0000107687-24-000008 | 10-Q | XBRL Viewer

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Contingent Liabilities and Commitments	6 Months Ended
Contingent Liabilities and Commitments	Feb. 24, 2024
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 $2,042.1 million and $1,816.7 million at February 24, 2024 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 $1.3 million at February 24, 2024 and August 26, 2023. Repurchase risk is affected by the credit worthiness of our dealer network. We do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to establish the loss reserve for repurchase commitments. There was no material activity related to repurchase agreements during the six months ended February 24, 2024 and February 25, 2023. 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.

Long-Term Debt (Tables)

6 Months Ended

Feb. 24, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consists of the following:


(in millions)	February 24, 2024		August 26, 2023
ABL Credit Facility	$	—	$	—
Senior Secured Notes	300.0		300.0
2030 Convertible Notes	350.0		—
2025 Convertible Notes	59.3		300.0
Long-term debt, gross	709.3		600.0
Debt issuance costs, net	(14.5)		(7.6)
Long-term debt, net	$	694.8	$	592.4

The fair value of long-term debt, gross is as follows:


(in millions)	February 24, 2024		August 26, 2023
ABL Credit Facility	$	—	$	—
Senior Secured Notes	296.2		291.2
2030 Convertible Notes	369.8		—
2025 Convertible Notes	71.6		349.0
Long-term debt, gross	$	737.6	$	640.2

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	59.3
Fiscal 2026	—
Fiscal 2027	—
Fiscal 2028	300.0
Fiscal 2029	—
Thereafter	350.0
Total	$	709.3

- 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

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Feb. 24, 2024	Feb. 25, 2023	Feb. 24, 2024	Feb. 25, 2023
Income Statement [Abstract]
Net revenues	$ 703.6	$ 866.7	$ 1,466.6	$ 1,818.9
Cost of goods sold	598.3	719.9	1,245.5	1,511.7
Gross profit	105.3	146.8	221.1	307.2
Selling, general, and administrative expenses	64.2	66.2	135.3	136.9
Amortization	5.7	3.8	11.3	7.6
Total operating expenses	69.9	70.0	146.6	144.5
Operating income	35.4	76.8	74.5	162.7
Interest expense, net	5.3	5.3	9.4	11.2
Loss on note repurchase	32.7	0.0	32.7	0.0
Non-operating loss	3.0	1.8	3.6	2.1
(Loss) income before income taxes	(5.6)	69.7	28.8	149.4
Provision for income taxes	7.1	16.9	15.7	36.4
Net (loss) income	$ (12.7)	$ 52.8	$ 13.1	$ 113.0
(Loss) earnings per common share:
Basic (in dollars per share)	$ (0.43)	$ 1.73	$ 0.45	$ 3.71
Diluted (in dollars per share)	$ (0.43)	$ 1.52	$ 0.44	$ 3.25
Weighted average common shares outstanding:
Basic (in shares)	29.2	30.5	29.4	30.5
Diluted (in shares)	29.2	35.5	29.7	35.5

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	6.5			6.5
Issuance of stock for employee benefit and stock-based awards, net	1.1			(6.9)					$ 8.0
Issuance of stock for employee benefit and stock-based awards, net (in shares)									0.4
Repurchase of common stock	(4.9)								$ (4.9)
Repurchase of common stock (in shares)									(0.1)
Common stock dividends	(8.5)					(8.5)
Other comprehensive income	0.1							0.1
Net income (loss)	113.0					113.0
Ending balance (in shares) at Feb. 25, 2023			51.8
Ending balance at Feb. 25, 2023	1,337.3		$ 25.9	193.9		1,671.0		(0.4)	$ (553.1)
Treasury stock, ending balance (in shares) at Feb. 25, 2023									(21.2)
Beginning balance (in shares) at Nov. 26, 2022			51.8
Beginning balance at Nov. 26, 2022	1,288.6		$ 25.9	191.2		1,626.7		(0.5)	$ (554.7)
Treasury stock, beginning balance (in shares) at Nov. 26, 2022									(21.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	3.5			3.5
Issuance of stock for employee benefit and stock-based awards, net	1.2			(0.8)					$ 2.0
Issuance of stock for employee benefit and stock-based awards, net (in shares)									0.1
Repurchase of common stock	(0.4)								$ (0.4)
Common stock dividends	(8.5)					(8.5)
Other comprehensive income	0.1							0.1
Net income (loss)	52.8					52.8
Ending balance (in shares) at Feb. 25, 2023			51.8
Ending balance at Feb. 25, 2023	1,337.3		$ 25.9	193.9		1,671.0		(0.4)	$ (553.1)
Treasury stock, ending balance (in shares) at Feb. 25, 2023									(21.2)
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]
Partial repurchase of convertible notes	$ (22.2)			(22.2)
Partial unwind of convertible note bond hedge	55.8			55.8
Partial unwind of convertible note warrant	(25.3)			(25.3)
Convertible note bond hedge purchase, net of tax	(51.9)			(51.9)
Issuance of convertible note warrant	31.3			31.3
Stock-based compensation	8.1			8.1
Issuance of stock for employee benefit and stock-based awards, net	1.4			(5.1)					$ 6.5
Issuance of stock for employee benefit and stock-based awards, net (in shares)									0.2
Repurchase of common stock	(44.5)			(0.3)					$ (44.2)
Repurchase of common stock (in shares)									(0.7)
Common stock dividends	(9.3)					(9.3)
Net income (loss)	13.1					13.1
Ending balance (in shares) at Feb. 24, 2024			51.8
Ending balance at Feb. 24, 2024	$ 1,324.6		$ 25.9	188.1		1,751.6		(0.4)	$ (640.6)
Treasury stock, ending balance (in shares) at Feb. 24, 2024	(22.5)								(22.5)
Beginning balance (in shares) at Nov. 25, 2023			51.8
Beginning balance at Nov. 25, 2023	$ 1,354.0		$ 25.9	196.4		1,773.6		(0.4)	$ (641.5)
Treasury stock, beginning balance (in shares) at Nov. 25, 2023									(22.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Partial repurchase of convertible notes	(22.2)			(22.2)
Partial unwind of convertible note bond hedge	55.8			55.8
Partial unwind of convertible note warrant	(25.3)			(25.3)
Convertible note bond hedge purchase, net of tax	(51.9)			(51.9)
Issuance of convertible note warrant	31.3			31.3
Stock-based compensation	3.5			3.5
Issuance of stock for employee benefit and stock-based awards, net	1.4			0.5					$ 0.9
Issuance of stock for employee benefit and stock-based awards, net (in shares)									0.1
Common stock dividends	(9.3)					(9.3)
Net income (loss)	(12.7)					(12.7)
Ending balance (in shares) at Feb. 24, 2024			51.8
Ending balance at Feb. 24, 2024	$ 1,324.6		$ 25.9	$ 188.1		$ 1,751.6		$ (0.4)	$ (640.6)
Treasury stock, ending balance (in shares) at Feb. 24, 2024	(22.5)								(22.5)

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Product Warranties (Details) - USD ($) $ in Millions	Feb. 24, 2024	Feb. 25, 2023	Feb. 24, 2024	Feb. 25, 2023
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 91.8	$ 122.2	$ 97.8	$ 127.9
Provision	21.5	16.0	39.9	34.1
Claims paid	(24.0)	(24.5)	(48.4)	(48.3)
Balance at end of period	$ 89.3	$ 113.7	$ 89.3	$ 113.7

Revenue

6 Months Ended

Feb. 24, 2024

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				Six Months Ended
(in millions)	February 24, 2024		February 25, 2023		February 24, 2024		February 25, 2023
Net Revenues
Towable RV
Fifth Wheel	$	143.2	$	175.3	$	306.1	$	363.0
Travel Trailer	134.3		157.2		292.3		305.5
Other(1)	7.2		10.0		17.1		21.3
Total Towable RV	284.7		342.5		615.5		689.8
Motorhome RV
Class A	130.9		183.1		295.8		414.2
Class B	77.0		106.6		149.3		253.5
Class C and Other(1)	130.5		114.1		227.7		200.3
Total Motorhome RV	338.4		403.8		672.8		868.0
Marine	69.8		112.9		157.1		244.3
Corporate / All Other(2)	10.7		7.5		21.2		16.8
Consolidated Net Revenues	$	703.6	$	866.7	$	1,466.6	$	1,818.9

(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 six months ended February 24, 2024 or February 25, 2023.

