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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 29, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________________ to _________________
Commission File Number: 001-06403
https://cdn.kscope.io/38eacafaf61272613b3c63441b503da6-wgo-20210529_g1.jpg
WINNEBAGO INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

Iowa42-0802678
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
P. O. Box 152,Forest City,Iowa50436
(Address of principal executive offices)(Zip Code)
641-585-3535
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.50 par value per shareWGONew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer     Accelerated Filer ☐    Non-accelerated filer ☐
    Smaller Reporting Company         Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of June 18, 2021, there were 33,599,487 shares of common stock, par value $0.50 per share, outstanding.



Winnebago Industries, Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended May 29, 2021

Table of Contents


2

Table of Contents
PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Winnebago Industries, Inc.
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
(Unaudited)

Three Months EndedNine Months Ended
(in thousands, except per share data)May 29,
2021
May 30,
2020
May 29,
2021
May 30,
2020
Net revenues$960,737 $402,458 $2,593,754 $1,617,726 
Cost of goods sold791,125 370,434 2,130,556 1,427,307 
Gross profit169,612 32,024 463,198 190,419 
Selling, general, and administrative expenses63,586 33,271 165,001 126,540 
Amortization3,590 6,926 10,771 18,514 
Total operating expenses67,176 40,197 175,772 145,054 
Operating income (loss)102,436 (8,173)287,426 45,365 
Interest expense10,229 8,440 30,222 23,140 
Non-operating income(93)(74)(310)(460)
Income (loss) before income taxes92,300 (16,539)257,514 22,685 
Provision (benefit) for income taxes21,005 (4,186)59,728 3,702 
Net income (loss)$71,295 $(12,353)$197,786 $18,983 
Earnings (loss) per common share
Basic$2.12 $(0.37)$5.89 $0.57 
Diluted$2.05 $(0.37)$5.83 $0.57 
Weighted average common shares outstanding
Basic33,552 33,625 33,565 33,102 
Diluted34,772 33,625 33,943 33,289 
Net income (loss)$71,295 $(12,353)$197,786 $18,983 
Other comprehensive income (loss), net of tax:
Amortization of net actuarial loss (net of tax of $3, $3, $9 and $9)
9 8 26 24 
Interest rate swap activity (net of tax of $, $141, $ and $163)
 (432) (500)
Other comprehensive income (loss)9 (424)26 (476)
Comprehensive income (loss)$71,304 $(12,777)$197,812 $18,507 

The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements.
3

Table of Contents

Winnebago Industries, Inc.
Consolidated Balance Sheets

(in thousands, except per share data)May 29,
2021
August 29,
2020
(Unaudited)
Assets
Current assets
Cash and cash equivalents$405,841 $292,575 
Receivables, less allowance for doubtful accounts ($287 and $353, respectively)
228,199 220,798 
Inventories, net333,018 182,941 
Prepaid expenses and other assets21,559 17,296 
Total current assets988,617 713,610 
Property, plant, and equipment, net177,578 174,945 
Goodwill348,058 348,058 
Other intangible assets, net393,997 404,768 
Investment in life insurance28,381 27,838 
Operating lease assets27,318 29,463 
Other long-term assets15,821 15,018 
Total assets$1,979,770 $1,713,700 
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable$173,008 $132,490 
Income taxes payable 8,840 
Accrued expenses
Accrued compensation59,412 36,533 
Product warranties82,062 64,031 
Self-insurance18,237 17,437 
Promotional9,851 12,543 
Accrued interest7,821 4,652 
Accrued dividends4,273 180 
Other20,946 23,684 
Total current liabilities375,610 300,390 
Long-term debt, net524,450 512,630 
Deferred income taxes14,852 15,608 
Unrecognized tax benefits6,538 6,511 
Operating lease liabilities25,391 27,048 
Deferred compensation benefits, net of current portion9,920 11,130 
Other long-term liabilities12,751 12,917 
Total liabilities969,512 886,234 
Contingent liabilities and commitments (Note 10)
Shareholders' equity
Preferred stock, par value $0.01: 10,000 shares authorized; Zero shares issued and outstanding
  
