0000107687-24-000026 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Millions	Aug. 31, 2024	Aug. 26, 2023
Current assets
Cash and cash equivalents	$ 330.9	$ 309.9
Receivables, less allowance for credit losses ($0.2 and $0.4, respectively)	183.5	178.5
Inventories, net	438.7	470.6
Prepaid expenses and other current assets	35.6	37.7
Total current assets	988.7	996.7
Property, plant, and equipment, net	338.9	327.3
Goodwill	484.2	514.5
Other intangible assets, net	479.0	502.0
Investment in life insurance	29.6	29.3
Operating lease assets	46.6	42.6
Other long-term assets	17.2	20.0
Total assets	2,384.2	2,432.4
Current liabilities
Accounts payable	144.7	146.9
Current maturities of long-term debt, net	59.1	0.0
Accrued expenses:
Accrued compensation	35.9	35.9
Product warranties	78.9	97.8
Self-insurance	20.2	23.3
Promotional	30.4	29.9
Accrued interest and dividends	14.6	13.7
Other current liabilities	20.9	48.5
Total current liabilities	404.7	396.0
Non-current liabilities
Long-term debt, net	637.1	592.4
Deferred income tax liabilities, net	3.0	11.7
Unrecognized tax benefits	5.4	6.1
Long-term operating lease liabilities	45.6	42.0
Deferred compensation benefits, net of current portion	6.6	7.9
Other long-term liabilities	8.5	8.2
Total liabilities	1,110.9	1,064.3
Contingent liabilities and commitments (Note 12)
Shareholders' equity
Preferred stock, par value $0.01: 10.0 shares authorized; zero shares issued and outstanding	0.0	0.0
Common stock, par value $0.50: 120.0 shares authorized; 51.8 shares issued	25.9	25.9
Additional paid-in capital	194.2	197.7
Retained earnings	1,723.3	1,747.8
Accumulated other comprehensive loss	(0.4)	(0.4)
Treasury stock, at cost: 23.0 and 22.0 shares, respectively	(669.7)	(602.9)
Total shareholders' equity	1,273.3	1,368.1
Total liabilities and shareholders' equity	$ 2,384.2	$ 2,432.4

Product Warranties - Schedule of Product Warranty Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 97.8	$ 127.9	$ 91.2
Business acquisitions	0.0	1.4	4.7
Provision	83.0	67.1	119.2
Claims paid	(101.9)	(98.6)	(87.2)
Balance at end of year	$ 78.9	$ 97.8	$ 127.9

Income Taxes - Components of Income Tax (Benefit) Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Current
Federal	$ 10.4	$ 38.2	$ 105.9
State	6.9	8.8	24.9
Total	17.3	47.0	130.8
Deferred
Federal	7.1	15.9	(5.6)
State	1.0	0.4	(1.1)
Total	8.1	16.3	(6.7)
Provision for income taxes	$ 25.4	$ 63.3	$ 124.1

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 5.5	$ 5.0	$ 5.5
Gross decreases-tax positions in a prior year	(1.7)	(1.5)	(1.1)
Gross increases-tax positions in a prior year	0.2	1.0	0.0
Gross increases-current year tax positions	0.9	1.0	0.6
Balance at end of year	4.9	5.5	5.0
Accrued interest and penalties	0.5	0.6	0.7
Total unrecognized tax benefits	$ 5.4	$ 6.1	$ 5.7

Earnings per Share

12 Months Ended

Aug. 31, 2024

Earnings Per Share [Abstract]

Earnings per Share

Basic and diluted earnings per share are calculated as follows:


(in millions, except per share data)	2024		2023		2022
Earnings per share - basic
Net income	$	13.0	$	215.9	$	390.6
Weighted average common shares outstanding	29.2		30.3		32.5
Basic earnings per common share(1)	$	0.44	$	7.12	$	12.03

Earnings per share - diluted
Net income	$	13.0	$	215.9	$	390.6
Interest expense on convertible notes, net of tax	—		4.7		—
Diluted net income	$	13.0	$	220.6	$	390.6

Weighted average common shares outstanding	29.2		30.3		32.5
Dilutive impact of stock compensation awards	0.3		0.3		0.5
Dilutive impact of convertible notes	—		4.8		—
Weighted average common shares outstanding, assuming dilution	29.5		35.4		33.0

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

Diluted earnings per common share(1)	$	0.44	$	6.23	$	11.84

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

We adopted ASU 2020-06 in the first quarter of Fiscal 2023, which required us to prospectively utilize the if-converted method to calculate the dilutive impact of all convertible notes. Prior to adoption, we utilized the treasury stock method for calculating the dilutive impact of convertible notes.

Under the if-converted method, the 2025 Convertible Notes are assumed to be converted into common stock at the beginning of the reporting period, as the 2025 Convertible Notes will be convertible into cash, shares of our common stock or a combination thereof, at our election. If dilutive, the resulting shares are included in the denominator of the calculation and 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.

For all periods presented, the dilutive effect of stock compensation awards, if any, was determined using the treasury stock method. Under the treasury stock method, shares associated with certain anti-dilutive securities have been excluded from the diluted weighted average shares outstanding calculation because the exercise of those options would lead to a net reduction in common shares outstanding or anti-dilution.

Debt - Convertible Notes (Details)							12 Months Ended
Debt - Convertible Notes (Details)	Aug. 31, 2024 USD ($) $ / shares	Jan. 23, 2024 USD ($) day $ / shares	Jan. 19, 2024 $ / shares	Jan. 18, 2024 USD ($)	Nov. 01, 2019 USD ($) day $ / shares	Oct. 30, 2019 USD ($) $ / shares	Aug. 31, 2024 USD ($) $ / shares	Aug. 26, 2023 USD ($)	Aug. 27, 2022 USD ($)	Jul. 08, 2020 USD ($)
Debt Instrument [Line Items]
Offering-related costs	$ 13,100,000						$ 13,100,000	$ 7,600,000
Interest expense, net							21,100,000	20,500,000	$ 41,300,000
Payments for convertible note bond hedge							68,700,000	0	0
Loss on note repurchase							32,700,000	0	0
Convertible Note Hedge Transactions \| Warrant
Debt Instrument [Line Items]
Strike price (in dollars per share) \| $ / shares			$ 135.28
Call Spread Transactions
Debt Instrument [Line Items]
Percentage increase of strike price			100.00%			100.00%
Call Spread Transactions \| Warrant
Debt Instrument [Line Items]
Strike price (in dollars per share) \| $ / shares						$ 96.20
2030 Convertible Notes
Debt Instrument [Line Items]
Debt amount		$ 350,000,000.0
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 \| Convertible Note Hedge Transactions
Debt Instrument [Line Items]
Strike price (in dollars per share) \| $ / shares			$ 87.93
2030 Convertible Notes \| Call Spread Transactions
Debt Instrument [Line Items]
Offering-related costs	$ 10,200,000						$ 10,200,000
Debt instrument, interest rate, effective percentage	3.80%						3.80%
Interest expense, net							$ 7,800,000
Net cost incurred transaction, amount							$ 20,600,000
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
2025 Convertible Notes
Debt Instrument [Line Items]
Debt amount					$ 300,000,000.0
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
Aggregate repurchase principal amount				$ 240,700,000
Payments for convertible note bond hedge				293,800,000
Loss on note repurchase							$ 32,700,000
2025 Convertible Notes \| Convertible Note Hedge Transactions
Debt Instrument [Line Items]
Strike price (in dollars per share) \| $ / shares						$ 63.73
2025 Convertible Notes \| Call Spread Transactions
Debt Instrument [Line Items]
Proceeds from issuance of notes						$ 28,600,000
Debt instrument, interest rate, effective percentage	2.10%						2.10%
Interest expense, net							$ 3,400,000	$ 6,300,000	$ 19,600,000
Net cost incurred transaction, amount							$ 11,200,000
Proceeds from termination of call spread transactions				$ 30,500,000
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
Senior Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt amount										$ 300,000,000.0
Interest rate, stated percentage										6.25%

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. 28, 2021			51.8
Beginning balance at Aug. 28, 2021	$ 1,056.9		$ 25.9	$ 218.5		$ 1,173.0		$ (0.5)	$ (360.0)
Treasury stock, beginning balance (in shares) at Aug. 28, 2021									(18.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	17.1			17.1
Issuance of stock for employee benefit and stock-based awards, net	2.9			(2.5)					$ 5.4
Issuance of stock for employee benefit and stock-based awards, net (in shares)									0.2
Issuance of stock for acquisition	22.0			14.7					$ 7.3
Issuance of stock for acquisition (in shares)									0.4
Issuance of stock for settlement of earnout liability	13.2			7.8					$ 5.4
Issuance of stock for settlement of earnout liability (in shares)									0.2
Repurchase of common stock	(214.3)								$ (214.3)
Repurchase of common stock (in shares)									(3.6)
Common stock dividends declared	(26.2)					(26.2)
Other	0.8			0.7		0.1
Net income	390.6					390.6
Ending balance (in shares) at Aug. 27, 2022			51.8
Ending balance at Aug. 27, 2022	$ 1,263.0	$ (33.0)	$ 25.9	256.3	$ (62.0)	1,537.5	$ 29.0	(0.5)	$ (556.2)
Treasury stock, ending balance (in shares) at Aug. 27, 2022									(21.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting standards update, extensible enumeration	Accounting Standards Update 2020-06 [Member]
Stock-based compensation	$ 10.9			10.9
Issuance of stock for employee benefit and stock-based awards, net	1.2			(7.2)					$ 8.4
Issuance of stock for employee benefit and stock-based awards, net (in shares)									0.4
Issuance of stock for settlement of earnout liability	0.0
Repurchase of common stock	(55.4)			(0.3)					$ (55.1)
Repurchase of common stock (in shares)									(0.9)
Common stock dividends declared	(34.6)					(34.6)
Other comprehensive income	0.1							0.1
Net income	215.9					215.9
Ending balance (in shares) at Aug. 26, 2023			51.8
Ending balance at Aug. 26, 2023	$ 1,368.1		$ 25.9	197.7		1,747.8		(0.4)	$ (602.9)
Treasury stock, ending balance (in shares) at Aug. 26, 2023	(22.0)								(22.0)
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	14.6			14.5					$ 0.1
Issuance of stock for employee benefit and stock-based awards, net	2.5			(5.1)					$ 7.6
Issuance of stock for employee benefit and stock-based awards, net (in shares)									0.3
Issuance of stock for settlement of earnout liability	0.0
Repurchase of common stock	(75.1)			(0.6)					$ (74.5)
Repurchase of common stock (in shares)									(1.3)
Common stock dividends declared	(37.5)					(37.5)
Net income	13.0					13.0
Ending balance (in shares) at Aug. 31, 2024			51.8
Ending balance at Aug. 31, 2024	$ 1,273.3		$ 25.9	$ 194.2		$ 1,723.3		$ (0.4)	$ (669.7)
Treasury stock, ending balance (in shares) at Aug. 31, 2024	(23.0)								(23.0)

Investments and Fair Value Measurements (Tables)

12 Months Ended

Aug. 31, 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)	August 31, 2024		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	2.1	$	2.1	$	—	$	—
International equity funds	0.1		0.1		—		—
Total assets at fair value	$	2.2	$	2.2	$	—	$	—


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

Total assets at fair value	$	1.8	$	1.8	$	—	$	—

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

Fair Value, Liabilities Measured on Recurring Basis

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


	Fair Value at		Fair Value Hierarchy
(in millions)	August 31, 2024		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	2.1	$	2.1	$	—	$	—
International equity funds	0.1		0.1		—		—
Total assets at fair value	$	2.2	$	2.2	$	—	$	—


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

Total assets at fair value	$	1.8	$	1.8	$	—	$	—

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

Fair Value Disclosure Of Contingent Consideration

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


	August 31, 2024		August 26, 2023
Beginning fair value - contingent consideration	$	18.4	$	39.8
Fair value adjustments	1.1		0.6
Settlements	(20.5)		(22.0)
Other	1.0		—
Ending fair value - contingent consideration	$	—	$	18.4

Business Segments

12 Months Ended

Aug. 31, 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 in this Annual Report on Form 10-K.

We monitor and evaluate operating performance of our reportable segments based on Adjusted EBITDA. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense, and other pretax adjustments made in order to present comparable results period over period. Examples of items excluded from Adjusted EBITDA include acquisition-related costs, litigation reserves, change in fair value of note receivable and other investments, contingent consideration fair value adjustment, goodwill impairment, loss on note repurchase, and non-operating income or loss.