- 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.

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+ Details

Business Combinations	6 Months Ended
Business Combinations	Feb. 24, 2024
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.

Long-Term Debt - Convertible Notes (Details)						3 Months Ended		6 Months Ended
Long-Term Debt - Convertible Notes (Details)	Feb. 24, 2024 USD ($) $ / shares	Jan. 23, 2024 USD ($) day $ / shares	Jan. 19, 2024 $ / shares	Jan. 18, 2024 USD ($)	Nov. 01, 2019 USD ($) day $ / shares	Feb. 24, 2024 USD ($) $ / shares	Feb. 25, 2023 USD ($)	Feb. 24, 2024 USD ($) $ / shares	Feb. 25, 2023 USD ($)	Aug. 26, 2023 USD ($)
Debt Instrument [Line Items]
Offering-related costs	$ 14,500,000					$ 14,500,000		$ 14,500,000		$ 7,600,000
Interest expense, net						5,300,000	$ 5,300,000	9,400,000	$ 11,200,000
Payments for convertible note bond hedge								68,700,000	0
Loss on note repurchase						$ 32,700,000	0	$ 32,700,000	0
Call Spread Transactions
Debt Instrument [Line Items]
Percentage increase of strike price			100.00%
Convertible Note Hedge Transactions \| Warrant
Debt Instrument [Line Items]
Strike price (in dollars per share) \| $ / shares			$ 135.28
2025 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)	0.0159923				0.0156906
Conversion price (in dollars per share) \| $ / shares	$ 62.53				$ 63.73	$ 62.53		$ 62.53
Aggregate repurchase principal amount				$ 240,700,000
Payments for convertible note bond hedge				293,800,000
Loss on note repurchase						$ 32,700,000		$ 32,700,000
2025 Convertible Notes \| Debt Conversion Terms One
Debt Instrument [Line Items]
Percentage of the conversion price					130.00%
Number of trading days \| day					20
Number of consecutive trading days \| day					30
2025 Convertible Notes \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Percentage of the conversion price					98.00%
Number of trading days \| day					5
Number of consecutive trading days \| day					5
2025 Convertible Notes \| Call Spread Transactions
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	2.10%					2.10%		2.10%
Interest expense, net						$ 1,100,000	$ 1,600,000	$ 2,700,000	$ 3,100,000
Proceeds from termination of call spread transactions				$ 30,500,000
2030 Convertible Notes
Debt Instrument [Line Items]
Debt amount		$ 350,000,000
Interest rate, stated percentage		3.25%
Proceeds from issuance of notes		$ 339,800,000
Conversion rate (in shares)		0.0113724
Conversion price (in dollars per share) \| $ / shares		$ 87.93
2030 Convertible Notes \| Debt Conversion Terms One
Debt Instrument [Line Items]
Percentage of the conversion price		130.00%
Number of trading days \| day		20
Number of consecutive trading days \| day		30
Number of trading days to be redeemable \| day		40
2030 Convertible Notes \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Percentage of the conversion price		98.00%
Number of trading days \| day		5
Number of consecutive trading days \| day		5
2030 Convertible Notes \| Call Spread Transactions
Debt Instrument [Line Items]
Offering-related costs	$ 10,200,000					$ 10,200,000		$ 10,200,000
Debt instrument, interest rate, effective percentage	3.80%					3.80%		3.80%
Interest expense, net						$ 1,100,000		$ 1,100,000
Net cost incurred transaction, amount								$ 20,600,000
2030 Convertible Notes \| Convertible Note Hedge Transactions
Debt Instrument [Line Items]
Strike price (in dollars per share) \| $ / shares			$ 87.93

Contingent Liabilities and Commitments (Details) - USD ($) $ in Millions	6 Months Ended
	Feb. 24, 2024	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	$ 1.3	$ 1.3
Obligation to Repurchase from Dealers
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Contingent liability on repurchase agreements	$ 2,042.1	$ 1,816.7

Business Combinations (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
Business Combinations (Details) - USD ($) $ in Millions	Feb. 24, 2024	May 27, 2023	Feb. 25, 2023	Feb. 24, 2024	Feb. 25, 2023	Apr. 28, 2023
Business Acquisition [Line Items]
Acquisition-related costs	$ 0.2		$ 1.1	$ 1.5	$ 1.7
Lithionics
Business Acquisition [Line Items]
Percent of voting interest acquired						100.00%
Acquisition-related costs		$ 3.1

Investments and Fair Value Measurements (Tables)

6 Months Ended

Feb. 24, 2024

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)	February 24, 2024		Level 1		Level 2		Level 3
Assets that fund deferred compensation
Domestic equity funds	$	1.9	$	1.9	$	—	$	—
International equity funds	0.1		0.1		—		—
Total assets at fair value	$	2.0	$	2.0	$	—	$	—

Contingent consideration
Earnout liability	$	19.5	$	—	$	—	$	19.5
Total liabilities at fair value	$	19.5	$	—	$	—	$	19.5


	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)	February 24, 2024		Level 1		Level 2		Level 3
Assets that fund deferred compensation
Domestic equity funds	$	1.9	$	1.9	$	—	$	—
International equity funds	0.1		0.1		—		—
Total assets at fair value	$	2.0	$	2.0	$	—	$	—

Contingent consideration
Earnout liability	$	19.5	$	—	$	—	$	19.5
Total liabilities at fair value	$	19.5	$	—	$	—	$	19.5


	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				Six Months Ended
(in millions)	February 24, 2024		February 25, 2023		February 24, 2024		February 25, 2023
Beginning fair value - contingent consideration	$	19.2	$	40.2	$	18.4	$	39.8
Fair value adjustments	0.3		1.6		1.1		2.0
Ending fair value - contingent consideration	$	19.5	$	41.8	$	19.5	$	41.8

Property, Plant, and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 24, 2024	Feb. 25, 2023	Feb. 24, 2024	Feb. 25, 2023	Aug. 26, 2023
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 552.1		$ 552.1		$ 530.4
Less: Accumulated depreciation	218.4		218.4		203.1
Property, plant, and equipment, net	333.7		333.7		327.3
Depreciation	8.5	$ 6.7	16.6	$ 13.3
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	14.6		14.6		14.6
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	268.3		268.3		247.3
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	167.3		167.3		159.3
Software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	53.4		53.4		52.7
Transportation
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	7.4		7.4		7.2
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 41.1		$ 41.1		$ 49.3

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Feb. 24, 2024
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

Business Segments

6 Months Ended

Feb. 24, 2024

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 (loss) income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net (loss) 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, change in fair value of note receivable, contingent consideration fair value adjustment, loss on note repurchase, and non-operating income or loss.

