0000107687-23-000028 | 10-K | XBRL Viewer

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Income Taxes - Components of Income Tax (Benefit) Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Current
Federal	$ 38.2	$ 105.9	$ 71.6
State	8.8	24.9	16.2
Total	47.0	130.8	87.8
Deferred
Federal	15.9	(5.6)	0.7
State	0.4	(1.1)	(2.9)
Total	16.3	(6.7)	(2.2)
Provision for income taxes	$ 63.3	$ 124.1	$ 85.6

- Definition

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

+ References + Details

Basis of Presentation - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
Basis of Presentation - Narrative (Details) - USD ($)	Aug. 26, 2023	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021	Nov. 26, 2022
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		21,300,000	23,300,000	11,600,000
Decrease in additional paid-in capital	(197,700,000)	(197,700,000)	(256,300,000)
Long-term debt, net	592,400,000	592,400,000	545,900,000
Deferred income tax liabilities, net	(11,700,000)	(11,700,000)	(6,100,000)
Increase in retained earnings	$ 1,747,800,000	1,747,800,000	1,537,500,000
Reduction in non-cash interest expense		0	$ (15,100,000)	$ (13,900,000)
Accounting Standards Update 2020-06
Business Acquisition [Line Items]
Decrease in additional paid-in capital					$ 62,000,000
Long-term debt, net					43,800,000
Deferred income tax liabilities, net					10,800,000
Increase in retained earnings					$ 29,000,000
Reduction in non-cash interest expense		$ 15,100,000

Investments and Fair Value Measurements - Fair Value Inputs (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Aug. 26, 2023	Aug. 27, 2022
Assets that fund deferred compensation:
Domestic equity funds	$ 1.7	$ 1.2
International equity funds	0.1	0.1
Fixed income funds		0.1
Total assets at fair value	1.8	1.4
Contingent consideration
Earnout liability	18.4	39.8
Total liabilities at fair value	18.4	39.8
Level 1
Assets that fund deferred compensation:
Domestic equity funds	1.7	1.2
International equity funds	0.1	0.1
Fixed income funds		0.1
Total assets at fair value	1.8	1.4
Contingent consideration
Earnout liability	0.0	0.0
Total liabilities at fair value	0.0	0.0
Level 2
Assets that fund deferred compensation:
Domestic equity funds	0.0	0.0
International equity funds	0.0	0.0
Fixed income funds		0.0
Total assets at fair value	0.0	0.0
Contingent consideration
Earnout liability	0.0	0.0
Total liabilities at fair value	0.0	0.0
Level 3
Assets that fund deferred compensation:
Domestic equity funds	0.0	0.0
International equity funds	0.0	0.0
Fixed income funds		0.0
Total assets at fair value	0.0	0.0
Contingent consideration
Earnout liability	18.4	39.8
Total liabilities at fair value	$ 18.4	$ 39.8

Goodwill and Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Millions	Aug. 26, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Fiscal 2024	$ 22.5
Fiscal 2025	22.1
Fiscal 2026	21.7
Fiscal 2027	21.7
Fiscal 2028	21.4
Thereafter	40.3
Total amortization expense remaining	$ 149.7

Earnings per Share

12 Months Ended

Aug. 26, 2023

Earnings Per Share [Abstract]

Earnings per Share

In the first quarter of Fiscal 2023, we adopted ASU 2020-06. Prior to adoption, we utilized the treasury stock method for calculating the dilutive impact of our Convertible Notes. Upon adoption, we prospectively utilized the if-converted method to calculate the dilutive impact of our Convertible Notes. Under the if-converted method, the Convertible Notes are assumed to be converted into common stock at the beginning of the reporting period, and the resulting shares are included in the denominator of the calculation. In addition, interest charges, net of any income tax effects are added back to the numerator of the calculation.

Basic and diluted earnings per share are calculated as follows:


(in millions, except per share data)	2023		2022		2021
Earnings per share - basic
Net income	$	215.9	$	390.6	$	281.9
Weighted average common shares outstanding	30.3		32.5		33.5
Basic earnings per common share(1)	$	7.12	$	12.03	$	8.41

Earnings per share - diluted
Net income	$	215.9	$	390.6	$	281.9
Interest expense on convertible notes, net of tax	4.7		—		—
Diluted net income	$	220.6	$	390.6	$	281.9

Weighted average common shares outstanding	30.3		32.5		33.5
Dilutive impact of stock compensation awards	0.3		0.5		0.4
Dilutive impact of convertible notes	4.8		—		0.2
Weighted average common shares outstanding, assuming dilution	35.4		33.0		34.1

Anti-dilutive securities excluded from weighted average diluted common shares outstanding	0.1		0.2		—

Diluted earnings per common share(1)	$	6.23	$	11.84	$	8.28

(1) Earnings per share amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

For all periods presented, the dilutive effect of stock compensation awards was determined using the treasury stock method. 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.

Employee and Retiree Benefits - Postretirement Health Care and Deferred Compensation Benefits (Details) - USD ($) $ in Millions	Aug. 26, 2023	Aug. 27, 2022
Retirement Benefits [Abstract]
Non-qualified deferred compensation	$ 6.7	$ 7.9
Supplemental executive retirement plan	1.2	1.4
Executive deferred compensation plan	1.8	1.4
Total deferred compensation benefits	9.7	10.7
Less current portion	1.8	2.6
Deferred compensation benefits, net of current portion	$ 7.9	$ 8.1

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022
Goodwill [Roll Forward]
Balance at beginning of year	$ 484.2	$ 348.1
Acquisition	30.3	136.1
Balance at end of year	514.5	484.2
Corporate / All Other
Goodwill [Roll Forward]
Balance at beginning of year	0.0	0.0
Acquisition	30.3	0.0
Balance at end of year	30.3	0.0
Towable RV \| Operating Segments
Goodwill [Roll Forward]
Balance at beginning of year	244.7	244.7
Acquisition	0.0	0.0
Balance at end of year	244.7	244.7
Motorhome RV \| Operating Segments
Goodwill [Roll Forward]
Balance at beginning of year	73.1	73.1
Acquisition	0.0	0.0
Balance at end of year	73.1	73.1
Marine \| Operating Segments
Goodwill [Roll Forward]
Balance at beginning of year	166.4	30.3
Acquisition	0.0	136.1
Balance at end of year	$ 166.4	$ 166.4

- 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

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Aug. 26, 2023	Aug. 27, 2022
Current assets
Allowance for doubtful accounts	$ 0.4	$ 0.6
Shareholders' equity
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000.0	10,000,000.0
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)	120,000,000.0	120,000,000.0
Common stock, shares issued (in shares)	51,800,000	51,800,000
Treasury stock, at cost, shares (in shares)	22,000,000.0	21,500,000

Business Segments - Information by Reportable Segment (Details) $ in Millions	12 Months Ended
	Aug. 26, 2023 USD ($) segment	Aug. 27, 2022 USD ($)	Aug. 28, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	8
Number of reportable segments \| segment	3
Net Revenues	$ 3,490.7	$ 4,957.7	$ 3,629.8
Adjusted EBITDA	354.7	648.9	436.1
Capital Expenditures	83.2	88.0	44.9
Total Assets	2,432.4	2,416.7
Net income	215.9	390.6	281.9
Interest expense, net	20.5	41.3	40.4
Provision for income taxes	63.3	124.1	85.6
Depreciation	29.2	24.2	18.2
Amortization	17.7	29.4	14.4
EBITDA	346.6	609.6	440.5
Acquisition-related costs	7.5	5.2	0.7
Litigation reserves	(0.4)	6.6	0.0
Restructuring expenses	0.0	0.0	0.1
Gain on sale of property, plant and equipment	0.0	0.0	(4.8)
Contingent consideration fair value adjustment	0.6	29.4	0.0
Non-operating loss (income)	0.4	(1.9)	(0.4)
Corporate / All Other
Segment Reporting Information [Line Items]
Net Revenues	45.6	23.8	20.5
Adjusted EBITDA	(19.9)	(33.5)	(27.3)
Capital Expenditures	7.4	3.6	0.0
Total Assets	452.1	302.3
Towable RV \| Operating Segments
Segment Reporting Information [Line Items]
Net Revenues	1,415.3	2,597.4	2,010.0
Adjusted EBITDA	172.1	383.6	289.0
Capital Expenditures	25.6	45.7	25.1
Total Assets	751.2	874.9
Motorhome RV \| Operating Segments
Segment Reporting Information [Line Items]
Net Revenues	1,560.1	1,911.2	1,539.1
Adjusted EBITDA	142.0	238.0	169.2
Capital Expenditures	31.1	22.3	17.6
Total Assets	802.2	823.4
Marine \| Operating Segments
Segment Reporting Information [Line Items]
Net Revenues	469.7	425.3	60.2
Adjusted EBITDA	60.5	60.8	5.2
Capital Expenditures	19.1	16.4	$ 2.2
Total Assets	$ 426.9	$ 416.1

Long-Term Debt (Tables)

12 Months Ended

Aug. 26, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consists of the following:


(in millions)	August 26, 2023		August 27, 2022
ABL Credit Facility	$	—	$	—
Senior Secured Notes	300.0		300.0
Convertible Notes	300.0		300.0
Long-term debt, gross	600.0		600.0
Convertible Notes unamortized interest discount	—		(45.3)
Debt issuance cost, net	(7.6)		(8.8)
Long-term debt, net	$	592.4	$	545.9

Schedule of Maturities of Long-term Debt

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


(in millions)	Amount
Fiscal 2024	$	—
Fiscal 2025	300.0
Fiscal 2026	—
Fiscal 2027	—
Fiscal 2028	300.0
Thereafter	—
Total Long-term debt, gross	$	600.0

- Definition

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

+ References

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Operating Activities
Net income	$ 215.9	$ 390.6	$ 281.9
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	29.2	24.2	18.2
Amortization	17.7	29.4	14.4
Non-cash interest expense, net	0.0	15.1	13.9
Amortization of debt issuance costs	3.1	2.5	2.5
Last in, first-out ("LIFO") expense	0.5	8.4	3.1
Stock-based compensation	10.9	17.1	15.3
Deferred income taxes	16.3	(6.7)	(2.2)
Deferred compensation expense	0.7	0.5	1.1
Contingent consideration fair value adjustment	0.6	29.4	0.0
Payments of earnout liability above acquisition-date fair value	(13.3)	0.0	0.0
Other, net	0.8	1.9	(4.7)
Change in operating assets and liabilities, net of assets and liabilities acquired
Receivables, net	76.7	1.9	(33.0)
Inventories, net	63.8	(171.3)	(161.7)
Prepaid expenses and other assets	9.7	1.2	(6.6)
Accounts payable	(67.5)	27.2	51.5
Income taxes and unrecognized tax benefits	(8.9)	(7.4)	(3.7)
Accrued expenses and other liabilities	(61.7)	36.6	47.3
Net cash provided by operating activities	294.5	400.6	237.3
Investing activities
Purchases of property, plant, and equipment	(83.2)	(88.0)	(44.9)
Acquisition of business, net of cash acquired	(87.5)	(228.2)	0.0
Proceeds from the sale of property, plant, and equipment	0.4	0.2	12.5
Other, net	0.3	0.3	(0.6)
Net cash used in investing activities	(170.0)	(315.7)	(33.0)
Financing activities
Borrowings on long-term debt	3,718.0	4,735.6	3,627.6
Repayments on long-term debt	(3,718.0)	(4,735.6)	(3,627.6)
Payments of cash dividends	(33.2)	(23.8)	(16.2)
Payments for repurchases of common stock	(55.1)	(214.3)	(47.6)
Payments of earnout liability up to acquisition-date fair value	(8.7)	0.0	0.0
Payments of debt issuance costs	0.0	(1.2)	(0.2)
Other, net	0.2	2.0	1.7
Net cash used in financing activities	(96.8)	(237.3)	(62.3)
Net increase/(decrease) in cash and cash equivalents	27.7	(152.4)	142.0
Cash and cash equivalents at beginning of period	282.2	434.6	292.6
Cash and cash equivalents at end of period	309.9	282.2	434.6
Supplemental Disclosures
Income taxes paid, net	57.8	139.7	88.7
Interest paid	24.2	23.8	24.1
Non-cash investing and financing activities
Issuance of common stock for acquisition of business	0.0	22.0	0.0
Issuance of common stock for settlement of earnout liability	0.0	13.2	0.0
Capital expenditures in accounts payable	3.0	6.8	3.8
Dividends declared not yet paid	10.2	8.8	6.5
Increase in lease assets in exchange for lease liabilities:
Operating leases	5.6	17.2	2.6
Financing leases	$ 2.4	$ 2.5	$ 1.2

