0000107687-23-000037 | 10-Q | XBRL Viewer

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Contingent Liabilities and Commitments	3 Months Ended
Contingent Liabilities and Commitments	Nov. 25, 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 of our repurchase agreements was approximately $1,857.3 million and $1,816.7 million at November 25, 2023 and August 26, 2023, 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 $1.2 million and $1.3 million at November 25, 2023 and August 26, 2023, respectively. Repurchase risk is affected by the credit worthiness of our dealer network. We do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to establish the loss reserve for repurchase commitments. There was no material activity related to repurchase agreements during the three months ended November 25, 2023 and November 26, 2022. 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.

Goodwill and Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Millions	Nov. 25, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of Fiscal 2024	$ 17.3
Fiscal 2025	22.1
Fiscal 2026	21.7
Fiscal 2027	21.7
Fiscal 2028	21.4
Fiscal 2029	15.5
Thereafter	24.4
Total amortization expense remaining	$ 144.1

Property, Plant, and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Aug. 26, 2023
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 541.6		$ 530.4
Less: Accumulated depreciation	210.5		203.1
Property, plant, and equipment, net	331.1		327.3
Depreciation	8.1	$ 6.6
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	248.0		247.3
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	163.2		159.3
Software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	52.7		52.7
Transportation
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	7.2		7.2
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 55.9		$ 49.3

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Nov. 25, 2023	Nov. 26, 2022
Earnings Per Share [Abstract]
Net income	$ 25.8	$ 60.2
Weighted average common shares outstanding (in shares)	29.6	30.4
Basic earnings per common share (in dollars per share)	$ 0.87	$ 1.98
Interest expense on convertible notes, net of tax	$ 1.2	$ 1.2
Diluted net income	$ 27.0	$ 61.4
Dilutive impact of stock compensation awards (in shares)	0.3	0.4
Dilutive impact of convertible notes (in shares)	4.8	4.7
Weighted average common shares outstanding, assuming dilution (in shares)	34.7	35.5
Anti-dilutive securities excluded from weighted average common shares outstanding, assuming dilution (in shares)	0.1	0.1
Diluted earnings per common share (in dollars per share)	$ 0.78	$ 1.73

Earnings Per Share

3 Months Ended

Nov. 25, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Basic and diluted earnings per share are calculated as follows:


	Three Months Ended
(in millions, except per share data)	November 25, 2023		November 26, 2022
Earnings per share - basic
Net income	$	25.8	$	60.2
Weighted average common shares outstanding	29.6		30.4
Basic earnings per common share(1)	$	0.87	$	1.98

Earnings per share - diluted
Net income	$	25.8	$	60.2
Interest expense on convertible notes, net of tax	1.2		1.2
Diluted net income	$	27.0	$	61.4

Weighted average common shares outstanding	29.6		30.4
Dilutive impact of stock compensation awards	0.3		0.4
Dilutive impact of convertible notes	4.8		4.7
Weighted average common shares outstanding, assuming dilution	34.7		35.5

Anti-dilutive securities excluded from weighted average common shares outstanding, assuming dilution	0.1		0.1

Diluted earnings per common share(1)	$	0.78	$	1.73

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

The dilutive effect of stock compensation awards was determined using the treasury stock method while the dilutive impact of the Convertible Notes was determined using the if-converted 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. 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.

Consolidated Balance Sheets - USD ($) $ in Millions	Nov. 25, 2023	Aug. 26, 2023
Current assets
Cash and cash equivalents	$ 219.6	$ 309.9
Receivables, less allowance for credit losses ($0.4 and $0.4, respectively)	187.6	178.5
Inventories, net	494.0	470.6
Prepaid expenses and other current assets	33.4	37.7
Total current assets	934.6	996.7
Property, plant, and equipment, net	331.1	327.3
Goodwill	514.5	514.5
Other intangible assets, net	496.4	502.0
Investment in life insurance	29.6	29.3
Operating lease assets	41.3	42.6
Other long-term assets	21.4	20.0
Total assets	2,368.9	2,432.4
Current liabilities
Accounts payable	123.4	146.9
Accrued expenses:
Accrued compensation	34.2	35.9
Product warranties	91.8	97.8
Self-insurance	23.1	23.3
Promotional	28.5	29.9
Accrued interest and dividends	7.8	13.7
Other current liabilities	38.5	48.5
Total current liabilities	347.3	396.0
Non-current liabilities
Long-term debt, net	593.1	592.4
Deferred income tax liabilities, net	12.7	11.7
Unrecognized tax benefits	6.4	6.1
Long-term operating lease liabilities	40.5	42.0
Deferred compensation benefits, net of current portion	7.2	7.9
Other long-term liabilities	7.7	8.2
Total liabilities	1,014.9	1,064.3
Contingent liabilities and commitments (Note 11)
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	196.4	197.7
Retained earnings	1,773.6	1,747.8
Accumulated other comprehensive loss	(0.4)	(0.4)
Treasury stock, at cost: 22.6 and 22.0 shares, respectively	(641.5)	(602.9)
Total shareholders' equity	1,354.0	1,368.1
Total liabilities and shareholders' equity	$ 2,368.9	$ 2,432.4

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Nov. 25, 2023	Aug. 26, 2023
Current assets
Allowance for credit losses	$ 0.4	$ 0.4
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, 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)	22,600,000	22,000,000.0

Product Warranties

3 Months Ended

Nov. 25, 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:


	Three Months Ended
(in millions)	November 25, 2023		November 26, 2022
Balance at beginning of period	$	97.8	$	127.9
Provision	18.4		18.1
Claims paid	(24.4)		(23.8)
Balance at end of period	$	91.8	$	122.2

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Nov. 25, 2023	Nov. 26, 2022
Income Statement [Abstract]
Net revenues	$ 763.0	$ 952.2
Cost of goods sold	647.2	791.8
Gross profit	115.8	160.4
Selling, general, and administrative expenses	71.1	70.7
Amortization	5.6	3.8
Total operating expenses	76.7	74.5
Operating income	39.1	85.9
Interest expense, net	4.1	5.9
Non-operating loss	0.6	0.3
Income before income taxes	34.4	79.7
Provision for income taxes	8.6	19.5
Net income	$ 25.8	$ 60.2
Earnings per common share:
Basic (in dollars per share)	$ 0.87	$ 1.98
Diluted (in dollars per share)	$ 0.78	$ 1.73
Weighted average common shares outstanding:
Basic (in shares)	29.6	30.4
Diluted (in shares)	34.7	35.5

Goodwill and Intangible Assets (Tables)

3 Months Ended

Nov. 25, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying amount of goodwill by reportable segment is as follows:


(in millions)	Towable RV		Motorhome RV		Marine		Corporate / All Other		Total
Balances at November 25, 2023 and August 26, 2023 (1)	$	244.7	$	73.1	$	166.4	$	30.3	$	514.5

(1) There was no activity in the three months ended November 25, 2023.