Financial information by reportable segment is as follows:


	Three Months Ended				Six Months Ended
(in millions)	February 24, 2024		February 25, 2023		February 24, 2024		February 25, 2023
Net Revenues
Towable RV	$	284.7	$	342.5	$	615.5	$	689.8
Motorhome RV	338.4		403.8		672.8		868.0
Marine	69.8		112.9		157.1		244.3
Corporate / All Other	10.7		7.5		21.2		16.8
Consolidated	$	703.6	$	866.7	$	1,466.6	$	1,818.9

Adjusted EBITDA
Towable RV	$	26.8	$	39.3	$	59.9	$	75.6
Motorhome RV	26.0		42.5		47.3		92.8
Marine	4.4		14.4		11.6		32.9
Corporate / All Other	(7.4)		(7.8)		(14.9)		(15.9)
Consolidated	$	49.8	$	88.4	$	103.9	$	185.4

Capital Expenditures
Towable RV	$	0.2	$	6.2	$	2.6	$	20.5
Motorhome RV	6.7		9.0		14.0		14.8
Marine	1.7		5.3		2.9		12.6
Corporate / All Other	2.4		1.1		3.3		1.5
Consolidated	$	11.0	$	21.6	$	22.8	$	49.4


(in millions)	February 24, 2024		August 26, 2023
Assets
Towable RV	$	754.1	$	751.2
Motorhome RV	844.8		802.2
Marine	415.4		426.9
Corporate / All Other	419.6		452.1
Consolidated	$	2,433.9	$	2,432.4

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


	Three Months Ended				Six Months Ended
(in millions)	February 24, 2024		February 25, 2023		February 24, 2024		February 25, 2023
Net (loss) income	$	(12.7)	$	52.8	$	13.1	$	113.0
Interest expense, net	5.3		5.3		9.4		11.2
Provision for income taxes	7.1		16.9		15.7		36.4
Depreciation	8.5		6.7		16.6		13.3
Amortization	5.7		3.8		11.3		7.6
EBITDA	13.9		85.5		66.1		181.5
Acquisition-related costs	0.2		1.1		1.5		1.7
Change in fair value of note receivable	3.0		—		3.0		—
Contingent consideration fair value adjustment	0.3		1.6		1.1		2.0
Loss on note repurchase	32.7		—		32.7		—
Non-operating (income) loss	(0.3)		0.2		(0.5)		0.2
Adjusted EBITDA	$	49.8	$	88.4	$	103.9	$	185.4

- 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.

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+ Details

Investments and Fair Value Measurements - Narrative (Details) - USD ($)	6 Months Ended
	Feb. 24, 2024	Feb. 25, 2023
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Asset impairment charges	$ 0	$ 0

Employee and Retiree Benefits (Details) - USD ($) $ in Millions	Feb. 24, 2024	Aug. 26, 2023
Retirement Benefits [Abstract]
Non-qualified deferred compensation	$ 5.7	$ 6.7
Supplemental executive retirement plan	1.2	1.2
Executive deferred compensation plan	2.0	1.8
Total deferred compensation benefits	8.9	9.7
Less current portion	1.6	1.8
Deferred compensation benefits, net of current portion	$ 7.3	$ 7.9

Goodwill and Intangible Assets - Narrative (Details)	Feb. 24, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average remaining amortization period (in years)	7 years

Long-Term Debt - Long-Term Debt Contractual Maturities (Details) - USD ($) $ in Millions	Feb. 24, 2024	Aug. 26, 2023
Debt Instrument [Line Items]
Remainder of Fiscal 2024	$ 0.0
Fiscal 2025	59.3
Fiscal 2026	0.0
Fiscal 2027	0.0
Fiscal 2028	300.0
Fiscal 2029	0.0
Thereafter	350.0
Total	709.3	$ 600.0
2025 Convertible Notes
Debt Instrument [Line Items]
Total	$ 59.3	$ 300.0

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Feb. 24, 2024	Feb. 25, 2023	Feb. 24, 2024	Feb. 25, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (12.7)	$ 52.8	$ 13.1	$ 113.0

- Definition

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

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+ Details

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 24, 2024	Feb. 25, 2023	Feb. 24, 2024	Feb. 25, 2023
Statement of Stockholders' Equity [Abstract]
Convertible note bond hedge purchase, net of tax	$ 16.8		$ 16.8
Common stock dividends (in dollars per share)	$ 0.31	$ 0.27	$ 0.31	$ 0.27

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Feb. 24, 2024	Aug. 26, 2023
Schedule of Intangible Assets [Line Items]
Total amortization expense remaining	$ 138.4
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	628.5	$ 628.5
Accumulated Amortization	137.8	126.5
Net Carrying Value	490.7	502.0
Indefinite-lived trade names
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	4.1	4.1
Total amortization expense remaining	3.6	3.9
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	0.5	0.2
Dealer networks/customer relationships
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	183.6	183.6
Total amortization expense remaining	100.2	108.0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	83.4	75.6
Backlog
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	43.6	43.6
Total amortization expense remaining	0.8	1.1
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	42.8	42.5
Developed technology
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	38.3	38.3
Total amortization expense remaining	33.7	36.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	4.6	1.8
Non-compete agreements
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	6.6	6.6
Total amortization expense remaining	0.1	0.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	6.5	6.4
Indefinite-lived trade names
Schedule of Intangible Assets [Line Items]
Indefinite-lived trade names	$ 352.3	$ 352.3

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Feb. 24, 2024	Feb. 25, 2023	Feb. 24, 2024	Feb. 25, 2023	Aug. 26, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	(126.10%)	24.30%	54.40%	24.40%
income taxes receivable	$ 7.9		$ 7.9		$ 10.7

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

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenue (Details) - USD ($) $ in Millions	Feb. 24, 2024	Feb. 25, 2023	Feb. 24, 2024	Feb. 25, 2023
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	$ 703.6	$ 866.7	$ 1,466.6	$ 1,818.9
Operating Segments \| Towable RV
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	284.7	342.5	615.5	689.8
Operating Segments \| Towable RV \| Fifth Wheel
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	143.2	175.3	306.1	363.0
Operating Segments \| Towable RV \| Travel Trailer
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	134.3	157.2	292.3	305.5
Operating Segments \| Towable RV \| Other
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	7.2	10.0	17.1	21.3
Operating Segments \| Motorhome RV
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	338.4	403.8	672.8	868.0
Operating Segments \| Motorhome RV \| Class A
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	130.9	183.1	295.8	414.2
Operating Segments \| Motorhome RV \| Class B
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	77.0	106.6	149.3	253.5
Operating Segments \| Motorhome RV \| Class C and Other
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	130.5	114.1	227.7	200.3
Operating Segments \| Marine
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	69.8	112.9	157.1	244.3
Corporate / All Other
Disaggregation of Revenue [Line Items]
Consolidated Net Revenues	$ 10.7	$ 7.5	$ 21.2	$ 16.8

Investments and Fair Value Measurements

6 Months Ended

Feb. 24, 2024

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)	February 24, 2024		Level 1		Level 2		Level 3
Assets that fund deferred compensation
Domestic equity funds	$	1.9	$	1.9	$	—	$	—
International equity funds	0.1		0.1		—		—
Total assets at fair value	$	2.0	$	2.0	$	—	$	—

Contingent consideration
Earnout liability	$	19.5	$	—	$	—	$	19.5
Total liabilities at fair value	$	19.5	$	—	$	—	$	19.5


	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 February 24, 2024 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				Six Months Ended
(in millions)	February 24, 2024		February 25, 2023		February 24, 2024		February 25, 2023
Beginning fair value - contingent consideration	$	19.2	$	40.2	$	18.4	$	39.8
Fair value adjustments	0.3		1.6		1.1		2.0
Ending fair value - contingent consideration	$	19.5	$	41.8	$	19.5	$	41.8

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 six months ended February 24, 2024 or February 25, 2023.

