repaid with the proceeds from the Senior Secured Notes, and debt issuance costs of $4.7 million were written off upon repayment. In addition, the interest rate swaps with a liability position of $0.6 million hedging the Term Loan interest rates were settled early in July 2020.

Under the ABL, the Company has a $192.5 million credit facility that matures on October 22, 2024 (subject to certain factors which may accelerate the maturity date) on a revolving basis, subject to availability under a borrowing base consisting of eligible accounts receivable and eligible inventory. The ABL is available for issuance of letters of credit to a specified limit of $19.3 million. The Company pays a commitment fee of 0.25% on the average daily amount of the facility available, but unused. The Company can elect to base the interest rate on various rates plus specific spreads depending on the amount of borrowings outstanding. If drawn, the Company would pay interest on ABL borrowings at a floating rate based upon LIBOR plus a spread of between 1.25% and 1.75%, depending on the usage of the facility during the most recent quarter. Based on current usage, the Company would pay LIBOR plus 1.25%.

Convertible Notes

On November 1, 2019, the Company issued $300.0 million in aggregate principal amount of 1.5% unsecured convertible senior notes due 2025 (the “Convertible Notes”). The net proceeds from the issuance of the Convertible Notes, after deducting the initial purchasers' transaction fees and offering expense payable by the Company, were approximately $290.2 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 the Company.

The Convertible Notes are convertible into cash, shares of the Company's common stock or a combination thereof, at the election of the Company, 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 may be adjusted pursuant to the terms of the indenture governing the Convertible Notes (the "Convertible Notes 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 Convertible Notes Indenture. It is the Company's 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 calendar 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 five consecutive business day period after any five 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 the Company's 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 Convertible Notes Indenture.

The Company 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, the Company 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 the Company's common stock that initially underlie the Convertible Notes, and are expected generally to reduce the potential dilution and/or offset any cash payments the Company is 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 the Company's 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, the Company also entered into privately negotiated warrant transactions (collectively, the “Warrant Transactions” and, together with the Hedge Transactions, the “Call Spread Transactions”), whereby the Company sold warrants at a higher strike price relating to the same number of shares of the Company's 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 the Company's common stock on October 29, 2019. The Warrant Transactions could have a dilutive effect to the Company's stockholders to the extent that the market price per share of the Company's common stock, as measured under the terms of the Warrant Transactions, exceeds the applicable strike price of the warrants.

The Company 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. The Company 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 8.0%. 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, the Company incurred approximately $9.8 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. The Company 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 $2.8 million of transaction costs allocated to the equity component were recorded as a reduction of the equity component.

The components of long-term debt are as follows:


(in thousands)	August 29, 2020		August 31, 2019
ABL	$	—	$	—
Term Loan	—		260,000
Senior Secured Notes	300,000		—
Convertible Notes	300,000		—
Long-term debt, excluding debt issuance costs	600,000		260,000
Convertible Notes unamortized interest discount	(74,294)		—
Debt issuance cost, net	(13,076)		(5,706)
Long-term debt	512,630		254,294
Less current maturities	—		8,892
Long-term debt, less current maturities	$	512,630	$	245,402

As of August 29, 2020, the fair value of long-term debt, excluding debt issuance costs, was $674.7 million. As of August 31, 2019, the fair value of long-term debt, excluding debt issuance costs, was $255.8 million.

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


(in thousands)	Amount
Fiscal 2021	$	—
Fiscal 2022	—
Fiscal 2023	—
Fiscal 2024	—
Fiscal 2025	300,000
Thereafter	300,000
Total Long-term debt	$	600,000

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Aug. 29, 2020

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

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


	2020										2019
(in thousands)	Defined Benefit Pension Items		Interest Rate Swap		Total		Defined Benefit Pension Items		Interest Rate Swap		Total
Balance at beginning of year	$	(559)	$	68	$	(491)	$	(591)	$	1,483	$	892
OCI before reclassifications	—		(500)		(500)		—		(1,415)		(1,415)
Amounts reclassified from AOCI	33		432		465		32		—		32
Net current-year OCI	33		(68)		(35)		32		(1,415)		(1,383)
Balance at end of year	$	(526)	$	—	$	(526)	$	(559)	$	68	$	(491)

Reclassifications out of AOCI, net of tax, were:


(In thousands)	Location on Consolidated Statements of Income and Comprehensive Income	2020		2019		2018
Amortization of net actuarial loss	SG&A	$	33	$	32	$	27
Interest rate contract	Interest expense	432		—		—
Total reclassifications		$	465	$	32	$	27

Product Warranties

12 Months Ended

Aug. 29, 2020

Product Warranties Disclosures [Abstract]

Product Warranties

The Company provides certain service and warranty on products sold. From time to time, the Company also voluntarily incurs costs for certain warranty-type expenses occurring after the normal warranty period to help protect the reputation of the Company's products and the goodwill of the 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 the Company's products, costs are incurred occasionally as a result of additional service actions not covered by warranties, including product recalls and customer satisfaction actions. Although the Company estimates and reserves 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 the Company's product warranty liability are as follows:


(in thousands)	2020		2019		2018
Balance at beginning of year	$	44,436	$	40,498	$	30,805
Business acquisitions⁽¹⁾	15,147		—		611
Provision	61,898		45,902		42,377
Claims paid	(57,450)		(41,964)		(33,295)
Balance at end of year	$	64,031	$	44,436	$	40,498

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

Stock-Based Compensation Plans

12 Months Ended

Aug. 29, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

On December 11, 2018, our shareholders approved the Winnebago Industries, Inc. 2019 Omnibus Incentive Plan ("2019 Plan") as detailed in the Proxy Statement for the 2018 Annual Meeting of Shareholders. The 2019 Plan allows the Company 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 the 2014 Omnibus Equity, Performance Award, and Incentive Compensation Plan (as amended, the "2014 Plan"). The number of shares of the Company's 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 the 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 were 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.

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

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

The Company's Employee Stock Purchase Plan ("ESPP") permits employees to purchase Winnebago Industries common stock at a 15% discount from the market price at the end of semi-annual purchase periods and is compensatory. Employees are required to hold the common stock purchased for one-year. In Fiscal 2020 and 2019, 21,094 shares and 30,956 shares, respectively, were purchased through the ESPP. Plan participants had accumulated $0.3 million and $0.2 million as of August 29, 2020 and August 31, 2019, respectively, to purchase the Company's common stock pursuant to this plan.

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


(in thousands)	2020		2019		2018
Share awards:
Time-based	$	4,287	$	4,986	$	4,152
Performance-based	796		716		2,525
Stock options	990		925		502
Other⁽¹⁾	402		431		255
Total stock-based compensation expense	$	6,475	$	7,058	$	7,434

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

Share Awards - Time-Based

The fair value of time-based share awards is determined based on the closing market price of the Company's stock on the date of grant. A summary of the status of nonvested time-based share awards at August 29, 2020, and changes during Fiscal 2020, is as follows:


	Shares	Weighted Average Fair Value
Outstanding at August 31, 2019	215,506	$	33.40
Granted	166,440	$	42.76
Vested	(77,550)	$	34.45
Forfeited/canceled	(2,132)	$	36.08
Outstanding at August 29, 2020	302,264	$	38.27

As of August 29, 2020, there was $5.0 million of unrecognized compensation expense related to nonvested time-based share awards that are expected to be recognized over a weighted average period of 0.8 years. The total fair value of awards vested during Fiscal 2020, 2019, and 2018 was $3.3 million, $6.6 million, and $7.1 million, respectively.

