0000107687-22-000011 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Feb. 26, 2022	Mar. 17, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 26, 2022
Document Transition Report	false
Entity File Number	001-06403
Entity Registrant Name	WINNEBAGO INDUSTRIES, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	42-0802678
Entity Address, Address Line One	13200 Pioneer Trail
Entity Address, City or Town	Eden Prairie
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55347
City Area Code	952
Local Phone Number	829-8600
Title of each class	Common Stock, $0.50 par value per share
Trading Symbol(s)	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		32,776,455
Entity Central Index Key	0000107687
Current Fiscal Year End Date	--08-27
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 26, 2022	Feb. 27, 2021	Feb. 26, 2022	Feb. 27, 2021
Income Statement [Abstract]
Net revenues	$ 1,164,731	$ 839,886	$ 2,320,471	$ 1,633,017
Cost of goods sold	948,154	683,304	1,874,482	1,339,431
Gross profit	216,577	156,582	445,989	293,586
Selling, general, and administrative expenses	71,795	53,016	146,665	101,415
Amortization	8,015	3,591	16,187	7,181
Total operating expenses	79,810	56,607	162,852	108,596
Operating income	136,767	99,975	283,137	184,990
Interest expense, net	10,325	10,052	20,567	19,993
Non-operating loss (income)	6,507	(311)	12,864	(217)
Income before income taxes	119,935	90,234	249,706	165,214
Provision for income taxes	28,760	21,166	58,901	38,723
Net income	$ 91,175	$ 69,068	$ 190,805	$ 126,491
Earnings per common share:
Basic (in dollars per share)	$ 2.75	$ 2.06	$ 5.75	$ 3.77
Diluted (in dollars per share)	$ 2.69	$ 2.04	$ 5.58	$ 3.74
Weighted average common shares outstanding:
Basic (in shares)	33,098	33,533	33,210	33,571
Diluted (in shares)	33,934	33,910	34,168	33,821
Other comprehensive income:
Amortization of net actuarial loss (net of tax of $3, $3, $6, and $6)	$ 9	$ 8	$ 18	$ 17
Comprehensive income	$ 91,184	$ 69,076	$ 190,823	$ 126,508

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 26, 2022	Feb. 27, 2021	Feb. 26, 2022	Feb. 27, 2021
Other comprehensive income:
Amortization of net actuarial loss, tax	$ 3	$ 3	$ 6	$ 6

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 26, 2022	Aug. 28, 2021
Current assets
Cash and cash equivalents	$ 134,832	$ 434,563
Receivables, less allowance for doubtful accounts ($294 and $307, respectively)	380,039	253,808
Inventories, net	469,454	341,473
Prepaid expenses and other current assets	25,139	29,069
Total current assets	1,009,464	1,058,913
Property, plant, and equipment, net	239,034	191,427
Goodwill	484,176	348,058
Other intangible assets, net	485,619	390,407
Investment in life insurance	29,306	28,821
Operating lease assets	43,473	28,379
Other long-term assets	18,361	16,562
Total assets	2,309,433	2,062,567
Current liabilities
Accounts payable	211,280	180,030
Income taxes payable	0	8,043
Accrued expenses:
Accrued compensation	59,947	67,541
Product warranties	113,818	91,222
Self-insurance	17,871	19,296
Promotional	13,723	10,040
Accrued interest and dividends	4,489	10,720
Other current liabilities	42,918	20,384
Total current liabilities	464,046	407,276
Long-term debt, net	536,990	528,559
Deferred income taxes	11,458	13,429
Unrecognized tax benefits	6,222	6,483
Long-term operating lease liabilities	42,420	26,745
Deferred compensation benefits, net of current portion	9,425	9,550
Other long-term liabilities	29,885	13,582
Total liabilities	1,100,446	1,005,624
Contingent liabilities and commitments (Note 11)
Shareholders' equity:
Preferred stock, par value $0.01: 10,000 shares authorized; Zero shares issued and outstanding	0	0
Common stock, par value $0.50: 120,000 shares authorized; 51,776 shares issued and outstanding	25,888	25,888
Additional paid-in capital	238,159	218,490
Retained earnings	1,357,812	1,172,996
Accumulated other comprehensive loss	(473)	(491)
Treasury stock, at cost: 19,045 and 18,713 shares, respectively	(412,399)	(359,940)
Total shareholders' equity	1,208,987	1,056,943
Total liabilities and shareholders' equity	$ 2,309,433	$ 2,062,567

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Feb. 26, 2022	Aug. 28, 2021
Current assets
Allowance for doubtful accounts	$ 294	$ 307
Shareholders' 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
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	51,776,000	51,776,000
Common stock, shares outstanding (in shares)	51,776,000	51,776,000
Treasury stock, at cost, shares (in shares)	19,045,000	18,713,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Feb. 26, 2022	Feb. 27, 2021
Operating activities
Net income	$ 190,805	$ 126,491
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	10,767	8,559
Amortization	16,187	7,181
Non-cash interest expense, net	7,326	6,769
Amortization of debt issuance costs	1,225	1,229
Last in, first-out expense	2,772	552
Stock-based compensation	6,891	6,981
Deferred income taxes	(1,977)	914
Contingent consideration fair value adjustment	12,887	0
Other, net	2,212	(3,460)
Change in operating assets and liabilities, net of assets and liabilities acquired
Receivables, net	(123,595)	(11,547)
Inventories, net	(109,304)	(96,079)
Prepaid expenses and other assets	5,613	2,321
Accounts payable	26,703	12,487
Income taxes and unrecognized tax benefits	(7,941)	(10,698)
Accrued expenses and other liabilities	5,570	15,222
Net cash provided by operating activities	46,141	66,922
Investing activities
Purchases of property, plant, and equipment	(43,426)	(14,920)
Acquisition of business, net of cash acquired	(228,159)	0
Proceeds from the sale of property, plant, and equipment	49	7,778
Other, net	(245)	(223)
Net cash used in investing activities	(271,781)	(7,365)
Financing activities
Borrowings on long-term debt	1,943,583	1,647,764
Repayments on long-term debt	(1,943,583)	(1,647,764)
Payments of cash dividends	(11,991)	(8,075)
Payments for repurchases of common stock	(64,218)	(12,109)
Payments of debt issuance costs	0	(224)
Other, net	2,118	1,291
Net cash used in financing activities	(74,091)	(19,117)
Net (decrease)/increase in cash and cash equivalents	(299,731)	40,440
Cash and cash equivalents at beginning of period	434,563	292,575
Cash and cash equivalents at end of period	134,832	333,015
Supplemental Disclosures
Income taxes paid, net	71,344	47,804
Interest paid	11,891	12,244
Non-cash investing and financing activities
Issuance of common stock for acquisition of business	22,000	0
Capital expenditures in accounts payable	1,126	195
Increase (decrease) in lease assets in exchange for lease liabilities:
Operating leases	17,164	(142)
Finance leases	$ 1,698	$ (10)

Consolidated Statements of Changes in Shareholders' 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. 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	6,981		6,968			$ 13
Stock-based compensation (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)
Total comprehensive income	17				17
Net income (loss)	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	4,627		4,622			$ 5
Stock-based compensation (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)
Total comprehensive income	8				8
Net income (loss)	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)
Beginning balance (in shares) at Aug. 28, 2021	51,776	51,776				(18,713)
Beginning balance at Aug. 28, 2021	$ 1,056,943	$ 25,888	218,490	1,172,996	(491)	$ (359,940)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	6,891		6,859			$ 32
Stock-based compensation (in shares)						1
Issuance of stock for acquisition	22,000		14,709			$ 7,291
Issuance of stock for acquisition (in shares)						379
Issuance of stock, net	2,537		(1,899)			$ 4,436
Issuance of stock, net (in shares)						225
Repurchase of common stock (in shares)						(937)
Repurchase of common stock	(64,218)					$ (64,218)
Common stock dividends	(6,060)			(6,060)
Other	71			71
Total comprehensive income	18				18
Net income (loss)	$ 190,805			190,805
Ending balance (in shares) at Feb. 26, 2022	51,776	51,776				(19,045)
Ending balance at Feb. 26, 2022	$ 1,208,987	$ 25,888	238,159	1,357,812	(473)	$ (412,399)
Beginning balance (in shares) at Nov. 27, 2021		51,776				(18,476)
Beginning balance at Nov. 27, 2021	1,159,258	$ 25,888	233,727	1,272,697	(482)	$ (372,572)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	4,180		4,157			$ 23
Stock-based compensation (in shares)						1
Issuance of stock, net	920		275			$ 645
Issuance of stock, net (in shares)						31
Repurchase of common stock (in shares)						(601)
Repurchase of common stock	(40,495)					$ (40,495)
Common stock dividends	(6,060)			(6,060)
Total comprehensive income	9				9
Net income (loss)	$ 91,175			91,175
Ending balance (in shares) at Feb. 26, 2022	51,776	51,776				(19,045)
Ending balance at Feb. 26, 2022	$ 1,208,987	$ 25,888	$ 238,159	$ 1,357,812	$ (473)	$ (412,399)

