Winnebago Industries (WGO) 10-Q 24 Mar 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Feb. 27, 2016	Mar. 23, 2016
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	Feb. 27, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		26,891,658

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 27, 2016	Feb. 28, 2015	Feb. 27, 2016	Feb. 28, 2015
Net revenues	$ 225,672	$ 234,543	$ 439,895	$ 458,946
Cost of goods sold	200,396	210,285	389,370	410,302
Gross profit	25,276	24,258	50,525	48,644
Operating expenses:
Selling	4,929	4,846	9,944	9,553
General and administrative	6,844	7,464	14,319	12,701
Total operating expenses	11,773	12,310	24,263	22,254
Operating income	13,503	11,948	26,262	26,390
Non-operating (expense) income	(18)	28	117	35
Income before income taxes	13,485	11,976	26,379	26,425
Provision for taxes	4,131	3,880	8,467	8,434
Net income	$ 9,354	$ 8,096	$ 17,912	$ 17,991
Income per common share:
Basic	$ 0.35	$ 0.30	$ 0.66	$ 0.67
Diluted	$ 0.35	$ 0.30	$ 0.66	$ 0.67
Weighted average common shares outstanding:
Basic (in shares)	26,936	26,924	26,956	26,946
Diluted (in shares)	27,015	27,018	27,042	27,048
Common stock, dividends, per share, cash paid	$ 0.10	$ 0.09	$ 0.20	$ 0.18
Other comprehensive (loss) income:
Amortization of prior service credit (net of tax of $764, $506, $1,417 and $998)	$ (1,242)	$ (822)	$ (2,302)	$ (1,622)
Amortization of net actuarial loss (net of tax of $160, $136, $302 and $258)	260	220	491	419
Plan amendment, (net of tax of $0, $581, $10,895 and $581)	0	944	17,701	944
Total other comprehensive (loss) income	(982)	342	15,890	(259)
Comprehensive income	$ 8,372	$ 8,438	$ 33,802	$ 17,732

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 27, 2016	Feb. 28, 2015	Feb. 27, 2016	Feb. 28, 2015
Amortization of prior service credit, tax	$ 764	$ 506	$ 1,417	$ 998
Amortization of net actuarial loss, tax	160	136	302	258
Plan amendment, tax	$ 0	$ 581	$ 10,895	$ 581

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 27, 2016	Aug. 29, 2015
Current assets:
Cash and cash equivalents	$ 36,872	$ 70,239
Receivables, less allowance for doubtful accounts ($146 and $120)	70,060	66,936
Inventories	134,169	112,165
Prepaid expenses and other assets	13,038	6,882
Deferred income taxes	0	9,995
Total current assets	254,139	266,217
Property, plant and equipment, net	50,719	37,250
Investment in life insurance	26,531	26,172
Deferred income taxes	19,844	21,994
Other assets	9,109	10,541
Total assets	360,342	362,174
Current liabilities:
Accounts payable	41,461	33,158
Income taxes payable	0	2,314
Accrued expenses:
Accrued compensation	14,334	18,346
Product warranties	11,727	11,254
Self-insurance	5,780	6,242
Accrued loss on repurchases	1,039	1,329
Promotional	4,255	3,149
Other	5,293	5,818
Total current liabilities	83,889	81,610
Non-current liabilities:
Unrecognized tax benefits	2,248	2,511
Postretirement health care and deferred compensation benefits	26,572	57,090
Total non-current liabilities	$ 28,820	$ 59,601
Contingent liabilities and commitments
Shareholders' equity:
Capital stock common, par value $0.50; authorized 60,000 shares, issued 51,776 shares	$ 25,888	$ 25,888
Additional paid-in capital	31,649	32,018
Retained earnings	598,399	585,941
Accumulated other comprehensive income (loss)	13,616	(2,274)
Treasury stock, at cost (24,885 and 24,825 shares)	(421,919)	(420,610)
Total shareholders' equity	247,633	220,963
Total liabilities and shareholders' equity	$ 360,342	$ 362,174

