Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Nov. 28, 2015 | Dec. 22, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | WINNEBAGO INDUSTRIES INC | |
Entity Central Index Key | 107,687 | |
Current Fiscal Year End Date | --08-27 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Nov. 28, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 26,979,694 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Nov. 28, 2015 | Nov. 29, 2014 | |
Net revenues | $ 214,223 | $ 224,403 |
Cost of goods sold | 188,974 | 200,017 |
Gross profit | 25,249 | 24,386 |
Operating expenses: | ||
Selling | 5,015 | 4,707 |
General and administrative | 7,475 | 5,237 |
Total operating expenses | 12,490 | 9,944 |
Operating income | 12,759 | 14,442 |
Non-operating income | 135 | 7 |
Income before income taxes | 12,894 | 14,449 |
Provision for taxes | 4,336 | 4,554 |
Net income | $ 8,558 | $ 9,895 |
Income per common share: | ||
Basic | $ 0.32 | $ 0.37 |
Diluted | $ 0.32 | $ 0.37 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 26,976 | 26,969 |
Diluted (in shares) | 27,067 | 27,078 |
Other comprehensive income (loss): | ||
Amortization of prior service credit (net of tax of $653 and $492) | $ (1,060) | $ (800) |
Amortization of net actuarial loss (net of tax of $142 and $122) | 231 | 199 |
Plan amendment, (net of tax of $10,895 and $0) | 17,701 | 0 |
Total other comprehensive income (loss) | 16,872 | (601) |
Comprehensive income | $ 25,430 | $ 9,294 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 28, 2015 | Nov. 29, 2014 | |
Amortization of prior service credit, tax | $ 653 | $ 492 |
Amortization of net actuarial loss, tax | 142 | 122 |
Plan amendment, tax | $ 10,895 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 28, 2015 | Aug. 29, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 55,721 | $ 70,239 |
Receivables, less allowance for doubtful accounts ($132 and $120) | 59,312 | 66,936 |
Inventories | 136,364 | 112,165 |
Prepaid expenses and other assets | 7,083 | 6,882 |
Deferred income taxes | 0 | 9,995 |
Total current assets | 258,480 | 266,217 |
Property, plant and equipment, net | 39,094 | 37,250 |
Investment in life insurance | 26,187 | 26,172 |
Deferred income taxes | 20,400 | 21,994 |
Other assets | 10,171 | 10,541 |
Total assets | 354,332 | 362,174 |
Current liabilities: | ||
Accounts payable | 34,949 | 33,158 |
Income taxes payable | 3,159 | 2,314 |
Accrued expenses: | ||
Accrued compensation | 15,467 | 18,346 |
Product warranties | 11,585 | 11,254 |
Self-insurance | 5,863 | 6,242 |
Accrued loss on repurchases | 1,240 | 1,329 |
Promotional | 2,601 | 3,149 |
Other | 5,378 | 5,818 |
Total current liabilities | 80,242 | 81,610 |
Non-current liabilities: | ||
Unrecognized tax benefits | 2,410 | 2,511 |
Postretirement health care and deferred compensation benefits | 27,869 | 57,090 |
Total non-current liabilities | $ 30,279 | $ 59,601 |
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 | 31,427 | 32,018 |
Retained earnings | 591,769 | 585,941 |
Accumulated other comprehensive income (loss) | 14,598 | (2,274) |
Treasury stock, at cost (24,775 and 24,825 shares) | (419,871) | (420,610) |
Total stockholders' equity | 243,811 | 220,963 |
Total liabilities and stockholders' equity | $ 354,332 | $ 362,174 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Nov. 28, 2015 | Aug. 29, 2015 |
Statement of Financial Position [Abstract] | ||
Receivables, less allowance for doubtful accounts | $ 132 | $ 120 |
Capital stock common, par value (in dollars per share) | $ 0.5 | $ 0.5 |
Capital stock common, shares authorized (in shares) | 60,000 | 60,000 |
Capital stock common, shares issued (in shares) | 51,776 | 51,776 |
Treasury stock, at cost, shares (in shares) | 24,775 | 24,825 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 28, 2015 | Nov. 29, 2014 | |
Operating activities: | ||
Net income | $ 8,558 | $ 9,895 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 1,370 | 1,061 |
LIFO (income) expense | (90) | 380 |
Stock-based compensation | 623 | 901 |
Deferred income taxes | 382 | (447) |
Postretirement benefit income and deferred compensation expense | (777) | (154) |
Provision (benefit) for doubtful accounts | 13 | (4) |
Gain on disposal of property | (5) | (17) |
Gain on life insurance | (118) | 0 |
Increase in cash surrender value of life insurance policies | (185) | (187) |
Change in assets and liabilities: | ||
Inventories | (24,109) | (38,285) |
Receivables, prepaid and other assets | 7,366 | 6,841 |
Investment in operating leases, net of repurchase obligations | 0 | 154 |
Income taxes and unrecognized tax benefits | 1,254 | 1,794 |
Accounts payable and accrued expenses | (1,375) | (632) |
Postretirement and deferred compensation benefits | (970) | (922) |
Net cash used in operating activities | (8,063) | (19,622) |
Investing activities: | ||
Purchases of property and equipment | (3,109) | (2,310) |
Proceeds from the sale of property | 5 | 17 |
Proceeds from life insurance | 295 | 0 |
Other | (220) | 293 |
Net cash used in investing activities | (3,029) | (2,000) |
Financing activities: | ||
Payments for purchases of common stock | (705) | (5,950) |
Payments of cash dividends | (2,730) | (2,442) |
Other | 9 | 13 |
Net cash used in financing activities | (3,426) | (8,379) |
Net decrease in cash and cash equivalents | (14,518) | (30,001) |
Cash and cash equivalents at beginning of period | 70,239 | 57,804 |
Cash and cash equivalents at end of period | 55,721 | 27,803 |
Supplemental cash flow disclosure: | ||
Income taxes paid, net | 2,675 | 3,207 |
Non-cash transactions: | ||
Capital expenditures in accounts payable | $ 826 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Nov. 28, 2015 | |