On October 13, 2020, the Board of Directors granted 69,538 restricted stock units under the 2019 Plan valued at $3.8 million to the Company's key management group. The value of the restricted stock units, which is based on the closing price of Winnebago Industries common stock on the date of grant, was $54.49. Estimated non-cash stock compensation expense based on this grant is expected to be approximately $1.8 million for Fiscal 2021.

Share Awards - Performance-Based

The fair value of performance-based share awards is determined based on the closing market price of the Company's stock on the date of grant. A summary of the status of the Company's nonvested performance-based share awards at August 29, 2020, and changes during Fiscal 2020, is as follows:


	Shares	Weighted Average Fair Value
Outstanding at August 31, 2019	207,433	$	33.87
Granted	64,914	$	47.93
Vested	(65,302)	$	28.21
Forfeited/canceled	(18,053)	$	32.79
Outstanding at August 29, 2020	188,992	$	40.73

As of August 29, 2020, there was $2.9 million of unrecognized compensation expense related to nonvested performance-based share awards that are expected to be recognized over a weighted average period of 0.9 years. The total fair value of performance-based share awards vested during Fiscal 2020 was $2.4 million. No performance-based share awards vested during Fiscal 2019 or 2018.

Stock Options

A summary of stock option activity for Fiscal 2020 is as follows:


	Stock Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at August 31, 2019	253,145	$	34.43
Granted	55,036	$	47.93
Exercised	(9,718)	$	34.21
Forfeited/canceled	(6,019)	$	35.09
Outstanding at August 29, 2020	292,444	$	36.96	7.7	$	6,273
Vested and expected to vest at August 29, 2020	292,444	$	36.96	7.7	$	6,273
Exercisable at August 29, 2020	142,754	$	34.20	6.9	$	3,455

As of August 29, 2020, there was $1.3 million of unrecognized compensation expense related to option awards that is expected to be recognized over a weighted average period of 0.8 years.

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


Valuation Assumptions⁽¹⁾	2020			2019			2018
Expected dividend yield	0.9		%	1.3		%	0.9		%
Risk-free interest rate⁽²⁾	1.7		%	3.0		%	2.0		%
Expected life of stock options (in years)⁽³⁾	5			5			5
Expected stock price volatility⁽⁴⁾	41.2		%	39.1		%	38.1		%
Weighted average fair value of options granted	$	17.18		$	11.09		$	14.78

(1) Forfeitures are recorded when they occur.

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

(3) Estimated based on historical experience.

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

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 29, 2020	Aug. 31, 2019
Current assets:
Cash and cash equivalents	$ 292,575	$ 37,431
Receivables, less allowance for doubtful accounts ($353 and $160, respectively)	220,798	158,049
Inventories	182,941	201,126
Prepaid expenses and other assets	17,296	14,051
Total current assets	713,610	410,657
Property, plant, and equipment, net	174,945	127,572
Other assets:
Goodwill	348,058	274,931
Other intangible assets, net	404,768	256,082
Investment in life insurance	27,838	26,846
Operating lease assets	29,463
Other assets	15,018	8,143
Total assets	1,713,700	1,104,231
Current liabilities:
Accounts payable	132,490	81,635
Income taxes payable	8,840	0
Accrued expenses:
Accrued compensation	36,533	20,328
Product warranties	64,031	44,436
Self-insurance	17,437	13,820
Promotional	12,543	10,896
Accrued interest	4,652	4,059
Other	23,864	13,678
Current maturities of long-term debt	0	8,892
Total current liabilities	300,390	197,744
Non-current liabilities:
Long-term debt, less current maturities	512,630	245,402
Deferred income taxes	15,608	12,032
Unrecognized tax benefits	6,511	3,591
Operating lease liabilities	27,048
Deferred compensation benefits, net of current portion	11,130	12,878
Other	12,917	372
Total non-current liabilities	585,844	274,275
Contingent liabilities and commitments (Note 12)
Stockholders' equity:
Preferred stock, par value $0.01: Authorized-10,000 shares; Issued-none	0	0
Common stock, par value $0.50: Authorized-60,000 shares; Issued-51,776 shares	25,888	25,888
Additional paid-in capital	203,791	91,185
Retained earnings	913,610	866,886
Accumulated other comprehensive income (loss)	(526)	(491)
Treasury stock, at cost: 18,133 and 20,262 shares, respectively	(315,297)	(351,256)
Total stockholders' equity	827,466	632,212
Total liabilities and stockholders' equity	$ 1,713,700	$ 1,104,231

Business Segments - Information by Reportable Segment (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Aug. 29, 2020 USD ($)	May 30, 2020 USD ($)	Feb. 29, 2020 USD ($)	Nov. 30, 2019 USD ($)	Aug. 31, 2019 USD ($)	May 25, 2019 USD ($)	Feb. 23, 2019 USD ($)	Nov. 24, 2018 USD ($)	Aug. 29, 2020 USD ($) segment	Aug. 31, 2019 USD ($)	Aug. 25, 2018 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment									6
Number of reportable segments \| segment									2
Net Revenues	$ 737,807	$ 402,458	$ 626,810	$ 588,458	$ 530,396	$ 528,940	$ 432,690	$ 493,648	$ 2,355,533	$ 1,985,674	$ 2,016,829
Adjusted EBITDA									168,075	179,652	181,746
Capital expenditures									32,377	40,858	28,668
Total Assets	1,713,700				1,104,231				1,713,700	1,104,231
Net income	42,459	$ (12,353)	$ 17,268	$ 14,068	31,868	$ 36,171	$ 21,598	$ 22,161	61,442	111,798	102,357
Interest expense									37,461	17,939	18,246
Provision for income taxes									15,834	27,111	40,283
Depreciation									15,997	13,682	9,849
Amortization of intangible assets									22,104	9,635	9,328
EBITDA									152,838	180,165	180,063
Acquisition-related fair-value inventory step-up									4,810	0	0
Acquisition-related costs									9,761	0	2,177
Restructuring									1,640	1,068	0
Non-operating income									(974)	(1,581)	(494)
Corporate / All Other
Segment Reporting Information [Line Items]
Net Revenues									71,172	81,420	28,431
Adjusted EBITDA									(13,150)	(11,480)	(10,772)
Capital expenditures									3,927	3,210	906
Total Assets	395,143				143,080				395,143	143,080
Towable \| Operating Segments
Segment Reporting Information [Line Items]
Net Revenues									1,227,567	1,197,327	1,127,723
Adjusted EBITDA									148,276	163,677	157,010
Capital expenditures									13,389	27,679	18,460
Total Assets	718,253				628,994				718,253	628,994
Motorhome \| Operating Segments
Segment Reporting Information [Line Items]
Net Revenues									1,056,794	706,927	860,675
Adjusted EBITDA									32,949	27,455	35,508
Capital expenditures									15,061	9,969	$ 9,302
Total Assets	$ 600,304				$ 332,157				$ 600,304	$ 332,157

Long-Term Debt - Contractual Maturities (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Aug. 31, 2019
Debt Instrument [Line Items]
Total Long-term debt	$ 600,000	$ 260,000
Term Loan And Senior Convertible Notes
Debt Instrument [Line Items]
Fiscal 2021	0
Fiscal 2022	0
Fiscal 2023	0
Fiscal 2024	0
Fiscal 2025	300,000
Thereafter	$ 300,000

