Winnebago Industries (WGO) 10-Q24 Jun 202020 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	May 30, 2020	Jun. 19, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 30, 2020
Document Transition Report	false
Entity File Number	001-06403
Entity Registrant Name	WINNEBAGO INDUSTRIES, INC.
Entity Incorporation, State or Country Code	IA
Entity Tax Identification Number	42-0802678
Entity Address, Address Line One	P. O. Box 152
Entity Address, City or Town	Forest City
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50436
City Area Code	641-
Local Phone Number	585-3535
Title of 12(b) Security	Common Stock, $0.50 par value per share
Trading Symbol	WGO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,699,082
Entity Central Index Key	0000107687
Current Fiscal Year End Date	--08-29
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	May 30, 2020	May 25, 2019	May 30, 2020	May 25, 2019
Income Statement [Abstract]
Net revenues	$ 402,458	$ 528,940	$ 1,617,726	$ 1,455,278
Cost of goods sold	370,434	442,356	1,427,307	1,231,269
Gross profit	32,024	86,584	190,419	224,009
Selling, general, and administrative expenses	33,271	35,332	126,540	106,303
Amortization of intangible assets	6,926	2,278	18,514	7,204
Total operating expenses	40,197	37,610	145,054	113,507
Operating (loss) income	(8,173)	48,974	45,365	110,502
Interest expense	8,440	4,446	23,140	13,293
Non-operating income	(74)	(360)	(460)	(1,330)
(Loss) income before income taxes	(16,539)	44,888	22,685	98,539
(Benefit) provision for income taxes	(4,186)	8,717	3,702	18,609
Net (loss) income	$ (12,353)	$ 36,171	$ 18,983	$ 79,930
Income (loss) income per common share:
Basic (in dollars per share)	$ (0.37)	$ 1.15	$ 0.57	$ 2.53
Diluted (in dollars per share)	$ (0.37)	$ 1.14	$ 0.57	$ 2.52
Weighted average common shares outstanding:
Basic (in shares)	33,625	31,493	33,102	31,546
Diluted (in shares)	33,625	31,644	33,289	31,722
Other comprehensive income (loss):
Amortization of net actuarial loss (net of tax of $3, $3, $9, and $8)	$ 8	$ 8	$ 24	$ 24
Interest rate swap activity (net of tax of $141, $114, $163, and $327)	(432)		(500)
Interest rate swap activity (net of tax of $141, $114, $163, and $327)		(362)		(1,018)
Total other comprehensive loss	(424)	(354)	(476)	(994)
Comprehensive (loss) income	$ (12,777)	$ 35,817	$ 18,507	$ 78,936

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 30, 2020	May 25, 2019	May 30, 2020	May 25, 2019
Income Statement [Abstract]
Amortization of net actuarial loss, tax	$ 3	$ 3	$ 9	$ 8
Interest rate swap activity, tax	$ 141		$ 163
Interest rate swap activity, tax		$ 114		$ 327

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May 30, 2020	Aug. 31, 2019
Current assets:
Cash and cash equivalents	$ 152,480	$ 37,431
Receivables, less allowance for doubtful accounts ($381 and $160, respectively)	163,590	158,049
Inventories, net	190,359	201,126
Prepaid expenses and other assets	21,566	14,051
Total current assets	527,995	410,657
Property, plant, and equipment, net	175,431	127,572
Other assets:
Goodwill	348,058	274,931
Other intangible assets, net	408,358	256,082
Investment in life insurance	27,336	26,846
Operating lease assets	29,790
Other assets	16,072	8,143
Total assets	1,533,040	1,104,231
Current liabilities:
Accounts payable	81,998	81,635
Accrued expenses:
Accrued compensation	24,907	20,328
Product warranties	60,665	44,436
Self-insurance	16,860	13,820
Promotional	11,677	10,896
Accrued interest	1,992	4,059
Other	16,408	13,678
Current maturities of long-term debt	13,668	8,892
Total current liabilities	228,175	197,744
Non-current liabilities:
Long-term debt, less current maturities	451,306	245,402
Deferred income taxes	16,708	12,032
Unrecognized tax benefits	6,269	3,591
Operating lease liabilities	27,366
Deferred compensation benefits, net of current portion	11,454	12,878
Other	6,952	372
Total non-current liabilities	520,055	274,275
Contingent liabilities and commitments (Note 12)
Stockholders' equity:
Preferred stock, par value $0.01: Authorized-10,000 shares; Issued-zero	0	0
Common stock, par value $0.50: Authorized-60,000 shares; Issued-51,776 shares	25,888	25,888
Additional paid-in capital	200,456	91,185
Retained earnings	874,911	866,886
Accumulated other comprehensive loss	(967)	(491)
Treasury stock, at cost: 18,146 and 20,262 shares, respectively	(315,478)	(351,256)
Total stockholders' equity	784,810	632,212
Total liabilities and stockholders' equity	$ 1,533,040	$ 1,104,231

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May 30, 2020	Aug. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 381	$ 160
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Capital stock common, par value (in dollars per share)	$ 0.50	$ 0.50
Capital stock common, shares authorized (in shares)	60,000,000	60,000,000
Capital stock common, shares issued (in shares)	51,776,000	51,776,000
Treasury stock, at cost, shares (in shares)	18,146,000	20,262,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	May 30, 2020	May 25, 2019
Operating activities:
Net income	$ 18,983	$ 79,930
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	11,854	9,788
Amortization of intangible assets	18,514	7,204
Non-cash interest expense, net	7,440	0
Amortization of debt issuance costs	2,181	1,186
Last-in, first-out expense	1,450	1,544
Stock-based compensation	3,332	5,735
Deferred income taxes	365	362
Other, net	516	1,265
Change in assets and liabilities:
Receivables	31,440	(20,961)
Inventories	91,938	2,701
Prepaid expenses and other assets	159	(653)
Accounts payable	(13,528)	3,954
Income taxes and unrecognized tax benefits	(2,622)	(13,898)
Accrued expenses and other liabilities	(9,585)	4,692
Net cash provided by operating activities	162,437	82,849
Investing activities:
Purchases of property and equipment	(28,582)	(31,681)
Acquisition of business, net of cash acquired	(260,965)	(702)
Proceeds from the sale of property	0	134
Other, net	141	1,752
Net cash used in investing activities	(289,406)	(30,497)
Financing activities:
Borrowings on credit agreement	1,495,209	342,549
Repayments of credit agreement	(1,495,209)	(375,438)
Proceeds from issuance of convertible senior notes	300,000	0
Purchase of convertible note hedge	(70,800)	0
Proceeds from issuance of warrants	42,210	0
Payments on long-term debt	(6,500)	0
Payments of offering costs	(10,761)	0
Payments of cash dividends	(10,881)	(10,201)
Payments for repurchase of common stock	0	(7,724)
Other, net	(1,250)	296
Net cash provided by (used in) financing activities	242,018	(50,518)
Net increase in cash and cash equivalents	115,049	1,834
Cash and cash equivalents at beginning of period	37,431	2,342
Cash and cash equivalents at end of period	152,480	4,176
Supplement cash flow disclosure:
Income taxes paid, net	6,240	33,852
Interest paid	14,961	10,335
Non-cash transactions:
Issuance of Winnebago common stock for acquisition of business	92,572	0
Capital expenditures in accounts payable	$ 255	$ 9

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Shares	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance (in shares) at Aug. 25, 2018		51,776				20,243
Beginning balance at Aug. 25, 2018	$ 534,445	$ 25,888	$ 86,223	$ 768,816	$ 892	$ (347,374)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures (in shares)						4
Stock-based compensation, net of forfeitures	5,752		5,683			$ 69
Issuance of stock, net (in shares)						208
Issuance of stock, net	1,528		(2,056)			$ 3,584
Issuance of stock under ESPP (in shares)						15
Issuance of stock under ESPP	296		46			$ 250
Repurchase of common stock (in shares)						(255)
Repurchase of common stock	(7,724)					$ (7,724)
Common stock dividends	(10,240)			(10,240)
Actuarial loss, net of tax	24				24
Interest rate swap activity, net of tax	(1,018)				(1,018)
Net income (loss)	79,930			79,930
Ending balance (in shares) at May. 25, 2019		51,776				20,271
Ending balance at May. 25, 2019	602,993	$ 25,888	89,896	838,506	(102)	$ (351,195)
Beginning balance (in shares) at Feb. 23, 2019		51,776				20,292
Beginning balance at Feb. 23, 2019	570,666	$ 25,888	89,682	805,851	252	$ (351,007)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures (in shares)						1
Stock-based compensation, net of forfeitures	1,130		1,118			$ 12
Issuance of stock, net (in shares)						52
Issuance of stock, net	0		(904)			$ 904
Repurchase of common stock (in shares)						(32)
Repurchase of common stock	(1,104)					$ (1,104)
Common stock dividends	(3,516)			(3,516)
Actuarial loss, net of tax	8				8
Interest rate swap activity, net of tax	(362)				(362)
Net income (loss)	36,171			36,171
Ending balance (in shares) at May. 25, 2019		51,776				20,271
Ending balance at May. 25, 2019	602,993	$ 25,888	89,896	838,506	(102)	$ (351,195)
Beginning balance (in shares) at Aug. 31, 2019		51,776				20,262
Beginning balance at Aug. 31, 2019	632,212	$ 25,888	91,185	866,886	(491)	$ (351,256)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures (in shares)						1
Stock-based compensation, net of forfeitures	3,332		3,309			$ 23
Issuance of stock, net (in shares)						160
Issuance of stock, net	771		(2,011)			$ 2,782
Issuance of stock for acquisition (in shares)						2,000
Issuance of stock for acquisition	92,572		57,811			$ 34,761
Repurchase of common stock (in shares)						(45)
Repurchase of common stock	(1,788)					$ (1,788)
Common stock dividends	(10,958)			(10,958)
Actuarial loss, net of tax	24				24
Interest rate swap activity, net of tax	(500)				(500)
Equity component of convertible senior notes and offering costs, net of tax of $20,840	61,335		61,335
Convertible note hedge purchase, net of tax of $17,417	(53,383)		(53,383)
Warrant transactions	42,210		42,210
Net income (loss)	18,983			18,983
Ending balance (in shares) at May. 30, 2020		51,776				18,146
Ending balance at May. 30, 2020	784,810	$ 25,888	200,456	874,911	(967)	$ (315,478)
Beginning balance (in shares) at Feb. 29, 2020		51,776				18,153
Beginning balance at Feb. 29, 2020	801,524	$ 25,888	200,751	890,994	(543)	$ (315,566)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures (in shares)						0
Stock-based compensation, net of forfeitures	(308)		(315)			$ 7
Issuance of stock, net (in shares)						8
Issuance of stock, net	153		20			$ 133
Repurchase of common stock (in shares)						(1)
Repurchase of common stock	(52)					$ (52)
Common stock dividends	(3,730)			(3,730)
Actuarial loss, net of tax	8				8
Interest rate swap activity, net of tax	(432)				(432)
Net income (loss)	(12,353)			(12,353)
Ending balance (in shares) at May. 30, 2020		51,776				18,146
Ending balance at May. 30, 2020	$ 784,810	$ 25,888	$ 200,456	$ 874,911	$ (967)	$ (315,478)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) $ in Thousands	9 Months Ended
	May 30, 2020USD ($)$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends paid per common share (in dollars per share) \| $ / shares	$ 0.33
Equity component of convertible senior notes and offering costs, tax	$ 20,840
Convertible note hedge purchase, tax	$ 17,417

Basis of Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	May 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Unless the context otherwise requires, the use of the terms "Winnebago," "Company", "WGO," "we," "us," and "our" in these Notes to Condensed Consolidated Financial Statements refers to Winnebago Industries, Inc. and its wholly-owned subsidiaries. In the opinion of management, the accompanying Condensed Consolidated Financial Statements contain all adjustments necessary for a fair presentation as prescribed by accounting principles generally accepted in the United States (“GAAP”). All adjustments were comprised of normal recurring adjustments, except as noted in these Notes to Condensed Consolidated Financial Statements. Interim results are not necessarily indicative of the results to be expected for the full year. The interim Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 2019. Fiscal Period The Company follows a 52-/53-week fiscal year, ending the last Saturday in August. Fiscal 2020 is a 52-week year, while Fiscal 2019 was a 53-week year. The extra (53rd) week in Fiscal 2019 was recognized in the Company's fourth quarter. Cash and cash equivalents Cash equivalents include all investments with original maturities of three months or less or which are readily convertible into known amounts of cash and are not legally restricted. Accounts at each banking institution are insured by the Federal Deposit Insurance Corporation up to $250,000, while the remaining balances are uninsured. Subsequent Events In preparing the accompanying unaudited Condensed Consolidated Financial Statements, the Company evaluated subsequent events for potential recognition and disclosure through the date of this filing. There were no material subsequent events. Dividend On May 19, 2020, the Company's Board of Directors declared a quarterly cash dividend of $0.11 per share payable on July 1, 2020 to common stockholders of record at the close of business on June 17, 2020. Coronavirus (COVID-19) pandemic The Company is closely monitoring the impact of the 2019 novel coronavirus, or COVID-19, on all aspects of its business. COVID-19 was declared a global pandemic by the World Health Organization on March 11, 2020 and the President of the United States declared the COVID-19 outbreak a national emergency on March 13, 2020. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. The Company is taking advantage of the employer payroll tax (FICA) deferral offered by CARES which allows the Company to defer the payment of employer payroll taxes for the period from March 27, 2020 to December 31, 2020. The deferred FICA liability as of May 30, 2020 was $1.2 million and will be payable in equal installments at December 2021 and December 2022. Additionally, the Company is taking advantage of a tax credit granted to companies under the CARES Act who continued to pay their employees when operations were fully or partially suspended. The refundable tax credit through the end of the third quarter of Fiscal 2020, reflected in cost of goods sold and within other current assets, is approximately $4.0 million and will be received in the fourth quarter of Fiscal 2020. Recently Adopted Accounting Pronouncements The Company adopted Accounting Standard Update (“ASU”) 2016-02, Leases (Topic 842) , as of September 1, 2019, using the modified retrospective basis as of the beginning of the period of adoption. In addition, the Company elected the package of practical expedients permitted under the transition guidance with the new standard, which among other things, allowed the Company to carry forward the historical lease classification, and the Company elected the hindsight practical expedient. Adoption of the new standard resulted in the recording of net lease assets and lease liabilities of $33.8 million and $33.4 million, respectively, as of September 1, 2019. The adoption of the standard did not materially impact our consolidated net earnings and had no impact on the Company's cash flows. The following table details line items impacted by the adoption of this ASU within the Condensed Consolidated Balance Sheets as of September 1, 2019: (in thousands) August 31, 2019 ASU 2016-02 Adjustment on September 1, 2019 Assets Other intangible assets, net $ 256,082 $ (1,310) $ 254,772 Operating lease assets — 33,811 33,811 Total assets $ 1,104,231 $ 32,501 $ 1,136,732 Liabilities and Stockholders' Equity Accrued expenses: Other $ 13,678 $ 1,258 $ 14,936 Total current liabilities 197,744 1,258 199,002 Operating lease liabilities — 31,243 31,243 Total non-current liabilities 274,275 31,243 305,518 Total liabilities and stockholders' equity $ 1,104,231 $ 32,501 $ 1,136,732 Also, in the first quarter of Fiscal 2020, the Company adopted ASU 2017-12, Derivatives and Hedging (Topic 815) , which improves the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. The adoption of this standard did not materially impact the Company's Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , and has since issued additional amendments. ASU 2016-13 will replace today’s “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. The standard is effective for annual reporting periods beginning after December 15, 2019 (our Fiscal 2021), including interim periods within those annual reporting periods. The Company expects to adopt the new guidance in the first quarter of Fiscal 2021, and the Company does not expect a material impact to its consolidated financial statements. In December 2019, the Financial Accounting Standards Board ("FASB") issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740. The standard is effective for annual reporting periods beginning after December 15, 2020 (the Company's Fiscal 2022), including interim periods within those annual reporting periods. The Company expects to adopt the new guidance in the first quarter of Fiscal 2022, and does not expect a material impact to its consolidated financial statements. In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company will adopt this standard when LIBOR is discontinued, and does not expect a material impact to its consolidated financial statements.

