Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Aug. 27, 2016 | Oct. 10, 2016 | Feb. 29, 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-K | ||
Document Period End Date | Aug. 27, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 26,901,146 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 499,792,088 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Net revenues | $ 975,226 | $ 976,505 | $ 945,163 |
Cost of goods sold | 862,577 | 871,625 | 841,166 |
Gross profit | 112,649 | 104,880 | 103,997 |
Operating expenses: | |||
Selling | 19,823 | 19,161 | 18,293 |
General and administrative | 27,085 | 25,838 | 22,424 |
Impairment (gain on sale) of fixed assets | 0 | 462 | (629) |
Total operating expenses | 46,908 | 45,461 | 40,088 |
Operating income | 65,741 | 59,419 | 63,909 |
Non-operating income | 457 | 115 | 768 |
Income before income taxes | 66,198 | 59,534 | 64,677 |
Provision for taxes | 20,702 | 18,324 | 19,624 |
Net income | $ 45,496 | $ 41,210 | $ 45,053 |
Income per common share: | |||
Basic (in dollars per share) | $ 1.69 | $ 1.53 | $ 1.64 |
Diluted (in dollars per share) | $ 1.68 | $ 1.52 | $ 1.64 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 26,925 | 26,941 | 27,430 |
Diluted (in shares) | 27,033 | 27,051 | 27,545 |
Dividends paid per common share | $ 0.40 | $ 0.36 | $ 0 |
Other comprehensive income (loss): | |||
Amortization of prior service credit (net of tax of $2,947, $2,110, and $2,068) | $ (4,788) | $ (3,428) | $ (3,582) |
Amortization of net actuarial loss (net of tax of $621, $565, and $337) | 1,010 | 918 | 749 |
Increase in actuarial loss (net of tax of $415, $250, and $1,348) | (674) | (407) | (2,191) |
Plan amendment (net of tax of $10,895, $1,509, and $1,364) | 17,701 | 2,451 | 2,216 |
Unrealized appreciation of investments (net of tax of $0, $0, and $91) | 0 | 0 | 151 |
Total other comprehensive income (loss) | 13,249 | (466) | (2,657) |
Comprehensive income | $ 58,745 | $ 40,744 | $ 42,396 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Income Statement [Abstract] | |||
Amortization of prior service credit (net of tax of $2,947, $2,110, and $2,068) | $ 2,947 | $ 2,110 | $ 2,068 |
Amortization of net actuarial loss (net of tax of $621, $565, and $337) | 621 | 565 | 337 |
(Increase) decrease in actuarial loss (net of tax of $415, $250, and $1,348) | 415 | 250 | 1,348 |
Plan amendment (net of tax of $10,895, $1,509, and $1,364) | 10,895 | 1,509 | 1,364 |
Unrealized appreciation of investments (net of tax of $0, $0, and $91) | $ 0 | $ 0 | $ 91 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 27, 2016 | Aug. 29, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 85,583 | $ 70,239 |
Receivables, less allowance for doubtful accounts ($278 and $120, respectively) | 66,184 | 66,936 |
Inventories | 122,522 | 112,165 |
Prepaid expenses and other assets | 6,300 | 6,882 |
Deferred income taxes | 0 | 9,995 |
Total current assets | 280,589 | 266,217 |
Property, plant, and equipment, net | 55,931 | 37,250 |
Investment in life insurance | 26,492 | 26,172 |
Deferred income taxes | 18,753 | 21,994 |
Goodwill | 1,228 | 1,228 |
Other assets | 7,725 | 9,313 |
Total assets | 390,718 | 362,174 |
Current liabilities: | ||
Accounts payable | 44,134 | 33,158 |
Income taxes payable | 19 | 2,314 |
Accrued expenses: | ||
Accrued compensation | 19,699 | 18,346 |
Product warranties | 12,412 | 11,254 |
Self-insurance | 5,812 | 6,242 |
Accrued loss on repurchases | 881 | 1,329 |
Promotional | 4,756 | 3,149 |
Other | 5,236 | 5,818 |
Total current liabilities | 92,949 | 81,610 |
Total long-term liabilities: | ||
Unrecognized tax benefits | 2,461 | 2,511 |
Postretirement health care and deferred compensations benefits | 26,949 | 57,090 |
Total long-term liabilities | 29,410 | 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 | 32,717 | 32,018 |
Retained earnings | 620,546 | 585,941 |
Accumulated other comprehensive income (loss) | 10,975 | (2,274) |
Treasury stock, at cost (24,875 and 24,825 shares, respectively) | (421,767) | (420,610) |
Total stockholders' equity | 268,359 | 220,963 |
Total liabilities and stockholders' equity | $ 390,718 | $ 362,174 |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Aug. 27, 2016 | Aug. 29, 2015 |
Statement of Financial Position [Abstract] | ||
Receivables, less allowance for doubtful accounts | $ 278 | $ 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) | 51,766 | 51,766 |
Treasury stock, at cost, shares (in shares) | 24,875 | 24,825 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Shares [Member] | Additional Paid-In Capital (APIC) [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] |
Beginning balance at Aug. 31, 2013 | $ 170,729 | $ 25,888 | $ 29,334 | $ 509,443 | $ 849 | $ (394,785) |
Beginning balance (in shares) at Aug. 31, 2013 | 51,776,000 | (23,917,000) | ||||
Stock option exercises | $ 2,057 | 771 | $ 1,286 | |||
Stock option exercises (in shares) | 77,833 | 78,000 | ||||