Common stock, par value $0.50: 120,000 shares authorized; 51,776 shares issued and outstanding
25,888 25,888 
Additional paid-in capital214,460 203,791 
Retained earnings1,095,167 913,610 
Accumulated other comprehensive loss(500)(526)
Treasury stock, at cost: 18,225 and 18,133 shares, respectively
(324,757)(315,297)
Total shareholders' equity1,010,258 827,466 
Total liabilities and shareholders' equity$1,979,770 $1,713,700 
The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements.
4

Table of Contents
Winnebago Industries, Inc.
Consolidated Statements of Cash Flows
(Unaudited)

Nine Months Ended
(in thousands)May 29,
2021
May 30,
2020
Operating Activities
Net income$197,786 $18,983 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation13,476 11,854 
Amortization10,771 18,514 
Non-cash interest expense, net10,372 7,440 
Amortization of debt issuance costs1,852 2,181 
Last-in, first-out expense2,321 1,450 
Stock-based compensation11,719 3,332 
Deferred income taxes(765)365 
Other, net(4,412)516 
Change in operating assets and liabilities:
Receivables, net(7,384)31,440 
Inventories, net(152,398)91,938 
Prepaid expenses and other assets1,010 159 
Accounts payable40,817 (13,528)
Income taxes and unrecognized tax benefits(12,771)(2,622)
Accrued expenses and other liabilities35,560 (9,585)
Net cash provided by (used in) operating activities147,954 162,437 
Investing Activities
Purchases of property, plant and equipment(23,596)(28,582)
Acquisition of business, net of cash acquired (260,965)
Proceeds from sale of property, plant and equipment12,450  
Other, net(224)141 
Net cash provided by (used in) investing activities(11,370)(289,406)
Financing Activities
Borrowings on long-term debt2,629,932 1,795,209 
Repayments on long-term debt(2,629,932)(1,501,709)
Purchase of convertible bond hedge (70,800)
Proceeds from issuance of warrants 42,210 
Payments of cash dividends(12,136)(10,881)
Payments for repurchases of common stock(12,109)(1,789)
Payments of debt issuance costs(224)(10,761)
Other, net1,151 539 
Net cash provided by (used in) financing activities(23,318)242,018 
Net increase in cash and cash equivalents113,266 115,049 
Cash and cash equivalents at beginning of period292,575 37,431 
Cash and cash equivalents at end of period$405,841 $152,480 
5

Table of Contents
Supplemental Disclosures
Income taxes paid, net$71,090 $6,240 
Interest paid14,618 14,961 
Non-cash investing and financing activities
Issuance of common stock for acquisition of business$ $92,572 
Capital expenditures in accounts payable121 255 
Dividends declared not yet paid4,273 126 
The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements.
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Winnebago Industries, Inc.
Consolidated Statements of Changes in Shareholders' Equity
(Unaudited)