Business Combinations

Business Combinations	9 Months Ended
Business Combinations	May 30, 2020
Business Combinations [Abstract]
Business Combinations	Business Combinations Newmar Corporation On November 8, 2019, pursuant to the terms of the Stock Purchase Agreement dated September 15, 2019 (the "Purchase Agreement"), Winnebago completed the acquisition of 100% of Newmar Corporation, Dutch Real Estate Corp., New-Way Transport, and New-Serv (collectively “Newmar”). Newmar is a leading manufacturer of Class A and Super C motorized recreation vehicles that are sold through an established network of independent authorized dealers throughout North America. The following table summarizes the total consideration paid for Newmar, noting that it is subject to purchase price adjustments as stipulated in the Purchase Agreement: (in thousands) November 8, 2019 Cash $ 264,433 Winnebago Industries shares: 2,000,000 at $46.29 92,572 Total $ 357,005 The cash portion of the purchase price of the acquisition and certain transaction expenses were funded through the private placement of convertible senior notes (as further described in Note 9, Long-Term Debt ) and cash on hand. The stock consideration was discounted by 7.0% due to lack of marketability because of the one year lock-up restrictions. The total purchase price was allocated to the net tangible and intangible assets of Newmar acquired, based on their fair values at the date of the acquisition. The Company believes that the information provides a reasonable basis for estimating the fair values. During the third quarter of Fiscal 2020, the Company finalized the valuation and completed the purchase price allocation, which included purchase price adjustments of $3.3 million. The following table summarizes the fair values assigned to the Newmar net assets acquired and the determination of net assets: (in thousands) November 8, 2019 Cash $ 3,469 Accounts receivable 37,147 Inventories 82,621 Prepaid expenses and other assets 9,830 Property, plant, and equipment 31,143 Goodwill 73,127 Other intangible assets 172,100 Total assets acquired 409,437 Accounts payable 14,023 Accrued compensation 4,306 Product warranties 15,147 Promotional 6,351 Other 11,637 Deferred tax liabilities 968 Total liabilities assumed 52,432 Total purchase price $ 357,005 The goodwill, recognized in the Company's Motorhome segment, is primarily attributable to the value of the workforce, reputation of founders, customer and dealer growth opportunities, and expected synergies. Key areas of cost synergies include increased purchasing power for raw materials and supply chain consolidation. Goodwill is expected to be mostly deductible for tax purposes. The following table summarizes the other intangible assets acquired: ($ in thousands) November 8, 2019 Useful Life-Years Trade name $ 98,000 Indefinite Dealer network 64,000 12.0 Backlog 8,800 0.5 Non-compete agreements 1,300 5.0 The fair value of the trade name and dealer network were estimated using an income approach. Under the income approach, an intangible asset's fair value is equal to the present value of the future economic benefits to be derived from ownership of the asset. The fair value of the trade name was estimated using an income approach, specifically the relief from royalty method. The relief from royalty method is based on the hypothetical royalty stream that would be received if we were to license the trade name and was based on expected revenues. The fair value of the trade name was estimated using an income approach, specifically the cost to recreate/cost saving method. This method uses the replacement of the asset as an indicator of the fair value of the asset. The useful life of the intangibles was determined considering the expected cash flows used to measure the fair value of the intangible assets adjusted for the entity-specific factors including legal, regulatory, contractual, competitive, economic or other factors that may limit the useful life of intangible assets. On the acquisition date, amortizable intangible assets had a weighted-average useful life of approximately 10.5 years. The results of Newmar's operations have been included in the Company's Condensed Consolidated Financial Statements from the close of the acquisition within the Motorhome segment. The following table provides net revenues and operating income from the Newmar operating segment included in the Company's consolidated results following the November 8, 2019 closing date: Three Months Ended Nine Months Ended (in thousands) May 30, 2020 May 30, 2020 Net revenues $ 87,991 $ 262,070 Operating loss (3,503) (7,294) The following unaudited pro forma information represents the Company's results of operations as if the Fiscal 2020 acquisition of Newmar had occurred at the beginning of Fiscal 2019: Three Months Ended Nine Months Ended (in thousands, except per share data) May 30, 2020 May 25, 2019 May 30, 2020 May 25, 2019 Net revenues $ 402,458 $ 710,246 $ 1,770,985 $ 1,953,195 Net (loss) income (10,004) 40,585 30,557 67,096 Income per share - basic $ (0.30) $ 1.21 $ 0.92 $ 2.00 Income per share - diluted $ (0.30) $ 1.21 $ 0.91 $ 2.00 The unaudited pro forma data above includes the following significant non-recurring adjustments made to account for certain costs which would have changed if the acquisition of Newmar had occurred at the beginning of Fiscal 2019: Three Months Ended Nine Months Ended (in thousands) May 30, 2020 May 25, 2019 May 30, 2020 May 25, 2019 Amortization of intangibles (1 year or less useful life) (1) $ 3,336 $ — $ 13,610 $ (13,610) Amortization of intangibles (2) (1) (1,395) (1,060) (4,184) Expenses related to business combination (transaction costs) (3) — 652 9,950 (10,602) Interest to reflect new debt structure (4) (361) (4,857) (4,032) (14,027) Taxes related to the adjustments to the pro forma data and to the income of Newmar (5) (625) (1,173) (3,077) 3,412 (1) Includes amortization adjustments for our backlog intangible asset and our fair-value inventory adjustment. (2) Includes amortization adjustments for our dealer network and non-compete intangible assets. (3) Pro forma transaction costs include $0.6 million incurred prior to the acquisition. (4) Includes adjustments for cash and non-cash interest expense as well as deferred financing costs. Refer to Note 9, Long-Term Debt, for additional information on the Company's new debt structure as a result of the acquisition. (5) Calculated using our U.S. federal statutory rate of 21.0%. The unaudited pro forma information is not necessarily indicative of the results that the Company would have achieved had the transaction actually taken place at the beginning of Fiscal 2019, and the unaudited pro forma information does not purport to be indicative of future financial operating results. The unaudited pro forma condensed consolidated financial information does not reflect any operating efficiencies and cost savings that may be realized from the integration of the acquisition. Transaction costs related to the Newmar acquisition were $10.6 million, of which $10.0 million were expensed during the first quarter of Fiscal 2020 and $0.6 million were expensed during the fourth quarter of Fiscal 2019. Transaction costs are included in Selling, general, and administrative expenses in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income.

Business Segments

Business Segments	9 Months Ended
Business Segments	May 30, 2020
Segment Reporting [Abstract]
Business Segments	Business Segments The Company has six operating segments: 1) Grand Design towables, 2) Winnebago towables, 3) Winnebago motorhomes, 4) Newmar motorhomes, 5) Chris-Craft marine, and 6) Winnebago specialty vehicles. The Company evaluates performance based on each operating segment's Adjusted EBITDA, as defined below, which excludes certain corporate administration expenses and non-operating income and expense. The Company's two reportable segments include: 1) Towable (comprised of products which are not motorized and are generally towed by another vehicle as well as other related manufactured products and services), which is an aggregation of the Grand Design towables and the Winnebago towables operating segments and 2) Motorhome (comprised of products that include a motorized chassis as well as other related manufactured products and services), which is an aggregation of the Winnebago motorhomes and Newmar motorhomes operating segments. The Corporate / All Other category includes the Chris-Craft marine and Winnebago specialty vehicles operating segments as well as expenses related to certain corporate administration expenses for the oversight of the enterprise. These expenses include items 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. The Company's chief operating decision maker ("CODM") is its Chief Executive Officer. The Company's CODM relies on internal management reporting that analyzes consolidated results to the net earnings level and operating segment's Adjusted EBITDA. The Company's CODM has ultimate responsibility for enterprise decisions. The Company's CODM determines, in particular, resource allocation for, and monitors the performance of, the consolidated enterprise, the Towable segment, and the Motorhome segment. The operating segments' management have responsibility for operating decisions, allocating resources, and assessing performance within their respective segments. The accounting policies of both reportable segments are the same and are described in Note 1, Summary of Significant Accounting Policies , of the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 2019. The Company evaluates the performance of its 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 adjustments made in order to present comparable results from period to period. Examples of items excluded from Adjusted EBITDA include acquisition-related fair-value inventory step-up, acquisition-related costs, restructuring expenses, and non-operating income. The following table shows information by reportable segment: Three Months Ended Nine Months Ended (in thousands) May 30, May 25, May 30, May 25, Net Revenues Towable $ 188,898 $ 346,811 $ 813,611 $ 890,335 Motorhome 203,590 160,239 755,023 506,229 Corporate / All Other 9,970 21,890 49,092 58,714 Consolidated $ 402,458 $ 528,940 $ 1,617,726 $ 1,455,278 Adjusted EBITDA Towable $ 16,451 $ 57,172 $ 86,982 $ 121,638 Motorhome (10,789) 381 13,488 16,716 Corporate / All Other (1,588) (1,679) (8,919) (9,539) Consolidated $ 4,074 $ 55,874 $ 91,551 $ 128,815 Capital Expenditures Towable $ 2,296 $ 4,810 $ 11,962 $ 21,335 Motorhome 5,768 2,543 13,348 7,933 Corporate / All Other 1,492 962 3,272 2,413 Consolidated $ 9,556 $ 8,315 $ 28,582 $ 31,681 (in thousands) May 30, August 31, Total Assets Towable $ 652,351 $ 628,994 Motorhome 620,425 332,157 Corporate / All Other 260,264 143,080 Consolidated $ 1,533,040 $ 1,104,231 Reconciliation of net income to consolidated Adjusted EBITDA: Three Months Ended Nine Months Ended (in thousands) May 30, 2020 May 25, 2019 May 30, 2020 May 25, 2019 Net (loss) income $ (12,353) $ 36,171 $ 18,983 $ 79,930 Interest expense 8,440 4,446 23,140 13,293 (Benefit) provision for income taxes (4,186) 8,717 3,702 18,609 Depreciation 4,134 3,520 11,854 9,788 Amortization of intangible assets 6,926 2,278 18,514 7,204 EBITDA 2,961 55,132 76,193 128,824 Acquisition-related fair-value inventory step-up — — 4,810 — Acquisition-related costs (189) — 9,761 — Restructuring expenses 1,376 1,102 1,247 1,321 Non-operating income (74) (360) (460) (1,330) Adjusted EBITDA $ 4,074 $ 55,874 $ 91,551 $ 128,815

