0000107687-22-000024 | 10-K | XBRL Viewer

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Aug. 27, 2022	Oct. 13, 2022	Feb. 26, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Aug. 27, 2022
Current Fiscal Year End Date	--08-27
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
Name of each exchange on which registered	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2,003,293,000
Entity Common Stock, Shares Outstanding		30,507,424
Documents Incorporated by Reference	Portions of the definitive Proxy Statement to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this report for the registrant's 2022 Annual Meeting of Shareholders to be held on December 13, 2022 (the "2022 Proxy Statement") are incorporated by reference into Part III of this Annual Report on Form 10-K
Entity Central Index Key	0000107687
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information	12 Months Ended
Audit Information	Aug. 27, 2022
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Minneapolis, Minnesota

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Income Statement [Abstract]
Net revenues	$ 4,957,730	$ 3,629,847	$ 2,355,533
Cost of goods sold	4,028,393	2,979,484	2,042,605
Gross profit	929,337	650,363	312,928
Selling, general, and administrative expenses	316,420	228,581	177,061
Amortization	29,419	14,361	22,104
Total operating expenses	345,839	242,942	199,165
Operating income	583,498	407,421	113,763
Interest expense, net	41,313	40,365	37,461
Non-operating loss (income)	27,463	(394)	(974)
Income before income taxes	514,722	367,450	77,276
Provision for income taxes	124,086	85,579	15,834
Net income	$ 390,636	$ 281,871	$ 61,442
Earnings per common share:
Basic (in dollars per share)	$ 12.03	$ 8.41	$ 1.85
Diluted (in dollars per share)	$ 11.84	$ 8.28	$ 1.84
Weighted average common shares outstanding:
Basic (in shares)	32,475	33,528	33,236
Diluted (in shares)	32,985	34,056	33,454
Other comprehensive income (loss), net of tax:
Amortization of net actuarial loss (net of tax of $12, $12, and $12)	$ 37	$ 35	$ 33
Interest rate swap activity (net of tax of $0, $0, and $22)	0	0	(68)
Other comprehensive income (loss)	37	35	(35)
Comprehensive income	$ 390,673	$ 281,906	$ 61,407

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Other comprehensive income (loss), net of tax:
Amortization of net actuarial loss, tax	$ 12	$ 12	$ 12
Change in fair value of interest rate swap, tax	$ 0	$ 0	$ 22

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 28, 2021
Current assets
Cash and cash equivalents	$ 282,172	$ 434,563
Receivables, less allowance for doubtful accounts ($567 and $307, respectively)	254,124	253,808
Inventories, net	525,769	341,473
Prepaid expenses and other current assets	31,750	29,069
Total current assets	1,093,815	1,058,913
Property, plant, and equipment, net	276,219	191,427
Goodwill	484,176	348,058
Other intangible assets, net	472,388	390,407
Investment in life insurance	28,624	28,821
Operating lease assets	41,131	28,379
Other long-term assets	20,304	16,562
Total assets	2,416,657	2,062,567
Current liabilities
Accounts payable	217,458	180,030
Income taxes payable	654	8,043
Accrued expenses:
Accrued compensation	71,646	67,541
Product warranties	127,932	91,222
Self-insurance	21,432	19,296
Promotional	21,471	10,040
Accrued interest and dividends	13,033	10,720
Other current liabilities	48,471	20,384
Total current liabilities	522,097	407,276
Non-current liabilities
Long-term debt, net	545,855	528,559
Deferred income taxes	6,108	13,429
Unrecognized tax benefits	5,744	6,483
Long-term operating lease liabilities	40,426	26,745
Deferred compensation benefits, net of current portion	8,145	9,550
Other long-term liabilities	25,275	13,582
Total liabilities	1,153,650	1,005,624
Contingent liabilities and commitments (Note 12)
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	25,888	25,888
Additional paid-in capital	256,224	218,490
Retained earnings	1,537,531	1,172,996
Accumulated other comprehensive loss	(454)	(491)
Treasury stock, at cost: 21,464 and 18,713 shares, respectively	(556,182)	(359,940)
Total shareholders' equity	1,263,007	1,056,943
Total liabilities and shareholders' equity	$ 2,416,657	$ 2,062,567

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 28, 2021
Current assets
Receivables, less allowance for doubtful accounts	$ 567	$ 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, par value, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	51,776,000	51,776,000
Treasury stock, at cost, shares (in shares)	21,464,000	18,713,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Operating Activities
Net income	$ 390,636	$ 281,871	$ 61,442
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	24,238	18,201	15,997
Amortization	29,419	14,361	22,104
Non-cash interest expense, net	15,074	13,928	10,727
Amortization of debt issuance costs	2,477	2,465	7,379
Last in, first-out expense	8,445	3,131	(5,188)
Stock-based compensation	17,085	15,347	6,475
Deferred income taxes	(6,651)	(2,190)	(879)
Deferred compensation expense	524	1,087	1,070
Contingent consideration fair value adjustment	29,382	0	0
Other, net	1,850	(4,665)	1,335
Change in operating assets and liabilities, net of assets and liabilities acquired
Receivables, net	1,876	(33,034)	(25,773)
Inventories, net	(171,292)	(161,663)	105,994
Prepaid expenses and other assets	1,210	(6,560)	(358)
Accounts payable	27,164	51,478	37,041
Income taxes and unrecognized tax benefits	(7,421)	(3,721)	11,422
Accrued expenses and other liabilities	36,606	47,243	21,646
Net cash provided by operating activities	400,622	237,279	270,434
Investing activities
Purchases of property, plant, and equipment	(87,969)	(44,891)	(32,377)
Acquisition of business, net of cash acquired	(228,159)	0	(260,965)
Proceeds from the sale of property, plant, and equipment	178	12,452	0
Other, net	280	(570)	266
Net cash used in investing activities	(315,670)	(33,009)	(293,076)
Financing activities
Borrowings on long-term debt	4,735,580	3,627,627	2,786,824
Repayments on long-term debt	(4,735,580)	(3,627,627)	(2,446,824)
Purchase of convertible bond hedge	0	0	(70,800)
Proceeds from issuance of warrants	0	0	42,210
Payments of cash dividends	(23,782)	(16,168)	(14,588)
Payments for repurchases of common stock	(214,275)	(47,589)	(1,844)
Payments of debt issuance costs	(1,240)	(224)	(18,030)
Other, net	1,954	1,699	838
Net cash (used in) provided by financing activities	(237,343)	(62,282)	277,786
Net (decrease)/increase in cash and cash equivalents	(152,391)	141,988	255,144
Cash and cash equivalents at beginning of period	434,563	292,575	37,431
Cash and cash equivalents at end of period	282,172	434,563	292,575
Supplemental Disclosures
Income taxes paid, net	139,652	88,698	3,667
Interest paid	23,779	24,119	17,253
Non-cash investing and financing activities
Issuance of common stock for acquisition of business	22,000	0	92,572
Issuance of common stock for settlement of earnout liability	13,168	0	0
Capital expenditures in accounts payable	6,843	3,760	178
Dividends declared not yet paid	8,816	6,497	180
Increase in lease assets in exchange for lease liabilities:
Operating leases	17,236	2,626	1,179
Financing leases	$ 2,528	$ 1,210	$ 5,664

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. 31, 2019		51,776
Balance at beginning of year at Aug. 31, 2019	$ 632,212	$ 25,888	$ 91,185	$ 866,886	$ (491)	$ (351,256)
Beginning balance (in shares) at Aug. 31, 2019						(20,262)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	6,475		6,446			$ 29
Issuance of stock for employee benefit and stock-based awards, net	1,200		(1,813)			$ 3,013
Issuance of stock for employee benefit and stock-based awards, net (in shares)						174
Issuance of stock for acquisition	92,572		57,811			$ 34,761
Issuance of stock for acquisition (in shares)						2,000
Issuance of common stock for settlement of earnout liability	0
Repurchase of common stock (in shares)						(45)
Repurchase of common stock	(1,844)					$ (1,844)
Common stock dividends declared	(14,718)			(14,718)
Total comprehensive income	(35)				(35)
Equity component of convertible senior notes and offering costs, net of tax of $20,840	61,335		61,335
Convertible note hedge purchase, net of tax of $17,417	(53,383)		(53,383)
Issuance of warrants	42,210		42,210
Net income	61,442			61,442
Ending balance (in shares) at Aug. 29, 2020		51,776
Balance at end of year at Aug. 29, 2020	827,466	$ 25,888	203,791	913,610	(526)	$ (315,297)
Ending balance (in shares) at Aug. 29, 2020						(18,133)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	15,347		15,323			$ 24
Stock-based compensation (in shares)						1
Issuance of stock for employee benefit and stock-based awards, net	2,298		(624)			$ 2,922
Issuance of stock for employee benefit and stock-based awards, net (in shares)						166
Issuance of common stock for settlement of earnout liability	0
Repurchase of common stock (in shares)						(747)
Repurchase of common stock	(47,589)					$ (47,589)
Common stock dividends declared	(22,485)			(22,485)
Total comprehensive income	35				35
Net income	281,871			281,871
Ending balance (in shares) at Aug. 28, 2021		51,776
Balance at end of year at Aug. 28, 2021	$ 1,056,943	$ 25,888	218,490	1,172,996	(491)	$ (359,940)
Ending balance (in shares) at Aug. 28, 2021	(18,713)					(18,713)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 17,085		16,974			$ 111
Stock-based compensation (in shares)						4
Issuance of stock for employee benefit and stock-based awards, net	2,832		(2,461)			$ 5,293
Issuance of stock for employee benefit and stock-based awards, net (in shares)						261
Issuance of stock for acquisition	22,000		14,709			$ 7,291
Issuance of stock for acquisition (in shares)						379
Issuance of common stock for settlement of earnout liability	13,168		7,830			$ 5,338
Issuance of stock for settlement of earnout liability (in shares)						244
Repurchase of common stock (in shares)						(3,639)
Repurchase of common stock	(214,275)					$ (214,275)
Common stock dividends declared	(26,195)			(26,195)
Other	776		682	94
Total comprehensive income	37				37
Net income	390,636			390,636
Ending balance (in shares) at Aug. 27, 2022		51,776
Balance at end of year at Aug. 27, 2022	$ 1,263,007	$ 25,888	$ 256,224	$ 1,537,531	$ (454)	$ (556,182)
Ending balance (in shares) at Aug. 27, 2022	(21,464)					(21,464)

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 0.81	$ 0.66	$ 0.45
Equity component of convertible senior notes and offering costs, tax			$ 20,840
Convertible note hedge purchase, tax			$ 17,417

Basis of Presentation

12 Months Ended

Aug. 27, 2022

Accounting Policies [Abstract]

Basis of Presentation

Nature of Operations

Winnebago Industries, Inc. is one of the leading North American manufacturers of recreation vehicles ("RV"s) and marine products with a diversified portfolio used primarily in leisure travel and outdoor recreational activities. We produce our motorhome units in Iowa and Indiana; our towable units in Indiana; and our marine units in Indiana and Florida. We distribute our RV and marine products primarily through independent dealers throughout the U.S. and Canada, who then retail the products to the end consumer. We also distribute our marine products internationally through independent dealers, who then retail the products to the end consumer. Other products manufactured by us consist primarily of original equipment manufacturing parts for other manufacturers and commercial vehicles.

Consolidation

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 Annual Report on Form 10-K, unless the context otherwise requires, refer to Winnebago Industries, Inc. and its wholly-owned subsidiaries.

Fiscal Period

We have a 5-4-4 quarterly accounting cycle with the fiscal year ending on the last Saturday in August. Fiscal 2022 refers to the fiscal year ended August 27, 2022, Fiscal 2021 refers to the fiscal year ended August 28, 2021, and Fiscal 2020 refers to the fiscal year ended August 29, 2020. The financial statements presented are all 52-week fiscal periods.

Use of Estimates

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

Cash and Cash Equivalents

Cash and cash equivalents represent cash, demand deposits and highly liquid investments with original maturities of three months or less that are not legally restricted. Cash equivalents are recorded at cost, which approximates fair value.

Receivables

Receivables consist principally of amounts due from our dealer network for RVs and boats sold.

We record an allowance using a model to reduce receivables by the expected credit loss and consider factors such as financial condition of the dealer, specific collection issues, current and expected economic conditions, and other factors that may impact our ability to collect. If there is a deterioration of a dealer's financial condition, if we become aware of additional information related to credit worthiness, or if future actual default rates on receivables differ from those currently anticipated, we may adjust the allowance for doubtful accounts, which would affect earnings in the period the adjustments are made.