Three Months Ended May 29, 2021
(in thousands,
except per share data)
Common Shares Additional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury Stock Total Shareholders' Equity
NumberAmountNumberAmount
Balance at February 27, 2021
51,776 $25,888 $209,727 $1,032,020 $(509)(18,225)$(324,762)$942,364 
Stock-based compensation— — 4,733 — —  5 4,738 
Common stock dividends paid; $0.12 per share
— — — (4,062)— — — (4,062)
Common stock dividends accrued; $0.12 per share
— — — (4,086)— — — (4,086)
Actuarial loss, net of tax— — — — 9 — — 9 
Net income— — — 71,295 — — — 71,295 
Balance at May 29, 2021
51,776 $25,888 $214,460 $1,095,167 $(500)(18,225)$(324,757)$1,010,258 
Three Months Ended May 30, 2020
(in thousands,
except per share data)
Common SharesAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Shareholders' Equity
NumberAmountNumberAmount
Balance at February 29, 2020
51,776 $25,888 $200,751 $890,994 $(543)(18,153)$(315,566)$801,524 
Stock-based compensation— — (315)— —  7 (308)
Issuance of stock, net— — 20 — — 8 133 153 
Repurchase of common stock— — — — — (1)(52)(52)
Common stock dividends paid; $0.11 per share
— — — (3,730)— — — (3,730)
Actuarial loss, net of tax— — — — 8 — — 8 
Interest rate swap activity, net of tax— — — — (432)— — (432)
Net loss— — — (12,353)— — — (12,353)
Balance at May 30, 2020
51,776 $25,888 $200,456 $874,911 $(967)(18,146)$(315,478)$784,810 
Nine Months Ended May 29, 2021
Common SharesAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Shareholders' Equity
NumberAmountNumberAmount
Balance at August 29, 2020
51,776 $25,888 $203,791 $913,610 $(526)(18,133)$(315,297)$827,466 
Stock-based compensation— — 11,701 — — 1 18 11,719 
Issuance of stock— — (1,032)— — 149 2,631 1,599 
Repurchase of common stock— — — — — (242)(12,109)(12,109)
Common stock dividends paid; $0.36 per share
— — — (12,136)— — — (12,136)
Common stock dividends accrued; $0.12 per share
— — — (4,093)— — — (4,093)
Actuarial loss, net of tax— — — — 26 — — 26 
Net income— — — 197,786 — — — 197,786 
Balance at May 29, 2021
51,776 $25,888 $214,460 $1,095,167 $(500)(18,225)$(324,757)$1,010,258 
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Nine Months Ended May 30, 2020
(in thousands,
except per share data)
Common SharesAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Shareholders' Equity
NumberAmountNumberAmount
Balance at August 31, 2019
51,776 $25,888 $91,185 $866,886 $(491)(20,262)$(351,256)$632,212 
Stock-based compensation— — 3,309 — — 1 23 3,332 
Issuance of stock, net— — (2,011)— — 160 2,782 771 
Issuance of stock for acquisition— — 57,811 — — 2,000 34,761 92,572 
Repurchase of common stock— — — — — (45)(1,788)(1,788)
Common stock dividends paid; $0.33 per share
— — — (10,958)— — — (10,958)
Actuarial loss, net of tax— — — — 24 — — 24 
Interest rate swap activity, net of tax— — — — (500)— — (500)
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— — — 18,983 — — — 18,983 
Balance at May 30, 2020
51,776 $25,888 $200,456 $874,911 $(967)(18,146)$(315,478)$784,810 
The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements.
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Winnebago Industries, Inc.
Notes to Consolidated Financial Statements
(Unaudited)
(Dollars and shares in thousands, unless otherwise noted)

Note 1.    Basis of Presentation

The consolidated financial statements include the accounts of Winnebago Industries, Inc. and its wholly owned subsidiaries. Significant intercompany account balances and transactions have been eliminated.

The use of the terms "Winnebago Industries," "Winnebago", and "the Company" in this Quarterly Report on Form 10-Q, unless the context otherwise requires, refers to Winnebago Industries, Inc. and its wholly owned subsidiaries.

The interim unaudited consolidated financial statements included herein are prepared pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). The information furnished in these consolidated financial statements includes normal recurring adjustments, unless noted otherwise in the Notes to Financial Statements, and reflects all adjustments that are, in management’s opinion, necessary for a fair presentation of such financial statements. The consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). GAAP requires us to make estimates and assumptions that affect amounts reported. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations.

The consolidated financial statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended August 29, 2020 filed with the SEC. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year.

Fiscal Period
The Company has a 5-4-4 quarterly accounting cycle with the fiscal year ending on the last Saturday in August. Fiscal 2021 ending on August 28, 2021 will consist of 52 weeks. Fiscal 2020 ended on August 29, 2020 consisted of 52 weeks.

Cash and Cash Equivalents
Cash and cash equivalents represent cash, demand deposits and highly liquid investments with original maturities of three months or less that are not legally restricted. Cash equivalents are recorded at cost, which approximates fair value. 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 consolidated financial statements, the Company evaluated subsequent events for potential recognition and disclosure through the date of this filing noting no material subsequent events.

