0000107687-21-000016 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Feb. 27, 2021	Mar. 18, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 27, 2021
Document Transition Report	false
Entity File Number	001-06403
Entity Registrant Name	WINNEBAGO INDUSTRIES, INC.
Entity Incorporation, State or Country Code	IA
Entity Tax Identification Number	42-0802678
Entity Address, Address Line One	P. O. Box 152
Entity Address, City or Town	Forest City
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50436
City Area Code	641-
Local Phone Number	585-3535
Title of 12(b) Security	Common Stock, $0.50 par value per share
Trading Symbol	WGO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,600,159
Entity Central Index Key	0000107687
Current Fiscal Year End Date	--08-28
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 27, 2021	Feb. 29, 2020	Feb. 27, 2021	Feb. 29, 2020
Income Statement [Abstract]
Net revenues	$ 839,886	$ 626,810	$ 1,633,017	$ 1,215,268
Cost of goods sold	683,304	547,028	1,339,431	1,056,873
Gross profit	156,582	79,782	293,586	158,395
Selling, general, and administrative expenses	53,016	42,164	101,415	93,269
Amortization of intangible assets	3,591	7,974	7,181	11,588
Total operating expenses	56,607	50,138	108,596	104,857
Operating income	99,975	29,644	184,990	53,538
Interest expense	10,052	8,651	19,993	14,700
Non-operating income	(311)	(270)	(217)	(386)
Income before income taxes	90,234	21,263	165,214	39,224
Provision for income taxes	21,166	3,995	38,723	7,888
Net income	$ 69,068	$ 17,268	$ 126,491	$ 31,336
Income per common share:
Basic (in dollars per share)	$ 2.06	$ 0.51	$ 3.77	$ 0.95
Diluted (in dollars per share)	$ 2.04	$ 0.51	$ 3.74	$ 0.95
Weighted average common shares outstanding:
Basic (in shares)	33,533	33,614	33,571	32,840
Diluted (in shares)	33,910	33,918	33,821	33,143
Net income	$ 69,068	$ 17,268	$ 126,491	$ 31,336
Other comprehensive income (loss):
Amortization of net actuarial loss (net of tax of $3, $3, $6, and $5)	8	8	17	16
Interest rate swap activity (net of tax of $—, $—, $—, and $22)	0	0	0	(68)
Total other comprehensive income (loss)	8	8	17	(52)
Comprehensive income	$ 69,076	$ 17,276	$ 126,508	$ 31,284

Condensed Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 27, 2021	Feb. 29, 2020	Feb. 27, 2021	Feb. 29, 2020
Other comprehensive income (loss):
Amortization of net actuarial loss, tax	$ 3	$ 3	$ 6	$ 5
Interest rate swap activity, tax	$ 0	$ 0	$ 0	$ 22

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 27, 2021	Aug. 29, 2020
Current assets:
Cash and cash equivalents	$ 333,015	$ 292,575
Receivables, less allowance for doubtful accounts ($301 and $353, respectively)	232,349	220,798
Inventories, net	278,468	182,941
Prepaid expenses and other assets	21,146	17,296
Total current assets	864,978	713,610
Property, plant, and equipment, net	173,609	174,945
Other assets:
Goodwill	348,058	348,058
Other intangible assets, net	397,587	404,768
Investment in life insurance	28,301	27,838
Operating lease assets	27,833	29,463
Other assets	15,429	15,018
Total assets	1,855,795	1,713,700
Current liabilities:
Accounts payable	144,604	132,490
Income taxes payable	0	8,840
Accrued expenses:
Accrued compensation	47,086	36,533
Product warranties	76,040	64,031
Self-insurance	17,469	17,437
Promotional	11,719	12,543
Accrued interest	4,260	4,652
Other	19,825	23,864
Total current liabilities	321,003	300,390
Non-current liabilities:
Long-term debt, less current maturities	520,284	512,630
Deferred income taxes	16,528	15,608
Unrecognized tax benefits	6,207	6,511
Operating lease liabilities	25,942	27,048
Deferred compensation benefits, net of current portion	10,521	11,130
Other	12,946	12,917
Total non-current liabilities	592,428	585,844
Contingent liabilities and commitments (Note 10)
Stockholders' equity:
Preferred stock, par value $0.01: Authorized-10,000 shares; Issued-zero	0	0
Common stock, par value $0.50: Authorized-120,000 shares; Issued-51,776 shares	25,888	25,888
Additional paid-in capital	209,727	203,791
Retained earnings	1,032,020	913,610
Accumulated other comprehensive loss	(509)	(526)
Treasury stock, at cost: 18,225 and 18,133 shares, respectively	(324,762)	(315,297)
Total stockholders' equity	942,364	827,466
Total liabilities and stockholders' equity	$ 1,855,795	$ 1,713,700

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Feb. 27, 2021	Aug. 29, 2020
Current assets:
Allowance for doubtful accounts	$ 301	$ 353
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)	120,000,000	120,000,000
Capital stock common, shares issued (in shares)	51,776,000	51,776,000
Treasury stock, at cost, shares (in shares)	18,225,000	18,133,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Feb. 27, 2021	Feb. 29, 2020
Operating activities:
Net income	$ 126,491	$ 31,336
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,559	7,720
Amortization of intangible assets	7,181	11,588
Non-cash interest expense, net	6,769	4,182
Amortization of debt issuance costs	1,229	1,457
Last-in, first-out expense	552	664
Stock-based compensation	6,981	3,640
Deferred income taxes	914	576
Other, net	(3,460)	252
Change in assets and liabilities:
Receivables	(11,547)	11,734
Inventories	(96,079)	45,275
Prepaid expenses and other assets	2,321	(4,081)
Accounts payable	12,487	4,688
Income taxes and unrecognized tax benefits	(10,698)	(966)
Accrued expenses and other liabilities	15,222	1,099
Net cash provided by operating activities	66,922	119,164
Investing activities:
Purchases of property and equipment	(14,920)	(19,057)
Acquisition of business, net of cash acquired	0	(264,280)
Proceeds from sale of property and equipment	7,778	0
Other, net	(223)	179
Net cash used in investing activities	(7,365)	(283,158)
Financing activities:
Borrowings on long-term debt	1,647,764	1,412,294
Repayments on long-term debt	(1,647,764)	(1,115,044)
Purchase of convertible bond hedge	0	(70,800)
Proceeds from issuance of warrants	0	42,210
Payments of cash dividends	(8,075)	(7,174)
Payments for repurchases of common stock	(12,109)	0
Payments of debt issuance costs	(224)	(10,761)
Other, net	1,291	(1,223)
Net cash (used in) provided by financing activities	(19,117)	249,502
Net increase in cash and cash equivalents	40,440	85,508
Cash and cash equivalents at beginning of period	292,575	37,431
Cash and cash equivalents at end of period	333,015	122,939
Supplemental cash flow disclosure:
Income taxes paid, net	47,804	7,652
Interest paid	12,244	9,938
Non-cash transactions:
Issuance of Winnebago common stock for acquisition of business	0	92,572
Capital expenditures in accounts payable	$ 195	$ 118

