Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 01, 2014 | Mar. 27, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'WINNEBAGO INDUSTRIES INC | ' |
Entity Central Index Key | '0000107687 | ' |
Current Fiscal Year End Date | '--08-30 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 1-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 27,239,063 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 | Mar. 01, 2014 | Mar. 02, 2013 |
Net revenues | $228,811 | $177,166 | $451,481 | $370,720 |
Cost of goods sold | 205,966 | 159,975 | 402,674 | 332,782 |
Gross profit | 22,845 | 17,191 | 48,807 | 37,938 |
Operating expenses: | ' | ' | ' | ' |
Selling | 4,489 | 3,831 | 8,822 | 8,792 |
General and administrative | 4,949 | 4,488 | 10,572 | 10,300 |
(Gain) loss on sale of real estate | -629 | 0 | -629 | 28 |
Total operating expenses | 8,809 | 8,319 | 18,765 | 19,120 |
Operating income | 14,036 | 8,872 | 30,042 | 18,818 |
Non-operating (expense) income | -74 | -19 | 17 | 595 |
Income before income taxes | 13,962 | 8,853 | 30,059 | 19,413 |
Provision for taxes | 4,369 | 2,568 | 9,320 | 5,737 |
Net income | 9,593 | 6,285 | 20,739 | 13,676 |
Income per common share: | ' | ' | ' | ' |
Basic | $0.35 | $0.22 | $0.75 | $0.49 |
Diluted | $0.35 | $0.22 | $0.74 | $0.48 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 27,595 | 28,084 | 27,723 | 28,196 |
Diluted (in shares) | 27,724 | 28,191 | 27,850 | 28,280 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Amortization of prior service credit (net of tax of $528, $474, $1,010 and $916) | -876 | -786 | -1,676 | -1,520 |
Amortization of net actuarial loss (net of tax of $102, $147, $201 and $296) | 168 | 250 | 332 | 503 |
Plan amendment (net of tax of $1,346, $1,613, $1,346 and $1,613) | 2,234 | 2,676 | 2,234 | 2,676 |
Unrealized (depreciation) appreciation of investments (net of tax of $0, $33, $91 and $33) | 0 | -55 | 151 | -56 |
Total other comprehensive income | 1,526 | 2,085 | 1,041 | 1,603 |
Comprehensive income | $11,119 | $8,370 | $21,780 | $15,279 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations and Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 | Mar. 01, 2014 | Mar. 02, 2013 |
Amortization of prior service credit, tax | $528 | $474 | $1,010 | $916 |
Amortization of net actuarial loss, tax | 102 | 147 | 201 | 296 |
Plan amendment, tax | 1,346 | 1,613 | 1,346 | 1,613 |
Unrealized (depreciation) appreciation of investments, tax | $0 | $33 | $91 | $33 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 01, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $16,258 | $64,277 |
Receivables, less allowance for doubtful accounts ($149 and $152) | 69,628 | 29,145 |
Inventories | 124,289 | 112,541 |
Prepaid expenses and other assets | 8,029 | 8,277 |
Income taxes receivable and prepaid | 1,061 | 1,868 |
Deferred income taxes | 8,264 | 7,742 |
Total current assets | 227,529 | 223,850 |
Property, plant and equipment, net | 20,411 | 20,266 |
Long-term investments | 0 | 2,108 |
Investment in life insurance | 25,587 | 25,051 |
Deferred income taxes | 24,087 | 25,649 |
Goodwill | 1,228 | 1,228 |
Other assets | 10,284 | 10,993 |
Total assets | 309,126 | 309,145 |
Current liabilities: | ' | ' |
Accounts payable | 28,867 | 28,142 |
Accrued expenses: | ' | ' |
Accrued compensation | 17,749 | 22,101 |
Product warranties | 8,781 | 8,443 |
Self-insurance | 4,612 | 4,531 |
Accrued loss on repurchases | 1,971 | 1,287 |
Promotional | 2,405 | 1,910 |
Other | 5,251 | 3,940 |
Total current liabilities | 69,636 | 70,354 |
Long-term liabilities: | ' | ' |
Unrecognized tax benefits | 3,641 | 3,988 |
Postretirement health care and deferred compensations benefits | 59,611 | 64,074 |
Total long-term liabilities | 63,252 | 68,062 |
Contingent liabilities and commitments | ' | ' |
Stockholders' equity: | ' | ' |
Capital stock common, par value $0.50; authorized 60,000 shares, issued 51,776 shares | 25,888 | 25,888 |
Additional paid-in capital | 31,445 | 29,334 |
Retained earnings | 530,182 | 509,443 |
Accumulated other comprehensive income | 1,890 | 849 |
Treasury stock, at cost (24,555 and 23,917 shares) | -413,167 | -394,785 |
Total stockholders' equity | 176,238 | 170,729 |
Total liabilities and stockholders' equity | $309,126 | $309,145 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 01, 2014 | Aug. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Receivables, less allowance for doubtful accounts | $149 | $152 |
Capital stock common, par value (in dollars per share) | $0.50 | $0.50 |
Capital stock common, shares authorized (in shares) | 60,000 | 60,000 |
Capital stock common, shares issued (in shares) | 51,766 | 51,766 |
Treasury stock, at cost, shares (in shares) | 24,555 | 23,917 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 |
Operating activities: | ' | ' |
Net income | $20,739 | $13,676 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 1,966 | 2,178 |
LIFO expense | 608 | 551 |
Stock-based compensation | 1,388 | 996 |
Deferred income taxes including valuation allowance | -152 | -1,550 |
Postretirement benefit income and deferred compensation expense | -405 | 284 |
(Benefit) provision for doubtful accounts | -1 | 6 |
Gain on disposal of property | -702 | -26 |
Gain on life insurance | 0 | -509 |
Increase in cash surrender value of life insurance policies | -440 | -547 |
Change in assets and liabilities: | ' | ' |
Inventories | -12,356 | -37,401 |
Receivables, prepaid and other assets | -40,056 | -6,334 |
Income taxes and unrecognized tax benefits | 1,269 | 1,618 |
Accounts payable and accrued expenses | 536 | 3,052 |
Postretirement and deferred compensation benefits | -1,924 | -2,136 |
Net cash used in operating activities | -29,530 | -26,142 |
Investing activities: | ' | ' |
Proceeds from the sale of investments, at par | 2,350 | 250 |
Proceeds from life insurance | 0 | 974 |
Purchases of property and equipment | -3,772 | -2,443 |
Proceeds from the sale of property | 2,392 | 614 |
Repayments of COLI borrowings | 0 | -1,371 |
Other | -105 | 151 |
Net cash provided by (used in) investing activities | 865 | -1,825 |
Financing activities: | ' | ' |
Payments for purchases of common stock | -21,484 | -8,367 |
Proceeds from exercise of stock options | 2,080 | 0 |
Other | 50 | -114 |
Net cash used in financing activities | -19,354 | -8,481 |
Net decrease in cash and cash equivalents | -48,019 | -36,448 |
Cash and cash equivalents at beginning of period | 64,277 | 62,683 |
Cash and cash equivalents at end of period | 16,258 | 26,235 |
Supplemental cash flow disclosure: | ' | ' |
Income taxes paid, net of refunds | $8,200 | $5,670 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Mar. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Basis of Presentation | |
The "Company," "we," "our" and "us" are used interchangeably to refer to Winnebago Industries, Inc. and its wholly-owned subsidiary, Winnebago of Indiana, LLC, as appropriate in the context. | |
We were incorporated under the laws of the state of Iowa on February 12, 1958 and adopted our present name on February 28, 1961. Our executive offices are located at 605 West Crystal Lake Road in Forest City, Iowa. Our telephone number is (641) 585-3535; our website is www.winnebagoind.com. Our common stock trades on the NYSE under the symbol “WGO.” | |
In our opinion, the accompanying condensed unaudited consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly our consolidated financial position as of March 1, 2014 and the consolidated results of operations and comprehensive income and consolidated cash flows for the first six months of Fiscal 2014 and 2013. The consolidated statement of operations and comprehensive income for the first six months of Fiscal 2014 is not necessarily indicative of the results to be expected for the full year. The consolidated balance sheet data as of August 31, 2013 was derived from audited financial statements, but does not include all of the information and footnotes required by GAAP for complete financial statements. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto appearing in our Annual Report on Form 10-K for the fiscal year ended August 31, 2013. | |