Consolidated Balance Sheets - USD ($) $ in Millions	Aug. 26, 2023	Aug. 27, 2022
Current assets
Cash and cash equivalents	$ 309.9	$ 282.2
Receivables, less allowance for doubtful accounts ($0.4 and $0.6, respectively)	178.5	254.1
Inventories, net	470.6	525.8
Prepaid expenses and other current assets	37.7	31.7
Total current assets	996.7	1,093.8
Property, plant, and equipment, net	327.3	276.2
Goodwill	514.5	484.2
Other intangible assets, net	502.0	472.4
Investment in life insurance	29.3	28.6
Operating lease assets	42.6	41.1
Other long-term assets	20.0	20.4
Total assets	2,432.4	2,416.7
Current liabilities
Accounts payable	146.9	217.5
Income taxes payable	0.0	0.7
Accrued expenses:
Accrued compensation	35.9	71.6
Product warranties	97.8	127.9
Self-insurance	23.3	21.4
Promotional	29.9	21.5
Accrued interest and dividends	13.7	13.0
Other current liabilities	48.5	48.5
Total current liabilities	396.0	522.1
Non-current liabilities
Long-term debt, net	592.4	545.9
Deferred income tax liabilities, net	11.7	6.1
Unrecognized tax benefits	6.1	5.7
Long-term operating lease liabilities	42.0	40.4
Deferred compensation benefits, net of current portion	7.9	8.1
Other long-term liabilities	8.2	25.4
Total liabilities	1,064.3	1,153.7
Contingent liabilities and commitments (Note 12)
Shareholders' equity
Preferred stock, par value $0.01: 10.0 shares authorized; zero shares issued and outstanding	0.0	0.0
Common stock, par value $0.50: 120.0 shares authorized; 51.8 shares issued	25.9	25.9
Additional paid-in capital	197.7	256.3
Retained earnings	1,747.8	1,537.5
Accumulated other comprehensive loss	(0.4)	(0.5)
Treasury stock, at cost: 22.0 and 21.5 shares, respectively	(602.9)	(556.2)
Total shareholders' equity	1,368.1	1,263.0
Total liabilities and shareholders' equity	$ 2,432.4	$ 2,416.7

Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Adoption of Accounting Standards Update ("ASU") 2020-06	Common Shares	Additional Paid-In Capital	Additional Paid-In Capital Adoption of Accounting Standards Update ("ASU") 2020-06	Retained Earnings	Retained Earnings Adoption of Accounting Standards Update ("ASU") 2020-06	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance (in shares) at Aug. 29, 2020			51.8
Beginning balance at Aug. 29, 2020	$ 827.5		$ 25.9	$ 203.8		$ 913.6		$ (0.5)	$ (315.3)
Treasury stock, beginning balance (in shares) at Aug. 29, 2020									(18.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	15.3			15.3
Issuance of stock for employee benefit and stock-based awards, net	2.3			(0.6)					$ 2.9
Issuance of stock for employee benefit and stock-based awards, net (in shares)									0.2
Issuance of stock for settlement of earnout liability	0.0
Repurchase of common stock	(47.6)								$ (47.6)
Repurchase of common stock (in shares)									(0.8)
Common stock dividends declared	(22.5)					(22.5)
Net income	281.9					281.9
Ending balance (in shares) at Aug. 28, 2021			51.8
Ending balance at Aug. 28, 2021	1,056.9		$ 25.9	218.5		1,173.0		(0.5)	$ (360.0)
Treasury stock, ending balance (in shares) at Aug. 28, 2021									(18.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	17.1			17.1
Issuance of stock for employee benefit and stock-based awards, net	2.9			(2.5)					$ 5.4
Issuance of stock for employee benefit and stock-based awards, net (in shares)									0.2
Issuance of stock for acquisition	22.0			14.7					$ 7.3
Issuance of stock for acquisition (in shares)									0.4
Issuance of stock for settlement of earnout liability	13.2			7.8					$ 5.4
Issuance of stock for settlement of earnout liability (in shares)									0.2
Repurchase of common stock	(214.3)								$ (214.3)
Repurchase of common stock (in shares)									(3.6)
Common stock dividends declared	(26.2)					(26.2)
Other	0.8			0.7		0.1
Net income	390.6					390.6
Ending balance (in shares) at Aug. 27, 2022			51.8
Ending balance at Aug. 27, 2022	$ 1,263.0	$ (33.0)	$ 25.9	256.3	$ (62.0)	1,537.5	$ 29.0	(0.5)	$ (556.2)
Treasury stock, ending balance (in shares) at Aug. 27, 2022	(21.5)								(21.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting standards update, extensible enumeration	Accounting Standards Update 2020-06
Stock-based compensation	$ 10.9			10.9
Issuance of stock for employee benefit and stock-based awards, net	1.2			(7.2)					$ 8.4
Issuance of stock for employee benefit and stock-based awards, net (in shares)									0.4
Issuance of stock for settlement of earnout liability	0.0
Repurchase of common stock	(55.4)			(0.3)					$ (55.1)
Repurchase of common stock (in shares)									(0.9)
Common stock dividends declared	(34.6)					(34.6)
Other comprehensive income	0.1							0.1
Net income	215.9					215.9
Ending balance (in shares) at Aug. 26, 2023			51.8
Ending balance at Aug. 26, 2023	$ 1,368.1		$ 25.9	$ 197.7		$ 1,747.8		$ (0.4)	$ (602.9)
Treasury stock, ending balance (in shares) at Aug. 26, 2023	(22.0)								(22.0)

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Aug. 26, 2023	Aug. 27, 2022
Assets
Operating leases	$ 42.6	$ 41.1
Finance leases	8.1	6.7
Total lease assets	$ 50.7	$ 47.8
Finance lease, right-of-use asset, statement of financial position, extensible enumeration	Other long-term assets	Other long-term assets
Liabilities
Current: Operating leases	$ 5.9	$ 4.7
Current: Finance leases	1.3	1.0
Non-Current: Operating leases	42.0	40.4
Non-Current: Finance leases	7.7	6.7
Total lease liabilities	$ 56.9	$ 52.8
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

Stock-Based Compensation Plans - Share Awards Activity (Details)	12 Months Ended
	Aug. 26, 2023 $ / shares shares
Time-based
Shares
Beginning balance (in shares) \| shares	328,838
Granted (in shares) \| shares	221,777
Vested (in shares) \| shares	(153,806)
Forfeited/canceled (in shares) \| shares	(14,048)
Ending balance (in shares) \| shares	382,761
Weighted Average Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 55.85
Granted (in dollars per share) \| $ / shares	56.13
Vested (in dollars per share) \| $ / shares	53.49
Forfeited/canceled (in dollars per share) \| $ / shares	59.88
Ending balance (in dollars per share) \| $ / shares	$ 56.81
Performance-based
Shares
Beginning balance (in shares) \| shares	198,206
Granted (in shares) \| shares	149,962
Vested (in shares) \| shares	(135,520)
Forfeited/canceled (in shares) \| shares	0
Ending balance (in shares) \| shares	212,648
Weighted Average Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 58.45
Granted (in dollars per share) \| $ / shares	53.11
Vested (in dollars per share) \| $ / shares	49.18
Forfeited/canceled (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 60.59

Product Warranties - Schedule of Product Warranty Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 127.9	$ 91.2	$ 64.0
Business acquisitions	1.4	4.7	0.0
Provision	67.1	119.2	90.0
Claims paid	(98.6)	(87.2)	(62.8)
Balance at end of year	$ 97.8	$ 127.9	$ 91.2

Product Warranties

12 Months Ended

Aug. 26, 2023

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:


(in millions)	2023		2022		2021
Balance at beginning of year	$	127.9	$	91.2	$	64.0
Business acquisitions(1)	1.4		4.7		—
Provision	67.1		119.2		90.0
Claims paid	(98.6)		(87.2)		(62.8)
Balance at end of year	$	97.8	$	127.9	$	91.2

(1) Refer to Note 2 in the Notes to Consolidated Financial Statements included in Item 8 of Part II of this Annual Report on Form 10-K for more information on the acquisition of Lithionics on April 28, 2023 and the acquisition of Barletta on August 31, 2021.

Business Combinations - Schedule of Preliminary Fair Values Assigned (Details) - USD ($) $ in Millions	Aug. 26, 2023	Aug. 27, 2022	Aug. 31, 2021	Aug. 28, 2021
Business Acquisition [Line Items]
Goodwill	$ 514.5	$ 484.2		$ 348.1
Barletta
Business Acquisition [Line Items]
Cash			$ 11.9
Other current assets			24.6
Property, plant, and equipment			17.3
Goodwill			136.1
Other intangible assets			111.4
Total assets acquired			301.3
Accounts payable			7.2
Product warranties			4.7
Other current liabilities			3.1
Total liabilities assumed			15.0
Total purchase price			$ 286.3

Investments and Fair Value Measurements

12 Months Ended

Aug. 26, 2023

Fair Value Disclosures [Abstract]

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
(in millions)	August 26, 2023		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	1.7	$	1.7	$	—	$	—
International equity funds	0.1		0.1		—		—
Total assets at fair value	$	1.8	$	1.8	$	—	$	—

Contingent consideration
Earnout liability	18.4		—		—		18.4
Total liabilities at fair value	$	18.4	$	—	$	—	$	18.4


	Fair Value at		Fair Value Hierarchy
(in millions)	August 27, 2022		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	1.2	$	1.2	$	—	$	—
International equity funds	0.1		0.1		—		—
Fixed income funds	0.1		0.1		—		—
Total assets at fair value	$	1.4	$	1.4	$	—	$	—

Contingent consideration
Earnout liability	39.8		—		—		39.8
Total liabilities at fair value	$	39.8	$	—	$	—	$	39.8

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 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 in the Notes to Consolidated Financial Statements, included in Item 8 of Part II in this Annual Report on Form 10-K for additional information regarding this plan.

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 26, 2023		August 27, 2022
Beginning fair value - contingent consideration	$	39.8	$	—
Additions	—		24.2
Fair value adjustments	0.6		29.4
Settlements	(22.0)		(13.2)
Other	—		(0.6)
Ending fair value - contingent consideration	$	18.4	$	39.8

The fair value of the earnout liability that will be settled within a year is included in other current liabilities on the Consolidated Balance Sheets. The remaining earnout liability is included in other long-term liabilities on the Consolidated Balance Sheets.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain financial instruments are measured at fair value on a nonrecurring basis. These assets primarily include goodwill, intangible assets, property, plant and equipment, and right-of-use lease assets. These assets were originally recognized at amounts equal to the fair value determined at date of acquisition or purchase. If certain triggering events occur, or if an annual impairment test is required, we will evaluate the non-financial asset for impairment. If an impairment has occurred, the asset will be written down to its current estimated fair value. No impairments were recorded for non-financial assets in Fiscal 2023, 2022, and 2021.

Assets and Liabilities Not Measured at Fair Value

Certain financial instruments are not measured at fair value but are recorded at carrying amounts approximating fair value based on their short-term nature. These financial instruments include cash and cash equivalents, receivables, accounts payable, and other payables. If these instruments were measured at fair value in the financial statements, they would be classified as Level 1 in the fair value hierarchy.