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.

Revenue (Tables)

6 Months Ended

Feb. 24, 2024

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				Six Months Ended
(in millions)	February 24, 2024		February 25, 2023		February 24, 2024		February 25, 2023
Net Revenues
Towable RV
Fifth Wheel	$	143.2	$	175.3	$	306.1	$	363.0
Travel Trailer	134.3		157.2		292.3		305.5
Other(1)	7.2		10.0		17.1		21.3
Total Towable RV	284.7		342.5		615.5		689.8
Motorhome RV
Class A	130.9		183.1		295.8		414.2
Class B	77.0		106.6		149.3		253.5
Class C and Other(1)	130.5		114.1		227.7		200.3
Total Motorhome RV	338.4		403.8		672.8		868.0
Marine	69.8		112.9		157.1		244.3
Corporate / All Other(2)	10.7		7.5		21.2		16.8
Consolidated Net Revenues	$	703.6	$	866.7	$	1,466.6	$	1,818.9

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

Product Warranties (Tables)

6 Months Ended

Feb. 24, 2024

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability

Changes in the product warranty liability are as follows:


	Three Months Ended				Six Months Ended
(in millions)	February 24, 2024		February 25, 2023		February 24, 2024		February 25, 2023
Balance at beginning of period	$	91.8	$	122.2	$	97.8	$	127.9
Provision	21.5		16.0		39.9		34.1
Claims paid	(24.0)		(24.5)		(48.4)		(48.3)
Balance at end of period	$	89.3	$	113.7	$	89.3	$	113.7

Goodwill and Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Millions	Feb. 24, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of Fiscal 2024	$ 11.6
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	$ 138.4

Employee and Retiree Benefits (Tables)

6 Months Ended

Feb. 24, 2024

Retirement Benefits [Abstract]

Schedule of Deferred Compensation Liabilities

Deferred compensation liabilities are as follows:


(in millions)	February 24, 2024		August 26, 2023
Non-qualified deferred compensation	$	5.7	$	6.7
Supplemental executive retirement plan	1.2		1.2
Executive deferred compensation plan	2.0		1.8
Total deferred compensation benefits	8.9		9.7
Less: current portion(1)	1.6		1.8
Deferred compensation benefits, net of current portion	$	7.3	$	7.9

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

Employee and Retiree Benefits

6 Months Ended

Feb. 24, 2024

Retirement Benefits [Abstract]

Employee and Retiree Benefits

Deferred compensation liabilities are as follows:


(in millions)	February 24, 2024		August 26, 2023
Non-qualified deferred compensation	$	5.7	$	6.7
Supplemental executive retirement plan	1.2		1.2
Executive deferred compensation plan	2.0		1.8
Total deferred compensation benefits	8.9		9.7
Less: current portion(1)	1.6		1.8
Deferred compensation benefits, net of current portion	$	7.3	$	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
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-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Feb. 24, 2024	Feb. 25, 2023
Operating activities
Net Income (Loss)	$ 13.1	$ 113.0
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	16.6	13.3
Amortization	11.3	7.6
Amortization of debt issuance costs	1.6	1.5
Last in, first-out ("LIFO") expense	0.1	1.7
Stock-based compensation	8.1	6.5
Deferred income taxes	1.9	(1.5)
Loss on note repurchase	32.7	0.0
Contingent consideration fair value adjustment	1.1	2.0
Other, net	3.0	0.0
Change in operating assets and liabilities, net of assets and liabilities acquired
Receivables, net	(55.9)	(27.2)
Inventories, net	4.3	(16.3)
Prepaid expenses and other assets	1.3	0.4
Accounts payable	(8.6)	(50.1)
Income taxes and unrecognized tax benefits	3.5	(5.4)
Accrued expenses and other liabilities	(30.3)	(28.7)
Net cash provided by operating activities	3.8	16.8
Investing activities
Purchases of property, plant, and equipment	(22.8)	(49.4)
Other, net	(2.7)	0.8
Net cash used in investing activities	(25.5)	(48.6)
Financing activities
Borrowings on long-term debt	1,805.7	1,808.5
Repayments on long-term debt	(1,749.5)	(1,808.5)
Payments for convertible note bond hedge	(68.7)	0.0
Proceeds from issuance of convertible note warrant	31.3	0.0
Proceeds from partial unwind of convertible note bond hedge	55.8	0.0
Payments for partial unwind of convertible note warrant	(25.3)	0.0
Payments of cash dividends	(18.7)	(16.8)
Payments for repurchases of common stock	(44.2)	(4.9)
Payments of debt issuance costs	(9.7)	0.0
Other, net	0.8	0.6
Net cash used in financing activities	(22.5)	(21.1)
Net decrease in cash and cash equivalents	(44.2)	(52.9)
Cash and cash equivalents at beginning of period	309.9	282.2
Cash and cash equivalents at end of period	265.7	229.3
Supplemental Disclosures
Income taxes paid, net	10.8	42.0
Interest paid	13.2	12.1
Non-cash investing and financing activities
Capital expenditures in accounts payable	2.7	4.5
Accrued debt issuance costs	0.5	0.0
Increase in lease assets in exchange for lease liabilities:
Operating leases	0.0	3.5
Finance leases	$ 0.7	$ 0.0

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Feb. 24, 2024	Feb. 25, 2023	Feb. 24, 2024	Feb. 25, 2023
Earnings Per Share [Abstract]
Net (loss) income	$ (12.7)	$ 52.8	$ 13.1	$ 113.0
Weighted average common shares outstanding (in shares)	29.2	30.5	29.4	30.5
Basic (loss) earnings per common share (in dollars per share)	$ (0.43)	$ 1.73	$ 0.45	$ 3.71
Interest expense on convertible notes, net of tax	$ 0.0	$ 1.2	$ 0.0	$ 2.4
Diluted net (loss) income	$ (12.7)	$ 54.0	$ 13.1	$ 115.4
Dilutive impact of stock compensation awards (in shares)	0.0	0.3	0.3	0.3
Dilutive impact of convertible notes (in shares)	0.0	4.7	0.0	4.7
Weighted average common shares outstanding, assuming dilution (in shares)	29.2	35.5	29.7	35.5
Anti-dilutive securities excluded from weighted average common shares outstanding, assuming dilution (in shares)	0.5	0.2	0.2	0.1
Diluted (loss) earnings per common share (in dollars per share)	$ (0.43)	$ 1.52	$ 0.44	$ 3.25

Inventories - Inventory Valuation Methods (Details) - USD ($) $ in Millions	Feb. 24, 2024	Aug. 26, 2023
Inventory Disclosure [Abstract]
LIFO basis	$ 278.4	$ 262.6
FIFO basis	235.4	255.9
Total	$ 513.8	$ 518.5

Goodwill and Intangible Assets (Tables)

6 Months Ended

Feb. 24, 2024

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 February 24, 2024 and August 26, 2023 (1)	$	244.7	$	73.1	$	166.4	$	30.3	$	514.5

(1) There was no activity in the six months ended February 24, 2024.