Fiscal Period | |
We follow a 52-/53-week fiscal year, ending the last Saturday in August. Fiscal 2014 is a 52-week year; the first quarter ending November 30, 2013 had 13 weeks; the first six months ending March 1, 2014 had 26 weeks. Fiscal 2013 was a 53-week fiscal year; the first quarter ending December 1, 2012 had 14 weeks; the first six months ending March 2, 2013 had 27 weeks. | |
New Accounting Pronouncements | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740), which requires entities to present unrecognized tax benefits as a liability and not combine it with deferred tax assets to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date. ASU 2013-11 will become effective for fiscal years beginning after December 15, 2013 (our Fiscal 2015). We are currently evaluating the impact on our consolidated financial statements. |
Concentration_Risk
Concentration Risk | 6 Months Ended |
Mar. 01, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Risk Disclosure | ' |
Concentration Risk | |
One of our dealer organizations accounted for 20.3% and 26.2% of our consolidated net revenue for the first six months of Fiscal 2014 and Fiscal 2013, respectively. A second dealer organization accounted for 12.3% and 13.4% of our consolidated net revenue for the first six months of Fiscal 2014 and Fiscal 2013, respectively. The loss of either of both of these dealer organizations could have a significant adverse effect on our business. In addition, deterioration in the liquidity or creditworthiness of these dealers could negatively impact our sales and could trigger repurchase obligations under our repurchase agreements. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Investments and Fair Value Measurements | |||||||||||||||||
Assets and Liabilities that are Measured at Fair Value on a Recurring Basis | |||||||||||||||||
We account for fair value measurements in accordance with 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. Our 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. | |||||||||||||||||
Cash Equivalents | |||||||||||||||||
The carrying value of cash equivalents approximates fair value as original maturities are less than three months. Our cash equivalents are comprised of money market funds traded in an active market with no restrictions. | |||||||||||||||||
The following tables set forth by level within the fair value hierarchy our financial assets that were accounted for at fair value on a recurring basis at March 1, 2014 and August 31, 2013 according to the valuation techniques we used to determine their fair values: | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Using Inputs Considered As | |||||||||||||||||
(In thousands) | Fair Value at | Level 1 Quoted Prices in Active Markets for Identical Assets | Level 2 Significant Other | Level 3 Significant | |||||||||||||
March 1, | Observable Inputs | Unobservable Inputs | |||||||||||||||
2014 | |||||||||||||||||
Assets that fund deferred compensation: | |||||||||||||||||
Domestic equity funds | $ | 6,389 | $ | 6,389 | $ | — | $ | — | |||||||||
International equity funds | 712 | 712 | — | — | |||||||||||||
Fixed income funds | 238 | 238 | — | — | |||||||||||||
Total assets at fair value | $ | 7,339 | $ | 7,339 | $ | — | $ | — | |||||||||
Fair Value Measurements | |||||||||||||||||
Using Inputs Considered As | |||||||||||||||||
(In thousands) | Fair Value at | Level 1 Quoted Prices in Active Markets for Identical Assets | Level 2 Significant Other | Level 3 Significant | |||||||||||||
August 31, | Observable Inputs | Unobservable Inputs | |||||||||||||||
2013 | |||||||||||||||||
Long-term investments: | |||||||||||||||||
Student loan ARS | $ | 2,108 | $ | — | $ | — | $ | 2,108 | |||||||||
Assets that fund deferred compensation: | |||||||||||||||||
Domestic equity funds | 7,127 | 7,127 | — | — | |||||||||||||
International equity funds | 742 | 742 | — | — | |||||||||||||
Fixed income funds | 287 | 287 | — | — | |||||||||||||
Total assets at fair value | $ | 10,264 | $ | 8,156 | $ | — | $ | 2,108 | |||||||||
The following table provides a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
(In thousands) | March 1, | March 2, | March 1, | March 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance at beginning of period | $ | — | $ | 8,823 | $ | 2,108 | $ | 9,074 | |||||||||
Transfer to Level 2 | — | — | — | (250 | ) | ||||||||||||
Net change included in other comprehensive income | — | (88 | ) | 242 | (89 | ) | |||||||||||
Sales | — | — | (2,350 | ) | — | ||||||||||||
Balance at end of period | $ | — | $ | 8,735 | $ | — | $ | 8,735 | |||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument: | |||||||||||||||||
Long-Term Investments | |||||||||||||||||
Our long-term investments were comprised of ARS. Our long-term ARS investments were classified as Level 3, as quoted prices were unavailable and there was insufficient observable ARS market information available to determine the fair value of our ARS investments. Due to limited market information, we utilized a DCF model to derive an estimate of fair value for the ARS for prior periods. The assumptions used in preparing the DCF model included estimates with respect to the amount and timing of future interest and principal payments, forward projections of the interest rate benchmarks, the probability of full repayment of the principal considering the credit quality and guarantees in place and the rate of return required by investors to own such securities given the current liquidity risk associated with ARS. During the first quarter of Fiscal 2014 we redeemed our last ARS holding at par value of $2.4 million. | |||||||||||||||||
Assets that Fund Deferred Compensation | |||||||||||||||||
Our assets that fund deferred compensation are marketable equity securities measured at fair value using quoted market prices and primarily consist of equity-based mutual funds. They are 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 (see Note 8), a deferred compensation program, and are presented as other assets in the accompanying balance sheets. | |||||||||||||||||
Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis | |||||||||||||||||
Our non-financial assets, which include goodwill 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, we must evaluate the non-financial asset for impairment. If an impairment did occur, the asset is required to be recorded at the estimated fair value. During the first six months of Fiscal 2014, no impairments were recorded for non-financial assets. |
Inventories
Inventories | 6 Months Ended | ||||||||
Mar. 01, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories consist of the following: | |||||||||
(In thousands) | March 1, | August 31, | |||||||
2014 | 2013 | ||||||||
Finished goods | $ | 46,768 | $ | 43,927 | |||||
Work-in-process | 48,857 | 46,257 | |||||||
Raw materials | 59,117 | 52,201 | |||||||
Total | 154,742 | 142,385 | |||||||
LIFO reserve | (30,453 | ) | (29,844 | ) | |||||
Total inventories | $ | 124,289 | $ | 112,541 | |||||
The above value of inventories, before reduction for the LIFO reserve, approximates replacement cost. Of the $154.7 million and $142.4 million inventory at March 1, 2014 and August 31, 2013, respectively, $145.7 million and $136.1 million is valued on a LIFO basis. Towables inventory of $9.0 million and $6.3 million at March 1, 2014 and August 31, 2013, respectively, is valued on a FIFO basis. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 6 Months Ended | ||||||||