Derivatives, Investments, and F

Derivatives, Investments, and Fair Value Measurements	9 Months Ended
Derivatives, Investments, and Fair Value Measurements	May 30, 2020
Fair Value Disclosures [Abstract]
Derivatives, Investments, and Fair Value Measurements	Derivatives, Investments, and Fair Value Measurements Assets and Liabilities that are Measured at Fair Value on a Recurring Basis The Company accounts for fair value measurements in accordance with Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures , which defines fair value, establishes a framework for measurement, and expands disclosure about fair value measurement. The fair value hierarchy requires the use of observable market data when available. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows: Level 1 - Unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date. Level 2 - Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets in nonactive markets; • Inputs other than quoted prices that are observable for the asset or liability; and • Inputs that are derived principally from or corroborated by other observable market data. Level 3 - Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. The following tables set forth by level within the fair value hierarchy the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis at May 30, 2020 and August 31, 2019 according to the valuation techniques the Company used to determine their fair values: Fair Value at Fair Value Hierarchy (in thousands) May 30, Level 1 Level 2 Level 3 Assets that fund deferred compensation: Domestic equity funds $ 378 $ 293 $ 85 $ — International equity funds 93 30 63 — Fixed income funds 163 50 113 — Interest rate swap contracts (573) — (573) — Total assets at fair value $ 61 $ 373 $ (312) $ — Fair Value at Fair Value Hierarchy (in thousands) August 31, Level 1 Level 2 Level 3 Assets that fund deferred compensation: Domestic equity funds $ 373 $ 288 $ 85 $ — International equity funds 101 45 56 — Fixed income funds 155 54 101 — Interest rate swap contracts 90 — 90 — Total assets at fair value $ 719 $ 387 $ 332 $ — The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Assets that fund deferred compensation The Company's 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 are primarily classified as Level 1 as they are traded in an active market for which closing stock prices are readily available. These securities fund the Executive Share Option Plan and the Executive Deferred Compensation Plan. Refer to Note 10, Employee and Retiree Benefits , of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2019 for additional information regarding these plans. The proportion of the assets that will fund options which expire within a year are included in Prepaid expenses and other assets in the accompanying Condensed Consolidated Balance Sheets. The remaining assets are classified as non-current and are included in Other assets. Interest Rate Swap Contract On March 6, 2020, the Company entered into an interest rate swap agreement for an incremental notional amount of $25 million to exchange floating for fixed rate interest payments for our LIBOR-based borrowings. The interest rate swap had a fair value of zero at inception, is effective March 10, 2020 and has been designated as a cash flow hedge. The interest rate swap agreement, with a maturity date of March 4, 2025, converts the Company's interest rate payments on $25 million of variable-rate, 1-month LIBOR-based debt to a fixed interest rate of 1.265%. On March 2, 2020, the Company entered into an interest rate swap agreement for an incremental notional amount of $25 million to exchange floating for fixed rate interest payments for our LIBOR-based borrowings. The interest rate swap had a fair value of zero at inception, is effective March 4, 2020 and has been designated as a cash flow hedge. The interest rate swap agreement, with a maturity date of March 4, 2025, converts the Company's interest rate payments on $25 million of variable-rate, 1-month LIBOR-based debt to a fixed interest rate of 1.364%. On January 23, 2017, the Company entered into an interest rate swap contract, which effectively fixed the interest rate on the $300.0 million term loan agreement ("Term Loan") for a notional amount that reduced each December during the swap contract. As of August 31, 2019, the Company had $120.0 million of the Term Loan fixed at an interest rate of 5.32%. In the first quarter of Fiscal 2020, the Company exited the swap contract prior to its expiration on December 8, 2020. The fair value of the interest rate swap is classified as Level 2 as it is determined based on observable market data. The asset is included in Other assets and the liability is included in Other non-current liabilities on the Condensed Consolidated Balance Sheets. The change in value is recorded to Accumulated other comprehensive loss on the Condensed Consolidated Balance Sheets since the interest rate swap is designated for hedge accounting. These circumstances were similar for the swap that was exited during the first quarter of Fiscal 2020. Assets and Liabilities that are measured at Fair Value on a Nonrecurring Basis The Company's non-financial assets, which include goodwill, intangible assets, and property, plant and equipment, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur, or if an annual impairment test is required, the Company must evaluate the non-financial asset for impairment. If an impairment has occurred, the asset is required to be recorded at the estimated fair value. No impairments were recorded for non-financial assets in the third quarter of Fiscal 2020 or the third quarter of Fiscal 2019. Fair Value of Financial Instruments The Company's financial instruments, other than those presented in the disclosures above, include cash, receivables, accounts payable, other payables, and long-term debt. The fair values of cash, receivables, accounts payable, and other payables approximated carrying values because of the short-term nature of these instruments. If these instruments were measured at fair value in the financial statements, they would be classified as Level 1 in the fair value hierarchy. See Note 9, Long-Term Debt , for information about the fair value of our long-term debt.

Inventories

Inventories	9 Months Ended
Inventories	May 30, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: (in thousands) May 30, August 31, Finished goods $ 39,071 $ 53,417 Work-in-process 80,828 82,926 Raw materials 112,930 105,804 Total 232,829 242,147 Less last-in, first-out ("LIFO") reserve 42,470 41,021 Inventories, net $ 190,359 $ 201,126 Inventory valuation methods consist of the following: (in thousands) May 30, August 31, LIFO basis $ 136,939 $ 184,007 First-in, first-out basis 95,890 58,140 Total $ 232,829 $ 242,147

Property, Plant, and Equipment

Property, Plant, and Equipment	9 Months Ended
Property, Plant, and Equipment	May 30, 2020
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment	Property, Plant, and Equipment Property, plant, and equipment is stated at cost, net of accumulated depreciation, and consists of the following: (in thousands) May 30, August 31, Land $ 10,894 $ 6,799 Buildings and building improvements 165,424 119,638 Machinery and equipment 114,127 107,701 Software 29,622 29,169 Transportation 4,272 3,865 Property, plant, and equipment, gross 324,339 267,172 Less accumulated depreciation 148,908 139,600 Property, plant, and equipment, net $ 175,431 $ 127,572

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
Goodwill and Intangible Assets	May 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The changes in the carrying amount of goodwill by segment were as follows for the first nine months of Fiscal 2020 and 2019, of which there were no accumulated impairment losses: (in thousands) Towable Motorhome Corporate / All Other Total Balances at August 25, 2018 $ 244,684 $ — $ 29,686 $ 274,370 Chris-Craft purchase price adjustment (1) — — 1,287 1,287 Balances at May 25, 2019 $ 244,684 $ — $ 30,973 $ 275,657 Balances at August 31, 2019 $ 244,684 $ — $ 30,247 $ 274,931 Acquisition of Newmar (2) — 73,127 — 73,127 Balances at May 30, 2020 $ 244,684 $ 73,127 $ 30,247 $ 348,058 (1) Refer to Note 2, Business Combinations , of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2019 for additional information. (2) Refer to Note 2, Business Combinations , for additional information. Other intangible assets, net of accumulated amortization, consist of the following: May 30, 2020 August 31, 2019 ($ in thousands) Weighted Average Life-Years Cost Accumulated Amortization Weighted Average Life-Years Cost Accumulated Amortization Trade names Indefinite $ 275,250 Indefinite $ 177,250 Dealer networks 12.1 159,581 $ 29,195 12.2 95,581 $ 20,329 Backlog 0.5 28,327 28,327 0.5 19,527 19,527 Non-compete agreements 4.3 6,647 3,924 4.1 5,347 3,077 Leasehold interest-favorable — — 8.1 2,000 690 Other intangible assets, gross 469,805 61,446 299,705 43,623 Less accumulated amortization 61,446 43,623 Other intangible assets, net $ 408,358 $ 256,082 The weig hted average remaining amortization period for intangible assets as of May 30, 2020 was approximatel y 10 years. Remaining estimated aggregate annual amortization expense by fiscal year is as follows: (in thousands) Amount Fiscal 2020 $ 3,590 Fiscal 2021 14,361 Fiscal 2022 13,719 Fiscal 2023 13,526 Fiscal 2024 13,424 Thereafter 74,488 Total amortization expense remaining $ 133,108

Product Warranties

Product Warranties	9 Months Ended
Product Warranties	May 30, 2020
Product Warranties Disclosures [Abstract]
Product Warranties	Product Warranties The Company provides certain service and warranty on our products. From time to time, the Company also voluntarily incurs costs for certain warranty-type expenses occurring after the normal warranty period to help protect the reputation of the Company's products and the goodwill of the Company's 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, the Company also occasionally incurs costs as a result of additional service actions not covered by warranties, including product recalls and customer satisfaction actions. Although the Company estimates and reserves for the cost of these service actions, there can be no assurance that expense levels will remain at current levels or such reserves will continue to be adequate. Changes in the Company's product warranty liability are as follows: Three Months Ended Nine Months Ended (in thousands) May 30, May 25, May 30, May 25, Balance at beginning of period $ 60,211 $ 40,305 $ 44,436 $ 40,498 Business acquisition (1) — — 15,147 — Provision 13,227 14,139 44,274 34,090 Claims paid (12,773) (10,820) (43,192) (30,964) Balance at end of period $ 60,665 $ 43,624 $ 60,665 $ 43,624 (1) Refer to Note 2, Business Combinations , for additional information.

Long-Term Debt

Long-Term Debt	9 Months Ended
Long-Term Debt	May 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The components of long-term debt are as follows: (in thousands) May 30, August 31, ABL Credit Facility $ — $ — Term Loan 253,500 260,000 Convertible Notes 300,000 — Long-term debt, gross 553,500 260,000 Convertible Notes unamortized interest discount (77,581) — Debt issuance costs, net (10,945) (5,706) Long-term debt 464,974 254,294 Less current maturities 13,668 8,892 Long-term debt, less current maturities $ 451,306 $ 245,402 Credit Agreements On November 8, 2016, the Company entered into a $125.0 million credit facility ("ABL Credit Facility") and a $300.0 million loan agreement ("Term Loan") with JPMorgan Chase Bank, N.A. (the agreements governing the ABL Credit Facility and the Term Loan, collectively the "Credit Agreements"). On October 22, 2019, the ABL Credit Facility was amended and restated to, among other things, increase the commitments thereunder to $192.5 million. The Credit Agreements contain certain financial covenants. As of May 30, 2020, the Company is in compliance with all financial covenants of the Credit Agreements. Convertible Notes On November 1, 2019, the Company issued $300.0 million in aggregate principal amount of 1.5% unsecured convertible senior notes due 2025 (“Convertible Notes”). The net proceeds from the issuance of the Convertible Notes, after deducting the initial purchasers' transaction fees and offering expense payable by the Company, were approximately $290.4 million. The Convertible Notes bear interest at the annual rate of 1.5%, payable on April 1 and October 1 of each year, beginning on April 1, 2020, and will mature on April 1, 2025, unless earlier converted or repurchased by the Company. The Convertible Notes will be convertible into cash, shares of the Company's common stock or a combination thereof, at the election of the Company, at an initial conversion rate of 15.6906 shares of common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $63.73 per share, as adjusted pursuant to the terms of the indenture governing the Convertible Notes (the "Indenture"). The Convertible Notes may be converted at any time on or after October 1, 2024, until the close of business on the second scheduled trading day immediately preceding the maturity date. The conversion rate of the Convertible Notes may be adjusted in certain circumstances, including in connection with a conversion of the Convertible Notes made following certain fundamental changes and under other circumstances set forth in the Indenture. It is the Company's current intent to settle all conversions of the Convertible Notes through settlement of cash. Prior to the close of business on the business day immediately preceding October 1, 2024, the Convertible Notes will be convertible only under the following circumstances: (1) during any fiscal quarter commencing after December 31, 2019 if the closing sale price of the common stock is more than 130% of the applicable conversion price on each applicable trading day for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the 5 consecutive business day period after any 5 consecutive trading day period (the "measurement period") in which the trading price per $1,000 principal amount of Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate for the Convertible Notes on each such trading day; or (3) upon the occurrence of certain specified corporate events set forth in the indenture. The Company may not redeem the Convertible Notes at our option prior to the maturity date, and no sinking fund is provided for the Convertible Notes. On October 29, 2019 and October 30, 2019, in connection with the offering of the Convertible Notes, the Company entered into privately negotiated convertible note hedge transactions (collectively, the “Hedge Transactions”) that cover, subject to customary anti-dilution adjustments, the number of shares of the Company's common stock that initially underlie the Convertible Notes, and are expected generally to reduce the potential dilution and/or offset any cash payments the Company is required to make in excess of the principal amount due, as the case may be, upon conversion of the Convertible Notes in the event that the market price of the Company's common stock is greater than the strike price of the Hedge Transactions, which was initially $63.73 per share (subject to adjustment under the terms of the Hedge Transactions), corresponding to the initial conversion price of the Convertible Notes. On October 29, 2019 and October 30, 2019, the Company also entered into privately negotiated warrant transactions (collectively, the “Warrant Transactions” and, together with the Hedge Transactions, the “Call Spread Transactions”), whereby the Company sold warrants at a higher strike price relating to the same number of shares of the Company's common stock that initially underlie the Convertible Notes, subject to customary anti-dilution adjustments. The initial strike price of the warrants is $96.20 per share (subject to adjustment under the terms of the Warrant Transactions), which is 100% above the last reported sale price of our common stock on October 29, 2019. The Warrant Transactions could have a dilutive effect to the Company's stockholders to the extent that the market price per share of the Company's common stock, as measured under the terms of the Warrant Transactions, exceeds the applicable strike price of the warrants. The Company used $28.6 million of the net proceeds from the issuance of the Convertible Notes to pay the cost of the Call Spread Transactions. The Hedge Transactions and the Warrant Transactions are separate transactions, in each case, and are not part of the terms of the Convertible Notes and will not affect any holder’s rights under the Convertible Notes. Holders of the Convertible Notes will not have any rights with respect to the Call Spread Transactions. Accounting Treatment of the Convertible Notes and Related Hedge Transactions and Warrant Transactions The Call Spread Transactions were classified as equity. The Company bifurcated the proceeds from the offering of the Convertible Notes between liability and equity components. On the date of issuance, the liability and equity components were calculated to be approximately $215.0 million and $85.0 million, respectively. The initial $215.0 million liability component was determined based on the fair value of similar debt instruments excluding the conversion feature assuming a hypothetical interest rate of 8%. The initial $85.0 million ($64.1 million net of tax) equity component represents the difference between the fair value of the initial $215.0 million in debt and the $300.0 million of gross proceeds. The related initial debt discount of $85.0 million is being amortized over the life of the Convertible Notes as non-cash interest expense using the effective interest method. In connection with the above-noted transactions, the Company incurred approximately $9.6 million of offering-related costs. These offering fees were allocated to the liability and equity components in proportion to the allocation of proceeds and accounted for as debt and equity issuance costs, respectively. The Company allocated $7.0 million of debt issuance costs to the liability component, which were capitalized as deferred financing costs within Long-term debt. These costs are being amortized as interest expense over the term of the debt using the effective interest method. The remaining $2.6 million of transaction costs allocated to the equity component were recorded as a reduction of the equity component. Fair Value and Future Maturities As of May 30, 2020, the fair value of long-term debt, gross, was $566.1 million. As of August 31, 2019, the fair value of long-term debt, gross, approximated the carrying value. Aggregate contractual maturities of debt in future fiscal years are as follows: (in thousands) Amount Fiscal 2020 $ 3,750 Fiscal 2021 15,000 Fiscal 2022 15,000 Fiscal 2023 15,000 Fiscal 2024 204,750 Thereafter 300,000 Total Term Loan and Convertible Notes $ 553,500