Schedule of Other Intangible Assets

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


	February 24, 2024
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Indefinite-lived trade names	$	352.3	$	—	$	352.3
Finite-lived trade name	4.1		0.5		3.6
Dealer networks/customer relationships	183.6		83.4		100.2
Backlog	43.6		42.8		0.8
Developed technology	38.3		4.6		33.7
Non-compete agreements	6.6		6.5		0.1
Other intangible assets	$	628.5	$	137.8	$	490.7

	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	$	11.6
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	$	138.4

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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+ Details

Inventories (Tables)

6 Months Ended

Feb. 24, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following:


(in millions)	February 24, 2024		August 26, 2023
Finished goods	$	56.8	$	53.0
Work-in-process	142.3		159.9
Raw materials	314.7		305.6
Total	513.8		518.5
Less: Excess of First-in, first-out ("FIFO") over LIFO cost	48.0		47.9
Inventories, net	$	465.8	$	470.6

Inventory valuation methods consist of the following:


(in millions)	February 24, 2024		August 26, 2023
LIFO basis	$	278.4	$	262.6
FIFO basis	235.4		255.9
Total	$	513.8	$	518.5

Basis of Presentation	6 Months Ended
Basis of Presentation	Feb. 24, 2024
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 February 24, 2024 and February 25, 2023, 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. Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which requires expanded disclosures primarily related to the effective tax rate reconciliation and income taxes paid. The new guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures. In November 2023, the 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.

Property, Plant, and Equipment (Tables)

6 Months Ended

Feb. 24, 2024

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)	February 24, 2024		August 26, 2023
Land	$	14.6	$	14.6
Buildings and building improvements	268.3		247.3
Machinery and equipment	167.3		159.3
Software	53.4		52.7
Transportation	7.4		7.2
Construction in progress	41.1		49.3
Property, plant, and equipment, gross	552.1		530.4
Less: Accumulated depreciation	218.4		203.1
Property, plant, and equipment, net	$	333.7	$	327.3

Income Taxes	6 Months Ended
Income Taxes	Feb. 24, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate was (126.1)% and 24.3% for the three months ended February 24, 2024 and February 25, 2023, respectively, and 54.4% and 24.4% for the six months ended February 24, 2024 and February 25, 2023, respectively. The tax rate difference for the three months ended February 24, 2024 compared to the three months ended February 25, 2023 was driven primarily by the non-deductible loss on note repurchase, partially offset by an increase in tax credits year-over-year. The increase in tax rate for the six months ended February 24, 2024 compared to the six months ended February 25, 2023 was driven primarily by the impact of the non-deductible loss on note repurchase and a net favorable benefit in the prior year related to stock compensation, partially offset by an increase in tax credits year-over-year over decreased income in the current year. As of February 24, 2024, $7.9 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 February 24, 2024, our U.S. Federal returns from Fiscal 2020 to present are subject to review by the Internal Revenue Service. With limited exceptions, U.S. state returns from Fiscal 2020 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 2020 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.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Feb. 24, 2024
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”). 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 $3.5 million and $3.5 million for the three months ended February 24, 2024 and February 25, 2023, respectively; and $8.1 million and $6.5 million for the six months ended February 24, 2024 and February 25, 2023, respectively. Compensation expense is recognized over the requisite service or performance period of the award, unless accelerated by certain retirement eligibility provisions.

Cover Page - shares	6 Months Ended
Cover Page - shares	Feb. 24, 2024	Mar. 13, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 24, 2024
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		29,268,635
Entity Central Index Key	0000107687
Current Fiscal Year End Date	--08-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Investments and Fair Value Measurements - Fair Value of Contingent Consideration (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 24, 2024	Feb. 25, 2023	Feb. 24, 2024	Feb. 25, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value - contingent consideration	$ 19.2	$ 40.2	$ 18.4	$ 39.8
Fair value adjustments	0.3	1.6	1.1	2.0
Ending fair value - contingent consideration	$ 19.5	$ 41.8	$ 19.5	$ 41.8

Consolidated Balance Sheets - USD ($) $ in Millions	Feb. 24, 2024	Aug. 26, 2023
Current assets
Cash and cash equivalents	$ 265.7	$ 309.9
Receivables, less allowance for credit losses ($0.4 and $0.4, respectively)	234.4	178.5
Inventories, net	465.8	470.6
Prepaid expenses and other current assets	36.3	37.7
Total current assets	1,002.2	996.7
Property, plant, and equipment, net	333.7	327.3
Goodwill	514.5	514.5
Other intangible assets, net	490.7	502.0
Investment in life insurance	30.1	29.3
Operating lease assets	39.9	42.6
Deferred income tax assets, net	3.2	0.0
Other long-term assets	19.6	20.0
Total assets	2,433.9	2,432.4
Current liabilities
Accounts payable	138.0	146.9
Accrued expenses:
Accrued compensation	38.0	35.9
Product warranties	89.3	97.8
Self-insurance	21.2	23.3
Promotional	22.2	29.9
Accrued interest and dividends	3.9	13.7
Other current liabilities	40.6	48.5
Total current liabilities	353.2	396.0
Non-current liabilities
Long-term debt, net	694.8	592.4
Deferred income tax liabilities, net	0.0	11.7
Unrecognized tax benefits	6.6	6.1
Long-term operating lease liabilities	39.3	42.0
Deferred compensation benefits, net of current portion	7.3	7.9
Other long-term liabilities	8.1	8.2
Total liabilities	1,109.3	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	188.1	197.7
Retained earnings	1,751.6	1,747.8
Accumulated other comprehensive loss	(0.4)	(0.4)
Treasury stock, at cost: 22.5 and 22.0 shares, respectively	(640.6)	(602.9)
Total shareholders' equity	1,324.6	1,368.1
Total liabilities and shareholders' equity	$ 2,433.9	$ 2,432.4

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Millions	Feb. 24, 2024 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

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Feb. 24, 2024	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)	22,500,000	22,000,000.0

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%

Inventories

6 Months Ended

Feb. 24, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:


(in millions)	February 24, 2024		August 26, 2023
Finished goods	$	56.8	$	53.0
Work-in-process	142.3		159.9
Raw materials	314.7		305.6
Total	513.8		518.5
Less: Excess of First-in, first-out ("FIFO") over LIFO cost	48.0		47.9
Inventories, net	$	465.8	$	470.6

Inventory valuation methods consist of the following:


(in millions)	February 24, 2024		August 26, 2023
LIFO basis	$	278.4	$	262.6
FIFO basis	235.4		255.9
Total	$	513.8	$	518.5

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

Long-Term Debt - Fair Value of Long-Term Debt, Gross (Details) - USD ($) $ in Millions	Feb. 24, 2024	Aug. 26, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 737.6	$ 640.2
ABL Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	0.0	0.0
Senior Secured Notes
Debt Instrument [Line Items]
Long-term debt, gross	296.2	291.2
2030 Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	369.8	0.0
2025 Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 71.6	$ 349.0

- Definition

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

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+ Details

Long-Term Debt

6 Months Ended

Feb. 24, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consists of the following:


(in millions)	February 24, 2024		August 26, 2023
ABL Credit Facility	$	—	$	—
Senior Secured Notes	300.0		300.0
2030 Convertible Notes	350.0		—
2025 Convertible Notes	59.3		300.0
Long-term debt, gross	709.3		600.0
Debt issuance costs, net	(14.5)		(7.6)
Long-term debt, net	$	694.8	$	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.

Senior Secured Notes

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.