Inventories

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

Property and Equipment

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


Asset Class			Asset Life
Buildings and improvements			5-30 years
Machinery and equipment			1-15 years
Software			3-10 years
Transportation equipment			3-6 years

Goodwill and Indefinite-Lived Intangible Assets

Goodwill

Goodwill is tested for impairment at least annually, during the fourth quarter and whenever events occur or circumstances change that would indicate the carrying value may not be recoverable. Impairment testing for goodwill is performed at a reporting unit level and all goodwill is assigned to a reporting unit. Our reporting units are the same as the operating segments as defined in Note 3.

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

During the fourth quarter of Fiscal 2022, we completed the annual goodwill impairment analysis. We elected to rely on a qualitative assessment for the Grand Design, Newmar, and Barletta reporting units, and performed a quantitative analysis for the Chris-Craft reporting unit. No impairment was identified for the years ended August 27, 2022, August 28, 2021, or August 29, 2020.

Trade names

We have indefinite-lived intangible assets for trade names related to Newmar within the Motorhome segment, Grand Design within the Towable segment, and Chris-Craft and Barletta within the Marine segment. Annually in the fourth quarter, or if conditions indicate an interim review is necessary, we test trade names for impairment. We have the option to first assess qualitative factors to determine whether the fair value of a trade name is “more likely than not” less than its carrying value. If it is more likely than not that an impairment has occurred, we then perform the quantitative impairment test. If we perform the quantitative test, the carrying value of the asset is compared to an estimate of its fair value to identify impairment. The fair value is determined by the relief-from-royalty method, which requires significant judgment. Actual results may differ from assumed and estimated amounts utilized in the analysis. If we conclude an impairment exists, the asset's carrying value will be written down to its fair value.

During the fourth quarter of Fiscal 2022, we completed the annual impairment analysis. We elected to rely on a qualitative assessment for the Grand Design, Newmar, and Barletta trade names, and performed a quantitative analysis for the Chris-Craft trade name. No impairment was identified for the years ended August 27, 2022, August 28, 2021, or August 29, 2020.

Long-Lived Assets

Long-lived assets, which include property, plant and equipment, definite-lived intangible assets subject to amortization, primarily the dealer network, and right-of-use assets are assessed for impairment whenever events or changes in circumstances such as asset utilization, physical change, legal factors or other matters indicate the carrying value of those assets may not be recoverable from future undiscounted cash flows. The impairment test involves comparing the carrying amount of the asset to the forecasted undiscounted future cash flows generated by that asset. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. In the event the carrying amount of the asset exceeds the undiscounted future cash flows generated by that asset and the carrying amount is not considered recoverable, an impairment exists. An impairment loss is measured as the excess of the asset’s carrying amount over its fair value and is recognized in the statement of income in the period that the impairment occurs. The reasonableness of the useful lives of the asset and other long-lived assets is regularly evaluated.

No impairment loss of any long-lived asset was identified for the years ended August 27, 2022, August 28, 2021, or August 29, 2020.

Self-Insurance

Generally, we self-insure a portion of health insurance, product liability claims, and workers' compensation. Under these plans, liabilities are recognized for claims incurred, including those incurred but not reported. We use third party administrators and actuaries who use historical claims experience and various state statutes to assist in the determination of the accrued liability balance. We have a $75.0 million insurance policy that includes a self-insured retention for product liability of $1.0 million per occurrence and $2.0 million in aggregate per policy year. Our self-insured health insurance policy includes an individual retention of $0.5 million per occurrence. We maintain excess liability insurance with outside insurance carriers to minimize the risks related to catastrophic claims in excess of self-insured positions for product liability, health insurance, and personal injury matters. Any material change in the aforementioned factors could have an adverse impact on operating results. Balances are included within self-insurance (accrued expenses) on the Consolidated Balance Sheets.

Income Taxes

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

Legal

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

Revenue Recognition

Our primary source of revenue is generated through the sale of non-motorized towable units, motorhome units, and marine units to our independent dealer network (customers). Unit revenue is recognized at a point-in-time when the performance obligation is satisfied and control of the promised goods or services is transferred to the customer, which generally occurs when the unit is shipped to or picked-up from the manufacturing facilities by the customer. Control refers to the ability of the customer to direct the use of, and obtain substantially all of, the remaining benefits from the goods or services. We recognize revenue based on an amount that reflects the transaction price consideration that we expect to receive in exchange for those goods or services. Our transaction price consideration is fixed, unless otherwise disclosed as variable consideration. The amount of consideration received and recorded to revenue can vary with changes in marketing incentives and discounts offered to customers. These marketing incentives and discounts are considered variable consideration. We adjust the estimate of revenue at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. Our payment terms are typically before or on delivery, and do not include a significant financing component.

Net revenue includes shipping and handling charges billed directly to customers, and we also generate income through the sale of certain parts and services, acting as the principal in these arrangements. We have made an accounting policy election to account for any shipping and handling costs that occur after the transfer of control as a fulfillment cost that is accrued when control is transferred. We also have made an accounting policy election to exclude from revenue sales and usage-based taxes collected.

Our contracts include some incidental items that are immaterial in the context of the contract. We have made an accounting policy election to not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. Warranty obligations associated with the sale of a unit are assurance-type warranties that are a guarantee of the unit’s intended functionality and, therefore, do not represent a distinct performance obligation within the context of the contract. Contract costs incurred related to the sale of manufactured units are expensed at the point-in-time when the related revenue is recognized.

The revenue standard requirements are applied to a portfolio of contracts (or performance obligations) with similar characteristics for transactions where it is expected that the effects on the financial statements of applying the revenue recognition guidance to the portfolio would not differ materially from applying this guidance to the individual contracts (or performance obligations) within that portfolio.

Refer to Note 13 for additional information.

Advertising

Advertising costs, which consist primarily of trade shows and online content, were $23.3 million, $11.6 million, and $12.5 million in Fiscal 2022, 2021, and 2020, respectively. Advertising costs are included in selling, general, and administrative expenses and are expensed as incurred on the Consolidated Statements of Income and Comprehensive Income.

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 was $8.1 million and $16.2 million as of August 27, 2022 and August 28, 2021, respectively. The deferred employer payroll tax liability paid in Fiscal 2022 was $8.1 million. 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 our 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 by the end of calendar year 2022. As of August 27, 2022, $0.8 million remains outstanding within other current assets on the Consolidated Balance Sheets.

Subsequent Events

We have evaluated events occurring between the end of the most recent fiscal year and the date the financial statements were issued.

On September 28, 2022, Hurricane Ian made landfall on the west coast of Florida near our marine facility in Sarasota. The facility sustained minimal damage, and we do not expect it to have a significant impact on the consolidated financial statements.

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 must be used for including convertible instruments in diluted EPS as opposed to the treasury stock method. We adopted the new guidance in the first quarter of Fiscal 2023 using the modified retrospective approach, resulting in a decrease to additional paid-in capital of $62.0 million, an increase to long-term debt of $43.8 million, a decrease in the deferred income tax liability of $10.8 million, and an increase to beginning retained earnings of $29.0 million. The amended guidance is expected to lower non-cash interest expense in Fiscal 2023 by approximately $15.1 million (pre-tax) and increase the dilutive share count associated with the convertible instruments to approximately 4.7 million shares.

Business Combinations

12 Months Ended

Aug. 27, 2022

Business Combination and Asset Acquisition [Abstract]

Business Combinations

Barletta Boat Company, LLC

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 August 27, 2022 was $39.8 million, of which $21.3 million is included in other current liabilities and $18.5 million is included in other long-term liabilities on the Consolidated Balance Sheets. In the third quarter of Fiscal 2022, we issued 0.2 million shares of common stock in connection with the settlement of the 2021 earnout period obligation.

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 finalized the allocation of the purchase price in the third quarter of fiscal 2022.

The following table summarizes the 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 dealer network is being amortized on a straight line basis over 12 years. The backlog, which was amortized over 10 months, is fully amortized as of August 27, 2022.

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.

Newmar Corporation

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

The following table summarizes the total consideration paid for Newmar, which was subject to purchase price adjustments of $3.3 million as stipulated in the Purchase Agreement:


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

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

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


	2020
Net revenues	$	388,383
Operating loss	(3,642)

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


	2020
Net revenues	$	2,508,792
Net income	72,609
Earnings per share - basic	$	2.16
Earnings per share - diluted	$	2.11

The unaudited pro forma data above includes the following significant non-recurring adjustments made to account for certain costs which would have changed if the acquisition of Newmar had occurred at the beginning of Fiscal 2020:


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

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

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

(3) Includes transaction costs related to the Newmar acquisition that were expensed in Fiscal 2020.

(4) Includes adjustments for cash and non-cash interest expense as well as deferred financing costs. Refer to Note 9 for additional information on our debt structure as a result of the acquisition.

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

Business Segments

12 Months Ended

Aug. 27, 2022

Segment Reporting [Abstract]

Business Segments

We have identified 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 Marine reportable segment consists of the Barletta and Chris-Craft operating segments. 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 manufactured products and services.

The Corporate / All Other category includes the Winnebago specialty vehicles operating segments as well as certain corporate administration expenses related to the oversight of the enterprise, such as corporate leadership and administration costs.

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

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.

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:


	2022		2021		2020
Net Revenues
Towable	$	2,597,358	$	2,009,959	$	1,227,567
Motorhome	1,911,196		1,539,084		1,056,794
Marine	425,269		60,209		51,812
Corporate / All Other	23,907		20,595		19,360
Consolidated	$	4,957,730	$	3,629,847	$	2,355,533

Adjusted EBITDA
Towable	$	383,622	$	289,007	$	148,276
Motorhome	237,992		169,205		32,949
Marine	60,831		5,177		(348)
Corporate / All Other	(33,517)		(27,322)		(12,802)
Consolidated	$	648,928	$	436,067	$	168,075

Capital Expenditures
Towable	$	45,703	$	25,121	$	13,389
Motorhome	22,260		17,604		15,061
Marine	16,367		2,166		3,927
Corporate / All Other	3,639		—		—
Consolidated	$	87,969	$	44,891	$	32,377


	August 27, 2022		August 28, 2021
Total Assets
Towable	$	874,879	$	790,257
Motorhome	823,390		728,060
Marine	416,146		102,901
Corporate / All Other	302,242		441,349
Consolidated	$	2,416,657	$	2,062,567

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


	2022		2021		2020
Net income	$	390,636	$	281,871	$	61,442
Interest expense, net	41,313		40,365		37,461
Provision for income taxes	124,086		85,579		15,834
Depreciation	24,238		18,201		15,997
Amortization	29,419		14,361		22,104
EBITDA	609,692		440,377		152,838
Acquisition-related fair-value inventory step-up	—		—		4,810
Acquisition-related costs	5,222		725		9,761
Litigation reserves	6,551		—		—
Restructuring expenses (1)	—		112		1,640
Gain on sale of property, plant and equipment	—		(4,753)		—
Contingent consideration fair value adjustment	29,382		—		—
Non-operating income	(1,919)		(394)		(974)
Adjusted EBITDA	$	648,928	$	436,067	$	168,075

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

Net revenues by geography are as follows:


	2022		2021		2020
United States	$	4,618,130	$	3,410,588	$	2,225,028
International	339,600		219,259		130,505
Net revenues	$	4,957,730	$	3,629,847	$	2,355,533

- 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

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+ Details

Derivatives, Investments, and Fair Value Measurements

12 Months Ended

Aug. 27, 2022

Fair Value Disclosures [Abstract]

Derivatives, Investments, and Fair Value Measurements

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

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 adjusts 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
	August 27, 2022		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	1,175	$	1,175	$	—	$	—
International equity funds	55		55		—		—
Fixed income funds	181		181		—		—
Total assets at fair value	$	1,411	$	1,411	$	—	$	—

Contingent consideration
Earnout liability	39,812		—		—		39,812
Total liabilities at fair value	$	39,812	$	—	$	—	$	39,812


	Fair Value at		Fair Value Hierarchy
	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 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 long-term 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 gross profit results and discounted at a risk-free rate. The contingent consideration is classified as Level 3. Actual 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 following table provides a reconciliation of the beginning and ending balances of the contingent consideration:


	August 27, 2022		August 28, 2021
Beginning fair value - contingent consideration	$	—	$	—
Additions	24,190		—
Fair value adjustments	29,382		—
Settlements	(13,168)		—
Other	(592)		—
Ending fair value - contingent consideration	$	39,812	$	—

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

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 information about the fair value of our long-term debt.