Schedule of Other Intangible Assets

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


	November 25, 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		0.3		3.8
Dealer networks/customer relationships	183.6		79.5		104.1
Backlog	43.6		42.7		0.9
Developed technology	38.3		3.2		35.1
Non-compete agreements	6.6		6.4		0.2
Other intangible assets	$	628.5	$	132.1	$	496.4

	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

Schedule of Remaining Estimated Aggregate Annual Amortization Expense

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


(in millions)	Amortization
Remainder of Fiscal 2024	$	17.3
Fiscal 2025	22.1
Fiscal 2026	21.7
Fiscal 2027	21.7
Fiscal 2028	21.4
Fiscal 2029	15.5
Thereafter	24.4
Total amortization expense remaining	$	144.1

- Definition

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

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+ Details

Stock-Based Compensation (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Nov. 25, 2023	Nov. 26, 2022	Dec. 13, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 4.6	$ 3.0
Incentive Compensation Plan 2019 \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued under the plan (in shares)			2.4

- 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

Business Combinations	3 Months Ended
Business Combinations	Nov. 25, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combinations	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. 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.

Product Warranties (Tables)

3 Months Ended

Nov. 25, 2023

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability

Changes in the product warranty liability are as follows:


	Three Months Ended
(in millions)	November 25, 2023		November 26, 2022
Balance at beginning of period	$	97.8	$	127.9
Provision	18.4		18.1
Claims paid	(24.4)		(23.8)
Balance at end of period	$	91.8	$	122.2

Long-Term Debt (Tables)

3 Months Ended

Nov. 25, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consists of the following:


(in millions)	November 25, 2023		August 26, 2023
ABL Credit Facility	$	—	$	—
Senior Secured Notes	300.0		300.0
Convertible Notes	300.0		300.0
Long-term debt, gross	600.0		600.0
Debt issuance costs, net	(6.9)		(7.6)
Long-term debt, net	$	593.1	$	592.4

Schedule of Maturities of Long-term Debt

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


(in millions)	Amount
Remainder of Fiscal 2024	$	—
Fiscal 2025	300.0
Fiscal 2026	—
Fiscal 2027	—
Fiscal 2028	300.0
Fiscal 2029	—
Total Senior Secured Notes and Convertible Notes	$	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.

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+ Details

Investments and Fair Value Measurements

3 Months Ended

Nov. 25, 2023

Fair Value Disclosures [Abstract]

Investments and Fair Value Measurements

In determining the fair value of financial assets and liabilities, we utilize market data or other assumptions that we believe market participants would use in pricing the asset or liability in the principal or most advantageous market and adjust for non-performance and/or other risks associated with us as well as counterparties, as appropriate. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date:

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

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

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

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

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


	Fair Value at		Fair Value Hierarchy
(in millions)	November 25, 2023		Level 1		Level 2		Level 3
Assets that fund deferred compensation
Domestic equity funds	$	1.8	$	1.8	$	—	$	—
International equity funds	0.1		0.1		—		—
Total assets at fair value	$	1.9	$	1.9	$	—	$	—

Contingent consideration
Earnout liability	$	19.2	$	—	$	—	$	19.2
Total liabilities at fair value	$	19.2	$	—	$	—	$	19.2


	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

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 of our Annual Report on Form 10-K for the fiscal year ended August 26, 2023 for additional information regarding these plans.

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 assets on the Consolidated Balance Sheets.

Contingent Consideration

Contingent consideration represents the earnout liability related to the Barletta acquisition and is valued using a probability-weighted scenario analysis of projected gross profit results and discounted at a risk-free rate. The contingent consideration is classified as Level 3. Actual gross profit results may differ significantly from those used in the estimate above, which may affect future payments. Changes in future payments will be reflected in future operating results as they occur. As of November 25, 2023 and August 26, 2023, the entire earnout liability was included in other current liabilities on the Consolidated Balance Sheets. Refer to Note 2 in the Notes to Consolidated Financial Statements included in Item 8 of Part II of our Annual Report on Form 10-K for the fiscal year ended August 26, 2023 for additional information regarding the contingent consideration earnout provisions.

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


	Three Months Ended
(in millions)	November 25, 2023		November 26, 2022
Beginning fair value - contingent consideration	$	18.4	$	39.8
Fair value adjustments	0.8		0.4
Ending fair value - contingent consideration	$	19.2	$	40.2

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain financial instruments are measured at fair value on a nonrecurring basis. These assets primarily include goodwill, intangible assets, property, plant and equipment, and right-of-use lease assets. These assets were originally recognized at amounts equal to the fair value determined at date of acquisition or purchase. If certain triggering events occur, or if an annual impairment test is required, we will evaluate the non-financial asset for impairment. If an impairment has occurred, the asset will be written down to its current estimated fair value. No impairments were recorded for non-financial assets in the three months ended November 25, 2023 or November 26, 2022.

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 1 of Part I of this Quarterly Report on Form 10-Q for the fair value of our long-term debt.