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Feb. 26, 2022	Feb. 27, 2021	Feb. 26, 2022	Feb. 27, 2021
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 0.18	$ 0.12	$ 0.18	$ 0.24

Basis of Presentation	6 Months Ended
Basis of Presentation	Feb. 26, 2022
Accounting Policies [Abstract]
Basis of Presentation	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," "we," "our," and "us" 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 Consolidated 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 our Annual Report on Form 10-K for the fiscal year ended August 28, 2021 filed with the SEC. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year ending August 27, 2022. Subsequent Events In preparing the accompanying unaudited consolidated financial statements, we have evaluated subsequent events for potential recognition and disclosure through the date of this filing noting no material subsequent events except for the item noted below: On March 16, 2022, our Board of Directors declared a quarterly cash dividend of $0.18 per share payable on April 27, 2022 to common shareholders of record at the close of business on April 13, 2022. 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. We took advantage of the employer payroll tax deferral offered by the CARES Act, which allowed us 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 paid in the first six months of Fiscal 2022 was $8.0 million and the liability left to pay as of February 26, 2022 was $8.2 million, which will be paid in December 2022. We 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 and Comprehensive Income was approximately $4.0 million. The entire amount is expected to be received during calendar year 2022. As of February 26, 2022, $2.3 million remains outstanding within other current assets on the Consolidated Balance Sheets. Recently Adopted Accounting Pronouncements Accounting Standards Update ("ASU") Topic 740, Income Taxes: Simplifying the Accounting for Income Taxes, was adopted in the first quarter of Fiscal 2022. The new standard eliminates certain exceptions to Topic 740's general principles, improves consistent application and simplifies its application. We adopted the new guidance in the first quarter of Fiscal 2022, and there was not a material impact to our financial condition, results of operations or disclosures. Recently Issued Accounting Pronouncements In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) 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 our Fiscal 2023. Early adoption is permitted using either a modified retrospective or full retrospective approach. We expect to adopt the new guidance in the first quarter of Fiscal 2023 and have not yet evaluated the impact the adoption of this guidance will have on our financial condition, results of operations or disclosures; however, the new guidance is expected to change our 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. We will adopt this standard when LIBOR is discontinued and do not expect a material impact to our financial condition, results of operations or disclosures based on the current debt portfolio and capital structure.

Business Combinations

6 Months Ended

Feb. 26, 2022

Business Combination and Asset Acquisition [Abstract]

Business Combinations

On August 31, 2021, we purchased 100% of the equity interests of Barletta Boat Company, LLC and Three Limes, LLC (collectively, "Barletta"), a manufacturer of high-quality, premium pontoon boats that are sold through a network of independent authorized dealers.

The acquisition of Barletta resulted in a newly created Marine reportable segment that includes the Barletta and Chris-Craft operating segments.

We acquired Barletta for a purchase price of $286.3 million, including cash payments of $240.1 million, $25.0 million in common stock issued to the sellers (subject to a discount noted below), and contingent consideration from earnout provisions. The common stock fair value included in the purchase price reflects a 12% discount, due to the lack of marketability as these are unregistered shares that have a one-year lockup restriction, which reduced the value of the common stock to $22.0 million. The contingent consideration includes both a potential stock payout as well as a potential cash payment based on achievement of certain financial performance metrics over the next few years. The maximum payout under the earnout is $50.0 million in cash and $15.0 million in stock if all metrics are achieved. The fair value of the earnout as of August 31, 2021 was $24.2 million. The fair value of the earnout as of February 26, 2022 was $37.1 million, of which $13.8 million is included in other current liabilities and $23.3 million is included in other long-term liabilities on the Consolidated Balance Sheets.

The total purchase price was allocated to the acquired net tangible and intangible assets of Barletta, based on their preliminary fair values at the date of the acquisition. We expect to finalize the allocation of the purchase price when our valuation of the acquired intangible assets, goodwill, and tax accounts is complete.

The following table summarizes the preliminary fair values assigned to the Barletta net assets acquired as of the date of acquisition:


(in thousands)	August 31, 2021
Cash	$	11,903
Other current assets	24,564
Property, plant, and equipment	17,250
Goodwill	136,118
Other intangible assets	111,400
Total assets acquired	301,235
Accounts payable	7,181
Product warranties	4,656
Other current liabilities	3,146
Total liabilities assumed	14,983
Total purchase price	$	286,252

Goodwill from the Barletta acquisition is recognized in our newly created Marine segment. We expect that the full amount of goodwill will be deductible for tax purposes.

The intangible assets acquired include a trade name, dealer network, and backlog. The trade name has an indefinite life, while the backlog and dealer network will be amortized on a straight line basis over 10 months and 12 years, respectively.

Total transaction costs related to the Barletta acquisition were $3.1 million, of which $2.4 million were expensed during the first quarter of Fiscal 2022 and $0.7 million were expensed during the fourth quarter of Fiscal 2021. Transaction costs are included in selling, general and administrative expenses in the accompanying Consolidated Statements of Income and Comprehensive Income.

Pro forma results of operations for this acquisition have not been presented as they were immaterial to the reported results.

Business Segments

6 Months Ended

Feb. 26, 2022

Segment Reporting [Abstract]

Business Segments

We have seven operating segments: 1) Grand Design towables, 2) Winnebago towables, 3) Winnebago motorhomes, 4) Newmar motorhomes, 5) Chris-Craft marine, 6) Barletta marine and 7) 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 acquisition of Barletta resulted in a newly created Marine reportable segment effective for the first quarter of Fiscal 2022. The segment consists of Barletta and our existing Chris-Craft operating segment. Prior year amounts for Chris-Craft have been reclassified from Corporate / All Other category to the Marine segment.

Our three reportable segments are: Towable (an aggregation of the Grand Design towables and the Winnebago towables operating segments); Motorhome (an aggregation of the Winnebago motorhomes and Newmar motorhomes operating segments); and Marine (an aggregation of the Chris Craft marine and Barletta marine 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. Marine is comprised of products that include boats, along with other manufactured products and services.

The Corporate / All Other category includes the Winnebago specialty vehicles operating segment 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.

Our 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. Our CODM is responsible for allocating resources and assessing performance of the consolidated enterprise, reportable segments and between operating segments. Management of each operating segment has responsibility for operating decisions, allocating resources and assessing performance within their respective operating segment. The accounting policies of all reportable segments are the same as those described in Note 1 to the Consolidated Financial Statements included in Item 8 of Part II of our Annual Report on Form 10-K for the fiscal year ended August 28, 2021.

We monitor and evaluate operating performance of our reportable segments based on Adjusted EBITDA. We believe disclosing Adjusted EBITDA is useful to securities analysts, investors and other interested parties when evaluating companies in our industries. 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 period over period. Examples of items excluded from Adjusted EBITDA include acquisition-related costs, litigation reserves, restructuring expenses, gain or loss on sale of property, plant and equipment, contingent consideration fair value adjustment, and non-operating income or loss.

Financial information by reportable segment is as follows:


	Three Months Ended				Six Months Ended
(in thousands)	February 26, 2022		February 27, 2021		February 26, 2022		February 27, 2021
Net Revenues
Towable	$	646,601	$	439,284	$	1,297,625	$	894,185
Motorhome	417,565		382,575		839,044		704,964
Marine	97,309		14,463		176,627		26,357
Corporate / All Other	3,256		3,564		7,175		7,511
Consolidated	$	1,164,731	$	839,886	$	2,320,471	$	1,633,017

Adjusted EBITDA
Towable	$	100,573	$	62,366	$	212,650	$	125,509
Motorhome	46,095		50,969		96,248		81,312
Marine	12,953		1,024		23,523		1,878
Corporate / All Other	(8,892)		(6,394)		(14,460)		(11,441)
Consolidated	$	150,729	$	107,965	$	317,961	$	197,258

Capital Expenditures
Towable	$	10,181	$	2,714	$	21,339	$	6,851
Motorhome	7,875		3,268		15,626		7,271
Marine	1,912		249		2,540		798
Corporate / All Other	243		—		3,921		—
Consolidated	$	20,211	$	6,231	$	43,426	$	14,920


(in thousands)	February 26, 2022		August 28, 2021
Assets
Towable	$	850,244	$	790,257
Motorhome	910,496		728,060
Marine	402,395		102,901
Corporate / All Other	146,298		441,349
Consolidated	$	2,309,433	$	2,062,567