Goodwill and Intangible Assets - Narrative (Details)	Aug. 29, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Accumulated impairment losses	$ 0

Employee and Retiree Benefits

12 Months Ended

Aug. 29, 2020

Retirement Benefits [Abstract]

Employee and Retiree Benefits

Deferred compensation benefits are as follows:


(in thousands)	August 29, 2020		August 31, 2019
Non-qualified deferred compensation	$	11,460	$	13,093
Supplemental executive retirement plan	1,838		2,072
Executive share option plan	—		12
Executive deferred compensation plan	710		621
Total deferred compensation benefits	14,008		15,798
Less current portion⁽¹⁾	2,878		2,920
Deferred compensation benefits, net of current portion	$	11,130	$	12,878

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

Deferred Compensation Benefits

Non-Qualified Deferred Compensation

The Company has a Non-Qualified Deferred Compensation Program which permitted key employees to annually elect to defer a portion of their compensation until their retirement. The plan has been closed to any additional deferrals since January 2001. The retirement benefit to be provided is based upon the amount of compensation deferred and the age of the individual at the time of the contracted deferral. An individual generally vests at age 55 and 5 years of participation under the plan. For deferrals prior to December 1992, vesting occurs at the later of age 55 and 5 years of service from first deferral or 20 years of service. Deferred compensation expense was $0.9 million, $0.9 million, and $1.1 million in Fiscal 2020, 2019, and 2018, respectively.

Supplemental Executive Retirement Plan ("SERP")

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

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


(in thousands)	August 29, 2020		August 31, 2019
Cash value	$	64,214	$	61,836
Borrowings	(36,376)		(34,990)
Investment in life insurance	$	27,838	$	26,846

Executive Deferred Compensation Plan

In December 2006, the Company adopted the Winnebago Industries, Inc. Executive Deferred Compensation Plan (the "Executive Deferred Compensation Plan"). Under the Executive Deferred Compensation Plan, corporate officers and certain key employees may annually choose to defer up to 50% of their salary and up to 100% of their cash incentive awards. The assets are presented as other assets in the accompanying balance sheets. Such assets on August 29, 2020 and August 31, 2019 were $0.7 million and $0.6 million, respectively.

Profit Sharing Plan

The Company has a qualified profit sharing and contributory 401(k) plan for eligible employees. The plan provides matching contributions made by Winnebago Industries and discretionary contributions as approved by the Board of Directors. Matching contributions to the plan for Fiscal 2020, 2019, and 2018 were $3.4 million, $2.9 million, and $2.3 million, respectively. No discretionary contributions were approved for the years presented.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivatives, Investments and Fair Value Measurements - Fair Value Inputs (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Aug. 29, 2020	Aug. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Domestic equity funds	$ 626	$ 373
International equity funds	34	101
Fixed income funds	50	155
Interest rate swap contract		90
Total assets at fair value	710	719
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Domestic equity funds	626	288
International equity funds	34	45
Fixed income funds	50	54
Interest rate swap contract		0
Total assets at fair value	710	387
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Domestic equity funds	0	85
International equity funds	0	56
Fixed income funds	0	101
Interest rate swap contract		90
Total assets at fair value	0	332
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring 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

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Aug. 29, 2020

Accounting Policies [Abstract]

Reportable Segments

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

Principles of Consolidation

The consolidated financial statements for Fiscal 2020 include the parent company and the Company's wholly-owned subsidiaries. All intercompany balances and transactions with our subsidiaries have been eliminated.

Fiscal Period

The Company follows a 52-/53-week fiscal year, ending the last Saturday in August. Fiscal 2020 is a 52-week year, Fiscal 2019 was a 53-week year, and 2018 was a 52-week year. The extra (53rd) week in Fiscal 2019 was recognized in our fourth quarter.

Use of Estimates

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

Cash and Cash Equivalents

Cash and Cash Equivalents Cash equivalents include all investments with original maturities of three months or less or which are readily convertible into known amounts of cash and are not legally restricted. The carrying amount approximates fair value due to the short maturity of the investments. Accounts at each banking institution are insured by the Federal Deposit Insurance Corporation up to $250,000, while the remaining balances are uninsured.

Derivatives Instruments and Hedging Activities

Derivative Instruments and Hedging ActivitiesThe Company used derivative instruments to hedge their floating interest rate exposure. Derivative instruments were accounted for at fair value in accordance with Accounting Standards Codification ("ASC") Topic 815, Derivatives and Hedging. These derivatives were designated as cash flow hedges for accounting purposes. Changes in fair value, for the effective portion of qualifying hedges, were recorded in other comprehensive income. The Company reviewed the effectiveness of the hedging instruments on a quarterly basis, recognized current year hedge ineffectiveness and the impact of the termination of the underlying instrument immediately in earnings, and discontinued hedge accounting for any hedge that was no longer considered to be highly effective.

Receivables

Receivables consist principally of amounts due from the Company's dealer network for RVs and boats sold.

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

Inventories

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

Property and Equipment


Asset Class			Asset Life
Buildings			10-30 years
Machinery and equipment			3-15 years
Software			5-10 years
Transportation equipment			5-6 years

Goodwill and Indefinite-Lived Intangible Assets

Goodwill

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

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

Trade names

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

During the fourth quarter of Fiscal 2020, the Company completed the annual impairment tests. The Company elected to rely on a qualitative assessment for the Grand Design business, and performed the quantitative analysis for the Chris-Craft and Newmar businesses.

Definite-Lived Intangible Assets and Long-Lived Assets

Long-lived assets, which include property, plant and equipment, and definite-lived intangible assets, primarily the dealer network, are assessed for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable from future cash flows. The impairment test involves comparing the carrying amount of the asset to the forecasted undiscounted future cash flows generated by that asset. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. In the event the carrying amount of the asset exceeds the undiscounted future cash flows generated by that asset and the carrying amount is not considered recoverable, an impairment exists. An impairment loss is

measured as the excess of the asset’s carrying amount over its fair value and is recognized in the statement of income in the period that the impairment occurs. The reasonableness of the useful lives of the asset and other long-lived assets is regularly evaluated.

Self-Insurance

Generally, the Company self-insures for a portion of product liability claims, workers' compensation, and health insurance. Under these plans, liabilities are recognized for claims incurred, including those incurred but not reported. The Company uses third party administrators and actuaries using historical claims experience and various state statutes to assist in the determination of the accrued liability balance. The Company has a $50.0 million insurance policy that includes a self-insured retention for product liability of $1.0 million per occurrence and $2.0 million in aggregate per policy year. The Company's self-insured health insurance policy includes an individual retention of $0.3 million per occurrence and an aggregate retention of 125% of expected annual claims. The Company maintains excess liability insurance with outside insurance carriers to minimize the risks related to catastrophic claims in excess of self-insured positions for product liability, health insurance, and personal injury matters. Any material change in the aforementioned factors could have an adverse impact on operating results. Balances are included within Accrued expenses: Self-insurance on our Consolidated Balance Sheets.