Condensed 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. 31, 2019		51,776				20,262
Beginning balance 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	3,641		3,624			17
Issuance of stock, net	618		(2,031)			$ 2,649
Issuance of stock, net (in shares)						153
Issuance of stock for acquisition	92,572		57,811			$ 34,761
Issuance of stock for acquisition (in shares)						2,000
Repurchase of common stock (in shares)						(44)
Repurchase of common stock	(1,737)					$ (1,737)
Common stock dividends	(7,228)			(7,228)
Amortization of net actuarial loss (net of tax of $3, $3, $6, and $5)	16				16
Interest rate swap activity, net of tax	(68)				(68)
Equity component of convertible senior notes and offering costs, net of tax of $20,840	61,335		61,335
Convertible note hedge purchase, net of tax of $17,417	(53,383)		(53,383)
Warrant transactions	42,210		42,210
Net income	31,336			31,336
Ending balance (in shares) at Feb. 29, 2020		51,776				18,153
Ending balance at Feb. 29, 2020	801,524	$ 25,888	200,751	890,994	(543)	$ (315,566)
Beginning balance (in shares) at Nov. 30, 2019		51,776				18,177
Beginning balance at Nov. 30, 2019	785,609	$ 25,888	198,733	877,469	(551)	$ (315,930)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures	1,838		1,830			$ 8
Stock-based compensation, net of forfeitures (in shares)						0
Issuance of stock, net	618		188			$ 430
Issuance of stock, net (in shares)						25
Repurchase of common stock (in shares)						(1)
Repurchase of common stock	(74)					$ (74)
Common stock dividends	(3,743)			(3,743)
Amortization of net actuarial loss (net of tax of $3, $3, $6, and $5)	8				8
Net income	17,268			17,268
Ending balance (in shares) at Feb. 29, 2020		51,776				18,153
Ending balance at Feb. 29, 2020	801,524	$ 25,888	200,751	890,994	(543)	$ (315,566)
Beginning balance (in shares) at Aug. 29, 2020		51,776				18,133
Beginning balance at Aug. 29, 2020	827,466	$ 25,888	203,791	913,610	(526)	$ (315,297)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures	6,981		6,968			$ 13
Stock-based compensation, net of forfeitures (in shares)						1
Issuance of stock, net	1,599		(1,032)			$ 2,631
Issuance of stock, net (in shares)						149
Repurchase of common stock (in shares)						(242)
Repurchase of common stock	(12,109)					$ (12,109)
Common stock dividends	(8,081)			(8,081)
Amortization of net actuarial loss (net of tax of $3, $3, $6, and $5)	17				17
Net income	126,491			126,491
Ending balance (in shares) at Feb. 27, 2021		51,776				18,225
Ending balance at Feb. 27, 2021	942,364	$ 25,888	209,727	1,032,020	(509)	$ (324,762)
Beginning balance (in shares) at Nov. 28, 2020		51,776				18,275
Beginning balance at Nov. 28, 2020	871,558	$ 25,888	204,551	966,945	(517)	$ (325,309)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures	4,627		4,622			$ 5
Stock-based compensation, net of forfeitures (in shares)						1
Issuance of stock, net	1,599		554			$ 1,045
Issuance of stock, net (in shares)						58
Repurchase of common stock (in shares)						(9)
Repurchase of common stock	(503)					$ (503)
Common stock dividends	(3,993)			(3,993)
Amortization of net actuarial loss (net of tax of $3, $3, $6, and $5)	8				8
Net income	69,068			69,068
Ending balance (in shares) at Feb. 27, 2021		51,776				18,225
Ending balance at Feb. 27, 2021	$ 942,364	$ 25,888	$ 209,727	$ 1,032,020	$ (509)	$ (324,762)

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

Basis of Presentation	6 Months Ended
Basis of Presentation	Feb. 27, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Unless the context otherwise requires, the use of the terms "Winnebago Industries," "Winnebago", and "the Company" in these Notes to Condensed Consolidated Financial Statements refers to Winnebago Industries, Inc. and its wholly-owned subsidiaries. In the opinion of management, the accompanying Condensed Consolidated Financial Statements contain all adjustments necessary for a fair presentation as prescribed by accounting principles generally accepted in the United States (“GAAP”). All adjustments were comprised of normal recurring adjustments, except as noted in these Notes to Condensed Consolidated Financial Statements. Interim results are not necessarily indicative of the results to be expected for the full year. The interim Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the fiscal year ended August 29, 2020. Fiscal Period The Company follows a 52-/53-week fiscal year, ending the last Saturday in August. Fiscal 2021 and Fiscal 2020 are both a 52-week year. 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. Accounts at each banking institution are insured by the Federal Deposit Insurance Corporation up to $250,000, while the remaining balances are uninsured. Subsequent Events In preparing the accompanying unaudited Condensed Consolidated Financial Statements, the Company evaluated subsequent events for potential recognition and disclosure through the date of this filing. There were no material subsequent events, except for the item noted below. Dividend On March 17, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.12 per share payable on April 28, 2021 to common stockholders of record at the close of business on April 14, 2021. CARES Act 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 the CARES Act, 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 February 27, 2021 was $16.2 million and will be payable in equal installments at December 2021 and December 2022. Additionally, the Company took 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 through the end of the third quarter of Fiscal 2020, reflected in cost of goods sold and within other current assets, is approximately $4.0 million, of which $3.2 million is outstanding, and will be received in Fiscal 2021. Recently Adopted Accounting Pronouncements The Company adopted Accounting Standards Codification ("ASC") Topic 326, Financial Instruments—Credit Losses (“Topic 326”), effective August 30, 2020. The new impairment model (known as the current expected credit loss ("CECL") model) is based on expected losses rather than incurred losses. Topic 326 is applicable to financial assets measured at amortized cost, such as accounts receivable and deposits. It requires historical loss data to be adjusted to reflect changes in asset-specific considerations, current conditions and reasonable and supportable forecasts of future economic conditions. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. The Company adopted Topic 326 using the modified retrospective transition approach, which involves recognizing the cumulative effect of initial adoption of Topic 326 as an adjustment to its opening retained earnings as of August 30, 2020. Therefore, comparative information prior to the adoption date has not been adjusted. As a result of adoption of Topic 326, the Company did not recognize an incremental allowance for credit losses on its accounts receivable for the first six months ended February 27, 2021. The adoption of this standard did not materially impact the Company's Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 the Company's consolidated financial statements is uncertain at this time. In March 2020, the 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, the 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.

Business Segments

6 Months Ended

Feb. 27, 2021

Segment Reporting [Abstract]

Business Segments

The Company has 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 Grand Design towables and the Winnebago towables operating segments and 2) Motorhome (comprised of products that include a motorized chassis as well as other related manufactured products and services), which is an aggregation of the Winnebago motorhomes and Newmar motorhomes operating segments.

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

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

The Company's chief operating decision maker ("CODM") is its Chief Executive Officer. The Company's CODM relies on internal management reporting that analyzes consolidated results and each operating segment's Adjusted EBITDA. The Company's CODM has ultimate responsibility for enterprise decisions. The Company's CODM determines, in particular, resource allocation for, and monitors the performance of, the consolidated enterprise, the Towable segment, and the Motorhome segment. The operating segments' management have responsibility for operating decisions, allocating resources, and assessing performance within their respective segments. The accounting policies of both reportable segments are the same and are described in Note 1, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the fiscal year ended August 29, 2020.