Creation/utilization of APIC pool due to stock award | $ 441 | 441 | ||||
Issuance of restricted stock | 1,500 | (779) | $ 2,279 | |||
Issuance of restricted stock (in shares) | 137,000 | |||||
Stock-based compensation, net of forfeitures | 1,965 | 1,905 | $ 60 | |||
Stock-based compensation, net of forfeitures (in shares) | 3,000 | |||||
Payments for the purchase of common stock | (26,340) | $ (26,340) | ||||
Payments for the purchase of common stock (in shares) | (1,028,000) | |||||
Prior service cost and actuarial loss, net of tax | (5,024) | (5,024) | ||||
Plan amendment, net of tax | 2,216 | 2,216 | ||||
Unrealized appreciation of investments, net of tax | 151 | 151 | ||||
Net income | 45,053 | 45,053 | ||||
Ending balance at Aug. 30, 2014 | $ 192,748 | $ 25,888 | 31,672 | 554,496 | (1,808) | $ (417,500) |
Ending balance (in shares) at Aug. 30, 2014 | 51,776,000 | (24,727,000) | ||||
Stock option exercises (in shares) | 0 | |||||
Creation/utilization of APIC pool due to stock award | $ 124 | 124 | ||||
Issuance of restricted stock | 1,410 | (1,950) | $ 3,360 | |||
Issuance of restricted stock (in shares) | 199,000 | |||||
Stock-based compensation, net of forfeitures | 2,221 | 2,172 | $ 49 | |||
Stock-based compensation, net of forfeitures (in shares) | 3,000 | |||||
Payments for the purchase of common stock | (6,519) | $ (6,519) | ||||
Payments for the purchase of common stock (in shares) | (300,000) | |||||
Cash dividends paid and accrued on common stock | (9,765) | (9,765) | ||||
Prior service cost and actuarial loss, net of tax | (2,917) | (2,917) | ||||
Plan amendment, net of tax | 2,451 | 2,451 | ||||
Net income | 41,210 | 41,210 | ||||
Ending balance at Aug. 29, 2015 | $ 220,963 | $ 25,888 | 32,018 | 585,941 | (2,274) | $ (420,610) |
Ending balance (in shares) at Aug. 29, 2015 | 51,776,000 | (24,825,000) | ||||
Stock option exercises (in shares) | 0 | |||||
Creation/utilization of APIC pool due to stock award | $ 33 | 33 | ||||
Issuance of restricted stock | 517 | (1,309) | $ 1,826 | |||
Issuance of restricted stock (in shares) | 108,000 | |||||
Stock-based compensation, net of forfeitures | 2,058 | 1,975 | $ 83 | |||
Stock-based compensation, net of forfeitures (in shares) | 5,000 | |||||
Payments for the purchase of common stock | (3,066) | $ (3,066) | ||||
Payments for the purchase of common stock (in shares) | (163,000) | |||||
Cash dividends paid and accrued on common stock | (10,891) | (10,891) | ||||
Prior service cost and actuarial loss, net of tax | (4,452) | (4,452) | ||||
Plan amendment, net of tax | 17,701 | 17,701 | ||||
Net income | 45,496 | 45,496 | ||||
Ending balance at Aug. 27, 2016 | $ 268,359 | $ 25,888 | $ 32,717 | $ 620,546 | $ 10,975 | $ (421,767) |
Ending balance (in shares) at Aug. 27, 2016 | 51,776,000 | (24,875,000) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Prior service cost and actuarial loss, tax | $ 2,741 | $ 1,795 | $ 3,079 |
Unrealized appreciation of investments, tax | 0 | 0 | 91 |
Plan amendment, tax | $ 10,895 | $ 1,509 | $ 1,364 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Operating activities: | |||
Net income | $ 45,496,000 | $ 41,210,000 | $ 45,053,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 5,745,000 | 4,513,000 | 3,997,000 |
LIFO expense | 1,153,000 | 1,244,000 | 1,456,000 |
Asset impairment | 0 | 462,000 | 0 |
Stock-based compensation | 3,293,000 | 3,097,000 | 3,386,000 |
Deferred income taxes | 2,233,000 | 215,000 | (48,000) |
Postretirement benefit income and deferred compensation expense | (4,292,000) | (843,000) | (979,000) |
Provision (benefit) for doubtful accounts | 188,000 | (1,000) | (19,000) |
Loss (gain) on disposal of property | 2,000 | (14,000) | (691,000) |
Gain on life insurance | (266,000) | (11,000) | (726,000) |
Increase in cash surrender value of life insurance policies | (859,000) | (883,000) | (805,000) |
Change in assets and liabilities: | |||
Inventories | (11,510,000) | (561,000) | (1,763,000) |
Receivables, prepaid and other assets | 1,217,000 | 2,458,000 | (38,233,000) |
Investment in operating leases, net of repurchase obligations | 0 | (72,000) | 72,000 |
Income taxes and unrecognized tax benefits | 85,000 | 408,000 | 5,625,000 |
Accounts payable and accrued expenses | 14,253,000 | (1,880,000) | 10,919,000 |
Postretirement and deferred compensation benefits | (3,992,000) | (4,159,000) | (4,008,000) |
Net cash provided by operating activities | 52,746,000 | 45,183,000 | 23,236,000 |
Investing activities: | |||
Proceeds from the sale of investments | 0 | 0 | 2,350,000 |
Proceeds from life insurance | 1,093,000 | 43,000 | 1,737,000 |
Purchases of property and equipment | (24,551,000) | (16,573,000) | (10,476,000) |
Proceeds from the sale of property | 18,000 | 65,000 | 2,423,000 |
Other | 48,000 | (52,000) | (1,402,000) |
Net cash used in investing activities | (23,392,000) | (16,517,000) | (5,368,000) |
Financing activities: | |||