Long-term debt is recorded at amortized cost but measured at fair value for disclosure purposes. 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 in the Notes to Consolidated Financial Statements included in Item 8 of Part II of this Annual Report on Form 10-K 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

Business Segments (Tables)

12 Months Ended

Aug. 26, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Financial information by reportable segment is as follows:


(in millions)	2023		2022		2021
Net Revenues
Towable RV	$	1,415.3	$	2,597.4	$	2,010.0
Motorhome RV	1,560.1		1,911.2		1,539.1
Marine	469.7		425.3		60.2
Corporate / All Other	45.6		23.8		20.5
Consolidated	$	3,490.7	$	4,957.7	$	3,629.8

Adjusted EBITDA
Towable RV	$	172.1	$	383.6	$	289.0
Motorhome RV	142.0		238.0		169.2
Marine	60.5		60.8		5.2
Corporate / All Other	(19.9)		(33.5)		(27.3)
Consolidated	$	354.7	$	648.9	$	436.1

Capital Expenditures
Towable RV	$	25.6	$	45.7	$	25.1
Motorhome RV	31.1		22.3		17.6
Marine	19.1		16.4		2.2
Corporate / All Other	7.4		3.6		—
Consolidated	$	83.2	$	88.0	$	44.9


(in millions)	August 26, 2023		August 27, 2022
Total Assets
Towable RV	$	751.2	$	874.9
Motorhome RV	802.2		823.4
Marine	426.9		416.1
Corporate / All Other	452.1		302.3
Consolidated	$	2,432.4	$	2,416.7

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


(in millions)	2023		2022		2021
Net income	$	215.9	$	390.6	$	281.9
Interest expense, net	20.5		41.3		40.4
Provision for income taxes	63.3		124.1		85.6
Depreciation	29.2		24.2		18.2
Amortization	17.7		29.4		14.4
EBITDA	346.6		609.6		440.5
Acquisition-related costs	7.5		5.2		0.7
Litigation reserves	(0.4)		6.6		—
Restructuring expenses	—		—		0.1
Gain on sale of property, plant and equipment	—		—		(4.8)
Contingent consideration fair value adjustment	0.6		29.4		—
Non-operating loss (income)	0.4		(1.9)		(0.4)
Adjusted EBITDA	$	354.7	$	648.9	$	436.1

Schedule of Revenue by Geographic Area

Net revenues by geography are as follows:


(in millions)	2023		2022		2021
United States	$	3,346.6	$	4,618.1	$	3,410.6
International	144.1		339.6		219.2
Net revenues	$	3,490.7	$	4,957.7	$	3,629.8

Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Disaggregation of Revenue [Line Items]
Net revenues	$ 3,490.7	$ 4,957.7	$ 3,629.8
Operating Segments \| Towable RV
Disaggregation of Revenue [Line Items]
Net revenues	1,415.3	2,597.4	2,010.0
Operating Segments \| Towable RV \| Fifth Wheel
Disaggregation of Revenue [Line Items]
Net revenues	715.1	1,260.9	1,024.4
Operating Segments \| Towable RV \| Travel Trailer
Disaggregation of Revenue [Line Items]
Net revenues	658.2	1,296.6	959.7
Operating Segments \| Towable RV \| Other
Disaggregation of Revenue [Line Items]
Net revenues	42.0	39.9	25.9
Operating Segments \| Motorhome RV
Disaggregation of Revenue [Line Items]
Net revenues	1,560.1	1,911.2	1,539.1
Operating Segments \| Motorhome RV \| Class A
Disaggregation of Revenue [Line Items]
Net revenues	736.0	786.8	690.2
Operating Segments \| Motorhome RV \| Class B
Disaggregation of Revenue [Line Items]
Net revenues	424.8	718.0	532.2
Operating Segments \| Motorhome RV \| Class C and Other
Disaggregation of Revenue [Line Items]
Net revenues	399.3	406.4	316.7
Operating Segments \| Marine
Disaggregation of Revenue [Line Items]
Net revenues	469.7	425.3	60.2
Corporate / All Other
Disaggregation of Revenue [Line Items]
Net revenues	$ 45.6	$ 23.8	$ 20.5

Employee and Retiree Benefits - Deferred Compensation Narrative (Details) - USD ($)	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Matching contribution amount	$ 13,400,000	$ 12,000,000	$ 5,600,000
Employer discretionary contribution amount	$ 0	12,100,000	6,100,000
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	$ 500,000	600,000	$ 800,000
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	$ 1,800,000	$ 1,400,000

Basis of Presentation - Property and Equipment (Details)	Aug. 26, 2023
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Asset Life	5 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Asset Life	30 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Asset Life	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Asset Life	8 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	5 years
Transportation equipment \| Maximum
Property, Plant and Equipment [Line Items]
Asset Life	6 years

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Aug. 26, 2023	Oct. 12, 2023	Feb. 25, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Aug. 26, 2023
Current Fiscal Year End Date	--08-26
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			$ 1,900,074,000
Entity Common Stock, Shares Outstanding		29,887,011
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 2023 Annual Meeting of Shareholders to be held on December 14, 2023 (the "2023 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	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Leases - Operating Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Leases [Abstract]
Operating lease expense	$ 10.3	$ 9.6	$ 5.8
Finance lease cost:
Depreciation of lease assets	1.0	0.8	0.6
Interest on lease liabilities	0.5	0.4	0.3
Total lease cost	$ 11.8	$ 10.8	$ 6.7

Contingent Liabilities and Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022
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	$ 1.3	$ 1.4
Obligation to Repurchase from Dealers
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Contingent liability on repurchase agreements	$ 1,816.7	$ 1,783.7

Investments and Fair Value Measurements - Fair Value of Contingent Consideration (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value - contingent consideration	$ 39.8	$ 0.0
Additions	0.0	24.2
Fair value adjustments	0.6	29.4	$ 0.0
Settlements	(22.0)	(13.2)
Other	0.0	(0.6)
Ending fair value - contingent consideration	$ 18.4	$ 39.8	$ 0.0

Business Segments - Revenues by Geographic Area (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 3,490.7	$ 4,957.7	$ 3,629.8
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	3,346.6	4,618.1	3,410.6
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 144.1	$ 339.6	$ 219.2

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Inventories (Tables)

12 Months Ended

Aug. 26, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following:


(in millions)	August 26, 2023		August 27, 2022
Finished goods	$	53.0	$	59.3
Work-in-process ("WIP")	159.9		198.9
Raw materials	305.6		315.0
Total	518.5		573.2
Less: Excess of FIFO over LIFO cost	47.9		47.4
Inventories, net	$	470.6	$	525.8

Inventory valuation methods consist of the following:


(in millions)	August 26, 2023		August 27, 2022
LIFO basis	$	262.6	$	212.3
FIFO basis	255.9		360.9
Total	$	518.5	$	573.2

Stock-Based Compensation Plans (Tables)

12 Months Ended

Aug. 26, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

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


(in millions)	2023		2022		2021
Share awards:
Time-based	$	9.8	$	7.6	$	5.7
Performance-based	(0.9)		7.4		7.9
Stock options	1.3		1.0		1.0
Other(1)	0.7		1.1		0.7
Total stock-based compensation expense	$	10.9	$	17.1	$	15.3

(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.

Summary of Nonvested Time-Based Share Awards

A summary of the status of nonvested time-based restricted stock units at August 26, 2023, and changes during Fiscal 2023, is as follows:


	Shares(1)	Weighted Average Fair Value
Outstanding at August 27, 2022	328,838	$	55.85
Granted	221,777	$	56.13
Vested	(153,806)	$	53.49
Forfeited/canceled	(14,048)	$	59.88
Outstanding at August 26, 2023	382,761	$	56.81

(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 26, 2023, and changes during Fiscal 2023, is as follows:


	Shares(1)	Weighted Average Fair Value
Outstanding at August 27, 2022	198,206	$	58.45
Granted	149,962	$	53.11
Vested	(135,520)	$	49.18
Forfeited/canceled	—	$	—
Outstanding at August 26, 2023	212,648	$	60.59

(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 2023 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 27, 2022	322,107	$	44.75
Granted	66,873	$	56.09
Exercised	—	$	—
Forfeited/canceled	—	$	—
Outstanding at August 26, 2023	388,980	$	46.70	6.2	$	7,077

Exercisable at August 26, 2023	278,339	$	41.17	5.2	$	6,417

(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)	2023			2022			2021
Expected dividend yield	1.9		%	1.0		%	0.8		%
Risk-free interest rate(2)	4.1		%	1.1		%	0.3		%
Expected life of stock options (in years)(3)	5			5			5
Expected stock price volatility(4)	50.8		%	48.5		%	48.6		%
Weighted average fair value of options granted	$	23.94		$	30.47		$	21.65

(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.

Employee and Retiree Benefits (Tables)

12 Months Ended

Aug. 26, 2023

Retirement Benefits [Abstract]

Schedule of Deferred Compensation Benefits

Deferred compensation benefits are as follows:


(in millions)	August 26, 2023		August 27, 2022
Non-qualified deferred compensation	$	6.7	$	7.9
Supplemental executive retirement plan	1.2		1.4
Executive deferred compensation plan	1.8		1.4
Total deferred compensation benefits	9.7		10.7
Less current portion(1)	1.8		2.6
Deferred compensation benefits, net of current portion	$	7.9	$	8.1

(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:


(in millions)	August 26, 2023		August 27, 2022
Cash value	$	68.1	$	67.2
Borrowings	(38.8)		(38.6)
Investment in life insurance	$	29.3	$	28.6

Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021	Dec. 11, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued compensation	$ 35.9	$ 71.6
Unrecognized compensation expense related to stock options	$ 1.6
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	10 months 24 days
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Unrecognized compensation expense	$ 4.9
Unrecognized compensation expense, period of recognition	1 year
Total fair value of awards vested	$ 7.6	5.8	$ 1.4
Time-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 10.1
Unrecognized compensation expense, period of recognition	10 months 24 days
Total fair value of awards vested	$ 8.8	$ 8.0	$ 5.2
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]
Number of shares authorized (in shares)	250,000
Discount market price percentage	15.00%
Shares purchased through the ESPP (in shares)	29,000	42,000
Accrued compensation	$ 0.5	$ 0.4
Shares remain available for future issuance (in shares)	34,000
Incentive Compensation Plan 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				4,100,000

Stock-Based Compensation Plans - Expense Components (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 10.9	$ 17.1	$ 15.3
Time-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	9.8	7.6	5.7
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	(0.9)	7.4	7.9
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1.3	1.0	1.0
Other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 0.7	$ 1.1	$ 0.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation Plans

12 Months Ended

Aug. 26, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

On December 11, 2018, our shareholders approved the Winnebago Industries, Inc. 2019 Omnibus Incentive Plan ("2019 Plan") as detailed in 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 2023 and 2022, approximately 29,000 shares and 42,000 shares, respectively, were purchased through the ESPP. Plan participants had accumulated $0.5 million and $0.4 million as of August 26, 2023 and August 27, 2022, respectively, to purchase our common stock

pursuant to this plan. As of August 26, 2023, 250,000 shares were authorized for issuance and approximately 34,000 shares remain available for future issuance.

Compensation expense associated with share-based awards is recognized over the requisite service or performance period of the award, unless accelerated by certain retirement eligibility provisions. Forfeitures are recorded when they occur. Total stock-based compensation expense for the past three fiscal years consisted of the following components:


(in millions)	2023		2022		2021
Share awards:
Time-based	$	9.8	$	7.6	$	5.7
Performance-based	(0.9)		7.4		7.9
Stock options	1.3		1.0		1.0
Other(1)	0.7		1.1		0.7
Total stock-based compensation expense	$	10.9	$	17.1	$	15.3

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 26, 2023, and changes during Fiscal 2023, is as follows:


	Shares(1)	Weighted Average Fair Value
Outstanding at August 27, 2022	328,838	$	55.85
Granted	221,777	$	56.13
Vested	(153,806)	$	53.49
Forfeited/canceled	(14,048)	$	59.88
Outstanding at August 26, 2023	382,761	$	56.81

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

As of August 26, 2023, there was $10.1 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 0.9 years. The total fair value of restricted stock units vested during Fiscal 2023, 2022, and 2021 was $8.8 million, $8.0 million, and $5.2 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 26, 2023, and changes during Fiscal 2023, is as follows:


	Shares(1)	Weighted Average Fair Value
Outstanding at August 27, 2022	198,206	$	58.45
Granted	149,962	$	53.11
Vested	(135,520)	$	49.18
Forfeited/canceled	—	$	—
Outstanding at August 26, 2023	212,648	$	60.59

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

As of August 26, 2023, there was $4.9 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 1 year. The total fair value of performance-based restricted stock units vested during Fiscal 2023, Fiscal 2022, and Fiscal 2021 was $7.6 million, $5.8 million, and $1.4 million, respectively.