Financial information by reportable segment is as follows:


(in millions)	2024		2023		2022
Net Revenues
Towable RV	$	1,318.8	$	1,415.3	$	2,597.4
Motorhome RV	1,279.8		1,560.1		1,911.2
Marine	325.5		469.7		425.3
Corporate / All Other	49.4		45.6		23.8
Consolidated	$	2,973.5	$	3,490.7	$	4,957.7

Adjusted EBITDA
Towable RV	$	122.4	$	172.1	$	383.6
Motorhome RV	73.7		142.0		238.0
Marine	25.6		60.5		60.8
Corporate / All Other	(31.1)		(19.9)		(33.5)
Consolidated	$	190.6	$	354.7	$	648.9

Capital Expenditures
Towable RV	$	6.3	$	25.6	$	45.7
Motorhome RV	22.6		31.1		22.3
Marine	5.7		19.1		16.4
Corporate / All Other	10.4		7.4		3.6
Consolidated	$	45.0	$	83.2	$	88.0


(in millions)	August 31, 2024		August 26, 2023
Total Assets
Towable RV	$	719.0	$	751.2
Motorhome RV	788.0		802.2
Marine	377.8		426.9
Corporate / All Other	499.4		452.1
Consolidated	$	2,384.2	$	2,432.4

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


(in millions)	2024		2023		2022
Net income	$	13.0	$	215.9	$	390.6
Interest expense, net	21.1		20.5		41.3
Provision for income taxes	25.4		63.3		124.1
Depreciation	35.6		29.2		24.2
Amortization	23.0		17.7		29.4
EBITDA	118.1		346.6		609.6
Acquisition-related costs	1.5		7.5		5.2
Litigation reserves	—		(0.4)		6.6
Change in fair value of note receivable and other investments	6.0		—		—
Contingent consideration fair value adjustment	1.1		0.6		29.4
Goodwill impairment (Note 7)	30.3		—		—
Loss on note repurchase (Note 9)	32.7		—		—
Non-operating loss (income)	0.9		0.4		(1.9)
Adjusted EBITDA	$	190.6	$	354.7	$	648.9

Net revenues by geography are as follows:


(in millions)	2024		2023		2022
United States	$	2,775.1	$	3,346.6	$	4,618.1
International	198.4		144.1		339.6
Net revenues	$	2,973.5	$	3,490.7	$	4,957.7

- 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

Debt (Tables)

12 Months Ended

Aug. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt Outstanding Obligations

The following table summarizes our outstanding debt:


(in millions)	August 31, 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
Total debt, gross	709.3		600.0

Unamortized debt issuance cost, net	(13.1)		(7.6)
Current maturities of long-term debt, net	(59.1)		—
Long-term debt, net	$	637.1	$	592.4

The fair value of outstanding debt obligations, gross is as follows:


(in millions)	August 31, 2024		August 26, 2023
ABL Credit Facility	$	—	$	—
Senior Secured Notes	299.0		291.2
2030 Convertible Notes	344.2		—
2025 Convertible Notes	63.2		349.0
Total debt, gross	$	706.4	$	640.2

Schedule of Contractual Maturities of Debt

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


(in millions)	Amount
Fiscal 2025	$	59.3
Fiscal 2026	—
Fiscal 2027	—
Fiscal 2028	300.0
Fiscal 2029	—
Thereafter	350.0
Total debt, gross	$	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.

+ References

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+ Details

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Earnings Per Share [Abstract]
Net income	$ 13.0	$ 215.9	$ 390.6
Weighted average common shares outstanding (in shares)	29.2	30.3	32.5
Basic earnings per common share (in dollars per share)	$ 0.44	$ 7.12	$ 12.03
Interest expense on convertible notes, net of tax	$ 0.0	$ 4.7	$ 0.0
Diluted net income	$ 13.0	$ 220.6	$ 390.6
Dilutive impact of stock compensation awards (in shares)	0.3	0.3	0.5
Dilutive impact of convertible notes (in shares)	0.0	4.8	0.0
Weighted average common shares outstanding, assuming dilution (in shares)	29.5	35.4	33.0
Anti-dilutive securities excluded from weighted average diluted common shares outstanding (in shares)	0.2	0.1	0.2
Diluted earnings per common share (in dollars per share)	$ 0.44	$ 6.23	$ 11.84

Business Combinations	12 Months Ended
Business Combinations	Aug. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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. Refer to Note 7 in the Notes to Consolidated Financial Statements included in Item 8 of Part II of this Annual Report on Form 10-K for more information relating to the goodwill and other intangible assets acquired. Pro forma results of operations for this acquisition have not been presented as the impact on our consolidated financial statements was not material. Total transaction costs related to the Lithionics acquisition of $3.1 million were expensed during the third quarter of Fiscal 2023. Transaction costs are included in selling, general and administrative expenses in the accompanying Consolidated Statements of Income. Barletta Boat Company, LLC On August 31, 2021, we purchased 100% of the equity interests of Barletta Boat Company, LLC and Three Limes, LLC (collectively, "Barletta"), a manufacturer of high-quality, premium pontoon boats that are sold through a network of independent authorized dealers. We acquired Barletta for a purchase price of $286.3 million, including cash payments of $240.1 million, $25.0 million in common stock issued to the sellers (subject to a discount noted below), and contingent consideration from earnout provisions. The common stock fair value included in the purchase price reflects a 12% discount, due to the lack of marketability as these are unregistered shares that have a one-year lockup restriction, which reduced the value of the common stock to $22.0 million. The contingent consideration includes both a potential stock payout as well as a potential cash payment based on achievement of certain financial performance metrics. In the third quarter of Fiscal 2024, we paid $20.5 million to settle the remaining earnout obligations associated with calendar year 2023. Comparatively, in the third quarter of Fiscal 2023, we paid $22.0 million to settle earnout obligations associated with calendar year 2022. In the third quarter of Fiscal 2022, we issued 0.2 million shares of common stock to settle earnout obligations associated with calendar year 2021. Pro forma results of operations for this acquisition have not been presented as the impact on our consolidated financial statements was not material.

Business Segments (Tables)

12 Months Ended

Aug. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Financial information by reportable segment is as follows:


(in millions)	2024		2023		2022
Net Revenues
Towable RV	$	1,318.8	$	1,415.3	$	2,597.4
Motorhome RV	1,279.8		1,560.1		1,911.2
Marine	325.5		469.7		425.3
Corporate / All Other	49.4		45.6		23.8
Consolidated	$	2,973.5	$	3,490.7	$	4,957.7

Adjusted EBITDA
Towable RV	$	122.4	$	172.1	$	383.6
Motorhome RV	73.7		142.0		238.0
Marine	25.6		60.5		60.8
Corporate / All Other	(31.1)		(19.9)		(33.5)
Consolidated	$	190.6	$	354.7	$	648.9

Capital Expenditures
Towable RV	$	6.3	$	25.6	$	45.7
Motorhome RV	22.6		31.1		22.3
Marine	5.7		19.1		16.4
Corporate / All Other	10.4		7.4		3.6
Consolidated	$	45.0	$	83.2	$	88.0


(in millions)	August 31, 2024		August 26, 2023
Total Assets
Towable RV	$	719.0	$	751.2
Motorhome RV	788.0		802.2
Marine	377.8		426.9
Corporate / All Other	499.4		452.1
Consolidated	$	2,384.2	$	2,432.4

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


(in millions)	2024		2023		2022
Net income	$	13.0	$	215.9	$	390.6
Interest expense, net	21.1		20.5		41.3
Provision for income taxes	25.4		63.3		124.1
Depreciation	35.6		29.2		24.2
Amortization	23.0		17.7		29.4
EBITDA	118.1		346.6		609.6
Acquisition-related costs	1.5		7.5		5.2
Litigation reserves	—		(0.4)		6.6
Change in fair value of note receivable and other investments	6.0		—		—
Contingent consideration fair value adjustment	1.1		0.6		29.4
Goodwill impairment (Note 7)	30.3		—		—
Loss on note repurchase (Note 9)	32.7		—		—
Non-operating loss (income)	0.9		0.4		(1.9)
Adjusted EBITDA	$	190.6	$	354.7	$	648.9

Schedule of Revenue by Geographic Area

Net revenues by geography are as follows:


(in millions)	2024		2023		2022
United States	$	2,775.1	$	3,346.6	$	4,618.1
International	198.4		144.1		339.6
Net revenues	$	2,973.5	$	3,490.7	$	4,957.7

Business Segments - Information by Reportable Segment (Details)	12 Months Ended
	Aug. 31, 2024 USD ($) segment	Aug. 26, 2023 USD ($)	Aug. 27, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	8
Number of reportable segments \| segment	3
Net Revenues	$ 2,973,500,000	$ 3,490,700,000	$ 4,957,700,000
Adjusted EBITDA	190,600,000	354,700,000	648,900,000
Capital Expenditures	45,000,000.0	83,200,000	88,000,000.0
Total Assets	2,384,200,000	2,432,400,000
Net income	13,000,000.0	215,900,000	390,600,000
Interest expense, net	21,100,000	20,500,000	41,300,000
Provision for income taxes	25,400,000	63,300,000	124,100,000
Depreciation	35,600,000	29,200,000	24,200,000
Amortization	23,000,000.0	17,700,000	29,400,000
EBITDA	118,100,000	346,600,000	609,600,000
Acquisition-related costs	1,500,000	7,500,000	5,200,000
Litigation reserves	0	(400,000)	6,600,000
Change in fair value of note receivable and other investments	6,000,000.0	0	0
Contingent consideration fair value adjustment	1,100,000	600,000	29,400,000
Goodwill impairment (Note 7)	30,300,000	0	0
Loss on note repurchase (Note 9)	32,700,000	0	0
Non-operating loss (income)	900,000	400,000	(1,900,000)
Corporate / All Other
Segment Reporting Information [Line Items]
Net Revenues	49,400,000	45,600,000	23,800,000
Adjusted EBITDA	(31,100,000)	(19,900,000)	(33,500,000)
Capital Expenditures	10,400,000	7,400,000	3,600,000
Total Assets	499,400,000	452,100,000
Goodwill impairment (Note 7)	0
Towable RV \| Operating Segments
Segment Reporting Information [Line Items]
Net Revenues	1,318,800,000	1,415,300,000	2,597,400,000
Adjusted EBITDA	122,400,000	172,100,000	383,600,000
Capital Expenditures	6,300,000	25,600,000	45,700,000
Total Assets	719,000,000.0	751,200,000
Goodwill impairment (Note 7)	0
Motorhome RV \| Operating Segments
Segment Reporting Information [Line Items]
Net Revenues	1,279,800,000	1,560,100,000	1,911,200,000
Adjusted EBITDA	73,700,000	142,000,000.0	238,000,000.0
Capital Expenditures	22,600,000	31,100,000	22,300,000
Total Assets	788,000,000.0	802,200,000
Goodwill impairment (Note 7)	0
Marine \| Operating Segments
Segment Reporting Information [Line Items]
Net Revenues	325,500,000	469,700,000	425,300,000
Adjusted EBITDA	25,600,000	60,500,000	60,800,000
Capital Expenditures	5,700,000	19,100,000	$ 16,400,000
Total Assets	377,800,000	$ 426,900,000
Goodwill impairment (Note 7)	$ 30,300,000

Debt - Schedule of Contractual Maturities of Debt (Details) - USD ($) $ in Millions	Aug. 31, 2024	Aug. 26, 2023
Debt Disclosure [Abstract]
Fiscal 2025	$ 59.3
Fiscal 2026	0.0
Fiscal 2027	0.0
Fiscal 2028	300.0
Fiscal 2029	0.0
Thereafter	350.0
Total debt, gross	$ 709.3	$ 600.0

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Goodwill [Line Items]
Goodwill impairment	$ 30,300,000	$ 0	$ 0
Weighted average remaining amortization period (in years)	6 years
Chris-Craft Reporting Unit
Goodwill [Line Items]
Goodwill impairment	$ 30,300,000

- 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

Basis of Presentation - Narrative (Details) - USD ($)	12 Months Ended
Basis of Presentation - Narrative (Details) - USD ($)	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Goodwill impairment	$ 30,300,000	$ 0	$ 0
Finite-lived impairment loss	0	0	0
Advertising expense	21,900,000	$ 21,300,000	$ 23,300,000
Chris-Craft Reporting Unit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Goodwill impairment	$ 30,300,000

- 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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Reference 78: http://www.xbrl.org/2003/role/disclosureRef
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Reference 79: http://www.xbrl.org/2003/role/disclosureRef
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Reference 80: http://www.xbrl.org/2003/role/disclosureRef
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Reference 81: http://www.xbrl.org/2003/role/disclosureRef
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Reference 82: http://www.xbrl.org/2003/role/disclosureRef
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Reference 83: http://www.xbrl.org/2003/role/disclosureRef
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Reference 84: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property, Plant, and Equipment (Tables)

12 Months Ended

Aug. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

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


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

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


(in millions)	August 31, 2024		August 26, 2023
Land	$	14.6	$	14.6
Buildings and building improvements	279.3		247.3
Machinery and equipment	171.8		159.3
Software	72.0		52.7
Transportation	7.8		7.2
Construction in progress	24.5		49.3
Property, plant, and equipment, gross	570.0		530.4
Less: Accumulated depreciation	231.1		203.1
Property, plant, and equipment, net	$	338.9	$	327.3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Aug. 31, 2024	Aug. 26, 2023
Schedule of Intangible Assets [Line Items]
Total amortization expense remaining	$ 126.7
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	628.5	$ 628.5
Accumulated Amortization	149.5	126.5
Net Carrying Value	479.0	502.0
Trade names
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	4.1	4.1
Total amortization expense remaining	3.3	3.9
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	0.8	0.2
Dealer networks/customer relationships
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	183.6	183.6
Total amortization expense remaining	92.1	108.0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	91.5	75.6
Backlog
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	43.6	43.6
Total amortization expense remaining	0.4	1.1
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	43.2	42.5
Developed technology
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	38.3	38.3
Total amortization expense remaining	30.9	36.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	7.4	1.8
Non-compete agreements
Schedule of Intangible Assets [Line Items]
Gross Carrying Amount	6.6	6.6
Total amortization expense remaining	0.0	0.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	6.6	6.4
Trade names
Schedule of Intangible Assets [Line Items]
Indefinite-lived trade names	$ 352.3	$ 352.3

Stock-Based Compensation Plans

12 Months Ended

Aug. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

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 Restated Plan increased the number of shares of our common stock that may be awarded and issued under the Restated Plan by 2.4 million. As of August 31, 2024, 3.8 million shares remain available for future issuance, which will be increased by the number of shares subject to any outstanding awards under the Restated Plan or the 2014 Omnibus Equity, Performance Award, and Incentive Compensation Plan (“2014 Plan”) that expire or are forfeited or canceled. Share awards subject to full value awards granted under the Restated Plan will count as two shares against the share reserve. Awards under the 2014 Plan that were 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.