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

and equipment, and non-operating income. The following table shows information by reportable segment:


	Three Months Ended				Six Months Ended
(in thousands)	February 27, 2021		February 29, 2020		February 27, 2021		February 29, 2020
Net Revenues
Towable	$	439,284	$	283,463	$	894,185	$	624,713
Motorhome	382,575		325,542		704,964		551,433
Corporate / All Other	18,027		17,805		33,868		39,122
Consolidated	$	839,886	$	626,810	$	1,633,017	$	1,215,268

Adjusted EBITDA
Towable	$	62,366	$	34,746	$	125,509	$	70,531
Motorhome	50,969		14,946		81,312		24,277
Corporate / All Other	(5,370)		(4,263)		(9,563)		(7,331)
Consolidated	$	107,965	$	45,429	$	197,258	$	87,477

Capital Expenditures
Towable	$	2,714	$	5,640	$	6,851	$	9,666
Motorhome	3,268		5,372		7,271		7,612
Corporate / All Other	249		1,421		798		1,779
Consolidated	$	6,231	$	12,433	$	14,920	$	19,057


(in thousands)	February 27, 2021		August 29, 2020
Total Assets
Towable	$	723,388	$	718,253
Motorhome	694,077		600,304
Corporate / All Other	438,330		395,143
Consolidated	$	1,855,795	$	1,713,700

Reconciliation of net income to consolidated Adjusted EBITDA:


	Three Months Ended				Six Months Ended
(in thousands)	February 27, 2021		February 29, 2020		February 27, 2021		February 29, 2020
Net income	$	69,068	$	17,268	$	126,491	$	31,336
Interest expense	10,052		8,651		19,993		14,700
Provision for income taxes	21,166		3,995		38,723		7,888
Depreciation	4,399		4,134		8,559		7,720
Amortization of intangible assets	3,591		7,974		7,181		11,588
EBITDA	108,276		42,022		200,947		73,232
Acquisition-related fair-value inventory step-up	—		3,634		—		4,810
Acquisition-related costs	—		—		—		9,950
Restructuring expenses	—		43		93		(129)
Gain on sale of property and equipment	—		—		(3,565)		—
Non-operating income	(311)		(270)		(217)		(386)
Adjusted EBITDA	$	107,965	$	45,429	$	197,258	$	87,477

- 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
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments and Fair Value Measurements

6 Months Ended

Feb. 27, 2021

Fair Value Disclosures [Abstract]

Investments and Fair Value Measurements

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.

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 February 27, 2021 and August 29, 2020 according to the valuation techniques the Company used to determine their fair values:


	Fair Value at		Fair Value Hierarchy
(in thousands)	February 27, 2021		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	838	$	838	$	—	$	—
International equity funds	36		36		—		—
Fixed income funds	47		47		—		—
Total assets at fair value	$	921	$	921	$	—	$	—


	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	$	—	$	—

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, of the Notes to Consolidated

Financial Statements included in the Company's Annual Report on Form 10-K for the fiscal year ended August 29, 2020 for additional information regarding these plans.

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

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

The Company's non-financial assets, which include goodwill, intangible assets, and property, plant and equipment, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur, or if an annual impairment test is required, the Company must evaluate the non-financial asset for impairment. If an impairment has occurred, the asset is required to be recorded at the estimated fair value. No impairments were recorded for non-financial assets in the second quarter of Fiscal 2021 or the second quarter of Fiscal 2020.

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 8, Long-Term Debt, for information about the fair value of the Company's long-term debt.

Inventories

6 Months Ended

Feb. 27, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:


(in thousands)	February 27, 2021		August 29, 2020
Finished goods	$	9,184	$	17,141
Work-in-process	145,092		86,651
Raw materials	160,577		114,982
Total	314,853		218,774
Less last-in, first-out ("LIFO") reserve	36,385		35,833
Inventories, net	$	278,468	$	182,941

Inventory valuation methods consist of the following:


(in thousands)	February 27, 2021		August 29, 2020
LIFO basis	$	131,760	$	88,675
First-in, first-out basis	183,093		130,099
Total	$	314,853	$	218,774

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

Property, Plant, and Equipment

6 Months Ended

Feb. 27, 2021

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

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


(in thousands)	February 27, 2021		August 29, 2020
Land	$	9,111	$	11,101
Buildings and building improvements	147,587		144,565
Machinery and equipment	120,106		117,370
Software	28,611		28,456
Transportation	4,938		4,913
Construction in progress	19,216		20,778
Property, plant, and equipment, gross	329,569		327,183
Less accumulated depreciation	155,960		152,238
Property, plant, and equipment, net	$	173,609	$	174,945

Depreciation expense was $4.4 million and $4.1 million during the second quarters of Fiscal 2021 and 2020, respectively; and $8.6 million and $7.7 million for the first six months of Fiscal 2021 and 2020, respectively.

Goodwill and Intangible Assets

6 Months Ended

Feb. 27, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill by segment were as follows for the first six months of Fiscal 2021 and 2020, of which there were no accumulated impairment losses:


(in thousands)	Towable		Motorhome		Corporate / All Other		Total
Balances at August 31, 2019	$	244,684	$	—	$	30,247	$	274,931
Acquisition of Newmar(1)	—		73,929		—		73,929
Balances at February 29, 2020	$	244,684	$	73,929	$	30,247	$	348,860

Balances at August 29, 2020 and February 27, 2021(2)	$	244,684	$	73,127	$	30,247	$	348,058

(1) The change in Motorhome activity is related to the acquisition of Newmar Corporation, Dutch Real Estate Corp., New-Way Transport and New-Serv (collectively "Newmar") that occurred on November 8, 2019. See Note 2, Business Combinations in the Company's Annual Report on Form 10-K for the fiscal year ended August 29, 2020 for additional acquisition information.

(2) There was no activity in the six months beginning August 29, 2020 and ending February 27, 2021.

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


		February 27, 2021					August 29, 2020
($ in thousands)	Weighted Average Life-Years	Cost		Accumulated Amortization		Weighted Average Life-Years	Cost		Accumulated Amortization
Trade names	Indefinite	$	275,250			Indefinite	$	275,250
Dealer networks	12.1	159,581		$	39,070	12.2	159,581		$	32,487
Backlog	0.5	28,327		28,327		0.5	28,327		28,327
Non-compete agreements	4.3	6,647		4,821		4.1	6,647		4,223
Other intangible assets, gross		469,805		72,218			469,805		65,037
Less accumulated amortization		72,218					65,037
Other intangible assets, net		$	397,587				$	404,768

The weighted average remaining amortization period for intangible assets as of February 27, 2021 was approximately 10 years.

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


(in thousands)	Amount
Fiscal 2021	$	7,180
Fiscal 2022	13,719
Fiscal 2023	13,526
Fiscal 2024	13,424
Fiscal 2025	13,219
Thereafter	61,269
Total amortization expense remaining	$	122,337

Product Warranties

6 Months Ended

Feb. 27, 2021

Product Warranties Disclosures [Abstract]

Product Warranties

The Company provides certain service and warranty on its products. 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 Company's 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 products, the Company also occasionally incurs costs 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:


	Three Months Ended				Six Months Ended
(in thousands)	February 27, 2021		February 29, 2020		February 27, 2021		February 29, 2020
Balance at beginning of period	$	70,502	$	61,107	$	64,031	$	44,436
Business acquisition(1)	—		—		—		15,147
Provision	20,227		15,729		41,930		31,047
Claims paid	(14,689)		(16,625)		(29,921)		(30,419)
Balance at end of period	$	76,040	$	60,211	$	76,040	$	60,211

(1) Relates to the acquisition of Newmar on November 8, 2019. See Note 2, Business Combinations in the Company's Annual Report on Form 10-K for the fiscal year ended August 29, 2020 for additional acquisition information.

Long-Term Debt

6 Months Ended

Feb. 27, 2021

Debt Disclosure [Abstract]

Long-Term Debt

The components of long-term debt are as follows:


(in thousands)	February 27, 2021		August 29, 2020
ABL Credit Facility	$	—	$	—
Senior Secured Notes	300,000		300,000
Convertible Notes	300,000		300,000
Long-term debt, gross	600,000		600,000
Convertible Notes unamortized interest discount	(67,525)		(74,294)
Debt issuance costs, net	(12,191)		(13,076)
Long-term debt, net	$	520,284	$	512,630

Credit Agreements

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, which began on 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 $7.5 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 (“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 will be 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 adjusted pursuant to the terms of the indenture governing the Convertible Notes. The Convertible Notes may be converted at any time on or after October 1, 2024, until the close of business on the second scheduled trading day immediately preceding the maturity date.