Earnings Per Share (Tables)

3 Months Ended

Nov. 25, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Income Per Share

Basic and diluted earnings per share are calculated as follows:


	Three Months Ended
(in millions, except per share data)	November 25, 2023		November 26, 2022
Earnings per share - basic
Net income	$	25.8	$	60.2
Weighted average common shares outstanding	29.6		30.4
Basic earnings per common share(1)	$	0.87	$	1.98

Earnings per share - diluted
Net income	$	25.8	$	60.2
Interest expense on convertible notes, net of tax	1.2		1.2
Diluted net income	$	27.0	$	61.4

Weighted average common shares outstanding	29.6		30.4
Dilutive impact of stock compensation awards	0.3		0.4
Dilutive impact of convertible notes	4.8		4.7
Weighted average common shares outstanding, assuming dilution	34.7		35.5

Anti-dilutive securities excluded from weighted average common shares outstanding, assuming dilution	0.1		0.1

Diluted earnings per common share(1)	$	0.78	$	1.73

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

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Nov. 25, 2023
Accounting Policies [Abstract]
Basis of Presentation	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 Quarterly Report on Form 10-Q, unless the context otherwise requires, refers to Winnebago Industries, Inc. and its wholly owned subsidiaries. The interim unaudited consolidated financial statements included herein are prepared pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). The information furnished in these consolidated financial statements includes normal recurring adjustments, unless noted otherwise in the Notes to Consolidated Financial Statements, and reflects all adjustments that are, in management’s opinion, necessary for a fair presentation of such financial statements. The consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). GAAP requires us to make estimates and assumptions that affect amounts reported. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations. The consolidated financial statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended August 26, 2023 filed with the SEC. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year ending August 31, 2024.
Comprehensive Income	Comprehensive income represents the change in stockholders’ equity from transactions and other events and circumstances from sources other than shareholders.
Subsequent Events	In preparing the accompanying unaudited consolidated financial statements, we have evaluated subsequent events for potential recognition and disclosure through the date of this filing noting no material subsequent events except as disclosed in Note 13.
Recently Issued Accounting Pronouncements	In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires incremental disclosures about significant segment expenses regularly provided to the Chief Operating Decision Maker. The new guidance is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures.
Fair Value Measurements	Assets that Fund Deferred Compensation Our assets that fund deferred compensation are marketable equity securities measured at fair value using quoted market prices and primarily consist of equity-based mutual funds. These securities, used to fund the Executive 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 of our Annual Report on Form 10-K for the fiscal year ended August 26, 2023 for additional information regarding these plans. 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 assets on the Consolidated Balance Sheets. Contingent Consideration Contingent consideration represents the earnout liability related to the Barletta acquisition and is valued using a probability-weighted scenario analysis of projected gross profit results and discounted at a risk-free rate. The contingent consideration is classified as Level 3. Actual gross profit results may differ significantly from those used in the estimate above, which may affect future payments. Changes in future payments will be reflected in future operating results as they occur. As of November 25, 2023 and August 26, 2023, the entire earnout liability was included in other current liabilities on the Consolidated Balance Sheets. Refer to Note 2 in the Notes to Consolidated Financial Statements included in Item 8 of Part II of our Annual Report on Form 10-K for the fiscal year ended August 26, 2023 for additional information regarding the contingent consideration earnout provisions. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain financial instruments are measured at fair value on a nonrecurring basis. These assets primarily include goodwill, intangible assets, property, plant and equipment, and right-of-use lease assets. These assets were originally recognized at amounts equal to the fair value determined at date of acquisition or purchase. If certain triggering events occur, or if an annual impairment test is required, we will evaluate the non-financial asset for impairment. If an impairment has occurred, the asset will be written down to its current estimated fair value. No impairments were recorded for non-financial assets in the three months ended November 25, 2023 or November 26, 2022. 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 1 of Part I of this Quarterly Report on Form 10-Q for the fair value of our long-term debt.
Repurchase Commitments	Generally, manufacturers in the same industries as us enter into repurchase agreements with lending institutions which have provided wholesale floorplan financing to dealers. Most dealers are financed on a "floorplan" basis under which a bank or finance company lends the dealer all, or substantially all, of the purchase price, collateralized by a security interest in the units purchased. Our repurchase agreements generally provide that, in the event of default by the dealer on the agreement to pay the lending institution, we will repurchase the financed merchandise. The terms of these agreements, which generally can last up to 24 months, provide that our liability will be the lesser of remaining principal owed by the dealer to the lending institution, or dealer invoice less periodic reductions based on the time since the date of the original invoice. Our liability cannot exceed 100% of the dealer invoice. In certain instances, we also repurchase inventory from dealers due to state law or regulatory requirements that govern voluntary or involuntary relationship terminations. Although laws vary from state to state, some states have laws in place that require manufacturers of recreational vehicles or boats to repurchase current inventory if a dealership exits the business. The total contingent liability on all of our repurchase agreements was approximately $1,857.3 million and $1,816.7 million at November 25, 2023 and August 26, 2023, 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 $1.2 million and $1.3 million at November 25, 2023 and August 26, 2023, respectively. Repurchase risk is affected by the credit worthiness of our dealer network. We do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to establish the loss reserve for repurchase commitments.
Revenue	We do not have material contract assets or liabilities. Allowances for uncollectible receivables are established based on historical collection trends, write-off history, consideration of current conditions and expectations for future economic conditions.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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+ Details

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Millions	Nov. 25, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 514.5
Ending balance	514.5
Corporate / All Other
Goodwill [Roll Forward]
Beginning balance	30.3
Ending balance	30.3
Towable RV \| Operating Segments
Goodwill [Roll Forward]
Beginning balance	244.7
Ending balance	244.7
Motorhome RV \| Operating Segments
Goodwill [Roll Forward]
Beginning balance	73.1
Ending balance	73.1
Marine \| Operating Segments
Goodwill [Roll Forward]
Beginning balance	166.4
Ending balance	$ 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

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Nov. 25, 2023	Aug. 26, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 64.0	$ 53.0
Work-in-process	145.7	159.9
Raw materials	332.3	305.6
Total	542.0	518.5
Less: Excess of First-in, first-out ("FIFO") over LIFO cost	48.0	47.9
Inventories, net	$ 494.0	$ 470.6

Goodwill and Intangible Assets

3 Months Ended

Nov. 25, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The carrying amount of goodwill by reportable segment is as follows:


(in millions)	Towable RV		Motorhome RV		Marine		Corporate / All Other		Total
Balances at November 25, 2023 and August 26, 2023 (1)	$	244.7	$	73.1	$	166.4	$	30.3	$	514.5

(1) There was no activity in the three months ended November 25, 2023.

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


	November 25, 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		0.3		3.8
Dealer networks/customer relationships	183.6		79.5		104.1
Backlog	43.6		42.7		0.9
Developed technology	38.3		3.2		35.1
Non-compete agreements	6.6		6.4		0.2
Other intangible assets	$	628.5	$	132.1	$	496.4

	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

The weighted average remaining amortization period for intangible assets as of November 25, 2023 was approximately seven years.