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

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

Our Employee Stock Purchase Plan ("ESPP") permits employees to purchase Winnebago Industries, Inc. common stock at a 15% discount from the market price at the end of semi-annual purchase periods and is compensatory. In Fiscal 2024 and 2023, approximately 47,000 shares and 29,000 shares, respectively, were purchased through the ESPP. Plan participants had accumulated $0.5 million for each period ended August 31, 2024 and August 26, 2023 to purchase our common stock pursuant to

this plan. As of August 31, 2024, 550,000 shares were authorized for issuance and approximately 353,000 shares remain available for future issuance.

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


(in millions)	2024		2023		2022
Share awards:
Time-based	$	11.6	$	9.8	$	7.6
Performance-based	0.5		(0.9)		7.4
Stock options	1.4		1.3		1.0
Other(1)	1.1		0.7		1.1
Total stock-based compensation expense	$	14.6	$	10.9	$	17.1

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

Restricted Stock Units - Time-Based

The fair value of time-based restricted stock units is determined based on the closing market price of our stock on the date of grant. A summary of the status of nonvested time-based restricted stock units at August 31, 2024, and changes during Fiscal 2024, is as follows:


	Shares(1)	Weighted Average Fair Value
Outstanding at August 26, 2023	382,761	$	56.81
Granted	216,158	$	58.79
Vested	(144,778)	$	60.35
Forfeited/canceled	(21,005)	$	59.40
Outstanding at August 31, 2024	433,136	$	56.49

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

As of August 31, 2024, there was $10.0 million of unrecognized compensation expense related to nonvested time-based restricted stock units that are expected to be recognized over a weighted average period of 0.8 years. The total fair value of restricted stock units vested during Fiscal 2024, 2023, and 2022 was $8.4 million, $8.8 million, and $8.0 million, respectively.

Restricted Stock Units - Performance-Based

The fair value of performance-based restricted stock units is determined based on the closing market price of our stock on the date of grant. A summary of the status of our nonvested performance-based restricted stock units at August 31, 2024, and changes during Fiscal 2024, is as follows:


	Shares(1)	Weighted Average Fair Value
Outstanding at August 26, 2023	212,648	$	60.59
Granted	113,068	$	58.20
Vested	(76,060)	$	54.49
Forfeited/canceled	(25,645)	$	62.17
Outstanding at August 31, 2024	224,011	$	61.28

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

As of August 31, 2024, there was $5.0 million of unrecognized compensation expense related to nonvested performance-based restricted stock units that are expected to be recognized over a weighted average period of 1.2 years. The total fair value of performance-based restricted stock units vested during Fiscal 2024, Fiscal 2023, and Fiscal 2022 was $4.5 million, $7.6 million, and $5.8 million, respectively.

Stock Options

A summary of stock option activity for Fiscal 2024 is as follows:


	Stock Options(1)	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at August 26, 2023	388,980	$	46.70
Granted	70,299	$	58.68
Exercised	(8,161)	$	31.70
Forfeited/canceled	(12,719)	$	60.00
Outstanding at August 31, 2024	438,399	$	48.51	5.5	$	5.5

Exercisable at August 31, 2024	322,767	$	44.57	4.4	$	5.3

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

As of August 31, 2024, there was $1.6 million of unrecognized compensation expense related to stock options that is expected to be recognized over a weighted average period of 0.8 years.

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


Valuation Assumptions(1)	2024			2023			2022
Expected dividend yield	2.1		%	1.9		%	1.0		%
Risk-free interest rate(2)	4.6		%	4.1		%	1.1		%
Expected life of stock options (in years)(3)	5			5			5
Expected stock price volatility(4)	50.8		%	50.8		%	48.5		%
Weighted average fair value of options granted	$	25.10		$	23.94		$	30.47

(1) Forfeitures are recorded when they occur.

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

(3) Estimated based on historical experience.

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

Consolidated Statements of Income - USD ($) shares in Millions	12 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Income Statement [Abstract]
Net revenues	$ 2,973,500,000	$ 3,490,700,000	$ 4,957,700,000
Cost of goods sold	2,540,000,000	2,904,600,000	4,028,400,000
Gross profit	433,500,000	586,100,000	929,300,000
Selling, general, and administrative expenses	280,000,000.0	267,700,000	316,400,000
Amortization	23,000,000.0	17,700,000	29,400,000
Goodwill impairment (Note 7)	30,300,000	0	0
Total operating expenses	333,300,000	285,400,000	345,800,000
Operating income	100,200,000	300,700,000	583,500,000
Interest expense, net	21,100,000	20,500,000	41,300,000
Loss on note repurchase (Note 9)	32,700,000	0	0
Non-operating loss	8,000,000.0	1,000,000.0	27,500,000
Income before income taxes	38,400,000	279,200,000	514,700,000
Provision for income taxes	25,400,000	63,300,000	124,100,000
Net income	$ 13,000,000.0	$ 215,900,000	$ 390,600,000
Earnings per common share:
Basic (in dollars per share)	$ 0.44	$ 7.12	$ 12.03
Diluted (in dollars per share)	$ 0.44	$ 6.23	$ 11.84
Weighted average common shares outstanding:
Basic (in shares)	29.2	30.3	32.5
Diluted (in shares)	29.5	35.4	33.0

Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Aug. 31, 2024	Aug. 26, 2023
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 570.0	$ 530.4
Less: Accumulated depreciation	231.1	203.1
Property, plant, and equipment, net	338.9	327.3
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	14.6	14.6
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	279.3	247.3
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	171.8	159.3
Software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	72.0	52.7
Transportation
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	7.8	7.2
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 24.5	$ 49.3

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Aug. 31, 2024	Aug. 26, 2023
Assets
Operating leases	$ 46.6	$ 42.6
Finance leases	8.9	8.1
Total lease assets	$ 55.5	$ 50.7
Finance lease, right-of-use asset, statement of financial position, extensible enumeration	Other long-term assets	Other long-term assets
Liabilities
Current: Operating leases	$ 6.4	$ 5.9
Current: Finance leases	1.6	1.3
Non-Current: Operating leases	45.6	42.0
Non-Current: Finance leases	7.8	7.7
Total lease liabilities	$ 61.4	$ 56.9
Operating lease, liability, current, statement of financial position, extensible enumeration	Other current liabilities	Other current liabilities
Finance lease, liability, current, statement of financial position, extensible enumeration	Other current liabilities	Other current liabilities
Finance lease, liability, noncurrent, statement of financial position, extensible enumeration	Other long-term liabilities	Other long-term liabilities

Revenue Recognition

12 Months Ended

Aug. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

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


(in millions)	2024		2023		2022
Net Revenues
Towable RV:
Fifth Wheel	$	656.6	$	715.1	$	1,260.9
Travel Trailer	627.5		658.2		1,296.6
Other(1)	34.7		42.0		39.9
Total Towable RV	1,318.8		1,415.3		2,597.4
Motorhome RV:
Class A	545.8		736.0		786.8
Class B	267.7		424.8		718.0
Class C and Other(1)	466.3		399.3		406.4
Total Motorhome RV	1,279.8		1,560.1		1,911.2
Marine	325.5		469.7		425.3
Corporate / All Other(2)	49.4		45.6		23.8
Consolidated	$	2,973.5	$	3,490.7	$	4,957.7

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

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

We do not have material contract assets or liabilities.

Concentration of Risk

No single dealer organization accounted for more than 10% of net revenues for Fiscal 2024, 2023, and 2022.

- Definition

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

+ References

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

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

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

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

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

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

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

+ Details

Employee and Retiree Benefits - Investment in Life Insurance (Details) - USD ($) $ in Millions	Aug. 31, 2024	Aug. 26, 2023
Retirement Benefits [Abstract]
Cash value	$ 67.4	$ 68.1
Borrowings	(37.8)	(38.8)
Investment in life insurance	$ 29.6	$ 29.3

Inventories (Tables)

12 Months Ended

Aug. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following:


(in millions)	August 31, 2024		August 26, 2023
Finished goods	$	81.3	$	53.0
Work-in-process	171.9		159.9
Raw materials	237.6		305.6
Total	490.8		518.5
Less: Excess of FIFO over LIFO cost	52.1		47.9
Inventories, net	$	438.7	$	470.6

Inventory valuation methods consist of the following:


(in millions)	August 31, 2024		August 26, 2023
LIFO basis	$	264.6	$	262.6
FIFO basis	226.2		255.9
Total	$	490.8	$	518.5

Leases - Future Lease Commitments for Future Fiscal Years (Details) $ in Millions	Aug. 31, 2024 USD ($)
Operating Leases
Fiscal 2025	$ 9.5
Fiscal 2026	9.4
Fiscal 2027	9.2
Fiscal 2028	9.1
Fiscal 2029	8.8
Thereafter	18.5
Total future undiscounted lease payments	64.5
Less: Interest	12.5
Total reported lease liabilities	52.0
Related Party
Operating Leases
Fiscal 2025	2.2
Fiscal 2026	2.3
Fiscal 2027	2.3
Fiscal 2028	2.3
Fiscal 2029	2.3
Thereafter	5.6
Total future undiscounted lease payments	17.0
Less: Interest	3.5
Total reported lease liabilities	$ 13.5
Officer \| Third Party Entity
Financing Leases
Member interest held	20.00%
Nonrelated Party
Operating Leases
Fiscal 2025	$ 7.3
Fiscal 2026	7.1
Fiscal 2027	6.9
Fiscal 2028	6.8
Fiscal 2029	6.5
Thereafter	12.9
Total future undiscounted lease payments	47.5
Less: Interest	9.0
Total reported lease liabilities	38.5
Financing Leases
Fiscal 2025	2.1
Fiscal 2026	2.2
Fiscal 2027	2.2
Fiscal 2028	2.4
Fiscal 2029	0.9
Thereafter	1.3
Total future undiscounted lease payments	11.1
Less: Interest	1.7
Total reported lease liabilities	$ 9.4

Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Disaggregation of Revenue [Line Items]
Net revenues	$ 2,973.5	$ 3,490.7	$ 4,957.7
Operating Segments \| Towable RV
Disaggregation of Revenue [Line Items]
Net revenues	1,318.8	1,415.3	2,597.4
Operating Segments \| Towable RV \| Fifth Wheel
Disaggregation of Revenue [Line Items]
Net revenues	656.6	715.1	1,260.9
Operating Segments \| Towable RV \| Travel Trailer
Disaggregation of Revenue [Line Items]
Net revenues	627.5	658.2	1,296.6
Operating Segments \| Towable RV \| Other
Disaggregation of Revenue [Line Items]
Net revenues	34.7	42.0	39.9
Operating Segments \| Motorhome RV
Disaggregation of Revenue [Line Items]
Net revenues	1,279.8	1,560.1	1,911.2
Operating Segments \| Motorhome RV \| Class A
Disaggregation of Revenue [Line Items]
Net revenues	545.8	736.0	786.8
Operating Segments \| Motorhome RV \| Class B
Disaggregation of Revenue [Line Items]
Net revenues	267.7	424.8	718.0
Operating Segments \| Motorhome RV \| Class C and Other
Disaggregation of Revenue [Line Items]
Net revenues	466.3	399.3	406.4
Operating Segments \| Marine
Disaggregation of Revenue [Line Items]
Net revenues	325.5	469.7	425.3
Corporate / All Other
Disaggregation of Revenue [Line Items]
Net revenues	$ 49.4	$ 45.6	$ 23.8

Leases (Tables)

12 Months Ended

Aug. 31, 2024

Leases [Abstract]

Supplemental Balance Sheet Information

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


(in millions)	Classification	August 31, 2024		August 26, 2023
Assets
Operating leases	Operating lease assets	$	46.6	$	42.6
Finance leases	Other long-term assets	8.9		8.1
Total lease assets		$	55.5	$	50.7

Liabilities
Current: Operating leases	Other current liabilities	$	6.4	$	5.9
Current: Finance leases	Other current liabilities	1.6		1.3
Non-Current: Operating leases	Long-term operating lease liabilities	45.6		42.0
Non-Current: Finance leases	Other long-term liabilities	7.8		7.7
Total lease liabilities		$	61.4	$	56.9