The conversion rate of the Convertible Notes may be adjusted in certain circumstances, including in connection with a conversion of the Convertible Notes made following certain fundamental changes and under other circumstances set forth in the indenture. It is the Company's current intent to settle all conversions of the Convertible Notes through settlement of cash. The Company’s ability to cash settle may be limited depending on the stock price at the time of conversion.

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

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

(2) during the 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 common stock and the conversion rate for the Convertible Notes on each such trading day; or

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

The Company may not redeem the Convertible Notes at its 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%. 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.

Fair Value and Future Maturities

As of February 27, 2021, the fair value of long-term debt, gross, was $723.1 million. As of August 29, 2020, the fair value of long-term debt, gross, was $674.7 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 Senior Secured Notes and Convertible Notes	$	600,000

Employee and Retiree Benefits

6 Months Ended

Feb. 27, 2021

Retirement Benefits [Abstract]

Employee and Retiree Benefits

Deferred compensation liabilities are as follows:


(in thousands)	February 27, 2021		August 29, 2020
Non-qualified deferred compensation	$	10,583	$	11,460
Supplemental executive retirement plan	1,864		1,838
Executive deferred compensation plan	924		710
Deferred compensation benefits	13,371		14,008
Less current portion(1)	2,850		2,878
Deferred compensation benefits, net of current portion	$	10,521	$	11,130

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

- Definition

The entire disclosure for retirement benefits.

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+ Details

Contingent Liabilities and Commitments	6 Months Ended
Contingent Liabilities and Commitments	Feb. 27, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities and Commitments	Contingent Liabilities and Commitments Repurchase Commitments Generally, manufacturers in the same industries as the Company 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 recreational vehicles or boats to repurchase current inventory if a dealership exits the business. The total contingent liability on all repurchase agreements of the Company was approximately $916.4 million and $798.9 million at February 27, 2021 and August 29, 2020, 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 Condensed Consolidated Balance Sheets. The Company's repurchase accrual was $1.0 million at February 27, 2021 and August 29, 2020. Repurchase risk is affected by the credit worthiness of the Company's dealer network, and management does not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to establish the loss reserve for repurchase commitments. There was no material activity related to repurchase agreements during the first six months ended February 27, 2021 and February 29, 2020. 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 the Company's 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.

Revenue

6 Months Ended

Feb. 27, 2021

Revenue from Contract with Customer [Abstract]

Revenue

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 (the Company's customers). The following table disaggregates revenue by reportable segment and product category:


	Three Months Ended				Six Months Ended
(in thousands)	February 27, 2021		February 29, 2020		February 27, 2021		February 29, 2020
Net Revenues
Towable:
Fifth Wheel	$	226,942	$	156,748	$	467,390	$	351,937
Travel Trailer	207,042		123,894		415,638		264,357
Other(1)	5,300		2,821		11,157		8,419
Total Towable	439,284		283,463		894,185		624,713
Motorhome:
Class A	157,744		179,705		291,910		245,349
Class B	137,170		81,893		246,457		167,349
Class C	79,263		55,657		148,549		122,533
Other(1)	8,398		8,287		18,048		16,202
Total Motorhome	382,575		325,542		704,964		551,433
Corporate / All Other:
Other(2)	18,027		17,805		33,868		39,122
Total Corporate / All Other	18,027		17,805		33,868		39,122
Consolidated	$	839,886	$	626,810	$	1,633,017	$	1,215,268

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

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

The Company does not have material contract assets or liabilities. The Company establishes allowances for uncollectible receivables based on historical collection trends, write-off history, consideration of current conditions and expectations for future economic conditions.

Concentration of Risk

None of the Company's dealer organizations accounted for more than 10% of net revenue for each of the second quarter periods of Fiscal 2021 and Fiscal 2020. In addition, none of the Company's dealer organizations accounted for more than 10% of net revenue for the first six months of Fiscal 2021 and Fiscal 2020.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Feb. 27, 2021
Stockholders' Equity Note [Abstract]
Stock-Based Compensation	Stock-Based Compensation On December 11, 2018, the Company's shareholders approved the Winnebago Industries, Inc. 2019 Omnibus Incentive Plan ("2019 Plan") as detailed in the Company's 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 Company's predecessor plan, the 2004 Incentive Compensation Plan (the “2004 Plan”), on December 11, 2018 that subsequently expire, are forfeited or canceled, or are settled for cash. Until such time, however, awards under the 2014 Plan and the 2004 Plan, respectively, that are outstanding on December 11, 2018 will continue to be subject to the terms of the 2014 Plan or 2004 Plan, as applicable. Shares remaining available for future awards under the 2014 Plan were not carried over into the 2019 Plan. Stock-based compensation expense was $4.6 million and $2.0 million during the second quarters of Fiscal 2021 and 2020, respectively, and $7.0 million and $3.6 million during the first six months of Fiscal 2021 and 2020. Compensation expense is recognized over the requisite service period of the award.

Restructuring	6 Months Ended
Restructuring	Feb. 27, 2021
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring In Fiscal 2020, the Company's Class A diesel production was moved from Junction City, OR to Forest City, IA. In November 2020, a portion of the property in Junction City, OR was sold for net proceeds of $7.7 million with a resulting gain of $3.6 million. The gain on this sale is included within selling, general, and administrative expenses for Fiscal 2021. Total restructuring expenses for the first six months of Fiscal 2021 were immaterial to the overall financial statements. The Company does not expect additional reorganization charges during the remainder of Fiscal 2021.

Income Taxes	6 Months Ended
Income Taxes	Feb. 27, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate increased to 23.4% for the six months ended February 27, 2021 from 20.1% for the first six months ended February 29, 2020 due primarily to consistent year-over-year credits over higher current year pre-tax income and favorable research and development discrete items in the prior year. The Company files a U.S. Federal tax return, as well as returns in various international and state jurisdictions. As of February 27, 2021, the Company's Federal returns from Fiscal 2017 to present are subject to review by the Internal Revenue Service. With limited exception, state returns from Fiscal 2016 to present continue to be subject to review by state taxing jurisdictions. The Company is currently under review by certain U.S. state tax authorities for Fiscal 2016 through 2019. The Company believes it has adequately reserved for its exposure to additional payments for uncertain tax positions in its liability for unrecognized tax benefits.