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


(in millions)	Amortization
Remainder of Fiscal 2024	$	17.3
Fiscal 2025	22.1
Fiscal 2026	21.7
Fiscal 2027	21.7
Fiscal 2028	21.4
Fiscal 2029	15.5
Thereafter	24.4
Total amortization expense remaining	$	144.1

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Nov. 25, 2023	Aug. 26, 2023
Schedule of Intangible Assets [Line Items]
Total amortization expense remaining	$ 144.1
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	628.5	$ 628.5
Accumulated Amortization	132.1	126.5
Net Carrying Value	496.4	502.0
Indefinite-lived trade names
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	4.1	4.1
Total amortization expense remaining	3.8	3.9
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	0.3	0.2
Dealer networks/customer relationships
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	183.6	183.6
Total amortization expense remaining	104.1	108.0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	79.5	75.6
Backlog
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	43.6	43.6
Total amortization expense remaining	0.9	1.1
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	42.7	42.5
Developed technology
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	38.3	38.3
Total amortization expense remaining	35.1	36.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	3.2	1.8
Non-compete agreements
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	6.6	6.6
Total amortization expense remaining	0.2	0.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	6.4	6.4
Indefinite-lived trade names
Schedule of Intangible Assets [Line Items]
Indefinite-lived trade names	$ 352.3	$ 352.3

Long-Term Debt - Credit Agreements (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
Debt instrument, basis spread on variable rate	0.10%
Debt issuance costs	$ 1,200,000
Debt term	5 years
ABL Credit Facility \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.25%
ABL Credit Facility \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
ABL Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Debt amount	$ 35,000,000
ABL Credit Facility \| Letter of Credit \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.25%
Senior Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt amount		$ 300,000,000
Debt issuance costs		$ 7,500,000
Debt term		8 years
Interest rate, stated percentage		6.25%

Business Segments

3 Months Ended

Nov. 25, 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 of our Annual Report on Form 10-K for the fiscal year ended August 26, 2023.

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

Financial information by reportable segment is as follows:


	Three Months Ended
(in millions)	November 25, 2023		November 26, 2022
Net Revenues
Towable RV	$	330.8	$	347.3
Motorhome RV	334.4		464.2
Marine	87.3		131.4
Corporate / All Other	10.5		9.3
Consolidated	$	763.0	$	952.2

Adjusted EBITDA
Towable RV	$	33.1	$	36.3
Motorhome RV	21.3		50.3
Marine	7.2		18.5
Corporate / All Other	(7.5)		(8.1)
Consolidated	$	54.1	$	97.0

Capital Expenditures
Towable RV	$	2.4	$	14.3
Motorhome RV	7.3		5.8
Marine	1.2		7.3
Corporate / All Other	0.9		0.4
Consolidated	$	11.8	$	27.8


(in millions)	November 25, 2023		August 26, 2023
Assets
Towable RV	$	759.3	$	751.2
Motorhome RV	821.9		802.2
Marine	419.8		426.9
Corporate / All Other	367.9		452.1
Consolidated	$	2,368.9	$	2,432.4

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


	Three Months Ended
(in millions)	November 25, 2023		November 26, 2022
Net income	$	25.8	$	60.2
Interest expense, net	4.1		5.9
Provision for income taxes	8.6		19.5
Depreciation	8.1		6.6
Amortization	5.6		3.8
EBITDA	52.2		96.0
Acquisition-related costs	1.3		0.6
Contingent consideration fair value adjustment	0.8		0.4
Non-operating income	(0.2)		—
Adjusted EBITDA	$	54.1	$	97.0

- 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
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-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
-SubTopic 10
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-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
-Section 50
-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

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended
Product Warranties (Details) - USD ($) $ in Millions	Nov. 25, 2023	Nov. 26, 2022
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 97.8	$ 127.9
Provision	18.4	18.1
Claims paid	(24.4)	(23.8)
Balance at end of period	$ 91.8	$ 122.2

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
Revenue (Details) - USD ($) $ in Millions	Nov. 25, 2023	Nov. 26, 2022
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	$ 763.0	$ 952.2
Operating Segments \| Towable RV
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	330.8	347.3
Operating Segments \| Towable RV \| Fifth Wheel
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	162.9	187.7
Operating Segments \| Towable RV \| Travel Trailer
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	158.0	148.3
Operating Segments \| Towable RV \| Other
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	9.9	11.3
Operating Segments \| Motorhome RV
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	334.4	464.2
Operating Segments \| Motorhome RV \| Class A
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	164.9	231.1
Operating Segments \| Motorhome RV \| Class B
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	72.3	146.9
Operating Segments \| Motorhome RV \| Class C and Other
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	97.2	86.2
Operating Segments \| Marine
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	87.3	131.4
Corporate / All Other
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	$ 10.5	$ 9.3

Inventories - Inventory Valuation Methods (Details) - USD ($) $ in Millions	Nov. 25, 2023	Aug. 26, 2023
Inventory Disclosure [Abstract]
LIFO basis	$ 283.8	$ 262.6
FIFO basis	258.2	255.9
Total	$ 542.0	$ 518.5

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Nov. 25, 2023
Stockholders' Equity Note [Abstract]
Stock-Based Compensation	Stock-Based Compensation On December 14, 2023, our shareholders approved the Amended and Restated 2019 Omnibus Incentive Plan (“Restated Plan”) as detailed in our Proxy Statement for the 2023 Annual Meeting of Shareholders. The Restated Plan continues to allow us to grant or issue non-qualified stock options, incentive stock options, share awards, and other equity compensation to key employees and to non-employee directors. The number of shares of our Common Stock that may be awarded and issued under the Restated Plan is 2.4 million, plus the shares still available under the 2019 Omnibus Incentive Plan (“2019 Plan”) and the shares subject to any awards outstanding under the 2014 Omnibus Equity, Performance Award, and Incentive Compensation Plan (“2014 Plan”). Until such time, however, awards under the 2014 Plan that are outstanding on December 14, 2023 will continue to be subject to the terms of the 2014 Plan, as applicable. Shares remaining available for future awards under the 2014 Plan were not carried over into the Restated Plan. Stock-based compensation expense was $4.6 million and $3.0 million for the three months ended November 25, 2023 and November 26, 2022, respectively. Compensation expense is recognized over the requisite service or performance period of the award, unless accelerated by certain retirement eligibility provisions.