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Feb. 27, 2016	Aug. 29, 2015
Statement of Financial Position [Abstract]
Receivables, less allowance for doubtful accounts	$ 146	$ 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)	24,885	24,825

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Feb. 27, 2016	Feb. 28, 2015
Operating activities:
Net income	$ 17,912	$ 17,991
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	2,763	2,125
LIFO expense	588	626
Stock-based compensation	1,266	1,348
Deferred income taxes	819	7,127
Postretirement benefit income and deferred compensation expense	(1,915)	(338)
Provision for doubtful accounts	7	2
Loss (gain) on disposal of property	10	(35)
Gain on life insurance	(118)	0
Increase in cash surrender value of life insurance policies	(401)	(462)
Change in assets and liabilities:
Inventories	(22,592)	(37,619)
Receivables, prepaid and other assets	(8,988)	(7,560)
Investment in operating leases, net of repurchase obligations	0	(72)
Income taxes and unrecognized tax benefits	(1,456)	(11,258)
Accounts payable and accrued expenses	5,265	(4,075)
Postretirement and deferred compensation benefits	(1,972)	(1,852)
Net cash used in operating activities	(8,812)	(34,052)
Investing activities:
Purchases of property and equipment	(16,357)	(5,154)
Proceeds from the sale of property	10	43
Proceeds from life insurance	295	0
Other	(3)	294
Net cash used in investing activities	(16,055)	(4,817)
Financing activities:
Payments for purchases of common stock	(3,054)	(6,141)
Payments of cash dividends	(5,455)	(4,883)
Borrowings on loans	0	22,000
Repayments of loans	0	22,000
Other	9	27
Net cash used in financing activities	(8,500)	(10,997)
Net decrease in cash and cash equivalents	(33,367)	(49,866)
Cash and cash equivalents at beginning of period	70,239	57,804
Cash and cash equivalents at end of period	36,872	7,938
Supplemental cash flow disclosure:
Income taxes paid, net	12,848	12,565
Interest paid	0	10
Non-cash transactions:
Capital expenditures in accounts payable	$ 750	$ 0

Basis of Presentation

Basis of Presentation	6 Months Ended
	Feb. 27, 2016
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 February 27, 2016 and the consolidated results of income and comprehensive income and consolidated cash flows for the first six months of Fiscal 2016 and 2015 . The consolidated statement of income and comprehensive income for the first six 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 inventory method is unchanged. ASU 2015-11 will become effective prospectively for fiscal years beginning after December 15, 2016 (our Fiscal 2018). We are currently evaluating the impact on our consolidated financial statements. 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. During the first quarter of Fiscal 2016, we elected to prospectively adopt ASU 2015-17, thus reclassifying 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 statements of income and comprehensive income.

Concentration Risk

Concentration Risk	6 Months Ended
	Feb. 27, 2016
Risks and Uncertainties [Abstract]
Concentration Risk	Concentration Risk One of our dealer organizations accounted for 21.2% and 20.1% of our consolidated net revenues for the first six months of Fiscal 2016 and Fiscal 2015 , respectively. A second dealer organization accounted for 16.4% and 19.2% of our consolidated net revenues for the first six 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	6 Months Ended
	Feb. 27, 2016
Fair Value Disclosures [Abstract]
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. 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 February 27, 2016 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 Cash equivalents $ 28,146 $ 28,146 $ — $ — Assets that fund deferred compensation: Domestic equity funds 3,921 3,853 68 — International equity funds 254 227 27 — Fixed income funds 274 229 45 — Total assets at fair value $ 32,595 $ 32,455 $ 140 $ — 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 Cash equivalents $ 63,107 $ 63,107 $ — $ — 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 $ 68,821 $ 68,729 $ 92 $ — The following methods and assumptions were used to estimate the fair value of each class of financial instrument: 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 and are included in cash and cash equivalents on the accompanying consolidated balance sheets. 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 7 ). 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 six months of Fiscal 2016 , no impairments were recorded for non-financial assets.