Leases

Leases	9 Months Ended
Leases	May 30, 2020
Leases [Abstract]
Leases	Leases The Company's leases primarily include operating leases for office and manufacturing space and equipment. The Company's finance leases are primarily for real estate. For any lease with an initial term in excess of 12 months, the related lease assets and liabilities are recognized on the Condensed Consolidated Balance Sheets as either operating or finance leases at the inception of an agreement where it is determined that a lease exists. The Company has lease agreements that contain both lease and non-lease components, and has 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 Condensed Consolidated Balance Sheets; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. When the terms of multiple lease agreements are materially consistent, the Company has 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. The Company generally uses 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 of the Company generally do not include options to extend or terminate the lease unless it is reasonably certain that the option will be exercised. Some of the Company's real estate operating leases require payment of real estate taxes, common area maintenance, and insurance. In addition, certain of the leases are subject to annual changes in the consumer price index. These components comprise the majority of the Company's 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, the Company recognizes the related rent expense on a straight-line basis from the commencement date to the end of the lease term. The following table details the supplemental balance sheet information related to the Company's leases: (in thousands) Classification May 30, 2020 Assets Operating leases Operating lease assets $ 29,790 Finance leases Other assets $ 4,542 Total lease assets $ 34,332 Liabilities Current: Operating leases Accrued expenses: Other $ 2,507 Current: Finance leases Accrued expenses: Other 532 Non-Current: Operating leases Operating lease liabilities 27,366 Non-Current: Financing leases Non-current liabilities: Other $ 5,005 Total lease liabilities $ 35,410 The following table details the operating lease cost incurred: Three Months Ended Nine Months Ended (in thousands) Classification May 30, 2020 May 30, 2020 Operating lease expense (1) Costs of goods sold and SG&A $ 1,647 $ 5,183 Finance lease cost: Depreciation of lease assets Costs of goods sold and SG&A 144 331 Interest on lease liabilities Interest expense 86 205 Total lease cost $ 1,877 $ 5,719 (1) Operating lease expense includes short-term leases and variable lease payments, which are immaterial. The Company's future lease commitments for future fiscal years as of May 30, 2020 included the following related party and non-related party leases: Operating Leases Finance Leases (in thousands) Related Party Amount Non-Related Party Amount Total Non-Related Party Amount Fiscal 2020 $ 225 $ 854 $ 1,079 $ 214 Fiscal 2021 900 3,330 4,230 855 Fiscal 2022 900 3,014 3,914 851 Fiscal 2023 1,500 2,757 4,257 842 Fiscal 2024 1,800 2,587 4,387 845 Thereafter 9,600 11,912 21,512 3,443 Total future undiscounted lease payments 14,925 24,454 39,379 7,050 Less: Interest 4,042 5,464 9,506 1,513 Total reported lease liabilities $ 10,883 $ 18,990 $ 29,873 $ 5,537 The Company's future minimum lease payments for future fiscal years as determined prior to the adoption of ASC 842, Leases , and as disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 2019, included the following related party and non-related party leases: Operating Leases (in thousands) Related Party Amount Non-Related Party Amount Total Fiscal 2020 $ 2,864 $ 1,236 $ 4,100 Fiscal 2021 2,863 1,068 3,931 Fiscal 2022 2,863 759 3,622 Fiscal 2023 3,597 530 4,127 Fiscal 2024 3,963 361 4,324 Thereafter 25,064 1,359 26,423 Total future lease commitments $ 41,214 $ 5,313 $ 46,527 The following table details additional information related to the Company's leases: Nine Months Ended (in thousands) May 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,807 Operating cash flows from finance leases 205 Financing cash flows from finance leases 232 Leased assets obtained in exchange for lease liabilities: Operating leases 1,663 Finance leases (1) 5,664 May 30, 2020 Weighted average remaining lease term (in years): Operating leases 8.9 Finance leases 8.0 Weighted average discount rate: Operating leases 6.2 % Finance leases 6.2 % (1) Represents the lease liability added. Lease assets are offset by a $1.0 million unfavorable lease liability created by the acquisition of Newmar.
Leases	Leases The Company's leases primarily include operating leases for office and manufacturing space and equipment. The Company's finance leases are primarily for real estate. For any lease with an initial term in excess of 12 months, the related lease assets and liabilities are recognized on the Condensed Consolidated Balance Sheets as either operating or finance leases at the inception of an agreement where it is determined that a lease exists. The Company has lease agreements that contain both lease and non-lease components, and has 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 Condensed Consolidated Balance Sheets; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. When the terms of multiple lease agreements are materially consistent, the Company has 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. The Company generally uses 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 of the Company generally do not include options to extend or terminate the lease unless it is reasonably certain that the option will be exercised. Some of the Company's real estate operating leases require payment of real estate taxes, common area maintenance, and insurance. In addition, certain of the leases are subject to annual changes in the consumer price index. These components comprise the majority of the Company's 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, the Company recognizes the related rent expense on a straight-line basis from the commencement date to the end of the lease term. The following table details the supplemental balance sheet information related to the Company's leases: (in thousands) Classification May 30, 2020 Assets Operating leases Operating lease assets $ 29,790 Finance leases Other assets $ 4,542 Total lease assets $ 34,332 Liabilities Current: Operating leases Accrued expenses: Other $ 2,507 Current: Finance leases Accrued expenses: Other 532 Non-Current: Operating leases Operating lease liabilities 27,366 Non-Current: Financing leases Non-current liabilities: Other $ 5,005 Total lease liabilities $ 35,410 The following table details the operating lease cost incurred: Three Months Ended Nine Months Ended (in thousands) Classification May 30, 2020 May 30, 2020 Operating lease expense (1) Costs of goods sold and SG&A $ 1,647 $ 5,183 Finance lease cost: Depreciation of lease assets Costs of goods sold and SG&A 144 331 Interest on lease liabilities Interest expense 86 205 Total lease cost $ 1,877 $ 5,719 (1) Operating lease expense includes short-term leases and variable lease payments, which are immaterial. The Company's future lease commitments for future fiscal years as of May 30, 2020 included the following related party and non-related party leases: Operating Leases Finance Leases (in thousands) Related Party Amount Non-Related Party Amount Total Non-Related Party Amount Fiscal 2020 $ 225 $ 854 $ 1,079 $ 214 Fiscal 2021 900 3,330 4,230 855 Fiscal 2022 900 3,014 3,914 851 Fiscal 2023 1,500 2,757 4,257 842 Fiscal 2024 1,800 2,587 4,387 845 Thereafter 9,600 11,912 21,512 3,443 Total future undiscounted lease payments 14,925 24,454 39,379 7,050 Less: Interest 4,042 5,464 9,506 1,513 Total reported lease liabilities $ 10,883 $ 18,990 $ 29,873 $ 5,537 The Company's future minimum lease payments for future fiscal years as determined prior to the adoption of ASC 842, Leases , and as disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 2019, included the following related party and non-related party leases: Operating Leases (in thousands) Related Party Amount Non-Related Party Amount Total Fiscal 2020 $ 2,864 $ 1,236 $ 4,100 Fiscal 2021 2,863 1,068 3,931 Fiscal 2022 2,863 759 3,622 Fiscal 2023 3,597 530 4,127 Fiscal 2024 3,963 361 4,324 Thereafter 25,064 1,359 26,423 Total future lease commitments $ 41,214 $ 5,313 $ 46,527 The following table details additional information related to the Company's leases: Nine Months Ended (in thousands) May 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,807 Operating cash flows from finance leases 205 Financing cash flows from finance leases 232 Leased assets obtained in exchange for lease liabilities: Operating leases 1,663 Finance leases (1) 5,664 May 30, 2020 Weighted average remaining lease term (in years): Operating leases 8.9 Finance leases 8.0 Weighted average discount rate: Operating leases 6.2 % Finance leases 6.2 % (1) Represents the lease liability added. Lease assets are offset by a $1.0 million unfavorable lease liability created by the acquisition of Newmar.

Employee and Retiree Benefits

Employee and Retiree Benefits	9 Months Ended
Employee and Retiree Benefits	May 30, 2020
Retirement Benefits [Abstract]
Employee and Retiree Benefits	Employee and Retiree Benefits Deferred compensation liabilities are as follows: (in thousands) May 30, August 31, Non-qualified deferred compensation $ 11,859 $ 13,093 Supplemental executive retirement plan 1,825 2,072 Executive share option plan — 12 Executive deferred compensation plan 634 621 Deferred compensation benefits 14,318 15,798 Less current portion (1) 2,864 2,920 Deferred compensation benefits, net of current portion $ 11,454 $ 12,878 (1) Included in Accrued compensation on the Condensed Consolidated Balance Sheets.

Contingent Liabilities and Comm

Contingent Liabilities and Commitments	9 Months Ended
Contingent Liabilities and Commitments	May 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities and Commitments	Contingent Liabilities and Commitments Repurchase Commitments Generally, manufacturers in the same industries as the Company 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. The repurchase agreements of the Company generally provide that, in the event of default by the dealer on the agreement to pay the lending institution, the Company will repurchase the financed merchandise. The terms of these agreements, which generally can last up to 24 months, provide that the 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. The Company's liability cannot exceed 100% of the dealer invoice. In certain instances, the Company also repurchases 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 of the Company was approximately $1.2 billion and $874.9 million at May 30, 2020 and August 31, 2019, respectively. Repurchased sales are not recorded as a revenue transaction, but the net difference between the original repurchase price and the resale price are recorded against the loss reserve, which is a deduction from gross revenue. The Company's loss reserve for repurchase commitments contains uncertainties because the calculation requires management to make assumptions and apply judgment regarding a number of factors. The Company's 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 the Company's repurchase agreements represents all financed dealer inventory at the period 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 the Company's historical loss experience, an associated loss reserve is established which is included in Accrued expenses: Other on the Condensed Consolidated Balance Sheets. The Company's estimated repurchase accrual was $1.2 million and $0.9 million at May 30, 2020 and August 31, 2019, respectively. Repurchase risk is affected by the credit worthiness of the Company's dealer network, and management does not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to establish the loss reserve for repurchase commitments. There was no material activity related to repurchase agreements during the first nine months ended May 30, 2020 and May 25, 2019. Litigation

Revenue

Revenue	9 Months Ended
Revenue	May 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company generates all operating revenue from contracts with customers. The Company's primary source of revenue is generated through the sale of manufactured motorized units, non-motorized towable units, and marine units to the Company's independent dealer network (the Company's customers). The following table disaggregates revenue by reportable segment and product category: Three Months Ended Nine Months Ended (in thousands) May 30, May 25, May 30, May 25, Net Revenues Towable: Fifth Wheel $ 107,364 $ 201,561 $ 459,301 $ 519,093 Travel Trailer 77,974 140,709 342,331 358,497 Other (1) 3,560 4,541 11,979 12,745 Total Towable 188,898 346,811 813,611 890,335 Motorhome: Class A 92,280 45,138 337,629 148,816 Class B 65,000 41,363 232,349 162,343 Class C 39,268 67,674 161,801 176,059 Other (1) 7,042 6,064 23,244 19,011 Total Motorhome 203,590 160,239 755,023 506,229 Corporate / All Other: Other (2) 9,970 21,890 49,092 58,714 Total Corporate / All Other 9,970 21,890 49,092 58,714 Consolidated $ 402,458 $ 528,940 $ 1,617,726 $ 1,455,278 (1) Relates to parts, accessories, and services. (2) Relates to marine and specialty vehicle units, parts, accessories, and services. The Company does not have material contract assets or liabilities. The Company establishes allowances for uncollectible receivables based on historical collection trends and write-off history. Concentration of Risk None of the Company's dealer organizations accounted for more than 10% of net revenue for each of the third quarter periods of Fiscal 2020 and Fiscal 2019. In addition, none of the Company's dealer organizations accounted for more than 10% of net revenue for the first nine months of Fiscal 2020 or 2019.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	May 30, 2020
Stockholders' Equity Note [Abstract]
Stock-Based Compensation	Stock-Based Compensation On December 11, 2018, the Company's shareholders approved the Winnebago Industries, Inc. 2019 Omnibus Incentive Plan ("2019 Plan") as detailed in the Company's Proxy Statement for the 2018 Annual Meeting of Shareholders. The 2019 Plan allows the Company 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 2019 Plan replaces our 2014 Omnibus Equity, Performance Award, and Incentive Compensation Plan (as amended, the "2014 Plan"). The number of shares of the Company's Common Stock that may be the subject of awards and issued under the 2019 Plan is 4.1 million, plus the shares subject to any awards outstanding under the 2014 Plan and the Company's predecessor plan, the 2004 Incentive Compensation Plan (the “2004 Plan”), on December 11, 2018 that subsequently expire, are forfeited or canceled, or are settled for cash. Until such time, however, awards under the 2014 Plan and the 2004 Plan, respectively, that are outstanding on December 11, 2018 will continue to be subject to the terms of the 2014 Plan or 2004 Plan, as applicable. Shares remaining available for future awards under the 2014 Plan were not carried over into the 2019 Plan. Stock-based compensation expense was $(0.3) million and $1.1 million during the third quarters of Fiscal 2020 and 2019, respectively, and $3.3 million and $5.7 million during the first nine months of Fiscal 2020 and 2019, respectively. Compensation expense is recognized over the requisite service period of the award.