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


	Three Months Ended				Six Months Ended
(in thousands)	February 26, 2022		February 27, 2021		February 26, 2022		February 27, 2021
Net income	$	91,175	$	69,068	$	190,805	$	126,491
Interest expense, net	10,325		10,052		20,567		19,993
Provision for income taxes	28,760		21,166		58,901		38,723
Depreciation	5,461		4,399		10,767		8,559
Amortization	8,015		3,591		16,187		7,181
EBITDA	143,736		108,276		297,227		200,947
Acquisition-related costs	486		—		3,870		—
Litigation reserves	—		—		4,000		—
Restructuring expenses	—		—		—		93
Gain on sale of property, plant and equipment	—		—		—		(3,565)
Contingent consideration fair value adjustment	6,517		—		12,887		—
Non-operating income	(10)		(311)		(23)		(217)
Adjusted EBITDA	$	150,729	$	107,965	$	317,961	$	197,258

- 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
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+ Details

Investments and Fair Value Measurements

6 Months Ended

Feb. 26, 2022

Fair Value Disclosures [Abstract]

Investments and Fair Value Measurements

In determining the fair value of financial assets and liabilities, we utilize market data or other assumptions that we believe market participants would use in pricing the asset or liability in the principal or most advantageous market and adjust for non-performance and/or other risks associated with us 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 2 — Inputs 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 3 — Unobservable 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 at		Fair Value Hierarchy
(in thousands)	February 26, 2022		Level 1		Level 2		Level 3
Assets that fund deferred compensation
Domestic equity funds	$	1,265	$	1,265	$	—	$	—
International equity funds	68		68		—		—
Fixed income funds	184		184		—		—
Total assets at fair value	$	1,517	$	1,517	$	—	$	—

Contingent consideration
Earnout liability	$	37,078	$	—	$	—	$	37,078
Total liabilities at fair value	$	37,078	$	—	$	—	$	37,078


	Fair Value at		Fair Value Hierarchy
(in thousands)	August 28, 2021		Level 1		Level 2		Level 3
Assets that fund deferred compensation
Domestic equity funds	$	940	$	940	$	—	$	—
International equity funds	41		41		—		—
Fixed income funds	46		46		—		—
Total assets at fair value	$	1,027	$	1,027	$	—	$	—

Assets that Fund Deferred Compensation

Our assets that fund deferred compensation are marketable equity securities measured at fair value using quoted market prices and primarily consist of equity-based mutual funds. These securities, 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 our Annual Report on Form 10-K for the fiscal year ended August 28, 2021 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 are included in other assets on the Consolidated Balance Sheets.

Contingent Consideration

Contingent consideration represents the earnout liability related to the Barletta acquisition and is valued using a probability-weighted scenario analysis of projected EBITDA and gross profit results and discounted at a risk-free rate. The contingent consideration is classified as Level 3. Actual EBITDA and gross profit results may differ significantly from those used in the estimate above, which may affect future payments. Changes in future payments will be reflected in future operating results as they occur.

The fair value of the earnout liability that will be settled within a year is included in other current liabilities on the Consolidated Balance Sheets. The remaining earnout liability is included in other long-term liabilities 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, we will evaluate the non-financial asset for impairment. If an impairment has occurred, the asset will be written down to its current estimated fair value. No impairments were recorded for non-financial assets in the three or six months ended February 26, 2022 or February 27, 2021.

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. The fair value of our long-term debt was determined using current quoted prices in active markets for our publicly traded debt obligations, which is classified as Level 1 in the fair value hierarchy. See Note 9 for the fair value of our long-term debt.

Inventories

6 Months Ended

Feb. 26, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:


(in thousands)	February 26, 2022		August 28, 2021
Finished goods	$	14,438	$	12,243
Work-in-process	187,826		184,611
Raw materials	308,926		183,583
Total	511,190		380,437
Less: Excess of FIFO over LIFO cost	41,736		38,964
Inventories, net	$	469,454	$	341,473

Inventory valuation methods consist of the following:


(in thousands)	February 26, 2022		August 28, 2021
LIFO basis	$	202,162	$	139,544
First-in, first-out basis	309,028		240,893
Total	$	511,190	$	380,437

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

Property, Plant, and Equipment

6 Months Ended

Feb. 26, 2022

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 26, 2022		August 28, 2021
Land	$	10,697	$	9,111
Buildings and building improvements	168,554		147,629
Machinery and equipment	128,707		121,911
Software	36,259		36,815
Transportation	5,977		5,335
Construction in progress	58,075		31,137
Property, plant, and equipment, gross	408,269		351,938
Less: Accumulated depreciation	169,235		160,511
Property, plant, and equipment, net	$	239,034	$	191,427

Depreciation expense was $5.5 million and $4.4 million for the three months ended February 26, 2022 and February 27, 2021, respectively; and $10.8 million and $8.6 million for the six months ended February 26, 2022 and February 27, 2021, respectively.

Goodwill and Intangible Assets

6 Months Ended

Feb. 26, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill by reportable segment, with no accumulated impairment losses, for the six months ended February 26, 2022 and February 27, 2021 are as follows:


(in thousands)	Towable		Motorhome		Marine		Total
Balances at August 29, 2020 and February 27, 2021(1)	$	244,684	$	73,127	$	30,247	$	348,058

Balances at August 28, 2021	$	244,684	$	73,127	$	30,247	$	348,058
Acquisition of Barletta(2)	—		—		136,118		136,118
Balances at February 26, 2022	$	244,684	$	73,127	$	166,365	$	484,176

(1) There was no activity in the six months ended February 27, 2021.

(2) The change in marine activity is related to the acquisition of Barletta that occurred on August 31, 2021. See Note 2 to the Consolidated Financial Statements included in Item 1 of Part I of this quarterly report on Form 10-Q.

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


	February 26, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Trade names	$	352,250	$	—	$	352,250
Dealer networks	179,981		$	53,084	126,897
Backlog	42,327		36,727		5,600
Non-compete agreements	6,647		5,775		872
Other intangible assets	$	581,205	$	95,586	$	485,619

	August 28, 2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Trade names	$	275,250	$	—	$	275,250
Dealer networks	159,581		45,652		113,929
Backlog	28,327		28,327		—
Non-compete agreements	6,647		5,419		1,228
Other intangible assets	$	469,805	$	79,398	$	390,407

The weighted average remaining amortization period for intangible assets as of February 26, 2022 was approximately 9 years.

Estimated future amortization expense related to finite-lived intangible assets is as follows:


(in thousands)	Amount
Remainder of Fiscal 2022	$	13,232
Fiscal 2023	15,226
Fiscal 2024	15,124
Fiscal 2025	14,919
Fiscal 2026	14,865
Fiscal 2027	14,865
Thereafter	45,138
Total amortization expense remaining	$	133,369

Product Warranties

6 Months Ended

Feb. 26, 2022

Product Warranties Disclosures [Abstract]

Product Warranties

Product Warranties We provide certain service and warranty on our products. From time to time, we also voluntarily incur costs for certain warranty-type expenses occurring after the normal warranty period expires to help protect the reputation of our products and maintain the goodwill of our customers. Estimated costs related to product warranty are accrued at the time of sale and are based upon

historical warranty and service claims experience. Adjustments are made to accruals as claim data and cost experience becomes available.

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

Changes in the product warranty liability are as follows:


	Three Months Ended				Six Months Ended
(in thousands)	February 26, 2022		February 27, 2021		February 26, 2022		February 27, 2021
Balance at beginning of period	$	102,424	$	70,502	$	91,222	$	64,031
Business acquisition(1)	—		—		4,656		—
Provision	31,163		20,227		57,222		41,930
Claims paid	(19,769)		(14,689)		(39,282)		(29,921)
Balance at end of period	$	113,818	$	76,040	$	113,818	$	76,040

(1) Relates to the acquisition of Barletta on August 31, 2021. See Note 2 to the Consolidated Financial Statements in Item 1 of Part I of this quarterly report on Form 10-Q for additional acquisition information.

Long-Term Debt

6 Months Ended

Feb. 26, 2022

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consists of the following:


(in thousands)	February 26, 2022		August 28, 2021
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	(53,040)		(60,366)
Debt issuance costs, net	(9,970)		(11,075)
Long-term debt, net	$	536,990	$	528,559

Credit Agreements

On July 8, 2020, we closed our private offering (the “Senior Secured Notes Offering”) of $300.0 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.

Debt issuance costs incurred and capitalized are amortized 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 debt issuance costs is expensed. As part of the Senior Secured Notes Offering, we capitalized $7.5 million in debt issuance costs that will be amortized over the eight-year term of the agreement.

On November 8, 2016, we 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. Under the ABL, we have 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. We pay a commitment fee of 0.25% on the average daily amount of the facility available, but unused. We can elect to base the interest rate on various rates plus specific spreads depending on the amount of borrowings outstanding. If drawn, we would pay interest on ABL borrowings at a floating rate based upon a spread between 1.25% and 1.75% plus LIBOR, depending on the usage of the facility during the most recent quarter. Based on current usage, we would pay LIBOR plus 1.25%.