Schedule of Lease Costs

Operating lease costs incurred are as follows:


(in millions)	Classification	2024		2023		2022
Operating lease expense(1)	Costs of goods sold and SG&A	$	11.8	$	10.3	$	9.6
Finance lease cost:
Depreciation of lease assets	Costs of goods sold and SG&A	1.1		1.0		0.8
Interest on lease liabilities	Interest expense, net	0.6		0.5		0.4
Total lease cost		$	13.5	$	11.8	$	10.8

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

Additional information related to our leases is as follows:


	2024			2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5.9		$	5.0		$	3.7
Operating cash flows from financing leases	0.6			0.5			0.4
Financing cash flows from financing leases	1.4			1.1			0.9
Weighted average remaining lease term:
Operating leases	7.0			7.3			8.1
Finance leases	4.7			5.2			6.0
Weighted average discount rate:
Operating leases	6.4		%	6.2		%	5.8		%
Finance leases	6.5		%	6.4		%	5.9		%

Future Lease Commitments for Future Fiscal Years of Operating Leases

Our future lease commitments as of August 31, 2024 included the following related party and non-related party leases:


	Operating Leases						Financing Leases
(in millions)	Related Party Amount(1,2)		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2025	$	2.2	$	7.3	$	9.5	$	2.1
Fiscal 2026	2.3		7.1		9.4		2.2
Fiscal 2027	2.3		6.9		9.2		2.2
Fiscal 2028	2.3		6.8		9.1		2.4
Fiscal 2029	2.3		6.5		8.8		0.9
Thereafter	5.6		12.9		18.5		1.3
Total future undiscounted lease payments	17.0		47.5		64.5		11.1
Less: Interest	3.5		9.0		12.5		1.7
Total reported lease liabilities	$	13.5	$	38.5	$	52.0	$	9.4

(1) Future lease commitments do not include annual escalators based on the CPI. In the event there are changes to CPI, lease liabilities are not remeasured and instead are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred.

(2) Related to a lease agreement between one of our operating segments and a third party, of which one of our Executive Officers holds a 20% ownership interest.

Future Lease Commitments for Future Fiscal Years of Financing Leases

Our future lease commitments as of August 31, 2024 included the following related party and non-related party leases:


	Operating Leases						Financing Leases
(in millions)	Related Party Amount(1,2)		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2025	$	2.2	$	7.3	$	9.5	$	2.1
Fiscal 2026	2.3		7.1		9.4		2.2
Fiscal 2027	2.3		6.9		9.2		2.2
Fiscal 2028	2.3		6.8		9.1		2.4
Fiscal 2029	2.3		6.5		8.8		0.9
Thereafter	5.6		12.9		18.5		1.3
Total future undiscounted lease payments	17.0		47.5		64.5		11.1
Less: Interest	3.5		9.0		12.5		1.7
Total reported lease liabilities	$	13.5	$	38.5	$	52.0	$	9.4

(2) Related to a lease agreement between one of our operating segments and a third party, of which one of our Executive Officers holds a 20% ownership interest.

Basis of Presentation (Tables)

12 Months Ended

Aug. 31, 2024

Accounting Policies [Abstract]

Depreciation of Property and Equipment


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

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


(in millions)	August 31, 2024		August 26, 2023
Land	$	14.6	$	14.6
Buildings and building improvements	279.3		247.3
Machinery and equipment	171.8		159.3
Software	72.0		52.7
Transportation	7.8		7.2
Construction in progress	24.5		49.3
Property, plant, and equipment, gross	570.0		530.4
Less: Accumulated depreciation	231.1		203.1
Property, plant, and equipment, net	$	338.9	$	327.3

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Aug. 31, 2024	Aug. 26, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 81.3	$ 53.0
Work-in-process	171.9	159.9
Raw materials	237.6	305.6
Total	490.8	518.5
Less: Excess of FIFO over LIFO cost	52.1	47.9
Inventories, net	$ 438.7	$ 470.6

Inventories

12 Months Ended

Aug. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:


(in millions)	August 31, 2024		August 26, 2023
Finished goods	$	81.3	$	53.0
Work-in-process	171.9		159.9
Raw materials	237.6		305.6
Total	490.8		518.5
Less: Excess of FIFO over LIFO cost	52.1		47.9
Inventories, net	$	438.7	$	470.6

Inventory valuation methods consist of the following:


(in millions)	August 31, 2024		August 26, 2023
LIFO basis	$	264.6	$	262.6
FIFO basis	226.2		255.9
Total	$	490.8	$	518.5

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

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Pay vs Performance Disclosure
Net income	$ 13.0	$ 215.9	$ 390.6

- Definition

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

+ References

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 1.27	$ 1.12	$ 0.81
Convertible note bond hedge, tax	$ 16.8

Leases - Operating Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Leases [Abstract]
Operating lease expense	$ 11.8	$ 10.3	$ 9.6
Finance lease cost:
Depreciation of lease assets	1.1	1.0	0.8
Interest on lease liabilities	0.6	0.5	0.4
Total lease cost	$ 13.5	$ 11.8	$ 10.8

Stock-Based Compensation Plans - Stock Option Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Share-Based Payment Arrangement [Abstract]
Expected dividend yield	2.10%	1.90%	1.00%
Risk free interest rate	4.60%	4.10%	1.10%
Expected life of stock options (in years)	5 years	5 years	5 years
Expected stock price volatility	50.80%	50.80%	48.50%
Weighted average fair value of options granted (in dollars per share)	$ 25.10	$ 23.94	$ 30.47

Product Warranties (Tables)

12 Months Ended

Aug. 31, 2024

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability

Changes in the product warranty liability are as follows:


(in millions)	2024		2023		2022
Balance at beginning of year	$	97.8	$	127.9	$	91.2
Business acquisitions(1)	—		1.4		4.7
Provision	83.0		67.1		119.2
Claims paid	(101.9)		(98.6)		(87.2)
Balance at end of year	$	78.9	$	97.8	$	127.9

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

Income Taxes (Tables)

12 Months Ended

Aug. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense consisted of the following:


(in millions)	2024		2023		2022
Current
Federal	$	10.4	$	38.2	$	105.9
State	6.9		8.8		24.9
Total	17.3		47.0		130.8
Deferred
Federal	7.1		15.9		(5.6)
State	1.0		0.4		(1.1)
Total	8.1		16.3		(6.7)
Provision for income taxes	$	25.4	$	63.3	$	124.1

Schedule of Effective Income Tax Rate Reconciliation

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


	2024		2023		2022
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	8.4	%	3.1	%	3.5	%
Income tax credits	(8.9)	%	(1.1)	%	(0.5)	%
Non-deductible compensation	6.6	%	1.1	%	0.9	%
Non-deductible debt inducement	19.4	%	—	%	—	%
Non-deductible goodwill impairment	16.6	%	—	%	—	%
Valuation allowance	5.0	%	—	%	—	%
Tax-free and dividend income	(1.1)	%	(0.1)	%	(0.1)	%
Uncertain tax position settlements and adjustments	(1.7)	%	0.1	%	(0.1)	%
Other items	0.9	%	(1.4)	%	(0.6)	%
Effective tax provision rate	66.2	%	22.7	%	24.1	%

Schedule of Deferred Income Taxes

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


(in millions)	August 31, 2024		August 26, 2023
Warranty reserves	$	19.3	$	23.5
Deferred compensation	2.5		2.4
Self-insurance reserve	4.4		5.1
Stock-based compensation	4.5		4.2
Leases	15.0		13.8
Convertible notes	16.5		5.8
Capitalized research and development costs	23.8		11.1
Other	18.1		13.9
Valuation allowance	(1.9)		—
Total deferred tax assets	102.2		79.8
Intangibles	61.5		50.5
Depreciation	30.2		28.7
Leases	13.5		12.3
Total deferred tax liabilities	105.2		91.5
Total deferred income tax liabilities, net	$	3.0	$	11.7

Schedule of Unrecognized Tax Benefits

Changes in the unrecognized tax benefits are as follows:


(in millions)	2024		2023		2022
Balance at beginning of year	$	5.5	$	5.0	$	5.5
Gross decreases-tax positions in a prior year	(1.7)		(1.5)		(1.1)
Gross increases-tax positions in a prior year	0.2		1.0		—
Gross increases-current year tax positions	0.9		1.0		0.6
Balance at end of year	4.9		5.5		5.0
Accrued interest and penalties	0.5		0.6		0.7
Total unrecognized tax benefits	$	5.4	$	6.1	$	5.7

Stock-Based Compensation Plans - Expense Components (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 14.6	$ 10.9	$ 17.1
Time-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	11.6	9.8	7.6
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0.5	(0.9)	7.4
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1.4	1.3	1.0
Other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1.1	$ 0.7	$ 1.1

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Earnings per Share (Tables)

12 Months Ended

Aug. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted earnings per share are calculated as follows:


(in millions, except per share data)	2024		2023		2022
Earnings per share - basic
Net income	$	13.0	$	215.9	$	390.6
Weighted average common shares outstanding	29.2		30.3		32.5
Basic earnings per common share(1)	$	0.44	$	7.12	$	12.03

Earnings per share - diluted
Net income	$	13.0	$	215.9	$	390.6
Interest expense on convertible notes, net of tax	—		4.7		—
Diluted net income	$	13.0	$	220.6	$	390.6

Weighted average common shares outstanding	29.2		30.3		32.5
Dilutive impact of stock compensation awards	0.3		0.3		0.5
Dilutive impact of convertible notes	—		4.8		—
Weighted average common shares outstanding, assuming dilution	29.5		35.4		33.0

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

Diluted earnings per common share(1)	$	0.44	$	6.23	$	11.84

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

Leases - Additional Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 5.9	$ 5.0	$ 3.7
Operating cash flows from financing leases	0.6	0.5	0.4
Financing cash flows from financing leases	$ 1.4	$ 1.1	$ 0.9
Weighted average remaining lease term:
Operating leases	7 years	7 years 3 months 18 days	8 years 1 month 6 days
Finance leases	4 years 8 months 12 days	5 years 2 months 12 days	6 years
Weighted average discount rate:
Operating leases	6.40%	6.20%	5.80%
Finance leases	6.50%	6.40%	5.90%

Stock-Based Compensation Plans - Stock Option Activity (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Aug. 31, 2024 USD ($) $ / shares shares
Stock Options
Outstanding beginning balance (in shares) \| shares	388,980
Granted (in shares) \| shares	70,299
Exercised (in shares) \| shares	(8,161)
Forfeited/canceled (in shares) \| shares	(12,719)
Outstanding ending balance (in shares) \| shares	438,399
Exercisable at end of year (in shares) \| shares	322,767
Weighted Average Exercise Price Per Share
Outstanding beginning balance (in dollars per share) \| $ / shares	$ 46.70
Granted (in dollars per share) \| $ / shares	58.68
Exercised (in dollars per share) \| $ / shares	31.70
Forfeited/canceled (in dollars per share) \| $ / shares	60.00
Outstanding ending balance (in dollars per share) \| $ / shares	48.51
Exercisable at end of year (in dollars per share) \| $ / shares	$ 44.57
Weighted Average Remaining Contractual Term (in years)
Outstanding	5 years 6 months
Exercisable	4 years 4 months 24 days
Aggregate Intrinsic Value
Outstanding \| $	$ 5.5
Exercisable \| $	$ 5.3

Income Taxes - Reconciliation of U.S. Statutory Income Tax Rate (Details)	12 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	8.40%	3.10%	3.50%
Income tax credits	(8.90%)	(1.10%)	(0.50%)
Non-deductible compensation	6.60%	1.10%	0.90%
Non-deductible debt inducement	19.40%	0.00%	0.00%
Non-deductible goodwill impairment	16.60%	0.00%	0.00%
Valuation allowance	5.00%	0.00%	0.00%
Tax-free and dividend income	(1.10%)	(0.10%)	(0.10%)
Uncertain tax position settlements and adjustments	(1.70%)	0.10%	(0.10%)
Other items	0.90%	(1.40%)	(0.60%)
Effective tax provision rate	66.20%	22.70%	24.10%

Leases

12 Months Ended

Aug. 31, 2024

Leases [Abstract]

Leases

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

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

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

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


(in millions)	Classification	August 31, 2024		August 26, 2023
Assets
Operating leases	Operating lease assets	$	46.6	$	42.6
Finance leases	Other long-term assets	8.9		8.1
Total lease assets		$	55.5	$	50.7

Liabilities
Current: Operating leases	Other current liabilities	$	6.4	$	5.9
Current: Finance leases	Other current liabilities	1.6		1.3
Non-Current: Operating leases	Long-term operating lease liabilities	45.6		42.0
Non-Current: Finance leases	Other long-term liabilities	7.8		7.7
Total lease liabilities		$	61.4	$	56.9

Operating lease costs incurred are as follows:


(in millions)	Classification	2024		2023		2022
Operating lease expense(1)	Costs of goods sold and SG&A	$	11.8	$	10.3	$	9.6
Finance lease cost:
Depreciation of lease assets	Costs of goods sold and SG&A	1.1		1.0		0.8
Interest on lease liabilities	Interest expense, net	0.6		0.5		0.4
Total lease cost		$	13.5	$	11.8	$	10.8

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

Our future lease commitments as of August 31, 2024 included the following related party and non-related party leases:


	Operating Leases						Financing Leases
(in millions)	Related Party Amount(1,2)		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2025	$	2.2	$	7.3	$	9.5	$	2.1
Fiscal 2026	2.3		7.1		9.4		2.2
Fiscal 2027	2.3		6.9		9.2		2.2
Fiscal 2028	2.3		6.8		9.1		2.4
Fiscal 2029	2.3		6.5		8.8		0.9
Thereafter	5.6		12.9		18.5		1.3
Total future undiscounted lease payments	17.0		47.5		64.5		11.1
Less: Interest	3.5		9.0		12.5		1.7
Total reported lease liabilities	$	13.5	$	38.5	$	52.0	$	9.4

(2) Related to a lease agreement between one of our operating segments and a third party, of which one of our Executive Officers holds a 20% ownership interest.