Mar. 01, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment and Assets Held for Sale | ' | ||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment is stated at cost, net of accumulated depreciation and consists of the following: | |||||||||
(In thousands) | March 1, | August 31, | |||||||
2014 | 2013 | ||||||||
Land | $ | 707 | $ | 757 | |||||
Buildings and building improvements | 47,067 | 50,297 | |||||||
Machinery and equipment | 92,954 | 91,224 | |||||||
Transportation | 8,942 | 9,044 | |||||||
Total property, plant and equipment, gross | 149,670 | 151,322 | |||||||
Less accumulated depreciation | (129,259 | ) | (131,056 | ) | |||||
Total property, plant and equipment, net | $ | 20,411 | $ | 20,266 | |||||
On December 19, 2013 3M exercised an option to purchase warehouse facilities that they had leased from us since 1980. Net proceeds from the sale were $2.3 million, resulting in a gain of $629,000. We received lease payments of $860,000 and recorded depreciation charges of $148,000 in Fiscal 2013 related to these warehouse facilities. |
Credit_Facilities
Credit Facilities | 6 Months Ended |
Mar. 01, 2014 | |
Debt Disclosure [Abstract] | ' |
Credit Facilities | ' |
Credit Facilities | |
On October 31, 2012, we entered into the Credit Agreement with GECC. The Credit Agreement provides for an initial $35.0 million revolving credit facility based on the Company's eligible inventory and expires on October 31, 2015, unless terminated earlier in accordance with its terms. There is no termination fee associated with the Credit Agreement. | |
The Credit Agreement contains no financial covenant restrictions for borrowings where we have excess borrowing availability under the facility of greater than $5.0 million. The Credit Agreement requires us to comply with a fixed charge ratio if excess borrowing availability under the facility is less than $5.0 million. In addition the Credit Agreement also includes a framework to expand the size of the facility up to $50.0 million, based on mutually agreeable terms at the time of the expansion. Interest on loans made under the new facility will be based on LIBOR plus a margin of 3.0%. The initial unused line fee associated with the Credit Agreement is 0.5% per annum and has the ability to be lowered based upon facility usage. | |
The Credit Agreement contains typical affirmative representations and covenants for a credit agreement of this size and nature. Additionally, the Credit Agreement contains negative covenants limiting our ability, among other things, to incur debt, grant liens, make acquisitions, make certain investments, pay certain dividends and distributions, engage in mergers, consolidations or acquisitions and sell certain assets. Obligations under the Credit Agreement are secured by a security interest in all of our accounts and other receivables, chattel paper, documents, deposit accounts, instruments, equipment, inventory, investment property, leasehold interest, cash and cash equivalents, letter-of-credit rights, most real property and fixtures and certain other business assets. | |
As of the date of this report, we are in compliance with all terms of the Credit Agreement, and no borrowings have been made thereunder. |
Warranty
Warranty | 6 Months Ended | ||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||||||||||
Warranty | ' | ||||||||||||||||
Warranty | |||||||||||||||||
We provide our motorhome customers a comprehensive 12-month/15,000-mile warranty on our Class A, B and C motorhomes, and a 3-year/36,000-mile structural warranty on Class A and C sidewalls and floors. We provide a comprehensive 12-month warranty on all towable products. We have also incurred costs for certain warranty-type expenses which occurred after the normal warranty period. We have voluntarily agreed to pay such costs to help protect the reputation of our products and the goodwill of our customers. Estimated costs related to product warranty are accrued at the time of sale and are based upon past warranty claims and unit sales history and adjusted as required to reflect actual costs incurred, as information becomes available. A significant increase in dealership labor rates, the cost of parts or the frequency of claims could have a material adverse impact on our operating results for the period or periods in which such claims or additional costs materialize. | |||||||||||||||||
Changes in our product warranty liability are as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
(In thousands) | March 1, | March 2, | March 1, | March 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance at beginning of period | $ | 8,345 | $ | 7,549 | $ | 8,443 | $ | 6,990 | |||||||||
Provision | 2,368 | 2,463 | 5,138 | 4,949 | |||||||||||||
Claims paid | (1,932 | ) | (1,947 | ) | (4,800 | ) | (3,874 | ) | |||||||||
Balance at end of period | $ | 8,781 | $ | 8,065 | $ | 8,781 | $ | 8,065 | |||||||||
Employee_and_Retiree_Benefits
Employee and Retiree Benefits | 6 Months Ended | ||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee and Retiree Benefits | ' | ||||||||||||||||
Employee and Retiree Benefits | |||||||||||||||||
Postretirement health care and deferred compensation benefits are as follows: | |||||||||||||||||
(In thousands) | March 1, | August 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Postretirement health care benefit cost | $ | 33,113 | $ | 36,244 | |||||||||||||
Non-qualified deferred compensation | 21,669 | 22,366 | |||||||||||||||
Executive share option plan liability | 6,382 | 6,959 | |||||||||||||||
SERP benefit liability | 2,952 | 2,876 | |||||||||||||||
Executive deferred compensation | 187 | 105 | |||||||||||||||
Officer stock-based compensation | 386 | 543 | |||||||||||||||
Total postretirement health care and deferred compensation benefits | 64,689 | 69,093 | |||||||||||||||
Less current portion | (5,078 | ) | (5,019 | ) | |||||||||||||
Long-term postretirement health care and deferred compensation benefits | $ | 59,611 | $ | 64,074 | |||||||||||||
Postretirement Health Care Benefits | |||||||||||||||||
We provide certain health care and other benefits for retired employees hired before April 1, 2001, who have fulfilled eligibility requirements at age 55 with 15 years of continuous service. We use a September 1 measurement date for this plan and our postretirement health care plan currently is not funded. Changes in the postretirement benefit plan include: | |||||||||||||||||
• | In Fiscal 2005, we established dollar caps on the amount that we will pay for postretirement health care benefits per retiree on an annual basis so that we were not exposed to continued medical inflation. Retirees are required to pay a monthly premium in excess of the employer dollar caps for medical coverage based on years of service and age at retirement. | ||||||||||||||||
• | In January 2012 the employer-established dollar caps were reduced by 10%, which reduced our liability for postretirement health care by $4.6 million and is being amortized as prior service credit over 7.8 years. | ||||||||||||||||
• | In January 2013 the employer-established dollar caps were further reduced by 10%, which reduced our liability for postretirement health care by approximately $4.3 million and is being amortized as prior service credit over 7.5 years. | ||||||||||||||||
• | In January 2014 the employer-established dollar caps were further reduced by 10%, which reduced our liability for postretirement health care by approximately $3.6 million and is being amortized as prior service credit over 7.3 years. | ||||||||||||||||
Net periodic postretirement benefit income consisted of the following components: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