CARES Act
The Coronavirus Aid, Relief, and Economic Security ("CARES") Act was signed into law on March 27, 2020 to help alleviate the impact of the COVID-19 pandemic in the U.S. The Company is taking advantage of the employer payroll tax 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 employer payroll tax liability as of May 29, 2021 was $16,223 and will be payable in equal installments in December 2021 and December 2022. The Company also 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 available through the end of the third quarter of Fiscal 2020 reflected in cost of goods sold on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) was approximately $3,999. The entire amount is expected to be received by the end of calendar year 2021. As of May 29, 2021, $3,202 remains outstanding within other current assets on the Consolidated Balance Sheets.

Recently Adopted Accounting Pronouncements
The Company adopted Accounting Standards Codification ("ASC") Topic 326, Financial Instruments—Credit Losses, which changes the accounting for credit losses on instruments measured at amortized costs, such as accounts receivables and deposits by adding an impairment model that is based on expected losses rather than incurred losses. An entity will recognize as an allowance its estimate of expected credit losses, which is believed to result in more timely recognition of such losses as the standard eliminates the probable initial recognition threshold. The Company adopted the new standard using the modified retrospective 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. As a result, the Company did not adjust comparative period financial information for periods before the effective date. No incremental allowance for credit losses has been recognized during the nine months ended May 29, 2021 as a result of the adoption. The adoption of this standard did not have a material impact on the Company’s
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financial condition, results of operations or disclosures.

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) which reduces the number of models used to account for convertible instruments, amends diluted earnings per share ("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. Certain disclosure requirements were also added to increase transparency and decision-usefulness regarding a convertible instrument's terms and features. Additionally, the if-converted method for including convertible instruments must be used in diluted EPS as opposed to the treasury stock method. The new guidance is effective for annual reporting periods beginning after December 15, 2021, which is the Company's Fiscal 2023. Early adoption is permitted using either a modified retrospective or full retrospective approach. The Company expects to adopt the new guidance in the first quarter of Fiscal 2023 and has not yet evaluated the impact the adoption of this guidance will have on its financial condition, results of operations or disclosures; however, the new guidance is expected to change the Company's diluted EPS reporting.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting, which 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 this guidance 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. This guidance is not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. The guidance can be applied immediately through December 31, 2022. The Company will adopt this standard when LIBOR is discontinued and does not expect a material impact to its financial condition, results of operations or disclosures based on the current debt portfolio and capital structure.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which eliminates certain exceptions to Topic 740's general principles, improves consistent application and simplifies its application. The standard is effective for annual reporting periods beginning after December 15, 2020, which is 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 financial condition, results of operations or disclosures.

Note 2.    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. Financial performance is evaluated based on each operating segment's Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), as defined below, which excludes certain corporate administration expenses and non-operating income and expense.

The Company's two reportable segments are: Towable (an aggregation of the Grand Design towables and the Winnebago towables operating segments) and Motorhome (an aggregation of the Winnebago motorhomes and Newmar motorhomes operating segments). Towable is comprised of non-motorized products that are generally towed by another vehicle, along with other related manufactured products and services. Motorhome is comprised of products that include a motorized chassis, along with other related manufactured products and services.

The Corporate / All Other category includes the Chris-Craft marine and Winnebago specialty vehicles operating segments as well as certain corporate administration expenses related to the oversight of the enterprise, 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 Executive Officer (the Chief Operating Decision Maker ("CODM")) regularly reviews consolidated financial results in their entirety and operating segment financial information through Adjusted EBITDA, and has ultimate responsibility for enterprise decisions. The Company's CODM is responsible for allocating resources and assessing performance of the consolidated enterprise, reportable segments and operating segments. Management of each operating segment has responsibility for operating decisions, allocating resources and assessing performance within their respective operating segment. Both reportable segments and all operating segments follow the same accounting policies in Note 1 to the Consolidated Financial Statements included in Item 8 of Part II of the Company's Annual Report on Form 10-K for the fiscal year ended August 29, 2020.