Stock Options

A summary of stock option activity for Fiscal 2023 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 27, 2022	322,107	$	44.75
Granted	66,873	$	56.09
Exercised	—	$	—
Forfeited/canceled	—	$	—
Outstanding at August 26, 2023	388,980	$	46.70	6.2	$	7,077

Exercisable at August 26, 2023	278,339	$	41.17	5.2	$	6,417

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

As of August 26, 2023, there was $1.6 million of unrecognized compensation expense related to stock options that is expected to be recognized over a weighted average period of 0.9 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)	2023			2022			2021
Expected dividend yield	1.9		%	1.0		%	0.8		%
Risk-free interest rate(2)	4.1		%	1.1		%	0.3		%
Expected life of stock options (in years)(3)	5			5			5
Expected stock price volatility(4)	50.8		%	48.5		%	48.6		%
Weighted average fair value of options granted	$	23.94		$	30.47		$	21.65

(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.

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Pay vs Performance Disclosure
Net income	$ 215.9	$ 390.6	$ 281.9

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

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Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
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-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Topic 944
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+ Details

Long-Term Debt - Convertible Notes Narrative (Details)				12 Months Ended
Long-Term Debt - Convertible Notes Narrative (Details)	Aug. 26, 2023 USD ($) $ / shares Rate	Nov. 01, 2019 USD ($) businessDay $ / shares Rate	Oct. 30, 2019 USD ($) $ / shares	Aug. 26, 2023 USD ($) $ / shares	Aug. 27, 2022 USD ($)	Aug. 28, 2021 USD ($)
Debt Instrument [Line Items]
Non-cash interest expense, net				$ 0	$ 15,100,000	$ 13,900,000
Offering-related costs	$ 7,600,000			7,600,000	8,800,000
Interest expense, net				$ 20,500,000	41,300,000	40,400,000
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
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			300,000,000
Interest rate, stated percentage		1.50%
Proceeds from issuance of notes		$ 290,200,000
Conversion rate \| Rate	1.59395%	1.56906%
Conversion price (in dollars per share) \| $ / shares	$ 62.74	$ 63.73		$ 62.74
Number of consecutive trading days \| businessDay		30
Consecutive business days \| businessDay		5
Consecutive trading days \| businessDay		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
Debt instrument, interest rate, effective percentage	2.10%			2.10%
Interest expense, net				$ 6,300,000	$ 19,600,000	$ 18,400,000
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 \| businessDay		20
Convertible Senior Notes due 2025 \| Maximum
Debt Instrument [Line Items]
Percentage of the conversion price		98.00%

Stock-Based Compensation Plans - Stock Option Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Share-Based Payment Arrangement [Abstract]
Expected dividend yield	1.90%	1.00%	0.80%
Risk free interest rate	4.10%	1.10%	0.30%
Expected life of stock options (in years)	5 years	5 years	5 years
Expected stock price volatility	50.80%	48.50%	48.60%
Weighted average fair value of options granted (in dollars per share)	$ 23.94	$ 30.47	$ 21.65

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 1.12	$ 0.81	$ 0.66

Investments and Fair Value Measurements - Narrative (Details) - USD ($)	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment charges	$ 0	$ 0	$ 0

Income Taxes - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 5.0	$ 5.5	$ 5.8
Gross decreases-tax positions in a prior year	(1.5)	(1.1)	(0.9)
Gross increases-tax positions in a prior year	1.0	0.0	0.0
Gross increases-current year tax positions	1.0	0.6	0.6
Balance at end of year	5.5	5.0	5.5
Accrued interest and penalties	0.6	0.7	1.0
Total unrecognized tax benefits	$ 6.1	$ 5.7	$ 6.5

Property, Plant, and Equipment (Tables)

12 Months Ended

Aug. 26, 2023

Property, Plant and Equipment, Net [Abstract]

Property, Plant, and Equipment

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


Asset Class			Asset Life
Buildings and improvements			5-30 years
Machinery and equipment			5-8 years
Software			3-10 years
Transportation equipment			5-6 years

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


(in millions)	August 26, 2023		August 27, 2022
Land	$	14.6	$	14.6
Buildings and building improvements	247.3		171.0
Machinery and equipment	159.3		142.6
Software	52.7		43.8
Transportation	7.2		6.5
Construction in progress	49.3		76.8
Property, plant, and equipment, gross	530.4		455.3
Less: Accumulated depreciation	203.1		179.1
Property, plant, and equipment, net	$	327.3	$	276.2

Revenue Recognition (Tables)

12 Months Ended

Aug. 26, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Reportable Segment

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


(in millions)	2023		2022		2021
Net Revenues
Towable RV:
Fifth Wheel	$	715.1	$	1,260.9	$	1,024.4
Travel Trailer	658.2		1,296.6		959.7
Other(1)	42.0		39.9		25.9
Total Towable RV	1,415.3		2,597.4		2,010.0
Motorhome RV:
Class A	736.0		786.8		690.2
Class B	424.8		718.0		532.2
Class C and Other(1)	399.3		406.4		316.7
Total Motorhome RV	1,560.1		1,911.2		1,539.1
Marine	469.7		425.3		60.2
Corporate / All Other(2)	45.6		23.8		20.5
Consolidated	$	3,490.7	$	4,957.7	$	3,629.8

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

(2) Relates to units, parts, accessories, and services associated with Winnebago specialty vehicles. In addition, this activity also includes Lithionics battery sales, including the related systems and accessories, that are sold directly to external customers.

Investments and Fair Value Measurements (Tables)

12 Months Ended

Aug. 26, 2023

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

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


	Fair Value at		Fair Value Hierarchy
(in millions)	August 26, 2023		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	1.7	$	1.7	$	—	$	—
International equity funds	0.1		0.1		—		—
Total assets at fair value	$	1.8	$	1.8	$	—	$	—

Contingent consideration
Earnout liability	18.4		—		—		18.4
Total liabilities at fair value	$	18.4	$	—	$	—	$	18.4


	Fair Value at		Fair Value Hierarchy
(in millions)	August 27, 2022		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	1.2	$	1.2	$	—	$	—
International equity funds	0.1		0.1		—		—
Fixed income funds	0.1		0.1		—		—
Total assets at fair value	$	1.4	$	1.4	$	—	$	—

Contingent consideration
Earnout liability	39.8		—		—		39.8
Total liabilities at fair value	$	39.8	$	—	$	—	$	39.8

Fair Value, Liabilities Measured on Recurring Basis

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


	Fair Value at		Fair Value Hierarchy
(in millions)	August 26, 2023		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	1.7	$	1.7	$	—	$	—
International equity funds	0.1		0.1		—		—
Total assets at fair value	$	1.8	$	1.8	$	—	$	—

Contingent consideration
Earnout liability	18.4		—		—		18.4
Total liabilities at fair value	$	18.4	$	—	$	—	$	18.4


	Fair Value at		Fair Value Hierarchy
(in millions)	August 27, 2022		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	1.2	$	1.2	$	—	$	—
International equity funds	0.1		0.1		—		—
Fixed income funds	0.1		0.1		—		—
Total assets at fair value	$	1.4	$	1.4	$	—	$	—

Contingent consideration
Earnout liability	39.8		—		—		39.8
Total liabilities at fair value	$	39.8	$	—	$	—	$	39.8

Fair Value Disclosure Of Contingent Consideration

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


	August 26, 2023		August 27, 2022
Beginning fair value - contingent consideration	$	39.8	$	—
Additions	—		24.2
Fair value adjustments	0.6		29.4
Settlements	(22.0)		(13.2)
Other	—		(0.6)
Ending fair value - contingent consideration	$	18.4	$	39.8

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Earnings Per Share [Abstract]
Net income	$ 215.9	$ 390.6	$ 281.9
Weighted average common shares outstanding (in shares)	30.3	32.5	33.5
Basic earnings per common share (in dollars per share)	$ 7.12	$ 12.03	$ 8.41
Interest expense on convertible notes, net of tax	$ 4.7	$ 0.0	$ 0.0
Diluted net income	$ 220.6	$ 390.6	$ 281.9
Dilutive impact of stock compensation awards (in shares)	0.3	0.5	0.4
Dilutive impact of convertible notes (in shares)	4.8	0.0	0.2
Weighted average common shares outstanding, assuming dilution (in shares)	35.4	33.0	34.1
Anti-dilutive securities excluded from weighted average diluted common shares outstanding (in shares)	0.1	0.2	0.0
Diluted earnings per common share (in dollars per share)	$ 6.23	$ 11.84	$ 8.28

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Aug. 26, 2023	Aug. 27, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 53.0	$ 59.3
Work-in-process ("WIP")	159.9	198.9
Raw materials	305.6	315.0
Total	518.5	573.2
Less: Excess of FIFO over LIFO cost	47.9	47.4
Inventories, net	$ 470.6	$ 525.8

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Aug. 26, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes - Reconciliation of U.S. Statutory Income Tax Rate (Details)	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	3.10%	3.50%	3.30%
Income tax credits	(1.10%)	(0.50%)	(0.60%)
Nondeductible compensation	1.10%	0.90%	0.50%
Tax-free and dividend income	(0.10%)	(0.10%)	(0.10%)
Uncertain tax position settlements and adjustments	0.10%	(0.10%)	(0.10%)
Other items	(1.40%)	(0.60%)	(0.70%)
Effective tax provision rate	22.70%	24.10%	23.30%

Employee and Retiree Benefits

12 Months Ended

Aug. 26, 2023

Retirement Benefits [Abstract]

Employee and Retiree Benefits

Deferred compensation benefits are as follows:


(in millions)	August 26, 2023		August 27, 2022
Non-qualified deferred compensation	$	6.7	$	7.9
Supplemental executive retirement plan	1.2		1.4
Executive deferred compensation plan	1.8		1.4
Total deferred compensation benefits	9.7		10.7
Less current portion(1)	1.8		2.6
Deferred compensation benefits, net of current portion	$	7.9	$	8.1

(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 $0.5 million, $0.6 million, and $0.8 million in Fiscal 2023, 2022, and 2021, 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:


(in millions)	August 26, 2023		August 27, 2022
Cash value	$	68.1	$	67.2
Borrowings	(38.8)		(38.6)
Investment in life insurance	$	29.3	$	28.6

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 26, 2023 and August 27, 2022 were $1.8 million and $1.4 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 2023, 2022, and 2021 were $13.4 million, $12.0 million, and $5.6 million, respectively. No discretionary contributions were approved in Fiscal 2023. Discretionary contributions of $12.1 million and $6.1 million were approved in Fiscal 2022 and Fiscal 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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

Contingent Liabilities and Commitments	12 Months Ended
Contingent Liabilities and Commitments	Aug. 26, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities and Commitments	Contingent Liabilities and Commitments Repurchase Commitments Generally, manufacturers in the same industries as us enter into repurchase agreements with lending institutions which have provided wholesale floorplan financing to dealers. Most dealers are financed on a "floorplan" basis under which a bank or finance company lends the dealer all, or substantially all, of the purchase price, collateralized by a security interest in the units purchased. Our repurchase agreements generally provide that, in the event of default by the dealer on the agreement to pay the lending institution, we will repurchase the financed merchandise. The terms of these agreements, which generally can last up to 24 months, provide that our liability will be the lesser of remaining principal owed by the dealer to the lending institution, or dealer invoice less periodic reductions based on the time since the date of the original invoice. Our liability cannot exceed 100% of the dealer invoice. In certain instances, we also repurchase inventory from dealers due to state law or regulatory requirements that govern voluntary or involuntary relationship terminations. Although laws vary from state to state, some states have laws in place that require manufacturers of recreational vehicles or boats to repurchase current inventory if a dealership exits the business. The total contingent liability on all repurchase agreements was approximately $1,816.7 million and $1,783.7 million as of August 26, 2023 and August 27, 2022, 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 $1.3 million and $1.4 million as of August 26, 2023 and August 27, 2022, respectively. Repurchase risk is affected by the credit worthiness of our dealer network. We do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to establish the loss reserve for repurchase commitments. There was no material activity related to repurchase agreements during Fiscal 2023, 2022, and 2021. Litigation We are involved in various legal proceedings which are considered ordinary and routine litigation incidental to the business, some of which are covered in whole or in part by insurance. While we believe the ultimate disposition of litigation will not have a material adverse effect on our financial position, results of operations or liquidity, the possibility exists that such litigation may have an impact on our results for a particular reporting period in which litigation effects become probable and reasonably estimable. Though we do not believe there is a reasonable likelihood that there will be a material change related to these matters, litigation is subject to inherent uncertainties and our view of these matters may change in the future.

Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Aug. 26, 2023	Aug. 27, 2022
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 530.4	$ 455.3
Less: Accumulated depreciation	203.1	179.1
Property, plant, and equipment, net	327.3	276.2
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	14.6	14.6
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	247.3	171.0
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	159.3	142.6
Software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	52.7	43.8
Transportation
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	7.2	6.5
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 49.3	$ 76.8

Basis of Presentation

12 Months Ended

Aug. 26, 2023

Accounting Policies [Abstract]

Basis of Presentation

Nature of Operations

Winnebago Industries, Inc. is one of the leading North American manufacturers of recreation vehicles ("RVs") and marine products with a diversified portfolio used primarily in leisure travel and outdoor recreational activities. We produce our motorhome RV units in Iowa and Indiana; our towable RV 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. Intercompany account balances and transactions have been eliminated in consolidation. 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 2023 refers to the fiscal year ended August 26, 2023, Fiscal 2022 refers to the fiscal year ended August 27, 2022, and Fiscal 2021 refers to the fiscal year ended August 28, 2021. 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


Asset Class			Asset Life
Buildings and improvements			5-30 years
Machinery and equipment			5-8 years
Software			3-10 years
Transportation equipment			5-6 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 in the Notes to Consolidated Financial Statements, included in Item 8 of Part II in this Annual Report on Form 10-K.

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. We also generally perform a quantitative impairment test of our reporting units at least once every five years. 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 2023, we completed the annual goodwill impairment analysis. We elected to rely on a qualitative assessment for the Grand Design, Chris-Craft, Barletta, and Lithionics reporting units, and performed a quantitative analysis for the Newmar reporting unit. No impairment was identified for the years ended August 26, 2023, August 27, 2022, or August 28, 2021.

Trade names

We have indefinite-lived intangible assets related to the Newmar trade name within the Motorhome RV segment, the Grand Design trade name within the Towable RV segment, and the Chris-Craft and Barletta trade names within the Marine segment. We also have a finite-lived trade name intangible asset related to Lithionics within Corporate / All Other. Annually in the fourth quarter, or if conditions indicate an interim review is necessary, we test indefinite-lived 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 2023, we completed the annual impairment analysis for indefinite-lived intangible assets. We elected to rely on a qualitative assessment for the Grand Design, Chris-Craft, and Barletta trade names, and performed a quantitative analysis for the Newmar trade name. No impairment was identified for the years ended August 26, 2023, August 27, 2022, or August 28, 2021.

Long-Lived Assets

Long-lived assets, which include property, plant and equipment, finite-lived intangible assets subject to amortization, 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 26, 2023, August 27, 2022, or August 28, 2021.

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 review the valuations provided by the third-party administrators and actuaries to determine the adequacy of the reserves. 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.

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 RV units, motorhome RV 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 in the Notes to Consolidated Financial Statements, included in Item 8 of Part II in this Annual Report on Form 10-K for additional information.

Advertising

Advertising costs, which consist primarily of trade shows and online content, were $21.3 million, $23.3 million, and $11.6 million in Fiscal 2023, 2022, and 2021, respectively. Advertising costs are included in selling, general, and administrative expenses and are expensed as incurred on the Consolidated Statements of Income.

Change in Presentation

In the first quarter of Fiscal 2023, we changed our presentation in tables from thousands to millions, unless otherwise designated. As a result, certain rounding adjustments have been made to prior period disclosed amounts in order to conform to the current year presentation. In addition, certain prior period amounts may not recalculate due to rounding. These changes were not significant, and no other updates were made to previously reported financial information.

Comprehensive Income

Comprehensive income represents the change in stockholders’ equity from transactions and other events and circumstances from sources other than shareholders. The difference between comprehensive income and net income was not material for the years ended August 26, 2023, August 27, 2022, and August 28, 2021.

Subsequent Events

In preparing the accompanying consolidated financial statements, we have evaluated subsequent events for potential recognition and disclosure through the date of this filing noting no material subsequent events.

Recently Adopted 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. In addition, the adoption of the amended guidance reduced our non-cash interest expense in Fiscal 2023 by $15.1 million (pre-tax). We will prospectively utilize the if-converted method to calculate the impact of our convertible instruments on diluted EPS. Under the if-converted method, the amount of shares underlying our convertible instruments are assumed to have been outstanding at the beginning of the reporting period, and any interest expense related to these instruments is excluded from the calculation of diluted EPS. Refer to Note 16 in the Notes to Consolidated Financial Statements included in Item 8 of Part II of this Annual Report on Form 10-K for more information on the change from the treasury stock method to the if-converted method.

Recently Issued Accounting Pronouncements

We have reviewed all recently issued accounting pronouncements and concluded that such standards were either not applicable or not expected to have a significant impact on our consolidated financial statements.

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%
ABL Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Debt amount	$ 35,000,000
ABL Credit Facility \| Letter of Credit \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.25%
Senior Secured Notes due 2028 \| Senior Notes
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%

Goodwill and Intangible Assets

12 Months Ended

Aug. 26, 2023

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 2023, 2022, and 2021 are as follows:


(in millions)	Towable RV		Motorhome RV		Marine		Corporate / All Other		Total
Balances at August 28, 2021	$	244.7	$	73.1	$	30.3	$	—	$	348.1
Acquisition of Barletta(1)	—		—		136.1		—		136.1
Balances at August 27, 2022	$	244.7	$	73.1	$	166.4	—		$	484.2
Acquisition of Lithionics(2)	—		—		—		30.3		30.3
Balances at August 26, 2023	$	244.7	$	73.1	$	166.4	$	30.3	$	514.5

(1) The change in marine activity is related to the acquisition of Barletta that occurred on August 31, 2021. See Note 2 in the Notes to Consolidated Financial Statements included in Item 8 of Part II of this Annual Report on Form 10-K.

(2) The change in Corporate / All Other activity is related to the acquisition of Lithionics that occurred on April 28, 2023. See Note 2 in the Notes to Consolidated Financial Statements included in Item 8 of Part II of this Annual Report on Form 10-K.

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 26, 2023
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Indefinite-lived trade names	$	352.3	$	—	$	352.3
Finite-lived trade name	4.1		0.2		3.9
Dealer networks/customer relationships	183.6		75.6		108.0
Backlog	43.6		42.5		1.1
Developed technology	38.3		1.8		36.5
Non-compete agreements	6.6		6.4		0.2
Other intangible assets	$	628.5	$	126.5	$	502.0

	August 27, 2022
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Indefinite-lived trade names	$	352.3	$	—	$	352.3
Dealer networks/customer relationships	180.0		60.5		119.5
Backlog	42.3		42.3		—
Non-compete agreements	6.6		6.0		0.6
Other intangible assets	$	581.2	$	108.8	$	472.4

The weighted average remaining amortization period for finite-lived intangible assets as of August 26, 2023 was approximately seven years.

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


(in millions)	Amortization
Fiscal 2024	$	22.5
Fiscal 2025	22.1
Fiscal 2026	21.7
Fiscal 2027	21.7
Fiscal 2028	21.4
Thereafter	40.3
Total amortization expense remaining	$	149.7

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Income Tax Disclosure [Abstract]
U.S. federal income taxes receivable	$ 10.7
Income taxes payable	$ 0.0	$ 0.7
Effective tax rate	22.70%	24.10%	23.30%
Unrecognized tax benefits	$ 5.7

Leases - Future Lease Commitments for Future Fiscal Years (Details) $ in Millions	Aug. 26, 2023 USD ($)
Operating Leases
Fiscal 2024	$ 8.3
Fiscal 2025	8.4
Fiscal 2026	8.1
Fiscal 2027	7.9
Fiscal 2028	7.8
Thereafter	19.4
Total future undiscounted lease payments	59.9
Less: Interest	12.0
Total reported lease liabilities	47.9
Related Party
Operating Leases
Fiscal 2024	1.8
Fiscal 2025	1.8
Fiscal 2026	1.8
Fiscal 2027	1.8
Fiscal 2028	1.8
Thereafter	2.4
Total future undiscounted lease payments	11.4
Less: Interest	2.0
Total reported lease liabilities	9.4
Nonrelated Party
Operating Leases
Fiscal 2024	6.5
Fiscal 2025	6.6
Fiscal 2026	6.3
Fiscal 2027	6.1
Fiscal 2028	6.0
Thereafter	17.0
Total future undiscounted lease payments	48.5
Less: Interest	10.0
Total reported lease liabilities	38.5
Financing Leases
Fiscal 2024	1.8
Fiscal 2025	1.9
Fiscal 2026	1.9
Fiscal 2027	1.9
Fiscal 2028	2.1
Thereafter	1.2
Total future undiscounted lease payments	10.8
Less: Interest	1.8
Total reported lease liabilities	$ 9.0

Leases

12 Months Ended

Aug. 26, 2023

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:


(in millions)	Classification	August 26, 2023		August 27, 2022
Assets
Operating leases	Operating lease assets	$	42.6	$	41.1
Finance leases	Other long-term assets	8.1		6.7
Total lease assets		$	50.7	$	47.8

Liabilities
Current: Operating leases	Other current liabilities	$	5.9	$	4.7
Current: Finance leases	Other current liabilities	1.3		1.0
Non-Current: Operating leases	Long-term operating lease liabilities	42.0		40.4
Non-Current: Finance leases	Other long-term liabilities	7.7		6.7
Total lease liabilities		$	56.9	$	52.8

Operating lease costs incurred are as follows:


(in millions)	Classification	2023		2022		2021
Operating lease expense(1)	Costs of goods sold and SG&A	$	10.3	$	9.6	$	5.8
Finance lease cost:
Depreciation of lease assets	Costs of goods sold and SG&A	1.0		0.8		0.6
Interest on lease liabilities	Interest expense, net	0.5		0.4		0.3
Total lease cost		$	11.8	$	10.8	$	6.7

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

Our future lease commitments as of August 26, 2023 included the following related party and non-related party leases:


	Operating Leases						Financing Leases
(in millions)	Related Party Amount		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2024	$	1.8	$	6.5	$	8.3	$	1.8
Fiscal 2025	1.8		6.6		8.4		1.9
Fiscal 2026	1.8		6.3		8.1		1.9
Fiscal 2027	1.8		6.1		7.9		1.9
Fiscal 2028	1.8		6.0		7.8		2.1
Thereafter	2.4		17.0		19.4		1.2
Total future undiscounted lease payments	11.4		48.5		59.9		10.8
Less: Interest	2.0		10.0		12.0		1.8
Total reported lease liabilities	$	9.4	$	38.5	$	47.9	$	9.0

Additional information related to our leases is as follows:


	2023			2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5.0		$	3.7		$	2.6
Operating cash flows from financing leases	0.5			0.4			0.3
Financing cash flows from financing leases	1.1			0.9			0.6
Weighted average remaining lease term:
Operating leases	7.3			8.1			8.1
Finance leases	5.2			6.0			6.8
Weighted average discount rate:
Operating leases	6.2		%	5.8		%	6.2		%
Finance leases	6.4		%	5.9		%	6.3		%