2030 Convertible Notes

On January 23, 2024, we issued $350.0 million in aggregate principal amount of 3.25% unsecured convertible senior notes due 2030 (“2030 Convertible Notes”). The net proceeds from the issuance of the 2030 Convertible Notes, after deducting the initial purchasers' transaction fees and offering expenses payable by us, were approximately $339.8 million. The 2030 Convertible Notes bear interest at the annual rate of 3.25%, payable on January 15 and July 15 of each year, beginning on July 15, 2024, and will mature on January 15, 2030, unless earlier repurchased, redeemed, or converted in accordance with their terms prior to such date.

The 2030 Convertible Notes may be converted at any time on or after July 15, 2029, until the close of business on the second scheduled trading day immediately preceding their maturity date. Upon conversion, we will settle the principal amount of the 2030 Convertible Notes in cash, and any conversion premium in excess of the principal amount in cash, or a combination of cash and shares of common stock, at our election.

The initial conversion rate of the 2030 Convertible Notes was 11.3724 shares of common stock per $1,000 principal amount of 2030 Convertible Notes, which is equal to an initial conversion price of approximately $87.93 per share. The conversion rate is subject to adjustment upon the occurrence of events specified in the Indenture to the 2030 Convertible Notes but will not be adjusted for accrued and unpaid interest on any 2030 Convertible Note being converted. In addition, upon the occurrence of a make-whole fundamental change (as defined in the Indenture to the 2030 Convertible Notes) during the make-whole fundamental change conversion period (as defined in the Indenture to the 2030 Convertible Notes), the Company will, in certain circumstances, increase the conversion rate by the number of additional shares described in the Indenture to the 2030 Convertible Notes for a holder that elects to convert such holder’s 2030 Convertible Notes in connection with such make-whole fundamental change. As of February 24, 2024, there have been no changes to the initial conversion rate.

Prior to the close of business on the business day immediately preceding July 15, 2029, the 2030 Convertible Notes will be convertible only under the following circumstances:

1.during any calendar quarter commencing after the calendar quarter ending on March 31, 2024 (and only during such calendar quarter), if the last reported sale price per share of the common stock is more than 130% of the applicable conversion price on each applicable trading day for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

2.during the five consecutive business day period immediately after any five consecutive trading day period (the "measurement period to the 2030 Convertible Notes") in which the trading price per $1,000 principal amount of 2030 Convertible Notes for each trading day of the measurement period to the 2030 Convertible Notes was less than 98% of the product of the last reported sale price per share of the common stock and the conversion rate for the 2030 Convertible Notes on each such trading day;

3.upon the occurrence of certain specified corporate events set forth in the indenture to the 2030 Convertible Notes; or

4.if we call such 2030 Convertible Notes for redemption (as described below)

The 2030 Convertible Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at our option at any time, and from time to time, on or after January 15, 2028 and on or before the 40th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of our common stock exceeds 130% of the conversion price for a specified period of time (as defined in the indenture to the 2030 Convertible Notes). The redemption price will be equal to the

principal amount of the 2030 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

On January 18, 2024 and January 19, 2024, in connection with the offering of the 2030 Convertible Notes, we entered into privately negotiated convertible note hedge transactions (collectively, the “2030 Hedge Transactions”) that cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the 2030 Convertible Notes, and are expected generally to reduce the potential dilution and/or offset any cash payments we are required to make in excess of the principal amount due, as the case may be, upon conversion of the 2030 Convertible Notes in the event that the market price of our common stock is greater than the strike price of the 2030 Hedge Transactions, which was initially $87.93 per share (subject to adjustment under the terms of the 2030 Hedge Transactions), corresponding to the initial conversion price of the 2030 Convertible Notes.

On January 18, 2024 and January 19, 2024, we also entered into privately negotiated warrant transactions (collectively, the “2030 Warrant Transactions” and, together with the 2030 Hedge Transactions, the “2030 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 2030 Convertible Notes, subject to customary anti-dilution adjustments. The initial strike price of the 2030 warrants is $135.28 per share (subject to adjustment under the terms of the 2030 Warrant Transactions), which is approximately 100% above the last reported sale price of our common stock on January 18, 2024. The 2030 Warrant Transactions could have a dilutive effect to our stockholders to the extent that the market price per share of our common stock, as measured under the terms of the 2030 Warrant Transactions, exceeds the applicable strike price of the warrants.

The 2030 Hedge Transactions and the 2030 Warrant Transactions are separate transactions, in each case, are not part of the terms of the 2030 Convertible Notes and will not affect any holder’s rights under the 2030 Convertible Notes. Holders of the 2030 Convertible Notes will not have any rights with respect to the 2030 Call Spread Transactions.

Accounting Treatment of the 2030 Convertible Notes and Related 2030 Hedge Transactions and 2030 Warrant Transactions

The 2030 Convertible Notes are accounted for as a single liability measured at amortized cost. Interest expense, representing the amortization of the $10.2 million of debt issuance costs as well as the contractual interest expense is amortized using an effective interest rate of 3.8% over the term of the 2030 Convertible Notes. We recorded $1.1 million of interest expense during the three and six months ended February 24, 2024.

The net after-tax cost incurred in connection with the 2030 Call Spread Transactions was $20.6 million. These transactions are classified as equity and are not remeasured each reporting period.

2025 Convertible Notes

On November 1, 2019, we issued $300.0 million in aggregate principal amount of 1.5% unsecured convertible senior notes due 2025 (“2025 Convertible Notes”). The net proceeds from the issuance of the 2025 Convertible Notes, after deducting the initial purchasers' transaction fees and offering expense payable by us, were approximately $290.2 million. The 2025 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 2025 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 2025 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 2025 Convertible Notes. The 2025 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 2025 Convertible Notes may be adjusted in certain circumstances, including in connection with a conversion of the 2025 Convertible Notes made following certain fundamental changes and under other circumstances set forth in the indenture to the 2025 Convertible Notes. As of February 24, 2024, the conversion rate was 15.9923 shares of common stock per $1,000 principal amount of 2025 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 February 24, 2024 is due to cash dividends that have been declared following the issuance of the 2025 Convertible Notes.

It is our current intent to settle all conversions of the 2025 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 2025 Convertible Notes will be convertible only under the following circumstances:

1.during any calendar quarter commencing after December 31, 2019 if the closing sale price of the common stock is more than 130% of the applicable conversion price on each applicable trading day for at least 20 trading days (whether or not

consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;

2.during the five consecutive business day period after any five consecutive trading day period (the "measurement period to the 2025 Convertible Notes") in which the trading price per $1,000 principal amount of 2025 Convertible Notes for each trading day of the measurement period to the 2025 Convertible Notes was less than 98% of the product of the last reported sale price of the common stock and the conversion rate for the 2025 Convertible Notes on each such trading day; or

3.upon the occurrence of certain specified corporate events set forth in the indenture for the 2025 Convertible Notes.

We may not redeem the 2025 Convertible Notes at our option prior to the maturity date, and no sinking fund is provided for the 2025 Convertible Notes.

On October 29, 2019 and October 30, 2019, in connection with the offering of the 2025 Convertible Notes, we entered into privately negotiated convertible note hedge transactions (collectively, the “2025 Hedge Transactions”) that cover, subject to customary anti-dilution adjustments, the number of shares of our common stock that initially underlie the 2025 Convertible Notes.

On October 29, 2019 and October 30, 2019, we also entered into privately negotiated warrant transactions (collectively, the “2025 Warrant Transactions” and, together with the 2025 Hedge Transactions, the “2025 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 2025 Convertible Notes, subject to customary anti-dilution adjustments.

The 2025 Hedge Transactions and the 2025 Warrant Transactions are separate transactions, in each case, and are not part of the terms of the 2025 Convertible Notes and will not affect any holder’s rights under the 2025 Convertible Notes. Holders of the 2025 Convertible Notes will not have any rights with respect to the 2025 Call Spread Transactions.