Revenue

3 Months Ended

Nov. 25, 2023

Revenue from Contract with Customer [Abstract]

Revenue

All operating revenue is generated from contracts with customers. Our primary revenue source is generated through the sale of manufactured 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:


	Three Months Ended
(in millions)	November 25, 2023		November 26, 2022
Net Revenues
Towable RV
Fifth Wheel	$	162.9	$	187.7
Travel Trailer	158.0		148.3
Other(1)	9.9		11.3
Total Towable RV	330.8		347.3
Motorhome RV
Class A	164.9		231.1
Class B	72.3		146.9
Class C and Other (1)	97.2		86.2
Total Motorhome RV	334.4		464.2
Marine	87.3		131.4
Corporate / All Other(2)	10.5		9.3
Consolidated Net Revenues	$	763.0	$	952.2

(1) Relates to parts, accessories, services, and other miscellaneous revenue.

(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.

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

Concentration of Risk

No single dealer organization accounted for more than 10% of net revenue for the three months ended November 25, 2023 or November 26, 2022.

- 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
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-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

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

Property, Plant, and Equipment (Tables)

3 Months Ended

Nov. 25, 2023

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

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


(in millions)	November 25, 2023		August 26, 2023
Land	$	14.6	$	14.6
Buildings and building improvements	248.0		247.3
Machinery and equipment	163.2		159.3
Software	52.7		52.7
Transportation	7.2		7.2
Construction in progress	55.9		49.3
Property, plant, and equipment, gross	541.6		530.4
Less: Accumulated depreciation	210.5		203.1
Property, plant, and equipment, net	$	331.1	$	327.3

Revenue (Tables)

3 Months Ended

Nov. 25, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Reportable Segment

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


	Three Months Ended
(in millions)	November 25, 2023		November 26, 2022
Net Revenues
Towable RV
Fifth Wheel	$	162.9	$	187.7
Travel Trailer	158.0		148.3
Other(1)	9.9		11.3
Total Towable RV	330.8		347.3
Motorhome RV
Class A	164.9		231.1
Class B	72.3		146.9
Class C and Other (1)	97.2		86.2
Total Motorhome RV	334.4		464.2
Marine	87.3		131.4
Corporate / All Other(2)	10.5		9.3
Consolidated Net Revenues	$	763.0	$	952.2

(1) Relates to parts, accessories, services, and other miscellaneous revenue.

Business Combinations (Details) - USD ($) $ in Millions	3 Months Ended
Business Combinations (Details) - USD ($) $ in Millions	Nov. 25, 2023	May 27, 2023	Nov. 26, 2022	Apr. 28, 2023
Business Acquisition [Line Items]
Acquisition-related costs	$ 1.3		$ 0.6
Lithionics
Business Acquisition [Line Items]
Percent of voting interest acquired				100.00%
Acquisition-related costs		$ 3.1

Investments and Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Nov. 25, 2023	Aug. 26, 2023
Assets that fund deferred compensation
Domestic equity funds	$ 1.8	$ 1.7
International equity funds	0.1	0.1
Total assets at fair value	1.9	1.8
Contingent consideration
Earnout liability	19.2	18.4
Total liabilities at fair value	19.2	18.4
Level 1
Assets that fund deferred compensation
Domestic equity funds	1.8	1.7
International equity funds	0.1	0.1
Total assets at fair value	1.9	1.8
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
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
Total assets at fair value	0.0	0.0
Contingent consideration
Earnout liability	19.2	18.4
Total liabilities at fair value	$ 19.2	$ 18.4

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Nov. 25, 2023	Nov. 26, 2022	Aug. 26, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	24.90%	24.50%
income taxes receivable	$ 3.2		$ 10.7

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Nov. 25, 2023	Nov. 26, 2022
Pay vs Performance Disclosure
Net income	$ 25.8	$ 60.2

- 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))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
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-Publisher FASB
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-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

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-Topic 250
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Nov. 25, 2023	Nov. 26, 2022
Operating activities
Net income	$ 25.8	$ 60.2
Adjustments to reconcile net income to net cash (used in) provided by operating activities
Depreciation	8.1	6.6
Amortization	5.6	3.8
Amortization of debt issuance costs	0.8	0.8
Last in, first-out ("LIFO") expense	0.1	1.1
Stock-based compensation	4.6	3.0
Deferred income taxes	1.0	1.0
Contingent consideration fair value adjustment	0.8	0.4
Other, net	0.4	(0.2)
Change in operating assets and liabilities, net of assets and liabilities acquired
Receivables, net	(9.1)	51.2
Inventories, net	(24.0)	(28.3)
Prepaid expenses and other assets	(1.7)	6.9
Accounts payable	(23.4)	(81.5)
Income taxes and unrecognized tax benefits	8.7	19.1
Accrued expenses and other liabilities	(19.1)	(14.2)
Net cash (used in) provided by operating activities	(21.4)	29.9
Investing activities
Purchases of property, plant, and equipment	(11.8)	(27.8)
Other, net	(2.9)	0.7
Net cash used in investing activities	(14.7)	(27.1)
Financing activities
Borrowings on long-term debt	780.6	1,475.0
Repayments on long-term debt	(780.6)	(1,475.0)
Payments of cash dividends	(9.6)	(8.5)
Payments for repurchases of common stock	(44.2)	(4.5)
Other, net	(0.4)	(0.3)
Net cash used in financing activities	(54.2)	(13.3)
Net decrease in cash and cash equivalents	(90.3)	(10.5)
Cash and cash equivalents at beginning of period	309.9	282.2
Cash and cash equivalents at end of period	219.6	271.7
Supplemental Disclosures
Income taxes paid (received), net	0.0	(1.3)
Interest paid	2.5	2.3
Non-cash investing and financing activities
Capital expenditures in accounts payable	$ 2.9	$ 4.1

Employee and Retiree Benefits (Tables)

3 Months Ended

Nov. 25, 2023

Retirement Benefits [Abstract]

Schedule of Deferred Compensation Liabilities

Deferred compensation liabilities are as follows:


(in millions)	November 25, 2023		August 26, 2023
Non-qualified deferred compensation	$	5.9	$	6.7
Supplemental executive retirement plan	1.2		1.2
Executive deferred compensation plan	1.9		1.8
Total deferred compensation benefits	9.0		9.7
Less: current portion(1)	1.8		1.8
Deferred compensation benefits, net of current portion	$	7.2	$	7.9