Leases

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


(in millions)	Classification	August 26, 2023		August 27, 2022
Assets
Operating leases	Operating lease assets	$	42.6	$	41.1
Finance leases	Other long-term assets	8.1		6.7
Total lease assets		$	50.7	$	47.8

Liabilities
Current: Operating leases	Other current liabilities	$	5.9	$	4.7
Current: Finance leases	Other current liabilities	1.3		1.0
Non-Current: Operating leases	Long-term operating lease liabilities	42.0		40.4
Non-Current: Finance leases	Other long-term liabilities	7.7		6.7
Total lease liabilities		$	56.9	$	52.8

Operating lease costs incurred are as follows:


(in millions)	Classification	2023		2022		2021
Operating lease expense(1)	Costs of goods sold and SG&A	$	10.3	$	9.6	$	5.8
Finance lease cost:
Depreciation of lease assets	Costs of goods sold and SG&A	1.0		0.8		0.6
Interest on lease liabilities	Interest expense, net	0.5		0.4		0.3
Total lease cost		$	11.8	$	10.8	$	6.7

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

Our future lease commitments as of August 26, 2023 included the following related party and non-related party leases:


	Operating Leases						Financing Leases
(in millions)	Related Party Amount		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2024	$	1.8	$	6.5	$	8.3	$	1.8
Fiscal 2025	1.8		6.6		8.4		1.9
Fiscal 2026	1.8		6.3		8.1		1.9
Fiscal 2027	1.8		6.1		7.9		1.9
Fiscal 2028	1.8		6.0		7.8		2.1
Thereafter	2.4		17.0		19.4		1.2
Total future undiscounted lease payments	11.4		48.5		59.9		10.8
Less: Interest	2.0		10.0		12.0		1.8
Total reported lease liabilities	$	9.4	$	38.5	$	47.9	$	9.0

Additional information related to our leases is as follows:


	2023			2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5.0		$	3.7		$	2.6
Operating cash flows from financing leases	0.5			0.4			0.3
Financing cash flows from financing leases	1.1			0.9			0.6
Weighted average remaining lease term:
Operating leases	7.3			8.1			8.1
Finance leases	5.2			6.0			6.8
Weighted average discount rate:
Operating leases	6.2		%	5.8		%	6.2		%
Finance leases	6.4		%	5.9		%	6.3		%

Basis of Presentation (Tables)

12 Months Ended

Aug. 26, 2023

Accounting Policies [Abstract]

Depreciation of Property and Equipment


Asset Class			Asset Life
Buildings and improvements			5-30 years
Machinery and equipment			5-8 years
Software			3-10 years
Transportation equipment			5-6 years

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


(in millions)	August 26, 2023		August 27, 2022
Land	$	14.6	$	14.6
Buildings and building improvements	247.3		171.0
Machinery and equipment	159.3		142.6
Software	52.7		43.8
Transportation	7.2		6.5
Construction in progress	49.3		76.8
Property, plant, and equipment, gross	530.4		455.3
Less: Accumulated depreciation	203.1		179.1
Property, plant, and equipment, net	$	327.3	$	276.2

Inventories - Inventory Valuation Methods (Details) - USD ($) $ in Millions	Aug. 26, 2023	Aug. 27, 2022
Inventory Disclosure [Abstract]
LIFO basis	$ 262.6	$ 212.3
FIFO basis	255.9	360.9
Total	$ 518.5	$ 573.2

Inventories

12 Months Ended

Aug. 26, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:


(in millions)	August 26, 2023		August 27, 2022
Finished goods	$	53.0	$	59.3
Work-in-process ("WIP")	159.9		198.9
Raw materials	305.6		315.0
Total	518.5		573.2
Less: Excess of FIFO over LIFO cost	47.9		47.4
Inventories, net	$	470.6	$	525.8

Inventory valuation methods consist of the following:


(in millions)	August 26, 2023		August 27, 2022
LIFO basis	$	262.6	$	212.3
FIFO basis	255.9		360.9
Total	$	518.5	$	573.2

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

Audit Information	12 Months Ended
Audit Information	Aug. 26, 2023
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Minneapolis, Minnesota

Income Taxes

12 Months Ended

Aug. 26, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income TaxesIncome tax expense consisted of the following:


(in millions)	2023		2022		2021
Current
Federal	$	38.2	$	105.9	$	71.6
State	8.8		24.9		16.2
Total	47.0		130.8		87.8
Deferred
Federal	15.9		(5.6)		0.7
State	0.4		(1.1)		(2.9)
Total	16.3		(6.7)		(2.2)
Provision for income taxes	$	63.3	$	124.1	$	85.6

As of August 26, 2023, $10.7 million of U.S. federal income taxes receivable was included in prepaid expenses and other current assets on the Consolidated Balance Sheets. Comparatively, as of August 27, 2022, $0.7 million of U.S. federal income taxes payable was included in income taxes payable on the Consolidated Balance Sheets.

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


	2023		2022		2021
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	3.1	%	3.5	%	3.3	%
Income tax credits	(1.1)	%	(0.5)	%	(0.6)	%
Nondeductible compensation	1.1	%	0.9	%	0.5	%
Tax-free and dividend income	(0.1)	%	(0.1)	%	(0.1)	%
Uncertain tax position settlements and adjustments	0.1	%	(0.1)	%	(0.1)	%
Other items	(1.4)	%	(0.6)	%	(0.7)	%
Effective tax provision rate	22.7	%	24.1	%	23.3	%

Our effective tax rate decreased to 22.7% in Fiscal 2023 compared to 24.1% in Fiscal 2022 primarily due to both an increase in tax credits year-over-year over decreased income in the current year and favorable return to provision adjustments.

On August 16, 2022, the Inflation Reduction Act (“IRA”) was signed into law in the U.S. 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 amount of excise tax on Fiscal 2023 stock repurchases was not significant to our consolidated financial statements.

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


(in millions)	August 26, 2023		August 27, 2022
Warranty reserves	$	23.5	$	30.7
Deferred compensation	2.4		3.0
Self-insurance reserve	5.1		4.9
Stock-based compensation	4.2		5.5
Leases	13.8		12.9
Convertible notes	5.8		—
Capitalized research and development costs	11.1		—
Other	13.9		9.1
Total deferred tax assets	79.8		66.1
Convertible notes	—		2.0
Intangibles	50.5		39.5
Depreciation	28.7		19.0
Leases	12.3		11.7
Total deferred tax liabilities	91.5		72.2
Total deferred income tax liabilities, net	$	11.7	$	6.1

Changes in the unrecognized tax benefits are as follows:


(in millions)	2023		2022		2021
Balance at beginning of year	$	5.0	$	5.5	$	5.8
Gross decreases-tax positions in a prior year	(1.5)		(1.1)		(0.9)
Gross increases-tax positions in a prior year	1.0		—		—
Gross increases-current year tax positions	1.0		0.6		0.6
Balance at end of year	5.5		5.0		5.5
Accrued interest and penalties	0.6		0.7		1.0
Total unrecognized tax benefits	$	6.1	$	5.7	$	6.5

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, $5.7 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 26, 2023, our federal returns from Fiscal 2020 to present are subject to review by the IRS. With limited exception, state returns from Fiscal 2019 to present continue to be subject to review by state taxing jurisdictions. We are currently under review by certain U.S. state tax authorities for Fiscal 2019 through Fiscal 2021. 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Product Warranties (Tables)

12 Months Ended

Aug. 26, 2023

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability

Changes in the product warranty liability are as follows:


(in millions)	2023		2022		2021
Balance at beginning of year	$	127.9	$	91.2	$	64.0
Business acquisitions(1)	1.4		4.7		—
Provision	67.1		119.2		90.0
Claims paid	(98.6)		(87.2)		(62.8)
Balance at end of year	$	97.8	$	127.9	$	91.2

Stock-Based Compensation Plans - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Aug. 26, 2023 USD ($) $ / shares shares
Stock Options
Outstanding beginning balance (in shares) \| shares	322,107
Granted (in shares) \| shares	66,873
Exercised (in shares) \| shares	0
Forfeited/canceled (in shares) \| shares	0
Outstanding ending balance (in shares) \| shares	388,980
Exercisable at end of year (in shares) \| shares	278,339
Weighted Average Exercise Price Per Share
Outstanding beginning balance (in dollars per share) \| $ / shares	$ 44.75
Granted (in dollars per share) \| $ / shares	56.09
Exercised (in dollars per share) \| $ / shares	0
Forfeited/canceled (in dollars per share) \| $ / shares	0
Outstanding ending balance (in dollars per share) \| $ / shares	46.70
Exercisable at end of year (in dollars per share) \| $ / shares	$ 41.17
Weighted Average Remaining Contractual Term (in years)
Outstanding	6 years 2 months 12 days
Exercisable	5 years 2 months 12 days
Aggregate Intrinsic Value
Outstanding \| $	$ 7,077
Exercisable \| $	$ 6,417

Leases (Tables)

12 Months Ended

Aug. 26, 2023

Leases [Abstract]

Supplemental Balance Sheet Information

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


(in millions)	Classification	August 26, 2023		August 27, 2022
Assets
Operating leases	Operating lease assets	$	42.6	$	41.1
Finance leases	Other long-term assets	8.1		6.7
Total lease assets		$	50.7	$	47.8

Liabilities
Current: Operating leases	Other current liabilities	$	5.9	$	4.7
Current: Finance leases	Other current liabilities	1.3		1.0
Non-Current: Operating leases	Long-term operating lease liabilities	42.0		40.4
Non-Current: Finance leases	Other long-term liabilities	7.7		6.7
Total lease liabilities		$	56.9	$	52.8

Schedule of Lease Costs

Operating lease costs incurred are as follows:


(in millions)	Classification	2023		2022		2021
Operating lease expense(1)	Costs of goods sold and SG&A	$	10.3	$	9.6	$	5.8
Finance lease cost:
Depreciation of lease assets	Costs of goods sold and SG&A	1.0		0.8		0.6
Interest on lease liabilities	Interest expense, net	0.5		0.4		0.3
Total lease cost		$	11.8	$	10.8	$	6.7

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

Additional information related to our leases is as follows:


	2023			2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5.0		$	3.7		$	2.6
Operating cash flows from financing leases	0.5			0.4			0.3
Financing cash flows from financing leases	1.1			0.9			0.6
Weighted average remaining lease term:
Operating leases	7.3			8.1			8.1
Finance leases	5.2			6.0			6.8
Weighted average discount rate:
Operating leases	6.2		%	5.8		%	6.2		%
Finance leases	6.4		%	5.9		%	6.3		%

Future Lease Commitments for Future Fiscal Years of Operating Leases

Our future lease commitments as of August 26, 2023 included the following related party and non-related party leases:


	Operating Leases						Financing Leases
(in millions)	Related Party Amount		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2024	$	1.8	$	6.5	$	8.3	$	1.8
Fiscal 2025	1.8		6.6		8.4		1.9
Fiscal 2026	1.8		6.3		8.1		1.9
Fiscal 2027	1.8		6.1		7.9		1.9
Fiscal 2028	1.8		6.0		7.8		2.1
Thereafter	2.4		17.0		19.4		1.2
Total future undiscounted lease payments	11.4		48.5		59.9		10.8
Less: Interest	2.0		10.0		12.0		1.8
Total reported lease liabilities	$	9.4	$	38.5	$	47.9	$	9.0

Future Lease Commitments for Future Fiscal Years of Financing Leases

Our future lease commitments as of August 26, 2023 included the following related party and non-related party leases:


	Operating Leases						Financing Leases
(in millions)	Related Party Amount		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2024	$	1.8	$	6.5	$	8.3	$	1.8
Fiscal 2025	1.8		6.6		8.4		1.9
Fiscal 2026	1.8		6.3		8.1		1.9
Fiscal 2027	1.8		6.1		7.9		1.9
Fiscal 2028	1.8		6.0		7.8		2.1
Thereafter	2.4		17.0		19.4		1.2
Total future undiscounted lease payments	11.4		48.5		59.9		10.8
Less: Interest	2.0		10.0		12.0		1.8
Total reported lease liabilities	$	9.4	$	38.5	$	47.9	$	9.0