- Definition

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

+ References + Details

Inventories

12 Months Ended

Aug. 27, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:


	August 27, 2022		August 28, 2021
Finished goods	$	59,340	$	12,243
Work-in-process ("WIP")	198,900		184,611
Raw materials	314,938		183,583
Total	573,178		380,437
Less: Excess of FIFO over LIFO cost	47,409		38,964
Inventories, net	$	525,769	$	341,473

Inventory valuation methods consist of the following:


	August 27, 2022		August 28, 2021
LIFO basis	$	212,245	$	139,544
First-in, first-out basis	360,933		240,893
Total	$	573,178	$	380,437

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

Property, Plant, and Equipment

12 Months Ended

Aug. 27, 2022

Property, Plant and Equipment, Net [Abstract]

Property, Plant, and Equipment

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


	August 27, 2022		August 28, 2021
Land	$	14,626	$	9,111
Buildings and building improvements	171,035		147,629
Machinery and equipment	142,574		121,911
Software	43,792		36,815
Transportation	6,509		5,335
Construction in progress	76,797		31,137
Property, plant, and equipment, gross	455,333		351,938
Less: Accumulated depreciation	179,114		160,511
Property, plant, and equipment, net	$	276,219	$	191,427

Depreciation expense was $24.2 million, $18.2 million, and $16.0 million for Fiscal 2022, 2021, and 2020, respectively.

Goodwill and Intangible Assets

12 Months Ended

Aug. 27, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The changes in carrying value of goodwill by reportable segment, with no accumulated impairment losses, for Fiscal 2022, 2021, and 2020 are as follows:


	Towable		Motorhome		Marine		Total
Balances at August 29, 2020 (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 August 27, 2022	$	244,684	$	73,127	$	166,365	$	484,176

(1) There was no activity between the years ended August 29, 2020 and August 28, 2021.

(2) Refer to Note 2 for additional information on the acquisition of Barletta.

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

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


	August 27, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Trade names	$	352,250			$	352,250
Dealer networks	179,981		$	60,518	119,463
Backlog	42,327		42,327		—
Non-compete agreements	6,647		5,972		675
Other intangible assets	581,205		108,817		472,388

	August 28, 2021
	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 finite-lived intangible assets as of August 27, 2022 was approximately eight years.

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


	Amortization
Fiscal 2023	$	15,226
Fiscal 2024	15,124
Fiscal 2025	14,919
Fiscal 2026	14,865
Fiscal 2027	14,865
Thereafter	45,139
Total amortization expense remaining	$	120,138

Product Warranties

12 Months Ended

Aug. 27, 2022

Product Warranties Disclosures [Abstract]

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:


	2022		2021		2020
Balance at beginning of year	$	91,222	$	64,031	$	44,436
Business acquisitions(1)	4,656		—		15,147
Provision	119,286		89,951		61,898
Claims paid	(87,232)		(62,760)		(57,450)
Balance at end of year	$	127,932	$	91,222	$	64,031

(1) Refer to Note 2 for additional information regarding the acquisition of Barletta on August 31, 2021 and the acquisition of Newmar on November 8, 2019.

Long-Term Debt

12 Months Ended

Aug. 27, 2022

Debt Disclosure [Abstract]

Long-Term Debt

On July 15, 2022, we amended and restated our existing asset-backed revolving credit agreement ("ABL Credit Facility") to, among other things, increase the commitments available from $192.5 million to $350.0 million, and extend the maturity date from October 22, 2024 to July 15, 2027 (subject to certain factors which may accelerate the maturity date). The $350.0 million credit facility is 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 $35.0 million. We pay a commitment fee of 0.25% based on the average daily amount of the facility available, but unused during the most recent quarter. We can elect to base the interest rate on various rates plus specific spreads depending on the borrowing amount outstanding. If drawn, interest on ABL borrowings is at a floating rate based upon our election, either term SOFR or REVSOFR30 (as defined in the credit agreement), plus, in each case, a credit spread adjustment of 0.10%, as well as an applicable spread between 1.25% and 1.75%, depending on the usage of the facility during the most recent quarter. Based on current usage, we would pay an applicable spread of 1.25%. In connection with the amendment, we capitalized $1.2 million of issuance costs that will be amortized over the five-year term of the agreement.

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. The Senior Secured Notes and the related guarantees are secured by (i) a first-priority lien on substantially all of our existing and future assets (other than certain collateral under our ABL facility) and (ii) a second-priority lien on our present and future receivables, inventory and other related assets and proceeds that secure the ABL facility on a first-priority basis.

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

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.

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

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

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

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

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

3.upon the occurrence of certain specified corporate events set forth in the Convertible Notes Indenture.

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

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

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

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

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

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

The net cost incurred in connection with the Call Spread Transactions was $11.2 million. These transactions are classified as equity and are not remeasured each reporting period. 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 8.0%. The initial $85.0 million ($64.1 million net of tax) equity component represents the difference between the fair value of the initial $215.0

million in debt and the $300.0 million of gross proceeds. The related initial debt discount of $85.0 million is being amortized over the life of the Convertible Notes as non-cash interest expense using the effective interest method.

In connection with the above-noted transactions, 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, net 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.

Long-term debt consists of the following:


	August 27, 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	(45,292)		(60,366)
Debt issuance cost, net	(8,853)		(11,075)
Long-term debt, net	545,855		528,559

As of August 27, 2022 and August 28, 2021, the fair value of long-term debt, gross, was $634.2 million and $726.6 million, respectively. We are in compliance with all of our debt covenants as of August 27, 2022.

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


	Amount
Fiscal 2023	$	—
Fiscal 2024	—
Fiscal 2025	300,000
Fiscal 2026	—
Fiscal 2027	—
Thereafter	300,000
Total Long-term debt, gross	$	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

Leases

12 Months Ended

Aug. 27, 2022

Leases [Abstract]

Leases

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

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

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

The supplemental balance sheet information related to our leases is as follows:


	Classification	August 27, 2022		August 28, 2021
Assets
Operating leases	Operating lease assets	$	41,131	$	28,379
Finance leases	Other long-term assets	6,672		4,971
Total lease assets		$	47,803	$	33,350

Liabilities
Current: Operating leases	Other current liabilities	$	4,715	$	2,596
Current: Finance leases	Other current liabilities	974		700
Non-Current: Operating leases	Long-term operating lease liabilities	40,426		26,745
Non-Current: Finance leases	Other long-term liabilities	6,690		5,313
Total lease liabilities		$	52,805	$	35,354

Operating lease costs incurred are as follows:


		Year Ended		Year Ended
	Classification	August 27, 2022		August 28, 2021
Operating lease expense(1)	Costs of goods sold and SG&A	$	9,550	$	5,785
Finance lease cost:
Depreciation of lease assets	Costs of goods sold and SG&A	825		609
Interest on lease liabilities	Interest expense, net	432		327
Total lease cost		$	10,807	$	6,721

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

Our future lease commitments as of August 27, 2022 included the following related party and non-related party leases:


	Operating Leases as of August 27, 2022						Financing Leases
	Related Party Amount		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2023	$	1,500	$	5,463	$	6,963	$	1,392
Fiscal 2024	1,800		5,352		7,152		1,382
Fiscal 2025	1,800		5,065		6,865		1,404
Fiscal 2026	1,800		4,930		6,730		1,426
Fiscal 2027	1,800		4,952		6,752		1,448
Thereafter	4,200		18,031		22,231		2,153
Total future undiscounted lease payments	12,900		43,793		56,693		9,205
Less: Interest	2,568		8,984		11,552		1,541
Total reported lease liabilities	$	10,332	$	34,809	$	45,141	$	7,664

Additional information related to our leases is as follows:


	August 27, 2022			August 28, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	3,666		$	2,589
Operating cash flows from financing leases	432			327
Financing cash flows from financing leases	877			572
Weighted average remaining lease term:
Operating leases	8.1			8.1
Finance leases	6.0			6.8
Weighted average discount rate:
Operating leases	5.8		%	6.2		%
Finance leases	5.9		%	6.3		%

Leases

The supplemental balance sheet information related to our leases is as follows:


	Classification	August 27, 2022		August 28, 2021
Assets
Operating leases	Operating lease assets	$	41,131	$	28,379
Finance leases	Other long-term assets	6,672		4,971
Total lease assets		$	47,803	$	33,350

Liabilities
Current: Operating leases	Other current liabilities	$	4,715	$	2,596
Current: Finance leases	Other current liabilities	974		700
Non-Current: Operating leases	Long-term operating lease liabilities	40,426		26,745
Non-Current: Finance leases	Other long-term liabilities	6,690		5,313
Total lease liabilities		$	52,805	$	35,354

Operating lease costs incurred are as follows:


		Year Ended		Year Ended
	Classification	August 27, 2022		August 28, 2021
Operating lease expense(1)	Costs of goods sold and SG&A	$	9,550	$	5,785
Finance lease cost:
Depreciation of lease assets	Costs of goods sold and SG&A	825		609
Interest on lease liabilities	Interest expense, net	432		327
Total lease cost		$	10,807	$	6,721

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

Our future lease commitments as of August 27, 2022 included the following related party and non-related party leases:


	Operating Leases as of August 27, 2022						Financing Leases
	Related Party Amount		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2023	$	1,500	$	5,463	$	6,963	$	1,392
Fiscal 2024	1,800		5,352		7,152		1,382
Fiscal 2025	1,800		5,065		6,865		1,404
Fiscal 2026	1,800		4,930		6,730		1,426
Fiscal 2027	1,800		4,952		6,752		1,448
Thereafter	4,200		18,031		22,231		2,153
Total future undiscounted lease payments	12,900		43,793		56,693		9,205
Less: Interest	2,568		8,984		11,552		1,541
Total reported lease liabilities	$	10,332	$	34,809	$	45,141	$	7,664

Additional information related to our leases is as follows:


	August 27, 2022			August 28, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	3,666		$	2,589
Operating cash flows from financing leases	432			327
Financing cash flows from financing leases	877			572
Weighted average remaining lease term:
Operating leases	8.1			8.1
Finance leases	6.0			6.8
Weighted average discount rate:
Operating leases	5.8		%	6.2		%
Finance leases	5.9		%	6.3		%

Employee and Retiree Benefits

12 Months Ended

Aug. 27, 2022

Retirement Benefits [Abstract]

Employee and Retiree Benefits

Deferred compensation benefits are as follows:


	August 27, 2022		August 28, 2021
Non-qualified deferred compensation	$	7,937	$	9,731
Supplemental executive retirement plan	1,371		1,615
Executive deferred compensation plan	1,414		1,029
Total deferred compensation benefits	10,722		12,375
Less current portion(1)	2,577		2,825
Deferred compensation benefits, net of current portion	$	8,145	$	9,550

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

Deferred Compensation Benefits

Non-Qualified Deferred Compensation

We have a non-qualified deferred compensation program which permitted key employees to annually elect to defer a portion of their compensation until their retirement. The plan has been closed to any additional deferrals since January 2001. The retirement benefit to be provided is based upon the amount of compensation deferred and the age of the individual at the time of the contracted deferral. An individual generally vests at age 55 and 5 years of participation under the plan. For deferrals prior to December 1992, vesting occurs at the later of age 55 and 5 years of service from first deferral or 20 years of service. Deferred compensation expense was $0.6 million, $0.8 million, and $0.9 million in Fiscal 2022, 2021, and 2020, respectively.

Supplemental Executive Retirement Plan ("SERP")

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

To assist in funding the deferred compensation and SERP liabilities, we have invested in COLI policies. The cash surrender value of these policies is presented in investment in life insurance in the Consolidated Balance Sheets and consists of the following:


	August 27, 2022		August 28, 2021
Cash value	$	67,201	$	66,544
Borrowings	(38,577)		(37,723)
Investment in life insurance	$	28,624	$	28,821

Executive Deferred Compensation Plan

In December 2006, we adopted the Winnebago Industries, Inc. Executive Deferred Compensation Plan (the "Executive Deferred Compensation Plan"). Under the Executive Deferred Compensation Plan, corporate officers and certain key employees may annually choose to defer up to 50% of their salary and up to 100% of their cash incentive awards. The assets are presented as other long-term assets in the Consolidated Balance Sheets. Such assets on August 27, 2022 and August 28, 2021 were $1.4 million and $1.0 million, respectively.

Profit Sharing Plan

We have a qualified profit sharing and contributory 401(k) plan for eligible employees. The plan provides matching contributions made by Winnebago Industries and discretionary contributions as approved by the Board of Directors. Matching contributions to the plan for Fiscal 2022, 2021, and 2020 were $12.0 million, $5.6 million, and $3.4 million, respectively. Discretionary contributions of $12.1 million and $6.1 million were approved in Fiscal 2022 and 2021. No discretionary contributions were approved for Fiscal 2020.

- Definition

The entire disclosure for retirement benefits.

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Contingent Liabilities and Commitments

12 Months Ended

Aug. 27, 2022

Commitments and Contingencies Disclosure [Abstract]

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 repurchase agreements was approximately $1,783.7 million and $552.1 million as of August 27, 2022 and August 28, 2021, respectively.

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 other current liabilities on the Consolidated Balance Sheets. Our repurchase accrual was $1.4 million and $0.9 million as of August 27, 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.