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

Cover Page - shares	3 Months Ended
Cover Page - shares	Nov. 25, 2023	Dec. 13, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 25, 2023
Document Transition Report	false
Entity File Number	001-06403
Entity Registrant Name	WINNEBAGO INDUSTRIES, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	42-0802678
Entity Address, Address Line One	13200 Pioneer Trail
Entity Address, City or Town	Eden Prairie
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55347
City Area Code	952
Local Phone Number	829-8600
Title of each class	Common Stock, $0.50 par value per share
Trading Symbol(s)	WGO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,237,891
Entity Central Index Key	0000107687
Current Fiscal Year End Date	--08-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Business Segments (Details) $ in Millions	3 Months Ended
Business Segments (Details) $ in Millions	Nov. 25, 2023 USD ($) segment	Nov. 26, 2022 USD ($)	Aug. 26, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	8
Number of reportable segments \| segment	3
Net Revenues	$ 763.0	$ 952.2
Adjusted EBITDA	54.1	97.0
Capital Expenditures	11.8	27.8
Assets	2,368.9		$ 2,432.4
Net income	25.8	60.2
Interest expense, net	4.1	5.9
Provision for income taxes	8.6	19.5
Depreciation	8.1	6.6
Amortization	5.6	3.8
EBITDA	52.2	96.0
Acquisition-related costs	1.3	0.6
Contingent consideration fair value adjustment	0.8	0.4
Non-operating income	(0.2)	0.0
Operating Segments \| Towable RV
Segment Reporting Information [Line Items]
Net Revenues	330.8	347.3
Adjusted EBITDA	33.1	36.3
Capital Expenditures	2.4	14.3
Assets	759.3		751.2
Operating Segments \| Motorhome RV
Segment Reporting Information [Line Items]
Net Revenues	334.4	464.2
Adjusted EBITDA	21.3	50.3
Capital Expenditures	7.3	5.8
Assets	821.9		802.2
Operating Segments \| Marine
Segment Reporting Information [Line Items]
Net Revenues	87.3	131.4
Adjusted EBITDA	7.2	18.5
Capital Expenditures	1.2	7.3
Assets	419.8		426.9
Corporate / All Other
Segment Reporting Information [Line Items]
Net Revenues	10.5	9.3
Adjusted EBITDA	(7.5)	(8.1)
Capital Expenditures	0.9	$ 0.4
Assets	$ 367.9		$ 452.1

Employee and Retiree Benefits (Details) - USD ($) $ in Millions	Nov. 25, 2023	Aug. 26, 2023
Retirement Benefits [Abstract]
Non-qualified deferred compensation	$ 5.9	$ 6.7
Supplemental executive retirement plan	1.2	1.2
Executive deferred compensation plan	1.9	1.8
Total deferred compensation benefits	9.0	9.7
Less current portion	1.8	1.8
Deferred compensation benefits, net of current portion	$ 7.2	$ 7.9

Goodwill and Intangible Assets - Narrative (Details)	Nov. 25, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average remaining amortization period (in years)	7 years

Basis of Presentation	3 Months Ended
Basis of Presentation	Nov. 25, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of Winnebago Industries, Inc. and its wholly owned subsidiaries. Intercompany account balances and transactions have been eliminated in consolidation. The use of the terms "Winnebago Industries," "Winnebago," "we," "our," and "us" in this Quarterly Report on Form 10-Q, unless the context otherwise requires, refers to Winnebago Industries, Inc. and its wholly owned subsidiaries. The interim unaudited consolidated financial statements included herein are prepared pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”). The information furnished in these consolidated financial statements includes normal recurring adjustments, unless noted otherwise in the Notes to Consolidated Financial Statements, and reflects all adjustments that are, in management’s opinion, necessary for a fair presentation of such financial statements. The consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). GAAP requires us to make estimates and assumptions that affect amounts reported. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations. The consolidated financial statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended August 26, 2023 filed with the SEC. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year ending August 31, 2024. Comprehensive Income Comprehensive income represents the change in stockholders’ equity from transactions and other events and circumstances from sources other than shareholders. As of November 25, 2023 and November 26, 2022, the difference between comprehensive income and net income was not material. Subsequent Events In preparing the accompanying unaudited consolidated financial statements, we have evaluated subsequent events for potential recognition and disclosure through the date of this filing noting no material subsequent events except as disclosed in Note 13. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires incremental disclosures about significant segment expenses regularly provided to the Chief Operating Decision Maker. The new guidance is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures.

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Millions	Nov. 25, 2023	Aug. 26, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 600.0	$ 600.0
Debt issuance costs, net	(6.9)	(7.6)
Long-term debt, net	593.1	592.4
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

- 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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Nov. 25, 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

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]

- Definition

Indicates amendment to accounting standards.

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+ Details

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. 27, 2022			51.8
Beginning 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, beginning balance (in shares) at Aug. 27, 2022									(21.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	3.0			3.0
Issuance of stock for employee benefit and stock-based awards, net	(0.1)			(6.1)					$ 6.0
Issuance of stock for employee benefit and stock-based awards, net (in shares)									0.3
Repurchase of common stock (in shares)									(0.1)
Repurchase of common stock	(4.5)								$ (4.5)
Net income	60.2					60.2
Ending balance (in shares) at Nov. 26, 2022			51.8
Ending balance at Nov. 26, 2022	1,288.6		$ 25.9	191.2		1,626.7		(0.5)	$ (554.7)
Treasury stock, ending balance (in shares) at Nov. 26, 2022									(21.3)
Beginning balance (in shares) at Aug. 26, 2023			51.8
Beginning balance at Aug. 26, 2023	$ 1,368.1		$ 25.9	197.7		1,747.8		(0.4)	$ (602.9)
Treasury stock, beginning balance (in shares) at Aug. 26, 2023	(22.0)								(22.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 4.6			4.6
Issuance of stock for employee benefit and stock-based awards, net	0.0			$ (5.6)					$ 5.6
Issuance of stock for employee benefit and stock-based awards, net (in shares)									0.1
Repurchase of common stock (in shares)				(0.3)					(0.7)
Repurchase of common stock	(44.5)								$ (44.2)
Net income	25.8					25.8
Ending balance (in shares) at Nov. 25, 2023			51.8
Ending balance at Nov. 25, 2023	$ 1,354.0		$ 25.9	$ 196.4		$ 1,773.6		$ (0.4)	$ (641.5)
Treasury stock, ending balance (in shares) at Nov. 25, 2023	(22.6)								(22.6)

Investments and Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended
	Nov. 25, 2023	Nov. 26, 2022
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Asset impairment charges	$ 0	$ 0