Income Taxes - Significant Items Comprising Deferred Taxes (Details) - USD ($) $ in Millions	Aug. 26, 2023	Aug. 27, 2022
Income Tax Disclosure [Abstract]
Warranty reserves	$ 23.5	$ 30.7
Deferred compensation	2.4	3.0
Self-insurance reserve	5.1	4.9
Stock-based compensation	4.2	5.5
Leases	13.8	12.9
Convertible notes	5.8	0.0
Capitalized research and development costs	11.1	0.0
Other	13.9	9.1
Total deferred tax assets	79.8	66.1
Convertible notes	0.0	2.0
Intangibles	50.5	39.5
Depreciation	28.7	19.0
Leases	12.3	11.7
Total deferred tax liabilities	91.5	72.2
Total deferred income tax liabilities, net	$ 11.7	$ 6.1

Income Taxes (Tables)

12 Months Ended

Aug. 26, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense consisted of the following:


(in millions)	2023		2022		2021
Current
Federal	$	38.2	$	105.9	$	71.6
State	8.8		24.9		16.2
Total	47.0		130.8		87.8
Deferred
Federal	15.9		(5.6)		0.7
State	0.4		(1.1)		(2.9)
Total	16.3		(6.7)		(2.2)
Provision for income taxes	$	63.3	$	124.1	$	85.6

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:


	2023		2022		2021
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	3.1	%	3.5	%	3.3	%
Income tax credits	(1.1)	%	(0.5)	%	(0.6)	%
Nondeductible compensation	1.1	%	0.9	%	0.5	%
Tax-free and dividend income	(0.1)	%	(0.1)	%	(0.1)	%
Uncertain tax position settlements and adjustments	0.1	%	(0.1)	%	(0.1)	%
Other items	(1.4)	%	(0.6)	%	(0.7)	%
Effective tax provision rate	22.7	%	24.1	%	23.3	%

Schedule of Deferred Income Taxes

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


(in millions)	August 26, 2023		August 27, 2022
Warranty reserves	$	23.5	$	30.7
Deferred compensation	2.4		3.0
Self-insurance reserve	5.1		4.9
Stock-based compensation	4.2		5.5
Leases	13.8		12.9
Convertible notes	5.8		—
Capitalized research and development costs	11.1		—
Other	13.9		9.1
Total deferred tax assets	79.8		66.1
Convertible notes	—		2.0
Intangibles	50.5		39.5
Depreciation	28.7		19.0
Leases	12.3		11.7
Total deferred tax liabilities	91.5		72.2
Total deferred income tax liabilities, net	$	11.7	$	6.1

Schedule of Unrecognized Tax Benefits

Changes in the unrecognized tax benefits are as follows:


(in millions)	2023		2022		2021
Balance at beginning of year	$	5.0	$	5.5	$	5.8
Gross decreases-tax positions in a prior year	(1.5)		(1.1)		(0.9)
Gross increases-tax positions in a prior year	1.0		—		—
Gross increases-current year tax positions	1.0		0.6		0.6
Balance at end of year	5.5		5.0		5.5
Accrued interest and penalties	0.6		0.7		1.0
Total unrecognized tax benefits	$	6.1	$	5.7	$	6.5

Business Combinations

12 Months Ended

Aug. 26, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combinations

Lithionics Battery, LLC

On April 28, 2023, we purchased 100% of the equity interests of Lithionics Battery, LLC and Lithionics LLC (collectively, "Lithionics"), a premier lithium-ion battery solutions provider to the recreational equipment and specialty vehicle markets. Refer to Note 7 in the Notes to Consolidated Financial Statements included in Item 8 of Part II of this Annual Report on Form 10-K for more information relating to the goodwill and other intangible assets acquired. Pro forma results of operations for this acquisition have not been presented as the impact on our consolidated financial statements was not material.

Total transaction costs related to the Lithionics acquisition of $3.1 million were expensed during the third quarter of Fiscal 2023. Transaction costs are included in selling, general and administrative expenses in the accompanying Consolidated Statements of Income.

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.

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. As of August 26, 2023 and August 27, 2022, the fair value of the earnout was $18.4 million and $39.8 million, respectively. The portion of the earnout liability that will be settled within a year was included in other current liabilities on the Consolidated Balance Sheets, and the remaining earnout liability was included in other long-term liabilities on the Consolidated Balance Sheets. As of August 26, 2023, the entire $18.4 million was included in other current liabilities on the Consolidated Balance Sheets. Comparatively, as of August 27, 2022, $21.3 million was included in other current liabilities and $18.5 million was included in other long-term liabilities on the Consolidated Balance Sheets. In the third quarter of Fiscal 2023, we paid $22.0 million to settle earnout obligations associated with the 2022 cash consideration earnout period. 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 millions)	August 31, 2021
Cash	$	11.9
Other current assets	24.6
Property, plant, and equipment	17.3
Goodwill	136.1
Other intangible assets	111.4
Total assets acquired	301.3
Accounts payable	7.2
Product warranties	4.7
Other current liabilities	3.1
Total liabilities assumed	15.0
Total purchase price	$	286.3

Goodwill from the Barletta acquisition is recognized in our Marine segment. The other 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 being amortized over 10 months, was 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.

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

Property, Plant, and Equipment

12 Months Ended

Aug. 26, 2023

Property, Plant and Equipment, Net [Abstract]

Property, Plant, and Equipment

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


(in millions)	August 26, 2023		August 27, 2022
Land	$	14.6	$	14.6
Buildings and building improvements	247.3		171.0
Machinery and equipment	159.3		142.6
Software	52.7		43.8
Transportation	7.2		6.5
Construction in progress	49.3		76.8
Property, plant, and equipment, gross	530.4		455.3
Less: Accumulated depreciation	203.1		179.1
Property, plant, and equipment, net	$	327.3	$	276.2

Depreciation expense was $29.2 million, $24.2 million, and $18.2 million for Fiscal 2023, 2022, and 2021, respectively.

Goodwill and Intangible Assets (Tables)

12 Months Ended

Aug. 26, 2023

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 2023, 2022, and 2021 are as follows:


(in millions)	Towable RV		Motorhome RV		Marine		Corporate / All Other		Total
Balances at August 28, 2021	$	244.7	$	73.1	$	30.3	$	—	$	348.1
Acquisition of Barletta(1)	—		—		136.1		—		136.1
Balances at August 27, 2022	$	244.7	$	73.1	$	166.4	—		$	484.2
Acquisition of Lithionics(2)	—		—		—		30.3		30.3
Balances at August 26, 2023	$	244.7	$	73.1	$	166.4	$	30.3	$	514.5

Schedule of Other Intangible Assets

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


	August 26, 2023
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Indefinite-lived trade names	$	352.3	$	—	$	352.3
Finite-lived trade name	4.1		0.2		3.9
Dealer networks/customer relationships	183.6		75.6		108.0
Backlog	43.6		42.5		1.1
Developed technology	38.3		1.8		36.5
Non-compete agreements	6.6		6.4		0.2
Other intangible assets	$	628.5	$	126.5	$	502.0

	August 27, 2022
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Indefinite-lived trade names	$	352.3	$	—	$	352.3
Dealer networks/customer relationships	180.0		60.5		119.5
Backlog	42.3		42.3		—
Non-compete agreements	6.6		6.0		0.6
Other intangible assets	$	581.2	$	108.8	$	472.4

Schedule of Remaining Estimated Aggregate Annual Amortization Expense

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


(in millions)	Amortization
Fiscal 2024	$	22.5
Fiscal 2025	22.1
Fiscal 2026	21.7
Fiscal 2027	21.7
Fiscal 2028	21.4
Thereafter	40.3
Total amortization expense remaining	$	149.7

- Definition

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

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+ Details

Goodwill and Intangible Assets - Narrative (Details)	Aug. 26, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average remaining amortization period (in years)	7 years

Business Combinations (Tables)

12 Months Ended

Aug. 26, 2023

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 millions)	August 31, 2021
Cash	$	11.9
Other current assets	24.6
Property, plant, and equipment	17.3
Goodwill	136.1
Other intangible assets	111.4
Total assets acquired	301.3
Accounts payable	7.2
Product warranties	4.7
Other current liabilities	3.1
Total liabilities assumed	15.0
Total purchase price	$	286.3

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Millions	Aug. 26, 2023	Aug. 27, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 600.0	$ 600.0
Convertible Notes unamortized interest discount	0.0	(45.3)
Debt issuance cost, net	(7.6)	(8.8)
Long-term debt, net	592.4	545.9
Fair value of long-term debt, excluding debt issuance costs	640.2	634.2
ABL Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	0.0	0.0
Senior Secured Notes
Debt Instrument [Line Items]
Long-term debt, gross	300.0	300.0
Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	300.0	$ 300.0
Fair value of long-term debt, excluding debt issuance costs	$ 349.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Basis of Presentation (Policies)

12 Months Ended

Aug. 26, 2023

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			5-8 years
Software			3-10 years
Transportation equipment			5-6 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.

Comprehensive Income

Comprehensive income represents the change in stockholders’ equity from transactions and other events and circumstances from sources other than shareholders.

Subsequent Events

Recently Adopted and Issued Accounting Pronouncements

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

Assets that Fund Deferred Compensation

The proportion of the assets that will fund the deferred compensation payments within a year are included in prepaid expenses and other current 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.Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain financial instruments are measured at fair value on a nonrecurring basis. These assets primarily include goodwill, intangible assets, property, plant and equipment, and right-of-use lease assets. These assets were originally recognized at amounts equal to the fair value determined at date of acquisition or purchase. If certain triggering events occur, or if an annual impairment test is required, we will evaluate the non-financial asset for impairment. If an impairment has occurred, the asset will be written down to its current estimated fair value.

Assets and Liabilities Not Measured at Fair Value

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 $1,816.7 million and $1,783.7 million as of August 26, 2023 and August 27, 2022, 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 $1.3 million and $1.4 million as of August 26, 2023 and August 27, 2022, 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.

Employee and Retiree Benefits - Investment in Life Insurance (Details) - USD ($) $ in Millions	Aug. 26, 2023	Aug. 27, 2022
Retirement Benefits [Abstract]
Cash value	$ 68.1	$ 67.2
Borrowings	(38.8)	(38.6)
Investment in life insurance	$ 29.3	$ 28.6

Business Segments

12 Months Ended

Aug. 26, 2023

Segment Reporting [Abstract]

Business Segments

We have eight operating segments: 1) Grand Design towables, 2) Winnebago towables, 3) Winnebago motorhomes, 4) Newmar motorhomes, 5) Chris-Craft marine, 6) Barletta marine, 7) Winnebago specialty vehicles, and 8) Lithionics. 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.

Our three reportable segments are: Towable RV (an aggregation of the Grand Design towables and the Winnebago towables operating segments), Motorhome RV (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 RV is comprised of non-motorized RV products that are generally towed by another vehicle, along with other related manufactured products and services. Motorhome RV is comprised of products that include a motorhome chassis, along with other related manufactured products and services. Marine is comprised of products that include boats, along with other related manufactured products and services.

The Corporate / All Other category includes the Winnebago specialty vehicles and Lithionics 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 in the Notes to Consolidated Financial Statements, included in Item 8 of Part II in this Annual Report on Form 10-K.

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 property, plant, and equipment, contingent consideration fair value adjustment, and non-operating income or loss.