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


(in thousands, except for units)	2022		2021		2020
Inventory repurchased:
Units	4		10		107
Dollars	$	99	$	349	$	2,592
Inventory resold:
Units	9		10		118
Cash collected	$	217	$	321	$	2,540
Loss recognized	$	27	$	29	$	252
Units in ending inventory	—		5		5

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 Recognition

12 Months Ended

Aug. 27, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

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


	2022		2021		2020
Net Revenues
Towable:
Fifth Wheel	$	1,260,871	$	1,024,355	$	690,452
Travel Trailer	1,296,591		959,716		519,282
Other(1)	39,896		25,888		17,833
Total Towable	2,597,358		2,009,959		1,227,567
Motorhome:
Class A	786,740		690,146		479,120
Class B	718,039		532,200		332,961
Class C and Other(1)	406,417		316,738		244,713
Total Motorhome	1,911,196		1,539,084		1,056,794
Marine:	425,269		60,209		51,812
Corporate / All Other(2):	23,907		20,595		19,360
Consolidated	$	4,957,730	$	3,629,847	$	2,355,533

(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.

Concentration of Risk

No single dealer organization accounted for more than 10% of net revenues for Fiscal 2022, 2021, and 2020.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Stock-Based Compensation Plans

12 Months Ended

Aug. 27, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

Stock-Based Compensation PlansOn 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.

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

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

Our Employee Stock Purchase Plan ("ESPP") permits employees to purchase Winnebago Industries, Inc. common stock at a 15% discount from the market price at the end of semi-annual purchase periods and is compensatory. In Fiscal 2022 and 2021, 42,000 shares and 24,000 shares, respectively, were purchased through the ESPP. Plan participants had accumulated $0.4 million for each period ended August 27, 2022 and August 28, 2021 to purchase our common stock pursuant to this plan.

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


	2022		2021		2020
Share awards:
Time-based	$	7,540	$	5,737	$	4,287
Performance-based	7,412		7,920		796
Stock options	1,000		1,019		990
Other(1)	1,133		671		402
Total stock-based compensation expense	$	17,085	$	15,347	$	6,475

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

Restricted Stock Units - Time-Based

The fair value of time-based restricted stock units is determined based on the closing market price of our stock on the date of grant. A summary of the status of nonvested time-based restricted stock units at August 27, 2022, and changes during Fiscal 2022, is as follows:


	Shares(1)	Weighted Average Fair Value
Outstanding at August 28, 2021	330,819	$	44.35
Granted	147,236	$	73.64
Vested	(111,832)	$	45.53
Forfeited/canceled	(37,385)	$	55.05
Outstanding at August 27, 2022	328,838	$	55.85

(1) Number of shares in the above table are shown in whole numbers.

As of August 27, 2022, there was $8.4 million of unrecognized compensation expense related to nonvested time-based restricted stock units that are expected to be recognized over a weighted average period of 0.8 years. The total fair value of restricted stock units vested during Fiscal 2022, 2021, and 2020 was $8.0 million, $5.2 million, and $3.3 million, respectively.

Restricted Stock Units - Performance-Based

The fair value of performance-based restricted stock units is determined based on the closing market price of our stock on the date of grant. A summary of the status of our nonvested performance-based restricted stock units at August 27, 2022, and changes during Fiscal 2022, is as follows:


	Shares(1)	Weighted Average Fair Value
Outstanding at August 28, 2021	227,751	$	45.81
Granted	88,557	$	68.59
Vested	(76,413)	$	40.46
Forfeited/canceled	(41,689)	$	43.93
Outstanding at August 27, 2022	198,206	$	58.45

(1) Number of shares in the above table are shown in whole numbers.

As of August 27, 2022, there was $3.9 million of unrecognized compensation expense related to nonvested performance-based restricted stock units that are expected to be recognized over a weighted average period of 0.9 years. The total fair value of performance-based restricted stock units vested during Fiscal 2022, Fiscal 2021, and Fiscal 2020 was $5.8 million, $1.4 million, and $2.4 million respectively.

Stock Options

A summary of stock option activity for Fiscal 2022 is as follows:


	Stock Options(1)	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at August 28, 2021	317,903	$	40.41
Granted	44,040	$	75.59
Exercised	(30,113)	$	36.24
Forfeited/canceled	(9,723)	$	60.27
Outstanding at August 27, 2022	322,107	$	44.75	6.5	$	5,886
Vested and expected to vest at August 27, 2022	322,107	$	44.75	6.5	$	5,886
Exercisable at August 27, 2022	232,549	$	37.77	5.8	$	5,454

(1) Number of shares in the above table are shown in whole numbers.

As of August 27, 2022, there was $1.3 million of unrecognized compensation expense related to stock options that is expected to be recognized over a weighted average period of 0.8 years.

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


Valuation Assumptions(1)	2022			2021			2020
Expected dividend yield	1.0		%	0.8		%	0.9		%
Risk-free interest rate(2)	1.1		%	0.3		%	1.7		%
Expected life of stock options (in years)(3)	5			5			5
Expected stock price volatility(4)	48.5		%	48.6		%	41.2		%
Weighted average fair value of options granted	$	30.47		$	21.65		$	17.18

(1) Forfeitures are recorded when they occur.

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

(3) Estimated based on historical experience.

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

Restructuring	12 Months Ended
Restructuring	Aug. 27, 2022
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring In Fiscal 2020, our Class A diesel production included in the Motorhome reportable segment, was moved from Junction City, OR to Forest City, IA. In Fiscal 2021, the property was sold for net proceeds of $12.4 million with a resulting gain of $4.8 million. The gain on sale is included within selling, general, and administrative expenses on the Consolidated Statements of Income and Comprehensive Income for Fiscal 2021. Total restructuring expense related to the relocation for Fiscal 2021 was immaterial to the consolidated financial statements. There were no restructuring charges in Fiscal 2022.

Income Taxes

12 Months Ended

Aug. 27, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income tax expense consisted of the following:


	2022		2021		2020
Current
Federal	$	105,863	$	71,579	$	14,318
State	24,868		16,179		2,806
Total	130,731		87,758		17,124
Deferred
Federal	(5,553)		737		(790)
State	(1,092)		(2,916)		(500)
Total	(6,645)		(2,179)		(1,290)
Provision for income taxes	$	124,086	$	85,579	$	15,834

A reconciliation of the U.S. statutory income tax rate to our effective income tax rate is as follows:


	2022		2021		2020
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	3.5	%	3.3	%	1.9	%
Income tax credits	(0.5)	%	(0.6)	%	(2.5)	%
Nondeductible compensation	0.9	%	0.5	%	0.9	%
Tax-free and dividend income	(0.1)	%	(0.1)	%	(0.6)	%
Uncertain tax position settlements and adjustments	(0.1)	%	(0.1)	%	0.1	%
Other items	(0.6)	%	(0.7)	%	(0.3)	%
Effective tax provision rate	24.1	%	23.3	%	20.5	%

Our effective tax rate increased to 24.1% in Fiscal 2022 compared to 23.3% in Fiscal 2021 primarily due to consistent tax credits year-over-year over increased income in the current year and a net unfavorable expense in the current year related to nondeductible compensation.

On August 16, 2022, the Inflation Reduction Act (“IRA”) was signed into law in the United States. Among other provisions, the IRA includes a 15% corporate minimum tax rate applied to certain large corporations and a 1% excise tax on corporate stock repurchases made after December 31, 2022. We do not expect the IRA to have a material impact on our consolidated financial statements.

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


	August 27, 2022		August 28, 2021
Warranty reserves	$	30,690	$	22,450
Deferred compensation	2,978		5,224
Self-insurance reserve	4,884		4,336
Stock-based compensation	5,534		4,607
Leases	12,868		8,422
Other(1)	9,108		7,170
Total deferred tax assets	66,062		52,209
Convertible notes	1,993		2,608
Intangibles	39,493		39,940
Depreciation	19,036		15,161
Leases	11,648		7,929
Total deferred tax liabilities	72,170		65,638
Total deferred income tax liabilities, net	$	6,108	$	13,429

(1) Other includes $113 and $400 related to state net operating losses as of August 27, 2022 and August 28, 2021, respectively. These net operating losses are subject to various expiration periods from 5 years to no expiration. We have evaluated all the positive and negative evidence and consider it more likely than not that these carryforwards can be realized before expiration.

Changes in the unrecognized tax benefits are as follows:


	2022		2021		2020
Balance at beginning of year	$	5,537	$	5,830	$	2,822
Gross increases-tax positions in a prior year	—		—		2,486
Gross decreases-tax positions in a prior year	(1,156)		(872)		—
Gross increases-current year tax positions	610		579		522
Balance at end of year	4,991		5,537		5,830
Accrued interest and penalties	753		946		681
Total unrecognized tax benefits	$	5,744	$	6,483	$	6,511

The amount of unrecognized tax benefits is not expected to change materially within the next 12 months. If the remaining uncertain tax positions are ultimately resolved favorably, $5.3 million of unrecognized tax benefits would have a favorable impact on our effective tax rate. It is our policy to recognize interest and penalties accrued relative to unrecognized tax benefits in income tax expense.

We file a U.S. Federal tax return, as well as returns in various international and state jurisdictions. Although certain years are no longer subject to examination by the Internal Revenue Service ("IRS") and various state taxing authorities, net operating loss carryforwards generated in those years may still be adjusted upon examination by the IRS or state taxing authorities. As of August 27, 2022, our federal returns from Fiscal 2019 to present are subject to review by the IRS. With limited exception, state returns from Fiscal 2018 to present continue to be subject to review by state taxing jurisdictions. Several years may lapse before an uncertain tax position is audited and finally resolved and it is difficult to predict the outcome of such audits. 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings per Share

12 Months Ended

Aug. 27, 2022

Earnings Per Share [Abstract]

Earnings per Share

Basic and diluted earnings per share are calculated as follows:


(in thousands, except per share data)	2022		2021		2020
Net income	$	390,636	$	281,871	$	61,442

Weighted average common shares outstanding	32,475		33,528		33,236
Dilutive impact of stock compensation awards	510		375		218
Dilutive impact of convertible notes	—		153		—
Weighted average common shares outstanding, assuming dilution	32,985		34,056		33,454

Anti-dilutive securities excluded from weighted average diluted common shares outstanding	159		49		39

Basic earnings per common share	$	12.03	$	8.41	$	1.85
Diluted earnings per common share	$	11.84	$	8.28	$	1.84

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 Loss

12 Months Ended

Aug. 27, 2022

Equity [Abstract]

Accumulated Other Comprehensive Loss

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


	Defined Benefit Pension Items
	2022		2021
Balance at beginning of year	$	(491)	$	(526)
OCI before reclassifications	—		—
Amounts reclassified from AOCI	37		35
Net current-year OCI	37		35
Balance at end of year	$	(454)	$	(491)

Reclassifications out of AOCI, net of tax, were:


	Location on Consolidated Statements of Income and Comprehensive Income	2022		2021		2020
Amortization of net actuarial loss	SG&A	$	37	$	35	$	33
Interest rate contract	Interest expense	—		—		432
Total reclassifications		$	37	$	35	$	465

Basis of Presentation (Policies)

12 Months Ended

Aug. 27, 2022

Accounting Policies [Abstract]

Fiscal Period

Use of Estimates

Cash and Cash Equivalents

Receivables

Receivables consist principally of amounts due from our dealer network for RVs and boats sold.

Inventories

Property and Equipment


Asset Class			Asset Life
Buildings and improvements			5-30 years
Machinery and equipment			1-15 years
Software			3-10 years
Transportation equipment			3-6 years

Goodwill and Indefinite-Lived Intangible Assets

Goodwill

Trade names

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

Revenue Recognition

We do not have material contract assets or liabilities.

Advertising

Advertising costs are included in selling, general, and administrative expenses and are expensed as incurred on the Consolidated Statements of Income and Comprehensive Income.

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

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

Assets that Fund Deferred Compensation

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

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.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.

Repurchase Commitments

Basis of Presentation (Tables)

12 Months Ended

Aug. 27, 2022

Accounting Policies [Abstract]

Depreciation of Property and Equipment


Asset Class			Asset Life
Buildings and improvements			5-30 years
Machinery and equipment			1-15 years
Software			3-10 years
Transportation equipment			3-6 years

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


	August 27, 2022		August 28, 2021
Land	$	14,626	$	9,111
Buildings and building improvements	171,035		147,629
Machinery and equipment	142,574		121,911
Software	43,792		36,815
Transportation	6,509		5,335
Construction in progress	76,797		31,137
Property, plant, and equipment, gross	455,333		351,938
Less: Accumulated depreciation	179,114		160,511
Property, plant, and equipment, net	$	276,219	$	191,427

Business Combinations (Tables)

12 Months Ended

Aug. 27, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Preliminary Fair Values Assigned

The following table summarizes the 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

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the total consideration paid for Newmar, which was subject to purchase price adjustments of $3.3 million as stipulated in the Purchase Agreement:


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

Schedule of Pro Forma Information

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


	2020
Net revenues	$	388,383
Operating loss	(3,642)

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


	2020
Net revenues	$	2,508,792
Net income	72,609
Earnings per share - basic	$	2.16
Earnings per share - diluted	$	2.11

Pro Forma Data With Non-Recurring Adjustments


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

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

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

(3) Includes transaction costs related to the Newmar acquisition that were expensed in Fiscal 2020.