Inventories

Inventories	6 Months Ended
	Feb. 27, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: (In thousands) February 27, August 29, Finished goods $ 28,068 $ 12,179 Work-in-process 74,998 66,602 Raw materials 64,235 65,928 Total 167,301 144,709 LIFO reserve (33,132 ) (32,544 ) Total inventories $ 134,169 $ 112,165 The above value of inventories, before reduction for the LIFO reserve, approximates replacement cost at the respective dates. Of the $167.3 million and $144.7 million inventory at February 27, 2016 and August 29, 2015 , respectively, $154.5 million and $136.3 million is valued on a LIFO basis; the remaining inventories of $12.8 million and $8.4 million at February 27, 2016 and August 29, 2015 , respectively, are valued on a FIFO basis.

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Feb. 27, 2016
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) February 27, August 29, Land $ 3,864 $ 1,874 Buildings and building improvements 61,207 53,388 Machinery and equipment 96,670 94,034 Software 11,523 8,033 Transportation 8,939 8,913 Total property, plant and equipment, gross 182,203 166,242 Less accumulated depreciation (131,484 ) (128,992 ) Total property, plant and equipment, net $ 50,719 $ 37,250 On November 30, 2015 we purchased land and buildings from Country Coach in Junction City, OR for approximately $5.7 million . On January 6, 2016 we purchased adjacent property in Junction City, OR for approximately $4.0 million . These properties will be used for expansion of our West Coast motorhome and service operations.

Warranty

Warranty	6 Months Ended
	Feb. 27, 2016
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 Six Months Ended (In thousands) February 27, February 28, February 27, February 28, Balance at beginning of period $ 11,585 $ 9,090 $ 11,254 $ 9,501 Provision 3,439 2,269 7,467 4,846 Claims paid (3,297 ) (1,503 ) (6,994 ) (4,491 ) Balance at end of period $ 11,727 $ 9,856 $ 11,727 $ 9,856

Employee and Retiree Benefits

Employee and Retiree Benefits	6 Months Ended
	Feb. 27, 2016
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) February 27, August 29, Postretirement health care benefit cost $ 5,707 $ 34,535 Non-qualified deferred compensation 18,711 19,508 Executive share option plan liability 3,639 4,788 SERP benefit liability 2,737 2,649 Executive deferred compensation 338 299 Officer stock-based compensation 211 242 Total postretirement health care and deferred compensation benefits 31,343 62,021 Less current portion (4,771 ) (4,931 ) Long-term postretirement health care and deferred compensation benefits $ 26,572 $ 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 year from 2012 to 2015, 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. On January 1, 2016, postretirement health care benefits were discontinued for retirees age 65 and over. We will fund up to a $700,000 health reimbursement account in calendar 2016 to assist retirees over age 65 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 Six Months Ended (In thousands) February 27, February 28, February 27, February 28, Interest cost $ 58 $ 332 $ 211 $ 685 Service cost 23 103 63 213 Amortization of prior service benefit (2,008 ) (1,327 ) (3,720 ) (2,620 ) Amortization of net actuarial loss 415 351 782 667 Net periodic postretirement benefit income $ (1,512 ) $ (541 ) $ (2,664 ) $ (1,055 ) Payments for postretirement health care $ 278 $ 225 $ 506 $ 476

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Feb. 27, 2016
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 Human Resources Committee of the Board of Directors granted Michael J. Happe incentive stock options of 10,000 shares and restricted stock awards of 10,000 shares in January, 2016, fulfilling terms of his employment contract. 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 $642,000 and $447,000 during the second quarters of Fiscal 2016 and 2015 , respectively. Stock-based compensation expense was $1.3 million and $1.3 million during the first six months of Fiscal 2016 and 2015, respectively. Of the $1.3 million expense recognized in Fiscal 2016 , $795,000 related to the October 13, 2015 grant of 204,200 shares. The remainder is related to the amortization of previously granted restricted stock awards, non-employee director stock units issued in lieu of director fees and the CEO stock grants. Compensation expense is recognized over the requisite service period of the award. Dividends On December 16, 2015 , the Board of Directors declared a quarterly cash dividend of $0.10 per share of common stock, which was paid on January 27, 2016 to shareholders of record at the close of business on January 13, 2016 . On March 16, 2016 , the Board of Directors declared a quarterly cash dividend of $0.10 per share of common stock, payable on April 27, 2016 to shareholders of record at the close of business on April 13, 2016 .