Restructuring

Restructuring	9 Months Ended
Restructuring	May 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During the third quarter of Fiscal 2020, the Company completed a reduction in force intended to improve operational efficiencies and to align with the Company's long-term strategic plan, which have resulted in headcount reductions in the Motorhome segment. As a result, we recognized $1.4 million of restructuring charges during the three months ended May 30, 2020. These charges include termination benefits. On February 4, 2019, the Company announced its intent to move the Company's diesel production from Junction City, OR to Forest City, IA to enable more effective product development and improve cost structure. These charges include termination benefits, asset-related expenses and other related costs. The following table details the aggregate restructuring charges incurred: Motorhome Three Months Ended Nine Months Ended (in thousands) May 30, 2020 May 25, 2019 May 30, 2020 May 25, 2019 Cost of goods sold $ 1,376 $ 1,102 $ 1,200 $ 1,102 Selling, general, and administrative expenses — — 47 219 Restructuring expense $ 1,376 $ 1,102 $ 1,247 $ 1,321

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	May 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate decreased to 16.3% for the first nine months ended May 30, 2020 from 18.9% for the first nine months ended May 25, 2019 due primarily to fixed credits against lower taxable income due to the COVID-19 impact in the third quarter of Fiscal 2020 partially offset by a favorable credit in the prior year related to research and development credits. The Company files a U.S. Federal tax return, as well as returns in various international and state jurisdictions. As of May 30, 2020, the Company's federal returns from Fiscal 2016 to present are subject to review by the Internal Revenue Service. With limited exception, state returns from Fiscal 2015 to present continue to be subject to review by state taxing jurisdictions. The Company is currently under review by certain U.S. state tax authorities for Fiscal 2015 through 2018. The Company believes it has adequately reserved for its exposure to additional payments for uncertain tax positions in its liability for unrecognized tax benefits.

Income Per Share

Income Per Share	9 Months Ended
Income Per Share	May 30, 2020
Earnings Per Share [Abstract]
Income Per Share	Income Per Share The following table reflects the calculation of basic and diluted income per share: Three Months Ended Nine Months Ended (in thousands, except per share data) May 30, May 25, May 30, May 25, Numerator Net (loss) income $ (12,353) $ 36,171 $ 18,983 $ 79,930 Denominator Weighted average common shares outstanding 33,625 31,493 33,102 31,546 Dilutive impact of stock compensation awards — 151 187 176 Weighted average common shares outstanding, assuming dilution 33,625 31,644 33,289 31,722 Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution 123 204 104 183 Basic income (loss) per common share $ (0.37) $ 1.15 $ 0.57 $ 2.53 Diluted income (loss) per common share $ (0.37) $ 1.14 $ 0.57 $ 2.52 Anti-dilutive securities were not included in the computation of diluted income per common share because they are considered anti-dilutive under the treasury stock method.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
Accumulated Other Comprehensive Income (Loss)	May 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in Accumulated Other Comprehensive Income ("AOCI") by component, net of tax, were: Three Months Ended May 30, 2020 May 25, 2019 (in thousands) Defined Benefit Pension Items Interest Rate Swap Total Defined Benefit Pension Items Interest Rate Swap Total Balance at beginning of period $ (543) $ — $ (543) $ (575) $ 827 $ 252 Other comprehensive income ("OCI") before reclassifications (432) (432) — (362) (362) Amounts reclassified from AOCI 8 — 8 8 — 8 Net current-period OCI 8 (432) (424) 8 (362) (354) Balance at end of period $ (535) $ (432) $ (967) $ (567) $ 465 $ (102) Nine Months Ended May 30, 2020 May 25, 2019 (in thousands) Defined Benefit Pension Items Interest Rate Swap Total Defined Benefit Pension Items Interest Rate Swap Total Balance at beginning of period $ (559) $ 68 $ (491) $ (591) $ 1,483 $ 892 OCI before reclassifications — (500) (500) — (1,018) (1,018) Amounts reclassified from AOCI 24 — 24 24 — 24 Net current-period OCI 24 (500) (476) 24 (1,018) (994) Balance at end of period $ (535) $ (432) $ (967) $ (567) $ 465 $ (102) Reclassifications out of AOCI in net periodic benefit costs, net of tax, were: Three Months Ended Nine Months Ended (in thousands) Location on Consolidated Statements May 30, May 25, May 30, May 25, Amortization of net actuarial loss SG&A $ 8 $ 8 $ 24 $ 24

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	May 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Unless the context otherwise requires, the use of the terms "Winnebago," "Company", "WGO," "we," "us," and "our" in these Notes to Condensed Consolidated Financial Statements refers to Winnebago Industries, Inc. and its wholly-owned subsidiaries. In the opinion of management, the accompanying Condensed Consolidated Financial Statements contain all adjustments necessary for a fair presentation as prescribed by accounting principles generally accepted in the United States (“GAAP”). All adjustments were comprised of normal recurring adjustments, except as noted in these Notes to Condensed Consolidated Financial Statements. Interim results are not necessarily indicative of the results to be expected for the full year. The interim Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 2019.
Fiscal Period	Fiscal Period The Company follows a 52-/53-week fiscal year, ending the last Saturday in August. Fiscal 2020 is a 52-week year, while Fiscal 2019 was a 53-week year. The extra (53rd) week in Fiscal 2019 was recognized in the Company's fourth quarter.
Cash and cash equivalents	Cash and cash equivalents Cash equivalents include all investments with original maturities of three months or less or which are readily convertible into known amounts of cash and are not legally restricted. Accounts at each banking institution are insured by the Federal Deposit Insurance Corporation up to $250,000, while the remaining balances are uninsured.
Subsequent Events	Subsequent Events In preparing the accompanying unaudited Condensed Consolidated Financial Statements, the Company evaluated subsequent events for potential recognition and disclosure through the date of this filing. There were no material subsequent events.
Recently Adopted/Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements The Company adopted Accounting Standard Update (“ASU”) 2016-02, Leases (Topic 842) Also, in the first quarter of Fiscal 2020, the Company adopted ASU 2017-12, Derivatives and Hedging (Topic 815) , which improves the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. The adoption of this standard did not materially impact the Company's Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , and has since issued additional amendments. ASU 2016-13 will replace today’s “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. The standard is effective for annual reporting periods beginning after December 15, 2019 (our Fiscal 2021), including interim periods within those annual reporting periods. The Company expects to adopt the new guidance in the first quarter of Fiscal 2021, and the Company does not expect a material impact to its consolidated financial statements. In December 2019, the Financial Accounting Standards Board ("FASB") issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740. The standard is effective for annual reporting periods beginning after December 15, 2020 (the Company's Fiscal 2022), including interim periods within those annual reporting periods. The Company expects to adopt the new guidance in the first quarter of Fiscal 2022, and does not expect a material impact to its consolidated financial statements. In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company will adopt this standard when LIBOR is discontinued, and does not expect a material impact to its consolidated financial statements.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
Basis of Presentation (Tables)	May 30, 2020
Accounting Policies [Abstract]
Balance Sheet Impacts By Adoption of Leases Accounting Standard Update	The following table details line items impacted by the adoption of this ASU within the Condensed Consolidated Balance Sheets as of September 1, 2019: (in thousands) August 31, 2019 ASU 2016-02 Adjustment on September 1, 2019 Assets Other intangible assets, net $ 256,082 $ (1,310) $ 254,772 Operating lease assets — 33,811 33,811 Total assets $ 1,104,231 $ 32,501 $ 1,136,732 Liabilities and Stockholders' Equity Accrued expenses: Other $ 13,678 $ 1,258 $ 14,936 Total current liabilities 197,744 1,258 199,002 Operating lease liabilities — 31,243 31,243 Total non-current liabilities 274,275 31,243 305,518 Total liabilities and stockholders' equity $ 1,104,231 $ 32,501 $ 1,136,732

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
Business Combinations (Tables)	May 30, 2020
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the total consideration paid for Newmar, noting that it is subject to purchase price adjustments as stipulated in the Purchase Agreement: (in thousands) November 8, 2019 Cash $ 264,433 Winnebago Industries shares: 2,000,000 at $46.29 92,572 Total $ 357,005
Schedule of Preliminary Fair Values Assigned	The following table summarizes the fair values assigned to the Newmar net assets acquired and the determination of net assets: (in thousands) November 8, 2019 Cash $ 3,469 Accounts receivable 37,147 Inventories 82,621 Prepaid expenses and other assets 9,830 Property, plant, and equipment 31,143 Goodwill 73,127 Other intangible assets 172,100 Total assets acquired 409,437 Accounts payable 14,023 Accrued compensation 4,306 Product warranties 15,147 Promotional 6,351 Other 11,637 Deferred tax liabilities 968 Total liabilities assumed 52,432 Total purchase price $ 357,005
Schedule of Finite-Lived Intangible Assets	The following table summarizes the other intangible assets acquired: ($ in thousands) November 8, 2019 Useful Life-Years Trade name $ 98,000 Indefinite Dealer network 64,000 12.0 Backlog 8,800 0.5 Non-compete agreements 1,300 5.0
Schedule of Indefinite-lived Intangible Assets	The following table summarizes the other intangible assets acquired: ($ in thousands) November 8, 2019 Useful Life-Years Trade name $ 98,000 Indefinite Dealer network 64,000 12.0 Backlog 8,800 0.5 Non-compete agreements 1,300 5.0
Schedule of Pro Forma Information	The following table provides net revenues and operating income from the Newmar operating segment included in the Company's consolidated results following the November 8, 2019 closing date: Three Months Ended Nine Months Ended (in thousands) May 30, 2020 May 30, 2020 Net revenues $ 87,991 $ 262,070 Operating loss (3,503) (7,294) The following unaudited pro forma information represents the Company's results of operations as if the Fiscal 2020 acquisition of Newmar had occurred at the beginning of Fiscal 2019: Three Months Ended Nine Months Ended (in thousands, except per share data) May 30, 2020 May 25, 2019 May 30, 2020 May 25, 2019 Net revenues $ 402,458 $ 710,246 $ 1,770,985 $ 1,953,195 Net (loss) income (10,004) 40,585 30,557 67,096 Income per share - basic $ (0.30) $ 1.21 $ 0.92 $ 2.00 Income per share - diluted $ (0.30) $ 1.21 $ 0.91 $ 2.00
Pro Forma Data With Non-Recurring Adjustments	The unaudited pro forma data above includes the following significant non-recurring adjustments made to account for certain costs which would have changed if the acquisition of Newmar had occurred at the beginning of Fiscal 2019: Three Months Ended Nine Months Ended (in thousands) May 30, 2020 May 25, 2019 May 30, 2020 May 25, 2019 Amortization of intangibles (1 year or less useful life) (1) $ 3,336 $ — $ 13,610 $ (13,610) Amortization of intangibles (2) (1) (1,395) (1,060) (4,184) Expenses related to business combination (transaction costs) (3) — 652 9,950 (10,602) Interest to reflect new debt structure (4) (361) (4,857) (4,032) (14,027) Taxes related to the adjustments to the pro forma data and to the income of Newmar (5) (625) (1,173) (3,077) 3,412 (1) Includes amortization adjustments for our backlog intangible asset and our fair-value inventory adjustment. (2) Includes amortization adjustments for our dealer network and non-compete intangible assets. (3) Pro forma transaction costs include $0.6 million incurred prior to the acquisition. (4) Includes adjustments for cash and non-cash interest expense as well as deferred financing costs. Refer to Note 9, Long-Term Debt, for additional information on the Company's new debt structure as a result of the acquisition. (5) Calculated using our U.S. federal statutory rate of 21.0%.

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
Business Segments (Tables)	May 30, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table shows information by reportable segment: Three Months Ended Nine Months Ended (in thousands) May 30, May 25, May 30, May 25, Net Revenues Towable $ 188,898 $ 346,811 $ 813,611 $ 890,335 Motorhome 203,590 160,239 755,023 506,229 Corporate / All Other 9,970 21,890 49,092 58,714 Consolidated $ 402,458 $ 528,940 $ 1,617,726 $ 1,455,278 Adjusted EBITDA Towable $ 16,451 $ 57,172 $ 86,982 $ 121,638 Motorhome (10,789) 381 13,488 16,716 Corporate / All Other (1,588) (1,679) (8,919) (9,539) Consolidated $ 4,074 $ 55,874 $ 91,551 $ 128,815 Capital Expenditures Towable $ 2,296 $ 4,810 $ 11,962 $ 21,335 Motorhome 5,768 2,543 13,348 7,933 Corporate / All Other 1,492 962 3,272 2,413 Consolidated $ 9,556 $ 8,315 $ 28,582 $ 31,681 (in thousands) May 30, August 31, Total Assets Towable $ 652,351 $ 628,994 Motorhome 620,425 332,157 Corporate / All Other 260,264 143,080 Consolidated $ 1,533,040 $ 1,104,231 Reconciliation of net income to consolidated Adjusted EBITDA: Three Months Ended Nine Months Ended (in thousands) May 30, 2020 May 25, 2019 May 30, 2020 May 25, 2019 Net (loss) income $ (12,353) $ 36,171 $ 18,983 $ 79,930 Interest expense 8,440 4,446 23,140 13,293 (Benefit) provision for income taxes (4,186) 8,717 3,702 18,609 Depreciation 4,134 3,520 11,854 9,788 Amortization of intangible assets 6,926 2,278 18,514 7,204 EBITDA 2,961 55,132 76,193 128,824 Acquisition-related fair-value inventory step-up — — 4,810 — Acquisition-related costs (189) — 9,761 — Restructuring expenses 1,376 1,102 1,247 1,321 Non-operating income (74) (360) (460) (1,330) Adjusted EBITDA $ 4,074 $ 55,874 $ 91,551 $ 128,815