(4) Includes adjustments for cash and non-cash interest expense as well as deferred financing costs. Refer to Note 9 for additional information on our debt structure as a result of the acquisition.

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

Business Segments (Tables)

12 Months Ended

Aug. 27, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Financial information by reportable segment is as follows:


	2022		2021		2020
Net Revenues
Towable	$	2,597,358	$	2,009,959	$	1,227,567
Motorhome	1,911,196		1,539,084		1,056,794
Marine	425,269		60,209		51,812
Corporate / All Other	23,907		20,595		19,360
Consolidated	$	4,957,730	$	3,629,847	$	2,355,533

Adjusted EBITDA
Towable	$	383,622	$	289,007	$	148,276
Motorhome	237,992		169,205		32,949
Marine	60,831		5,177		(348)
Corporate / All Other	(33,517)		(27,322)		(12,802)
Consolidated	$	648,928	$	436,067	$	168,075

Capital Expenditures
Towable	$	45,703	$	25,121	$	13,389
Motorhome	22,260		17,604		15,061
Marine	16,367		2,166		3,927
Corporate / All Other	3,639		—		—
Consolidated	$	87,969	$	44,891	$	32,377


	August 27, 2022		August 28, 2021
Total Assets
Towable	$	874,879	$	790,257
Motorhome	823,390		728,060
Marine	416,146		102,901
Corporate / All Other	302,242		441,349
Consolidated	$	2,416,657	$	2,062,567

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


	2022		2021		2020
Net income	$	390,636	$	281,871	$	61,442
Interest expense, net	41,313		40,365		37,461
Provision for income taxes	124,086		85,579		15,834
Depreciation	24,238		18,201		15,997
Amortization	29,419		14,361		22,104
EBITDA	609,692		440,377		152,838
Acquisition-related fair-value inventory step-up	—		—		4,810
Acquisition-related costs	5,222		725		9,761
Litigation reserves	6,551		—		—
Restructuring expenses (1)	—		112		1,640
Gain on sale of property, plant and equipment	—		(4,753)		—
Contingent consideration fair value adjustment	29,382		—		—
Non-operating income	(1,919)		(394)		(974)
Adjusted EBITDA	$	648,928	$	436,067	$	168,075

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

Schedule of Revenue by Geographic Area

Net revenues by geography are as follows:


	2022		2021		2020
United States	$	4,618,130	$	3,410,588	$	2,225,028
International	339,600		219,259		130,505
Net revenues	$	4,957,730	$	3,629,847	$	2,355,533

Derivatives, Investments, and Fair Value Measurements (Tables)

12 Months Ended

Aug. 27, 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
	August 27, 2022		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	1,175	$	1,175	$	—	$	—
International equity funds	55		55		—		—
Fixed income funds	181		181		—		—
Total assets at fair value	$	1,411	$	1,411	$	—	$	—

Contingent consideration
Earnout liability	39,812		—		—		39,812
Total liabilities at fair value	$	39,812	$	—	$	—	$	39,812


	Fair Value at		Fair Value Hierarchy
	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
	August 27, 2022		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	1,175	$	1,175	$	—	$	—
International equity funds	55		55		—		—
Fixed income funds	181		181		—		—
Total assets at fair value	$	1,411	$	1,411	$	—	$	—

Contingent consideration
Earnout liability	39,812		—		—		39,812
Total liabilities at fair value	$	39,812	$	—	$	—	$	39,812


	Fair Value at		Fair Value Hierarchy
	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 Disclosure Of Contingent Consideration

The following table provides a reconciliation of the beginning and ending balances of the contingent consideration:


	August 27, 2022		August 28, 2021
Beginning fair value - contingent consideration	$	—	$	—
Additions	24,190		—
Fair value adjustments	29,382		—
Settlements	(13,168)		—
Other	(592)		—
Ending fair value - contingent consideration	$	39,812	$	—

Inventories (Tables)

12 Months Ended

Aug. 27, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following:


	August 27, 2022		August 28, 2021
Finished goods	$	59,340	$	12,243
Work-in-process ("WIP")	198,900		184,611
Raw materials	314,938		183,583
Total	573,178		380,437
Less: Excess of FIFO over LIFO cost	47,409		38,964
Inventories, net	$	525,769	$	341,473

Inventory valuation methods consist of the following:


	August 27, 2022		August 28, 2021
LIFO basis	$	212,245	$	139,544
First-in, first-out basis	360,933		240,893
Total	$	573,178	$	380,437

Property, Plant, and Equipment (Tables)

12 Months Ended

Aug. 27, 2022

Property, Plant and Equipment, Net [Abstract]

Property, Plant, and Equipment


Asset Class			Asset Life
Buildings and improvements			5-30 years
Machinery and equipment			1-15 years
Software			3-10 years
Transportation equipment			3-6 years

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


	August 27, 2022		August 28, 2021
Land	$	14,626	$	9,111
Buildings and building improvements	171,035		147,629
Machinery and equipment	142,574		121,911
Software	43,792		36,815
Transportation	6,509		5,335
Construction in progress	76,797		31,137
Property, plant, and equipment, gross	455,333		351,938
Less: Accumulated depreciation	179,114		160,511
Property, plant, and equipment, net	$	276,219	$	191,427

Goodwill and Intangible Assets (Tables)

12 Months Ended

Aug. 27, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in carrying value of goodwill by reportable segment, with no accumulated impairment losses, for Fiscal 2022, 2021, and 2020 are as follows:


	Towable		Motorhome		Marine		Total
Balances at August 29, 2020 (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 August 27, 2022	$	244,684	$	73,127	$	166,365	$	484,176

(1) There was no activity between the years ended August 29, 2020 and August 28, 2021.

(2) Refer to Note 2 for additional information on the acquisition of Barletta.

Schedule of Other Intangible Assets

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


	August 27, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Trade names	$	352,250			$	352,250
Dealer networks	179,981		$	60,518	119,463
Backlog	42,327		42,327		—
Non-compete agreements	6,647		5,972		675
Other intangible assets	581,205		108,817		472,388

	August 28, 2021
	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:


	Amortization
Fiscal 2023	$	15,226
Fiscal 2024	15,124
Fiscal 2025	14,919
Fiscal 2026	14,865
Fiscal 2027	14,865
Thereafter	45,139
Total amortization expense remaining	$	120,138

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Product Warranties (Tables)

12 Months Ended

Aug. 27, 2022

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability

Changes in the product warranty liability are as follows:


	2022		2021		2020
Balance at beginning of year	$	91,222	$	64,031	$	44,436
Business acquisitions(1)	4,656		—		15,147
Provision	119,286		89,951		61,898
Claims paid	(87,232)		(62,760)		(57,450)
Balance at end of year	$	127,932	$	91,222	$	64,031

(1) Refer to Note 2 for additional information regarding the acquisition of Barletta on August 31, 2021 and the acquisition of Newmar on November 8, 2019.

Long-Term Debt (Tables)

12 Months Ended

Aug. 27, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consists of the following:


	August 27, 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	(45,292)		(60,366)
Debt issuance cost, net	(8,853)		(11,075)
Long-term debt, net	545,855		528,559

Schedule of Maturities of Long-term Debt

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


	Amount
Fiscal 2023	$	—
Fiscal 2024	—
Fiscal 2025	300,000
Fiscal 2026	—
Fiscal 2027	—
Thereafter	300,000
Total Long-term debt, gross	$	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

Leases (Tables)

12 Months Ended

Aug. 27, 2022

Leases [Abstract]

Supplemental Balance Sheet Information

The supplemental balance sheet information related to our leases is as follows:


	Classification	August 27, 2022		August 28, 2021
Assets
Operating leases	Operating lease assets	$	41,131	$	28,379
Finance leases	Other long-term assets	6,672		4,971
Total lease assets		$	47,803	$	33,350

Liabilities
Current: Operating leases	Other current liabilities	$	4,715	$	2,596
Current: Finance leases	Other current liabilities	974		700
Non-Current: Operating leases	Long-term operating lease liabilities	40,426		26,745
Non-Current: Finance leases	Other long-term liabilities	6,690		5,313
Total lease liabilities		$	52,805	$	35,354

Schedule of Lease Costs

Operating lease costs incurred are as follows:


		Year Ended		Year Ended
	Classification	August 27, 2022		August 28, 2021
Operating lease expense(1)	Costs of goods sold and SG&A	$	9,550	$	5,785
Finance lease cost:
Depreciation of lease assets	Costs of goods sold and SG&A	825		609
Interest on lease liabilities	Interest expense, net	432		327
Total lease cost		$	10,807	$	6,721

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

Additional information related to our leases is as follows:


	August 27, 2022			August 28, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	3,666		$	2,589
Operating cash flows from financing leases	432			327
Financing cash flows from financing leases	877			572
Weighted average remaining lease term:
Operating leases	8.1			8.1
Finance leases	6.0			6.8
Weighted average discount rate:
Operating leases	5.8		%	6.2		%
Finance leases	5.9		%	6.3		%

Future Lease Commitments for Future Fiscal Years of Operating Leases

Our future lease commitments as of August 27, 2022 included the following related party and non-related party leases:


	Operating Leases as of August 27, 2022						Financing Leases
	Related Party Amount		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2023	$	1,500	$	5,463	$	6,963	$	1,392
Fiscal 2024	1,800		5,352		7,152		1,382
Fiscal 2025	1,800		5,065		6,865		1,404
Fiscal 2026	1,800		4,930		6,730		1,426
Fiscal 2027	1,800		4,952		6,752		1,448
Thereafter	4,200		18,031		22,231		2,153
Total future undiscounted lease payments	12,900		43,793		56,693		9,205
Less: Interest	2,568		8,984		11,552		1,541
Total reported lease liabilities	$	10,332	$	34,809	$	45,141	$	7,664

Future Lease Commitments for Future Fiscal Years of Financing Leases

Our future lease commitments as of August 27, 2022 included the following related party and non-related party leases:


	Operating Leases as of August 27, 2022						Financing Leases
	Related Party Amount		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2023	$	1,500	$	5,463	$	6,963	$	1,392
Fiscal 2024	1,800		5,352		7,152		1,382
Fiscal 2025	1,800		5,065		6,865		1,404
Fiscal 2026	1,800		4,930		6,730		1,426
Fiscal 2027	1,800		4,952		6,752		1,448
Thereafter	4,200		18,031		22,231		2,153
Total future undiscounted lease payments	12,900		43,793		56,693		9,205
Less: Interest	2,568		8,984		11,552		1,541
Total reported lease liabilities	$	10,332	$	34,809	$	45,141	$	7,664

Employee and Retiree Benefits (Tables)

12 Months Ended

Aug. 27, 2022

Retirement Benefits [Abstract]

Schedule of Deferred Compensation Benefits

Deferred compensation benefits are as follows:


	August 27, 2022		August 28, 2021
Non-qualified deferred compensation	$	7,937	$	9,731
Supplemental executive retirement plan	1,371		1,615
Executive deferred compensation plan	1,414		1,029
Total deferred compensation benefits	10,722		12,375
Less current portion(1)	2,577		2,825
Deferred compensation benefits, net of current portion	$	8,145	$	9,550

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

Investment in Life Insurance

The cash surrender value of these policies is presented in investment in life insurance in the Consolidated Balance Sheets and consists of the following:


	August 27, 2022		August 28, 2021
Cash value	$	67,201	$	66,544
Borrowings	(38,577)		(37,723)
Investment in life insurance	$	28,624	$	28,821

Contingent Liabilities and Commitments (Tables)

12 Months Ended

Aug. 27, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Repurchase Agreements

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


(in thousands, except for units)	2022		2021		2020
Inventory repurchased:
Units	4		10		107
Dollars	$	99	$	349	$	2,592
Inventory resold:
Units	9		10		118
Cash collected	$	217	$	321	$	2,540
Loss recognized	$	27	$	29	$	252
Units in ending inventory	—		5		5

Revenue Recognition (Tables)

12 Months Ended

Aug. 27, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Reportable Segment

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


	2022		2021		2020
Net Revenues
Towable:
Fifth Wheel	$	1,260,871	$	1,024,355	$	690,452
Travel Trailer	1,296,591		959,716		519,282
Other(1)	39,896		25,888		17,833
Total Towable	2,597,358		2,009,959		1,227,567
Motorhome:
Class A	786,740		690,146		479,120
Class B	718,039		532,200		332,961
Class C and Other(1)	406,417		316,738		244,713
Total Motorhome	1,911,196		1,539,084		1,056,794
Marine:	425,269		60,209		51,812
Corporate / All Other(2):	23,907		20,595		19,360
Consolidated	$	4,957,730	$	3,629,847	$	2,355,533

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

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

Stock-Based Compensation Plans (Tables)

12 Months Ended

Aug. 27, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

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


	2022		2021		2020
Share awards:
Time-based	$	7,540	$	5,737	$	4,287
Performance-based	7,412		7,920		796
Stock options	1,000		1,019		990
Other(1)	1,133		671		402
Total stock-based compensation expense	$	17,085	$	15,347	$	6,475

Summary of Nonvested Time-Based Share Awards

A summary of the status of nonvested time-based restricted stock units at August 27, 2022, and changes during Fiscal 2022, is as follows:


	Shares(1)	Weighted Average Fair Value
Outstanding at August 28, 2021	330,819	$	44.35
Granted	147,236	$	73.64
Vested	(111,832)	$	45.53
Forfeited/canceled	(37,385)	$	55.05
Outstanding at August 27, 2022	328,838	$	55.85

(1) Number of shares in the above table are shown in whole numbers.