Income Taxes

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

Legal

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

Revenue Recognition

Revenue RecognitionThe Company's primary source of revenue is generated through the sale of non-motorized towable units, motorized units, and marine units to the Company's independent dealer network (customers). Unit revenue is recognized at a point-in-time when the performance obligation is satisfied, which generally occurs when the unit is shipped to or picked-up from the manufacturing facilities by the customer. The Company's payment terms are typically before or on delivery, and do not include a significant financing component. The amount of consideration received and recorded to revenue varies with changes in marketing incentives and offers to customers. These marketing incentives and offers to customers are considered variable consideration. The Company adjusts the estimate of revenue at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed.The Company generates all operating revenue from contracts with customers. The Company's primary source of revenue is generated through the sale of manufactured motorized units, non-motorized towable units, and marine units to the Company's independent dealer network (customers). The Company also generates income through the sale of certain parts and services, acting as the principal in these arrangements. The revenue standard requirements are applied to a portfolio of contracts (or performance obligations) with similar characteristics for transactions where it is expected that the effects on the financial statements of applying the revenue recognition guidance to the portfolio would not differ materially from applying this guidance to the individual contracts (or performance obligations) within that portfolio. Revenue is recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the transaction price consideration that the Company expects to receive in exchange for those goods or services. Control refers to the ability of the customer to direct the use of, and obtain substantially all of, the remaining benefits from the goods or services. The Company's transaction price consideration is fixed, unless otherwise disclosed below as variable consideration. The Company made an accounting policy election to exclude from revenue sales and usage-based taxes collected.

Unit revenue

The Company does not have material contract assets or liabilities. The Company establishes allowances for uncollectible receivables based on historical collection trends and write-off history.

Advertising

Advertising costs, which consist primarily of literature and trade shows, were $12.5 million, $8.3 million, and $7.4 million in Fiscal 2020, 2019, and 2018, respectively. Advertising costs are included in Selling, general, and administrative expenses and are expensed as incurred.

Subsequent Events

The Company has evaluated events occurring between the end of the most recent fiscal year and the date the financial statements were issued. There were no material subsequent events except as disclosed in Note 14 Stock-Based Compensation Plans.

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

The Company adopted the Financial Accounting Standards 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, the Company elected the package of practical expedients permitted under the transition guidance with the new standard, which among other things, allowed the Company to carry forward the historical lease classification, and the Company 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 adoption of the standard did not materially impact the Company's consolidated net earnings and had no impact on the Company's cash flows. See Note 10 Leases for more information regarding our operating and financing leases.


(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
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
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, the Company 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 the Company's Consolidated Financial Statements.

Recently Issued Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). ASU 2020-06 reduces the number of models used to account for convertible instruments, amends diluted EPS calculations for convertible instruments, and amends the requirements for a contract (or embedded derivative) that is potentially settled in an entity's own shares to be classified in equity. The amendments add certain disclosure requirements to increase transparency and decision-usefulness about a convertible instrument's terms and features. Under the amendment, the Company must use the if-converted method for including convertible instruments in diluted EPS as opposed to the treasury stock method. ASU 2020-06 is effective for annual reporting periods beginning after December 15, 2021 (the Company's Fiscal 2023). Early adoption is allowed under the standard with either a modified retrospective or full retrospective method. The Company expects to adopt the new guidance in the first quarter of Fiscal 2023. While it will change the Company's diluted EPS reporting, the extent to which the standard will have a material impact on its consolidated financial statements is uncertain at this time.

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020.

The Company will adopt this standard when LIBOR is discontinued, and does not expect a material impact to its consolidated financial statements.

In December 2019, 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 (the Company's Fiscal 2022), including interim periods within those annual reporting periods. The Company expects to adopt the new guidance in the first quarter of Fiscal 2022, and does not expect a material impact to its consolidated financial statements.

In June 2016, 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. The Company expects to adopt the new guidance in the first quarter of Fiscal 2021, and does not expect a material impact to its consolidated financial statements.

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

The Company accounts for fair value measurements in accordance with ASC 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measurement, and expands disclosure about fair value measurement. The fair value hierarchy requires the use of observable market data when available. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's 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.

Debt Issuance Costs

Repurchase Commitments

Summary of Significant Accounting Policies

12 Months Ended

Aug. 29, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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

Nature of Operations

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

Reportable Segments

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

Principles of Consolidation

Fiscal Period

Use of Estimates

Cash and Cash Equivalents

Cash equivalents include all investments with original maturities of three months or less or which are readily convertible into known amounts of cash and are not legally restricted. The carrying amount approximates fair value due to the short maturity of the investments. Accounts at each banking institution are insured by the Federal Deposit Insurance Corporation up to $250,000, while the remaining balances are uninsured.

Derivative Instruments and Hedging Activities

The Company used derivative instruments to hedge their floating interest rate exposure. Derivative instruments were accounted for at fair value in accordance with Accounting Standards Codification ("ASC") Topic 815, Derivatives and Hedging. These derivatives were designated as cash flow hedges for accounting purposes. Changes in fair value, for the effective portion of qualifying hedges, were recorded in other comprehensive income. The Company reviewed the effectiveness of the hedging instruments on a quarterly basis, recognized current year hedge ineffectiveness and the impact of the termination of the underlying instrument immediately in earnings, and discontinued hedge accounting for any hedge that was no longer considered to be highly effective. As of August 29, 2020, the Company does not have any derivative instruments or hedging activities related to interest rate risk. See Note 4 Derivatives, Investments, and Fair Value Measurements and Note 9 Long-Term Debt for additional information on the convertible debt.

Receivables

Receivables consist principally of amounts due from the Company's dealer network for RVs and boats sold.

Inventories

Property and Equipment


Asset Class			Asset Life
Buildings			10-30 years
Machinery and equipment			3-15 years
Software			5-10 years
Transportation equipment			5-6 years

Goodwill and Indefinite-Lived Intangible Assets

Goodwill

Trade names

Definite-Lived Intangible Assets and Long-Lived Assets

There was no impairment loss for the year ended August 29, 2020 for definite-lived intangible assets or long-lived assets.

Self-Insurance

Income Taxes

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

Legal

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

Revenue Recognition

The Company's primary source of revenue is generated through the sale of non-motorized towable units, motorized units, and marine units to the Company's independent dealer network (customers). Unit revenue is recognized at a point-in-time when the performance obligation is satisfied, which generally occurs when the unit is shipped to or picked-up from the manufacturing facilities by the customer. The Company's payment terms are typically before or on delivery, and do not include a significant financing component. The amount of consideration received and recorded to revenue varies with changes in marketing incentives and offers to customers. These marketing incentives and offers to customers are considered variable consideration. The Company adjusts the estimate of revenue at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. Refer to Note 13, Revenue Recognition, for additional information.

Advertising

Dividend

On August 19, 2020, the Board of Directors declared a quarterly cash dividend of $0.12 per share, totaling $4.0 million, paid on September 30, 2020 to common stockholders of record at the close of business on September 16, 2020.

Coronavirus (COVID-19) pandemic

The Company is closely monitoring the impact of the 2019 novel coronavirus, or COVID-19, on all aspects of its business. COVID-19 was declared a global pandemic by the World Health Organization on March 11, 2020 and the President of the United States declared the COVID-19 outbreak a national emergency on March 13, 2020. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. The Company is taking advantage of the employer payroll tax (FICA) deferral offered by CARES which allows the Company to defer the payment of employer payroll taxes for the period from March 27, 2020 to December 31, 2020. The deferred FICA liability as of August 29, 2020 was $7.8 million and will be payable in equal installments at December 2021 and December 2022. Additionally, the Company is taking advantage of a tax credit granted to companies under the CARES Act who continued to pay their employees when operations were fully or partially suspended. The

refundable tax credit, reflected in cost of goods sold and within other current assets, is approximately $4.0 million and is expected to be received in Fiscal 2021.