Contingent Liabilites and Commi

Contingent Liabilites and Commitments	6 Months Ended
	Feb. 27, 2016
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 $434.7 million and $386.0 million at February 27, 2016 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 February 27, 2016 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 38% 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 $1.0 million as of February 27, 2016 and $1.3 million as of August 29, 2015 . A summary of repurchase activity is as follows: Three Months Ended Six Months Ended (In thousands) February 27, February 28, 2015 (1) February 27, February 28, (1) Inventory repurchased $ — $ — $ — $ 7,156 Cash collected on resold inventory $ — $ 6,102 $ 36 $ 6,140 Loss (gain) realized on resold inventory $ — $ 1,022 $ (1 ) $ 1,033 (1) The majority of inventory repurchased and resold in the three and six months ending February 28, 2015 were attributed to a single dealership. 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 arising from Knott Investments using our name on RVs without our approval. On December 2, 2015 the Federal Court of Australia, New South Wales District Registry, General Division, entered judgment in our favor 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. Knott Investments has filed an appeal, and therefore the likelihood and timing of any recovery is uncertain.

Income Taxes

Income Taxes	6 Months Ended
	Feb. 27, 2016
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. 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 examination 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 February 27, 2016 , 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. During the second quarter of Fiscal 2016, we finalized the audit with a state taxing jurisdiction on our Fiscal 2012 and 2013 returns with no material adjustment. We were recently notified by another taxing jurisdiction regarding another audit. 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 February 27, 2016 , our unrecognized tax benefits were $2.2 million including accrued interest and penalties of $804,000 . If we were to prevail on all unrecognized tax benefits recorded, $1.7 million of the $2.2 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	6 Months Ended
	Feb. 27, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table reflects the calculation of basic and diluted net income per share: Three Months Ended Six Months Ended (In thousands, except per share data) February 27, February 28, February 27, February 28, Income per share - basic Net income $ 9,354 $ 8,096 $ 17,912 $ 17,991 Weighted average shares outstanding 26,936 26,924 26,956 26,946 Net income per share - basic $ 0.35 $ 0.30 $ 0.66 $ 0.67 Income per share - assuming dilution Net income $ 9,354 $ 8,096 $ 17,912 $ 17,991 Weighted average shares outstanding 26,936 26,924 26,956 26,946 Dilutive impact of awards and options outstanding 79 94 86 102 Weighted average shares and potential dilutive shares outstanding 27,015 27,018 27,042 27,048 Net income per share - assuming dilution $ 0.35 $ 0.30 $ 0.66 $ 0.67 The computation of weighted average shares and potential dilutive shares outstanding excludes options to purchase 15,846 and 196,308 shares of common stock for the second quarter of Fiscal 2016 and Fiscal 2015 , respectively, and options to purchase 55,924 and 261,636 shares of common stock for the six months of Fiscal 2016 and Fiscal 2015 , respectively. These amounts 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)	6 Months Ended
	Feb. 27, 2016
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 Six Months Ended (In thousands) February 27, 2016 February 28, 2015 February 27, 2016 February 28, 2015 Balance at beginning of period $ 14,598 $ (2,409 ) $ (2,274 ) $ (1,808 ) OCI before reclassifications — 944 17,701 944 Amounts reclassified from AOCI (982 ) (602 ) (1,811 ) (1,203 ) Net current-period OCI (982 ) 342 15,890 (259 ) Balance at end of period $ 13,616 $ (2,067 ) $ 13,616 $ (2,067 ) 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 of Income and Comprehensive Income February 27, February 28, February 27, February 28, Amortization of prior service credit Operating expenses $ (1,242 ) $ (822 ) $ (2,302 ) $ (1,622 ) Amortization of net actuarial loss Operating expenses 260 220 491 419 Total reclassifications $ (982 ) $ (602 ) $ (1,811 ) $ (1,203 )

Subsequent Events

Subsequent Events	6 Months Ended
	Feb. 27, 2016
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On March 16, 2016 our Board of Directors declared a cash dividend of $0.10 per share as noted in Note 8 .