Refer to Note 9 of the Notes to the Consolidated Financial Statements included in Item 8 of Part II of our Annual Report on Form 10-K for the fiscal year ended August 28, 2021 for additional information regarding these credit agreements.

Convertible Notes

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

The Convertible Notes will be convertible into cash, shares of our common stock or a combination thereof, at the election of us, at an initial conversion rate of 15.6906 shares of common stock per $1 thousand 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.

It is our current intent to settle all conversions of the Convertible Notes in cash. Our ability to cash settle may be limited depending on the stock price at the time of conversion.

On October 29, 2019 and October 30, 2019, in connection with the offering of the Convertible Notes, we entered into privately negotiated convertible note hedge transactions (collectively, the “Hedge Transactions”) that cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the Convertible Notes.

On October 29, 2019 and October 30, 2019, we also entered into privately negotiated warrant transactions (collectively, the “Warrant Transactions” and, together with the Hedge Transactions, the “Call Spread Transactions”), whereby we sold warrants at a higher strike price relating to the same number of shares of our common stock that initially underlie the Convertible Notes, subject to customary anti-dilution adjustments.

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

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

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

In connection with the above-noted transactions, we incurred approximately $9.8 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. We allocated $7.0 million of debt issuance costs to the liability component, which were capitalized as deferred financing costs within long-term debt on the Consolidated Balance Sheets. 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 26, 2022 and August 28, 2021, the fair value of long-term debt, gross, was $663.5 million and $726.6 million, respectively.

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


(in thousands)	Amount
Remainder of Fiscal 2022	$	—
Fiscal 2023	—
Fiscal 2024	—
Fiscal 2025	300,000
Fiscal 2026	—
Fiscal 2027	—
Thereafter	300,000
Total Senior Secured Notes and Convertible Notes	$	600,000

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Employee and Retiree Benefits

6 Months Ended

Feb. 26, 2022

Retirement Benefits [Abstract]

Employee and Retiree Benefits

Deferred compensation liabilities are as follows:


(in thousands)	February 26, 2022		August 28, 2021
Non-qualified deferred compensation	$	9,015	$	9,731
Supplemental executive retirement plan	1,623		1,615
Executive deferred compensation plan	1,520		1,029
Total deferred compensation benefits	12,158		12,375
Less current portion(1)	2,733		2,825
Deferred compensation benefits, net of current portion	$	9,425	$	9,550

(1) Included in accrued compensation on the 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. 26, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities and Commitments	Contingent Liabilities and Commitments Repurchase Commitments Generally, manufacturers in the same industries as us enter into repurchase agreements with lending institutions which have provided wholesale floorplan financing to dealers. Most dealers are financed on a "floorplan" basis under which a bank or finance company lends the dealer all, or substantially all, of the purchase price, collateralized by a security interest in the units purchased. Our repurchase agreements generally provide that, in the event of default by the dealer on the agreement to pay the lending institution, we will repurchase the financed merchandise. The terms of these agreements, which generally can last up to 24 months, provide that our liability will be the lesser of remaining principal owed by the dealer to the lending institution, or dealer invoice less periodic reductions based on the time since the date of the original invoice. Our liability cannot exceed 100% of the dealer invoice. In certain instances, we also repurchase inventory from 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 of our repurchase agreements was approximately $1,452.6 million and $727.7 million at February 26, 2022 and August 28, 2021, respectively. Repurchased sales are not recorded as a revenue transaction, rather the net difference between the original repurchase price and the resale price is recorded against the loss reserve, which is a deduction from gross revenue. Our loss reserve for repurchase commitments contains uncertainties because the calculation requires management to make assumptions and apply judgment regarding a number of factors. Our risk of loss related to these repurchase commitments is significantly reduced by the potential resale value of any products that are subject to repurchase and is spread over numerous dealers and lenders. The aggregate contingent liability related to our repurchase agreements represents all financed dealer inventory at the period-end reporting date subject to a repurchase agreement, net of the greater of periodic reductions per the agreement or dealer principal payments. Based on these repurchase agreements and our historical loss experience, an associated loss reserve is established which is included in accrued expenses: other on the Consolidated Balance Sheets. Our repurchase accrual was $1.2 million and $0.9 million at February 26, 2022 and August 28, 2021, respectively. Repurchase risk is affected by the credit worthiness of our dealer network. We do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to establish the loss reserve for repurchase commitments. There was no material activity related to repurchase agreements during the six months ended February 26, 2022 and February 27, 2021. Litigation We are involved in various legal proceedings which are considered ordinary and routine litigation incidental to the business, some of which are covered in whole or in part by insurance. While we believe the ultimate disposition of litigation will not have a material adverse effect on our financial position, results of operations or liquidity, the possibility exists that such litigation may have an impact on our results for a particular reporting period in which litigation effects become probable and reasonably estimable. Though we do not believe there is a reasonable likelihood that there will be a material change related to these matters, litigation is subject to inherent uncertainties and our view of these matters may change in the future.

Revenue

6 Months Ended

Feb. 26, 2022

Revenue from Contract with Customer [Abstract]

Revenue

All operating revenue is generated from contracts with customers. Our primary revenue source is generated through the sale of manufactured non-motorized towable units, motorized units and marine units to our independent dealer network (our customers). The following table disaggregates revenue by reportable segment and product category:


	Three Months Ended				Six Months Ended
(in thousands)	February 26, 2022		February 27, 2021		February 26, 2022		February 27, 2021
Net Revenues
Towable
Fifth Wheel	$	281,147	$	226,942	$	606,909	$	467,390
Travel Trailer	356,750		207,042		672,164		415,638
Other(1)	8,704		5,300		18,552		11,157
Total Towable	646,601		439,284		1,297,625		894,185
Motorhome					—		—
Class A	164,999		157,744		360,296		291,910
Class B	167,691		137,170		312,702		246,457
Class C and Other(1)	84,875		87,661		166,046		166,597
Total Motorhome	417,565		382,575		839,044		704,964
Marine	97,309		14,463		176,627		26,357
Corporate / All Other(2)	3,256		3,564		7,175		7,511
Consolidated Net Revenues	$	1,164,731	$	839,886	$	2,320,471	$	1,633,017

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

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

We do not have material contract assets or liabilities. Allowances for uncollectible receivables are established based on historical collection trends, write-off history, consideration of current conditions and expectations for future economic conditions.

Concentration of Risk

No single dealer organization accounted for more than 10% of net revenue for the six months ended February 26, 2022 or February 27, 2021.

- 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
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-Name Accounting Standards Codification
-Topic 606
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+ Details

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Feb. 26, 2022
Stockholders' Equity Note [Abstract]
Stock-Based Compensation	Stock-Based Compensation On December 11, 2018, our shareholders approved the Winnebago Industries, Inc. 2019 Omnibus Incentive Plan ("2019 Plan") as detailed in our Proxy Statement for the 2018 Annual Meeting of Shareholders. The 2019 Plan allows us to grant or issue non-qualified stock options, incentive stock options, restricted share units, 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 our common stock that may be awarded and issued under the 2019 Plan is 4.1 million shares, plus the shares subject to any awards outstanding under the 2014 Plan and our predecessor plan, the 2004 Incentive Compensation Plan (the “2004 Plan”), on December 11, 2018 that subsequently expire, are forfeited or canceled, or are settled for cash. Until such time, awards under the 2014 Plan and the 2004 Plan, respectively, that were outstanding on December 11, 2018 will continue to be subject to the terms of the 2014 Plan or 2004 Plan, as applicable. Shares remaining available for future awards under the 2014 Plan were not carried over into the 2019 Plan. Stock-based compensation expense was $4.2 million and $4.6 million during the three months ended February 26, 2022 and February 27, 2021, respectively; and $6.9 million and $7.0 million during the six months ended February 26, 2022 and February 27, 2021, respectively. Compensation expense is recognized over the requisite service or performance period of the award.