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 unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly our consolidated financial position as of November 28, 2015 and the consolidated results of income and comprehensive income and consolidated cash flows for the first three months of Fiscal 2016 and 2015 . The consolidated statement of income and comprehensive income for the first three months of Fiscal 2016 is not necessarily indicative of the results to be expected for the full year. The consolidated balance sheet data as of August 29, 2015 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 29, 2015 . Fiscal Period We follow a 52-/53-week fiscal year, ending the last Saturday in August. Both Fiscal 2016 and Fiscal 2015 are 52-week years. New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which specifies how and when to recognize revenue as well as providing informative, relevant disclosures. In August 2015, the FASB deferred the effective date of this standard by one year, which would become effective for fiscal years beginning after December 15, 2017 (our Fiscal 2019). We are currently evaluating the impact on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330), which requires inventory measured using any method other than last-in, first-out (“LIFO”) or the retail inventory method to be subsequently measured at the lower of cost or net realizable value, rather than at the lower of cost or market. Under this ASU, subsequent measurement of inventory using the LIFO and retail In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805), to simplify the accounting for measurement-period adjustments in a business combination. Under the new standard, an acquirer must recognize adjustments to provisional amounts in a business combination in the reporting period in which the adjustment amounts are determined, rather than retrospectively adjusting the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill as under current guidance. ASU 2015-16 is effective for fiscal years, and the interim periods within those years, beginning after December 15, 2015 (our Fiscal 2017). This new standard will be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. We are currently evaluating the impact of this ASU on our consolidated financial statements, which will be dependent on future acquisitions. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740), to simplify the presentation of deferred income taxes. Under the new standard, both deferred tax liabilities and assets are required to be classified as noncurrent in a classified balance sheet. ASU 2015-17 will become effective for fiscal years, and the interim periods within those years, beginning after December 15, 2016 (our Fiscal 2018), with early adoption allowed. As of August 29, 2015, we had deferred taxes that were classified as current and noncurrent assets. During the first quarter of Fiscal 2016, we elected to prospectively adopt ASU 2015-17, thus reclassifying $8.1 million of current deferred tax assets to noncurrent on the accompanying consolidated balance sheet. The prior reporting period was not retrospectively adjusted. The adoption of this guidance had no impact on our consolidated results of income and comprehensive income. |
Concentration Risk
Concentration Risk | 3 Months Ended |
Nov. 28, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk | Concentration Risk One of our dealer organizations accounted for 20.9% and 18.0% of our consolidated net revenues for the first three months of Fiscal 2016 and Fiscal 2015 , respectively. A second dealer organization accounted for 14.2% and 19.0% of our consolidated net revenues for the first three months of Fiscal 2016 and Fiscal 2015 , respectively. The loss of either or 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. |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 3 Months Ended |
Nov. 28, 2015 | |
Fair Value Disclosures [Abstract] | |
Investments and 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 November 28, 2015 and August 29, 2015 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 Observable Inputs Level 3 Significant Unobservable Inputs Assets that fund deferred compensation: Domestic equity funds $ 4,484 $ 4,411 $ 73 $ — International equity funds 320 292 28 — Fixed income funds 282 237 45 — Total assets at fair value $ 5,086 $ 4,940 $ 146 $ — 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 Observable Inputs Level 3 Significant Unobservable Inputs Assets that fund deferred compensation: Domestic equity funds $ 4,937 $ 4,894 $ 43 $ — International equity funds 493 477 16 — Fixed income funds 284 251 33 — Total assets at fair value $ 5,714 $ 5,622 $ 92 $ — The following methods and assumptions were used to estimate the fair value of each class of financial instrument: 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. The majority of which 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 and the Executive deferred compensation plan (see Note 8 ). The assets related to these deferred compensation plans that will expire within a year are included in prepaid expenses and other assets in the accompanying consolidated balance sheets; the remaining noncurrent assets are included in other assets. 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 three months of Fiscal 2016 , no impairments were recorded for non-financial assets. |
Inventories
Inventories | 3 Months Ended |
Nov. 28, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: (In thousands) November 28, August 29, Finished goods $ 28,479 $ 12,179 Work-in-process 72,898 66,602 Raw materials 67,441 65,928 Total 168,818 144,709 LIFO reserve (32,454 ) (32,544 ) Total inventories $ 136,364 $ 112,165 The above value of inventories, before reduction for the LIFO reserve, approximates replacement cost at the respective dates. Of the $168.8 million and $144.7 million inventory at November 28, 2015 and August 29, 2015 , respectively, $156.5 million and $136.3 million is valued on a LIFO basis. Towables inventory of $12.3 million and $8.4 million at November 28, 2015 and August 29, 2015 , respectively, is valued on a FIFO basis. |