On January 18, 2024, we entered into separate, privately negotiated transactions (the "2025 Convertible Note Repurchases") with certain holders of the 2025 Convertible Notes to repurchase $240.7 million aggregate principal amount of the 2025 Convertible Notes using $293.8 million of the net proceeds received from the 2030 Convertible Notes. In connection with the 2025 Convertible Note Repurchases, we recorded a loss on note repurchase of $32.7 million in loss on note repurchase in the accompanying Consolidated Statements of Income for the three and six months ended February 24, 2024. The loss on note repurchase represents the difference between the fair value of consideration transferred to the holders of the repurchased 2025 Convertible Notes and the conversion value of 2025 Convertible Notes repurchased pursuant to the original conversion terms. Concurrently with the 2025 Convertible Note Repurchases, we entered into agreements to terminate a proportionate amount of the 2025 Call Spread Transactions, which resulted in net proceeds of $30.5 million recorded as equity in the accompanying Consolidated Balance Sheets.

Accounting Treatment of the 2025 Convertible Notes and Related 2025 Hedge Transactions and 2025 Warrant Transactions

The 2025 Convertible Notes are accounted for as a single liability measured at amortized cost. Interest expense, representing the amortization of the remaining 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 2025 Convertible Notes. We recorded $1.1 million and $1.6 million of interest expense during the three months ended February 24, 2024 and February 25, 2023, respectively; and we recorded $2.7 million and $3.1 million of interest expense during the six months ended February 24, 2024 and February 25, 2023, respectively.

The 2025 Call Spread Transactions are classified as equity and are not remeasured each reporting period.

Fair Value and Future Maturities

The fair value of long-term debt, gross is as follows:


(in millions)	February 24, 2024		August 26, 2023
ABL Credit Facility	$	—	$	—
Senior Secured Notes	296.2		291.2
2030 Convertible Notes	369.8		—
2025 Convertible Notes	71.6		349.0
Long-term debt, gross	$	737.6	$	640.2

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


(in millions)	Amount
Remainder of Fiscal 2024	$	—
Fiscal 2025	59.3
Fiscal 2026	—
Fiscal 2027	—
Fiscal 2028	300.0
Fiscal 2029	—
Thereafter	350.0
Total	$	709.3

We are in compliance with all of our financial debt covenants as of February 24, 2024.

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 our long-term debt.

- Definition

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

+ References

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+ Details

Stock-Based Compensation (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Feb. 24, 2024	Feb. 25, 2023	Feb. 24, 2024	Feb. 25, 2023	Dec. 14, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 3.5	$ 3.5	$ 8.1	$ 6.5
Incentive Compensation Plan 2019
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 Segments (Tables)

6 Months Ended

Feb. 24, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Financial information by reportable segment is as follows:


	Three Months Ended				Six Months Ended
(in millions)	February 24, 2024		February 25, 2023		February 24, 2024		February 25, 2023
Net Revenues
Towable RV	$	284.7	$	342.5	$	615.5	$	689.8
Motorhome RV	338.4		403.8		672.8		868.0
Marine	69.8		112.9		157.1		244.3
Corporate / All Other	10.7		7.5		21.2		16.8
Consolidated	$	703.6	$	866.7	$	1,466.6	$	1,818.9

Adjusted EBITDA
Towable RV	$	26.8	$	39.3	$	59.9	$	75.6
Motorhome RV	26.0		42.5		47.3		92.8
Marine	4.4		14.4		11.6		32.9
Corporate / All Other	(7.4)		(7.8)		(14.9)		(15.9)
Consolidated	$	49.8	$	88.4	$	103.9	$	185.4

Capital Expenditures
Towable RV	$	0.2	$	6.2	$	2.6	$	20.5
Motorhome RV	6.7		9.0		14.0		14.8
Marine	1.7		5.3		2.9		12.6
Corporate / All Other	2.4		1.1		3.3		1.5
Consolidated	$	11.0	$	21.6	$	22.8	$	49.4


(in millions)	February 24, 2024		August 26, 2023
Assets
Towable RV	$	754.1	$	751.2
Motorhome RV	844.8		802.2
Marine	415.4		426.9
Corporate / All Other	419.6		452.1
Consolidated	$	2,433.9	$	2,432.4

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


	Three Months Ended				Six Months Ended
(in millions)	February 24, 2024		February 25, 2023		February 24, 2024		February 25, 2023
Net (loss) income	$	(12.7)	$	52.8	$	13.1	$	113.0
Interest expense, net	5.3		5.3		9.4		11.2
Provision for income taxes	7.1		16.9		15.7		36.4
Depreciation	8.5		6.7		16.6		13.3
Amortization	5.7		3.8		11.3		7.6
EBITDA	13.9		85.5		66.1		181.5
Acquisition-related costs	0.2		1.1		1.5		1.7
Change in fair value of note receivable	3.0		—		3.0		—
Contingent consideration fair value adjustment	0.3		1.6		1.1		2.0
Loss on note repurchase	32.7		—		32.7		—
Non-operating (income) loss	(0.3)		0.2		(0.5)		0.2
Adjusted EBITDA	$	49.8	$	88.4	$	103.9	$	185.4

Business Segments (Details) $ in Millions	3 Months Ended		6 Months Ended
Business Segments (Details) $ in Millions	Feb. 24, 2024 USD ($)	Feb. 25, 2023 USD ($)	Feb. 24, 2024 USD ($) segment	Feb. 25, 2023 USD ($)	Aug. 26, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment			8
Number of reportable segments \| segment			3
Net Revenues	$ 703.6	$ 866.7	$ 1,466.6	$ 1,818.9
Adjusted EBITDA	49.8	88.4	103.9	185.4
Capital Expenditures	11.0	21.6	22.8	49.4
Assets	2,433.9		2,433.9		$ 2,432.4
Net (loss) income	(12.7)	52.8	13.1	113.0
Interest expense, net	5.3	5.3	9.4	11.2
Provision for income taxes	7.1	16.9	15.7	36.4
Depreciation	8.5	6.7	16.6	13.3
Amortization	5.7	3.8	11.3	7.6
EBITDA	13.9	85.5	66.1	181.5
Acquisition-related costs	0.2	1.1	1.5	1.7
Change in fair value of note receivable	3.0	0.0	3.0	0.0
Contingent consideration fair value adjustment	0.3	1.6	1.1	2.0
Loss on note repurchase	32.7	0.0	32.7	0.0
Non-operating (income) loss	(0.3)	0.2	(0.5)	0.2
Operating Segments \| Towable RV
Segment Reporting Information [Line Items]
Net Revenues	284.7	342.5	615.5	689.8
Adjusted EBITDA	26.8	39.3	59.9	75.6
Capital Expenditures	0.2	6.2	2.6	20.5
Assets	754.1		754.1		751.2
Operating Segments \| Motorhome RV
Segment Reporting Information [Line Items]
Net Revenues	338.4	403.8	672.8	868.0
Adjusted EBITDA	26.0	42.5	47.3	92.8
Capital Expenditures	6.7	9.0	14.0	14.8
Assets	844.8		844.8		802.2
Operating Segments \| Marine
Segment Reporting Information [Line Items]
Net Revenues	69.8	112.9	157.1	244.3
Adjusted EBITDA	4.4	14.4	11.6	32.9
Capital Expenditures	1.7	5.3	2.9	12.6
Assets	415.4		415.4		426.9
Corporate / All Other
Segment Reporting Information [Line Items]
Net Revenues	10.7	7.5	21.2	16.8
Adjusted EBITDA	(7.4)	(7.8)	(14.9)	(15.9)
Capital Expenditures	2.4	$ 1.1	3.3	$ 1.5
Assets	$ 419.6		$ 419.6		$ 452.1

Property, Plant, and Equipment

6 Months Ended

Feb. 24, 2024

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)	February 24, 2024		August 26, 2023
Land	$	14.6	$	14.6
Buildings and building improvements	268.3		247.3
Machinery and equipment	167.3		159.3
Software	53.4		52.7
Transportation	7.4		7.2
Construction in progress	41.1		49.3
Property, plant, and equipment, gross	552.1		530.4
Less: Accumulated depreciation	218.4		203.1
Property, plant, and equipment, net	$	333.7	$	327.3

Depreciation expense was $8.5 million and $6.7 million for the three months ended February 24, 2024 and February 25, 2023, respectively; and $16.6 million and $13.3 million for the six months ended February 24, 2024 and February 25, 2023, respectively.