Subsequent Events

Recently Adopted Accounting Pronouncements


(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
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
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

The Company will adopt this standard when LIBOR is discontinued, and does not expect a material impact to its consolidated financial statements.

Business Segments

12 Months Ended

Aug. 29, 2020

Segment Reporting [Abstract]

Business Segments

The Company has identified 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. The Company evaluates performance based on each operating segment's Adjusted EBITDA, as defined below, which excludes certain corporate administration expenses and non-operating income and expense.

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

chassis as well as other related manufactured products and services), 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.

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

The Company evaluates the performance of the reportable segments based on Adjusted EBITDA. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense, and other adjustments made in order to present comparable results from year to year. Examples of items excluded from Adjusted EBITDA include acquisition-related fair-value inventory step-up, acquisition-related costs, restructuring expenses, and non-operating income.

The following table shows information by reportable segment:


(in thousands)	2020		2019		2018
Net Revenues
Towable	$	1,227,567	$	1,197,327	$	1,127,723
Motorhome	1,056,794		706,927		860,675
Corporate / All Other	71,172		81,420		28,431
Consolidated	$	2,355,533	$	1,985,674	$	2,016,829

Adjusted EBITDA
Towable	$	148,276	$	163,677	$	157,010
Motorhome	32,949		27,455		35,508
Corporate / All Other	(13,150)		(11,480)		(10,772)
Consolidated	$	168,075	$	179,652	$	181,746

Capital expenditures
Towable	$	13,389	$	27,679	$	18,460
Motorhome	15,061		9,969		9,302
Corporate / All Other	3,927		3,210		906
Consolidated	$	32,377	$	40,858	$	28,668


(in thousands)	August 29, 2020		August 31, 2019
Total Assets
Towable	$	718,253	$	628,994
Motorhome	600,304		332,157
Corporate / All Other	395,143		143,080
Consolidated	$	1,713,700	$	1,104,231

The following table reconciles net income to consolidated Adjusted EBITDA:


(in thousands)	2020		2019		2018
Net income	$	61,442	$	111,798	$	102,357
Interest expense	37,461		17,939		18,246
Provision for income taxes	15,834		27,111		40,283
Depreciation	15,997		13,682		9,849
Amortization of intangible assets	22,104		9,635		9,328
EBITDA	152,838		180,165		180,063
Acquisition-related fair-value inventory step-up	4,810		—		—
Acquisition-related costs	9,761		—		2,177
Restructuring⁽¹⁾	1,640		1,068		—
Non-operating income	(974)		(1,581)		(494)
Adjusted EBITDA	$	168,075	$	179,652	$	181,746

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

The following table reconciles net revenues by geographic area:


(in thousands)	2020		2019		2018
United States	$	2,225,028	$	1,836,472	$	1,860,613
International	130,505		149,202		156,216
Net Revenues	$	2,355,533	$	1,985,674	$	2,016,829

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Business Segments - Revenues by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Aug. 29, 2020	May 30, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	May 25, 2019	Feb. 23, 2019	Nov. 24, 2018	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Revenues	$ 737,807	$ 402,458	$ 626,810	$ 588,458	$ 530,396	$ 528,940	$ 432,690	$ 493,648	$ 2,355,533	$ 1,985,674	$ 2,016,829
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Revenues									2,225,028	1,836,472	1,860,613
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Revenues									$ 130,505	$ 149,202	$ 156,216

- Definition

+ References

+ Details

Restructuring (Details) - Motorhome - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	May 30, 2020	Aug. 29, 2020	Aug. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring expense	$ 1,500	$ 1,697	$ 1,943
Facility Closing
Restructuring Cost and Reserve [Line Items]
Expected remaining restructuring costs		400
Cost of goods sold
Restructuring Cost and Reserve [Line Items]
Restructuring expense		1,650	1,724
Selling, general, and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring expense		$ 47	$ 219

Income per Share (Tables)

12 Months Ended

Aug. 29, 2020

Earnings Per Share [Abstract]

Schedule of Income Per Share, Basic and Diluted

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


(in thousands, except per share data)	2020		2019		2018
Numerator
Net income	$	61,442	$	111,798	$	102,357

Denominator
Weighted average common shares outstanding	33,236		31,536		31,596
Dilutive impact of stock compensation awards	218		185		218
Weighted average common shares outstanding, assuming dilution	33,454		31,721		31,814

Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution	39		189		62

Basic income per common share	$	1.85	$	3.55	$	3.24
Diluted income per common share	$	1.84	$	3.52	$	3.22

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Aug. 29, 2020

Accounting Policies [Abstract]

Depreciation of Property and Equipment


Asset Class			Asset Life
Buildings			10-30 years
Machinery and equipment			3-15 years
Software			5-10 years
Transportation equipment			5-6 years

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


(in thousands)	August 29, 2020		August 31, 2019
Land	$	11,101	$	6,799
Buildings and building improvements	165,343		119,638
Machinery and equipment	117,370		107,701
Software	28,456		29,169
Transportation	4,913		3,865
Property, plant, and equipment, gross	327,183		267,172
Less accumulated depreciation	152,238		139,600
Property, plant, and equipment, net	$	174,945	$	127,572

Balance Sheet Impacts By Adoption of Leases Accounting Standard Update


(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
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
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 - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Aug. 31, 2019	Aug. 29, 2020	Aug. 31, 2019
Business Acquisition [Line Items]
Acquisition related costs	$ 600	$ 600
Newmar Corporation
Business Acquisition [Line Items]
Net revenues		2,508,792	$ 2,645,914
Net (loss) income		$ 72,609	$ 101,692
Income per share - basic (in dollars per share)		$ 2.16	$ 3.03
Income per share - diluted (in dollars per share)		$ 2.11	$ 3.02
Acquisition related costs		$ 10,400
Newmar Corporation \| Amortization of intangibles (1 year or less useful life)
Business Acquisition [Line Items]
Nonrecurring adjustments		13,610	$ (13,610)
Newmar Corporation \| Increase in amortization of intangibles
Business Acquisition [Line Items]
Nonrecurring adjustments		(1,061)	(5,578)
Newmar Corporation \| Expenses related to business combination (transaction costs)
Business Acquisition [Line Items]
Nonrecurring adjustments		9,761	(9,950)
Newmar Corporation \| Interest to reflect new debt structure
Business Acquisition [Line Items]
Nonrecurring adjustments		(4,356)	(19,155)
Newmar Corporation \| Taxes related to the adjustments to the pro forma data and to the income of Newmar
Business Acquisition [Line Items]
Nonrecurring adjustments		$ (2,968)	$ 2,686

Interim Financial Information (Unaudited)

12 Months Ended

Aug. 29, 2020

Quarterly Financial Information Disclosure [Abstract]

Interim Financial Information (Unaudited)

The following tables show selected operating results for each 3-month quarter of Fiscal 2020 and 2019 (unaudited):