Net Investment in Operating Lea
Net Investment in Operating Leases and Operating Lease Repurchase Obligations | 3 Months Ended |
Nov. 28, 2015 | |
Net Investment in Operating Leases and Operating Lease Repurchase Obligations [Abstract] | |
Net Investment in Operating Leases and Operating Lease Repurchase Obligations | Net Investment in Operating Leases and Operating Lease Repurchase Obligations During the third quarter of Fiscal 2014 we delivered 520 RV rental units to Apollo, a US RV rental company. Under the terms of a sales agreement with Apollo, all units were paid for upon delivery. To secure an order of this magnitude, we contractually agreed to repurchase up to 343 of the units at specified prices after one season of rental use (by no later than December 31, 2014) provided certain conditions were met. On December 29, 2014 the termination date for our repurchase obligation was extended from December 31, 2014 to February 28, 2015. The original cost of these units was depreciated down to the estimated net realizable value of the rental units during the time frame that the units were in rental use. During the first quarter of Fiscal 2015, we were released from our repurchase obligation for 124 units as Apollo sold the units in the market place. As units subject to repurchase were sold, we removed the remaining net investment in operating lease as well as the operating lease repurchase obligation. In the second quarter of Fiscal 2015, we were released from our remaining repurchase obligations and as a result, there were no associated assets or liabilities on the balance sheet at February 28, 2015 or thereafter. Net lease revenue was recorded ratably over the rental period that Apollo held the units based upon the difference between the proceeds received and the estimated repurchase obligation less the estimated depreciation expense of the unit. We were not required to repurchase any units from Apollo, thus we did not record a gain or loss for the difference between the estimated residual value of the unit and the actual resale value as a component of net lease revenue. We recorded net lease revenue of $714,000 during the first quarter of Fiscal 2015. We have not entered into sales agreements with repurchase obligations since Fiscal 2014, thus no additional units have been recorded as operating leases since that time. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Nov. 28, 2015 | |
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) November 28, August 29, Land $ 1,874 $ 1,874 Buildings and building improvements 53,971 53,388 Machinery and equipment 94,970 94,034 Software 9,454 8,033 Transportation 8,917 8,913 Total property, plant and equipment, gross 169,186 166,242 Less accumulated depreciation (130,092 ) (128,992 ) Total property, plant and equipment, net $ 39,094 $ 37,250 On November 30, 2015 we purchased land and buildings from Country Coach in Junction City, Oregon, for approximately $5.7 million for eventual expansion of our motorhome operations. |
Warranty
Warranty | 3 Months Ended |
Nov. 28, 2015 | |
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 voluntarily agreed to pay certain warranty-type 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 (In thousands) November 28, November 29, Balance at beginning of period $ 11,254 $ 9,501 Provision 3,594 2,577 Claims paid (3,263 ) (2,988 ) Balance at end of period $ 11,585 $ 9,090 |
Employee and Retiree Benefits
Employee and Retiree Benefits | 3 Months Ended |
Nov. 28, 2015 | |
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) November 28, August 29, Postretirement health care benefit cost $ 5,905 $ 34,535 Non-qualified deferred compensation 19,092 19,508 Executive share option plan liability 4,196 4,788 SERP benefit liability 2,694 2,649 Executive deferred compensation 376 299 Officer stock-based compensation 255 242 Total postretirement health care and deferred compensation benefits 32,518 62,021 Less current portion (4,649 ) (4,931 ) Long-term postretirement health care and deferred compensation benefits $ 27,869 $ 57,090 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. In Fiscal 2005, through a plan amendment, 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. Each January for the past four years, the employer established dollar caps were reduced by 10% through plan amendments. On September 28, 2015, we announced a plan amendment to our postretirement health care benefits. Beginning January 1, 2016, postretirement health care benefits will be discontinued for retirees age 65 and over. We plan to fund a $700,000 health reimbursement account in calendar 2016 to assist retirees with medical expenses. The plan amendment also includes a 10% reduction in employer paid premiums for retirees under age 65 . As a result of these amendments, our liability for postretirement health care was reduced as presented in the following table. Date Event Dollar Cap Reduction Liability Reduction (In thousands) Amortization Period (1) Fiscal 2005 Established employer dollar caps $ 40,414 11.5 years January 2012 Reduced employer dollar caps 10% 4,598 7.8 years January 2013 Reduced employer dollar caps 10% 4,289 7.5 years January 2014 Reduced employer dollar caps 10% 3,580 7.3 years January 2015 Reduced employer dollar caps 10% 3,960 7.1 years January 2016 (2) Reduce employer dollar caps for retirees under age 65; discontinue retiree benefits for retirees age 65 and over 10% 