Goodwill and Intangible Assets

6 Months Ended

Feb. 24, 2024

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 February 24, 2024 and August 26, 2023 (1)	$	244.7	$	73.1	$	166.4	$	30.3	$	514.5

(1) There was no activity in the six months ended February 24, 2024.

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


	February 24, 2024
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Indefinite-lived trade names	$	352.3	$	—	$	352.3
Finite-lived trade name	4.1		0.5		3.6
Dealer networks/customer relationships	183.6		83.4		100.2
Backlog	43.6		42.8		0.8
Developed technology	38.3		4.6		33.7
Non-compete agreements	6.6		6.5		0.1
Other intangible assets	$	628.5	$	137.8	$	490.7

	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 February 24, 2024 was approximately seven years.

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


(in millions)	Amortization
Remainder of Fiscal 2024	$	11.6
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	$	138.4

Earnings Per Share

6 Months Ended

Feb. 24, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Basic and diluted earnings per share are calculated as follows:


	Three Months Ended				Six Months Ended
(in millions, except per share data)	February 24, 2024		February 25, 2023		February 24, 2024		February 25, 2023
Earnings per share - basic
Net (loss) income	$	(12.7)	$	52.8	$	13.1	$	113.0
Weighted average common shares outstanding	29.2		30.5		29.4		30.5
Basic (loss) earnings per common share(1)	$	(0.43)	$	1.73	$	0.45	$	3.71

Earnings per share - diluted
Net (loss) income	$	(12.7)	$	52.8	$	13.1	$	113.0
Interest expense on convertible notes, net of tax	—		1.2		—		2.4
Diluted net (loss) income	$	(12.7)	$	54.0	$	13.1	$	115.4

Weighted average common shares outstanding	29.2		30.5		29.4		30.5
Dilutive impact of stock compensation awards	—		0.3		0.3		0.3
Dilutive impact of convertible notes	—		4.7		—		4.7
Weighted average common shares outstanding, assuming dilution	29.2		35.5		29.7		35.5

Anti-dilutive securities excluded from weighted average common shares outstanding, assuming dilution	0.5		0.2		0.2		0.1

Diluted (loss) earnings per common share(1)	$	(0.43)	$	1.52	$	0.44	$	3.25

(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, if any, was determined using the treasury stock method while the dilutive impact of the 2025 Convertible Notes and the 2030 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. As the 2025 Convertible Notes will be convertible into cash, shares of our common stock or a combination thereof, at our election, the 2025 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. For the 2030 Convertible Notes, we are required to settle the principal amount in cash and any conversion premium in excess of the principal amount in cash, shares of common stock, or a combination of cash and shares of common stock, at our election. As such, the 2030 Convertible Notes only have an impact on diluted earnings per share when the average share price of our common stock exceeds the conversion price.

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Millions	Feb. 24, 2024	Aug. 26, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 709.3	$ 600.0
Debt issuance costs, net	(14.5)	(7.6)
Long-term debt, net	694.8	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
2030 Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	350.0	0.0
2025 Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 59.3	$ 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.

+ References

+ Details

- Definition

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

+ References + Details

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Feb. 24, 2024
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.
Recently Issued Accounting Pronouncements	In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which requires expanded disclosures primarily related to the effective tax rate reconciliation and income taxes paid. The new guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures. In November 2023, the 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 February 24, 2024 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 six months ended February 24, 2024 or February 25, 2023. 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 $2,042.1 million and $1,816.7 million at February 24, 2024 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 $1.3 million at February 24, 2024 and August 26, 2023. Repurchase risk is affected by the credit worthiness of our dealer network. We do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to establish the loss reserve for repurchase commitments.
Revenue	We do not have material contract assets or liabilities. Allowances for uncollectible receivables are established based on historical collection trends, write-off history, consideration of current conditions and expectations for future economic conditions.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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+ Details

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Feb. 24, 2024	Aug. 26, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 56.8	$ 53.0
Work-in-process	142.3	159.9
Raw materials	314.7	305.6
Total	513.8	518.5
Less: Excess of First-in, first-out ("FIFO") over LIFO cost	48.0	47.9
Inventories, net	$ 465.8	$ 470.6

Earnings Per Share (Tables)

6 Months Ended

Feb. 24, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Income Per Share

Basic and diluted earnings per share are calculated as follows:


	Three Months Ended				Six Months Ended
(in millions, except per share data)	February 24, 2024		February 25, 2023		February 24, 2024		February 25, 2023
Earnings per share - basic
Net (loss) income	$	(12.7)	$	52.8	$	13.1	$	113.0
Weighted average common shares outstanding	29.2		30.5		29.4		30.5
Basic (loss) earnings per common share(1)	$	(0.43)	$	1.73	$	0.45	$	3.71

Earnings per share - diluted
Net (loss) income	$	(12.7)	$	52.8	$	13.1	$	113.0
Interest expense on convertible notes, net of tax	—		1.2		—		2.4
Diluted net (loss) income	$	(12.7)	$	54.0	$	13.1	$	115.4

Weighted average common shares outstanding	29.2		30.5		29.4		30.5
Dilutive impact of stock compensation awards	—		0.3		0.3		0.3
Dilutive impact of convertible notes	—		4.7		—		4.7
Weighted average common shares outstanding, assuming dilution	29.2		35.5		29.7		35.5

Anti-dilutive securities excluded from weighted average common shares outstanding, assuming dilution	0.5		0.2		0.2		0.1

Diluted (loss) earnings per common share(1)	$	(0.43)	$	1.52	$	0.44	$	3.25

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

Investments and Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Feb. 24, 2024	Aug. 26, 2023
Assets that fund deferred compensation
Domestic equity funds	$ 1.9	$ 1.7
International equity funds	0.1	0.1
Total assets at fair value	2.0	1.8
Contingent consideration
Earnout liability	19.5	18.4
Total liabilities at fair value	19.5	18.4
Level 1
Assets that fund deferred compensation
Domestic equity funds	1.9	1.7
International equity funds	0.1	0.1
Total assets at fair value	2.0	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	19.5	18.4
Total liabilities at fair value	$ 19.5	$ 18.4

Product Warranties

6 Months Ended

Feb. 24, 2024

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				Six Months Ended
(in millions)	February 24, 2024		February 25, 2023		February 24, 2024		February 25, 2023
Balance at beginning of period	$	91.8	$	122.2	$	97.8	$	127.9
Provision	21.5		16.0		39.9		34.1
Claims paid	(24.0)		(24.5)		(48.4)		(48.3)
Balance at end of period	$	89.3	$	113.7	$	89.3	$	113.7