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The Company monitors and evaluates operating performance of its reportable segments based on Adjusted EBITDA. The Company believes disclosing Adjusted EBITDA is useful to securities analysts, investors and other interested parties when evaluating companies in the industry. 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 pretax 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 (loss).

Financial information by reportable segment is as follows:

Three Months EndedNine Months Ended
(in thousands)May 29,
2021
May 30,
2020
May 29,
2021
May 30,
2020
Net Revenues
Towable$555,749 $188,898 $1,449,934 $813,611 
Motorhome385,257 203,590 1,090,221 755,023 
Corporate / All Other19,731 9,970 53,599 49,092 
Consolidated$960,737 $402,458 $2,593,754 $1,617,726 
Adjusted EBITDA
Towable$80,130 $16,451 $205,639 $86,982 
Motorhome37,467 (10,789)118,779 13,488 
Corporate / All Other(7,823)(1,588)(17,386)(8,919)
Consolidated$109,774 $4,074 $307,032 $91,551 
Capital Expenditures
Towable$4,639 $2,296 $11,490 $11,962 
Motorhome2,976 5,768 10,247 13,348 
Corporate / All Other1,061 1,492 1,859 3,272 
Consolidated$8,676 $9,556 $23,596 $28,582 


(in thousands)May 29,
2021
August 29,
2020
Assets
Towable$745,249 $718,253 
Motorhome721,603 600,304 
Corporate / All Other512,918 395,143 
Consolidated$1,979,770 $1,713,700 

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Reconciliation of net income to consolidated Adjusted EBITDA is as follows:

Three Months EndedNine Months Ended
(in thousands)May 29, 2021May 30, 2020May 29, 2021May 30, 2020
Net income (loss)$71,295 $(12,353)$197,786 $18,983 
Interest expense10,229 8,440 30,222 23,140 
Provision (benefit) for income taxes21,005 (4,186)59,728 3,702 
Depreciation4,917 4,134 13,476 11,854 
Amortization3,590 6,926 10,771 18,514 
EBITDA111,036 2,961 311,983 76,193 
Acquisition-related fair-value inventory step-up   4,810 
Acquisition-related costs (189) 9,761 
Restructuring expenses19 1,376 112 1,247 
Gain on sale of property, plant and equipment(1,188) (4,753) 
Non-operating income(93)(74)(310)(460)
Adjusted EBITDA$109,774 $4,074 $307,032 $91,551 

Note 3.    Investments and Fair Value Measurements
In determining the fair value of financial assets and liabilities, the Company utilizes market data or other assumptions that it believes market participants would use in pricing the asset or liability in the principal or most advantageous market and adjusts for non-performance and/or other risks associated with the Company as well as counterparties, as appropriate. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date:

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

Level 2Inputs other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

Assets and Liabilities that are Measured at Fair Value on a Recurring Basis
Financial assets and liabilities measured at fair value on a recurring basis are as follows:

Fair Value atFair Value Hierarchy
(in thousands)May 29,
2021
Level 1Level 2Level 3
Assets that fund deferred compensation
Domestic equity funds$917 $917 $ $ 
International equity funds39 39   
Fixed income funds46 46   
Total assets at fair value$1,002 $1,002 $ $ 

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Fair Value atFair Value Hierarchy
(in thousands)August 29,
2020
Level 1Level 2Level 3
Assets that fund deferred compensation
Domestic equity funds$626 $626 $ $ 
International equity funds34 34   
Fixed income funds50 50   
Total assets at fair value$710 $710 $ $ 

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, used to fund the Executive Share Option Plan and the Executive Deferred Compensation Plan, are classified as Level 1 as they are traded in an active market for which closing stock prices are readily available. Refer to Note 11 of the Notes to the Consolidated Financial Statements included in Item 8 of Part II of 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 on the Consolidated Balance Sheets. The remaining assets are classified as non-current and included in other assets on the Consolidated Balance Sheets.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Certain financial instruments are measured at fair value on a nonrecurring basis. These assets primarily include goodwill, intangible assets, property, plant and equipment, and right-of-use lease assets. These assets were originally recognized at amounts equal to the fair value determined at date of acquisition or purchase. If certain triggering events occur, or if an annual impairment test is required, the Company will evaluate the non-financial asset for impairment. If an impairment has occurred, the asset is will be written down to its current estimated fair value. No impairments were recorded for non-financial assets in the three or nine months ended May 29, 2021 or May 30, 2020.