Derivatives, Investments, and_2

Derivatives, Investments, and Fair Value Measurements (Tables)	9 Months Ended
	May 30, 2020
Fair Value Disclosures [Abstract]
Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables set forth by level within the fair value hierarchy the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis at May 30, 2020 and August 31, 2019 according to the valuation techniques the Company used to determine their fair values: Fair Value at Fair Value Hierarchy (in thousands) May 30, Level 1 Level 2 Level 3 Assets that fund deferred compensation: Domestic equity funds $ 378 $ 293 $ 85 $ — International equity funds 93 30 63 — Fixed income funds 163 50 113 — Interest rate swap contracts (573) — (573) — Total assets at fair value $ 61 $ 373 $ (312) $ — Fair Value at Fair Value Hierarchy (in thousands) August 31, Level 1 Level 2 Level 3 Assets that fund deferred compensation: Domestic equity funds $ 373 $ 288 $ 85 $ — International equity funds 101 45 56 — Fixed income funds 155 54 101 — Interest rate swap contracts 90 — 90 — Total assets at fair value $ 719 $ 387 $ 332 $ —

Inventories (Tables)

Inventories (Tables)	9 Months Ended
Inventories (Tables)	May 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consist of the following: (in thousands) May 30, August 31, Finished goods $ 39,071 $ 53,417 Work-in-process 80,828 82,926 Raw materials 112,930 105,804 Total 232,829 242,147 Less last-in, first-out ("LIFO") reserve 42,470 41,021 Inventories, net $ 190,359 $ 201,126 Inventory valuation methods consist of the following: (in thousands) May 30, August 31, LIFO basis $ 136,939 $ 184,007 First-in, first-out basis 95,890 58,140 Total $ 232,829 $ 242,147

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	9 Months Ended
Property, Plant, and Equipment (Tables)	May 30, 2020
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 thousands) May 30, August 31, Land $ 10,894 $ 6,799 Buildings and building improvements 165,424 119,638 Machinery and equipment 114,127 107,701 Software 29,622 29,169 Transportation 4,272 3,865 Property, plant, and equipment, gross 324,339 267,172 Less accumulated depreciation 148,908 139,600 Property, plant, and equipment, net $ 175,431 $ 127,572

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
Goodwill and Intangible Assets (Tables)	May 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill by segment were as follows for the first nine months of Fiscal 2020 and 2019, of which there were no accumulated impairment losses: (in thousands) Towable Motorhome Corporate / All Other Total Balances at August 25, 2018 $ 244,684 $ — $ 29,686 $ 274,370 Chris-Craft purchase price adjustment (1) — — 1,287 1,287 Balances at May 25, 2019 $ 244,684 $ — $ 30,973 $ 275,657 Balances at August 31, 2019 $ 244,684 $ — $ 30,247 $ 274,931 Acquisition of Newmar (2) — 73,127 — 73,127 Balances at May 30, 2020 $ 244,684 $ 73,127 $ 30,247 $ 348,058 (1) Refer to Note 2, Business Combinations , of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2019 for additional information. (2) Refer to Note 2, Business Combinations , for additional information.
Schedule of Other Intangible Assets	Other intangible assets, net of accumulated amortization, consist of the following: May 30, 2020 August 31, 2019 ($ in thousands) Weighted Average Life-Years Cost Accumulated Amortization Weighted Average Life-Years Cost Accumulated Amortization Trade names Indefinite $ 275,250 Indefinite $ 177,250 Dealer networks 12.1 159,581 $ 29,195 12.2 95,581 $ 20,329 Backlog 0.5 28,327 28,327 0.5 19,527 19,527 Non-compete agreements 4.3 6,647 3,924 4.1 5,347 3,077 Leasehold interest-favorable — — 8.1 2,000 690 Other intangible assets, gross 469,805 61,446 299,705 43,623 Less accumulated amortization 61,446 43,623 Other intangible assets, net $ 408,358 $ 256,082
Schedule of Remaining Estimated Aggregate Annual Amortization Expense	Remaining estimated aggregate annual amortization expense by fiscal year is as follows: (in thousands) Amount Fiscal 2020 $ 3,590 Fiscal 2021 14,361 Fiscal 2022 13,719 Fiscal 2023 13,526 Fiscal 2024 13,424 Thereafter 74,488 Total amortization expense remaining $ 133,108

Product Warranties (Tables)

Product Warranties (Tables)	9 Months Ended
Product Warranties (Tables)	May 30, 2020
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Liability	Changes in the Company's product warranty liability are as follows: Three Months Ended Nine Months Ended (in thousands) May 30, May 25, May 30, May 25, Balance at beginning of period $ 60,211 $ 40,305 $ 44,436 $ 40,498 Business acquisition (1) — — 15,147 — Provision 13,227 14,139 44,274 34,090 Claims paid (12,773) (10,820) (43,192) (30,964) Balance at end of period $ 60,665 $ 43,624 $ 60,665 $ 43,624 (1) Refer to Note 2, Business Combinations , for additional information.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
Long-Term Debt (Tables)	May 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The components of long-term debt are as follows: (in thousands) May 30, August 31, ABL Credit Facility $ — $ — Term Loan 253,500 260,000 Convertible Notes 300,000 — Long-term debt, gross 553,500 260,000 Convertible Notes unamortized interest discount (77,581) — Debt issuance costs, net (10,945) (5,706) Long-term debt 464,974 254,294 Less current maturities 13,668 8,892 Long-term debt, less current maturities $ 451,306 $ 245,402
Schedule of Maturities of Long-term Debt	Aggregate contractual maturities of debt in future fiscal years are as follows: (in thousands) Amount Fiscal 2020 $ 3,750 Fiscal 2021 15,000 Fiscal 2022 15,000 Fiscal 2023 15,000 Fiscal 2024 204,750 Thereafter 300,000 Total Term Loan and Convertible Notes $ 553,500

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	May 30, 2020
Leases [Abstract]
Supplemental Balance Sheet Information	The following table details the supplemental balance sheet information related to the Company's leases: (in thousands) Classification May 30, 2020 Assets Operating leases Operating lease assets $ 29,790 Finance leases Other assets $ 4,542 Total lease assets $ 34,332 Liabilities Current: Operating leases Accrued expenses: Other $ 2,507 Current: Finance leases Accrued expenses: Other 532 Non-Current: Operating leases Operating lease liabilities 27,366 Non-Current: Financing leases Non-current liabilities: Other $ 5,005 Total lease liabilities $ 35,410
Schedule of Lease Costs	The following table details the operating lease cost incurred: Three Months Ended Nine Months Ended (in thousands) Classification May 30, 2020 May 30, 2020 Operating lease expense (1) Costs of goods sold and SG&A $ 1,647 $ 5,183 Finance lease cost: Depreciation of lease assets Costs of goods sold and SG&A 144 331 Interest on lease liabilities Interest expense 86 205 Total lease cost $ 1,877 $ 5,719 (1) Operating lease expense includes short-term leases and variable lease payments, which are immaterial. The following table details additional information related to the Company's leases: Nine Months Ended (in thousands) May 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,807 Operating cash flows from finance leases 205 Financing cash flows from finance leases 232 Leased assets obtained in exchange for lease liabilities: Operating leases 1,663 Finance leases (1) 5,664 May 30, 2020 Weighted average remaining lease term (in years): Operating leases 8.9 Finance leases 8.0 Weighted average discount rate: Operating leases 6.2 % Finance leases 6.2 % (1) Represents the lease liability added. Lease assets are offset by a $1.0 million unfavorable lease liability created by the acquisition of Newmar.
Future Lease Commitments for Future Fiscal Years of Operating Leases	The Company's future lease commitments for future fiscal years as of May 30, 2020 included the following related party and non-related party leases: Operating Leases Finance Leases (in thousands) Related Party Amount Non-Related Party Amount Total Non-Related Party Amount Fiscal 2020 $ 225 $ 854 $ 1,079 $ 214 Fiscal 2021 900 3,330 4,230 855 Fiscal 2022 900 3,014 3,914 851 Fiscal 2023 1,500 2,757 4,257 842 Fiscal 2024 1,800 2,587 4,387 845 Thereafter 9,600 11,912 21,512 3,443 Total future undiscounted lease payments 14,925 24,454 39,379 7,050 Less: Interest 4,042 5,464 9,506 1,513 Total reported lease liabilities $ 10,883 $ 18,990 $ 29,873 $ 5,537
Future Lease Commitments for Future Fiscal Years of Financing Leases	The Company's future lease commitments for future fiscal years as of May 30, 2020 included the following related party and non-related party leases: Operating Leases Finance Leases (in thousands) Related Party Amount Non-Related Party Amount Total Non-Related Party Amount Fiscal 2020 $ 225 $ 854 $ 1,079 $ 214 Fiscal 2021 900 3,330 4,230 855 Fiscal 2022 900 3,014 3,914 851 Fiscal 2023 1,500 2,757 4,257 842 Fiscal 2024 1,800 2,587 4,387 845 Thereafter 9,600 11,912 21,512 3,443 Total future undiscounted lease payments 14,925 24,454 39,379 7,050 Less: Interest 4,042 5,464 9,506 1,513 Total reported lease liabilities $ 10,883 $ 18,990 $ 29,873 $ 5,537
Schedule of Future Minimum Lease Payments Prior to Adoption of ASC 842	The Company's future minimum lease payments for future fiscal years as determined prior to the adoption of ASC 842, Leases , and as disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 2019, included the following related party and non-related party leases: Operating Leases (in thousands) Related Party Amount Non-Related Party Amount Total Fiscal 2020 $ 2,864 $ 1,236 $ 4,100 Fiscal 2021 2,863 1,068 3,931 Fiscal 2022 2,863 759 3,622 Fiscal 2023 3,597 530 4,127 Fiscal 2024 3,963 361 4,324 Thereafter 25,064 1,359 26,423 Total future lease commitments $ 41,214 $ 5,313 $ 46,527

Employee and Retiree Benefits (

Employee and Retiree Benefits (Tables)	9 Months Ended
Employee and Retiree Benefits (Tables)	May 30, 2020
Retirement Benefits [Abstract]
Schedule of Deferred Compensation Liabilities	Deferred compensation liabilities are as follows: (in thousands) May 30, August 31, Non-qualified deferred compensation $ 11,859 $ 13,093 Supplemental executive retirement plan 1,825 2,072 Executive share option plan — 12 Executive deferred compensation plan 634 621 Deferred compensation benefits 14,318 15,798 Less current portion (1) 2,864 2,920 Deferred compensation benefits, net of current portion $ 11,454 $ 12,878 (1) Included in Accrued compensation on the Condensed Consolidated Balance Sheets.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
Revenue (Tables)	May 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates revenue by reportable segment and product category: Three Months Ended Nine Months Ended (in thousands) May 30, May 25, May 30, May 25, Net Revenues Towable: Fifth Wheel $ 107,364 $ 201,561 $ 459,301 $ 519,093 Travel Trailer 77,974 140,709 342,331 358,497 Other (1) 3,560 4,541 11,979 12,745 Total Towable 188,898 346,811 813,611 890,335 Motorhome: Class A 92,280 45,138 337,629 148,816 Class B 65,000 41,363 232,349 162,343 Class C 39,268 67,674 161,801 176,059 Other (1) 7,042 6,064 23,244 19,011 Total Motorhome 203,590 160,239 755,023 506,229 Corporate / All Other: Other (2) 9,970 21,890 49,092 58,714 Total Corporate / All Other 9,970 21,890 49,092 58,714 Consolidated $ 402,458 $ 528,940 $ 1,617,726 $ 1,455,278 (1) Relates to parts, accessories, and services. (2) Relates to marine and specialty vehicle units, parts, accessories, and services.

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
Restructuring (Tables)	May 30, 2020
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges Incurred	The following table details the aggregate restructuring charges incurred: Motorhome Three Months Ended Nine Months Ended (in thousands) May 30, 2020 May 25, 2019 May 30, 2020 May 25, 2019 Cost of goods sold $ 1,376 $ 1,102 $ 1,200 $ 1,102 Selling, general, and administrative expenses — — 47 219 Restructuring expense $ 1,376 $ 1,102 $ 1,247 $ 1,321

Income Per Share (Tables)

Income Per Share (Tables)	9 Months Ended
Income Per Share (Tables)	May 30, 2020
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Income Per Share	The following table reflects the calculation of basic and diluted income per share: Three Months Ended Nine Months Ended (in thousands, except per share data) May 30, May 25, May 30, May 25, Numerator Net (loss) income $ (12,353) $ 36,171 $ 18,983 $ 79,930 Denominator Weighted average common shares outstanding 33,625 31,493 33,102 31,546 Dilutive impact of stock compensation awards — 151 187 176 Weighted average common shares outstanding, assuming dilution 33,625 31,644 33,289 31,722 Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution 123 204 104 183 Basic income (loss) per common share $ (0.37) $ 1.15 $ 0.57 $ 2.53 Diluted income (loss) per common share $ (0.37) $ 1.14 $ 0.57 $ 2.52

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	May 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income By Component	Changes in Accumulated Other Comprehensive Income ("AOCI") by component, net of tax, were: Three Months Ended May 30, 2020 May 25, 2019 (in thousands) Defined Benefit Pension Items Interest Rate Swap Total Defined Benefit Pension Items Interest Rate Swap Total Balance at beginning of period $ (543) $ — $ (543) $ (575) $ 827 $ 252 Other comprehensive income ("OCI") before reclassifications (432) (432) — (362) (362) Amounts reclassified from AOCI 8 — 8 8 — 8 Net current-period OCI 8 (432) (424) 8 (362) (354) Balance at end of period $ (535) $ (432) $ (967) $ (567) $ 465 $ (102) Nine Months Ended May 30, 2020 May 25, 2019 (in thousands) Defined Benefit Pension Items Interest Rate Swap Total Defined Benefit Pension Items Interest Rate Swap Total Balance at beginning of period $ (559) $ 68 $ (491) $ (591) $ 1,483 $ 892 OCI before reclassifications — (500) (500) — (1,018) (1,018) Amounts reclassified from AOCI 24 — 24 24 — 24 Net current-period OCI 24 (500) (476) 24 (1,018) (994) Balance at end of period $ (535) $ (432) $ (967) $ (567) $ 465 $ (102)
Reclassification out of Accumulated Other Comprehensive Income	Reclassifications out of AOCI in net periodic benefit costs, net of tax, were: Three Months Ended Nine Months Ended (in thousands) Location on Consolidated Statements May 30, May 25, May 30, May 25, Amortization of net actuarial loss SG&A $ 8 $ 8 $ 24 $ 24