Additional information related to our leases is as follows:


	2024			2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5.9		$	5.0		$	3.7
Operating cash flows from financing leases	0.6			0.5			0.4
Financing cash flows from financing leases	1.4			1.1			0.9
Weighted average remaining lease term:
Operating leases	7.0			7.3			8.1
Finance leases	4.7			5.2			6.0
Weighted average discount rate:
Operating leases	6.4		%	6.2		%	5.8		%
Finance leases	6.5		%	6.4		%	5.9		%

Leases

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


(in millions)	Classification	August 31, 2024		August 26, 2023
Assets
Operating leases	Operating lease assets	$	46.6	$	42.6
Finance leases	Other long-term assets	8.9		8.1
Total lease assets		$	55.5	$	50.7

Liabilities
Current: Operating leases	Other current liabilities	$	6.4	$	5.9
Current: Finance leases	Other current liabilities	1.6		1.3
Non-Current: Operating leases	Long-term operating lease liabilities	45.6		42.0
Non-Current: Finance leases	Other long-term liabilities	7.8		7.7
Total lease liabilities		$	61.4	$	56.9

Operating lease costs incurred are as follows:


(in millions)	Classification	2024		2023		2022
Operating lease expense(1)	Costs of goods sold and SG&A	$	11.8	$	10.3	$	9.6
Finance lease cost:
Depreciation of lease assets	Costs of goods sold and SG&A	1.1		1.0		0.8
Interest on lease liabilities	Interest expense, net	0.6		0.5		0.4
Total lease cost		$	13.5	$	11.8	$	10.8

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

Our future lease commitments as of August 31, 2024 included the following related party and non-related party leases:


	Operating Leases						Financing Leases
(in millions)	Related Party Amount(1,2)		Non-Related Party Amount		Total		Non-Related Party Amount
Fiscal 2025	$	2.2	$	7.3	$	9.5	$	2.1
Fiscal 2026	2.3		7.1		9.4		2.2
Fiscal 2027	2.3		6.9		9.2		2.2
Fiscal 2028	2.3		6.8		9.1		2.4
Fiscal 2029	2.3		6.5		8.8		0.9
Thereafter	5.6		12.9		18.5		1.3
Total future undiscounted lease payments	17.0		47.5		64.5		11.1
Less: Interest	3.5		9.0		12.5		1.7
Total reported lease liabilities	$	13.5	$	38.5	$	52.0	$	9.4

(2) Related to a lease agreement between one of our operating segments and a third party, of which one of our Executive Officers holds a 20% ownership interest.

Additional information related to our leases is as follows:


	2024			2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5.9		$	5.0		$	3.7
Operating cash flows from financing leases	0.6			0.5			0.4
Financing cash flows from financing leases	1.4			1.1			0.9
Weighted average remaining lease term:
Operating leases	7.0			7.3			8.1
Finance leases	4.7			5.2			6.0
Weighted average discount rate:
Operating leases	6.4		%	6.2		%	5.8		%
Finance leases	6.5		%	6.4		%	5.9		%

Employee and Retiree Benefits (Tables)

12 Months Ended

Aug. 31, 2024

Retirement Benefits [Abstract]

Schedule of Deferred Compensation Benefits

Deferred compensation benefits are as follows:


(in millions)	August 31, 2024		August 26, 2023
Non-qualified deferred compensation	$	5.2	$	6.7
Supplemental executive retirement plan	0.9		1.2
Executive deferred compensation plan	2.2		1.8
Total deferred compensation benefits	8.3		9.7
Less current portion(1)	1.7		1.8
Deferred compensation benefits, net of current portion	$	6.6	$	7.9

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

Investment in Life Insurance

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


(in millions)	August 31, 2024		August 26, 2023
Cash value	$	67.4	$	68.1
Borrowings	(37.8)		(38.8)
Investment in life insurance	$	29.6	$	29.3

Employee and Retiree Benefits

12 Months Ended

Aug. 31, 2024

Retirement Benefits [Abstract]

Employee and Retiree Benefits

Deferred compensation benefits are as follows:


(in millions)	August 31, 2024		August 26, 2023
Non-qualified deferred compensation	$	5.2	$	6.7
Supplemental executive retirement plan	0.9		1.2
Executive deferred compensation plan	2.2		1.8
Total deferred compensation benefits	8.3		9.7
Less current portion(1)	1.7		1.8
Deferred compensation benefits, net of current portion	$	6.6	$	7.9

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

Deferred Compensation Benefits

Non-Qualified Deferred Compensation

We have a non-qualified deferred compensation program which permitted key employees to annually elect to defer a portion of their compensation until their retirement. The plan has been closed to any additional deferrals since January 2001. The retirement benefit to be provided is based upon the amount of compensation deferred and the age of the individual at the time of the contracted deferral. An individual generally vests at age 55 and 5 years of participation under the plan. For deferrals prior to December 1992, vesting occurs at the later of age 55 and 5 years of service from first deferral or 20 years of service. Deferred compensation expense was $0.4 million, $0.5 million, and $0.6 million in Fiscal 2024, 2023, and 2022, respectively.

Supplemental Executive Retirement Plan ("SERP")

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

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


(in millions)	August 31, 2024		August 26, 2023
Cash value	$	67.4	$	68.1
Borrowings	(37.8)		(38.8)
Investment in life insurance	$	29.6	$	29.3

Executive Deferred Compensation Plan

In December 2006, we adopted the Winnebago Industries, Inc. Executive Deferred Compensation Plan (the "Executive Deferred Compensation Plan"). Under the Executive Deferred Compensation Plan, corporate officers and certain key employees may annually choose to defer up to 50% of their salary and up to 100% of their cash incentive awards. The assets are presented as other long-term assets in the Consolidated Balance Sheets. Such assets on August 31, 2024 and August 26, 2023 were $2.2 million and $1.8 million, respectively.

Profit Sharing Plan

We have a qualified profit sharing and contributory 401(k) plan for eligible employees. The plan provides matching contributions made by Winnebago Industries and discretionary contributions as approved by the Board of Directors. Matching contributions to the plan for Fiscal 2024, 2023, and 2022 were $15.0 million, $13.4 million, and $12.0 million, respectively. No discretionary contributions were approved in Fiscal 2024 or Fiscal 2023. Discretionary contributions of $12.1 million were approved Fiscal 2022.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Property, Plant, and Equipment

12 Months Ended

Aug. 31, 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)	August 31, 2024		August 26, 2023
Land	$	14.6	$	14.6
Buildings and building improvements	279.3		247.3
Machinery and equipment	171.8		159.3
Software	72.0		52.7
Transportation	7.8		7.2
Construction in progress	24.5		49.3
Property, plant, and equipment, gross	570.0		530.4
Less: Accumulated depreciation	231.1		203.1
Property, plant, and equipment, net	$	338.9	$	327.3

Depreciation expense was $35.6 million, $29.2 million, and $24.2 million for Fiscal 2024, 2023, and 2022, respectively.

Audit Information	12 Months Ended
Audit Information	Aug. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Minneapolis, Minnesota

Employee and Retiree Benefits - Postretirement Health Care and Deferred Compensation Benefits (Details) - USD ($) $ in Millions	Aug. 31, 2024	Aug. 26, 2023
Retirement Benefits [Abstract]
Non-qualified deferred compensation	$ 5.2	$ 6.7
Supplemental executive retirement plan	0.9	1.2
Executive deferred compensation plan	2.2	1.8
Total deferred compensation benefits	8.3	9.7
Less current portion	1.7	1.8
Deferred compensation benefits, net of current portion	$ 6.6	$ 7.9

Debt - Components of Debt (Details) - USD ($) $ in Millions	Aug. 31, 2024	Aug. 26, 2023
Debt Instrument [Line Items]
Total debt, gross	$ 709.3	$ 600.0
Unamortized debt issuance cost, net	(13.1)	(7.6)
Current maturities of long-term debt, net	(59.1)	0.0
Long-term debt, net	637.1	592.4
ABL Credit Facility
Debt Instrument [Line Items]
Total debt, gross	0.0	0.0
Senior Secured Notes
Debt Instrument [Line Items]
Total debt, gross	300.0	300.0
2030 Convertible Notes
Debt Instrument [Line Items]
Total debt, gross	350.0	0.0
2025 Convertible Notes
Debt Instrument [Line Items]
Total 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.

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+ Details

- Definition

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

+ References + Details

Debt

12 Months Ended

Aug. 31, 2024

Debt Disclosure [Abstract]

Debt

The following table summarizes our outstanding debt:


(in millions)	August 31, 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
Total debt, gross	709.3		600.0

Unamortized debt issuance cost, net	(13.1)		(7.6)
Current maturities of long-term debt, net	(59.1)		—
Long-term debt, net	$	637.1	$	592.4

Credit Agreements

On July 15, 2022, we amended and restated our asset-backed revolving credit agreement ("ABL Credit Facility") to, among other things, increase the commitments available from $192.5 million to $350.0 million, and extend the maturity date from October 22, 2024 to July 15, 2027 (subject to certain factors which may accelerate the maturity date). The $350.0 million credit facility is on a revolving basis, subject to availability under a borrowing base consisting of eligible accounts receivable and eligible inventory. The ABL Credit Facility is available for issuance of letters of credit to a specified limit of $35.0 million. We pay a commitment fee of 0.25% based on the average daily amount of the facility available, but unused during the most recent quarter. We can elect to base the interest rate on various rates plus specific spreads depending on the borrowing amount outstanding. If drawn, interest on ABL Credit Facility borrowings is at a floating rate based upon our election, either term SOFR or REVSOFR30 (as defined in the ABL Credit Facility agreement), plus, in each case, a credit spread adjustment of 0.10%, as well as an applicable spread between

1.25% and 1.75%, depending on the usage of the facility during the most recent quarter. Based on current usage, we would pay an applicable spread of 1.25%. In connection with the amendment, we capitalized $1.2 million of issuance costs that are being amortized over the five-year term of the ABL Credit Facility.

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

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

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

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), we 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 August 31, 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 ended on March 31, 2024 (and only during such calendar quarter), if the last reported sale price (as defined in the Indenture to the 2030 Convertible Notes) per share of the common stock is more than 130% of the applicable conversion price (as defined in the Indenture to the 2030 Convertible Notes) 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 (as defined in the Indenture to the 2030 Convertible Notes) 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 set forth 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, and 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 are amortized using an effective interest rate of 3.8% over the term of the 2030 Convertible Notes. We recorded $7.8 million of interest expense during Fiscal 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 August 31, 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 August 31, 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, 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 2025 Convertible Notes in the event that the market price of our common stock is greater than the strike price of the 2025 Hedge Transactions, which was initially $63.73 per share (subject to adjustment under the terms of the 2025 Hedge Transactions), corresponding to the initial conversion price of 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 initial strike price of the warrants is $96.20 per share (subject to adjustment under the terms of the 2025 Warrant Transactions), which is 100% above the last reported sale price of our common stock on October 29, 2019. The 2025 Warrant Transactions could have a dilutive effect to our shareholders to the extent that the market price per share of our common stock, as measured under the terms of the 2025 Warrant Transactions, exceeds the applicable strike price of the warrants.

We used $28.6 million of the net proceeds from the issuance of the 2025 Convertible Notes to pay the cost of the 2025 Call Spread Transactions.

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 the accompanying Consolidated Statements of Income during Fiscal 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 are amortized using an effective interest rate of 2.1% over the term of the 2025 Convertible Notes. We recorded interest expense of $3.4 million, $6.3 million and $19.6 million for Fiscal 2024, 2023, and 2022 respectively.

The net after-tax cost incurred in connection with the 2025 Call Spread Transactions was $11.2 million. These transactions are classified as equity and are not remeasured each reporting period.

Fair Value and Future Maturities

The fair value of outstanding debt obligations, gross is as follows:


(in millions)	August 31, 2024		August 26, 2023
ABL Credit Facility	$	—	$	—
Senior Secured Notes	299.0		291.2
2030 Convertible Notes	344.2		—
2025 Convertible Notes	63.2		349.0
Total debt, gross	$	706.4	$	640.2

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


(in millions)	Amount
Fiscal 2025	$	59.3
Fiscal 2026	—
Fiscal 2027	—
Fiscal 2028	300.0
Fiscal 2029	—
Thereafter	350.0
Total debt, gross	$	709.3

We were in compliance with all of our financial debt covenants as of August 31, 2024.