Income Taxes	6 Months Ended
Income Taxes	Feb. 26, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate was 24.0% and 23.5% for the three months ended February 26, 2022 and February 27, 2021, respectively, and 23.6% and 23.4% for the six months ended February 26, 2022 and February 27, 2021, respectively. The increase in tax rate for the three and six months ended February 26, 2022 compared to the three and six months ended February 27, 2021 was driven primarily by the impact of both consistent tax credits year-over-year over increased income in the current year and a net unfavorable expense in the current year related to stock compensation. We file a U.S. Federal tax return, as well as returns in various international and state jurisdictions. As of February 26, 2022, our Federal returns from Fiscal 2018 to present are subject to review by the Internal Revenue Service. With limited exceptions, state returns from Fiscal 2017 to present continue to be subject to review by state taxing jurisdictions. We are currently under review by certain U.S. state tax authorities for Fiscal 2016 through Fiscal 2019. We believe we have adequately reserved for our exposure to potential additional payments for uncertain tax positions in our 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share

6 Months Ended

Feb. 26, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Basic and diluted earnings per share are calculated as follows:


	Three Months Ended				Six Months Ended
(in thousands, except per share data)	February 26, 2022		February 27, 2021		February 26, 2022		February 27, 2021
Net income	$	91,175	$	69,068	$	190,805	$	126,491

Weighted average common shares outstanding	33,098		33,533		33,210		33,571
Dilutive impact of stock compensation awards	458		270		511		250
Dilutive impact of convertible notes	378		107		447		—
Weighted average common shares outstanding, assuming dilution	33,934		33,910		34,168		33,821

Anti-dilutive securities excluded from weighted average common shares outstanding, assuming dilution	40		—		112		53

Basic earnings per common share	$	2.75	$	2.06	$	5.75	$	3.77
Diluted earnings per common share	$	2.69	$	2.04	$	5.58	$	3.74

Under the treasury stock method, shares associated with certain anti-dilutive securities have been excluded from the diluted weighted average shares outstanding calculation because the exercise of those options would lead to a net reduction in common shares outstanding or anti-dilution.

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Feb. 26, 2022

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

Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended				Six Months Ended
	February 26, 2022		February 27, 2021		February 26, 2022		February 27, 2021
(in thousands)	Defined Benefit Pension Items		Defined Benefit Pension Items		Defined Benefit Pension Items		Defined Benefit Pension Items
Balance at beginning of period	$	(482)	$	(517)	$	(491)	$	(526)
Amounts reclassified from AOCI	9		8		18		17
Net current-period OCI	9		8		18		17
Balance at end of period	$	(473)	$	(509)	$	(473)	$	(509)

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 26, 2022		February 27, 2021		February 26, 2022		February 27, 2021
Amortization of net actuarial loss	SG&A	$	9	$	8	$	18	$	17

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Feb. 26, 2022
Accounting Policies [Abstract]
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," "we," "our," and "us" 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 Consolidated 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 our Annual Report on Form 10-K for the fiscal year ended August 28, 2021 filed with the SEC. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year ending August 27, 2022.
Recently Adopted/Issued Accounting Pronouncements	Accounting Standards Update ("ASU") Topic 740, Income Taxes: Simplifying the Accounting for Income Taxes, was adopted in the first quarter of Fiscal 2022. The new standard eliminates certain exceptions to Topic 740's general principles, improves consistent application and simplifies its application. We adopted the new guidance in the first quarter of Fiscal 2022, and there was not a material impact to our financial condition, results of operations or disclosures.In August 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) 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 our Fiscal 2023. Early adoption is permitted using either a modified retrospective or full retrospective approach. We expect to adopt the new guidance in the first quarter of Fiscal 2023 and have not yet evaluated the impact the adoption of this guidance will have on our financial condition, results of operations or disclosures; however, the new guidance is expected to change our 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. We will adopt this standard when LIBOR is discontinued and do not expect a material impact to our financial condition, results of operations or disclosures based on the current debt portfolio and capital structure.
Fair Value Measurements	Assets that Fund Deferred Compensation Our assets that fund deferred compensation are marketable equity securities measured at fair value using quoted market prices and primarily consist of equity-based mutual funds. These securities, 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 our Annual Report on Form 10-K for the fiscal year ended August 28, 2021 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 are included in other assets on the Consolidated Balance Sheets. Contingent Consideration Contingent consideration represents the earnout liability related to the Barletta acquisition and is valued using a probability-weighted scenario analysis of projected EBITDA and gross profit results and discounted at a risk-free rate. The contingent consideration is classified as Level 3. Actual EBITDA and gross profit results may differ significantly from those used in the estimate above, which may affect future payments. Changes in future payments will be reflected in future operating results as they occur. The fair value of the earnout liability that will be settled within a year is included in other current liabilities on the Consolidated Balance Sheets. The remaining earnout liability is included in other long-term liabilities 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, we will evaluate the non-financial asset for impairment. If an impairment has occurred, the asset will be written down to its current estimated fair value. No impairments were recorded for non-financial assets in the three or six months ended February 26, 2022 or February 27, 2021. Assets and Liabilities Not Measured at Fair ValueCertain 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. The fair value of our long-term debt was determined using current quoted prices in active markets for our publicly traded debt obligations, which is classified as Level 1 in the fair value hierarchy.
Repurchase Commitments	Generally, manufacturers in the same industries as us enter into repurchase agreements with lending institutions which have provided wholesale floorplan financing to dealers. Most dealers are financed on a "floorplan" basis under which a bank or finance company lends the dealer all, or substantially all, of the purchase price, collateralized by a security interest in the units purchased. Our repurchase agreements generally provide that, in the event of default by the dealer on the agreement to pay the lending institution, we will repurchase the financed merchandise. The terms of these agreements, which generally can last up to 24 months, provide that our liability will be the lesser of remaining principal owed by the dealer to the lending institution, or dealer invoice less periodic reductions based on the time since the date of the original invoice. Our liability cannot exceed 100% of the dealer invoice. In certain instances, we also repurchase inventory from 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 of our repurchase agreements was approximately $1,452.6 million and $727.7 million at February 26, 2022 and August 28, 2021, respectively. Repurchased sales are not recorded as a revenue transaction, rather the net difference between the original repurchase price and the resale price is recorded against the loss reserve, which is a deduction from gross revenue. Our loss reserve for repurchase commitments contains uncertainties because the calculation requires management to make assumptions and apply judgment regarding a number of factors. Our risk of loss related to these repurchase commitments is significantly reduced by the potential resale value of any products that are subject to repurchase and is spread over numerous dealers and lenders. The aggregate contingent liability related to our repurchase agreements represents all financed dealer inventory at the period-end reporting date subject to a repurchase agreement, net of the greater of periodic reductions per the agreement or dealer principal payments. Based on these repurchase agreements and our historical loss experience, an associated loss reserve is established which is included in accrued expenses: other on the Consolidated Balance Sheets. Our repurchase accrual was $1.2 million and $0.9 million at February 26, 2022 and August 28, 2021, respectively. Repurchase risk is affected by the credit worthiness of our dealer network. We do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to establish the loss reserve for repurchase commitments.
Revenue	We do not have material contract assets or liabilities. Allowances for uncollectible receivables are established based on historical collection trends, write-off history, consideration of current conditions and expectations for future economic conditions.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130561-203045

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+ Details

Business Combinations (Tables)

6 Months Ended

Feb. 26, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Preliminary Fair Values Assigned

The following table summarizes the preliminary fair values assigned to the Barletta net assets acquired as of the date of acquisition:


(in thousands)	August 31, 2021
Cash	$	11,903
Other current assets	24,564
Property, plant, and equipment	17,250
Goodwill	136,118
Other intangible assets	111,400
Total assets acquired	301,235
Accounts payable	7,181
Product warranties	4,656
Other current liabilities	3,146
Total liabilities assumed	14,983
Total purchase price	$	286,252

Business Segments (Tables)

6 Months Ended

Feb. 26, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Financial information by reportable segment is as follows:


	Three Months Ended				Six Months Ended
(in thousands)	February 26, 2022		February 27, 2021		February 26, 2022		February 27, 2021
Net Revenues
Towable	$	646,601	$	439,284	$	1,297,625	$	894,185
Motorhome	417,565		382,575		839,044		704,964
Marine	97,309		14,463		176,627		26,357
Corporate / All Other	3,256		3,564		7,175		7,511
Consolidated	$	1,164,731	$	839,886	$	2,320,471	$	1,633,017

Adjusted EBITDA
Towable	$	100,573	$	62,366	$	212,650	$	125,509
Motorhome	46,095		50,969		96,248		81,312
Marine	12,953		1,024		23,523		1,878
Corporate / All Other	(8,892)		(6,394)		(14,460)		(11,441)
Consolidated	$	150,729	$	107,965	$	317,961	$	197,258

Capital Expenditures
Towable	$	10,181	$	2,714	$	21,339	$	6,851
Motorhome	7,875		3,268		15,626		7,271
Marine	1,912		249		2,540		798
Corporate / All Other	243		—		3,921		—
Consolidated	$	20,211	$	6,231	$	43,426	$	14,920


(in thousands)	February 26, 2022		August 28, 2021
Assets
Towable	$	850,244	$	790,257
Motorhome	910,496		728,060
Marine	402,395		102,901
Corporate / All Other	146,298		441,349
Consolidated	$	2,309,433	$	2,062,567