(In thousands) | March 1, | March 2, | March 1, | March 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest cost | $ | 386 | $ | 369 | $ | 780 | $ | 763 | |||||||||
Service cost | 98 | 141 | 200 | 293 | |||||||||||||
Amortization of prior service benefit | (1,405 | ) | (1,261 | ) | (2,686 | ) | (2,437 | ) | |||||||||
Amortization of net actuarial loss | 269 | 392 | 529 | 788 | |||||||||||||
Net periodic postretirement benefit income | $ | (652 | ) | $ | (359 | ) | $ | (1,177 | ) | $ | (593 | ) | |||||
Payments for postretirement health care | $ | 259 | $ | 273 | $ | 532 | $ | 565 | |||||||||
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 6 Months Ended |
Mar. 01, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Stock-Based Compensation Plans | ' |
Stock-Based Compensation Plans | |
In October 2013, we adopted the 2014 Omnibus Equity, Performance Award, and Incentive Compensation Plan (as amended, the "Plan"). It was approved by shareholders in December 2013 and allows us to grant or issue non-qualified stock options, incentive stock options, share awards and other equity compensation to key employees and to non-employee directors. | |
The Plan replaced the 2004 Incentive Compensation Plan which had a ten-year term. No new grants may be made from the 2004 Incentive Compensation Plan on or after January 1, 2014. Any stock awards previously granted under the 2004 Incentive Compensation Plan shall continue to vest and /or be exercisable in accordance with their original terms and conditions. | |
On October 16, 2013 and October 10, 2012 the Board of Directors granted an aggregate of 84,200 and 155,600 shares, respectively, of restricted common stock to our key employees and non-employee directors under the 2004 Plan. The value of the restricted stock award is determined using the intrinsic value method which, in this case, is based on the number of shares granted and the closing price of our common stock on the date of grant. | |
Stock-based compensation expense was $436,000 and $309,000 during the second quarters of Fiscal 2014 and 2013, respectively. Stock-based compensation expense was $1.4 million and $996,000 during the six months of Fiscal 2014 and 2013, respectively. Of the $1.4 million in Fiscal 2014, $934,000 related to the October 16, 2013 grant of 84,200 shares. The remainder is related to the amortization of previously granted restricted stock awards, as well as non-employee director stock units issued in lieu of director fees. Compensation expense is recognized over the requisite service period of the award or over a period ending with the employee's eligible retirement date, if earlier. |
Contingent_Liabilites_and_Comm
Contingent Liabilites and Commitments | 6 Months Ended | ||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Contingent Liabilities and Commitments | ' | ||||||||||||||||
Contingent Liabilities and Commitments | |||||||||||||||||
Repurchase Commitments | |||||||||||||||||
Generally, manufacturers in the RV industry enter into repurchase agreements with lending institutions which have provided wholesale floorplan financing to dealers. Most dealers' RVs 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 recreation vehicles purchased. | |||||||||||||||||
Our repurchase agreements provide that, in the event of default by the dealer on the agreement to pay the lending institution, we will repurchase the financed merchandise. The terms of these agreements, which generally can last up to 18 months, provide that our liability will be the lesser of remaining principal owed by the dealer or dealer invoice less periodic reductions based on the time since the date of the original invoice. Our contingent liability on these repurchase agreements was approximately $288.7 million and $232.9 million at March 1, 2014 and August 31, 2013, respectively. | |||||||||||||||||
In certain instances, we also repurchase inventory from our 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 recreation vehicles to repurchase current inventory if a dealership exits the business. Incremental repurchase exposure beyond existing repurchase agreements, related to dealer inventory in states that we have had historical experience of repurchasing inventory, totaled $18.4 million and $5.0 million at March 1, 2014 and August 31, 2013, respectively. | |||||||||||||||||
Our risk of loss related to our repurchase commitments is significantly reduced by the potential resale value of any products that are subject to repurchase and is spread over numerous dealers and lenders. The aggregate contingent liability related to our repurchase agreements represents all financed dealer inventory at the period reporting date subject to a repurchase agreement, net of the greater of periodic reductions per the agreement or dealer principal payments. Based on the repurchase exposure as previously described, we established an associated loss reserve. Our accrued losses on repurchases were $2.0 million as of March 1, 2014 and $1.3 million as of August 31, 2013. | |||||||||||||||||
A summary of repurchase activity is as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
(Dollars in thousands) | March 1, | March 2, | March 1, | March 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Inventory repurchased: | |||||||||||||||||
Units | — | — | 14 | — | |||||||||||||
Dollars | $ | — | $ | — | $ | 325 | $ | — | |||||||||
Inventory resold: | |||||||||||||||||
Units | — | — | 14 | — | |||||||||||||
Cash collected | $ | — | $ | — | $ | 257 | $ | — | |||||||||
Loss recognized | $ | — | $ | — | $ | 68 | $ | — | |||||||||
Units in ending inventory | — | — | — | — | |||||||||||||
We do not believe there is a reasonable likelihood that there will be a material change in the future estimates or assumptions we use to calculate our loss reserve for repurchase commitments. A hypothetical change of a 10% increase or decrease in our significant repurchase commitment assumptions at March 1, 2014 would have affected net income by approximately $315,000. | |||||||||||||||||
Litigation | |||||||||||||||||
We are involved in various legal proceedings which are ordinary litigation incidental to our business, some of which are covered in whole or in part by insurance. We believe while the final resolution of any such litigation may have an impact on our results for a particular reporting period, the ultimate disposition of such litigation will not have any material adverse effect on our financial position, results of operations or liquidity. |
Income_Taxes
Income Taxes | 6 Months Ended |
Mar. 01, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
We account for income taxes under ASC 740, Income Taxes. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our financial statements or tax returns. | |
Significant judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our deferred tax assets. Valuation allowances arise due to uncertainty of realizing deferred tax assets. ASC 740 requires that companies assess whether valuation allowances should be established against their deferred tax assets based on the consideration of all available evidence, using a “more-likely-than-not” standard. In making such assessments, significant weight is given to evidence that can be objectively verified. A company's current or previous losses are given more weight than its future outlook. Based on ASC 740 guidelines, as of March 1, 2014 and August 31, 2013, we have applied a valuation allowance of $1.4 million and $1.6 million, respectively, against our deferred tax assets. We will continue to assess the likelihood that our deferred tax assets will be realizable at each reporting period and our valuation allowance will be adjusted accordingly, which could materially impact our financial position and results of operations. | |