Assets and Liabilities Not Measured at Fair Value
Certain financial instruments are not measured at fair value but are recorded at carrying amounts approximating fair value based on their short-term nature. These financial instruments include cash and cash equivalents, receivables, accounts payable, other payables, and long-term debt. 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 for information about the fair value of the Company's long-term debt.

Note 4.    Inventories

Inventories consist of the following:
(in thousands)May 29,
2021
August 29,
2020
Finished goods$19,638 $17,141 
Work-in-process182,316 86,651 
Raw materials169,218 114,982 
Total371,172 218,774 
Less: Last-in, first-out ("LIFO") reserve38,154 35,833 
Inventories, net$333,018 $182,941 

Inventory valuation methods consist of the following:
(in thousands)May 29,
2021
August 29,
2020
LIFO basis$147,836 $88,675 
First-in, first-out basis223,336 130,099 
Total$371,172 $218,774 

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

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Note 5.    Property, Plant, and Equipment
Property, plant, and equipment is stated at cost, net of accumulated depreciation, and consists of the following:
(in thousands)May 29,
2021
August 29,
2020
Land$9,111 $11,101 
Buildings and building improvements147,679 144,565 
Machinery and equipment120,557 117,370 
Software33,644 28,456 
Transportation4,974 4,913 
Construction in progress22,158 20,778 
Property, plant, and equipment, gross338,123 327,183 
Less: Accumulated depreciation160,545 152,238 
Property, plant, and equipment, net$177,578 $174,945 

Depreciation expense was $4,917 and $4,134 for the three months ended May 29, 2021 and May 30, 2020, respectively, and $13,476 and $11,854 for the nine months ended May 29, 2021 and May 30, 2020, respectively.

Note 6.    Goodwill and Intangible Assets

The changes in the carrying amount of goodwill by segment, with no accumulated impairment losses, for the nine months ended May 29, 2021 and May 30, 2020 are as follows:
(in thousands)TowableMotorhomeCorporate / All OtherTotal
Balances at August 31, 2019$244,684 $ $30,247 $274,931 
Acquisition of Newmar(1)
 73,127  73,127 
Balances at May 30, 2020$244,684 $73,127 $30,247 $348,058 
Balances at August 29, 2020 and May 29, 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 to the Consolidated Financial Statements included in Item 8 of Part II of 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 nine months ended May 29, 2021.

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Other intangible assets, net of accumulated amortization, consist of the following:
May 29, 2021
($ in thousands)Weighted Average Life-YearsGross Carrying AmountAccumulated AmortizationNet Carrying Value
Trade namesIndefinite$275,250 $— $275,250 
Dealer networks12.1159,581 $42,360 117,221 
Backlog0.528,327 28,327  
Non-compete agreements4.36,647 5,121 1,526 
Other intangible assets$469,805 $75,808 $393,997 
August 29, 2020
($ in thousands)Weighted Average Life-YearsCostAccumulated AmortizationNet Carrying Value
Trade namesIndefinite$275,250 $— $275,250 
Dealer networks12.2159,581 32,487 127,094 
Backlog0.528,327 28,327  
Non-compete agreements4.16,647 4,223 2,424 
Other intangible assets$469,805 $65,037 $404,768 

The weighted average remaining amortization period for intangible assets as of May 29, 2021 was approximately 9 years.

Estimated future amortization expense related to finite-lived intangible assets is as follows:
(in thousands)Amount
Remainder of Fiscal 2021$3,590 
Fiscal 202213,719 
Fiscal 202313,526 
Fiscal 202413,424 
Fiscal 202513,219 </