- 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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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 35.6	$ 29.2	$ 24.2

Basis of Presentation

12 Months Ended

Aug. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Nature of Operations

Winnebago Industries, Inc. is one of the leading North American manufacturers of recreation vehicles ("RVs") and marine products with a diversified portfolio used primarily in leisure travel and outdoor recreational activities. We also design and manufacture advanced battery solutions that deliver “house power,” supporting internal electrical features and appliances for a variety of outdoor products including RVs, boats, specialty and other low-speed vehicles, as well as other industrial applications. Other products manufactured by us consist primarily of original equipment manufacturing parts for other manufacturers and commercial vehicles. We produce our motorhome RV units in Iowa and Indiana; our towable RV units in Indiana; our marine units in Indiana and Florida; and our battery solutions in Florida. We distribute our RV and marine products primarily through independent dealers across the U.S. and Canada, who then retail the products to the end consumer. We also distribute our marine products internationally through independent dealers, who then retail the products to the end consumer. Our battery solutions are primarily sold to customers in the U.S.

Consolidation

The consolidated financial statements include the accounts of Winnebago Industries, Inc. and its wholly-owned subsidiaries. Intercompany account balances and transactions have been eliminated in consolidation. The use of the terms "Winnebago Industries," "Winnebago," "we," "our," and "us" in this Annual Report on Form 10-K, unless the context otherwise requires, refer to Winnebago Industries, Inc. and its wholly-owned subsidiaries.

Fiscal Period

We have a 5-4-4 quarterly accounting cycle with the fiscal year ending on the last Saturday in August. All references to Fiscal 2024 refer to the 53-week period ended August 31, 2024. Fiscal 2023 refers to the 52-week period ended August 26, 2023 and Fiscal 2022 refers to the 52-week period ended August 27, 2022.

Use of Estimates

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

Cash and Cash Equivalents

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

Receivables

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

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

Inventories

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

Property and Equipment


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

Goodwill and Indefinite-Lived Intangible Assets

Goodwill

Goodwill is tested for impairment at least annually, during the fourth quarter and whenever events occur or circumstances change that would indicate the carrying value may not be recoverable. Impairment testing for goodwill is performed at a reporting unit level and all goodwill is assigned to a reporting unit. Our reporting units are the same as the operating segments as defined in Note 3 in the Notes to Consolidated Financial Statements, included in Item 8 of Part II in this Annual Report on Form 10-K.

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

During the fourth quarter of Fiscal 2024, we completed our annual goodwill impairment testing. We elected to rely on a qualitative assessment for the Grand Design, Barletta, and Lithionics reporting units, and performed a quantitative analysis for the Chris-Craft and Newmar reporting units. The results of our goodwill impairment testing indicated that the carrying value of the Chris-Craft reporting unit exceeded its fair value, resulting in a $30.3 million impairment charge, which represents the full goodwill balance attributable to the reporting unit. No impairment was identified for the fiscal years ended August 26, 2023 or August 27, 2022. For further information regarding the Fiscal 2024 impairment charge, refer to Note 7 in the Notes to Consolidated Financial Statements, included in Item 8 of Part II in this Annual Report on Form 10-K.

Trade names

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

During the fourth quarter of Fiscal 2024, we completed the annual impairment testing for indefinite-lived intangible assets. We elected to rely on a qualitative assessment for the Grand Design, and Barletta trade names, and performed a quantitative analysis for the Chris-Craft and Newmar trade names. No impairment was identified for the fiscal years ended August 31, 2024, August 26, 2023, or August 27, 2022.

Long-Lived Assets

Long-lived assets, which include property, plant and equipment, finite-lived intangible assets subject to amortization, and right-of-use assets are assessed for impairment whenever events or changes in circumstances such as asset utilization, physical change, legal factors or other matters indicate the carrying value of those assets may not be recoverable from future undiscounted cash flows. The impairment test involves comparing the carrying amount of the asset to the forecasted undiscounted future cash flows generated by that asset. These assumptions require significant judgment and actual results may differ from assumed and

estimated amounts. In the event the carrying amount of the asset exceeds the undiscounted future cash flows generated by that asset and the carrying amount is not considered recoverable, an impairment exists. An impairment loss is measured as the excess of the asset’s carrying amount over its fair value and is recognized in the statement of income in the period that the impairment occurs. The reasonableness of the useful lives of the asset and other long-lived assets is regularly evaluated.

No impairment loss of any long-lived asset was identified for the fiscal years ended August 31, 2024, August 26, 2023, or August 27, 2022.

Self-Insurance

Generally, we self-insure a portion of health insurance, product liability claims, and workers' compensation. We maintain insurance programs subject to applicable deductibles or retentions. Under these plans, liabilities are recognized for claims incurred, including those incurred but not reported. We use third-party administrators and actuaries who use historical claims experience and various state statutes to assist in the determination of the accrued liability balance. We review the valuations provided by the third-party administrators and actuaries to determine the adequacy of the reserves. Any material change in the aforementioned factors could have an adverse impact on operating results. Balances are included within self-insurance (accrued expenses) on the Consolidated Balance Sheets.

Income Taxes

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

Legal

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

Revenue Recognition

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

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

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

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

Refer to Note 13 in the Notes to Consolidated Financial Statements, included in Item 8 of Part II in this Annual Report on Form 10-K for additional information.

Advertising

Advertising costs, which consist primarily of trade shows and online content, were $21.9 million, $21.3 million, and $23.3 million in Fiscal 2024, 2023, and 2022, respectively. Advertising costs are included in selling, general, and administrative expenses and are expensed as incurred on the Consolidated Statements of Income.

Comprehensive Income

Comprehensive income represents the change in stockholders’ equity from transactions and other events and circumstances from sources other than shareholders. The difference between comprehensive income and net income was not material for the fiscal years ended August 31, 2024, August 26, 2023, and August 27, 2022.

Subsequent Events

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

Recently Adopted Accounting Pronouncements

We did not adopt any new accounting standards during the fiscal year ended August 31, 2024 that had a material impact on our consolidated results of operations, financial position or cash flows.

Recently Issued Accounting Pronouncements

In March 2024, the SEC adopted a final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. The new rule will require disclosure of greenhouse gas emissions, including Scope 1 and Scope 2 emissions; climate-related risks, governance, and oversight; and the financial impacts of severe weather events and other natural conditions, subject to certain materiality thresholds. These disclosures are required to be phased into our annual reporting beginning in Fiscal 2026. However, in April 2024, the SEC stayed the implementation of this rule pending the outcome of legal challenges. We continue to monitor developments and evaluate the impact of adoption on our Consolidated Financial Statements and related disclosures.

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. We will adopt the standard in our Annual Report on Form 10-K for our fiscal year ended August 29, 2026 and annual filings thereafter.

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. We will adopt the standard in our Annual Report on Form 10-K for our fiscal year ended August 30, 2025 and filings thereafter.

Contingent Liabilities and Commitments	12 Months Ended
Contingent Liabilities and Commitments	Aug. 31, 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 repurchase agreements was approximately $1,673.7 million and $1,816.7 million as of August 31, 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 $1.1 million and $1.3 million as of August 31, 2024 and August 26, 2023, respectively. Repurchase risk is affected by the credit worthiness of our dealer network. We do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to establish the loss reserve for repurchase commitments. There was no material activity related to repurchase agreements during Fiscal 2024, 2023, and 2022. Litigation We are involved in various legal proceedings which are considered ordinary and routine litigation incidental to the business, some of which are covered in whole or in part by insurance. While we believe the ultimate disposition of litigation will not have a material adverse effect on our financial position, results of operations or liquidity, the possibility exists that such litigation may have an impact on our results for a particular reporting period in which litigation effects become probable and reasonably estimable. Though we do not believe there is a reasonable likelihood that there will be a material change related to these matters, litigation is subject to inherent uncertainties and our view of these matters may change in the future.

Product Warranties

12 Months Ended

Aug. 31, 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:


(in millions)	2024		2023		2022
Balance at beginning of year	$	97.8	$	127.9	$	91.2
Business acquisitions(1)	—		1.4		4.7
Provision	83.0		67.1		119.2
Claims paid	(101.9)		(98.6)		(87.2)
Balance at end of year	$	78.9	$	97.8	$	127.9

Contingent Liabilities and Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 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	$ 1.1	$ 1.3
Obligation to Repurchase from Dealers
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Contingent liability on repurchase agreements	$ 1,673.7	$ 1,816.7

Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 14, 2023	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued compensation		$ 35.9	$ 35.9
Unrecognized compensation expense related to stock options		$ 1.6
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding options term		10 years
Vesting period		3 years
Unrecognized compensation expense, period of recognition		9 months 18 days
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Unrecognized compensation expense		$ 5.0
Unrecognized compensation expense, period of recognition		1 year 2 months 12 days
Total fair value of awards vested		$ 4.5	7.6	$ 5.8
Time-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 10.0
Unrecognized compensation expense, period of recognition		9 months 18 days
Total fair value of awards vested		$ 8.4	$ 8.8	$ 8.0
Time-based \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		550,000
Shares remain available for future issuance (in shares)		353,000
Discount market price percentage		15.00%
Shares purchased through the ESPP (in shares)		47,000	29,000
Accrued compensation		$ 0.5	$ 0.5
Incentive Compensation Plan 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	2,400,000
Counted against share reserve (in shares)	2
Incentive Compensation Plan 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remain available for future issuance (in shares)		3,800,000

Investments and Fair Value Measurements - Fair Value of Contingent Consideration (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning fair value - contingent consideration	$ 18.4	$ 39.8
Fair value adjustments	1.1	0.6	$ 29.4
Settlements	(20.5)	(22.0)
Other	1.0	0.0
Ending fair value - contingent consideration	$ 0.0	$ 18.4	$ 39.8

Stock-Based Compensation Plans - Share Awards Activity (Details)	12 Months Ended
	Aug. 31, 2024 $ / shares shares
Time-based
Shares
Beginning balance (in shares) \| shares	382,761
Granted (in shares) \| shares	216,158
Vested (in shares) \| shares	(144,778)
Forfeited/canceled (in shares) \| shares	(21,005)
Ending balance (in shares) \| shares	433,136
Weighted Average Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 56.81
Granted (in dollars per share) \| $ / shares	58.79
Vested (in dollars per share) \| $ / shares	60.35
Forfeited/canceled (in dollars per share) \| $ / shares	59.40
Ending balance (in dollars per share) \| $ / shares	$ 56.49
Performance-based
Shares
Beginning balance (in shares) \| shares	212,648
Granted (in shares) \| shares	113,068
Vested (in shares) \| shares	(76,060)
Forfeited/canceled (in shares) \| shares	(25,645)
Ending balance (in shares) \| shares	224,011
Weighted Average Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 60.59
Granted (in dollars per share) \| $ / shares	58.20
Vested (in dollars per share) \| $ / shares	54.49
Forfeited/canceled (in dollars per share) \| $ / shares	62.17
Ending balance (in dollars per share) \| $ / shares	$ 61.28

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Income Tax Disclosure [Abstract]
U.S. federal income taxes receivable	$ 6.8	$ 10.7
Effective tax rate	66.20%	22.70%	24.10%
Unrecognized tax benefits	$ 5.1

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Aug. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes - Significant Items Comprising Deferred Taxes (Details) - USD ($) $ in Millions	Aug. 31, 2024	Aug. 26, 2023
Income Tax Disclosure [Abstract]
Warranty reserves	$ 19.3	$ 23.5
Deferred compensation	2.5	2.4
Self-insurance reserve	4.4	5.1
Stock-based compensation	4.5	4.2
Leases	15.0	13.8
Convertible notes	16.5	5.8
Capitalized research and development costs	23.8	11.1
Other	18.1	13.9
Valuation allowance	(1.9)	0.0
Total deferred tax assets	102.2	79.8
Intangibles	61.5	50.5
Depreciation	30.2	28.7
Leases	13.5	12.3
Total deferred tax liabilities	105.2	91.5
Total deferred income tax liabilities, net	$ 3.0	$ 11.7

Investments and Fair Value Measurements - Narrative (Details) - USD ($)	12 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment	$ 30,300,000	$ 0	$ 0
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment charges	0	0	$ 0
Chris-Craft Reporting Unit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill impairment	$ 30,300,000
Other Current Liabilities \| Barletta
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earnout liability		$ 18,400,000

Basis of Presentation - Property and Equipment (Details)	Aug. 31, 2024
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Asset Life	8 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Asset Life	30 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Asset Life	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Asset Life	10 years
Software \| Minimum
Property, Plant and Equipment [Line Items]
Asset Life	3 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Asset Life	10 years
Transportation equipment \| Minimum
Property, Plant and Equipment [Line Items]
Asset Life	5 years
Transportation equipment \| Maximum
Property, Plant and Equipment [Line Items]
Asset Life	6 years