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


	Three Months Ended				Six Months Ended
(in thousands)	February 26, 2022		February 27, 2021		February 26, 2022		February 27, 2021
Net income	$	91,175	$	69,068	$	190,805	$	126,491
Interest expense, net	10,325		10,052		20,567		19,993
Provision for income taxes	28,760		21,166		58,901		38,723
Depreciation	5,461		4,399		10,767		8,559
Amortization	8,015		3,591		16,187		7,181
EBITDA	143,736		108,276		297,227		200,947
Acquisition-related costs	486		—		3,870		—
Litigation reserves	—		—		4,000		—
Restructuring expenses	—		—		—		93
Gain on sale of property, plant and equipment	—		—		—		(3,565)
Contingent consideration fair value adjustment	6,517		—		12,887		—
Non-operating income	(10)		(311)		(23)		(217)
Adjusted EBITDA	$	150,729	$	107,965	$	317,961	$	197,258

Investments and Fair Value Measurements (Tables)

6 Months Ended

Feb. 26, 2022

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis are as follows:


	Fair Value at		Fair Value Hierarchy
(in thousands)	February 26, 2022		Level 1		Level 2		Level 3
Assets that fund deferred compensation
Domestic equity funds	$	1,265	$	1,265	$	—	$	—
International equity funds	68		68		—		—
Fixed income funds	184		184		—		—
Total assets at fair value	$	1,517	$	1,517	$	—	$	—

Contingent consideration
Earnout liability	$	37,078	$	—	$	—	$	37,078
Total liabilities at fair value	$	37,078	$	—	$	—	$	37,078


	Fair Value at		Fair Value Hierarchy
(in thousands)	August 28, 2021		Level 1		Level 2		Level 3
Assets that fund deferred compensation
Domestic equity funds	$	940	$	940	$	—	$	—
International equity funds	41		41		—		—
Fixed income funds	46		46		—		—
Total assets at fair value	$	1,027	$	1,027	$	—	$	—

Fair Value, Liabilities Measured on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis are as follows:


	Fair Value at		Fair Value Hierarchy
(in thousands)	February 26, 2022		Level 1		Level 2		Level 3
Assets that fund deferred compensation
Domestic equity funds	$	1,265	$	1,265	$	—	$	—
International equity funds	68		68		—		—
Fixed income funds	184		184		—		—
Total assets at fair value	$	1,517	$	1,517	$	—	$	—

Contingent consideration
Earnout liability	$	37,078	$	—	$	—	$	37,078
Total liabilities at fair value	$	37,078	$	—	$	—	$	37,078


	Fair Value at		Fair Value Hierarchy
(in thousands)	August 28, 2021		Level 1		Level 2		Level 3
Assets that fund deferred compensation
Domestic equity funds	$	940	$	940	$	—	$	—
International equity funds	41		41		—		—
Fixed income funds	46		46		—		—
Total assets at fair value	$	1,027	$	1,027	$	—	$	—

Inventories (Tables)

6 Months Ended

Feb. 26, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consist of the following:


(in thousands)	February 26, 2022		August 28, 2021
Finished goods	$	14,438	$	12,243
Work-in-process	187,826		184,611
Raw materials	308,926		183,583
Total	511,190		380,437
Less: Excess of FIFO over LIFO cost	41,736		38,964
Inventories, net	$	469,454	$	341,473

Inventory valuation methods consist of the following:


(in thousands)	February 26, 2022		August 28, 2021
LIFO basis	$	202,162	$	139,544
First-in, first-out basis	309,028		240,893
Total	$	511,190	$	380,437

Property, Plant, and Equipment (Tables)

6 Months Ended

Feb. 26, 2022

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 26, 2022		August 28, 2021
Land	$	10,697	$	9,111
Buildings and building improvements	168,554		147,629
Machinery and equipment	128,707		121,911
Software	36,259		36,815
Transportation	5,977		5,335
Construction in progress	58,075		31,137
Property, plant, and equipment, gross	408,269		351,938
Less: Accumulated depreciation	169,235		160,511
Property, plant, and equipment, net	$	239,034	$	191,427

Goodwill and Intangible Assets (Tables)

6 Months Ended

Feb. 26, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill by reportable segment, with no accumulated impairment losses, for the six months ended February 26, 2022 and February 27, 2021 are as follows:


(in thousands)	Towable		Motorhome		Marine		Total
Balances at August 29, 2020 and February 27, 2021(1)	$	244,684	$	73,127	$	30,247	$	348,058

Balances at August 28, 2021	$	244,684	$	73,127	$	30,247	$	348,058
Acquisition of Barletta(2)	—		—		136,118		136,118
Balances at February 26, 2022	$	244,684	$	73,127	$	166,365	$	484,176

(1) There was no activity in the six months ended February 27, 2021.

Schedule of Other Intangible Assets

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


	February 26, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Trade names	$	352,250	$	—	$	352,250
Dealer networks	179,981		$	53,084	126,897
Backlog	42,327		36,727		5,600
Non-compete agreements	6,647		5,775		872
Other intangible assets	$	581,205	$	95,586	$	485,619

	August 28, 2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Trade names	$	275,250	$	—	$	275,250
Dealer networks	159,581		45,652		113,929
Backlog	28,327		28,327		—
Non-compete agreements	6,647		5,419		1,228
Other intangible assets	$	469,805	$	79,398	$	390,407

Schedule of Remaining Estimated Aggregate Annual Amortization Expense

Estimated future amortization expense related to finite-lived intangible assets is as follows:


(in thousands)	Amount
Remainder of Fiscal 2022	$	13,232
Fiscal 2023	15,226
Fiscal 2024	15,124
Fiscal 2025	14,919
Fiscal 2026	14,865
Fiscal 2027	14,865
Thereafter	45,138
Total amortization expense remaining	$	133,369

Product Warranties (Tables)

6 Months Ended

Feb. 26, 2022

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability

Changes in the product warranty liability are as follows:


	Three Months Ended				Six Months Ended
(in thousands)	February 26, 2022		February 27, 2021		February 26, 2022		February 27, 2021
Balance at beginning of period	$	102,424	$	70,502	$	91,222	$	64,031
Business acquisition(1)	—		—		4,656		—
Provision	31,163		20,227		57,222		41,930
Claims paid	(19,769)		(14,689)		(39,282)		(29,921)
Balance at end of period	$	113,818	$	76,040	$	113,818	$	76,040

Long-Term Debt (Tables)

6 Months Ended

Feb. 26, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consists of the following:


(in thousands)	February 26, 2022		August 28, 2021
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	(53,040)		(60,366)
Debt issuance costs, net	(9,970)		(11,075)
Long-term debt, net	$	536,990	$	528,559

Schedule of Maturities of Long-term Debt

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


(in thousands)	Amount
Remainder of Fiscal 2022	$	—
Fiscal 2023	—
Fiscal 2024	—
Fiscal 2025	300,000
Fiscal 2026	—
Fiscal 2027	—
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.

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+ Details

Employee and Retiree Benefits (Tables)

6 Months Ended

Feb. 26, 2022

Retirement Benefits [Abstract]

Schedule of Deferred Compensation Liabilities

Deferred compensation liabilities are as follows:


(in thousands)	February 26, 2022		August 28, 2021
Non-qualified deferred compensation	$	9,015	$	9,731
Supplemental executive retirement plan	1,623		1,615
Executive deferred compensation plan	1,520		1,029
Total deferred compensation benefits	12,158		12,375
Less current portion(1)	2,733		2,825
Deferred compensation benefits, net of current portion	$	9,425	$	9,550

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

Revenue (Tables)

6 Months Ended

Feb. 26, 2022

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 26, 2022		February 27, 2021		February 26, 2022		February 27, 2021
Net Revenues
Towable
Fifth Wheel	$	281,147	$	226,942	$	606,909	$	467,390
Travel Trailer	356,750		207,042		672,164		415,638
Other(1)	8,704		5,300		18,552		11,157
Total Towable	646,601		439,284		1,297,625		894,185
Motorhome					—		—
Class A	164,999		157,744		360,296		291,910
Class B	167,691		137,170		312,702		246,457
Class C and Other(1)	84,875		87,661		166,046		166,597
Total Motorhome	417,565		382,575		839,044		704,964
Marine	97,309		14,463		176,627		26,357
Corporate / All Other(2)	3,256		3,564		7,175		7,511
Consolidated Net Revenues	$	1,164,731	$	839,886	$	2,320,471	$	1,633,017

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

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

Earnings Per Share (Tables)

6 Months Ended

Feb. 26, 2022

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Income Per Share

Basic and diluted earnings per share are calculated as follows:


	Three Months Ended				Six Months Ended
(in thousands, except per share data)	February 26, 2022		February 27, 2021		February 26, 2022		February 27, 2021
Net income	$	91,175	$	69,068	$	190,805	$	126,491

Weighted average common shares outstanding	33,098		33,533		33,210		33,571
Dilutive impact of stock compensation awards	458		270		511		250
Dilutive impact of convertible notes	378		107		447		—
Weighted average common shares outstanding, assuming dilution	33,934		33,910		34,168		33,821

Anti-dilutive securities excluded from weighted average common shares outstanding, assuming dilution	40		—		112		53