28,596 6.9 years (1) Plan amendments are amortized on a straight-line basis over the expected remaining service period of active plan participants. (2) In accordance with ASC 715, the effects of the plan amendment are accounted for at the date the amendment is adopted and has been communicated to plan participants. The effective date for this plan amendment was September 28, 2015. Net periodic postretirement benefit income consisted of the following components: Three Months Ended (In thousands) November 28, November 29, Interest cost $ 153 $ 353 Service cost 41 110 Amortization of prior service benefit (1,713 ) (1,291 ) Amortization of net actuarial loss 368 316 Net periodic postretirement benefit income $ (1,151 ) $ (512 ) Payments for postretirement health care $ 228 $ 251 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Nov. 28, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Shareholders' Equity Stock-Based Compensation We have a 2014 Omnibus Equity, Performance Award, and Incentive Compensation Plan (as amended, the "Plan") in place as approved by shareholders, which 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. On October 13, 2015 and October 15, 2014 the Human Resources Committee of the Board of Directors granted an aggregate of 204,200 and 99,600 shares, respectively, of restricted common stock to our key employees and non-employee directors under the 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 $623,000 and $901,000 during the first quarters of Fiscal 2016 and 2015 , respectively. Of the $623,000 expense recognized in Fiscal 2016 , $363,000 related to the October 13, 2015 grant of 204,200 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. Dividends On October 14, 2015 , the Board of Directors declared a quarterly cash dividend of $0.10 per share of common stock, which was paid on November 25, 2015 to shareholders of record at the close of business on November 11, 2015 . On December 16, 2015 , the Board of Directors declared a quarterly cash dividend of $0.10 per share of common stock, payable on January 27, 2016 to shareholders of record at the close of business on January 13, 2016 . |
Contingent Liabilites and Commi
Contingent Liabilites and Commitments | 3 Months Ended |
Nov. 28, 2015 | |
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 $390.5 million and $386.0 million at November 28, 2015 and August 29, 2015 , 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 $7.3 million and $7.2 million at November 28, 2015 and August 29, 2015 , 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 although two dealer organizations account for approximately 35% of our revenues. 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 $1.2 million as of November 28, 2015 and $1.3 million as of August 29, 2015 . A summary of repurchase activity is as follows: Three Months Ended (Dollars in thousands) November 28, November 29, Inventory repurchased: (1) Units — 54 Dollars $ — $ 7,266 Inventory resold: Units 1 1 Cash collected $ 36 $ 20 (Gain) loss realized $ (1 ) $ 12 Units in ending inventory — 53 (1) The majority of units in ending inventory at November 29, 2014 were attributed to a single dealership and were resold in the second quarter of Fiscal 2015. 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. 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. For the past several years we have been involved in litigation in Australia seeking to recover from Knott Investments for damages for using our name without our approval. On December 2, 2015 the Federal Court of Australia, New South Wales District Registry, General Division, entered judgment in favor of Winnebago Industries, Inc. and against Knott Investments for damages arising out of its use of the Winnebago name. Damages awarded were 1% of the total sales of Winnebago branded recreation vehicles from October 14, 2004, through October 17, 2013, plus interest. That award is likely to exceed $5.0 million , plus attorneys’ fees. An appeal by Knott Investments is anticipated. |
Income Taxes
Income Taxes | 3 Months Ended |
Nov. 28, 2015 | |
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. On November 20, 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740), which requires entities to present deferred tax assets (DTAs) and deferred tax liabilities (DTLs) as noncurrent in a classified balance sheet. ASU 2015-17 will become effective for fiscal years, and the interim periods within those years, beginning after December 15, 2016, with early adoption allowed. During the first quarter of Fiscal 2016, we elected to prospectively adopt ASU 2015-17, thus reclassifying $8.1 million of current DTAs to noncurrent on the accompanying consolidated balance sheet. The prior reporting period was not retrospectively adjusted. 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. As of November 28, 2015 , our federal returns from Fiscal 2012 to present continue to be subject to review by the IRS. Currently, the Company's Fiscal 2014 Federal Return is being reviewed. With few exceptions, the state returns from Fiscal 2009 to present continue to be subject to review by the state taxing jurisdictions. At this time, we have one state jurisdiction that is currently reviewing our Fiscal 2012 and Fiscal 2013 returns. A number of years may elapse before an uncertain tax position is audited and finally resolved, and it is often very difficult to predict the outcome of such audits. As of November 28, 2015 , our unrecognized tax benefits were $2.4 million including accrued interest and penalties of $888,000 . If we were to prevail on all unrecognized tax benefits recorded, $1.8 million of the $2.4 million would benefit the overall effective tax rate. It is our policy to recognize interest and penalties accrued relative to unrecognized tax benefits as tax expense. We do not believe that there will be a significant change in the total amount of unrecognized tax benefits within the next twelve months. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Nov. 28, 2015 | |