Summary of Nonvested Performance-Based Awards

A summary of the status of our nonvested performance-based restricted stock units at August 27, 2022, and changes during Fiscal 2022, is as follows:


	Shares(1)	Weighted Average Fair Value
Outstanding at August 28, 2021	227,751	$	45.81
Granted	88,557	$	68.59
Vested	(76,413)	$	40.46
Forfeited/canceled	(41,689)	$	43.93
Outstanding at August 27, 2022	198,206	$	58.45

(1) Number of shares in the above table are shown in whole numbers.

Summary of Stock Option Activity

A summary of stock option activity for Fiscal 2022 is as follows:


	Stock Options(1)	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at August 28, 2021	317,903	$	40.41
Granted	44,040	$	75.59
Exercised	(30,113)	$	36.24
Forfeited/canceled	(9,723)	$	60.27
Outstanding at August 27, 2022	322,107	$	44.75	6.5	$	5,886
Vested and expected to vest at August 27, 2022	322,107	$	44.75	6.5	$	5,886
Exercisable at August 27, 2022	232,549	$	37.77	5.8	$	5,454

(1) Number of shares in the above table are shown in whole numbers.

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

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


Valuation Assumptions(1)	2022			2021			2020
Expected dividend yield	1.0		%	0.8		%	0.9		%
Risk-free interest rate(2)	1.1		%	0.3		%	1.7		%
Expected life of stock options (in years)(3)	5			5			5
Expected stock price volatility(4)	48.5		%	48.6		%	41.2		%
Weighted average fair value of options granted	$	30.47		$	21.65		$	17.18

(1) Forfeitures are recorded when they occur.

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

(3) Estimated based on historical experience.

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

Income Taxes (Tables)

12 Months Ended

Aug. 27, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense consisted of the following:


	2022		2021		2020
Current
Federal	$	105,863	$	71,579	$	14,318
State	24,868		16,179		2,806
Total	130,731		87,758		17,124
Deferred
Federal	(5,553)		737		(790)
State	(1,092)		(2,916)		(500)
Total	(6,645)		(2,179)		(1,290)
Provision for income taxes	$	124,086	$	85,579	$	15,834

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. statutory income tax rate to our effective income tax rate is as follows:


	2022		2021		2020
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	3.5	%	3.3	%	1.9	%
Income tax credits	(0.5)	%	(0.6)	%	(2.5)	%
Nondeductible compensation	0.9	%	0.5	%	0.9	%
Tax-free and dividend income	(0.1)	%	(0.1)	%	(0.6)	%
Uncertain tax position settlements and adjustments	(0.1)	%	(0.1)	%	0.1	%
Other items	(0.6)	%	(0.7)	%	(0.3)	%
Effective tax provision rate	24.1	%	23.3	%	20.5	%

Schedule of Deferred Income Taxes

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


	August 27, 2022		August 28, 2021
Warranty reserves	$	30,690	$	22,450
Deferred compensation	2,978		5,224
Self-insurance reserve	4,884		4,336
Stock-based compensation	5,534		4,607
Leases	12,868		8,422
Other(1)	9,108		7,170
Total deferred tax assets	66,062		52,209
Convertible notes	1,993		2,608
Intangibles	39,493		39,940
Depreciation	19,036		15,161
Leases	11,648		7,929
Total deferred tax liabilities	72,170		65,638
Total deferred income tax liabilities, net	$	6,108	$	13,429

Schedule of Unrecognized Tax Benefits

Changes in the unrecognized tax benefits are as follows:


	2022		2021		2020
Balance at beginning of year	$	5,537	$	5,830	$	2,822
Gross increases-tax positions in a prior year	—		—		2,486
Gross decreases-tax positions in a prior year	(1,156)		(872)		—
Gross increases-current year tax positions	610		579		522
Balance at end of year	4,991		5,537		5,830
Accrued interest and penalties	753		946		681
Total unrecognized tax benefits	$	5,744	$	6,483	$	6,511

Earnings per Share (Tables)

12 Months Ended

Aug. 27, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted earnings per share are calculated as follows:


(in thousands, except per share data)	2022		2021		2020
Net income	$	390,636	$	281,871	$	61,442

Weighted average common shares outstanding	32,475		33,528		33,236
Dilutive impact of stock compensation awards	510		375		218
Dilutive impact of convertible notes	—		153		—
Weighted average common shares outstanding, assuming dilution	32,985		34,056		33,454

Anti-dilutive securities excluded from weighted average diluted common shares outstanding	159		49		39

Basic earnings per common share	$	12.03	$	8.41	$	1.85
Diluted earnings per common share	$	11.84	$	8.28	$	1.84

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Aug. 27, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

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


	Defined Benefit Pension Items
	2022		2021
Balance at beginning of year	$	(491)	$	(526)
OCI before reclassifications	—		—
Amounts reclassified from AOCI	37		35
Net current-year OCI	37		35
Balance at end of year	$	(454)	$	(491)

Reclassification out of AOCI in Net Periodic Benefit Costs

Reclassifications out of AOCI, net of tax, were:


	Location on Consolidated Statements of Income and Comprehensive Income	2022		2021		2020
Amortization of net actuarial loss	SG&A	$	37	$	35	$	33
Interest rate contract	Interest expense	—		—		432
Total reclassifications		$	37	$	35	$	465

Basis of Presentation - Property and Equipment (Details)	12 Months Ended
	Aug. 27, 2022
Buildings and building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Asset Life	5 years
Buildings and building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Asset Life	30 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Asset Life	1 year
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Asset Life	15 years
Software \| Minimum
Property, Plant and Equipment [Line Items]
Asset Life	3 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Asset Life	10 years
Transportation equipment \| Minimum
Property, Plant and Equipment [Line Items]
Asset Life	3 years
Transportation equipment \| Maximum
Property, Plant and Equipment [Line Items]
Asset Life	6 years

Basis of Presentation - Narrative (Details) - USD ($) shares in Thousands	3 Months Ended	12 Months Ended
	Aug. 27, 2022	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020	Nov. 26, 2022	May 30, 2020
Business Acquisition [Line Items]
Goodwill impairment	$ 0			$ 0	$ 0
Finite-lived impairment loss			$ 0	0	0
Insurance policy limit			75,000,000
Self insurance reserve for product liability, per occurrence			1,000,000
Self insurance reserve for product liability, aggregate per policy year			2,000,000
Self-insurance policy health, occurrence			500,000
Advertising expense			23,300,000	11,600,000	12,500,000
Deferred FICA liability	8,100,000		8,100,000	16,200,000
Employee retention credit							$ 4,000,000
Employee retention credit outstanding	800,000		800,000
Decrease in additional paid-in capital	(256,224,000)		(256,224,000)	(218,490,000)
Long-term debt, net	545,855,000		545,855,000	528,559,000
Deferred income taxes	(6,108,000)		(6,108,000)	(13,429,000)
Increase in retained earnings	$ 1,537,531,000		1,537,531,000	1,172,996,000
Non-cash interest expense, net			$ (15,074,000)	$ (13,928,000)	$ (10,727,000)
Dilutive impact of convertible notes (in shares)			0	153	0
Accounting Standards Update 2020-06 \| Scenario, Forecast
Business Acquisition [Line Items]
Decrease in additional paid-in capital						$ 62,000,000
Long-term debt, net						43,800,000
Deferred income taxes						10,800,000
Increase in retained earnings						$ 29,000,000
Non-cash interest expense, net		$ 15,100,000
Dilutive impact of convertible notes (in shares)		4,700

Business Combinations - Narrative (Details) - USD ($) $ in Thousands, shares in Millions			3 Months Ended			12 Months Ended
	Aug. 31, 2021	Nov. 08, 2019	May 28, 2022	Nov. 27, 2021	Aug. 28, 2021	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Business Acquisition [Line Items]
Acquisition related costs						$ 5,222	$ 725	$ 9,761
Barletta
Business Acquisition [Line Items]
Percent of voting interest acquired	100.00%
Purchase price	$ 286,300
Cash	240,100
Common stock issued to sellers	$ 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					39,800
Transaction costs						$ 3,100
Acquisition related costs				$ 2,400	$ 700
Barletta \| Dealer networks
Business Acquisition [Line Items]
Weighted-average useful life	12 years
Barletta \| Backlog
Business Acquisition [Line Items]
Weighted-average useful life						10 months
Barletta \| Common Shares
Business Acquisition [Line Items]
Issuance of stock for acquisition (in shares)			0.2
Barletta \| Other Current Liabilities
Business Acquisition [Line Items]
Earnout liability						$ 21,300
Barletta \| Other Noncurrent Liabilities
Business Acquisition [Line Items]
Earnout liability						$ 18,500
Barletta \| Earnout Paid In Stock
Business Acquisition [Line Items]
Earnout amount	$ 50,000
Barletta \| Earnout Paid In Cash
Business Acquisition [Line Items]
Earnout amount	$ 15,000
Newmar Corporation
Business Acquisition [Line Items]
Percent of voting interest acquired		100.00%
Purchase price		$ 357,006
Cash		264,434
Common stock issued to sellers		92,572
Purchase price adjustments		$ 3,300
Stock consideration discount		7.00%

Business Combinations - Schedule of Preliminary Fair Values Assigned (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 31, 2021	Aug. 28, 2021	Aug. 29, 2020
Business Acquisition [Line Items]
Goodwill	$ 484,176		$ 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 Combinations - Consideration Paid (Details) - Newmar Corporation $ / shares in Units, $ in Thousands	Nov. 08, 2019 USD ($) $ / shares shares
Business Acquisition [Line Items]
Cash	$ 264,434
Winnebago Industries shares: 2,000,000 at $46.29	92,572
Total	$ 357,006
Shares issued for acquisition (in shares) \| shares	2,000,000
Share price (in dollars per share) \| $ / shares	$ 46.29

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

Business Combinations - Pro Forma Information (Details) - Newmar Corporation $ / shares in Units, $ in Thousands	12 Months Ended
	Aug. 29, 2020 USD ($) $ / shares
Business Acquisition [Line Items]
Net revenues	$ 2,508,792
Net income	$ 72,609
Earnings per share - basic (in dollars per share) \| $ / shares	$ 2.16
Earnings per share - diluted (in dollars per share) \| $ / shares	$ 2.11
Amortization of intangibles (1 year or less useful life)
Business Acquisition [Line Items]
Nonrecurring adjustments	$ 13,610
Increase in amortization of intangibles
Business Acquisition [Line Items]
Nonrecurring adjustments	(1,061)
Expenses related to business combination (transaction costs)
Business Acquisition [Line Items]
Nonrecurring adjustments	9,761
Interest to reflect new debt structure
Business Acquisition [Line Items]
Nonrecurring adjustments	(4,356)
Taxes related to the adjustments to the pro forma data and to the income of Newmar
Business Acquisition [Line Items]
Nonrecurring adjustments	$ (2,968)