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Operating Activities
Net income	$ 13,000,000.0	$ 215,900,000	$ 390,600,000
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	35,600,000	29,200,000	24,200,000
Amortization	23,000,000.0	17,700,000	29,400,000
Non-cash interest expense, net	0	0	15,100,000
Amortization of debt issuance costs	3,200,000	3,100,000	2,500,000
Last in, first-out ("LIFO") expense	4,200,000	500,000	8,400,000
Stock-based compensation	14,600,000	10,900,000	17,100,000
Deferred income taxes	8,100,000	16,300,000	(6,700,000)
Deferred compensation expense	900,000	700,000	500,000
Goodwill impairment (Note 7)	30,300,000	0	0
Loss on note repurchase (Note 9)	32,700,000	0	0
Contingent consideration fair value adjustment	1,100,000	600,000	29,400,000
Payments of earnout liability above acquisition-date fair value	(14,700,000)	(13,300,000)	0
Other, net	5,400,000	800,000	1,900,000
Change in operating assets and liabilities, net of assets and liabilities acquired
Receivables, net	(5,200,000)	76,700,000	1,900,000
Inventories, net	27,200,000	63,800,000	(171,300,000)
Prepaid expenses and other assets	1,700,000	9,700,000	1,200,000
Accounts payable	(3,900,000)	(67,500,000)	27,200,000
Income taxes and unrecognized tax benefits	5,000,000.0	(8,900,000)	(7,400,000)
Accrued expenses and other liabilities	(38,300,000)	(61,700,000)	36,600,000
Net cash provided by operating activities	143,900,000	294,500,000	400,600,000
Investing activities
Purchases of property, plant, and equipment	(45,000,000.0)	(83,200,000)	(88,000,000.0)
Acquisition of business, net of cash acquired	0	(87,500,000)	(228,200,000)
Proceeds from the sale of property, plant, and equipment	400,000	400,000	200,000
Other, net	(1,300,000)	300,000	300,000
Net cash used in investing activities	(45,900,000)	(170,000,000.0)	(315,700,000)
Financing activities
Borrowings on long-term debt	2,652,200,000	3,718,000,000	4,735,600,000
Repayments on long-term debt	(2,596,000,000)	(3,718,000,000)	(4,735,600,000)
Payments for convertible note bond hedge	(68,700,000)	0	0
Proceeds from issuance of convertible note warrant	31,300,000	0	0
Proceeds from partial unwind of convertible note bond hedge	55,800,000	0	0
Payments for partial unwind of convertible note warrant	(25,300,000)	0	0
Payments of cash dividends	(36,800,000)	(33,200,000)	(23,800,000)
Payments for repurchases of common stock	(74,500,000)	(55,100,000)	(214,300,000)
Payments of debt issuance costs	(10,400,000)	0	(1,200,000)
Payments of earnout liability up to acquisition-date fair value	(5,800,000)	(8,700,000)	0
Other, net	1,200,000	200,000	2,000,000.0
Net cash used in financing activities	(77,000,000.0)	(96,800,000)	(237,300,000)
Net increase/(decrease) in cash and cash equivalents	21,000,000.0	27,700,000	(152,400,000)
Cash and cash equivalents at beginning of period	309,900,000	282,200,000	434,600,000
Cash and cash equivalents at end of period	330,900,000	309,900,000	282,200,000
Supplemental Disclosures
Income taxes paid, net	14,400,000	57,800,000	139,700,000
Interest paid	29,000,000.0	24,200,000	23,800,000
Non-cash investing and financing activities
Issuance of common stock for acquisition of business	0	0	22,000,000.0
Issuance of common stock for settlement of earnout liability	0	0	13,200,000
Capital expenditures in accounts payable	4,600,000	3,000,000.0	6,800,000
Dividends declared not yet paid	10,900,000	10,200,000	8,800,000
Increase in lease assets in exchange for lease liabilities:
Operating leases	9,800,000	5,600,000	17,200,000
Financing leases	$ 1,800,000	$ 2,400,000	$ 2,500,000

Stock-Based Compensation Plans (Tables)

12 Months Ended

Aug. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

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


(in millions)	2024		2023		2022
Share awards:
Time-based	$	11.6	$	9.8	$	7.6
Performance-based	0.5		(0.9)		7.4
Stock options	1.4		1.3		1.0
Other(1)	1.1		0.7		1.1
Total stock-based compensation expense	$	14.6	$	10.9	$	17.1

Summary of Nonvested Time-Based Share Awards

A summary of the status of nonvested time-based restricted stock units at August 31, 2024, and changes during Fiscal 2024, is as follows:


	Shares(1)	Weighted Average Fair Value
Outstanding at August 26, 2023	382,761	$	56.81
Granted	216,158	$	58.79
Vested	(144,778)	$	60.35
Forfeited/canceled	(21,005)	$	59.40
Outstanding at August 31, 2024	433,136	$	56.49

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

Summary of Nonvested Performance-Based Awards

A summary of the status of our nonvested performance-based restricted stock units at August 31, 2024, and changes during Fiscal 2024, is as follows:


	Shares(1)	Weighted Average Fair Value
Outstanding at August 26, 2023	212,648	$	60.59
Granted	113,068	$	58.20
Vested	(76,060)	$	54.49
Forfeited/canceled	(25,645)	$	62.17
Outstanding at August 31, 2024	224,011	$	61.28

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

Summary of Stock Option Activity

A summary of stock option activity for Fiscal 2024 is as follows:


	Stock Options(1)	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at August 26, 2023	388,980	$	46.70
Granted	70,299	$	58.68
Exercised	(8,161)	$	31.70
Forfeited/canceled	(12,719)	$	60.00
Outstanding at August 31, 2024	438,399	$	48.51	5.5	$	5.5

Exercisable at August 31, 2024	322,767	$	44.57	4.4	$	5.3

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

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

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


Valuation Assumptions(1)	2024			2023			2022
Expected dividend yield	2.1		%	1.9		%	1.0		%
Risk-free interest rate(2)	4.6		%	4.1		%	1.1		%
Expected life of stock options (in years)(3)	5			5			5
Expected stock price volatility(4)	50.8		%	50.8		%	48.5		%
Weighted average fair value of options granted	$	25.10		$	23.94		$	30.47

(1) Forfeitures are recorded when they occur.

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

(3) Estimated based on historical experience.

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

Debt - Fair Value of Outstanding Debt Obligations, Gross (Details) - USD ($) $ in Millions	Aug. 31, 2024	Aug. 26, 2023
Debt Instrument [Line Items]
Total debt, gross	$ 706.4	$ 640.2
ABL Credit Facility
Debt Instrument [Line Items]
Total debt, gross	0.0	0.0
Senior Secured Notes
Debt Instrument [Line Items]
Total debt, gross	299.0	291.2
2030 Convertible Notes
Debt Instrument [Line Items]
Total debt, gross	344.2	0.0
2025 Convertible Notes
Debt Instrument [Line Items]
Total debt, gross	$ 63.2	$ 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.

+ References

+ Details

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)	12 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Goodwill [Roll Forward]
Balance at beginning of year	$ 514,500,000	$ 484,200,000
Acquisition		30,300,000
Impairment	(30,300,000)	0	$ 0
Balance at end of year	484,200,000	514,500,000	484,200,000
Corporate / All Other
Goodwill [Roll Forward]
Balance at beginning of year	30,300,000	0
Acquisition		30,300,000
Impairment	0
Balance at end of year	30,300,000	30,300,000	0
Towable RV \| Operating Segments
Goodwill [Roll Forward]
Balance at beginning of year	244,700,000	244,700,000
Acquisition		0
Impairment	0
Balance at end of year	244,700,000	244,700,000	244,700,000
Motorhome RV \| Operating Segments
Goodwill [Roll Forward]
Balance at beginning of year	73,100,000	73,100,000
Acquisition		0
Impairment	0
Balance at end of year	73,100,000	73,100,000	73,100,000
Marine \| Operating Segments
Goodwill [Roll Forward]
Balance at beginning of year	166,400,000	166,400,000
Acquisition		0
Impairment	(30,300,000)
Balance at end of year	$ 136,100,000	$ 166,400,000	$ 166,400,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
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-Subparagraph (d)
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Goodwill and Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Millions	Aug. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Fiscal 2025	$ 22.1
Fiscal 2026	21.7
Fiscal 2027	21.7
Fiscal 2028	21.4
Fiscal 2029	15.5
Thereafter	24.3
Total amortization expense remaining	$ 126.7

Employee and Retiree Benefits - Deferred Compensation Narrative (Details) - USD ($)	12 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Matching contribution amount	$ 15,000,000.0	$ 13,400,000	$ 12,000,000.0
Employer discretionary contribution amount	$ 0		12,100,000
Key Employees \| Non-Qualified Deferred Compensation Program (1981)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Vesting age	55 years
Requisite service period	5 years
Requisite service period prior to December 1992	20 years
Deferred compensation expense	$ 400,000	500,000	$ 600,000
Officers and Managers \| Supplemental Employee Retirement Plan (SERP)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contractual amount of years after retirement	15 years
Officers and Key Employees \| Executive Deferred Compensation Plan 2007
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Maximum salary deferral	50.00%
Maximum cash incentive award deferral	100.00%
Deferred compensation assets	$ 2,200,000	$ 1,800,000

Investments and Fair Value Measurements

12 Months Ended

Aug. 31, 2024

Fair Value Disclosures [Abstract]

Investments and Fair Value Measurements

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

In determining the fair value of financial assets and liabilities, we utilize market data or other assumptions that we believe market participants would use in pricing the asset or liability in the principal or most advantageous market and 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)	August 31, 2024		Level 1		Level 2		Level 3
Assets that fund deferred compensation:
Domestic equity funds	$	2.1	$	2.1	$	—	$	—
International equity funds	0.1		0.1		—		—
Total assets at fair value	$	2.2	$	2.2	$	—	$	—


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

Total assets at fair value	$	1.8	$	1.8	$	—	$	—

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

Assets that Fund Deferred Compensation

Our assets that fund deferred compensation are marketable equity securities measured at fair value using quoted market prices and primarily consist of equity-based mutual funds. These securities, used to fund the Executive Deferred Compensation Plan, are classified as Level 1 as they are traded in an active market for which closing stock prices are readily available. Refer to Note 11 in the Notes to Consolidated Financial Statements, included in Item 8 of Part II in this Annual Report on Form 10-K for additional information regarding this plan.

The proportion of the assets that will fund the deferred compensation payments within a year are included in prepaid expenses and other current assets on the Consolidated Balance Sheets. The remaining assets are classified as non-current and are included in other long-term assets on the Consolidated Balance Sheets.

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, which is classified as Level 3.

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


	August 31, 2024		August 26, 2023
Beginning fair value - contingent consideration	$	18.4	$	39.8
Fair value adjustments	1.1		0.6
Settlements	(20.5)		(22.0)
Other	1.0		—
Ending fair value - contingent consideration	$	—	$	18.4

As of August 26, 2023, the entire $18.4 million was included in other current liabilities on the Consolidated Balance Sheets.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain non-financial assets 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. During Fiscal 2024, we recognized a goodwill impairment charge of $30.3 million, representing a full impairment of the goodwill balance associated with the Chris-Craft reporting unit. No other impairments were recorded during Fiscal 2024 and no impairments were recorded during Fiscal 2023 or Fiscal 2022. Refer to Note 7 in the Notes to Consolidated

Financial Statements, included in Item 8 of Part II in this Annual Report on Form 10-K for more information regarding goodwill and intangible assets.

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.