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 (In thousands, except per share data) November 28, November 29, Income per share - basic Net income $ 8,558 $ 9,895 Weighted average shares outstanding 26,976 26,969 Net income per share - basic $ 0.32 $ 0.37 Income per share - assuming dilution Net income $ 8,558 $ 9,895 Weighted average shares outstanding 26,976 26,969 Dilutive impact of awards and options outstanding 91 109 Weighted average shares and potential dilutive shares outstanding 27,067 27,078 Net income per share - assuming dilution $ 0.32 $ 0.37 At the end of the first quarter of Fiscal 2016 and Fiscal 2015 , there were options outstanding to purchase 24,000 shares and 212,154 shares, respectively, of common stock at an average price of $33.63 and $29.17 , 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 (Loss)
Comprehensive Income (Loss) | 3 Months Ended |
Nov. 28, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Changes in defined benefit pension items in AOCI, net of tax, were: Three Months Ended (In thousands) November 28, 2015 November 29, 2014 Balance at beginning of period $ (2,274 ) $ (1,808 ) OCI before reclassifications 17,701 — Amounts reclassified from AOCI (829 ) (601 ) Net current-period OCI 16,872 (601 ) Balance at end of period $ 14,598 $ (2,409 ) Reclassifications out of AOCI in net periodic benefit costs, net of tax, were: Three Months Ended (In thousands) Location on Consolidated Statements of Income and Comprehensive Income November 28, November 29, Amortization of prior service credit Operating expenses $ (1,060 ) $ (800 ) Amortization of net actuarial loss Operating expenses 231 199 Total reclassifications $ (829 ) $ (601 ) |
Subsequent Events
Subsequent Events | 3 Months Ended |
Nov. 28, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event s On November 30, 2015 we purchased land and buildings from Country Coach for approximately $5.7 million for eventual expansion of our motorhome production facilities as noted in Note 6 . On December 2, 2015 the Federal Court of Australia, New South Wales District Registry, General Division, entered judgment in favor of Winnebago Industries, Inc. and against Knott Investments for damages arising out of its use of the Winnebago name. See Note 10 . On December 16, 2015 our Board of Directors declared a cash dividend of $0.10 per share as noted in Note 9 . |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Nov. 28, 2015 | |
Accounting Policies [Abstract] | |
Fiscal Period [Policy Text Block] | Fiscal Period We follow a 52-/53-week fiscal year, ending the last Saturday in August. Both Fiscal 2016 and Fiscal 2015 are 52-week years. |
New Accounting Pronouncements [Policy Text Block] | New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which specifies how and when to recognize revenue as well as providing informative, relevant disclosures. In August 2015, the FASB deferred the effective date of this standard by one year, which would become effective for fiscal years beginning after December 15, 2017 (our Fiscal 2019). We are currently evaluating the impact on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330), which requires inventory measured using any method other than last-in, first-out (“LIFO”) or the retail inventory method to be subsequently measured at the lower of cost or net realizable value, rather than at the lower of cost or market. Under this ASU, subsequent measurement of inventory using the LIFO and retail In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805), to simplify the accounting for measurement-period adjustments in a business combination. Under the new standard, an acquirer must recognize adjustments to provisional amounts in a business combination in the reporting period in which the adjustment amounts are determined, rather than retrospectively adjusting the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill as under current guidance. ASU 2015-16 is effective for fiscal years, and the interim periods within those years, beginning after December 15, 2015 (our Fiscal 2017). This new standard will be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. We are currently evaluating the impact of this ASU on our consolidated financial statements, which will be dependent on future acquisitions. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740), to simplify the presentation of deferred income taxes. Under the new standard, both deferred tax liabilities and assets are required to be classified as noncurrent in a classified balance sheet. ASU 2015-17 will become effective for fiscal years, and the interim periods within those years, beginning after December 15, 2016 (our Fiscal 2018), with early adoption allowed. As of August 29, 2015, we had deferred taxes that were classified as current and noncurrent assets. During the first quarter of Fiscal 2016, we elected to prospectively adopt ASU 2015-17, thus reclassifying $8.1 million of current deferred tax assets to noncurrent on the accompanying consolidated balance sheet. The prior reporting period was not retrospectively adjusted. The adoption of this guidance had no impact on our consolidated results of income and comprehensive income. |
Investments and Fair Value Me22
Investments and Fair Value Measurements (Tables) | 3 Months Ended |
Nov. 28, 2015 | |