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Feb. 27, 2016
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 inventory method is unchanged. ASU 2015-11 will become effective prospectively for fiscal years beginning after December 15, 2016 (our Fiscal 2018). We are currently evaluating the impact on our consolidated financial statements. 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. During the first quarter of Fiscal 2016, we elected to prospectively adopt ASU 2015-17, thus reclassifying 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 statements of income and comprehensive income.

Investments and Fair Value Me21

Investments and Fair Value Measurements (Tables)	6 Months Ended
	Feb. 27, 2016
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 February 27, 2016 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 Cash equivalents $ 28,146 $ 28,146 $ — $ — Assets that fund deferred compensation: Domestic equity funds 3,921 3,853 68 — International equity funds 254 227 27 — Fixed income funds 274 229 45 — Total assets at fair value $ 32,595 $ 32,455 $ 140 $ — 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 Cash equivalents $ 63,107 $ 63,107 $ — $ — 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 $ 68,821 $ 68,729 $ 92 $ —

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Feb. 27, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	Inventories consist of the following: (In thousands) February 27, August 29, Finished goods $ 28,068 $ 12,179 Work-in-process 74,998 66,602 Raw materials 64,235 65,928 Total 167,301 144,709 LIFO reserve (33,132 ) (32,544 ) Total inventories $ 134,169 $ 112,165

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Feb. 27, 2016
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) February 27, August 29, Land $ 3,864 $ 1,874 Buildings and building improvements 61,207 53,388 Machinery and equipment 96,670 94,034 Software 11,523 8,033 Transportation 8,939 8,913 Total property, plant and equipment, gross 182,203 166,242 Less accumulated depreciation (131,484 ) (128,992 ) Total property, plant and equipment, net $ 50,719 $ 37,250

Warranty (Tables)

Warranty (Tables)	6 Months Ended
	Feb. 27, 2016
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) February 27, February 28, February 27, February 28, Balance at beginning of period $ 11,585 $ 9,090 $ 11,254 $ 9,501 Provision 3,439 2,269 7,467 4,846 Claims paid (3,297 ) (1,503 ) (6,994 ) (4,491 ) Balance at end of period $ 11,727 $ 9,856 $ 11,727 $ 9,856

Employee and Retiree Benefits (

Employee and Retiree Benefits (Tables)	6 Months Ended
	Feb. 27, 2016
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) February 27, August 29, Postretirement health care benefit cost $ 5,707 $ 34,535 Non-qualified deferred compensation 18,711 19,508 Executive share option plan liability 3,639 4,788 SERP benefit liability 2,737 2,649 Executive deferred compensation 338 299 Officer stock-based compensation 211 242 Total postretirement health care and deferred compensation benefits 31,343 62,021 Less current portion (4,771 ) (4,931 ) Long-term postretirement health care and deferred compensation benefits $ 26,572 $ 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 Six Months Ended (In thousands) February 27, February 28, February 27, February 28, Interest cost $ 58 $ 332 $ 211 $ 685 Service cost 23 103 63 213 Amortization of prior service benefit (2,008 ) (1,327 ) (3,720 ) (2,620 ) Amortization of net actuarial loss 415 351 782 667 Net periodic postretirement benefit income $ (1,512 ) $ (541 ) $ (2,664 ) $ (1,055 ) Payments for postretirement health care $ 278 $ 225 $ 506 $ 476