Payments for purchases of common stock | (3,066,000) | (6,519,000) | (26,340,000) |
Payments of cash dividends | (10,891,000) | (9,765,000) | 0 |
Proceeds from exercise of stock options | 0 | 0 | 2,080,000 |
Borrowings on loans | 0 | 22,000,000 | 0 |
Repayments on loans | 0 | (22,000,000) | 0 |
Other | (53,000) | 53,000 | (81,000) |
Net cash used in financing activities | (14,010,000) | (16,231,000) | (24,341,000) |
Net increase (decrease) in cash and cash equivalents | 15,344,000 | 12,435,000 | (6,473,000) |
Cash and cash equivalents at beginning of period | 70,239,000 | 57,804,000 | 64,277,000 |
Cash and cash equivalents at end of period | 85,583,000 | 70,239,000 | 57,804,000 |
Supplemental cash flow disclosure: | |||
Income taxes paid, net | 18,449,000 | 17,658,000 | 14,061,000 |
Interest paid | 0 | 10,000 | 0 |
Non-cash transactions: | |||
Capital expenditures in accounts payable | $ 903,000 | $ 0 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Aug. 27, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations Winnebago Industries, Inc., founded in 1958 and headquartered in Forest City, Iowa, is one of the leading manufacturers of RVs which we sell through independent dealers, primarily throughout the United States and Canada. Other products manufactured by us consist primarily of original equipment manufacturing parts for other manufacturers and commercial vehicles. Principles of Consolidation The consolidated financial statements for Fiscal 2016 include the parent company and our wholly-owned subsidiary, Winnebago of Indiana, LLC. All intercompany balances and transactions with our subsidiary have been eliminated. Fiscal Period We follow a 52-/53-week fiscal year, ending the last Saturday in August. The financial statements presented are all 52-week fiscal periods. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the US requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents consist primarily of highly liquid investments with an original maturity of three months or less. The carrying amount approximates fair value due to the short maturity of the investments. Fair Value Disclosures of Financial Instruments All financial instruments are carried at amounts believed to approximate fair value. Derivative Instruments and Hedging Activities All contracts that contain provisions meeting the definition of a derivative also meet the requirements of, and have been designated as, normal purchases or sales. Our policy is to not enter into contracts with terms that cannot be designated as normal purchases or sales. Allowance for Doubtful Accounts The allowance for doubtful accounts is based on historical loss experience and any specific customer collection issues identified. Additional amounts are provided through charges to income as we believe necessary after evaluation of receivables and current economic conditions. Amounts which are considered to be uncollectible are written off and recoveries of amounts previously written off are credited to the allowance upon recovery. Inventories Substantially, all inventories are stated at the lower of cost or market, determined on the LIFO basis. Manufacturing cost includes materials, labor and manufacturing overhead. Unallocated overhead and abnormal costs are expensed as incurred. Property and Equipment Depreciation of property and equipment is computed using the straight‑line method on the cost of the assets, less allowance for salvage value where appropriate, at rates based upon their estimated service lives as follows: Asset Class Asset Life Buildings 10-30 years Machinery and equipment 3-15 years Software 3-10 years Transportation equipment 4-6 years We review our long-lived depreciable assets for impairment annually or whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable from future cash flows. If the carrying value of a long-lived asset is impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its fair value. We assess the potential impairment of long-lived assets in accordance with ASC 360 Property, Plant and Equipment . We also reviewed all other long-lived depreciable assets for impairment, noting no impairment. Goodwill and Amortizable Intangible Assets Goodwill represents costs in excess of the fair value of net tangible and identifiable net intangible assets acquired in a business combination. Goodwill assets were reviewed for impairment as of August 27, 2016 by applying a fair-value based test on an annual basis, or more frequently if circumstances indicate a potential impairment. Amortizable intangible assets consisted of dealer network, trademarks and non-compete agreements and are fully amortized. Self-Insurance Generally, we self-insure for a portion of product liability claims and workers' compensation. Under these plans, liabilities are recognized for claims incurred, including those incurred but not reported. We determined the liability for product liability and workers' compensation claims with the