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 November 28, 2015 and August 29, 2015 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 Observable Inputs Level 3 Significant Unobservable Inputs Assets that fund deferred compensation: Domestic equity funds $ 4,484 $ 4,411 $ 73 $ — International equity funds 320 292 28 — Fixed income funds 282 237 45 — Total assets at fair value $ 5,086 $ 4,940 $ 146 $ — 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 Observable Inputs Level 3 Significant Unobservable Inputs Assets that fund deferred compensation: Domestic equity funds $ 4,937 $ 4,894 $ 43 $ — International equity funds 493 477 16 — Fixed income funds 284 251 33 — Total assets at fair value $ 5,714 $ 5,622 $ 92 $ — |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Nov. 28, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: (In thousands) November 28, August 29, Finished goods $ 28,479 $ 12,179 Work-in-process 72,898 66,602 Raw materials 67,441 65,928 Total 168,818 144,709 LIFO reserve (32,454 ) (32,544 ) Total inventories $ 136,364 $ 112,165 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Nov. 28, 2015 | |
Property, Plant and Equipment [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) November 28, August 29, Land $ 1,874 $ 1,874 Buildings and building improvements 53,971 53,388 Machinery and equipment 94,970 94,034 Software 9,454 8,033 Transportation 8,917 8,913 Total property, plant and equipment, gross 169,186 166,242 Less accumulated depreciation (130,092 ) (128,992 ) Total property, plant and equipment, net $ 39,094 $ 37,250 |
Warranty (Tables)
Warranty (Tables) | 3 Months Ended |
Nov. 28, 2015 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | Changes in our product warranty liability are as follows: Three Months Ended (In thousands) November 28, November 29, Balance at beginning of period $ 11,254 $ 9,501 Provision 3,594 2,577 Claims paid (3,263 ) (2,988 ) Balance at end of period $ 11,585 $ 9,090 |
Employee and Retiree Benefits (
Employee and Retiree Benefits (Tables) | 3 Months Ended |
Nov. 28, 2015 | |
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) November 28, August 29, Postretirement health care benefit cost $ 5,905 $ 34,535 Non-qualified deferred compensation 19,092 19,508 Executive share option plan liability 4,196 4,788 SERP benefit liability 2,694 2,649 Executive deferred compensation 376 299 Officer stock-based compensation 255 242 Total postretirement health care and deferred compensation benefits 32,518 62,021 Less current portion (4,649 ) (4,931 ) Long-term postretirement health care and deferred compensation benefits $ 27,869 $ 57,090 |
Schedule of Postretirement Plan Amendments [Table Text Block] | Date Event Dollar Cap Reduction Liability Reduction (In thousands) Amortization Period (1) Fiscal 2005 Established employer dollar caps $ 40,414 11.5 years January 2012 Reduced employer dollar caps 10% 4,598 7.8 years January 2013 Reduced employer dollar caps 10% 4,289 7.5 years January 2014 Reduced employer dollar caps 10% 3,580 7.3 years January 2015 Reduced employer dollar caps 10% 3,960 7.1 years January 2016 (2) Reduce employer dollar caps for retirees under age 65; discontinue retiree benefits for retirees age 65 and over 10% 28,596 6.9 years |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic postretirement benefit income consisted of the following components: Three Months Ended (In thousands) November 28, November 29, Interest cost $ 153 $ 353 Service cost 41 110 Amortization of prior service benefit (1,713 ) (1,291 ) Amortization of net actuarial loss 368 316 Net periodic postretirement benefit income $ (1,151 ) $ (512 ) Payments for postretirement health care $ 228 $ 251 |
Contingent Liabilites and Com27
Contingent Liabilites and Commitments (Tables) | 3 Months Ended |
Nov. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Repurchase Agreements [Table Text Block] | A summary of repurchase activity is as follows: Three Months Ended (Dollars in thousands) November 28, November 29, Inventory repurchased: (1) Units — 54 Dollars $ — $ 7,266 Inventory resold: Units 1 1 Cash collected $ 36 $ 20 (Gain) loss realized $ (1 ) $ 12 Units in ending inventory — 53 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Nov. 28, 2015 | |
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 (In thousands, except per share data) November 28, November 29, Income per share - basic Net income $ 8,558 $ 9,895 Weighted average shares outstanding 26,976 26,969 Net income per share - basic $ 0.32 $ 0.37 Income per share - assuming dilution Net income $ 8,558 $ 9,895 Weighted average shares outstanding 26,976 26,969 Dilutive impact of awards and options outstanding 91 109 Weighted average shares and potential dilutive shares outstanding 27,067 27,078 Net income per share - assuming dilution $ 0.32 $ 0.37 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Nov. 28, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in defined benefit pension items in AOCI, net of tax, were: Three Months Ended (In thousands) November 28, 2015 November 29, 2014 Balance at beginning of period $ (2,274 ) $ (1,808 ) OCI before reclassifications 17,701 — Amounts reclassified from AOCI (829 ) (601 ) Net current-period OCI 16,872 (601 ) Balance at end of period $ 14,598 $ (2,409 ) |
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 (In thousands) Location on Consolidated Statements of Income and Comprehensive Income November 28, November 29, Amortization of prior service credit Operating expenses $ (1,060 ) $ (800 ) Amortization of net actuarial loss Operating expenses 231 199 Total reclassifications $ (829 ) $ (601 ) |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) $ in Millions | Nov. 28, 2015USD ($) |
Income Tax Disclosure [Abstract] | |
Deferred tax assets, current | $ 8.1 |
Concentration Risk (Narrative)