Contingent Liabilites and Com26

Contingent Liabilites and Commitments (Tables)	6 Months Ended
	Feb. 27, 2016
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 (In thousands) February 27, February 28, 2015 (1) February 27, February 28, (1) Inventory repurchased $ — $ — $ — $ 7,156 Cash collected on resold inventory $ — $ 6,102 $ 36 $ 6,140 Loss (gain) realized on resold inventory $ — $ 1,022 $ (1 ) $ 1,033

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Feb. 27, 2016
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 net income per share: Three Months Ended Six Months Ended (In thousands, except per share data) February 27, February 28, February 27, February 28, Income per share - basic Net income $ 9,354 $ 8,096 $ 17,912 $ 17,991 Weighted average shares outstanding 26,936 26,924 26,956 26,946 Net income per share - basic $ 0.35 $ 0.30 $ 0.66 $ 0.67 Income per share - assuming dilution Net income $ 9,354 $ 8,096 $ 17,912 $ 17,991 Weighted average shares outstanding 26,936 26,924 26,956 26,946 Dilutive impact of awards and options outstanding 79 94 86 102 Weighted average shares and potential dilutive shares outstanding 27,015 27,018 27,042 27,048 Net income per share - assuming dilution $ 0.35 $ 0.30 $ 0.66 $ 0.67

Comprehensive Income (Loss) (Ta

Comprehensive Income (Loss) (Tables)	6 Months Ended
	Feb. 27, 2016
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 Six Months Ended (In thousands) February 27, 2016 February 28, 2015 February 27, 2016 February 28, 2015 Balance at beginning of period $ 14,598 $ (2,409 ) $ (2,274 ) $ (1,808 ) OCI before reclassifications — 944 17,701 944 Amounts reclassified from AOCI (982 ) (602 ) (1,811 ) (1,203 ) Net current-period OCI (982 ) 342 15,890 (259 ) Balance at end of period $ 13,616 $ (2,067 ) $ 13,616 $ (2,067 )
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 of Income and Comprehensive Income February 27, February 28, February 27, February 28, Amortization of prior service credit Operating expenses $ (1,242 ) $ (822 ) $ (2,302 ) $ (1,622 ) Amortization of net actuarial loss Operating expenses 260 220 491 419 Total reclassifications $ (982 ) $ (602 ) $ (1,811 ) $ (1,203 )

Concentration Risk (Narrative)

Concentration Risk (Narrative) (Details) - Sales Revenue, Goods, Net [Member] - Customer Concentration Risk [Member]	6 Months Ended
	Feb. 27, 2016	Feb. 28, 2015
Major Customer One [Member]
Concentration Risk [Line Items]
Percent of revenue	21.20%	20.10%
Major Customer Two [Member]
Concentration Risk [Line Items]
Percent of revenue	16.40%	19.20%

Investments and Fair Value Me30

Investments and Fair Value Measurements (Fair Value Inputs) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Feb. 27, 2016	Aug. 29, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 28,146	$ 63,107
Domestic equity funds	3,921	4,937
International equity funds	254	493
Fixed income funds	274	284
Total assets at fair value	32,595	68,821
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	28,146	63,107
Domestic equity funds	3,853	4,894
International equity funds	227	477
Fixed income funds	229	251
Total assets at fair value	32,455	68,729
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Domestic equity funds	68	43
International equity funds	27	16
Fixed income funds	45	33
Total assets at fair value	140	92
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
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	Feb. 27, 2016	Aug. 29, 2015
Inventory Disclosure [Abstract]
Finished goods	$ 28,068	$ 12,179
Work-in-process	74,998	66,602
Raw materials	64,235	65,928
Total	167,301	144,709
LIFO reserve	(33,132)	(32,544)
Total inventories	$ 134,169	$ 112,165

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Thousands	Feb. 27, 2016	Aug. 29, 2015
Inventory Disclosure [Abstract]
Inventory, gross	$ 167,301	$ 144,709
Inventory, LIFO	154,500	136,300
Inventory, FIFO	$ 12,800	$ 8,400