- 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 Per Share

6 Months Ended

Feb. 27, 2021

Earnings Per Share [Abstract]

Income Per Share

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


	Three Months Ended				Six Months Ended
(in thousands, except per share data)	February 27, 2021		February 29, 2020		February 27, 2021		February 29, 2020
Numerator
Net income	$	69,068	$	17,268	$	126,491	$	31,336

Denominator
Weighted average common shares outstanding	33,533		33,614		33,571		32,840
Dilutive impact of stock compensation awards	270		304		250		303
Dilutive impact of convertible notes	107		—		—		—
Weighted average common shares outstanding, assuming dilution	33,910		33,918		33,821		33,143

Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution	—		45		53		94

Basic income per common share	$	2.06	$	0.51	$	3.77	$	0.95
Diluted income per common share	$	2.04	$	0.51	$	3.74	$	0.95

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

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Feb. 27, 2021

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

Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended
	February 27, 2021				February 29, 2020
(in thousands)	Defined Benefit Pension Items		Total		Defined Benefit Pension Items		Total
Balance at beginning of period	$	(517)	$	(517)	$	(551)	$	(551)
Amounts reclassified from AOCI	8		8		8		8
Balance at end of period	$	(509)	$	(509)	$	(543)	$	(543)

	Six Months Ended
	February 27, 2021				February 29, 2020
(in thousands)	Defined Benefit Pension Items		Total		Defined Benefit Pension Items		Interest Rate Swap		Total
Balance at beginning of period	$	(526)	$	(526)	$	(559)	$	68	$	(491)
OCI before reclassifications	—		—		—		(68)		(68)
Amounts reclassified from AOCI	17		17		16		—		16
Net current-period OCI	17		17		16		(68)		(52)
Balance at end of period	$	(509)	$	(509)	$	(543)	$	—	$	(543)

Reclassifications out of AOCI, net of tax, were:


		Three Months Ended				Six Months Ended
(in thousands)	Location on Consolidated Statements of Income and Comprehensive Income	February 27, 2021		February 29, 2020		February 27, 2021		February 29, 2020
Amortization of net actuarial loss	SG&A	$	8	$	8	$	17	$	16

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Feb. 27, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Unless the context otherwise requires, the use of the terms "Winnebago Industries," "Winnebago", and "the Company" in these Notes to Condensed Consolidated Financial Statements refers to Winnebago Industries, Inc. and its wholly-owned subsidiaries. In the opinion of management, the accompanying Condensed Consolidated Financial Statements contain all adjustments necessary for a fair presentation as prescribed by accounting principles generally accepted in the United States (“GAAP”). All adjustments were comprised of normal recurring adjustments, except as noted in these Notes to Condensed Consolidated Financial Statements. Interim results are not necessarily indicative of the results to be expected for the full year. The interim Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the fiscal year ended August 29, 2020.
Fiscal Period	Fiscal Period The Company follows a 52-/53-week fiscal year, ending the last Saturday in August. Fiscal 2021 and Fiscal 2020 are both a 52-week year.
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. Accounts at each banking institution are insured by the Federal Deposit Insurance Corporation up to $250,000, while the remaining balances are uninsured.
Subsequent Events	Subsequent Events In preparing the accompanying unaudited Condensed Consolidated Financial Statements, the Company evaluated subsequent events for potential recognition and disclosure through the date of this filing. There were no material subsequent events, except for the item noted below.
Recently Adopted/Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements The Company adopted Accounting Standards Codification ("ASC") Topic 326, Financial Instruments—Credit Losses (“Topic 326”), effective August 30, 2020. The new impairment model (known as the current expected credit loss ("CECL") model) is based on expected losses rather than incurred losses. Topic 326 is applicable to financial assets measured at amortized cost, such as accounts receivable and deposits. It requires historical loss data to be adjusted to reflect changes in asset-specific considerations, current conditions and reasonable and supportable forecasts of future economic conditions. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. The Company adopted Topic 326 using the modified retrospective transition approach, which involves recognizing the cumulative effect of initial adoption of Topic 326 as an adjustment to its opening retained earnings as of August 30, 2020. Therefore, comparative information prior to the adoption date has not been adjusted. As a result of adoption of Topic 326, the Company did not recognize an incremental allowance for credit losses on its accounts receivable for the first six months ended February 27, 2021. The adoption of this standard did not materially impact the Company's Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 the Company's consolidated financial statements is uncertain at this time. In March 2020, the 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, the 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.

Business Segments (Tables)

6 Months Ended

Feb. 27, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table shows information by reportable segment:


	Three Months Ended				Six Months Ended
(in thousands)	February 27, 2021		February 29, 2020		February 27, 2021		February 29, 2020
Net Revenues
Towable	$	439,284	$	283,463	$	894,185	$	624,713
Motorhome	382,575		325,542		704,964		551,433
Corporate / All Other	18,027		17,805		33,868		39,122
Consolidated	$	839,886	$	626,810	$	1,633,017	$	1,215,268

Adjusted EBITDA
Towable	$	62,366	$	34,746	$	125,509	$	70,531
Motorhome	50,969		14,946		81,312		24,277
Corporate / All Other	(5,370)		(4,263)		(9,563)		(7,331)
Consolidated	$	107,965	$	45,429	$	197,258	$	87,477

Capital Expenditures
Towable	$	2,714	$	5,640	$	6,851	$	9,666
Motorhome	3,268		5,372		7,271		7,612
Corporate / All Other	249		1,421		798		1,779
Consolidated	$	6,231	$	12,433	$	14,920	$	19,057


(in thousands)	February 27, 2021		August 29, 2020
Total Assets
Towable	$	723,388	$	718,253
Motorhome	694,077		600,304
Corporate / All Other	438,330		395,143
Consolidated	$	1,855,795	$	1,713,700

Reconciliation of net income to consolidated Adjusted EBITDA:


	Three Months Ended				Six Months Ended
(in thousands)	February 27, 2021		February 29, 2020		February 27, 2021		February 29, 2020
Net income	$	69,068	$	17,268	$	126,491	$	31,336
Interest expense	10,052		8,651		19,993		14,700
Provision for income taxes	21,166		3,995		38,723		7,888
Depreciation	4,399		4,134		8,559		7,720
Amortization of intangible assets	3,591		7,974		7,181		11,588
EBITDA	108,276		42,022		200,947		73,232
Acquisition-related fair-value inventory step-up	—		3,634		—		4,810
Acquisition-related costs	—		—		—		9,950
Restructuring expenses	—		43		93		(129)
Gain on sale of property and equipment	—		—		(3,565)		—
Non-operating income	(311)		(270)		(217)		(386)
Adjusted EBITDA	$	107,965	$	45,429	$	197,258	$	87,477

Investments and Fair Value Measurements (Tables)

6 Months Ended

Feb. 27, 2021

Fair Value Disclosures [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring Basis


	Fair Value at		Fair Value Hierarchy
(in thousands)	February 27, 2021		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	838	$	838	$	—	$	—
International equity funds	36		36		—		—
Fixed income funds	47		47		—		—
Total assets at fair value	$	921	$	921	$	—	$	—


	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	$	—	$	—

Inventories (Tables)

6 Months Ended

Feb. 27, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consist of the following:


(in thousands)	February 27, 2021		August 29, 2020
Finished goods	$	9,184	$	17,141
Work-in-process	145,092		86,651
Raw materials	160,577		114,982
Total	314,853		218,774
Less last-in, first-out ("LIFO") reserve	36,385		35,833
Inventories, net	$	278,468	$	182,941

Inventory valuation methods consist of the following:


(in thousands)	February 27, 2021		August 29, 2020
LIFO basis	$	131,760	$	88,675
First-in, first-out basis	183,093		130,099
Total	$	314,853	$	218,774

Property, Plant, and Equipment (Tables)

6 Months Ended

Feb. 27, 2021

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

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


(in thousands)	February 27, 2021		August 29, 2020
Land	$	9,111	$	11,101
Buildings and building improvements	147,587		144,565
Machinery and equipment	120,106		117,370
Software	28,611		28,456
Transportation	4,938		4,913
Construction in progress	19,216		20,778
Property, plant, and equipment, gross	329,569		327,183
Less accumulated depreciation	155,960		152,238
Property, plant, and equipment, net	$	173,609	$	174,945

Goodwill and Intangible Assets (Tables)

6 Months Ended

Feb. 27, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill by segment were as follows for the first six months of Fiscal 2021 and 2020, of which there were no accumulated impairment losses:


(in thousands)	Towable		Motorhome		Corporate / All Other		Total
Balances at August 31, 2019	$	244,684	$	—	$	30,247	$	274,931
Acquisition of Newmar(1)	—		73,929		—		73,929
Balances at February 29, 2020	$	244,684	$	73,929	$	30,247	$	348,860

Balances at August 29, 2020 and February 27, 2021(2)	$	244,684	$	73,127	$	30,247	$	348,058

(2) There was no activity in the six months beginning August 29, 2020 and ending February 27, 2021.