Business Segments - Information by Reportable Segment (Details) $ in Thousands	12 Months Ended
	Aug. 27, 2022 USD ($) segment	Aug. 28, 2021 USD ($)	Aug. 29, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	7
Number of reportable segments \| segment	3
Net Revenues	$ 4,957,730	$ 3,629,847	$ 2,355,533
Adjusted EBITDA	648,928	436,067	168,075
Capital Expenditures	87,969	44,891	32,377
Total Assets	2,416,657	2,062,567
Net income	390,636	281,871	61,442
Interest expense, net	41,313	40,365	37,461
Provision for income taxes	124,086	85,579	15,834
Depreciation	24,238	18,201	15,997
Amortization	29,419	14,361	22,104
EBITDA	609,692	440,377	152,838
Acquisition-related fair-value inventory step-up	0	0	4,810
Acquisition-related costs	5,222	725	9,761
Litigation reserves	6,551	0	0
Restructuring expenses	0	112	1,640
Gain on sale of property, plant and equipment	0	(4,753)	0
Contingent consideration fair value adjustment	29,382	0	0
Non-operating income	(1,919)
Corporate / All Other
Segment Reporting Information [Line Items]
Net Revenues	23,907	20,595	19,360
Adjusted EBITDA	(33,517)	(27,322)	(12,802)
Capital Expenditures	3,639	0	0
Total Assets	302,242	441,349
Towable \| Operating Segments
Segment Reporting Information [Line Items]
Net Revenues	2,597,358	2,009,959	1,227,567
Adjusted EBITDA	383,622	289,007	148,276
Capital Expenditures	45,703	25,121	13,389
Total Assets	874,879	790,257
Motorhome \| Operating Segments
Segment Reporting Information [Line Items]
Net Revenues	1,911,196	1,539,084	1,056,794
Adjusted EBITDA	237,992	169,205	32,949
Capital Expenditures	22,260	17,604	15,061
Total Assets	823,390	728,060
Marine \| Operating Segments
Segment Reporting Information [Line Items]
Net Revenues	425,269	60,209	51,812
Adjusted EBITDA	60,831	5,177	(348)
Capital Expenditures	16,367	2,166	$ 3,927
Total Assets	$ 416,146	$ 102,901

Business Segments - Revenues by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 4,957,730	$ 3,629,847	$ 2,355,533
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	4,618,130	3,410,588	2,225,028
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 339,600	$ 219,259	$ 130,505

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Derivatives, Investments, and Fair Value Measurements - Fair Value Inputs (Details) - USD ($)	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Fair Value, Measurements, Recurring
Assets that fund deferred compensation:
Domestic equity funds	$ 1,175,000	$ 940,000
International equity funds	55,000	41,000
Fixed income funds	181,000	46,000
Total assets at fair value	1,411,000	1,027,000
Contingent consideration
Earnout liability	39,812,000
Total liabilities at fair value	39,812,000
Fair Value, Measurements, Recurring \| Level 1
Assets that fund deferred compensation:
Domestic equity funds	1,175,000	940,000
International equity funds	55,000	41,000
Fixed income funds	181,000	46,000
Total assets at fair value	1,411,000	1,027,000
Contingent consideration
Earnout liability	0
Total liabilities at fair value	0
Fair Value, Measurements, Recurring \| Level 2
Assets that fund deferred compensation:
Domestic equity funds	0	0
International equity funds	0	0
Fixed income funds	0	0
Total assets at fair value	0	0
Contingent consideration
Earnout liability	0
Total liabilities at fair value	0
Fair Value, Measurements, Recurring \| Level 3
Assets that fund deferred compensation:
Domestic equity funds	0	0
International equity funds	0	0
Fixed income funds	0	0
Total assets at fair value	0	0
Contingent consideration
Earnout liability	39,812,000
Total liabilities at fair value	39,812,000
Fair Value, Measurements, Nonrecurring
Contingent consideration
Asset impairment charges	$ 0	$ 0	$ 0

Derivatives, Investments, and Fair Value Measurements - Fair Value of Contingent Consideration (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value - contingent consideration	$ 0	$ 0
Additions	24,190	0
Fair value adjustments	29,382	0	$ 0
Settlements	(13,168)	0
Other	(592)	0
Ending fair value - contingent consideration	$ 39,812	$ 0	$ 0

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 28, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 59,340	$ 12,243
Work-in-process ("WIP")	198,900	184,611
Raw materials	314,938	183,583
Total	573,178	380,437
Less: Excess of FIFO over LIFO cost	47,409	38,964
Inventories, net	$ 525,769	$ 341,473

Inventories - Inventory Valuation Methods (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 28, 2021
Inventory Disclosure [Abstract]
LIFO basis	$ 212,245	$ 139,544
First-in, first-out basis	360,933	240,893
Total	$ 573,178	$ 380,437

Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 28, 2021
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 455,333	$ 351,938
Less: Accumulated depreciation	179,114	160,511
Property, plant, and equipment, net	276,219	191,427
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	14,626	9,111
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	171,035	147,629
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	142,574	121,911
Software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	43,792	36,815
Transportation
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	6,509	5,335
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 76,797	$ 31,137

Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Property, Plant and Equipment, Net [Abstract]
Depreciation	$ 24,238	$ 18,201	$ 15,997

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	12 Months Ended
	Aug. 27, 2022 USD ($)
Goodwill [Roll Forward]
Balance at beginning of year	$ 348,058
Acquisition	136,118
Balance at end of year	484,176
Towable
Goodwill [Roll Forward]
Balance at beginning of year	244,684
Acquisition	0
Balance at end of year	244,684
Motorhome
Goodwill [Roll Forward]
Balance at beginning of year	73,127
Acquisition	0
Balance at end of year	73,127
Marine
Goodwill [Roll Forward]
Balance at beginning of year	30,247
Acquisition	136,118
Balance at end of year	$ 166,365

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 28, 2021
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	$ 581,205	$ 469,805
Accumulated Amortization	108,817	79,398
Net Carrying Value	472,388	390,407
Dealer networks
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	179,981	159,581
Accumulated Amortization	60,518	45,652
Net Carrying Value	119,463	113,929
Backlog
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	42,327	28,327
Accumulated Amortization	42,327	28,327
Net Carrying Value	0	0
Non-compete agreements
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	6,647	6,647
Accumulated Amortization	5,972	5,419
Net Carrying Value	675	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)	12 Months Ended
Goodwill and Intangible Assets - Narrative (Details)	Aug. 27, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average remaining amortization period for intangible assets	8 years

Goodwill and Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Thousands	Aug. 27, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Fiscal 2023	$ 15,226
Fiscal 2024	15,124
Fiscal 2025	14,919
Fiscal 2026	14,865
Fiscal 2027	14,865
Thereafter	45,139
Total amortization expense remaining	$ 120,138

Product Warranties - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 91,222	$ 64,031	$ 44,436
Business acquisitions	4,656	0	15,147
Provision	119,286	89,951	61,898
Claims paid	(87,232)	(62,760)	(57,450)
Balance at end of year	$ 127,932	$ 91,222	$ 64,031

Long-Term Debt - Credit Agreements Narrative (Details) - USD ($)	Jul. 15, 2022	Jul. 08, 2020	Jul. 14, 2022
ABL Credit Facility
Debt Instrument [Line Items]
Debt, face amount	$ 350,000,000		$ 192,500,000
Floating rate	0.10%
Debt issuance costs capitalized	$ 1,200,000
Debt instrument, term	5 years
ABL Credit Facility \| Minimum
Debt Instrument [Line Items]
Floating rate	1.25%
ABL Credit Facility \| Maximum
Debt Instrument [Line Items]
Floating rate	1.75%
Letter of Credit \| ABL Credit Facility
Debt Instrument [Line Items]
Debt amount	$ 35,000,000
Letter of Credit \| ABL Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.25%
Senior Notes \| Senior Secured Notes due 2028
Debt Instrument [Line Items]
Debt amount		$ 300,000,000
Debt issuance costs capitalized		$ 7,500,000
Debt instrument, term		8 years
Interest rate, stated percentage		6.25%

Long-Term Debt - Convertible Notes Narrative (Details)	Nov. 01, 2019 USD ($) day $ / shares Rate	Oct. 30, 2019 USD ($) $ / shares	Aug. 27, 2022 USD ($)	Aug. 28, 2021 USD ($)
Debt Instrument [Line Items]
Offering-related costs			$ 8,853,000	$ 11,075,000
Call Spread Transactions
Debt Instrument [Line Items]
Percentage increase of strike price		100.00%
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
Call Spread Transactions \| Warrant
Debt Instrument [Line Items]
Strike price (in dollars per share) \| $ / shares		$ 96.20
Convertible Senior Notes due 2025
Debt Instrument [Line Items]
Debt amount	$ 300,000,000
Interest rate, stated percentage	1.50%
Proceeds from issuance of notes	$ 290,200,000
Conversion rate \| Rate	1.56906%
Conversion price (in dollars per share) \| $ / shares	$ 63,730,000
Number of consecutive trading days \| day	30
Consecutive business days \| day	5
Consecutive trading days \| day	5
Convertible Senior Notes due 2025 \| Convertible Note Hedge Transactions
Debt Instrument [Line Items]
Strike price (in dollars per share) \| $ / shares		$ 63.73
Convertible Senior Notes due 2025 \| Call Spread Transactions
Debt Instrument [Line Items]
Debt amount	$ 215,000,000
Interest rate, stated percentage	8.00%
Proceeds from issuance of notes		$ 28,600,000
Net cost incurred transaction, amount	$ 11,200,000
Convertible Senior Notes due 2025 \| Minimum
Debt Instrument [Line Items]
Percentage of the conversion price	130.00%
Number of trading days \| day	20
Convertible Senior Notes due 2025 \| Maximum
Debt Instrument [Line Items]
Percentage of the conversion price	98.00%

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 28, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 600,000	$ 600,000
Convertible Notes unamortized interest discount	(45,292)	(60,366)
Debt issuance cost, net	(8,853)	(11,075)
Long-term debt, net	545,855	528,559
Fair value of long-term debt, excluding debt issuance costs	634,200	726,600
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, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Long-Term Debt - Contractual Maturities (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 28, 2021
Debt Disclosure [Abstract]
Fiscal 2023	$ 0
Fiscal 2024	0
Fiscal 2025	300,000
Fiscal 2026	0
Fiscal 2027	0
Thereafter	300,000
Total Long-term debt, gross	$ 600,000	$ 600,000

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 28, 2021
Assets
Operating leases	$ 41,131	$ 28,379
Finance leases	6,672	4,971
Total lease assets	$ 47,803	$ 33,350
Finance lease, right-of-use asset, statement of financial position, extensible enumeration	Other long-term assets	Other long-term assets
Liabilities
Current: Operating leases	$ 4,715	$ 2,596
Current: Finance leases	974	700
Non-Current: Operating leases	40,426	26,745
Non-Current: Finance leases	6,690	5,313
Total lease liabilities	$ 52,805	$ 35,354
Operating lease, liability, current, statement of financial position, extensible enumeration	Other current liabilities	Other current liabilities
Finance lease, liability, current, statement of financial position, extensible enumeration	Other current liabilities	Other current liabilities
Finance lease, liability, noncurrent, statement of financial position, extensible enumeration	Other long-term liabilities	Other long-term liabilities

Leases - Operating Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021
Leases [Abstract]
Operating lease expense	$ 9,550	$ 5,785
Finance lease cost:
Depreciation of lease assets	825	609
Interest on lease liabilities	432	327
Total lease cost	$ 10,807	$ 6,721

Leases - Future Lease Commitments for Future Fiscal Years (Details) $ in Thousands	Aug. 27, 2022 USD ($)
Operating Leases
Fiscal 2023	$ 6,963
Fiscal 2024	7,152
Fiscal 2025	6,865
Fiscal 2026	6,730
Fiscal 2027	6,752
Thereafter	22,231
Total future undiscounted lease payments	56,693
Less: Interest	11,552
Total reported lease liabilities	45,141
Related Party Amount
Operating Leases
Fiscal 2023	1,500
Fiscal 2024	1,800
Fiscal 2025	1,800
Fiscal 2026	1,800
Fiscal 2027	1,800
Thereafter	4,200
Total future undiscounted lease payments	12,900
Less: Interest	2,568
Total reported lease liabilities	10,332
Non-Related Party Amount
Operating Leases
Fiscal 2023	5,463
Fiscal 2024	5,352
Fiscal 2025	5,065
Fiscal 2026	4,930
Fiscal 2027	4,952
Thereafter	18,031
Total future undiscounted lease payments	43,793
Less: Interest	8,984
Total reported lease liabilities	34,809
Financing Leases
Fiscal 2023	1,392
Fiscal 2024	1,382
Fiscal 2025	1,404
Fiscal 2026	1,426
Fiscal 2027	1,448
Thereafter	2,153
Total future undiscounted lease payments	9,205
Less: Interest	1,541
Total reported lease liabilities	$ 7,664

Leases - Additional Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 3,666	$ 2,589
Operating cash flows from financing leases	432	327
Financing cash flows from financing leases	$ 877	$ 572
Weighted average remaining lease term:
Operating leases	8 years 1 month 6 days	8 years 1 month 6 days
Finance leases	6 years	6 years 9 months 18 days
Weighted average discount rate:
Operating leases	5.80%	6.20%
Finance leases	5.90%	6.30%