We file tax returns in the US federal jurisdiction, as well as various international and state jurisdictions. Although certain years are no longer subject to examinations by the IRS and various state taxing authorities, net operating loss carryforwards generated in those years may still be adjusted upon examination by the IRS or state taxing authorities if they either have been or will be used in a future period. Due to such carryback claims, our federal returns from Fiscal 2004 to present continue to be subject to review by the IRS. Periodically, various state and local jurisdictions conduct audits, therefore, a variety of years are subject to state and local jurisdiction review. | |
As of March 1, 2014, our unrecognized tax benefits were $2.0 million, of which if realized $2.5 million could have a positive impact on the overall effective tax rate. It is our policy to recognize interest and penalties accrued relative to unrecognized tax benefits as tax expense. As of March 1, 2014, we had accrued $1.6 million in interest and penalties which are not included in the unrecognized tax benefits of $2.0 million. We do not anticipate any significant changes in unrecognized tax benefits within the next twelve months. Actual results may differ materially from this estimate. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Earnings Per Share | |||||||||||||||||
The following table reflects the calculation of basic and diluted income per share: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
(In thousands, except per share data) | March 1, | March 2, | March 1, | March 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Income per share - basic | |||||||||||||||||
Net income | $ | 9,593 | $ | 6,285 | $ | 20,739 | $ | 13,676 | |||||||||
Weighted average shares outstanding | 27,595 | 28,084 | 27,723 | 28,196 | |||||||||||||
Net income per share - basic | $ | 0.35 | $ | 0.22 | $ | 0.75 | $ | 0.49 | |||||||||
Income per share - assuming dilution | |||||||||||||||||
Net income | $ | 9,593 | $ | 6,285 | $ | 20,739 | $ | 13,676 | |||||||||
Weighted average shares outstanding | 27,595 | 28,084 | 27,723 | 28,196 | |||||||||||||
Dilutive impact of awards and options outstanding | 129 | 107 | 127 | 84 | |||||||||||||
Weighted average shares and potential dilutive shares outstanding | 27,724 | 28,191 | 27,850 | 28,280 | |||||||||||||
Net income per share - assuming dilution | $ | 0.35 | $ | 0.22 | $ | 0.74 | $ | 0.48 | |||||||||
At the end of the second quarters of Fiscal 2014 and Fiscal 2013, there were options outstanding to purchase 316,600 shares and 673,328 shares, respectively, of common stock at an average price of $32.02 and $29.83, respectively, which were not included in the computation of diluted income per share because they are considered anti-dilutive under the treasury stock method per ASC 260, Earnings Per Share. |
Comprehensive_Income_Comprehen
Comprehensive Income Comprehensive Income | 6 Months Ended | ||||||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Comprehensive Income | ' | ||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||
Changes in AOCI by component, net of tax, were: | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 1, 2014 | March 2, 2013 | ||||||||||||||||||||
(In thousands) | Defined | Unrealized | Total | Defined | Unrealized | Total | |||||||||||||||
Benefit | Gains and Losses on Available- | Benefit | Gains and Losses on Available- | ||||||||||||||||||
Pension | for-Sale Securities | Pension | for-Sale Securities | ||||||||||||||||||
Items | Items | ||||||||||||||||||||
Balance at beginning of period | $ | 364 | $ | — | $ | 364 | $ | (3,807 | ) | $ | (361 | ) | $ | (4,168 | ) | ||||||
OCI before reclassifications | 2,234 | — | 2,234 | 2,676 | (55 | ) | 2,621 | ||||||||||||||
Amounts reclassified from AOCI | (708 | ) | — | (708 | ) | (536 | ) | — | (536 | ) | |||||||||||
Net current-period OCI | 1,526 | — | 1,526 | 2,140 | (55 | ) | 2,085 | ||||||||||||||
Balance at end of period | $ | 1,890 | $ | — | $ | 1,890 | $ | (1,667 | ) | $ | (416 | ) | $ | (2,083 | ) | ||||||
Six Months Ended | |||||||||||||||||||||
March 1, 2014 | March 2, 2013 | ||||||||||||||||||||
(In thousands) | Defined | Unrealized | Total | Defined | Unrealized Gains and Losses on Available- | Total | |||||||||||||||
Benefit | Gains and Losses on Available- | Benefit | for-Sale Securities | ||||||||||||||||||
Pension | for-Sale Securities | Pension | |||||||||||||||||||
Items | Items | ||||||||||||||||||||
Balance at beginning of period | $ | 1,000 | $ | (151 | ) | $ | 849 | $ | (3,326 | ) | $ | (360 | ) | $ | (3,686 | ) | |||||
OCI before reclassifications | 2,234 | 151 | 2,385 | 2,676 | (56 | ) | 2,620 | ||||||||||||||
Amounts reclassified from AOCI | (1,344 | ) | — | (1,344 | ) | (1,017 | ) | — | (1,017 | ) | |||||||||||
Net current-period OCI | 890 | 151 | 1,041 | 1,659 | (56 | ) | 1,603 | ||||||||||||||
Balance at end of period | $ | 1,890 | $ | — | $ | 1,890 | $ | (1,667 | ) | $ | (416 | ) | $ | (2,083 | ) | ||||||
Reclassifications out of AOCI in net periodic benefit costs, net of tax, were: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
(In thousands) | Location on Consolidated Statements | March 1, 2014 | March 2, 2013 | 1-Mar-14 | 2-Mar-13 | ||||||||||||||||
of Operations and Comprehensive Income | |||||||||||||||||||||
Amortization of prior service credit | Cost of goods sold | $ | — | $ | (682 | ) | $ | — | $ | (1,319 | ) | ||||||||||
Operating expenses | (876 | ) | (104 | ) | (1,676 | ) | (201 | ) | |||||||||||||
(876 | ) | (786 | ) | (1,676 | ) | (1,520 | ) | ||||||||||||||
Amortization of net actuarial loss | Cost of goods sold | — | 212 | — | 427 | ||||||||||||||||
Operating expenses | 168 | 38 | 332 | 76 | |||||||||||||||||
168 | 250 | 332 | 503 | ||||||||||||||||||
Total | $ | (708 | ) | $ | (536 | ) | $ | (1,344 | ) | $ | (1,017 | ) |
Subsequent_Event
Subsequent Event | 6 Months Ended |
Mar. 01, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Subsequent Event | |
We evaluated all events or transactions occurring between the balance sheet date for the quarterly period ended March 1, 2014 and the date of issuance of the financial statements that would require recognition or disclosure in the financial statements. There were no material subsequent events. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended |
Mar. 01, 2014 | |
Accounting Policies [Abstract] | ' |
Fiscal Period [Policy Text Block] | ' |
Fiscal Period | |
We follow a 52-/53-week fiscal year, ending the last Saturday in August. Fiscal 2014 is a 52-week year; the first quarter ending November 30, 2013 had 13 weeks; the first six months ending March 1, 2014 had 26 weeks. Fiscal 2013 was a 53-week fiscal year; the first quarter ending December 1, 2012 had 14 weeks; the first six months ending March 2, 2013 had 27 weeks. | |
New Accounting Pronouncements [Policy Text Block] | ' |
New Accounting Pronouncements | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740), which requires entities to present unrecognized tax benefits as a liability and not combine it with deferred tax assets to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date. ASU 2013-11 will become effective for fiscal years beginning after December 15, 2013 (our Fiscal 2015). We are currently evaluating the impact on our consolidated financial statements. |
Investments_and_Fair_Value_Mea
Investments and Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
The following tables set forth by level within the fair value hierarchy our financial assets that were accounted for at fair value on a recurring basis at March 1, 2014 and August 31, 2013 according to the valuation techniques we used to determine their fair values: | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Using Inputs Considered As | |||||||||||||||||