Basic earnings per common share	$	2.75	$	2.06	$	5.75	$	3.77
Diluted earnings per common share	$	2.69	$	2.04	$	5.58	$	3.74

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Feb. 26, 2022

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				Six Months Ended
	February 26, 2022		February 27, 2021		February 26, 2022		February 27, 2021
(in thousands)	Defined Benefit Pension Items		Defined Benefit Pension Items		Defined Benefit Pension Items		Defined Benefit Pension Items
Balance at beginning of period	$	(482)	$	(517)	$	(491)	$	(526)
Amounts reclassified from AOCI	9		8		18		17
Net current-period OCI	9		8		18		17
Balance at end of period	$	(473)	$	(509)	$	(473)	$	(509)

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 26, 2022		February 27, 2021		February 26, 2022		February 27, 2021
Amortization of net actuarial loss	SG&A	$	9	$	8	$	18	$	17

Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Mar. 16, 2022	Feb. 26, 2022	Feb. 27, 2021	Feb. 26, 2022	Feb. 27, 2021	Dec. 31, 2020	May 30, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock dividends (in dollars per share)		$ 0.18	$ 0.12	$ 0.18	$ 0.24
Deferred FICA liability		$ 8.2		$ 8.2		$ 8.0
Refundable tax credit							$ 4.0
Refundable tax credit, outstanding		$ 2.3		$ 2.3
Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock dividends (in dollars per share)	$ 0.18

Business Combinations - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
	Aug. 31, 2021	Feb. 26, 2022	Aug. 28, 2021	Feb. 27, 2021	Feb. 26, 2022	Feb. 27, 2021
Business Acquisition [Line Items]
Acquisition-related costs expensed		$ 486		$ 0	$ 3,870	$ 0
Barletta
Business Acquisition [Line Items]
Percent of voting interest acquired	100.00%
Purchase price	$ 286,300
Cash payments	240,100
Purchase price, common stock issued	$ 25,000
Discount percentage on purchase price	12.00%
Lockup restriction period	1 year
Purchase price, common stock issued after discount	$ 22,000
Earnout liability	24,200	37,100			37,100
Transaction costs		3,100			3,100
Acquisition-related costs expensed		2,400	$ 700
Barletta \| Other Current Liabilities
Business Acquisition [Line Items]
Earnout liability		13,800			13,800
Barletta \| Other Noncurrent Liabilities
Business Acquisition [Line Items]
Earnout liability		$ 23,300			$ 23,300
Barletta \| Earnout Paid In Cash
Business Acquisition [Line Items]
Earnout amount	50,000
Barletta \| Earnout Paid In Stock
Business Acquisition [Line Items]
Earnout amount	$ 15,000
Barletta \| Backlog
Business Acquisition [Line Items]
Weighted-average useful life	10 months
Barletta \| Dealer networks
Business Acquisition [Line Items]
Weighted-average useful life	12 years

Business Combinations - Schedule of Preliminary Fair Values Assigned (Details) - USD ($) $ in Thousands	Feb. 26, 2022	Aug. 31, 2021	Aug. 28, 2021	Feb. 27, 2021	Aug. 29, 2020
Business Acquisition [Line Items]
Goodwill	$ 484,176		$ 348,058	$ 348,058	$ 348,058
Barletta
Business Acquisition [Line Items]
Cash		$ 11,903
Other current assets		24,564
Property, plant, and equipment		17,250
Goodwill		136,118
Other intangible assets		111,400
Total assets acquired		301,235
Accounts payable		7,181
Product warranties		4,656
Other current liabilities		3,146
Total liabilities assumed		14,983
Total purchase price		$ 286,252

Business Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
Business Segments (Details) $ in Thousands	Feb. 26, 2022 USD ($)	Feb. 27, 2021 USD ($)	Feb. 26, 2022 USD ($) segment	Feb. 27, 2021 USD ($)	Aug. 28, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment			7
Number of reportable segments \| segment			3
Net Revenues	$ 1,164,731	$ 839,886	$ 2,320,471	$ 1,633,017
Adjusted EBITDA	150,729	107,965	317,961	197,258
Capital Expenditures	20,211	6,231	43,426	14,920
Assets	2,309,433		2,309,433		$ 2,062,567
Net income	91,175	69,068	190,805	126,491
Interest expense, net	10,325	10,052	20,567	19,993
Provision for income taxes	28,760	21,166	58,901	38,723
Depreciation	5,461	4,399	10,767	8,559
Amortization	8,015	3,591	16,187	7,181
EBITDA	143,736	108,276	297,227	200,947
Acquisition-related costs	486	0	3,870	0
Litigation reserves	0	0	4,000	0
Restructuring expenses	0	0	0	93
Gain on sale of property, plant and equipment	0	0	0	(3,565)
Contingent consideration fair value adjustment	6,517	0	12,887	0
Non-operating income	(10)	(311)	(23)	(217)
Operating Segments \| Towable
Segment Reporting Information [Line Items]
Net Revenues	646,601	439,284	1,297,625	894,185
Adjusted EBITDA	100,573	62,366	212,650	125,509
Capital Expenditures	10,181	2,714	21,339	6,851
Assets	850,244		850,244		790,257
Operating Segments \| Motorhome
Segment Reporting Information [Line Items]
Net Revenues	417,565	382,575	839,044	704,964
Adjusted EBITDA	46,095	50,969	96,248	81,312
Capital Expenditures	7,875	3,268	15,626	7,271
Assets	910,496		910,496		728,060
Operating Segments \| Marine
Segment Reporting Information [Line Items]
Net Revenues	97,309	14,463	176,627	26,357
Adjusted EBITDA	12,953	1,024	23,523	1,878
Capital Expenditures	1,912	249	2,540	798
Assets	402,395		402,395		102,901
Corporate / All Other
Segment Reporting Information [Line Items]
Net Revenues	3,256	3,564	7,175	7,511
Adjusted EBITDA	(8,892)	(6,394)	(14,460)	(11,441)
Capital Expenditures	243	$ 0	3,921	$ 0
Assets	$ 146,298		$ 146,298		$ 441,349

Investments and Fair Value Measurements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 26, 2022	Feb. 27, 2021	Feb. 26, 2022	Feb. 27, 2021	Aug. 28, 2021
Fair Value, Measurements, Recurring
Assets that fund deferred compensation
Domestic equity funds	$ 1,265,000		$ 1,265,000		$ 940,000
International equity funds	68,000		68,000		41,000
Fixed income funds	184,000		184,000		46,000
Total assets at fair value	1,517,000		1,517,000		1,027,000
Contingent consideration
Earnout liability	37,078,000		37,078,000
Total liabilities at fair value	37,078,000		37,078,000
Fair Value, Measurements, Recurring \| Level 1
Assets that fund deferred compensation
Domestic equity funds	1,265,000		1,265,000		940,000
International equity funds	68,000		68,000		41,000
Fixed income funds	184,000		184,000		46,000
Total assets at fair value	1,517,000		1,517,000		1,027,000
Contingent consideration
Earnout liability	0		0
Total liabilities at fair value	0		0
Fair Value, Measurements, Recurring \| Level 2
Assets that fund deferred compensation
Domestic equity funds	0		0		0
International equity funds	0		0		0
Fixed income funds	0		0		0
Total assets at fair value	0		0		0
Contingent consideration
Earnout liability	0		0
Total liabilities at fair value	0		0
Fair Value, Measurements, Recurring \| Level 3
Assets that fund deferred compensation
Domestic equity funds	0		0		0
International equity funds	0		0		0
Fixed income funds	0		0		0
Total assets at fair value	0		0		$ 0
Contingent consideration
Earnout liability	37,078,000		37,078,000
Total liabilities at fair value	37,078,000		37,078,000
Fair Value, Nonrecurring
Contingent consideration
Asset impairment charges	$ 0	$ 0	$ 0	$ 0

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Feb. 26, 2022	Aug. 28, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 14,438	$ 12,243
Work-in-process	187,826	184,611
Raw materials	308,926	183,583
Total	511,190	380,437
Less: Excess of FIFO over LIFO cost	41,736	38,964
Inventories, net	$ 469,454	$ 341,473

Inventories - Inventory Valuation Methods (Details) - USD ($) $ in Thousands	Feb. 26, 2022	Aug. 28, 2021
Inventory Disclosure [Abstract]
LIFO basis	$ 202,162	$ 139,544
First-in, first-out basis	309,028	240,893
Total	$ 511,190	$ 380,437

Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 26, 2022	Feb. 27, 2021	Feb. 26, 2022	Feb. 27, 2021	Aug. 28, 2021
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 408,269		$ 408,269		$ 351,938
Less: Accumulated depreciation	169,235		169,235		160,511
Property, plant, and equipment, net	239,034		239,034		191,427
Depreciation	5,461	$ 4,399	10,767	$ 8,559
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	10,697		10,697		9,111
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	168,554		168,554		147,629
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	128,707		128,707		121,911
Software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	36,259		36,259		36,815
Transportation
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	5,977		5,977		5,335
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 58,075		$ 58,075		$ 31,137