Our debt obligations are recorded at amortized cost but measured at fair value for disclosure purposes. The fair value of our debt was determined using current quoted prices in active markets for our publicly traded debt obligations, which is classified as Level 1 in the fair value hierarchy. See Note 9 in the Notes to Consolidated Financial Statements included in Item 8 of Part II of this Annual Report on Form 10-K for information about the fair value of our debt.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Aug. 31, 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 - Revenues by Geographic Area (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 2,973.5	$ 3,490.7	$ 4,957.7
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	2,775.1	3,346.6	4,618.1
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 198.4	$ 144.1	$ 339.6

- Definition

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

+ References

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

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Aug. 31, 2024	Oct. 16, 2024	Feb. 24, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Aug. 31, 2024
Current Fiscal Year End Date	--08-31
Document Transition Report	false
Entity File Number	001-06403
Entity Registrant Name	WINNEBAGO INDUSTRIES, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	42-0802678
Entity Address, Address Line One	13200 Pioneer Trail
Entity Address, City or Town	Eden Prairie
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55347
City Area Code	952
Local Phone Number	829-8600
Title of each class	Common Stock, $0.50 par value per share
Trading Symbol(s)	WGO
Name of each exchange on which registered	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,998,606,000
Entity Common Stock, Shares Outstanding		28,918,183
Documents Incorporated by Reference	Portions of the definitive Proxy Statement to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this report for the registrant's 2024 Annual Meeting of Shareholders to be held on December 17, 2024 (the "2024 Proxy Statement") are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0000107687
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Investments and Fair Value Measurements - Fair Value Inputs (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Aug. 31, 2024	Aug. 26, 2023
Assets that fund deferred compensation:
Domestic equity funds	$ 2.1	$ 1.7
International equity funds	0.1	0.1
Total assets at fair value	2.2	1.8
Contingent consideration
Earnout liability		18.4
Total liabilities at fair value		18.4
Level 1
Assets that fund deferred compensation:
Domestic equity funds	2.1	1.7
International equity funds	0.1	0.1
Total assets at fair value	2.2	1.8
Contingent consideration
Earnout liability		0.0
Total liabilities at fair value		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
Total liabilities at fair value		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		18.4
Total liabilities at fair value		$ 18.4

Revenue Recognition (Tables)

12 Months Ended

Aug. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Reportable Segment

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


(in millions)	2024		2023		2022
Net Revenues
Towable RV:
Fifth Wheel	$	656.6	$	715.1	$	1,260.9
Travel Trailer	627.5		658.2		1,296.6
Other(1)	34.7		42.0		39.9
Total Towable RV	1,318.8		1,415.3		2,597.4
Motorhome RV:
Class A	545.8		736.0		786.8
Class B	267.7		424.8		718.0
Class C and Other(1)	466.3		399.3		406.4
Total Motorhome RV	1,279.8		1,560.1		1,911.2
Marine	325.5		469.7		425.3
Corporate / All Other(2)	49.4		45.6		23.8
Consolidated	$	2,973.5	$	3,490.7	$	4,957.7

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

Goodwill and Intangible Assets (Tables)

12 Months Ended

Aug. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying value of goodwill by reportable segment for Fiscal 2024, 2023, and 2022 are as follows:


(in millions)	Towable RV		Motorhome RV		Marine		Corporate / All Other		Total
Balances at August 27, 2022	$	244.7	$	73.1	$	166.4	$	—	$	484.2
Acquisition of Lithionics(1)	—		—		—		30.3		30.3
Balances at August 26, 2023	$	244.7	$	73.1	$	166.4	$	30.3	$	514.5
Impairment	—		—		(30.3)		—		(30.3)
Balances at August 31, 2024	$	244.7	$	73.1	$	136.1	$	30.3	$	484.2

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

Schedule of Other Intangible Assets

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


	August 31, 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		0.8		3.3
Dealer networks/customer relationships	183.6		91.5		92.1
Backlog	43.6		43.2		0.4
Developed technology	38.3		7.4		30.9
Non-compete agreements	6.6		6.6		—
Other intangible assets	$	628.5	$	149.5	$	479.0

	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
Fiscal 2025	$	22.1
Fiscal 2026	21.7
Fiscal 2027	21.7
Fiscal 2028	21.4
Fiscal 2029	15.5
Thereafter	24.3
Total amortization expense remaining	$	126.7

- Definition

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

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+ Details

Debt - Credit Agreements (Details) - USD ($)	Jul. 15, 2022	Jul. 08, 2020	Jul. 14, 2022
ABL Credit Facility
Debt Instrument [Line Items]
Debt, face amount	$ 350,000,000.0		$ 192,500,000
Floating rate	0.10%
Debt issuance costs capitalized	$ 1,200,000
Debt instrument, term	5 years
ABL Credit Facility \| Minimum
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Floating rate	1.25%
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Debt Instrument [Line Items]
Floating rate	1.75%
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Debt Instrument [Line Items]
Debt amount	$ 35,000,000.0
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Senior Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt amount		$ 300,000,000.0
Debt issuance costs capitalized		$ 7,500,000
Debt instrument, term		8 years
Interest rate, stated percentage		6.25%

Goodwill and Intangible Assets

12 Months Ended

Aug. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and indefinite-lived intangible assets are reviewed for impairment at least annually during the fourth quarter and more frequently if events or changes in circumstances indicate an impairment may have occurred prior to the annual assessment. During our Fiscal 2024 impairment assessment, we recognized a $30.3 million impairment charge equal to the full carrying value of goodwill associated with the Chris-Craft reporting unit. The decline in fair value of the Chris-Craft reporting unit was driven primarily by a downward revision to forecasted cash flows made during the fourth quarter of Fiscal 2024 as part of our annual long range planning process, and a decline in market capitalization observed from guideline public companies. Projected future cash flows for the Chris-Craft reporting unit have declined compared to prior expectations as a result of sustained macroeconomic challenges impacting consumer demand, such as inflationary pressures and elevated interest rates, and the current uncertainty regarding timing and degree of economic recovery. All other intangible asset fair values were determined to be in excess of the carrying values as of August 31, 2024, and no impairments were recorded during Fiscal 2023 or Fiscal 2022.

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

The changes in the carrying value of goodwill by reportable segment for Fiscal 2024, 2023, and 2022 are as follows:


(in millions)	Towable RV		Motorhome RV		Marine		Corporate / All Other		Total
Balances at August 27, 2022	$	244.7	$	73.1	$	166.4	$	—	$	484.2
Acquisition of Lithionics(1)	—		—		—		30.3		30.3
Balances at August 26, 2023	$	244.7	$	73.1	$	166.4	$	30.3	$	514.5
Impairment	—		—		(30.3)		—		(30.3)
Balances at August 31, 2024	$	244.7	$	73.1	$	136.1	$	30.3	$	484.2

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


	August 31, 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		0.8		3.3
Dealer networks/customer relationships	183.6		91.5		92.1
Backlog	43.6		43.2		0.4
Developed technology	38.3		7.4		30.9
Non-compete agreements	6.6		6.6		—
Other intangible assets	$	628.5	$	149.5	$	479.0

	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 finite-lived intangible assets as of August 31, 2024 was approximately six years.

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


(in millions)	Amortization
Fiscal 2025	$	22.1
Fiscal 2026	21.7
Fiscal 2027	21.7
Fiscal 2028	21.4
Fiscal 2029	15.5
Thereafter	24.3
Total amortization expense remaining	$	126.7

Inventories - Inventory Valuation Methods (Details) - USD ($) $ in Millions	Aug. 31, 2024	Aug. 26, 2023
Inventory Disclosure [Abstract]
LIFO basis	$ 264.6	$ 262.6
FIFO basis	226.2	255.9
Total	$ 490.8	$ 518.5

Basis of Presentation (Policies)

12 Months Ended

Aug. 31, 2024

Accounting Policies [Abstract]

Fiscal Period

Use of Estimates

Cash and Cash Equivalents

Receivables

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

Inventories

Property and Equipment


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

Goodwill and Indefinite-Lived Intangible Assets

Goodwill

Trade names

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

Revenue Recognition

We do not have material contract assets or liabilities.

Advertising

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

Comprehensive Income

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

Subsequent Events

Recently Adopted and Issued Accounting Pronouncements

We did not adopt any new accounting standards during the fiscal year ended August 31, 2024 that had a material impact on our consolidated results of operations, financial position or cash flows.

Fair Value Measurements

Assets that Fund Deferred Compensation

Contingent Consideration

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Assets and Liabilities Not Measured at Fair Value

Repurchase Commitments

Generally, manufacturers in the same industries as us enter into repurchase agreements with lending institutions which have provided wholesale floorplan financing to dealers. Most dealers are financed on a "floorplan" basis under which a bank or finance company lends the dealer all, or substantially all, of the purchase price, collateralized by a security interest in the units purchased.

Our repurchase agreements generally provide that, in the event of default by the dealer on the agreement to pay the lending institution, we will repurchase the financed merchandise. The terms of these agreements, which generally can last up to 24 months, provide that our liability will be the lesser of remaining principal owed by the dealer to the lending institution, or dealer invoice less periodic reductions based on the time since the date of the original invoice. Our liability cannot exceed 100% of the dealer invoice. In certain instances, we also repurchase inventory from dealers due to state law or regulatory requirements that govern voluntary or involuntary relationship terminations. Although laws vary from state to state, some states have laws in place that require manufacturers of recreational vehicles or boats to repurchase current inventory if a dealership exits the business. The total contingent liability on all repurchase agreements was approximately $1,673.7 million and $1,816.7 million as of August 31, 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 $1.1 million and $1.3 million as of August 31, 2024 and August 26, 2023, respectively. Repurchase risk is affected by the credit worthiness of our dealer network. We do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to establish the loss reserve for repurchase commitments.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Aug. 31, 2024	Aug. 26, 2023
Current assets
Allowance for credit losses	$ 0.2	$ 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, par value, shares authorized (in shares)	120,000,000.0	120,000,000.0
Common stock, shares issued (in shares)	51,800,000	51,800,000
Treasury stock, at cost, shares (in shares)	23,000,000.0	22,000,000.0

Business Combinations - Narrative (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended			12 Months Ended
	Aug. 31, 2021	May 25, 2024	May 27, 2023	May 28, 2022	Aug. 31, 2024	Aug. 26, 2023	Aug. 27, 2022	Apr. 28, 2023
Business Acquisition [Line Items]
Acquisition related costs					$ 1.5	$ 7.5	$ 5.2
Issuance of stock for acquisition							$ 22.0
Lithionics Battery, LLC And Lithionics LLC
Business Acquisition [Line Items]
Percent of voting interest acquired								100.00%
Acquisition related costs			$ 3.1
Barletta
Business Acquisition [Line Items]
Percent of voting interest acquired	100.00%
Purchase price	$ 286.3
Cash payments	240.1
Purchase price, common stock issued	$ 25.0
Discount percentage on purchase price	12.00%
Lockup restriction period	1 year
Purchase price, common stock issued after discount	$ 22.0
Issuance of stock for acquisition		$ 20.5	$ 22.0
Issuance of stock for acquisition (in shares)				0.2

Income Taxes

12 Months Ended

Aug. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income tax expense consisted of the following:


(in millions)	2024		2023		2022
Current
Federal	$	10.4	$	38.2	$	105.9
State	6.9		8.8		24.9
Total	17.3		47.0		130.8
Deferred
Federal	7.1		15.9		(5.6)
State	1.0		0.4		(1.1)
Total	8.1		16.3		(6.7)
Provision for income taxes	$	25.4	$	63.3	$	124.1

As of August 31, 2024 and August 26, 2023, $6.8 million and $10.7 million of U.S. federal income taxes receivable was included in prepaid expenses and other current assets on the Consolidated Balance Sheets, respectively.

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


	2024		2023		2022
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	8.4	%	3.1	%	3.5	%
Income tax credits	(8.9)	%	(1.1)	%	(0.5)	%
Non-deductible compensation	6.6	%	1.1	%	0.9	%
Non-deductible debt inducement	19.4	%	—	%	—	%
Non-deductible goodwill impairment	16.6	%	—	%	—	%
Valuation allowance	5.0	%	—	%	—	%
Tax-free and dividend income	(1.1)	%	(0.1)	%	(0.1)	%
Uncertain tax position settlements and adjustments	(1.7)	%	0.1	%	(0.1)	%
Other items	0.9	%	(1.4)	%	(0.6)	%
Effective tax provision rate	66.2	%	22.7	%	24.1	%

Our effective tax rate increased to 66.2% in Fiscal 2024 compared to 22.7% in Fiscal 2023 primarily due to the impact of the non-deductible debt inducement loss and non-deductible goodwill impairment over a lower pretax income.

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


(in millions)	August 31, 2024		August 26, 2023
Warranty reserves	$	19.3	$	23.5
Deferred compensation	2.5		2.4
Self-insurance reserve	4.4		5.1
Stock-based compensation	4.5		4.2
Leases	15.0		13.8
Convertible notes	16.5		5.8
Capitalized research and development costs	23.8		11.1
Other	18.1		13.9
Valuation allowance	(1.9)		—
Total deferred tax assets	102.2		79.8
Intangibles	61.5		50.5
Depreciation	30.2		28.7
Leases	13.5		12.3
Total deferred tax liabilities	105.2		91.5
Total deferred income tax liabilities, net	$	3.0	$	11.7

Changes in the unrecognized tax benefits are as follows:


(in millions)	2024		2023		2022
Balance at beginning of year	$	5.5	$	5.0	$	5.5
Gross decreases-tax positions in a prior year	(1.7)		(1.5)		(1.1)
Gross increases-tax positions in a prior year	0.2		1.0		—
Gross increases-current year tax positions	0.9		1.0		0.6
Balance at end of year	4.9		5.5		5.0
Accrued interest and penalties	0.5		0.6		0.7
Total unrecognized tax benefits	$	5.4	$	6.1	$	5.7

The amount of unrecognized tax benefits is not expected to change materially within the next 12 months. If the remaining uncertain tax positions are ultimately resolved favorably, $5.1 million of unrecognized tax benefits would have a favorable impact on our

effective tax rate. It is our policy to recognize interest and penalties accrued relative to unrecognized tax benefits in income tax expense.

We file a U.S. Federal tax return, as well as returns in various international and state jurisdictions. Although certain years are no longer subject to examination by the Internal Revenue Service ("IRS") and various state taxing authorities, net operating loss carryforwards generated in those years may still be adjusted upon examination by the IRS or state taxing authorities. As of August 31, 2024, our federal returns from Fiscal 2021 to present are subject to review by the IRS. With limited exception, state returns from Fiscal 2020 to present continue to be subject to review by state taxing jurisdictions. Several years may lapse before an uncertain tax position is audited and finally resolved and it is difficult to predict the outcome of such audits. We believe we have adequately reserved for our exposure to potential additional payments for uncertain tax positions in our liability for unrecognized tax benefits.

- Definition

The entire disclosure for income tax.

+ References

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+ Details