Fiscal 2020	Quarter Ended
(In thousands, except per share data)	November 30, 2019		February 29, 2020		May 30, 2020		August 29, 2020
Net revenues	$	588,458	$	626,810	$	402,458	$	737,807
Gross profit	78,613		79,782		32,024		122,509
Operating income	23,894		29,644		(8,173)		68,398
Net income	14,068		17,268		(12,353)		42,459
Net income per share (basic)	0.44		0.51		(0.37)		1.26
Net income per share (diluted)	0.44		0.51		(0.37)		1.25

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

Income Taxes - Significant Items Comprising Deferred Taxes (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Aug. 31, 2019
Income Tax Disclosure [Abstract]
Warranty reserves	$ 13,969	$ 10,949
Deferred compensation	5,406	3,989
Self-insurance reserve	3,426	2,617
Stock-based compensation	2,865	2,558
Accrued vacation	1,681	1,227
Unrecognized tax benefit	498	444
Inventory	717	0
Leases	8,638	0
Other	3,295	3,337
Total deferred tax assets	40,495	25,121
Convertible notes	3,125	0
Intangibles	32,933	28,055
Depreciation	11,715	8,192
Inventory	0	906
Leases	8,330	0
Total deferred tax liabilities	56,103	37,153
Total deferred income tax liabilities, net	15,608	12,032
State NOL carryforward	$ 500	400
Federal NOL carry forward		$ 600

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Operating activities:
Net income	$ 61,442	$ 111,798	$ 102,357
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	15,997	13,682	9,849
Amortization of intangible assets	22,104	9,635	9,328
Non-cash interest expense, net	10,727	0	0
Amortization of debt issuance costs	7,379	1,612	2,206
Last in, first-out expense	(5,188)	2,258	3,344
Stock-based compensation	6,475	7,058	7,434
Deferred income taxes	(879)	7,984	5,784
Deferred compensation expense	1,070	1,056	1,201
Other, net	1,335	257	(995)
Change in assets and liabilities:
Receivables	(25,773)	6,418	(37,739)
Inventories	105,994	(8,256)	(46,429)
Prepaid expenses and other assets	(358)	(4,499)	2,353
Accounts payable	37,041	907	(1,278)
Income taxes and unrecognized tax benefits	11,422	(13,810)	7,939
Accrued expenses and other liabilities	21,646	(2,350)	17,992
Net cash provided by operating activities	270,434	133,750	83,346
Investing activities:
Purchases of property and equipment	(32,377)	(40,858)	(28,668)
Acquisition of business, net of cash acquired	(260,965)	(702)	(81,200)
Proceeds from the sale of property	0	148	338
Other, net	266	2,476	(2,231)
Net cash used in investing activities	(293,076)	(38,936)	(111,761)
Financing activities:
Borrowings on long-term debt	2,786,824	891,892	221,133
Repayments on long-term debt	(2,446,824)	(930,424)	(206,601)
Purchase of convertible bond hedge	(70,800)	0	0
Proceeds from issuance of warrants	42,210	0	0
Payments of cash dividends	(14,588)	(13,670)	(12,738)
Payments for repurchases of common stock	(1,844)	(8,171)	(6,481)
Payments of debt issuance costs	(18,030)	0	(589)
Other, net	838	648	88
Net cash provided by (used in) financing activities	277,786	(59,725)	(5,188)
Net increase (decrease) in cash and cash equivalents	255,144	35,089	(33,603)
Cash and cash equivalents at beginning of year	37,431	2,342	35,945
Cash and cash equivalents at end of year	292,575	37,431	2,342
Supplement cash flow disclosure:
Income taxes paid, net	3,667	37,061	26,436
Interest paid	17,253	14,921	16,565
Non-cash transactions:
Issuance of Winnebago common stock for acquisition of business	92,572	0	0
Capital expenditures in accounts payable	$ 178	$ 387	$ 698

Contingent Liabilities and Commitments (Tables)

12 Months Ended

Aug. 29, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Repurchase Agreements

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


($ in thousands)	2020		2019		2018
Inventory repurchased:
Units	107		125		56
Dollars	$	2,592	$	5,535	$	1,716
Inventory resold:
Units	118		109		56
Cash collected	$	2,540	$	4,634	$	1,585
Loss recognized	$	252	$	556	$	132
Units in ending inventory	5		16		—

Derivatives, Investments and Fair Value Measurements (Tables)

12 Months Ended

Aug. 29, 2020

Fair Value Disclosures [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables set forth by level within the fair value hierarchy the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis at August 29, 2020 and August 31, 2019 according to the valuation techniques that was used to determine their fair values:


	Fair Value at		Fair Value Hierarchy
(in thousands)	August 29, 2020		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	626	$	626	$	—	$	—
International equity funds	34		34		—		—
Fixed income funds	50		50		—		—
Total assets at fair value	$	710	$	710	$	—	$	—


	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	$	—

Contingent Liabilities and Commitments - Schedule of Repurchased Activity (Details) $ in Thousands	12 Months Ended
	Aug. 29, 2020 USD ($) recreation_vehicle	Aug. 31, 2019 USD ($) recreation_vehicle	Aug. 25, 2018 USD ($) recreation_vehicle
Commitments and Contingencies Disclosure [Abstract]
Inventory repurchased, units (in recreation vehicles) \| recreation_vehicle	107	125	56
(in dollars) \| $	$ 2,592	$ 5,535	$ 1,716
Inventory resold, units (in recreation vehicles) \| recreation_vehicle	118	109	56
Inventory resold, cash collected (in dollars) \| $	$ 2,540	$ 4,634	$ 1,585
Inventory resold, loss recognized (in dollars) \| $	$ 252	$ 556	$ 132
Units in ending inventory (in recreation vehicles) \| recreation_vehicle	5	16	0

Stock-Based Compensation Plans (Tables)

12 Months Ended

Aug. 29, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

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


(in thousands)	2020		2019		2018
Share awards:
Time-based	$	4,287	$	4,986	$	4,152
Performance-based	796		716		2,525
Stock options	990		925		502
Other⁽¹⁾	402		431		255
Total stock-based compensation expense	$	6,475	$	7,058	$	7,434

Summary of Nonvested Time-Based Share Awards

A summary of the status of nonvested time-based share awards at August 29, 2020, and changes during Fiscal 2020, is as follows:


	Shares	Weighted Average Fair Value
Outstanding at August 31, 2019	215,506	$	33.40
Granted	166,440	$	42.76
Vested	(77,550)	$	34.45
Forfeited/canceled	(2,132)	$	36.08
Outstanding at August 29, 2020	302,264	$	38.27

Summary of Nonvested Performance-Based Awards

A summary of the status of the Company's nonvested performance-based share awards at August 29, 2020, and changes during Fiscal 2020, is as follows:


	Shares	Weighted Average Fair Value
Outstanding at August 31, 2019	207,433	$	33.87
Granted	64,914	$	47.93
Vested	(65,302)	$	28.21
Forfeited/canceled	(18,053)	$	32.79
Outstanding at August 29, 2020	188,992	$	40.73

Summary of Stock Option Activity

A summary of stock option activity for Fiscal 2020 is as follows:


	Stock Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at August 31, 2019	253,145	$	34.43
Granted	55,036	$	47.93
Exercised	(9,718)	$	34.21
Forfeited/canceled	(6,019)	$	35.09
Outstanding at August 29, 2020	292,444	$	36.96	7.7	$	6,273
Vested and expected to vest at August 29, 2020	292,444	$	36.96	7.7	$	6,273
Exercisable at August 29, 2020	142,754	$	34.20	6.9	$	3,455

Fair Value of Stock Options Using Black-Scholes Option-Pricing Model Assumptions

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


Valuation Assumptions⁽¹⁾	2020			2019			2018
Expected dividend yield	0.9		%	1.3		%	0.9		%
Risk-free interest rate⁽²⁾	1.7		%	3.0		%	2.0		%
Expected life of stock options (in years)⁽³⁾	5			5			5
Expected stock price volatility⁽⁴⁾	41.2		%	39.1		%	38.1		%
Weighted average fair value of options granted	$	17.18		$	11.09		$	14.78

(1) Forfeitures are recorded when they occur.