(In thousands) | Fair Value at | Level 1 Quoted Prices in Active Markets for Identical Assets | Level 2 Significant Other | Level 3 Significant | |||||||||||||
March 1, | Observable Inputs | Unobservable Inputs | |||||||||||||||
2014 | |||||||||||||||||
Assets that fund deferred compensation: | |||||||||||||||||
Domestic equity funds | $ | 6,389 | $ | 6,389 | $ | — | $ | — | |||||||||
International equity funds | 712 | 712 | — | — | |||||||||||||
Fixed income funds | 238 | 238 | — | — | |||||||||||||
Total assets at fair value | $ | 7,339 | $ | 7,339 | $ | — | $ | — | |||||||||
Fair Value Measurements | |||||||||||||||||
Using Inputs Considered As | |||||||||||||||||
(In thousands) | Fair Value at | Level 1 Quoted Prices in Active Markets for Identical Assets | Level 2 Significant Other | Level 3 Significant | |||||||||||||
August 31, | Observable Inputs | Unobservable Inputs | |||||||||||||||
2013 | |||||||||||||||||
Long-term investments: | |||||||||||||||||
Student loan ARS | $ | 2,108 | $ | — | $ | — | $ | 2,108 | |||||||||
Assets that fund deferred compensation: | |||||||||||||||||
Domestic equity funds | 7,127 | 7,127 | — | — | |||||||||||||
International equity funds | 742 | 742 | — | — | |||||||||||||
Fixed income funds | 287 | 287 | — | — | |||||||||||||
Total assets at fair value | $ | 10,264 | $ | 8,156 | $ | — | $ | 2,108 | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||
The following table provides a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
(In thousands) | March 1, | March 2, | March 1, | March 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance at beginning of period | $ | — | $ | 8,823 | $ | 2,108 | $ | 9,074 | |||||||||
Transfer to Level 2 | — | — | — | (250 | ) | ||||||||||||
Net change included in other comprehensive income | — | (88 | ) | 242 | (89 | ) | |||||||||||
Sales | — | — | (2,350 | ) | — | ||||||||||||
Balance at end of period | $ | — | $ | 8,735 | $ | — | $ | 8,735 | |||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Mar. 01, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
Inventories consist of the following: | |||||||||
(In thousands) | March 1, | August 31, | |||||||
2014 | 2013 | ||||||||
Finished goods | $ | 46,768 | $ | 43,927 | |||||
Work-in-process | 48,857 | 46,257 | |||||||
Raw materials | 59,117 | 52,201 | |||||||
Total | 154,742 | 142,385 | |||||||
LIFO reserve | (30,453 | ) | (29,844 | ) | |||||
Total inventories | $ | 124,289 | $ | 112,541 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 6 Months Ended | ||||||||
Mar. 01, 2014 | |||||||||
Property, Plant and Equipment, Net [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
Property, plant and equipment is stated at cost, net of accumulated depreciation and consists of the following: | |||||||||
(In thousands) | March 1, | August 31, | |||||||
2014 | 2013 | ||||||||
Land | $ | 707 | $ | 757 | |||||
Buildings and building improvements | 47,067 | 50,297 | |||||||
Machinery and equipment | 92,954 | 91,224 | |||||||
Transportation | 8,942 | 9,044 | |||||||
Total property, plant and equipment, gross | 149,670 | 151,322 | |||||||
Less accumulated depreciation | (129,259 | ) | (131,056 | ) | |||||
Total property, plant and equipment, net | $ | 20,411 | $ | 20,266 | |||||
Warranty_Tables
Warranty (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||||||||||
Changes in our product warranty liability are as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
(In thousands) | March 1, | March 2, | March 1, | March 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance at beginning of period | $ | 8,345 | $ | 7,549 | $ | 8,443 | $ | 6,990 | |||||||||
Provision | 2,368 | 2,463 | 5,138 | 4,949 | |||||||||||||
Claims paid | (1,932 | ) | (1,947 | ) | (4,800 | ) | (3,874 | ) | |||||||||
Balance at end of period | $ | 8,781 | $ | 8,065 | $ | 8,781 | $ | 8,065 | |||||||||
Employee_and_Retiree_Benefits_
Employee and Retiree Benefits (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ' | ||||||||||||||||
Postretirement health care and deferred compensation benefits are as follows: | |||||||||||||||||
(In thousands) | March 1, | August 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Postretirement health care benefit cost | $ | 33,113 | $ | 36,244 | |||||||||||||
Non-qualified deferred compensation | 21,669 | 22,366 | |||||||||||||||
Executive share option plan liability | 6,382 | 6,959 | |||||||||||||||
SERP benefit liability | 2,952 | 2,876 | |||||||||||||||
Executive deferred compensation | 187 | 105 | |||||||||||||||
Officer stock-based compensation | 386 | 543 | |||||||||||||||
Total postretirement health care and deferred compensation benefits | 64,689 | 69,093 | |||||||||||||||
Less current portion | (5,078 | ) | (5,019 | ) | |||||||||||||
Long-term postretirement health care and deferred compensation benefits | $ | 59,611 | $ | 64,074 | |||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||
Net periodic postretirement benefit income consisted of the following components: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
(In thousands) | March 1, | March 2, | March 1, | March 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest cost | $ | 386 | $ | 369 | $ | 780 | $ | 763 | |||||||||
Service cost | 98 | 141 | 200 | 293 | |||||||||||||
Amortization of prior service benefit | (1,405 | ) | (1,261 | ) | (2,686 | ) | (2,437 | ) | |||||||||
Amortization of net actuarial loss | 269 | 392 | 529 | 788 | |||||||||||||
Net periodic postretirement benefit income | $ | (652 | ) | $ | (359 | ) | $ | (1,177 | ) | $ | (593 | ) | |||||
Payments for postretirement health care | $ | 259 | $ | 273 | $ | 532 | $ | 565 | |||||||||
Contingent_Liabilites_and_Comm1
Contingent Liabilites and Commitments (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Repurchase Agreements [Table Text Block] | ' | ||||||||||||||||
A summary of repurchase activity is as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
(Dollars in thousands) | March 1, | March 2, | March 1, | March 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Inventory repurchased: | |||||||||||||||||
Units | — | — | 14 | — | |||||||||||||
Dollars | $ | — | $ | — | $ | 325 | $ | — | |||||||||
Inventory resold: | |||||||||||||||||
Units | — | — | 14 | — | |||||||||||||
Cash collected | $ | — | $ | — | $ | 257 | $ | — | |||||||||
Loss recognized | $ | — | $ | — | $ | 68 | $ | — | |||||||||
Units in ending inventory | — | — | — | — | |||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
The following table reflects the calculation of basic and diluted income per share: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
(In thousands, except per share data) | March 1, | March 2, | March 1, | March 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Income per share - basic | |||||||||||||||||
Net income | $ | 9,593 | $ | 6,285 | $ | 20,739 | $ | 13,676 | |||||||||
Weighted average shares outstanding | 27,595 | 28,084 | 27,723 | 28,196 | |||||||||||||
Net income per share - basic | $ | 0.35 | $ | 0.22 | $ | 0.75 | $ | 0.49 | |||||||||
Income per share - assuming dilution | |||||||||||||||||
Net income | $ | 9,593 | $ | 6,285 | $ | 20,739 | $ | 13,676 | |||||||||
Weighted average shares outstanding | 27,595 | 28,084 | 27,723 | 28,196 | |||||||||||||
Dilutive impact of awards and options outstanding | 129 | 107 | 127 | 84 | |||||||||||||
Weighted average shares and potential dilutive shares outstanding | 27,724 | 28,191 | 27,850 | 28,280 | |||||||||||||
Net income per share - assuming dilution | $ | 0.35 | $ | 0.22 | $ | 0.74 | $ | 0.48 | |||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 6 Months Ended | ||||||||||||||||||||
Mar. 01, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||
Changes in AOCI by component, net of tax, were: | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 1, 2014 | March 2, 2013 | ||||||||||||||||||||