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)	6 Months Ended
	Feb. 26, 2022	Feb. 27, 2021
Goodwill [Roll Forward]
Beginning balance	$ 348,058,000	$ 348,058,000
Acquisition of Barletta	136,118,000
Ending balance	484,176,000	348,058,000
Goodwill activity		0
Towable
Goodwill [Roll Forward]
Beginning balance	244,684,000	244,684,000
Acquisition of Barletta	0
Ending balance	244,684,000	244,684,000
Motorhome
Goodwill [Roll Forward]
Beginning balance	73,127,000	73,127,000
Acquisition of Barletta	0
Ending balance	73,127,000	73,127,000
Marine
Goodwill [Roll Forward]
Beginning balance	30,247,000	30,247,000
Acquisition of Barletta	136,118,000
Ending balance	$ 166,365,000	$ 30,247,000

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Feb. 26, 2022	Aug. 28, 2021
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	$ 581,205	$ 469,805
Accumulated Amortization	95,586	79,398
Net Carrying Value	485,619	390,407
Dealer networks
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	179,981	159,581
Accumulated Amortization	53,084	45,652
Net Carrying Value	126,897	113,929
Backlog
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	42,327	28,327
Accumulated Amortization	36,727	28,327
Net Carrying Value	5,600	0
Non-compete agreements
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	6,647	6,647
Accumulated Amortization	5,775	5,419
Net Carrying Value	872	1,228
Trade names
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	352,250	275,250
Net Carrying Value	$ 352,250	$ 275,250

Goodwill and Intangible Assets - Narrative (Details)	6 Months Ended
Goodwill and Intangible Assets - Narrative (Details)	Feb. 26, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average remaining amortization period (in years)	9 years

Goodwill and Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Thousands	Feb. 26, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of Fiscal 2022	$ 13,232
Fiscal 2023	15,226
Fiscal 2024	15,124
Fiscal 2025	14,919
Fiscal 2026	14,865
Fiscal 2027	14,865
Thereafter	45,138
Total amortization expense remaining	$ 133,369

Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Product Warranties (Details) - USD ($) $ in Thousands	Feb. 26, 2022	Feb. 27, 2021	Feb. 26, 2022	Feb. 27, 2021
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 102,424	$ 70,502	$ 91,222	$ 64,031
Business acquisition	0	0	4,656	0
Provision	31,163	20,227	57,222	41,930
Claims paid	(19,769)	(14,689)	(39,282)	(29,921)
Balance at end of period	$ 113,818	$ 76,040	$ 113,818	$ 76,040

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands	Feb. 26, 2022	Aug. 28, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 600,000	$ 600,000
Convertible Notes unamortized interest discount	(53,040)	(60,366)
Debt issuance costs, net	(9,970)	(11,075)
Long-term debt, net	536,990	528,559
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

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Long-Term Debt - Credit Agreements Narrative (Details) - USD ($)	Jul. 08, 2020	Nov. 08, 2016
Senior Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt amount	$ 300,000,000
Interest rate, stated percentage	6.25%
Debt issuance costs	$ 7,500,000
Debt term	8 years
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) - USD ($)	Nov. 01, 2019	Feb. 26, 2022	Aug. 28, 2021
Debt Instrument [Line Items]
Offering-related costs		$ 9,970,000	$ 11,075,000
Call Spread Transactions
Debt Instrument [Line Items]
Equity component of issuance		85,000,000
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
Deferred offering costs classified as equity		2,800,000
Convertible Notes
Debt Instrument [Line Items]
Debt amount	$ 300,000,000	300,000,000
Interest rate, stated percentage	1.50%
Proceeds from issuance of notes	$ 290,200,000
Conversion rate (in shares)	1.56906%
Conversion price (in dollars per share)	$ 63.73
Convertible Notes \| Call Spread Transactions
Debt Instrument [Line Items]
Debt amount		$ 215,000,000
Interest rate, stated percentage		8.00%

Long-Term Debt - Long-Term Debt Contractual Maturities (Details) - USD ($) $ in Thousands	Feb. 26, 2022	Aug. 28, 2021
Debt Disclosure [Abstract]
Fair value of long-term debt, gross	$ 663,500	$ 726,600
Remainder of Fiscal 2022	0
Fiscal 2023	0
Fiscal 2024	0
Fiscal 2025	300,000
Fiscal 2026	0
Fiscal 2027	0
Thereafter	300,000
Total Senior Secured Notes and Convertible Notes	$ 600,000	$ 600,000

Employee and Retiree Benefits (Details) - USD ($) $ in Thousands	Feb. 26, 2022	Aug. 28, 2021
Retirement Benefits [Abstract]
Non-qualified deferred compensation	$ 9,015	$ 9,731
Supplemental executive retirement plan	1,623	1,615
Executive deferred compensation plan	1,520	1,029
Total deferred compensation benefits	12,158	12,375
Less current portion	2,733	2,825
Deferred compensation benefits, net of current portion	$ 9,425	$ 9,550

Contingent Liabilities and Commitments (Details) - USD ($) $ in Millions	6 Months Ended
	Feb. 26, 2022	Aug. 28, 2021
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	$ 1.2	$ 0.9
Obligation to Repurchase from Dealers
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Contingent liability on repurchase agreements	$ 1,452.6	$ 727.7

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Feb. 26, 2022	Feb. 27, 2021	Feb. 26, 2022	Feb. 27, 2021
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	$ 1,164,731	$ 839,886	$ 2,320,471	$ 1,633,017
Operating Segments \| Towable
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	646,601	439,284	1,297,625	894,185
Operating Segments \| Towable \| Fifth Wheel
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	281,147	226,942	606,909	467,390
Operating Segments \| Towable \| Travel Trailer
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	356,750	207,042	672,164	415,638
Operating Segments \| Towable \| Other
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	8,704	5,300	18,552	11,157
Operating Segments \| Motorhome
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	417,565	382,575	839,044	704,964
Operating Segments \| Motorhome \| Class A
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	164,999	157,744	360,296	291,910
Operating Segments \| Motorhome \| Class B
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	167,691	137,170	312,702	246,457
Operating Segments \| Motorhome \| Class C and Other
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	84,875	87,661	166,046	166,597
Operating Segments \| Marine
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	97,309	14,463	176,627	26,357
Corporate / All Other
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	$ 3,256	$ 3,564	$ 7,175	$ 7,511

Stock-Based Compensation (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Feb. 26, 2022	Feb. 27, 2021	Feb. 26, 2022	Feb. 27, 2021	Dec. 11, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 4,200	$ 4,600	$ 6,891	$ 6,981
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

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Feb. 26, 2022	Feb. 27, 2021	Feb. 26, 2022	Feb. 27, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	24.00%	23.50%	23.60%	23.40%

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 26, 2022	Feb. 27, 2021	Feb. 26, 2022	Feb. 27, 2021
Earnings Per Share [Abstract]
Net income	$ 91,175	$ 69,068	$ 190,805	$ 126,491
Weighted average common shares outstanding (in shares)	33,098,000	33,533,000	33,210,000	33,571,000
Dilutive impact of stock compensation awards (in shares)	458,000	270,000	511,000	250,000
Dilutive impact of convertible notes (in shares)	378,000	107,000	447,000	0
Weighted average common shares outstanding, assuming dilution (in shares)	33,934,000	33,910,000	34,168,000	33,821,000
Anti-dilutive securities excluded from weighted average common shares outstanding, assuming dilution (in shares)	40,000	0	112,000	53,000
Basic earnings per common share (in dollars per share)	$ 2.75	$ 2.06	$ 5.75	$ 3.77
Diluted earnings per common share (in dollars per share)	$ 2.69	$ 2.04	$ 5.58	$ 3.74

- Definition

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

+ References

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+ Details

- Definition

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

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

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Accumulated Other Comprehensive Income (Loss) - Changes in AOCI by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 26, 2022	Feb. 27, 2021	Feb. 26, 2022	Feb. 27, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,159,258	$ 871,558	$ 1,056,943	$ 827,466
Ending balance	1,208,987	942,364	1,208,987	942,364
Defined Benefit Pension Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(482)	(517)	(491)	(526)
Amounts reclassified from AOCI	9	8	18	17
Net current-period OCI	9	8	18	17
Ending balance	$ (473)	$ (509)	$ (473)	$ (509)

- 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.

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Accumulated Other Comprehensive Income (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 26, 2022	Feb. 27, 2021	Feb. 26, 2022	Feb. 27, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general, and administrative expenses	$ 71,795	$ 53,016	$ 146,665	$ 101,415
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	$ 9	$ 8	$ 18	$ 17