Schedule of Other Intangible Assets

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


		February 27, 2021					August 29, 2020
($ in thousands)	Weighted Average Life-Years	Cost		Accumulated Amortization		Weighted Average Life-Years	Cost		Accumulated Amortization
Trade names	Indefinite	$	275,250			Indefinite	$	275,250
Dealer networks	12.1	159,581		$	39,070	12.2	159,581		$	32,487
Backlog	0.5	28,327		28,327		0.5	28,327		28,327
Non-compete agreements	4.3	6,647		4,821		4.1	6,647		4,223
Other intangible assets, gross		469,805		72,218			469,805		65,037
Less accumulated amortization		72,218					65,037
Other intangible assets, net		$	397,587				$	404,768

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	$	7,180
Fiscal 2022	13,719
Fiscal 2023	13,526
Fiscal 2024	13,424
Fiscal 2025	13,219
Thereafter	61,269
Total amortization expense remaining	$	122,337

Product Warranties (Tables)

6 Months Ended

Feb. 27, 2021

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability

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


	Three Months Ended				Six Months Ended
(in thousands)	February 27, 2021		February 29, 2020		February 27, 2021		February 29, 2020
Balance at beginning of period	$	70,502	$	61,107	$	64,031	$	44,436
Business acquisition(1)	—		—		—		15,147
Provision	20,227		15,729		41,930		31,047
Claims paid	(14,689)		(16,625)		(29,921)		(30,419)
Balance at end of period	$	76,040	$	60,211	$	76,040	$	60,211

Long-Term Debt (Tables)

6 Months Ended

Feb. 27, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The components of long-term debt are as follows:


(in thousands)	February 27, 2021		August 29, 2020
ABL Credit Facility	$	—	$	—
Senior Secured Notes	300,000		300,000
Convertible Notes	300,000		300,000
Long-term debt, gross	600,000		600,000
Convertible Notes unamortized interest discount	(67,525)		(74,294)
Debt issuance costs, net	(12,191)		(13,076)
Long-term debt, net	$	520,284	$	512,630

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 Senior Secured Notes and Convertible Notes	$	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)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

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

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

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

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

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

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

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

+ Details

Employee and Retiree Benefits (Tables)

6 Months Ended

Feb. 27, 2021

Retirement Benefits [Abstract]

Schedule of Deferred Compensation Liabilities

Deferred compensation liabilities are as follows:


(in thousands)	February 27, 2021		August 29, 2020
Non-qualified deferred compensation	$	10,583	$	11,460
Supplemental executive retirement plan	1,864		1,838
Executive deferred compensation plan	924		710
Deferred compensation benefits	13,371		14,008
Less current portion(1)	2,850		2,878
Deferred compensation benefits, net of current portion	$	10,521	$	11,130

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

Revenue (Tables)

6 Months Ended

Feb. 27, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


	Three Months Ended				Six Months Ended
(in thousands)	February 27, 2021		February 29, 2020		February 27, 2021		February 29, 2020
Net Revenues
Towable:
Fifth Wheel	$	226,942	$	156,748	$	467,390	$	351,937
Travel Trailer	207,042		123,894		415,638		264,357
Other(1)	5,300		2,821		11,157		8,419
Total Towable	439,284		283,463		894,185		624,713
Motorhome:
Class A	157,744		179,705		291,910		245,349
Class B	137,170		81,893		246,457		167,349
Class C	79,263		55,657		148,549		122,533
Other(1)	8,398		8,287		18,048		16,202
Total Motorhome	382,575		325,542		704,964		551,433
Corporate / All Other:
Other(2)	18,027		17,805		33,868		39,122
Total Corporate / All Other	18,027		17,805		33,868		39,122
Consolidated	$	839,886	$	626,810	$	1,633,017	$	1,215,268

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

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

Income Per Share (Tables)

6 Months Ended

Feb. 27, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Income Per Share

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


	Three Months Ended				Six Months Ended
(in thousands, except per share data)	February 27, 2021		February 29, 2020		February 27, 2021		February 29, 2020
Numerator
Net income	$	69,068	$	17,268	$	126,491	$	31,336

Denominator
Weighted average common shares outstanding	33,533		33,614		33,571		32,840
Dilutive impact of stock compensation awards	270		304		250		303
Dilutive impact of convertible notes	107		—		—		—
Weighted average common shares outstanding, assuming dilution	33,910		33,918		33,821		33,143

Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution	—		45		53		94

Basic income per common share	$	2.06	$	0.51	$	3.77	$	0.95
Diluted income per common share	$	2.04	$	0.51	$	3.74	$	0.95

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Feb. 27, 2021

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

Schedule of Accumulated Other Comprehensive Income By Component

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


	Three Months Ended
	February 27, 2021				February 29, 2020
(in thousands)	Defined Benefit Pension Items		Total		Defined Benefit Pension Items		Total
Balance at beginning of period	$	(517)	$	(517)	$	(551)	$	(551)
Amounts reclassified from AOCI	8		8		8		8
Balance at end of period	$	(509)	$	(509)	$	(543)	$	(543)

	Six Months Ended
	February 27, 2021				February 29, 2020
(in thousands)	Defined Benefit Pension Items		Total		Defined Benefit Pension Items		Interest Rate Swap		Total
Balance at beginning of period	$	(526)	$	(526)	$	(559)	$	68	$	(491)
OCI before reclassifications	—		—		—		(68)		(68)
Amounts reclassified from AOCI	17		17		16		—		16
Net current-period OCI	17		17		16		(68)		(52)
Balance at end of period	$	(509)	$	(509)	$	(543)	$	—	$	(543)

Reclassification out of Accumulated Other Comprehensive Income

Reclassifications out of AOCI, net of tax, were:


		Three Months Ended				Six Months Ended
(in thousands)	Location on Consolidated Statements of Income and Comprehensive Income	February 27, 2021		February 29, 2020		February 27, 2021		February 29, 2020
Amortization of net actuarial loss	SG&A	$	8	$	8	$	17	$	16

Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Mar. 17, 2021	Feb. 27, 2021	Feb. 29, 2020	Feb. 27, 2021	Feb. 29, 2020
Subsequent Event [Line Items]
Dividends paid per common share (in dollars per share)		$ 0.12	$ 0.11	$ 0.24	$ 0.22
Deferred FICA liability		$ 16.2		$ 16.2
Refundable tax credit		4.0		4.0
Refundable tax credit, outstanding		$ 3.2		$ 3.2
Subsequent Event
Subsequent Event [Line Items]
Dividends paid per common share (in dollars per share)	$ 0.12