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	May 19, 2020	May 30, 2020	May 25, 2019	May 30, 2020	May 25, 2019	Sep. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Dividends paid per common share (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.33	$ 0.32
Deferred FICA liability		$ 1,200		$ 1,200
Employee retention credit		4,000		4,000
Net lease assets		34,332		34,332
Net lease liabilities		$ 35,410		$ 35,410
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net lease assets						$ 33,800
Net lease liabilities						$ 33,400

Basis of Presentation - Balance

Basis of Presentation - Balance Sheet Impacts by Adoption of Leases Accounting Standard Update (Details) - USD ($) $ in Thousands	May 30, 2020	Sep. 01, 2019	Aug. 31, 2019
Assets
Other intangible assets, net	$ 408,358		$ 256,082
Operating lease assets	29,790
Total assets	1,533,040		1,104,231
Liabilities and Stockholders' Equity
Accrued expenses: Other	16,408		13,678
Total current liabilities	228,175		197,744
Operating lease liabilities	27,366
Total non-current liabilities	520,055		274,275
Total liabilities and stockholders' equity	$ 1,533,040		$ 1,104,231
Cumulative Effect, Period of Adoption, Adjusted Balance
Assets
Other intangible assets, net		$ 254,772
Operating lease assets		33,811
Total assets		1,136,732
Liabilities and Stockholders' Equity
Accrued expenses: Other		14,936
Total current liabilities		199,002
Operating lease liabilities		31,243
Total non-current liabilities		305,518
Total liabilities and stockholders' equity		1,136,732
Accounting Standards Update 2016-02 \| Cumulative Effect, Period of Adoption, Adjustment
Assets
Other intangible assets, net		(1,310)
Operating lease assets		33,811
Total assets		32,501
Liabilities and Stockholders' Equity
Accrued expenses: Other		1,258
Total current liabilities		1,258
Operating lease liabilities		31,243
Total non-current liabilities		31,243
Total liabilities and stockholders' equity		$ 32,501

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Thousands	Nov. 08, 2019	May 30, 2020	Nov. 30, 2019	Aug. 31, 2019	May 25, 2019	May 30, 2020	May 25, 2019
Business Acquisition [Line Items]
Acquisition related costs				$ 600		$ 600
Acquisition-related costs expensed		$ (189)			$ 0	9,761	$ 0
Newmar
Business Acquisition [Line Items]
Stock consideration discount	7.00%
Purchase price adjustments		$ 3,300
Weighted-average useful life	10 years 6 months
Acquisition related costs						$ 10,600
Acquisition-related costs expensed			$ 10,000
Newmar \| Newmar
Business Acquisition [Line Items]
Percent of voting interest acquired	100.00%

Business Combinations - Conside

Business Combinations - Consideration Paid (Details) - Newmar $ / shares in Units, $ in Thousands	Nov. 08, 2019USD ($)$ / sharesshares
Business Acquisition [Line Items]
Cash	$ 264,433
Winnebago Industries shares: 2,000,000 at $46.29	92,572
Total	$ 357,005
Number of shares in business combination (in shares) \| shares	2,000,000
Share price in business combination (in dollars per share) \| $ / shares	$ 46.29

Business Combinations Business

Business Combinations Business Combinations - Schedule of Preliminary Fair Values Assigned (Details) - USD ($) $ in Thousands	May 30, 2020	Nov. 08, 2019	Aug. 31, 2019	May 25, 2019	Aug. 25, 2018
Business Acquisition [Line Items]
Goodwill	$ 348,058		$ 274,931	$ 275,657	$ 274,370
Newmar
Business Acquisition [Line Items]
Cash		$ 3,469
Accounts receivable		37,147
Inventories		82,621
Prepaid expenses and other assets		9,830
Property, plant, and equipment		31,143
Goodwill		73,127
Other intangible assets		172,100
Total assets acquired		409,437
Accounts payable		14,023
Accrued compensation		4,306
Product warranties		15,147
Promotional		6,351
Other		11,637
Deferred tax liabilities		968
Total liabilities assumed		52,432
Total purchase price		$ 357,005

Business Combinations - Schedul

Business Combinations - Schedule of Intangible Assets (Details) - Newmar $ in Thousands	Nov. 08, 2019USD ($)
Business Acquisition [Line Items]
Other intangible assets	$ 172,100
Dealer network
Business Acquisition [Line Items]
Other intangible assets	$ 64,000
Useful Life-Years	12 years
Backlog
Business Acquisition [Line Items]
Other intangible assets	$ 8,800
Useful Life-Years	6 months
Non-compete agreements
Business Acquisition [Line Items]
Other intangible assets	$ 1,300
Useful Life-Years	5 years
Trade name
Business Acquisition [Line Items]
Other intangible assets	$ 98,000

Business Combinations - Net Rev

Business Combinations - Net Revenues and Operating Income (Details) - Newmar - Motorhome - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	May 30, 2020	May 30, 2020
Business Acquisition [Line Items]
Net revenues	$ 87,991	$ 262,070
Operating loss	$ (3,503)	$ (7,294)

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	May 30, 2020	Aug. 31, 2019	May 25, 2019	May 30, 2020	May 25, 2019
Business Acquisition [Line Items]
Acquisition related costs		$ 600		$ 600
Newmar
Business Acquisition [Line Items]
Pro forma net revenues	$ 402,458		$ 710,246	1,770,985	$ 1,953,195
Pro forma net (loss) income	$ (10,004)		$ 40,585	$ 30,557	$ 67,096
Pro forma income per share - basic (in dollars per share)	$ (0.30)		$ 1.21	$ 0.92	$ 2
Pro forma income per share - diluted (in dollars per share)	$ (0.30)		$ 1.21	$ 0.91	$ 2
Acquisition related costs				$ 10,600
Newmar \| Amortization of intangibles (1 year or less useful life)
Business Acquisition [Line Items]
Nonrecurring adjustments	$ 3,336		$ 0	13,610	$ (13,610)
Newmar \| Increase in amortization of intangibles
Business Acquisition [Line Items]
Nonrecurring adjustments	(1)		(1,395)	(1,060)	(4,184)
Newmar \| Expenses related to business combination (transaction costs)
Business Acquisition [Line Items]
Nonrecurring adjustments	0		652	9,950	(10,602)
Newmar \| Interest to reflect new debt structure
Business Acquisition [Line Items]
Nonrecurring adjustments	(361)		(4,857)	(4,032)	(14,027)
Newmar \| Taxes related to the adjustments to the pro forma data and to the income of Newmar
Business Acquisition [Line Items]
Nonrecurring adjustments	$ (625)		$ (1,173)	$ (3,077)	$ 3,412

Business Segments (Details)

Business Segments (Details) $ in Thousands	3 Months Ended		9 Months Ended
Business Segments (Details) $ in Thousands	May 30, 2020USD ($)	May 25, 2019USD ($)	May 30, 2020USD ($)segment	May 25, 2019USD ($)	Aug. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment			6
Number of reportable segments \| segment			2
Net Revenues	$ 402,458	$ 528,940	$ 1,617,726	$ 1,455,278
Adjusted EBITDA	4,074	55,874	91,551	128,815
Capital Expenditures	9,556	8,315	28,582	31,681
Total Assets	1,533,040		1,533,040		$ 1,104,231
Net (loss) income	(12,353)	36,171	18,983	79,930
Interest expense	8,440	4,446	23,140	13,293
(Benefit) provision for income taxes	(4,186)	8,717	3,702	18,609
Depreciation	4,134	3,520	11,854	9,788
Amortization of intangible assets	6,926	2,278	18,514	7,204
EBITDA	2,961	55,132	76,193	128,824
Acquisition-related fair-value inventory step-up	0	0	4,810	0
Acquisition-related costs	(189)	0	9,761	0
Restructuring expenses	1,376	1,102	1,247	1,321
Non-operating income	(74)	(360)	(460)	(1,330)
Operating Segments \| Towable
Segment Reporting Information [Line Items]
Net Revenues	188,898	346,811	813,611	890,335
Adjusted EBITDA	16,451	57,172	86,982	121,638
Capital Expenditures	2,296	4,810	11,962	21,335
Total Assets	652,351		652,351		628,994
Operating Segments \| Motorhome
Segment Reporting Information [Line Items]
Net Revenues	203,590	160,239	755,023	506,229
Adjusted EBITDA	(10,789)	381	13,488	16,716
Capital Expenditures	5,768	2,543	13,348	7,933
Total Assets	620,425		620,425		332,157
Corporate / All Other
Segment Reporting Information [Line Items]
Net Revenues	9,970	21,890	49,092	58,714
Adjusted EBITDA	(1,588)	(1,679)	(8,919)	(9,539)
Capital Expenditures	1,492	$ 962	3,272	$ 2,413
Total Assets	$ 260,264		$ 260,264		$ 143,080

Derivatives, Investments, and_3

Derivatives, Investments, and Fair Value Measurements - Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	May 30, 2020	Aug. 31, 2019
Assets that fund deferred compensation:
Domestic equity funds	$ 378	$ 373
International equity funds	93	101
Fixed income funds	163	155
Interest rate swap contracts	(573)
Interest rate swap contracts		90
Total assets at fair value	61	719
Level 1
Assets that fund deferred compensation:
Domestic equity funds	293	288
International equity funds	30	45
Fixed income funds	50	54
Interest rate swap contracts	0
Interest rate swap contracts		0
Total assets at fair value	373	387
Level 2
Assets that fund deferred compensation:
Domestic equity funds	85	85
International equity funds	63	56
Fixed income funds	113	101
Interest rate swap contracts	(573)
Interest rate swap contracts		90
Total assets at fair value	(312)	332
Level 3
Assets that fund deferred compensation:
Domestic equity funds	0	0
International equity funds	0	0
Fixed income funds	0	0
Interest rate swap contracts	0
Interest rate swap contracts		0
Total assets at fair value	$ 0	$ 0

Derivatives, Investments, and_4

Derivatives, Investments, and Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended
	May 30, 2020	May 25, 2019	Mar. 06, 2020	Mar. 02, 2020	Aug. 31, 2019	Nov. 08, 2016
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment charges	$ 0	$ 0
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount			$ 25,000,000	$ 25,000,000
Fair value of interest rate swap			$ 0	$ 0
Fixed interest rate			1.265%	1.364%
Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt amount						$ 300,000,000
Term Loan \| Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount					$ 120,000,000
Interest rate, stated percentage					5.32%

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	May 30, 2020	Aug. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 39,071	$ 53,417
Work-in-process	80,828	82,926
Raw materials	112,930	105,804
Total	232,829	242,147
Less last-in, first-out ("LIFO") reserve	42,470	41,021
Inventories, net	$ 190,359	$ 201,126

Inventories - Inventory Valuati

Inventories - Inventory Valuation Methods (Details) - USD ($) $ in Thousands	May 30, 2020	Aug. 31, 2019
Inventory Disclosure [Abstract]
LIFO basis	$ 136,939	$ 184,007
First-in, first-out basis	95,890	58,140
Total	$ 232,829	$ 242,147

Property, Plant, and Equipmen_2

Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 30, 2020	May 25, 2019	May 30, 2020	May 25, 2019	Aug. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 324,339		$ 324,339		$ 267,172
Less accumulated depreciation	148,908		148,908		139,600
Property, plant, and equipment, net	175,431		175,431		127,572
Depreciation	4,134	$ 3,520	11,854	$ 9,788
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	10,894		10,894		6,799
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	165,424		165,424		119,638
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	114,127		114,127		107,701
Software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	29,622		29,622		29,169
Transportation
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 4,272		$ 4,272		$ 3,865

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended
	May 30, 2020	May 25, 2019
Goodwill [Roll Forward]
Beginning balance	$ 274,931	$ 274,370
Chris-Craft purchase price adjustment		1,287
Acquisition of Newmar	73,127
Ending balance	348,058	275,657
Corporate / All Other
Goodwill [Roll Forward]
Beginning balance	30,247	29,686
Chris-Craft purchase price adjustment		1,287
Acquisition of Newmar	0
Ending balance	30,247	30,973
Towable \| Operating Segments
Goodwill [Roll Forward]
Beginning balance	244,684	244,684
Chris-Craft purchase price adjustment		0
Acquisition of Newmar	0
Ending balance	244,684	244,684
Motorhome \| Operating Segments
Goodwill [Roll Forward]
Beginning balance	0	0
Chris-Craft purchase price adjustment		0
Acquisition of Newmar	73,127
Ending balance	$ 73,127	$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Nov. 30, 2019	May 30, 2020	Aug. 31, 2019
Schedule of Intangible Assets [Line Items]
Other intangible assets, gross		$ 469,805	$ 299,705
Accumulated Amortization		61,446	43,623
Other intangible assets, net		$ 408,358	256,082
Weighted average remaining amortization period		10 years
Dealer networks
Schedule of Intangible Assets [Line Items]
Weighted Average Life-Years	12 years 2 months 12 days	12 years 1 month 6 days
Other intangible assets, gross		$ 159,581	95,581
Accumulated Amortization		$ 29,195	20,329
Backlog
Schedule of Intangible Assets [Line Items]
Weighted Average Life-Years	6 months	6 months
Other intangible assets, gross		$ 28,327	19,527
Accumulated Amortization		$ 28,327	19,527
Non-compete agreements
Schedule of Intangible Assets [Line Items]
Weighted Average Life-Years	4 years 1 month 6 days	4 years 3 months 18 days
Other intangible assets, gross		$ 6,647	5,347
Accumulated Amortization		3,924	3,077
Leasehold interest-favorable
Schedule of Intangible Assets [Line Items]
Weighted Average Life-Years	8 years 1 month 6 days
Other intangible assets, gross		0	2,000
Accumulated Amortization		0	690
Trade names
Schedule of Intangible Assets [Line Items]
Other intangible assets, gross		$ 275,250	$ 177,250