Long-Term Debt - Convertible Notes (Details)			3 Months Ended
Long-Term Debt - Convertible Notes (Details)	Nov. 25, 2023 USD ($) $ / shares Rate	Nov. 01, 2019 USD ($) businessDay $ / shares Rate	Nov. 25, 2023 USD ($) $ / shares	Nov. 26, 2022 USD ($)	Aug. 26, 2023 USD ($)
Debt Instrument [Line Items]
Offering-related costs	$ 6,900,000		$ 6,900,000		$ 7,600,000
Interest expense, net			4,100,000	$ 5,900,000
Call Spread Transactions
Debt Instrument [Line Items]
Offering-related costs	$ 9,800,000		$ 9,800,000
Convertible Notes
Debt Instrument [Line Items]
Debt amount		$ 300,000,000
Interest rate, stated percentage		1.50%
Proceeds from issuance of notes		$ 290,200,000
Conversion rate (in shares) \| Rate	1.59923%	1.56906%
Conversion price (in dollars per share) \| $ / shares	$ 62.53	$ 63.73	$ 62.53
Number of trading days \| businessDay		20
Number of consecutive trading days \| businessDay		30
Consecutive business days \| businessDay		5
Consecutive trading days \| businessDay		5
Convertible Notes \| Minimum
Debt Instrument [Line Items]
Percentage of the conversion price		130.00%
Convertible Notes \| Maximum
Debt Instrument [Line Items]
Percentage of the conversion price		98.00%
Convertible Notes \| Call Spread Transactions
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	2.10%		2.10%
Interest expense, net			$ 1,600,000	$ 1,600,000
Net cost incurred transaction, amount			$ 11,200,000

Employee and Retiree Benefits

3 Months Ended

Nov. 25, 2023

Retirement Benefits [Abstract]

Employee and Retiree Benefits

Deferred compensation liabilities are as follows:


(in millions)	November 25, 2023		August 26, 2023
Non-qualified deferred compensation	$	5.9	$	6.7
Supplemental executive retirement plan	1.2		1.2
Executive deferred compensation plan	1.9		1.8
Total deferred compensation benefits	9.0		9.7
Less: current portion(1)	1.8		1.8
Deferred compensation benefits, net of current portion	$	7.2	$	7.9

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

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Long-Term Debt - Long-Term Debt Contractual Maturities (Details) - USD ($) $ in Millions	Nov. 25, 2023	Aug. 26, 2023
Debt Instrument [Line Items]
Fair value of long-term debt, gross	$ 643.8	$ 640.2
Remainder of Fiscal 2024	0.0
Fiscal 2025	300.0
Fiscal 2026	0.0
Fiscal 2027	0.0
Fiscal 2028	300.0
Fiscal 2029	0.0
Total Senior Secured Notes and Convertible Notes	600.0	600.0
Convertible Notes
Debt Instrument [Line Items]
Fair value of long-term debt, gross	357.1	349.0
Total Senior Secured Notes and Convertible Notes	$ 300.0	$ 300.0

Inventories (Tables)

3 Months Ended

Nov. 25, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following:


(in millions)	November 25, 2023		August 26, 2023
Finished goods	$	64.0	$	53.0
Work-in-process	145.7		159.9
Raw materials	332.3		305.6
Total	542.0		518.5
Less: Excess of First-in, first-out ("FIFO") over LIFO cost	48.0		47.9
Inventories, net	$	494.0	$	470.6

Inventory valuation methods consist of the following:


(in millions)	November 25, 2023		August 26, 2023
LIFO basis	$	283.8	$	262.6
FIFO basis	258.2		255.9
Total	$	542.0	$	518.5

Investments and Fair Value Measurements - Fair Value of Contingent Consideration (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 25, 2023	Nov. 26, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value - contingent consideration	$ 18.4	$ 39.8
Fair value adjustments	0.8	0.4
Ending fair value - contingent consideration	$ 19.2	$ 40.2

Business Segments (Tables)

3 Months Ended

Nov. 25, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Financial information by reportable segment is as follows:


	Three Months Ended
(in millions)	November 25, 2023		November 26, 2022
Net Revenues
Towable RV	$	330.8	$	347.3
Motorhome RV	334.4		464.2
Marine	87.3		131.4
Corporate / All Other	10.5		9.3
Consolidated	$	763.0	$	952.2

Adjusted EBITDA
Towable RV	$	33.1	$	36.3
Motorhome RV	21.3		50.3
Marine	7.2		18.5
Corporate / All Other	(7.5)		(8.1)
Consolidated	$	54.1	$	97.0

Capital Expenditures
Towable RV	$	2.4	$	14.3
Motorhome RV	7.3		5.8
Marine	1.2		7.3
Corporate / All Other	0.9		0.4
Consolidated	$	11.8	$	27.8


(in millions)	November 25, 2023		August 26, 2023
Assets
Towable RV	$	759.3	$	751.2
Motorhome RV	821.9		802.2
Marine	419.8		426.9
Corporate / All Other	367.9		452.1
Consolidated	$	2,368.9	$	2,432.4

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


	Three Months Ended
(in millions)	November 25, 2023		November 26, 2022
Net income	$	25.8	$	60.2
Interest expense, net	4.1		5.9
Provision for income taxes	8.6		19.5
Depreciation	8.1		6.6
Amortization	5.6		3.8
EBITDA	52.2		96.0
Acquisition-related costs	1.3		0.6
Contingent consideration fair value adjustment	0.8		0.4
Non-operating income	(0.2)		—
Adjusted EBITDA	$	54.1	$	97.0

Income Taxes	3 Months Ended
Income Taxes	Nov. 25, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate was 24.9% and 24.5% for the three months ended November 25, 2023 and November 26, 2022, respectively. The increase in tax rate for the three months ended November 25, 2023 compared to the three months ended November 26, 2022 was driven primarily by a net unfavorable impact of stock activity in the current year, partially offset by an increase in tax credits year-over-year over a lower pre-tax book income base. As of November 25, 2023, $3.2 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 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. We file a U.S. Federal tax return, as well as returns in various international and state jurisdictions. As of November 25, 2023, our Federal returns from Fiscal 2020 to present are subject to review by the Internal Revenue Service. With limited exceptions, 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. 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

Investments and Fair Value Measurements (Tables)