Concentration Risk (Narrative) (Details) - Sales Revenue, Goods, Net [Member] - Customer Concentration Risk [Member] | 3 Months Ended | |
Nov. 28, 2015 | Nov. 29, 2014 | |
Major Customer One [Member] | ||
Concentration Risk [Line Items] | ||
Percent of revenue | 20.90% | 18.00% |
Major Customer Two [Member] | ||
Concentration Risk [Line Items] | ||
Percent of revenue | 14.20% | 19.00% |
Investments and Fair Value Me32
Investments and Fair Value Measurements (Fair Value Inputs) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Nov. 28, 2015 | Aug. 29, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Domestic equity funds | $ 4,484 | $ 4,937 |
International equity funds | 320 | 493 |
Fixed income funds | 282 | 284 |
Total assets at fair value | 5,086 | 5,714 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Domestic equity funds | 4,411 | 4,894 |
International equity funds | 292 | 477 |
Fixed income funds | 237 | 251 |
Total assets at fair value | 4,940 | 5,622 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Domestic equity funds | 73 | 43 |
International equity funds | 28 | 16 |
Fixed income funds | 45 | 33 |
Total assets at fair value | 146 | 92 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Domestic equity funds | 0 | 0 |
International equity funds | 0 | 0 |
Fixed income funds | 0 | 0 |
Total assets at fair value | $ 0 | $ 0 |
Inventories (Inventory Schedule
Inventories (Inventory Schedule) (Details) - USD ($) $ in Thousands | Nov. 28, 2015 | Aug. 29, 2015 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 28,479 | $ 12,179 |
Work-in-process | 72,898 | 66,602 |
Raw materials | 67,441 | 65,928 |
Total | 168,818 | 144,709 |
LIFO reserve | (32,454) | (32,544) |
Total inventories | $ 136,364 | $ 112,165 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | Nov. 28, 2015 | Aug. 29, 2015 |
Inventory Disclosure [Abstract] | ||
Inventory, gross | $ 168,818 | $ 144,709 |
Inventory, LIFO | 156,500 | 136,300 |
Inventory, FIFO (Towables) | $ 12,300 | $ 8,400 |
Net Investment in Operating L35
Net Investment in Operating Leases and Operating Lease Repurchase Obligations (Details) | 3 Months Ended | |
Nov. 29, 2014USD ($)Recreational_vehicles | May. 31, 2014Recreational_vehicles | |
Net Investment in Operating Leases and Operating Lease Repurchase Obligations [Abstract] | ||
Rental units sold to Apollo | 520 | |
Rental units subject to operating lease | 343 | |
Rental units released from operating lease repurchase obligation | 124 | |
Operating lease revenue | $ | $ 714,000 |
Property, Plant and Equipment36
Property, Plant and Equipment (Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Nov. 28, 2015 | Aug. 29, 2015 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | $ 169,186 | $ 166,242 |
Less accumulated depreciation | (130,092) | (128,992) |
Total property, plant and equipment, net | 39,094 | 37,250 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 1,874 | 1,874 |
Buildings and building improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 53,971 | 53,388 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 94,970 | 94,034 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 9,454 | 8,033 |
Transportation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | $ 8,917 | $ 8,913 |
Property, Plant and Equipment37
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 27, 2016 | Nov. 28, 2015 | Nov. 29, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Payments to acquire property | $ 3,109 | $ 2,310 | |
Subsequent Event [Member] | Junction City, OR [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Payments to acquire property | $ 5,700 |
Warranty (Schedule of Product W
Warranty (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 28, 2015 | Nov. 29, 2014 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance at beginning of period | $ 11,254 | $ 9,501 |
Provision | 3,594 | 2,577 |
Claims paid | (3,263) | (2,988) |
Balance at end of period | $ 11,585 | $ 9,090 |
Warranty (Narrative) (Details)
Warranty (Narrative) (Details) | 3 Months Ended |
Nov. 28, 2015mi | |
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 Benefits40
Employee and Retiree Benefits (Postretirement Health Care and Deferred Compensation Benefits) (Details) - USD ($) $ in Thousands | Nov. 28, 2015 | Aug. 29, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Postretirement health care benefit cost | $ 5,905 | $ 34,535 |
Non-qualified deferred compensation | 19,092 | 19,508 |
Executive share option plan liability | 4,196 | 4,788 |
SERP benefit liability | 2,694 | 2,649 |
Executive deferred compensation | 376 | 299 |
Officer stock-based compensation | 255 | 242 |
Total postretirement health care and deferred compensation benefits | 32,518 | 62,021 |
Less current portion | (4,649) | (4,931) |
Postretirement health care and deferred compensation benefits | $ 27,869 | $ 57,090 |
Employee and Retiree Benefits P
Employee and Retiree Benefits Postretirement Plan Amendments (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Aug. 27, 2005 | |
Dollar cap liability reduction | 10.00% | 10.00% | 10.00% | 10.00% | ||
Liability reduction | $ 3,960 | $ 3,580 | $ 4,289 | $ 4,598 | $ 40,414 | |
Amortization period | 7 years 1 month 6 days | 7 years 4 months | 7 years 6 months | 7 years 9 months 20 days | 11 years 6 months | |
Subsequent Event [Member] | ||||||
Dollar cap liability reduction | 10.00% | |||||
Liability reduction | $ 28,596 | |||||
Amortization period | 6 years 10 months 24 days |
Employee and Retiree Benefits42
Employee and Retiree Benefits (Postretirement Benefit Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 28, 2015 | Nov. 29, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||
Interest cost | $ 153 | $ 353 |
Service cost | 41 | 110 |
Amortization of prior service benfit | (1,713) | (1,291) |