Property, Plant and Equipment33

Property, Plant and Equipment (Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Feb. 27, 2016	Aug. 29, 2015
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 182,203	$ 166,242
Less accumulated depreciation	(131,484)	(128,992)
Total property, plant and equipment, net	50,719	37,250
Land [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	3,864	1,874
Buildings and building improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	61,207	53,388
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	96,670	94,034
Software [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	11,523	8,033
Transportation [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 8,939	$ 8,913

Property, Plant and Equipment34

Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Feb. 27, 2016	Feb. 27, 2016	Feb. 28, 2015
Property, Plant and Equipment [Line Items]
Payments to acquire property		$ 16,357	$ 5,154
Junction City, OR [Member]
Property, Plant and Equipment [Line Items]
Payments to acquire property	$ 5,700
Junction City, OR(2) [Member]
Property, Plant and Equipment [Line Items]
Payments to acquire property	$ 4,000

Warranty (Schedule of Product W

Warranty (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 27, 2016	Feb. 28, 2015	Feb. 27, 2016	Feb. 28, 2015
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 11,585	$ 9,090	$ 11,254	$ 9,501
Provision	3,439	2,269	7,467	4,846
Claims paid	(3,297)	(1,503)	(6,994)	(4,491)
Balance at end of period	$ 11,727	$ 9,856	$ 11,727	$ 9,856

Warranty (Narrative) (Details)

Warranty (Narrative) (Details)	6 Months Ended
	Feb. 27, 2016mi
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 Benefits37

Employee and Retiree Benefits (Postretirement Health Care and Deferred Compensation Benefits) (Details) - USD ($) $ in Thousands	Feb. 27, 2016	Aug. 29, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Postretirement health care benefit cost	$ 5,707	$ 34,535
Non-qualified deferred compensation	18,711	19,508
Executive share option plan liability	3,639	4,788
SERP benefit liability	2,737	2,649
Executive deferred compensation	338	299
Officer stock-based compensation	211	242
Total postretirement health care and deferred compensation benefits	31,343	62,021
Less current portion	(4,771)	(4,931)
Postretirement health care and deferred compensation benefits	$ 26,572	$ 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%	10.00%
Liability reduction	$ 28,596	$ 3,960	$ 3,580	$ 4,289	$ 4,598	$ 40,414
Amortization period	6 years 10 months 24 days	7 years 1 month 6 days	7 years 4 months	7 years 6 months	7 years 9 months 20 days	11 years 6 months

Employee and Retiree Benefits39

Employee and Retiree Benefits (Postretirement Benefit Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 27, 2016	Feb. 28, 2015	Feb. 27, 2016	Feb. 28, 2015
Compensation and Retirement Disclosure [Abstract]
Interest cost	$ 58	$ 332	$ 211	$ 685
Service cost	23	103	63	213
Amortization of prior service benfit	(2,008)	(1,327)	(3,720)	(2,620)
Amortization of net actuarial loss	415	351	782	667
Net periodic postretirement benefit income	(1,512)	(541)	(2,664)	(1,055)
Payments for postretirement health care	$ 278	$ 225	$ 506	$ 476

Employee and Retiree Benefits40

Employee and Retiree Benefits (Narrative) (Details) - USD ($)	1 Months Ended					6 Months Ended	12 Months Ended
	Jan. 31, 2016	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2012	Feb. 27, 2016	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%	10.00%
Postretirement health care retiree age requirement						65 years
Subsequent Event [Member]
Postretirement health care reimbursement account							$ 700,000

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($)	3 Months Ended					6 Months Ended
	May. 28, 2016	Feb. 27, 2016	Nov. 28, 2015	Feb. 28, 2015	Nov. 29, 2014	Feb. 27, 2016	Feb. 28, 2015
Stockholders Equity [Line Items]
Stock-based compensation expense		$ 642,000		$ 447,000		$ 1,300,000	$ 1,300,000
Common stock, dividends, per share, cash paid		$ 0.10		$ 0.09		$ 0.20	$ 0.18
October 13 2015 Grant [Domain]
Stockholders Equity [Line Items]
Stock-based compensation expense						$ 795,000
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
January 18 2016 Grant [Member] | Management [Member] | Restricted Stock [Member]
Stockholders Equity [Line Items]
Issuance of stock (in shares)		10,000
January 18 2016 Grant [Member] | Management [Member] | Employee Stock Options [Member]
Stockholders Equity [Line Items]
Issuance of stock (in shares)		10,000
Subsequent Event [Member]
Stockholders Equity [Line Items]
Common stock, dividends, per share, declared	$ 0.10