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

(3) Estimated based on historical experience.

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

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

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	20.50%	19.50%	28.20%
Unrecognized tax benefits	$ 2.9

Inventories - Narrative (Details) - USD ($)	12 Months Ended
Inventories - Narrative (Details) - USD ($)	Aug. 29, 2020	Aug. 31, 2019
Inventory Disclosure [Abstract]
Decrement of LIFO inventory layers	$ 5,200,000	$ 0

Income Taxes - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 2,822	$ 1,220	$ 1,195
Gross increases-tax positions in a prior year	2,486	1,173	25
Gross increases-current year tax positions	522	429	0
Balance at end of year	5,830	2,822	1,220
Accrued interest and penalties	681	769	525
Total unrecognized tax benefits	$ 6,511	$ 3,591	$ 1,745

Product Warranties (Tables)

12 Months Ended

Aug. 29, 2020

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability

Changes in the Company's product warranty liability are as follows:


(in thousands)	2020		2019		2018
Balance at beginning of year	$	44,436	$	40,498	$	30,805
Business acquisitions⁽¹⁾	15,147		—		611
Provision	61,898		45,902		42,377
Claims paid	(57,450)		(41,964)		(33,295)
Balance at end of year	$	64,031	$	44,436	$	40,498

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

Summary of Significant Accounting Policies - Balance Sheet Impacts by Adoption of Leases Accounting Standard Update (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Sep. 01, 2019	Aug. 31, 2019
Assets
Other intangible assets, net	$ 404,768		$ 256,082
Operating lease assets	29,463
Assets	1,713,700		1,104,231
Liabilities and Stockholders' Equity
Accrued expenses: Other	23,864		13,678
Total current liabilities	300,390		197,744
Lease liabilities	27,048
Total non-current liabilities	585,844		274,275
Total liabilities and stockholders' equity	$ 1,713,700		$ 1,104,231
As Adjusted
Assets
Other intangible assets, net		$ 254,772
Operating lease assets		33,811
Assets		1,136,732
Liabilities and Stockholders' Equity
Accrued expenses: Other		14,936
Total current liabilities		199,002
Lease liabilities		31,243
Total non-current liabilities		305,518
Total liabilities and stockholders' equity		1,136,732
Accounting Standards Update 2016-02 \| Adjustment
Assets
Other intangible assets, net		(1,310)
Operating lease assets		33,811
Assets		32,501
Liabilities and Stockholders' Equity
Accrued expenses: Other		1,258
Total current liabilities		1,258
Lease liabilities		31,243
Total non-current liabilities		31,243
Total liabilities and stockholders' equity		$ 32,501

Derivatives, Investments and Fair Value Measurements - Narrative (Details) - USD ($)	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018	Mar. 06, 2020	Mar. 02, 2020	Nov. 08, 2016
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairments for non-financial assets	$ 0	$ 0	$ 0
Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt amount						$ 300,000,000
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount				$ 25,000,000	$ 25,000,000
Fair value of interest rate swap				$ 0	$ 0
Fixed interest rate				1.265%	1.364%

Business Combination

12 Months Ended

Aug. 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, which is subject to purchase price adjustments as stipulated in the Purchase Agreement:


(in thousands)	November 8, 2019
Cash	$	264,434
Winnebago Industries shares: 2,000,000 at $46.29	92,572
Total	$	357,006

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. During the third quarter of Fiscal 2020, the Company finalized the valuation and completed the purchase price allocation, which included purchase price adjustments of $3.3 million. The following table summarizes the final 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	9,830
Property, plant, and equipment	31,143
Goodwill	73,127
Other intangible assets	172,100
Total assets acquired	409,437
Accounts payable	14,023
Accrued compensation	4,306
Product warranties	15,147
Promotional	6,351
Other	11,636
Deferred tax liabilities	968
Total liabilities assumed	52,431
Total purchase price	$	357,006

The goodwill, recognized in the Company's 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 the Company 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 the Company's 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 the Company's consolidated results following the November 8, 2019 closing date:


(in thousands, except per share data)	2020
Net revenues	$	388,383
Net income (loss)	(3,642)

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


(in thousands, except per share data)	2020		2019
Net revenues	$	2,508,792	$	2,645,914
Net (loss) income	72,609		101,692
Income per share - basic	$	2.16	$	3.03
Income per share - diluted	$	2.11	$	3.02

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:


(in thousands)	2020		2019
Amortization of intangibles (1 year or less useful life)⁽¹⁾	$	13,610	$	(13,610)
Increase in amortization of intangibles⁽²⁾	(1,061)		(5,578)
Expenses related to business combination (transaction costs)⁽³⁾	9,761		(9,950)
Interest to reflect new debt structure⁽⁴⁾	(4,356)		(19,155)
Taxes related to the adjustments to the pro forma data and to the income of Newmar⁽⁵⁾	(2,968)		2,686

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

(2) Includes amortization adjustments for the 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 the Company's U.S. federal statutory rate of 21.0%.

The unaudited pro forma information is not necessarily indicative of the results that the Company 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 $10.4 million, of which $9.8 million were expensed during 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 Consolidated Statements of Income and Comprehensive Income.

Chris-Craft USA, Inc.

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

Long-Term Debt (Tables)

12 Months Ended

Aug. 29, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The components of long-term debt are as follows:


(in thousands)	August 29, 2020		August 31, 2019
ABL	$	—	$	—
Term Loan	—		260,000
Senior Secured Notes	300,000		—
Convertible Notes	300,000		—
Long-term debt, excluding debt issuance costs	600,000		260,000
Convertible Notes unamortized interest discount	(74,294)		—
Debt issuance cost, net	(13,076)		(5,706)
Long-term debt	512,630		254,294
Less current maturities	—		8,892
Long-term debt, less current maturities	$	512,630	$	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 2021	$	—
Fiscal 2022	—
Fiscal 2023	—
Fiscal 2024	—
Fiscal 2025	300,000
Thereafter	300,000
Total Long-term debt	$	600,000