Employee and Retiree Benefits - Postretirement Health Care and Deferred Compensation Benefits (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 28, 2021
Retirement Benefits [Abstract]
Non-qualified deferred compensation	$ 7,937	$ 9,731
Supplemental executive retirement plan	1,371	1,615
Executive deferred compensation plan	1,414	1,029
Total deferred compensation benefits	10,722	12,375
Less current portion	2,577	2,825
Deferred compensation benefits, net of current portion	$ 8,145	$ 9,550

Employee and Retiree Benefits - Deferred Compensation Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Matching contribution amount	$ 12.0	$ 5.6	$ 3.4
Employer discretionary contribution amount	$ 12.1	6.1	0.0
Key Employees \| Non-Qualified Deferred Compensation Program (1981)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Vesting age	55 years
Requisite service period	5 years
Requisite service period prior to December 1992	20 years
Deferred compensation expense	$ 0.6	0.8	$ 0.9
Officers and Managers \| Supplemental Employee Retirement Plan (SERP)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contractual amount of years after retirement	15 years
Officers and Key Employees \| Executive Deferred Compensation Plan 2007
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Maximum salary deferral	50.00%
Maximum cash incentive award deferral	100.00%
Deferred compensation assets	$ 1.4	$ 1.0

Employee and Retiree Benefits - Investment in Life Insurance (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 28, 2021
Retirement Benefits [Abstract]
Cash value	$ 67,201	$ 66,544
Borrowings	(38,577)	(37,723)
Investment in life insurance	$ 28,624	$ 28,821

Contingent Liabilities and Commitments - Repurchase Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 27, 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	$ 1.4	$ 0.9
Obligation to Repurchase from Dealers
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Contingent liability on repurchase agreements	$ 1,783.7	$ 552.1

Contingent Liabilities and Commitments - Schedule of Repurchased Activity (Details) $ in Thousands	12 Months Ended
	Aug. 27, 2022 USD ($) recreationVehicle	Aug. 28, 2021 USD ($) recreationVehicle	Aug. 29, 2020 USD ($) recreationVehicle
Inventory repurchased:
Units \| recreationVehicle	4	10	107
Dollars \| $	$ 99	$ 349	$ 2,592
Inventory resold:
Units \| recreationVehicle	9	10	118
Cash collected \| $	$ 217	$ 321	$ 2,540
Loss recognized \| $	$ 27	$ 29	$ 252
Units in ending inventory \| recreationVehicle	0	5	5

Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Disaggregation of Revenue [Line Items]
Net revenues	$ 4,957,730	$ 3,629,847	$ 2,355,533
Operating Segments \| Towable
Disaggregation of Revenue [Line Items]
Net revenues	2,597,358	2,009,959	1,227,567
Operating Segments \| Towable \| Fifth Wheel
Disaggregation of Revenue [Line Items]
Net revenues	1,260,871	1,024,355	690,452
Operating Segments \| Towable \| Travel Trailer
Disaggregation of Revenue [Line Items]
Net revenues	1,296,591	959,716	519,282
Operating Segments \| Towable \| Other
Disaggregation of Revenue [Line Items]
Net revenues	39,896	25,888	17,833
Operating Segments \| Motorhome
Disaggregation of Revenue [Line Items]
Net revenues	1,911,196	1,539,084	1,056,794
Operating Segments \| Motorhome \| Class A
Disaggregation of Revenue [Line Items]
Net revenues	786,740	690,146	479,120
Operating Segments \| Motorhome \| Class B
Disaggregation of Revenue [Line Items]
Net revenues	718,039	532,200	332,961
Operating Segments \| Motorhome \| Class C and Other
Disaggregation of Revenue [Line Items]
Net revenues	406,417	316,738	244,713
Operating Segments \| Marine
Disaggregation of Revenue [Line Items]
Net revenues	425,269	60,209	51,812
Corporate / All Other
Disaggregation of Revenue [Line Items]
Net revenues	$ 23,907	$ 20,595	$ 19,360

Stock-Based Compensation Plans - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020	Dec. 11, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued compensation	$ 71,646	$ 67,541
Unrecognized compensation expense related to stock options	$ 1,300
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding options term	10 years
Vesting period	3 years
Unrecognized compensation expense, period of recognition	9 months 18 days
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Unrecognized compensation expense	$ 3,900
Unrecognized compensation expense, period of recognition	10 months 24 days
Total fair value of awards vested	$ 5,800	1,400	$ 2,400
Time-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 8,400
Unrecognized compensation expense, period of recognition	9 months 18 days
Total fair value of awards vested	$ 8,000	$ 5,200	$ 3,300
Time-based \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount market price percentage	15.00%
Shares purchased through the ESPP (in shares)	42	24
Accrued compensation	$ 400	$ 400
Incentive Compensation Plan 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				4,100

Stock-Based Compensation Plans - Expense Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 17,085	$ 15,347	$ 6,475
Time-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	7,540	5,737	4,287
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	7,412	7,920	796
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,000	1,019	990
Other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,133	$ 671	$ 402

Stock-Based Compensation Plans - Share Awards Activity (Details)	12 Months Ended
	Aug. 27, 2022 $ / shares shares
Time-based
Shares
Beginning balance (in shares) \| shares	330,819
Granted (in shares) \| shares	147,236
Vested (in shares) \| shares	(111,832)
Forfeited/canceled (in shares) \| shares	(37,385)
Ending balance (in shares) \| shares	328,838
Weighted Average Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 44.35
Granted (in dollars per share) \| $ / shares	73.64
Vested (in dollars per share) \| $ / shares	45.53
Forfeited/canceled (in dollars per share) \| $ / shares	55.05
Ending balance (in dollars per share) \| $ / shares	$ 55.85
Performance-based
Shares
Beginning balance (in shares) \| shares	227,751
Granted (in shares) \| shares	88,557
Vested (in shares) \| shares	(76,413)
Forfeited/canceled (in shares) \| shares	(41,689)
Ending balance (in shares) \| shares	198,206
Weighted Average Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 45.81
Granted (in dollars per share) \| $ / shares	68.59
Vested (in dollars per share) \| $ / shares	40.46
Forfeited/canceled (in dollars per share) \| $ / shares	43.93
Ending balance (in dollars per share) \| $ / shares	$ 58.45

Stock-Based Compensation Plans - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Aug. 27, 2022 USD ($) $ / shares shares
Stock Options
Outstanding beginning balance (in shares) \| shares	317,903
Granted (in shares) \| shares	44,040
Exercised (in shares) \| shares	(30,113)
Forfeited/canceled (in shares) \| shares	(9,723)
Outstanding ending balance (in shares) \| shares	322,107
Vested and expected to vest at end of year (in shares) \| shares	322,107
Exercisable at end of year (in shares) \| shares	232,549
Weighted Average Exercise Price Per Share
Outstanding beginning balance (in dollars per share) \| $ / shares	$ 40.41
Granted (in dollars per share) \| $ / shares	75.59
Exercised (in dollars per share) \| $ / shares	36.24
Forfeited/canceled (in dollars per share) \| $ / shares	60.27
Outstanding ending balance (in dollars per share) \| $ / shares	44.75
Vested and expected to vest at end of year (in dollars per share) \| $ / shares	44.75
Exercisable at end of year (in dollars per share) \| $ / shares	$ 37.77
Weighted Average Remaining Contractual Term (in years)
Outstanding	6 years 6 months
Vested and expected to vest	6 years 6 months
Exercisable	5 years 9 months 18 days
Aggregate Intrinsic Value
Outstanding \| $	$ 5,886
Vested and expected to vest \| $	5,886
Exercisable \| $	$ 5,454

Stock-Based Compensation Plans - Stock Option Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Share-Based Payment Arrangement [Abstract]
Expected dividend yield	1.00%	0.80%	0.90%
Risk free interest rate	1.10%	0.30%	1.70%
Expected life of stock options (in years)	5 years	5 years	5 years
Expected stock price volatility	48.50%	48.60%	41.20%
Weighted average fair value of options granted (in dollars per share)	$ 30.47	$ 21.65	$ 17.18

Restructuring (Details) - USD ($) $ in Thousands	12 Months Ended
Restructuring (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Restructuring Cost and Reserve [Line Items]
Proceeds from the sale of property, plant, and equipment	$ 178	$ 12,452	$ 0
Facility Relocation
Restructuring Cost and Reserve [Line Items]
Proceeds from the sale of property, plant, and equipment		12,400
Gain on sale		$ 4,800

Income Taxes - Components of Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Current
Federal	$ 105,863	$ 71,579	$ 14,318
State	24,868	16,179	2,806
Total	130,731	87,758	17,124
Deferred
Federal	(5,553)	737	(790)
State	(1,092)	(2,916)	(500)
Total	(6,645)	(2,179)	(1,290)
Provision for income taxes	$ 124,086	$ 85,579	$ 15,834

- Definition

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

+ References + Details

Income Taxes - Reconciliation of U.S. Statutory Income Tax Rate (Details)	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	3.50%	3.30%	1.90%
Income tax credits	(0.50%)	(0.60%)	(2.50%)
Nondeductible compensation	0.90%	0.50%	0.90%
Tax-free and dividend income	(0.10%)	(0.10%)	(0.60%)
Uncertain tax position settlements and adjustments	(0.10%)	(0.10%)	0.10%
Other items	(0.60%)	(0.70%)	(0.30%)
Effective tax provision rate	24.10%	23.30%	20.50%

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	24.10%	23.30%	20.50%
Unrecognized tax benefits	$ 5.3

Income Taxes - Significant Items Comprising Deferred Taxes (Details) - USD ($) $ in Thousands	Aug. 27, 2022	Aug. 28, 2021
Income Tax Disclosure [Abstract]
Warranty reserves	$ 30,690	$ 22,450
Deferred compensation	2,978	5,224
Self-insurance reserve	4,884	4,336
Stock-based compensation	5,534	4,607
Leases	12,868	8,422
Other	9,108	7,170
Total deferred tax assets	66,062	52,209
Convertible notes	1,993	2,608
Intangibles	39,493	39,940
Depreciation	19,036	15,161
Leases	11,648	7,929
Total deferred tax liabilities	72,170	65,638
Total deferred income tax liabilities, net	6,108	13,429
State NOL carryforward	$ 113	$ 400

Income Taxes - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 5,537	$ 5,830	$ 2,822
Gross increases-tax positions in a prior year	0	0	2,486
Gross decreases-tax positions in a prior year	(1,156)	(872)	0
Gross increases-current year tax positions	610	579	522
Balance at end of year	4,991	5,537	5,830
Accrued interest and penalties	753	946	681
Total unrecognized tax benefits	$ 5,744	$ 6,483	$ 6,511

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Earnings Per Share [Abstract]
Net income	$ 390,636	$ 281,871	$ 61,442
Weighted average common shares outstanding (in shares)	32,475	33,528	33,236
Dilutive impact of stock compensation awards (in shares)	510	375	218
Dilutive impact of convertible notes (in shares)	0	153	0
Weighted average common shares outstanding, assuming dilution (in shares)	32,985	34,056	33,454
Anti-dilutive securities excluded from weighted average diluted common shares outstanding (in shares)	159	49	39
Basic earnings per common share (in dollars per share)	$ 12.03	$ 8.41	$ 1.85
Diluted earnings per common share (in dollars per share)	$ 11.84	$ 8.28	$ 1.84

- Definition

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

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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 Loss - Changes in AOCI by Component (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of year	$ 1,056,943	$ 827,466	$ 632,212
Other comprehensive income (loss)	37	35	(35)
Balance at end of year	1,263,007	1,056,943	827,466
Defined Benefit Pension Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of year	(491)	(526)
OCI before reclassifications	0	0
Amounts reclassified from AOCI	37	35
Other comprehensive income (loss)	37	35
Balance at end of year	$ (454)	$ (491)	$ (526)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Accumulated Other Comprehensive Loss - Reclassification out of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 27, 2022	Aug. 28, 2021	Aug. 29, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general, and administrative expenses	$ 316,420	$ 228,581	$ 177,061
Interest expense	41,313	40,365	37,461
Net income	390,636	281,871	61,442
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	37	35	465
Amortization of net actuarial loss \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general, and administrative expenses	37	35	33
Interest rate contract \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 0	$ 0	$ 432

- Definition

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

+ References

+ Details

Label	Element	Value
Motorhome Segment [Member]
Goodwill	us-gaap_Goodwill	$ 73,127,000
Marine Segment [Member]
Goodwill	us-gaap_Goodwill	30,247,000
Towable Segment [Member]
Goodwill	us-gaap_Goodwill	$ 244,684,000

- Definition

+ References + Details