(In thousands) | Defined | Unrealized | Total | Defined | Unrealized | Total | |||||||||||||||
Benefit | Gains and Losses on Available- | Benefit | Gains and Losses on Available- | ||||||||||||||||||
Pension | for-Sale Securities | Pension | for-Sale Securities | ||||||||||||||||||
Items | Items | ||||||||||||||||||||
Balance at beginning of period | $ | 364 | $ | — | $ | 364 | $ | (3,807 | ) | $ | (361 | ) | $ | (4,168 | ) | ||||||
OCI before reclassifications | 2,234 | — | 2,234 | 2,676 | (55 | ) | 2,621 | ||||||||||||||
Amounts reclassified from AOCI | (708 | ) | — | (708 | ) | (536 | ) | — | (536 | ) | |||||||||||
Net current-period OCI | 1,526 | — | 1,526 | 2,140 | (55 | ) | 2,085 | ||||||||||||||
Balance at end of period | $ | 1,890 | $ | — | $ | 1,890 | $ | (1,667 | ) | $ | (416 | ) | $ | (2,083 | ) | ||||||
Six Months Ended | |||||||||||||||||||||
March 1, 2014 | March 2, 2013 | ||||||||||||||||||||
(In thousands) | Defined | Unrealized | Total | Defined | Unrealized Gains and Losses on Available- | Total | |||||||||||||||
Benefit | Gains and Losses on Available- | Benefit | for-Sale Securities | ||||||||||||||||||
Pension | for-Sale Securities | Pension | |||||||||||||||||||
Items | Items | ||||||||||||||||||||
Balance at beginning of period | $ | 1,000 | $ | (151 | ) | $ | 849 | $ | (3,326 | ) | $ | (360 | ) | $ | (3,686 | ) | |||||
OCI before reclassifications | 2,234 | 151 | 2,385 | 2,676 | (56 | ) | 2,620 | ||||||||||||||
Amounts reclassified from AOCI | (1,344 | ) | — | (1,344 | ) | (1,017 | ) | — | (1,017 | ) | |||||||||||
Net current-period OCI | 890 | 151 | 1,041 | 1,659 | (56 | ) | 1,603 | ||||||||||||||
Balance at end of period | $ | 1,890 | $ | — | $ | 1,890 | $ | (1,667 | ) | $ | (416 | ) | $ | (2,083 | ) | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||||||
Reclassifications out of AOCI in net periodic benefit costs, net of tax, were: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
(In thousands) | Location on Consolidated Statements | March 1, 2014 | March 2, 2013 | 1-Mar-14 | 2-Mar-13 | ||||||||||||||||
of Operations and Comprehensive Income | |||||||||||||||||||||
Amortization of prior service credit | Cost of goods sold | $ | — | $ | (682 | ) | $ | — | $ | (1,319 | ) | ||||||||||
Operating expenses | (876 | ) | (104 | ) | (1,676 | ) | (201 | ) | |||||||||||||
(876 | ) | (786 | ) | (1,676 | ) | (1,520 | ) | ||||||||||||||
Amortization of net actuarial loss | Cost of goods sold | — | 212 | — | 427 | ||||||||||||||||
Operating expenses | 168 | 38 | 332 | 76 | |||||||||||||||||
168 | 250 | 332 | 503 | ||||||||||||||||||
Total | $ | (708 | ) | $ | (536 | ) | $ | (1,344 | ) | $ | (1,017 | ) |
Concentration_Risk_Narrative_D
Concentration Risk (Narrative) (Details) (Sales Revenue, Goods, Net [Member], Customer Concentration Risk [Member]) | 6 Months Ended | |
Mar. 01, 2014 | Mar. 02, 2013 | |
Major Customer One [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Percent of revenue | 20.30% | 26.20% |
Major Customer Two [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Percent of revenue | 12.30% | 13.40% |
Investments_and_Fair_Value_Mea1
Investments and Fair Value Measurements (Fair Value Inputs) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 01, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Student loan ARS | ' | $2,108 |
Domestic equity funds | 6,389 | 7,127 |
International equity funds | 712 | 742 |
Fixed income funds | 238 | 287 |
Total assets at fair value | 7,339 | 10,264 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Student loan ARS | ' | 0 |
Domestic equity funds | 6,389 | 7,127 |
International equity funds | 712 | 742 |
Fixed income funds | 238 | 287 |
Total assets at fair value | 7,339 | 8,156 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Student loan ARS | ' | 0 |
Domestic equity funds | 0 | 0 |
International equity funds | 0 | 0 |
Fixed income funds | 0 | 0 |
Total assets at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Student loan ARS | ' | 2,108 |
Domestic equity funds | 0 | 0 |
International equity funds | 0 | 0 |
Fixed income funds | 0 | 0 |
Total assets at fair value | $0 | $2,108 |
Investments_and_Fair_Value_Mea2
Investments and Fair Value Measurements (Fair Value Level 3 Rollforward) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 | Mar. 01, 2014 | Mar. 02, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | $0 | $8,823 | $2,108 | $9,074 |
Transfer to Level 2 | 0 | 0 | 0 | -250 |
Net change included in other comprehensive income | 0 | -88 | 242 | -89 |
Sales | 0 | 0 | -2,350 | 0 |
Balance at end of period | 0 | 8,735 | 0 | 8,735 |
Proceeds from the sale of investments, at par | ' | ' | $2,350 | $250 |
Inventories_Inventory_Schedule
Inventories (Inventory Schedule) (Details) (USD $) | Mar. 01, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $46,768 | $43,927 |
Work-in-process | 48,857 | 46,257 |
Raw materials | 59,117 | 52,201 |
Total | 154,742 | 142,385 |
LIFO reserve | -30,453 | -29,844 |
Total inventories | $124,289 | $112,541 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | Mar. 01, 2014 | Aug. 31, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Inventory, gross | $154,742,000 | $142,385,000 |
Inventory, LIFO | 145,700,000 | 136,100,000 |
Inventory, FIFO (Towables) | $9,000,000 | $6,300,000 |
Property_Plant_and_Equipment_P
Property, Plant and Equipment (Property, Plant and Equipment) (Details) (USD $) | Mar. 01, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment, gross | $149,670 | $151,322 |
Less accumulated depreciation | -129,259 | -131,056 |
Total property, plant and equipment, net | 20,411 | 20,266 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment, gross | 707 | 757 |
Buildings and building improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment, gross | 47,067 | 50,297 |
Machinery and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment, gross | 92,954 | 91,224 |
Transportation [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment, gross | $8,942 | $9,044 |
Property_Plant_and_Equipment_P1
Property, Plant and Equipment Property, Plant and Equipment (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 01, 2014 | Mar. 02, 2013 | Mar. 01, 2014 | Mar. 02, 2013 | Aug. 31, 2013 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' | ' | ' |
Gross proceeds from sale | $2,300,000 | ' | ' | ' | ' | ' |
Gain on sale | 629,000 | 629,000 | 0 | 629,000 | -28,000 | ' |
3M lease payments received | ' | ' | ' | ' | ' | 860,000 |
3M depreciation expense | ' | ' | ' | ' | ' | $148,000 |
Credit_Facilities_Narrative_De
Credit Facilities (Narrative) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 01, 2014 | Oct. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' |
Initial borrowing capacity | ' | $35 |
Minimum excess borrowing availability with no financial covenant restrictions | ' | 5 |
Maximum borrowing capacity | ' | $50 |
Basis spread on interest rate | 3.00% | ' |
Unused line fee | 0.50% | ' |
Warranty_Schedule_of_Product_W
Warranty (Schedule of Product Warranty Liability) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 | Mar. 01, 2014 | Mar. 02, 2013 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | $8,345 | $7,549 | $8,443 | $6,990 |
Provision | 2,368 | 2,463 | 5,138 | 4,949 |
Claims paid | -1,932 | -1,947 | -4,800 | -3,874 |
Balance at end of period | $8,781 | $8,065 | $8,781 | $8,065 |
Warranty_Narrative_Details
Warranty (Narrative) (Details) | 6 Months Ended |
Mar. 01, 2014 | |
mi | |
Class A, B, and C Motorhomes [Member] | ' |
Product Liability Contingency [Line Items] | ' |
Warranty term | '12 months |
Warranty distance (in miles) | 15,000 |
Class A and C Sidewalls and Floors [Member] | ' |
Product Liability Contingency [Line Items] | ' |
Warranty term | '3 years |
Warranty distance (in miles) | 36,000 |
Towable Products [Member] | ' |