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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-Name Accounting Standards Codification
-Topic 835
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-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-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
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019
Schedule of Intangible Assets [Line Items]
Cost	$ 469,805	$ 299,705
Accumulated Amortization	65,037	43,623
Other intangible assets, net	$ 404,768	256,082
Weighted average remaining amortization period for intangible assets	10 years
Trade names
Schedule of Intangible Assets [Line Items]
Cost	$ 275,250	$ 177,250
Dealer networks
Schedule of Intangible Assets [Line Items]
Weighted Average Life-Years	12 years 2 months 12 days	12 years 2 months 12 days
Cost	$ 159,581	$ 95,581
Accumulated Amortization	$ 32,487	$ 20,329
Backlog
Schedule of Intangible Assets [Line Items]
Weighted Average Life-Years	6 months	6 months
Cost	$ 28,327	$ 19,527
Accumulated Amortization	$ 28,327	$ 19,527
Non-compete agreements
Schedule of Intangible Assets [Line Items]
Weighted Average Life-Years	4 years 1 month 6 days	4 years 1 month 6 days
Cost	$ 6,647	$ 5,347
Accumulated Amortization	$ 4,223	$ 3,077
Leasehold interest-favorable
Schedule of Intangible Assets [Line Items]
Weighted Average Life-Years	0 years	8 years 1 month 6 days
Cost	$ 0	$ 2,000
Accumulated Amortization	$ 0	$ 690

Inventories - Inventory Basis (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Aug. 31, 2019
Inventory Disclosure [Abstract]
LIFO basis	$ 88,675	$ 184,007
FIFO basis	130,099	58,140
Total	$ 218,774	$ 242,147

Business Combination (Tables)

12 Months Ended

Aug. 29, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

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


(in thousands)	November 8, 2019
Cash	$	264,434
Winnebago Industries shares: 2,000,000 at $46.29	92,572
Total	$	357,006

Schedule of Preliminary Fair Values Assigned

The following table summarizes the final 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	9,830
Property, plant, and equipment	31,143
Goodwill	73,127
Other intangible assets	172,100
Total assets acquired	409,437
Accounts payable	14,023
Accrued compensation	4,306
Product warranties	15,147
Promotional	6,351
Other	11,636
Deferred tax liabilities	968
Total liabilities assumed	52,431
Total purchase price	$	357,006

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


(in thousands, except per share data)	2020
Net revenues	$	388,383
Net income (loss)	(3,642)

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


(in thousands, except per share data)	2020		2019
Net revenues	$	2,508,792	$	2,645,914
Net (loss) income	72,609		101,692
Income per share - basic	$	2.16	$	3.03
Income per share - diluted	$	2.11	$	3.02

Pro Forma Data With Non-Recurring Adjustments


(in thousands)	2020		2019
Amortization of intangibles (1 year or less useful life)⁽¹⁾	$	13,610	$	(13,610)
Increase in amortization of intangibles⁽²⁾	(1,061)		(5,578)
Expenses related to business combination (transaction costs)⁽³⁾	9,761		(9,950)
Interest to reflect new debt structure⁽⁴⁾	(4,356)		(19,155)
Taxes related to the adjustments to the pro forma data and to the income of Newmar⁽⁵⁾	(2,968)		2,686

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

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

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

(5) Calculated using the Company's U.S. federal statutory rate of 21.0%.

Derivatives, Investments and Fair Value Measurements

12 Months Ended

Aug. 29, 2020

Fair Value Disclosures [Abstract]

Derivatives, Investments and Fair Value Measurements

Derivatives, Investments, and Fair Value Measurements

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

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.


	Fair Value at		Fair Value Hierarchy
(in thousands)	August 29, 2020		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	626	$	626	$	—	$	—
International equity funds	34		34		—		—
Fixed income funds	50		50		—		—
Total assets at fair value	$	710	$	710	$	—	$	—


	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

The Company's assets that fund deferred compensation are marketable equity securities measured at fair value using quoted market prices and primarily consist of equity-based mutual funds. These securities are classified as Level 1 as they are traded in an active market for which closing stock prices are readily available. These securities fund the Executive Share Option Plan and the Executive Deferred Compensation Plan. Refer to Note 11, Employee and Retiree Benefits.

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

Interest Rate Swap Contract

On March 6, 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, was effective March 10, 2020 and had been designated as a cash flow hedge. The interest rate swap agreement, with a maturity date of March 4, 2025, converted the Company's interest rate payments on $25 million of variable-rate, 1-month LIBOR-based debt to a fixed interest rate of 1.265%. In the fourth quarter of Fiscal 2020, the Company exited the swap contract prior to its expiration on March 4, 2025.

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, was effective March 4, 2020 and had been designated as a cash flow hedge. The interest rate swap agreement, with a maturity date of March 4, 2025, converted 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%. In the fourth quarter of Fiscal 2020, the Company exited the swap contract prior to its expiration on March 4, 2025.

On January 23, 2017, the Company entered into an interest swap contract, which effectively fixed the interest rate on the $300 million loan agreement ("Term Loan") for a notional amount that reduced each December during the swap contract. As of August 29, 2020, the remaining payments of the Term Loan were paid in full using the proceeds from the Company's senior secured notes offering. In the first quarter of Fiscal 2020, the Company exited the swap contract prior to its expiration on December 8, 2020.

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

The Company's non-financial assets, which includes goodwill, intangible assets, and property, plant, and equipment, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur, or if an annual impairment test is required, the Company must evaluate the non-financial asset for impairment. If an impairment occurs, the asset is required to be recorded at the estimated fair value. No impairments were recorded for non-financial assets in Fiscal 2020, 2019, and 2018.

Fair Value of Financial Instruments

The Company's 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 the Company's long-term debt.

- Definition

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

+ References + Details

Restructuring (Tables)

12 Months Ended

Aug. 29, 2020

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

The following table details the aggregate restructuring charges incurred:


	Motorhome
(in thousands)	2020		2019
Cost of goods sold	$	1,650	$	1,724
Selling, general, and administrative expenses	47		219
Restructuring expense	$	1,697	$	1,943

Stock-Based Compensation Plans - Stock Option Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Share-based Payment Arrangement [Abstract]
Expected dividend yield	0.90%	1.30%	0.90%
Risk free interest rate	1.70%	3.00%	2.00%
Expected life of stock options (in years)	5 years	5 years	5 years
Expected stock price volatility	41.20%	39.10%	38.10%
Weighted average fair value of options granted (in dollars per share)	$ 17.18	$ 11.09	$ 14.78

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands	Aug. 29, 2020	Aug. 31, 2019
Debt Instrument [Line Items]
Long-term debt, excluding debt issuance costs	$ 600,000	$ 260,000
Convertible Notes unamortized interest discount	(74,294)	0
Debt issuance cost, net	(13,076)	(5,706)
Long-term debt	512,630	254,294
Less current maturities	0	8,892
Long-term debt, less current maturities	512,630	245,402
ABL
Debt Instrument [Line Items]
Long-term debt, excluding debt issuance costs	0	0
Term Loan
Debt Instrument [Line Items]
Long-term debt, excluding debt issuance costs	0	260,000
Fair value of long-term debt, excluding debt issuance costs	674,700	255,800
Senior Secured Notes
Debt Instrument [Line Items]
Long-term debt, excluding debt issuance costs	300,000	0
Convertible Notes
Debt Instrument [Line Items]
Long-term debt, excluding debt issuance costs	$ 300,000	$ 0

Stock-Based Compensation Plans - Expense Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 6,475	$ 7,058	$ 7,434
Time-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	4,287	4,986	4,152
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	796	716	2,525
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	990	925	502
Other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 402	$ 431	$ 255

Product Warranties - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 29, 2020	Aug. 31, 2019	Aug. 25, 2018
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 44,436	$ 40,498	$ 30,805
Business acquisitions	15,147	0	611
Provision	61,898	45,902	42,377
Claims paid	(57,450)	(41,964)	(33,295)
Balance at end of year	$ 64,031	$ 44,436	$ 40,498