3 Months Ended

Nov. 25, 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)	November 25, 2023		Level 1		Level 2		Level 3
Assets that fund deferred compensation
Domestic equity funds	$	1.8	$	1.8	$	—	$	—
International equity funds	0.1		0.1		—		—
Total assets at fair value	$	1.9	$	1.9	$	—	$	—

Contingent consideration
Earnout liability	$	19.2	$	—	$	—	$	19.2
Total liabilities at fair value	$	19.2	$	—	$	—	$	19.2


	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, 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)	November 25, 2023		Level 1		Level 2		Level 3
Assets that fund deferred compensation
Domestic equity funds	$	1.8	$	1.8	$	—	$	—
International equity funds	0.1		0.1		—		—
Total assets at fair value	$	1.9	$	1.9	$	—	$	—

Contingent consideration
Earnout liability	$	19.2	$	—	$	—	$	19.2
Total liabilities at fair value	$	19.2	$	—	$	—	$	19.2


	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 Disclosure Of Contingent Consideration

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


	Three Months Ended
(in millions)	November 25, 2023		November 26, 2022
Beginning fair value - contingent consideration	$	18.4	$	39.8
Fair value adjustments	0.8		0.4
Ending fair value - contingent consideration	$	19.2	$	40.2

Inventories

3 Months Ended

Nov. 25, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:


(in millions)	November 25, 2023		August 26, 2023
Finished goods	$	64.0	$	53.0
Work-in-process	145.7		159.9
Raw materials	332.3		305.6
Total	542.0		518.5
Less: Excess of First-in, first-out ("FIFO") over LIFO cost	48.0		47.9
Inventories, net	$	494.0	$	470.6

Inventory valuation methods consist of the following:


(in millions)	November 25, 2023		August 26, 2023
LIFO basis	$	283.8	$	262.6
FIFO basis	258.2		255.9
Total	$	542.0	$	518.5

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

Contingent Liabilities and Commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 25, 2023	Aug. 26, 2023
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Repurchase agreement term	24 months
Percentage of dealer invoice that liability cannot exceed	100.00%
Accrued loss on repurchases	$ 1.2	$ 1.3
Obligation to Repurchase from Dealers
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Contingent liability on repurchase agreements	$ 1,857.3	$ 1,816.7

Long-Term Debt

3 Months Ended

Nov. 25, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consists of the following:


(in millions)	November 25, 2023		August 26, 2023
ABL Credit Facility	$	—	$	—
Senior Secured Notes	300.0		300.0
Convertible Notes	300.0		300.0
Long-term debt, gross	600.0		600.0
Debt issuance costs, net	(6.9)		(7.6)
Long-term debt, net	$	593.1	$	592.4

Credit Agreements

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 ABL Credit Facility borrowings is at a floating rate based upon our election, either term SOFR or REVSOFR30 (as defined in the ABL

Credit Facility 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 ABL Credit Facility.

On July 8, 2020, we closed our private offering (the “Senior Secured Notes Offering”) of $300.0 million aggregate principal amount of 6.25% Senior Secured Notes due 2028 (the “Senior Secured Notes”). The Senior Secured Notes were issued in accordance with an Indenture dated as of July 8, 2020 (the “Indenture”). The Senior Secured Notes will mature on July 15, 2028 unless earlier redeemed or repurchased. Interest on the Senior Secured Notes accrues starting July 8, 2020 and is payable semi-annually in arrears on January 15 and July 15 of each year, which began on January 15, 2021.

Debt issuance costs incurred and capitalized are amortized on a straight-line basis over the term of the associated debt agreement. If early principal payments are made on the Senior Secured Notes, a proportional amount of the unamortized debt issuance costs is expensed. As part of the Senior Secured Notes Offering, we capitalized $7.5 million in debt issuance costs that are being amortized over the eight-year term of the agreement.

Refer to Note 9 in the Notes to Consolidated Financial Statements included in Item 8 of Part II of our Annual Report on Form 10-K for the fiscal year ended August 26, 2023 for additional information regarding these credit agreements.

Convertible Notes

On November 1, 2019, we issued $300.0 million in aggregate principal amount of 1.5% unsecured convertible senior notes due 2025 (“Convertible Notes”). The net proceeds from the issuance of the Convertible Notes, after deducting the initial purchasers' transaction fees and offering expense payable by us, were approximately $290.2 million. The Convertible Notes bear interest at the annual rate of 1.5%, payable on April 1 and October 1 of each year, beginning on April 1, 2020, and will mature on April 1, 2025, unless earlier converted or repurchased by us.

The Convertible Notes will be convertible into cash, shares of our common stock or a combination thereof, at 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 November 25, 2023, the conversion rate was 15.9923 shares of common stock per $1,000 principal amount of Convertible Notes, which is equivalent to a conversion price of approximately $62.53. The difference between the initial conversion rate and the conversion rate as of November 25, 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 $1,000 principal amount of Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate for the Convertible Notes on each such trading day; or

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

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.

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

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

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

The Convertible Notes are accounted for as a single liability measured at amortized cost. Interest expense, representing the amortization of the $9.8 million of 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 $1.6 million of interest expense during the three months ended November 25, 2023 and the three months ended November 26, 2022.

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.

Fair Value and Future Maturities

As of November 25, 2023 and August 26, 2023, the fair value of long-term debt, gross, was $643.8 million and $640.2 million, respectively. The fair value of the Convertible Notes was $357.1 million and $349.0 million as of November 25, 2023 and August 26, 2023, respectively. We are in compliance with all of our financial debt covenants as of November 25, 2023.

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


(in millions)	Amount
Remainder of Fiscal 2024	$	—
Fiscal 2025	300.0
Fiscal 2026	—
Fiscal 2027	—
Fiscal 2028	300.0
Fiscal 2029	—
Total Senior Secured Notes and Convertible Notes	$	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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Property, Plant, and Equipment

3 Months Ended

Nov. 25, 2023

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

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


(in millions)	November 25, 2023		August 26, 2023
Land	$	14.6	$	14.6
Buildings and building improvements	248.0		247.3
Machinery and equipment	163.2		159.3
Software	52.7		52.7
Transportation	7.2		7.2
Construction in progress	55.9		49.3
Property, plant, and equipment, gross	541.6		530.4
Less: Accumulated depreciation	210.5		203.1
Property, plant, and equipment, net	$	331.1	$	327.3

Depreciation expense was $8.1 million and $6.6 million for the three months ended November 25, 2023 and November 26, 2022, respectively.