Business Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
Business Segments (Details) $ in Thousands	Feb. 27, 2021 USD ($)	Feb. 29, 2020 USD ($)	Feb. 27, 2021 USD ($) segment	Feb. 29, 2020 USD ($)	Aug. 29, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment			6
Number of reportable segments \| segment			2
Net Revenues	$ 839,886	$ 626,810	$ 1,633,017	$ 1,215,268
Adjusted EBITDA	107,965	45,429	197,258	87,477
Capital Expenditures	6,231	12,433	14,920	19,057
Total Assets	1,855,795		1,855,795		$ 1,713,700
Net income	69,068	17,268	126,491	31,336
Interest expense	10,052	8,651	19,993	14,700
Provision for income taxes	21,166	3,995	38,723	7,888
Depreciation	4,399	4,134	8,559	7,720
Amortization of intangible assets	3,591	7,974	7,181	11,588
EBITDA	108,276	42,022	200,947	73,232
Acquisition-related fair-value inventory step-up	0	3,634	0	4,810
Acquisition-related costs	0	0	0	9,950
Restructuring expenses	0	43	93	(129)
Gain on sale of property and equipment	0	0	(3,565)	0
Non-operating income	(311)	(270)	(217)	(386)
Retained Earnings
Segment Reporting Information [Line Items]
Net income	69,068	17,268	126,491	31,336
Operating Segments \| Towable
Segment Reporting Information [Line Items]
Net Revenues	439,284	283,463	894,185	624,713
Adjusted EBITDA	62,366	34,746	125,509	70,531
Capital Expenditures	2,714	5,640	6,851	9,666
Total Assets	723,388		723,388		718,253
Operating Segments \| Motorhome
Segment Reporting Information [Line Items]
Net Revenues	382,575	325,542	704,964	551,433
Adjusted EBITDA	50,969	14,946	81,312	24,277
Capital Expenditures	3,268	5,372	7,271	7,612
Total Assets	694,077		694,077		600,304
Corporate / All Other
Segment Reporting Information [Line Items]
Net Revenues	18,027	17,805	33,868	39,122
Adjusted EBITDA	(5,370)	(4,263)	(9,563)	(7,331)
Capital Expenditures	249	$ 1,421	798	$ 1,779
Total Assets	$ 438,330		$ 438,330		$ 395,143

Investments and Fair Value Measurements - Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Feb. 27, 2021	Aug. 29, 2020
Assets that fund deferred compensation:
Domestic equity funds	$ 838	$ 626
International equity funds	36	34
Fixed income funds	47	50
Total assets at fair value	921	710
Level 1
Assets that fund deferred compensation:
Domestic equity funds	838	626
International equity funds	36	34
Fixed income funds	47	50
Total assets at fair value	921	710
Level 2
Assets that fund deferred compensation:
Domestic equity funds	0	0
International equity funds	0	0
Fixed income funds	0	0
Total assets at fair value	0	0
Level 3
Assets that fund deferred compensation:
Domestic equity funds	0	0
International equity funds	0	0
Fixed income funds	0	0
Total assets at fair value	$ 0	$ 0

Investments and Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended
	Feb. 27, 2021	Feb. 29, 2020
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment charges	$ 0	$ 0

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Feb. 27, 2021	Aug. 29, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 9,184	$ 17,141
Work-in-process	145,092	86,651
Raw materials	160,577	114,982
Total	314,853	218,774
Less last-in, first-out ("LIFO") reserve	36,385	35,833
Inventories, net	$ 278,468	$ 182,941

Inventories - Inventory Valuation Methods (Details) - USD ($) $ in Thousands	Feb. 27, 2021	Aug. 29, 2020
Inventory Disclosure [Abstract]
LIFO basis	$ 131,760	$ 88,675
First-in, first-out basis	183,093	130,099
Total	$ 314,853	$ 218,774

Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 27, 2021	Feb. 29, 2020	Feb. 27, 2021	Feb. 29, 2020	Aug. 29, 2020
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 329,569		$ 329,569		$ 327,183
Less accumulated depreciation	155,960		155,960		152,238
Property, plant, and equipment, net	173,609		173,609		174,945
Depreciation	4,399	$ 4,134	8,559	$ 7,720
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	9,111		9,111		11,101
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	147,587		147,587		144,565
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	120,106		120,106		117,370
Software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	28,611		28,611		28,456
Transportation
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	4,938		4,938		4,913
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 19,216		$ 19,216		$ 20,778

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Feb. 29, 2020	Feb. 27, 2021	Aug. 29, 2020	Aug. 31, 2019
Goodwill [Line Items]
Goodwill	$ 348,860	$ 348,058	$ 348,058	$ 274,931
Acquisition of Newmar	73,929
Corporate / All Other
Goodwill [Line Items]
Goodwill	30,247	30,247		30,247
Acquisition of Newmar	0
Towable \| Operating Segments
Goodwill [Line Items]
Goodwill	244,684	244,684		244,684
Acquisition of Newmar	0
Motorhome \| Operating Segments
Goodwill [Line Items]
Goodwill	73,929	$ 73,127		$ 0
Acquisition of Newmar	$ 73,929

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Nov. 28, 2020	Feb. 27, 2021	Aug. 29, 2020
Schedule of Intangible Assets [Line Items]
Other intangible assets, gross		$ 469,805	$ 469,805
Less accumulated amortization		72,218	65,037
Other intangible assets, net		$ 397,587	404,768
Weighted average remaining amortization period (in years)		10 years
Dealer networks
Schedule of Intangible Assets [Line Items]
Weighted Average Life-Years	12 years 2 months 12 days	12 years 1 month 6 days
Other intangible assets, gross		$ 159,581	159,581
Less accumulated amortization		$ 39,070	32,487
Backlog
Schedule of Intangible Assets [Line Items]
Weighted Average Life-Years	6 months	6 months
Other intangible assets, gross		$ 28,327	28,327
Less accumulated amortization		$ 28,327	28,327
Non-compete agreements
Schedule of Intangible Assets [Line Items]
Weighted Average Life-Years	4 years 1 month 6 days	4 years 3 months 18 days
Other intangible assets, gross		$ 6,647	6,647
Less accumulated amortization		4,821	4,223
Trade names
Schedule of Intangible Assets [Line Items]
Other intangible assets, gross		$ 275,250	$ 275,250

Goodwill and Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Thousands	Feb. 27, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Fiscal 2021	$ 7,180
Fiscal 2022	13,719
Fiscal 2023	13,526
Fiscal 2024	13,424
Fiscal 2025	13,219
Thereafter	61,269
Total amortization expense remaining	$ 122,337

Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Product Warranties (Details) - USD ($) $ in Thousands	Feb. 27, 2021	Feb. 29, 2020	Feb. 27, 2021	Feb. 29, 2020
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 70,502	$ 61,107	$ 64,031	$ 44,436
Business acquisition	0	0	0	15,147
Provision	20,227	15,729	41,930	31,047
Claims paid	(14,689)	(16,625)	(29,921)	(30,419)
Balance at end of period	$ 76,040	$ 60,211	$ 76,040	$ 60,211

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands	Feb. 27, 2021	Aug. 29, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 600,000	$ 600,000
Convertible Notes unamortized interest discount	(67,525)	(74,294)
Debt issuance costs, net	(12,191)	(13,076)
Long-term debt, net	520,284	512,630
ABL Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	0	0
Senior Secured Notes
Debt Instrument [Line Items]
Long-term debt, gross	300,000	300,000
Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 300,000	$ 300,000

Long-Term Debt - Credit Agreements Narrative (Details) - USD ($)			6 Months Ended
	Jul. 08, 2020	Nov. 08, 2016	Feb. 29, 2020	Jul. 01, 2020
Senior Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt amount	$ 300,000,000
Interest rate, stated percentage	6.25%
Prior Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs	$ 7,500,000
Debt term			8 years
Term Loan
Debt Instrument [Line Items]
Repayments of debt	249,800,000
Write off of deferred debt issuance cost	$ 4,700,000
Interest rate derivative liabilities at fair value				$ 600,000
ABL Credit Facility
Debt Instrument [Line Items]
Credit facility amount		$ 192,500,000
Line of credit facility, commitment fee percentage		0.25%
ABL Credit Facility \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.25%
ABL Credit Facility \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.75%
ABL Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Debt amount		$ 19,300,000