Amortization of net actuarial loss | 368 | 316 |
Net periodic postretirement benefit income | (1,151) | (512) |
Payments for postretirement health care | $ 228 | $ 251 |
Employee and Retiree Benefits43
Employee and Retiree Benefits (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Nov. 28, 2015 | Dec. 31, 2016 | |
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% | 10.00% | |||
Postretirement health care retiree age requirement | 65 years | ||||||
Subsequent Event [Member] | |||||||
Dollar cap liability reduction | 10.00% | ||||||
Postretirement health care reimbursement account | $ 700,000 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Feb. 27, 2016 | Nov. 28, 2015 | Nov. 29, 2014 | |
Stockholders Equity [Line Items] | |||
Stock-based compensation expense | $ 623,000 | $ 901,000 | |
Common stock, dividends, per share, cash paid | $ 0.10 | ||
October 13 2015 Grant [Domain] | |||
Stockholders Equity [Line Items] | |||
Stock-based compensation expense | $ 363,000 | ||
October 13 2015 Grant [Domain] | Management [Member] | Restricted Stock [Member] | |||
Stockholders Equity [Line Items] | |||
Issuance of stock (in shares) | 204,200 | ||
October 15, 2014 Grant [Member] | Management [Member] | Restricted Stock [Member] | |||
Stockholders Equity [Line Items] | |||
Issuance of stock (in shares) | 99,600 | ||
Subsequent Event [Member] | |||
Stockholders Equity [Line Items] | |||
Common stock, dividends, per share, declared | $ 0.10 |
Contingent Liabilites and Com45
Contingent Liabilites and Commitments (Schedule of Repurchased Activity) (Details) $ in Thousands | 3 Months Ended | |
Nov. 28, 2015USD ($)Recreational_vehicles | Nov. 29, 2014USD ($)Recreational_vehicles | |
Commitments and Contingencies Disclosure [Abstract] | ||
Inventory repurchased, units (in recreation vehicles) | Recreational_vehicles | 0 | 54 |
Inventory repurchased, dollars | $ | $ 0 | $ 7,266 |
Inventory resold, units (in recreation vehicles) | Recreational_vehicles | 1 | 1 |
Inventory resold, cash collected | $ | $ 36 | $ 20 |
Inventory resold, (gain) loss recognized | $ | $ (1) | $ 12 |
Units in ending inventory (in recreation vehicles) | Recreational_vehicles | 0 | 53 |
Contingent Liabilites and Com46
Contingent Liabilites and Commitments (Repurchase Commitments Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 28, 2015 | Aug. 29, 2015 | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Repurchase agreement term | 18 months | |
Accrued loss on repurchases | $ 1,240 | $ 1,329 |
Major Customers One and Two [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Percent of revenue | 35.00% | |
Obligation to Repurchase from Dealers [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Contingent liability on repurchase agreements | $ 390,500 | 386,000 |
State Obligation to Repurchase [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Contingent liability on repurchase agreements | $ 7,300 | $ 7,200 |
Contingent Liabilites and Com47
Contingent Liabilites and Commitments Litigation (Details) - Subsequent Event [Member] $ in Millions | 3 Months Ended |
Feb. 27, 2016USD ($) | |
Damages awarded, percent | 1.00% |
Damages awarded, value | $ 5 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | Nov. 28, 2015USD ($) |
Income Tax Disclosure [Abstract] | |
Deferred tax assets, current | $ 8,100,000 |
Unrecognized tax benefits | 2,400,000 |
Unrecognized tax benefits that would have an impact on effective tax rate | 1,800,000 |
Unrecognized tax benefits, income tax penalties and interest accrued | $ 888,000 |
Earnings Per Share (Calculation
Earnings Per Share (Calculation of Basic and Diluted Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Nov. 28, 2015 | Nov. 29, 2014 | |
Earnings Per Share [Abstract] | ||
Net income | $ 8,558 | $ 9,895 |
Weighted average shares outstanding | 26,976 | 26,969 |
Net income per share - basic (in dollars per share) | $ 0.32 | $ 0.37 |
Dilutive impact of awards and options outstanding | 91 | 109 |
Weighted average shares and potential dilutive shares outstanding | 27,067 | 27,078 |
Net income per share - assuming dilution (in dollars per share) | $ 0.32 | $ 0.37 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - Stock Options [Member] - $ / shares | 3 Months Ended | |
Nov. 28, 2015 | Nov. 29, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 24,000 | 212,154 |
Antidilutive shares average price (in dollars per share) | $ 33.63 | $ 29.17 |
Comprehensive Income (Loss) Cha
Comprehensive Income (Loss) Changes in AOCI by component (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 28, 2015 | Nov. 29, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of period | $ (2,274) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||
Balance at end of period | 14,598 | |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of period | (2,274) | $ (1,808) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||
OCI before reclassifications | 17,701 | 0 |
Amounts reclassified from AOCI | (829) | (601) |
Net current-period OCI | 16,872 | (601) |
Balance at end of period | $ 14,598 | $ (2,409) |
Comprehensive Income (Loss) Rec
Comprehensive Income (Loss) Reclassification from AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 28, 2015 | Nov. 29, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of prior service credit | $ (1,060) | $ (800) |
Amortization of net actuarial loss | 231 | 199 |
Total reclassifications | $ (829) | $ (601) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Feb. 27, 2016 | Nov. 28, 2015 | Nov. 29, 2014 | |
Payments to acquire property | $ 3,109 | $ 2,310 | |
Subsequent Event [Member] | |||
Common stock, dividends, per share, declared | $ 0.10 | ||
Subsequent Event [Member] | Junction City, OR [Member] | |||
Payments to acquire property | $ 5,700 |