Contingent Liabilites and Com42

Contingent Liabilites and Commitments (Schedule of Repurchased Activity) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 27, 2016	Feb. 28, 2015	Feb. 27, 2016	Feb. 28, 2015
Commitments and Contingencies Disclosure [Abstract]
Inventory repurchased, dollars	$ 0	$ 0	$ 0	$ 7,156
Inventory resold, cash collected	0	6,102	36	6,140
Inventory resold, loss (gain) recognized	$ 0	$ 1,022	$ (1)	$ 1,033

Contingent Liabilites and Com43

Contingent Liabilites and Commitments (Repurchase Commitments Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Feb. 27, 2016	Aug. 29, 2015
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Repurchase agreement term	18 months
Accrued loss on repurchases	$ 1,039	$ 1,329
Major Customers One and Two [Member]
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Percent of revenue	38.00%
Obligation to Repurchase from Dealers [Member]
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Contingent liability on repurchase agreements	$ 434,700	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 Com44

Contingent Liabilites and Commitments Litigation (Details) $ in Millions	3 Months Ended
	Feb. 27, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
Damages awarded, percent	1.00%
Damages awarded, value	$ 5

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	Feb. 27, 2016USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 2,200,000
Unrecognized tax benefits that would have an impact on effective tax rate	1,700,000
Unrecognized tax benefits, income tax penalties and interest accrued	$ 804,000

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		6 Months Ended
	Feb. 27, 2016	Feb. 28, 2015	Feb. 27, 2016	Feb. 28, 2015
Earnings Per Share [Abstract]
Net income	$ 9,354	$ 8,096	$ 17,912	$ 17,991
Weighted average shares outstanding	26,936	26,924	26,956	26,946
Net income per share - basic (in dollars per share)	$ 0.35	$ 0.30	$ 0.66	$ 0.67
Dilutive impact of awards and options outstanding	79	94	86	102
Weighted average shares and potential dilutive shares outstanding	27,015	27,018	27,042	27,048
Net income per share - assuming dilution (in dollars per share)	$ 0.35	$ 0.30	$ 0.66	$ 0.67

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
	Feb. 27, 2016	Feb. 28, 2015	Feb. 27, 2016	Feb. 28, 2015
Employee Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	15,846	196,308	55,924	261,636

Comprehensive Income (Loss) Cha

Comprehensive Income (Loss) Changes in AOCI by component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 27, 2016	Feb. 28, 2015	Feb. 27, 2016	Feb. 28, 2015
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	$ 13,616		13,616
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	14,598	$ (2,409)	(2,274)	$ (1,808)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
OCI before reclassifications	0	944	17,701	944
Amounts reclassified from AOCI	(982)	(602)	(1,811)	(1,203)
Net current-period OCI	(982)	342	15,890	(259)
Balance at end of period	$ 13,616	$ (2,067)	$ 13,616	$ (2,067)

Comprehensive Income (Loss) Rec

Comprehensive Income (Loss) Reclassification from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 27, 2016	Feb. 28, 2015	Feb. 27, 2016	Feb. 28, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service credit	$ (1,242)	$ (822)	$ (2,302)	$ (1,622)
Amortization of net actuarial loss	260	220	491	419
Total reclassifications	$ (982)	$ (602)	$ (1,811)	$ (1,203)

Subsequent Events (Details)

Subsequent Events (Details)	3 Months Ended
	May. 28, 2016$ / shares
Subsequent Event [Member]
Common stock, dividends, per share, declared	$ 0.10