Long-Term Debt - Convertible Notes Narrative (Details)	Nov. 01, 2019 USD ($) day $ / shares Rate	Oct. 30, 2019 USD ($) $ / shares	Feb. 27, 2021 USD ($)	Aug. 29, 2020 USD ($)
Debt Instrument [Line Items]
Offering-related costs			$ 12,191,000	$ 13,076,000
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 Notes
Debt Instrument [Line Items]
Debt amount	$ 300,000,000.0		300,000,000.0
Interest rate, stated percentage	1.50%
Proceeds from issuance of notes	$ 290,200,000
Conversion rate (in shares) \| Rate	1.56906%
Conversion price (in dollars per share) \| $ / shares	$ 63.73
Number of consecutive trading days \| day	30
Consecutive business days \| day	5
Consecutive trading days \| day	5
Convertible Notes \| Convertible Note Hedge Transactions
Debt Instrument [Line Items]
Strike price (in dollars per share) \| $ / shares		$ 63.73
Convertible Notes \| Call Spread Transactions
Debt Instrument [Line Items]
Debt amount			$ 215,000,000.0
Interest rate, stated percentage			8.00%
Proceeds from issuance of notes		$ 28,600,000
Convertible Notes \| Minimum
Debt Instrument [Line Items]
Percentage of the conversion price	130.00%
Number of trading days \| day	20
Convertible Notes \| Maximum
Debt Instrument [Line Items]
Percentage of the conversion price	98.00%

Long-Term Debt - Long-Term Debt Contractual Maturities (Details) - USD ($) $ in Thousands	Feb. 27, 2021	Aug. 29, 2020
Debt Instrument [Line Items]
Fair value of long-term debt, gross	$ 723,100	$ 674,700
Total Senior Secured Notes and Convertible Notes	600,000	$ 600,000
Term Loan
Debt Instrument [Line Items]
Fiscal 2021	0
Fiscal 2022	0
Fiscal 2023	0
Fiscal 2024	0
Fiscal 2025	300,000
Thereafter	300,000
Total Senior Secured Notes and Convertible Notes	$ 600,000

Employee and Retiree Benefits (Details) - USD ($) $ in Thousands	Feb. 27, 2021	Aug. 29, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Non-qualified deferred compensation	$ 10,583	$ 11,460
Supplemental executive retirement plan	1,864	1,838
Executive deferred compensation plan	924	710
Deferred compensation benefits	13,371	14,008
Less current portion	2,850	2,878
Deferred compensation benefits, net of current portion	$ 10,521	$ 11,130

Contingent Liabilities and Commitments (Details) - USD ($) $ in Millions	6 Months Ended
	Feb. 27, 2021	Aug. 29, 2020
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	$ 1.0
Obligation to Repurchase from Dealers
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Contingent liability on repurchase agreements	$ 916.4	$ 798.9

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Feb. 27, 2021	Feb. 29, 2020	Feb. 27, 2021	Feb. 29, 2020
Disaggregation of Revenue [Line Items]
Net revenues	$ 839,886	$ 626,810	$ 1,633,017	$ 1,215,268
Operating Segments \| Towable
Disaggregation of Revenue [Line Items]
Net revenues	439,284	283,463	894,185	624,713
Operating Segments \| Towable \| Fifth Wheel
Disaggregation of Revenue [Line Items]
Net revenues	226,942	156,748	467,390	351,937
Operating Segments \| Towable \| Travel Trailer
Disaggregation of Revenue [Line Items]
Net revenues	207,042	123,894	415,638	264,357
Operating Segments \| Towable \| Other
Disaggregation of Revenue [Line Items]
Net revenues	5,300	2,821	11,157	8,419
Operating Segments \| Motorhome
Disaggregation of Revenue [Line Items]
Net revenues	382,575	325,542	704,964	551,433
Operating Segments \| Motorhome \| Other
Disaggregation of Revenue [Line Items]
Net revenues	8,398	8,287	18,048	16,202
Operating Segments \| Motorhome \| Class A
Disaggregation of Revenue [Line Items]
Net revenues	157,744	179,705	291,910	245,349
Operating Segments \| Motorhome \| Class B
Disaggregation of Revenue [Line Items]
Net revenues	137,170	81,893	246,457	167,349
Operating Segments \| Motorhome \| Class C
Disaggregation of Revenue [Line Items]
Net revenues	79,263	55,657	148,549	122,533
Corporate / All Other
Disaggregation of Revenue [Line Items]
Net revenues	18,027	17,805	33,868	39,122
Corporate / All Other \| Other
Disaggregation of Revenue [Line Items]
Net revenues	$ 18,027	$ 17,805	$ 33,868	$ 39,122

Stock-Based Compensation (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Feb. 27, 2021	Feb. 29, 2020	Feb. 27, 2021	Feb. 29, 2020	Dec. 11, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 4,600	$ 2,000	$ 6,981	$ 3,640
Incentive Compensation Plan 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued under the plan (in shares)					4.1

Restructuring (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
Restructuring (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Feb. 27, 2021	Feb. 29, 2020
Restructuring and Related Activities [Abstract]
Proceeds from sale of property	$ 7,700	$ 7,778	$ 0
Gain on sale of properties	$ 3,600

Income Taxes (Details)	6 Months Ended
Income Taxes (Details)	Feb. 27, 2021	Feb. 29, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	23.40%	20.10%

Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 27, 2021	Feb. 29, 2020	Feb. 27, 2021	Feb. 29, 2020
Numerator
Net income	$ 69,068	$ 17,268	$ 126,491	$ 31,336
Denominator
Weighted average common shares outstanding (in shares)	33,533,000	33,614,000	33,571,000	32,840,000
Dilutive impact of stock compensation awards (in shares)	270,000	304,000	250,000	303,000
Dilutive impact of convertible notes (in shares)	107,000	0	0	0
Weighted average common shares outstanding, assuming dilution (in shares)	33,910,000	33,918,000	33,821,000	33,143,000
Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution (in shares)	0	45,000	53,000	94,000
Basic income per common share (in dollars per share)	$ 2.06	$ 0.51	$ 3.77	$ 0.95
Diluted income per common share (in dollars per share)	$ 2.04	$ 0.51	$ 3.74	$ 0.95

Accumulated Other Comprehensive Income (Loss) - Changes in AOCI by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 27, 2021	Feb. 29, 2020	Feb. 27, 2021	Feb. 29, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 871,558	$ 785,609	$ 827,466	$ 632,212
OCI before reclassifications			0	(68)
Amounts reclassified from AOCI	8	8	17	16
Total other comprehensive income (loss)	8	8	17	(52)
Ending balance	942,364	801,524	942,364	801,524
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(517)	(551)	(526)	(491)
Ending balance	(509)	(543)	(509)	(543)
Defined Benefit Pension Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(517)	(551)	(526)	(559)
OCI before reclassifications			0	0
Amounts reclassified from AOCI	8	8	17	16
Total other comprehensive income (loss)			17	16
Ending balance	$ (509)	(543)	$ (509)	(543)
Interest Rate Swap
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance				68
OCI before reclassifications				(68)
Amounts reclassified from AOCI				0
Total other comprehensive income (loss)				(68)
Ending balance		$ 0		$ 0

- 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

Accumulated Other Comprehensive Income (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 27, 2021	Feb. 29, 2020	Feb. 27, 2021	Feb. 29, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general, and administrative expenses	$ 53,016	$ 42,164	$ 101,415	$ 93,269
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of net actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general, and administrative expenses	$ 8	$ 8	$ 17	$ 16