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Thousands	May 30, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Fiscal 2020	$ 3,590
Fiscal 2021	14,361
Fiscal 2022	13,719
Fiscal 2023	13,526
Fiscal 2024	13,424
Thereafter	74,488
Total amortization expense remaining	$ 133,108

Product Warranties - Schedule o

Product Warranties - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 30, 2020	May 25, 2019	May 30, 2020	May 25, 2019
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 60,211	$ 40,305	$ 44,436	$ 40,498
Business acquisition	0	0	15,147	0
Provision	13,227	14,139	44,274	34,090
Claims paid	(12,773)	(10,820)	(43,192)	(30,964)
Balance at end of period	$ 60,665	$ 43,624	$ 60,665	$ 43,624

Long-Term Debt - Components of

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands	May 30, 2020	Aug. 31, 2019
Debt Instrument [Line Items]
Long-term debt, gross	$ 553,500	$ 260,000
Convertible Notes unamortized interest discount	(77,581)	0
Debt issuance costs, net	(10,945)	(5,706)
Long-term debt	464,974	254,294
Less current maturities	13,668	8,892
Long-term debt, less current maturities	451,306	245,402
ABL Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	0	0
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	253,500	260,000
Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 300,000	$ 0

Long-Term Debt - Credit Agreeme

Long-Term Debt - Credit Agreements Narrative (Details) - USD ($)	Oct. 22, 2019	Nov. 08, 2016
ABL Credit Facility
Debt Instrument [Line Items]
Credit facility amount	$ 192,500,000	$ 125,000,000
Term Loan
Debt Instrument [Line Items]
Debt amount		$ 300,000,000

Long-Term Debt - Convertible No

Long-Term Debt - Convertible Notes Narrative (Details)	Nov. 01, 2019USD ($)day$ / shares	Oct. 30, 2019USD ($)$ / shares	May 30, 2020USD ($)	Aug. 31, 2019USD ($)
Debt Instrument [Line Items]
Offering-related costs			$ 10,945,000	$ 5,706,000
Call Spread Transactions
Debt Instrument [Line Items]
Percentage increase of strike price		100.00%
Equity component of issuance			85,000,000
Equity component of issuance, net of tax			64,100,000
Offering-related costs			9,600,000
Deferred offering costs classified as liability			7,000,000
Deferred offering costs classified as equity			2,600,000
Call Spread Transactions \| Warrant
Debt Instrument [Line Items]
Strike price (in dollars per share) \| $ / shares		$ 96.20
Convertible Notes
Debt Instrument [Line Items]
Debt amount	$ 300,000,000		300,000,000
Interest rate, stated percentage	1.50%
Proceeds from issuance of notes	$ 290,400,000
Conversion rate	0.0156906
Conversion price (in dollars per share) \| $ / shares	$ 63.73
Number of consecutive trading days \| day	30
Consecutive business days \| day	5
Consecutive trading days \| day	5
Convertible Notes \| Convertible Note Hedge Transactions
Debt Instrument [Line Items]
Strike price (in dollars per share) \| $ / shares		$ 63.73
Convertible Notes \| Call Spread Transactions
Debt Instrument [Line Items]
Debt amount			$ 215,000,000
Interest rate, stated percentage			8.00%
Proceeds from issuance of notes		$ 28,600,000
Convertible Notes \| Minimum
Debt Instrument [Line Items]
Percentage of the conversion price	130.00%
Number of trading days \| day	20
Convertible Notes \| Maximum
Debt Instrument [Line Items]
Percentage of the conversion price	98.00%

Long-Term Debt - Long-Term Debt

Long-Term Debt - Long-Term Debt Contractual Maturities (Details) - USD ($) $ in Thousands	May 30, 2020	Aug. 31, 2019
Debt Instrument [Line Items]
Fair value of long-term debt, gross	$ 566,100
Total Term Loan and Convertible Notes	553,500	$ 260,000
Term Loan and Convertible Notes
Debt Instrument [Line Items]
Fiscal 2020	3,750
Fiscal 2021	15,000
Fiscal 2022	15,000
Fiscal 2023	15,000
Fiscal 2024	204,750
Thereafter	300,000
Total Term Loan and Convertible Notes	$ 553,500

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) $ in Thousands	May 30, 2020USD ($)
Assets
Operating lease assets	$ 29,790
Finance leases	4,542
Total lease assets	34,332
Liabilities
Current: Operating leases	2,507
Current: Finance leases	532
Non-Current: Operating leases	27,366
Non-Current: Financing leases	5,005
Total lease liabilities	$ 35,410

Leases - Operating Lease Cost (

Leases - Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	May 30, 2020	May 30, 2020
Leases [Abstract]
Operating lease expense	$ 1,647	$ 5,183
Finance lease cost:
Depreciation of lease assets	144	331
Interest on lease liabilities	86	205
Total lease cost	$ 1,877	$ 5,719

Leases - Future Lease Commitmen

Leases - Future Lease Commitments for Future Fiscal Years (Details) $ in Thousands	May 30, 2020USD ($)
Operating Leases
Fiscal 2020	$ 1,079
Fiscal 2021	4,230
Fiscal 2022	3,914
Fiscal 2023	4,257
Fiscal 2024	4,387
Thereafter	21,512
Total future undiscounted lease payments	39,379
Less: Interest	9,506
Total reported lease liabilities	29,873
Related Party Amount
Operating Leases
Fiscal 2020	225
Fiscal 2021	900
Fiscal 2022	900
Fiscal 2023	1,500
Fiscal 2024	1,800
Thereafter	9,600
Total future undiscounted lease payments	14,925
Less: Interest	4,042
Total reported lease liabilities	10,883
Non-Related Party Amount
Operating Leases
Fiscal 2020	854
Fiscal 2021	3,330
Fiscal 2022	3,014
Fiscal 2023	2,757
Fiscal 2024	2,587
Thereafter	11,912
Total future undiscounted lease payments	24,454
Less: Interest	5,464
Total reported lease liabilities	18,990
Finance Leases
Fiscal 2020	214
Fiscal 2021	855
Fiscal 2022	851
Fiscal 2023	842
Fiscal 2024	845
Thereafter	3,443
Total future undiscounted lease payments	7,050
Less: Interest	1,513
Total reported lease liabilities	$ 5,537

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments Prior to 842 Adoption (Details) $ in Thousands	Aug. 31, 2019USD ($)
Related Party Transaction [Line Items]
Fiscal 2020	$ 4,100
Fiscal 2021	3,931
Fiscal 2022	3,622
Fiscal 2023	4,127
Fiscal 2024	4,324
Thereafter	26,423
Total future lease commitments	46,527
Related Party Amount
Related Party Transaction [Line Items]
Fiscal 2020	2,864
Fiscal 2021	2,863
Fiscal 2022	2,863
Fiscal 2023	3,597
Fiscal 2024	3,963
Thereafter	25,064
Total future lease commitments	41,214
Non-Related Party Amount
Related Party Transaction [Line Items]
Fiscal 2020	1,236
Fiscal 2021	1,068
Fiscal 2022	759
Fiscal 2023	530
Fiscal 2024	361
Thereafter	1,359
Total future lease commitments	$ 5,313

Leases - Additional Lease Costs

Leases - Additional Lease Costs (Details) $ in Thousands	9 Months Ended
Leases - Additional Lease Costs (Details) $ in Thousands	May 30, 2020USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,807
Operating cash flows from finance leases	205
Financing cash flows from finance leases	232
Leased assets obtained in exchange for lease liabilities:
Operating leases	1,663
Finance leases	$ 5,664
Weighted average remaining lease term (in years):
Operating leases	8 years 10 months 24 days
Finance leases	8 years
Weighted average discount rate:
Weighted average discount rate:	6.20%
Finance leases	6.20%
Unfavorable lease liability	$ 1,000

Employee and Retiree Benefits -

Employee and Retiree Benefits - Schedule of Deferred Compensation Benefits (Details) - USD ($) $ in Thousands	May 30, 2020	Aug. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Non-qualified deferred compensation	$ 11,859	$ 13,093
Supplemental executive retirement plan	1,825	2,072
Executive share option plan	0	12
Executive deferred compensation plan	634	621
Deferred compensation benefits	14,318	15,798
Less current portion	2,864	2,920
Deferred compensation benefits, net of current portion	$ 11,454	$ 12,878

Contingent Liabilities and Co_2

Contingent Liabilities and Commitments - Repurchase Commitments Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	May 30, 2020	Aug. 31, 2019
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Repurchase agreement term	24 months
Percentage of dealer invoice that liability cannot exceed	100.00%
Accrued loss on repurchases	$ 1.2	$ 0.9
Obligation to Repurchase from Dealers
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Contingent liability on repurchase agreements	$ 1,200	$ 874.9

Revenue - Revenue Disaggregatio

Revenue - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 30, 2020	May 25, 2019	May 30, 2020	May 25, 2019
Disaggregation of Revenue [Line Items]
Net revenues	$ 402,458	$ 528,940	$ 1,617,726	$ 1,455,278
Operating Segments \| Towable
Disaggregation of Revenue [Line Items]
Net revenues	188,898	346,811	813,611	890,335
Operating Segments \| Towable \| Fifth Wheel
Disaggregation of Revenue [Line Items]
Net revenues	107,364	201,561	459,301	519,093
Operating Segments \| Towable \| Travel Trailer
Disaggregation of Revenue [Line Items]
Net revenues	77,974	140,709	342,331	358,497
Operating Segments \| Towable \| Other
Disaggregation of Revenue [Line Items]
Net revenues	3,560	4,541	11,979	12,745
Operating Segments \| Motorhome
Disaggregation of Revenue [Line Items]
Net revenues	203,590	160,239	755,023	506,229
Operating Segments \| Motorhome \| Other
Disaggregation of Revenue [Line Items]
Net revenues	7,042	6,064	23,244	19,011
Operating Segments \| Motorhome \| Class A
Disaggregation of Revenue [Line Items]
Net revenues	92,280	45,138	337,629	148,816
Operating Segments \| Motorhome \| Class B
Disaggregation of Revenue [Line Items]
Net revenues	65,000	41,363	232,349	162,343
Operating Segments \| Motorhome \| Class C
Disaggregation of Revenue [Line Items]
Net revenues	39,268	67,674	161,801	176,059
Corporate / All Other
Disaggregation of Revenue [Line Items]
Net revenues	9,970	21,890	49,092	58,714
Corporate / All Other \| Other
Disaggregation of Revenue [Line Items]
Net revenues	$ 9,970	$ 21,890	$ 49,092	$ 58,714

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	May 30, 2020	May 25, 2019	May 30, 2020	May 25, 2019	Dec. 11, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ (300)	$ 1,100	$ 3,332	$ 5,735
Incentive Compensation Plan 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued under the plan (in shares)					4.1

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Restructuring (Details) - USD ($) $ in Thousands	May 30, 2020	May 25, 2019	May 30, 2020	May 25, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 1,376	$ 1,102	$ 1,247	$ 1,321
Motorhome \| Junction City, OR Production Site
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	1,376	1,102	1,247	1,321
Motorhome \| Cost of goods sold \| Junction City, OR Production Site
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	1,376	1,102	1,200	1,102
Motorhome \| Selling, general, and administrative expenses \| Junction City, OR Production Site
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 0	$ 0	$ 47	$ 219

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	9 Months Ended
Income Taxes - Narrative (Details)	May 30, 2020	May 25, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	16.30%	18.90%

Income Per Share (Details)

Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	May 30, 2020	May 25, 2019	May 30, 2020	May 25, 2019
Numerator
Net income (loss)	$ (12,353)	$ 36,171	$ 18,983	$ 79,930
Denominator
Weighted average common shares outstanding (in shares)	33,625,000	31,493,000	33,102,000	31,546,000
Dilutive impact of stock compensation awards (in shares)	0	151,000	187,000	176,000
Weighted average common shares outstanding, assuming dilution (in shares)	33,625,000	31,644,000	33,289,000	31,722,000
Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution (in shares)	123,000	204,000	104,000	183,000
Basic income (loss) per common share (in dollars per share)	$ (0.37)	$ 1.15	$ 0.57	$ 2.53
Diluted income (loss) per common share (in dollars per share)	$ (0.37)	$ 1.14	$ 0.57	$ 2.52

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in AOCI by Component (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 30, 2020	May 25, 2019	May 30, 2020	May 25, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 801,524	$ 570,666	$ 632,212	$ 534,445
OCI before reclassifications	(432)	(362)	(500)	(1,018)
Amounts reclassified from AOCI	8	8	24	24
Total other comprehensive loss	(424)	(354)	(476)	(994)
Ending balance	784,810	602,993	784,810	602,993
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(543)	252	(491)	892
Ending balance	(967)	(102)	(967)	(102)
Defined Benefit Pension Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(543)	(575)	(559)	(591)
OCI before reclassifications		0	0	0
Amounts reclassified from AOCI	8	8	24	24
Total other comprehensive loss	8	8	24	24
Ending balance	(535)	(567)	(535)	(567)
Interest Rate Swap
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	0		68
OCI before reclassifications	(432)		(500)
Amounts reclassified from AOCI	0		0
Total other comprehensive loss	(432)		(500)
Ending balance	$ (432)		$ (432)
Interest Rate Swap
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		827		1,483
OCI before reclassifications		(362)		(1,018)
Amounts reclassified from AOCI		0		0
Total other comprehensive loss		(362)		(1,018)
Ending balance		$ 465		$ 465

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 30, 2020	May 25, 2019	May 30, 2020	May 25, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general, and administrative expenses	$ 33,271	$ 35,332	$ 126,540	$ 106,303
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of net actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general, and administrative expenses	$ 8	$ 8	$ 24	$ 24