Product Liability Contingency [Line Items] | ' |
Warranty term | '12 months |
Employee_and_Retiree_Benefits_1
Employee and Retiree Benefits (Postretirement Health Care and Deferred Compensation Benefits) (Details) (USD $) | Mar. 01, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | ' |
Postretirement health care benefit cost | $33,113 | $36,244 |
Non-qualified deferred compensation | 21,669 | 22,366 |
Executive share option plan liability | 6,382 | 6,959 |
SERP benefit liability | 2,952 | 2,876 |
Executive deferred compensation | 187 | 105 |
Officer stock-based compensation | 386 | 543 |
Total postretirement health care and deferred compensation benefits | 64,689 | 69,093 |
Less current portion | -5,078 | -5,019 |
Postretirement health care and deferred compensations benefits | $59,611 | $64,074 |
Employee_and_Retiree_Benefits_2
Employee and Retiree Benefits (Postretirement Benefit Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 | Mar. 01, 2014 | Mar. 02, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Interest cost | $386 | $369 | $780 | $763 |
Service cost | 98 | 141 | 200 | 293 |
Amortization of prior service benfit | -1,405 | -1,261 | -2,686 | -2,437 |
Amortization of net actuarial loss | 269 | 392 | 529 | 788 |
Net periodic postretirement benefit income | -652 | -359 | -1,177 | -593 |
Payments for postretirement health care | $259 | $273 | $532 | $565 |
Employee_and_Retiree_Benefits_3
Employee and Retiree Benefits (Narrative) (Details) (USD $) | 1 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Mar. 01, 2014 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Postretirement health care benefits age requirement before distribution occurs | ' | ' | ' | '55 years |
Postretirement health care benefits continuous service requirement | ' | ' | ' | '15 years |
Dollar cap liability reduction | 10.00% | 10.00% | 10.00% | ' |
Plan amendment liability reduction | ($3.60) | ($4.30) | ($4.60) | ' |
Plan amendment amortization period | '7 years 4 months 0 days | '7 years 6 months 0 days | '7 years 9 months 20 days | ' |
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | ||||
Mar. 01, 2014 | Mar. 02, 2013 | Mar. 01, 2014 | Mar. 02, 2013 | Mar. 01, 2014 | Nov. 30, 2013 | Dec. 01, 2012 | |
October 16, 2013 Grant [Member] | October 16, 2013 Grant [Member] | October 10, 2012 Grant [Member] | |||||
Management [Member] | Management [Member] | ||||||
Restricted Stock [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock (in shares) | ' | ' | ' | ' | ' | 84,200 | 155,600 |
Stock-based compensation expense | $436,000 | $309,000 | $1,400,000 | $996,000 | $934,000 | ' | ' |
Contingent_Liabilites_and_Comm2
Contingent Liabilites and Commitments (Schedule of Repurchased Activity) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 | Mar. 01, 2014 | Mar. 02, 2013 |
Recreational_vehicles | Recreational_vehicles | Recreational_vehicles | Recreational_vehicles | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
Inventory repurchased, units (in recreation vehicles) | 0 | 0 | 14 | 0 |
Inventory repurchased, dollars | $0 | $0 | $325 | $0 |
Inventory resold, units (in recreation vehicles) | 0 | 0 | 14 | 0 |
Inventory resold, cash collected | 0 | 0 | 257 | 0 |
Inventory resold, loss recognized | $0 | $0 | $68 | $0 |
Units in ending inventory (in recreation vehicles) | 0 | 0 | 0 | 0 |
Contingent_Liabilites_and_Comm3
Contingent Liabilites and Commitments (Repurchase Commitments Narrative) (Details) (USD $) | 6 Months Ended | |
Mar. 01, 2014 | Aug. 31, 2013 | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ' | ' |
Repurchase agreement term | '18 months | ' |
Accrued loss on repurchases | $1,971,000 | $1,287,000 |
Hypothetical percent change of repurchase assumptions | 10.00% | ' |
Hypothetical change on repurchase assumptions | 315,000 | ' |
Obligation to Repurchase from Dealers [Member] | ' | ' |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ' | ' |
Contingent liability on repurchase agreements | 288,700,000 | 232,900,000 |
State Obligation to Repurchase [Member] | ' | ' |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ' | ' |
Contingent liability on repurchase agreements | $18,400,000 | $5,000,000 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | Mar. 01, 2014 | Aug. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Deferred tax assets, valuation allowance | $1.40 | $1.60 |
Unrecognized tax benefits | 2 | ' |
Unrecognized tax benefits that would have an impact on effective tax rate | 2.5 | ' |
Unrecognized tax benefits, income tax penalties and interest accrued | $1.60 | ' |
Earnings_Per_Share_Calculation
Earnings Per Share (Calculation of Basic and Diluted Income Per Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 | Mar. 01, 2014 | Mar. 02, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $9,593 | $6,285 | $20,739 | $13,676 |
Weighted average shares outstanding | 27,595 | 28,084 | 27,723 | 28,196 |
Net income per share - basic (in dollars per share) | $0.35 | $0.22 | $0.75 | $0.49 |
Dilutive impact of awards and options outstanding | 129 | 107 | 127 | 84 |
Weighted average shares and potential dilutive shares outstanding | 27,724 | 28,191 | 27,850 | 28,280 |
Net income per share - assuming dilution (in dollars per share) | $0.35 | $0.22 | $0.74 | $0.48 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (Stock Options [Member], USD $) | 6 Months Ended | |
Mar. 01, 2014 | Mar. 02, 2013 | |
Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive shares | 316,600 | 673,328 |
Antidilutive shares average price (in dollars per share) | $32.02 | $29.83 |
Comprehensive_Income_Changes_i
Comprehensive Income Changes in AOCI by component (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 | Mar. 01, 2014 | Mar. 02, 2013 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | $364 | ($4,168) | $849 | ($3,686) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ' | ' | ' | ' |
OCI before reclassifications | 2,234 | 2,621 | 2,385 | 2,620 |
Amounts reclassified from AOCI | -708 | -536 | -1,344 | -1,017 |
Net current-period OCI | 1,526 | 2,085 | 1,041 | 1,603 |
Balance at end of period | 1,890 | -2,083 | 1,890 | -2,083 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 364 | -3,807 | 1,000 | -3,326 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ' | ' | ' | ' |
OCI before reclassifications | 2,234 | 2,676 | 2,234 | 2,676 |
Amounts reclassified from AOCI | -708 | -536 | 1,344 | 1,017 |
Net current-period OCI | 1,526 | 2,140 | 890 | 1,659 |
Balance at end of period | 1,890 | -1,667 | 1,890 | -1,667 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 0 | -361 | -151 | -360 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ' | ' | ' | ' |
OCI before reclassifications | 0 | -55 | 151 | -56 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Net current-period OCI | 0 | -55 | 151 | -56 |
Balance at end of period | $0 | ($416) | $0 | ($416) |
Comprehensive_Income_Reclassif
Comprehensive Income Reclassification from AOCI (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 01, 2014 | Mar. 02, 2013 | Mar. 01, 2014 | Mar. 02, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of goods sold | ($205,966) | ($159,975) | ($402,674) | ($332,782) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net income | -708 | -536 | -1,344 | -1,017 |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) Net of Tax [Member] [Domain] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of goods sold | 0 | -682 | 0 | -1,319 |
Operating expenses | -876 | -104 | -1,676 | -201 |
Net income | -876 | -786 | -1,676 | -1,520 |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) Net of Tax [Member] [Domain] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of goods sold | 0 | 212 | 0 | 427 |
Operating expenses | 168 | 38 | 332 | 76 |
Net income | $168 | $250 | $332 | $503 |