Financial information by reportable segment is as follows:


(in millions)	2023		2022		2021
Net Revenues
Towable RV	$	1,415.3	$	2,597.4	$	2,010.0
Motorhome RV	1,560.1		1,911.2		1,539.1
Marine	469.7		425.3		60.2
Corporate / All Other	45.6		23.8		20.5
Consolidated	$	3,490.7	$	4,957.7	$	3,629.8

Adjusted EBITDA
Towable RV	$	172.1	$	383.6	$	289.0
Motorhome RV	142.0		238.0		169.2
Marine	60.5		60.8		5.2
Corporate / All Other	(19.9)		(33.5)		(27.3)
Consolidated	$	354.7	$	648.9	$	436.1

Capital Expenditures
Towable RV	$	25.6	$	45.7	$	25.1
Motorhome RV	31.1		22.3		17.6
Marine	19.1		16.4		2.2
Corporate / All Other	7.4		3.6		—
Consolidated	$	83.2	$	88.0	$	44.9


(in millions)	August 26, 2023		August 27, 2022
Total Assets
Towable RV	$	751.2	$	874.9
Motorhome RV	802.2		823.4
Marine	426.9		416.1
Corporate / All Other	452.1		302.3
Consolidated	$	2,432.4	$	2,416.7

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


(in millions)	2023		2022		2021
Net income	$	215.9	$	390.6	$	281.9
Interest expense, net	20.5		41.3		40.4
Provision for income taxes	63.3		124.1		85.6
Depreciation	29.2		24.2		18.2
Amortization	17.7		29.4		14.4
EBITDA	346.6		609.6		440.5
Acquisition-related costs	7.5		5.2		0.7
Litigation reserves	(0.4)		6.6		—
Restructuring expenses	—		—		0.1
Gain on sale of property, plant and equipment	—		—		(4.8)
Contingent consideration fair value adjustment	0.6		29.4		—
Non-operating loss (income)	0.4		(1.9)		(0.4)
Adjusted EBITDA	$	354.7	$	648.9	$	436.1

Net revenues by geography are as follows:


(in millions)	2023		2022		2021
United States	$	3,346.6	$	4,618.1	$	3,410.6
International	144.1		339.6		219.2
Net revenues	$	3,490.7	$	4,957.7	$	3,629.8

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Earnings per Share (Tables)

12 Months Ended

Aug. 26, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted earnings per share are calculated as follows:


(in millions, except per share data)	2023		2022		2021
Earnings per share - basic
Net income	$	215.9	$	390.6	$	281.9
Weighted average common shares outstanding	30.3		32.5		33.5
Basic earnings per common share(1)	$	7.12	$	12.03	$	8.41

Earnings per share - diluted
Net income	$	215.9	$	390.6	$	281.9
Interest expense on convertible notes, net of tax	4.7		—		—
Diluted net income	$	220.6	$	390.6	$	281.9

Weighted average common shares outstanding	30.3		32.5		33.5
Dilutive impact of stock compensation awards	0.3		0.5		0.4
Dilutive impact of convertible notes	4.8		—		0.2
Weighted average common shares outstanding, assuming dilution	35.4		33.0		34.1

Anti-dilutive securities excluded from weighted average diluted common shares outstanding	0.1		0.2		—

Diluted earnings per common share(1)	$	6.23	$	11.84	$	8.28

(1) Earnings per share amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Property, Plant and Equipment, Net [Abstract]
Depreciation	$ 29.2	$ 24.2	$ 18.2

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Income Statement [Abstract]
Net revenues	$ 3,490.7	$ 4,957.7	$ 3,629.8
Cost of goods sold	2,904.6	4,028.4	2,979.4
Gross profit	586.1	929.3	650.4
Selling, general, and administrative expenses	267.7	316.4	228.6
Amortization	17.7	29.4	14.4
Total operating expenses	285.4	345.8	243.0
Operating income	300.7	583.5	407.4
Interest expense, net	20.5	41.3	40.4
Non-operating loss (income)	1.0	27.5	(0.5)
Income before income taxes	279.2	514.7	367.5
Provision for income taxes	63.3	124.1	85.6
Net income	$ 215.9	$ 390.6	$ 281.9
Earnings per common share:
Basic (in dollars per share)	$ 7.12	$ 12.03	$ 8.41
Diluted (in dollars per share)	$ 6.23	$ 11.84	$ 8.28
Weighted average common shares outstanding:
Basic (in shares)	30.3	32.5	33.5
Diluted (in shares)	35.4	33.0	34.1

Business Combinations - Narrative (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended				12 Months Ended
	Aug. 31, 2021	May 27, 2023	May 28, 2022	Nov. 27, 2021	Aug. 28, 2021	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021	Apr. 28, 2023
Business Acquisition [Line Items]
Acquisition related costs						$ 7.5	$ 5.2	$ 0.7
Issuance of stock for acquisition							22.0
Lithionics Battery, LLC And Lithionics LLC
Business Acquisition [Line Items]
Percent of voting interest acquired									100.00%
Acquisition related costs		$ 3.1
Barletta
Business Acquisition [Line Items]
Percent of voting interest acquired	100.00%
Acquisition related costs				$ 2.4	$ 0.7
Purchase price	$ 286.3
Cash payments	240.1
Purchase price, common stock issued	$ 25.0
Discount percentage on purchase price	12.00%
Lockup restriction period	1 year
Purchase price, common stock issued after discount	$ 22.0
Earnout liability	$ 24.2					18.4	$ 39.8
Issuance of stock for acquisition		$ 22.0
Issuance of stock for acquisition (in shares)			0.2
Transaction costs				$ 3.1
Barletta \| Dealer networks/customer relationships
Business Acquisition [Line Items]
Weighted-average useful life	12 years
Barletta \| Backlog
Business Acquisition [Line Items]
Weighted-average useful life							10 months
Barletta \| Other Current Liabilities
Business Acquisition [Line Items]
Earnout liability						$ 18.4	$ 21.3
Barletta \| Other Noncurrent Liabilities
Business Acquisition [Line Items]
Earnout liability							$ 18.5
Barletta \| Earnout Paid In Stock
Business Acquisition [Line Items]
Earnout amount	$ 50.0
Barletta \| Earnout Paid In Cash
Business Acquisition [Line Items]
Earnout amount	$ 15.0

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Aug. 26, 2023	Aug. 27, 2022
Schedule of Intangible Assets [Line Items]
Total amortization expense remaining	$ 149.7
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	628.5	$ 581.2
Accumulated Amortization	126.5	108.8
Net Carrying Value	502.0	472.4
Trade names
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	4.1
Total amortization expense remaining	3.9
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	0.2
Dealer networks/customer relationships
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	183.6	180.0
Total amortization expense remaining	108.0	119.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	75.6	60.5
Backlog
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	43.6	42.3
Total amortization expense remaining	1.1	0.0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	42.5	42.3
Developed technology
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	38.3
Total amortization expense remaining	36.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	1.8
Non-compete agreements
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	6.6	6.6
Total amortization expense remaining	0.2	0.6
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	6.4	6.0
Trade names
Schedule of Intangible Assets [Line Items]
Indefinite-lived trade names	$ 352.3	$ 352.3

Revenue Recognition

12 Months Ended

Aug. 26, 2023

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 towable RV units, motorhome RV units and marine units to our independent dealer network (our customers). The following table disaggregates revenue by reportable segment and product category:


(in millions)	2023		2022		2021
Net Revenues
Towable RV:
Fifth Wheel	$	715.1	$	1,260.9	$	1,024.4
Travel Trailer	658.2		1,296.6		959.7
Other(1)	42.0		39.9		25.9
Total Towable RV	1,415.3		2,597.4		2,010.0
Motorhome RV:
Class A	736.0		786.8		690.2
Class B	424.8		718.0		532.2
Class C and Other(1)	399.3		406.4		316.7
Total Motorhome RV	1,560.1		1,911.2		1,539.1
Marine	469.7		425.3		60.2
Corporate / All Other(2)	45.6		23.8		20.5
Consolidated	$	3,490.7	$	4,957.7	$	3,629.8

(1) Relates to 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 2023, 2022, and 2021.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Long-Term Debt - Contractual Maturities (Details) - USD ($) $ in Millions	Aug. 26, 2023	Aug. 27, 2022
Debt Disclosure [Abstract]
Fiscal 2024	$ 0.0
Fiscal 2025	300.0
Fiscal 2026	0.0
Fiscal 2027	0.0
Fiscal 2028	300.0
Thereafter	0.0
Total Long-term debt, gross	$ 600.0	$ 600.0

Leases - Additional Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 5.0	$ 3.7	$ 2.6
Operating cash flows from financing leases	0.5	0.4	0.3
Financing cash flows from financing leases	$ 1.1	$ 0.9	$ 0.6
Weighted average remaining lease term:
Operating leases	7 years 3 months 18 days	8 years 1 month 6 days	8 years 1 month 6 days
Finance leases	5 years 2 months 12 days	6 years	6 years 9 months 18 days
Weighted average discount rate:
Operating leases	6.20%	5.80%	6.20%
Finance leases	6.40%	5.90%	6.30%

Long-Term Debt

12 Months Ended

Aug. 26, 2023

Debt Disclosure [Abstract]

Long-Term Debt

On July 15, 2022, we amended and restated our 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 Credit Facility 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 the ABL Credit Facility 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 are being 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 the ABL Credit Facility) and (ii) a second-priority lien on our present and future receivables, inventory and other related assets and proceeds that secure the ABL Credit 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 are being 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. As of August 26, 2023, the conversion rate was 15.9395 shares of common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of approximately $62.74. The difference between the initial conversion rate and the

conversion rate as of August 26, 2023 is due to cash dividends that have been declared following the issuance of the Convertible Notes.

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 5 consecutive business day period after any 5 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

In the first quarter of Fiscal 2023, we adopted ASU 2020-06 using the modified retrospective approach. The new guidance simplifies the accounting for convertible instruments by removing certain separation models. As a result, more convertible debt instruments will be accounted for as a single liability measured at amortized cost.

Prior to our adoption of ASU 2020-06, we bifurcated the proceeds from the offering of the Convertible Notes between liability and equity components. On the date of issuance, the liability and equity components were calculated to be approximately $215.0 million and $85.0 million, respectively. The initial $215.0 million liability component was determined based on the fair value of similar debt instruments excluding the conversion feature assuming a hypothetical interest rate of 8%. The initial $85.0 million ($64.1 million net of tax) equity component represented the difference between the fair value of the initial $215.0 million in debt and the $300.0 million of gross proceeds. The initial debt discount of $85.0 million was being amortized over the life of the Convertible Notes as non-cash interest expense using the effective interest method. We recognized $15.1 million and $13.9 million of non-cash interest expense during Fiscal 2022 and Fiscal 2021, respectively. In addition, offering-related costs of $9.8 million were allocated to the liability and equity components in proportion to the allocation of proceeds.

In connection with our adoption of ASU 2020-06, we derecognized the remaining unamortized interest discount on the Convertible Notes and therefore recorded no non-cash interest expense related to the amortization of the debt discount in Fiscal 2023. As a result, the Convertible Notes are now accounted for as a single liability measured at amortized cost. Interest expense, representing

the amortization of the debt issuance costs as well as the contractual interest expense is amortized using an effective interest rate of 2.1% over the term of the Convertible Notes. We recorded interest expense of $6.3 million, $19.6 million, and $18.4 million for Fiscal 2023, 2022, and 2021, respectively.

Refer to Note 16 in the Notes to Consolidated Financial Statements included in Item 8 of Part II of this Annual Report on Form 10-K for more information related to the earnings per share impact associated with the Convertible Notes and our adoption of ASU-2020-06.

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.

Long-term debt consists of the following:


(in millions)	August 26, 2023		August 27, 2022
ABL Credit Facility	$	—	$	—
Senior Secured Notes	300.0		300.0
Convertible Notes	300.0		300.0
Long-term debt, gross	600.0		600.0
Convertible Notes unamortized interest discount	—		(45.3)
Debt issuance cost, net	(7.6)		(8.8)
Long-term debt, net	$	592.4	$	545.9

Fair Value and Future Maturities

As of August 26, 2023 and August 27, 2022, the fair value of long-term debt, gross, was $640.2 million and $634.2 million, respectively. The fair value of the Convertible Notes was $349.0 million as of August 26, 2023. We are in compliance with all of our financial debt covenants as of August 26, 2023.

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


(in millions)	Amount
Fiscal 2024	$	—
Fiscal 2025	300.0
Fiscal 2026	—
Fiscal 2027	—
Fiscal 2028	300.0
Thereafter	—
Total Long-term debt, gross	$	600.0

- 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.

+ References

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+ Details