assistance of a third party administrator and actuary using various state statutes and historical claims experience. We have a $35.0 million insurance policy that includes an SIR for product liability of $2.5 million per occurrence and $6.0 million in aggregate per policy year. We maintain excess liability insurance with outside insurance carriers to minimize our risks related to catastrophic claims in excess of our self-insured positions for product liability and personal injury matters. Any material change in the aforementioned factors could have an adverse impact on our operating results. Our product liability and workers' compensation accrual is included within accrued self-insurance on our balance sheet. Income Taxes In preparing our financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our current tax exposure together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes. These temporary differences result in deferred tax assets and liabilities, which are included within our balance sheet. We then assess the likelihood that our deferred tax assets will be realized based on future taxable income and, to the extent we believe that recovery is not likely, we establish a valuation allowance. To the extent we establish a valuation allowance or change this allowance in a period, we include an expense or a benefit within the tax provision in our Statements of Income. Legal Our accounting policy regarding litigation expense is to accrue for probable exposure including estimated defense costs if we are able to estimate the financial impact. Revenue Recognition Generally, revenues for our RVs are recorded when the following conditions are met: • an order for a product has been received from a dealer • written or verbal approval for payment has been received from the dealer's floorplan financing institution (if applicable) • an independent transportation company has accepted responsibility for the product as agent for the dealer; and • the product is removed from the Company's property for delivery to the dealer. Our shipping terms are FOB shipping point. Products are not sold on consignment, dealers do not have the right to return products, and dealers are typically responsible for interest costs to floor plan lenders. Delivery Revenues and Expenses Delivery revenues for products delivered are included within net sales, while delivery expenses are included within cost of goods sold. Concentration of Risk One of our dealer organizations accounted for 16.6% , 17.9% , and 19.7% of our consolidated net revenue in Fiscal 2016 , 2015 and 2014 , respectively. A second dealer organization accounted for 13.0% , 15.0% and 12.5% of our net revenue for Fiscal 2016 , Fiscal 2015 , and Fiscal 2014 , 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 either or both of these dealers could negatively impact our sales and could trigger repurchase obligations under our repurchase agreements. Sales Promotions and Incentives We accrue for sales promotions and incentive expenses, which are recognized as a reduction to revenues, at the time of sale to the dealer or when the sales incentive is offered to the dealer or retail customer. Examples of sales promotions and incentive programs include dealer and consumer rebates, volume discounts, retail financing programs and dealer sales associate incentives. Sales promotion and incentive expenses are estimated based upon then current program parameters, such as unit or retail volume and historical rates. Actual results may differ from these estimates if market conditions dictate the need to enhance or reduce sales promotion and incentive programs or if the retail customer usage rate varies from historical trends. Historically, sales promotion and incentive expenses have been within our expectations and differences have not been material. Repurchase Commitments It is customary practice for manufacturers in the RV industry to enter into repurchase agreements with financing institutions that provide financing to their dealers. Our repurchase agreements generally provide that, in the event of a default by a dealer in its obligation to these lenders, we will repurchase vehicles sold to the dealer that have not been resold to retail customers. The terms of these agreements, which 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 liability cannot exceed 100% of the dealer invoice. In certain instances, we also repurchase inventory from our dealers due to state law or regulatory requirements that govern voluntary or involuntary relationship terminations. Based on these repurchase agreements, we establish an associated loss reserve which is disclosed separately as "Accrued loss on repurchases" in the consolidated balance sheets. Repurchased sales are not recorded as a revenue transaction, but the net difference between the original repurchase price and the resale price are recorded against the loss reserve, which is a deduction from gross revenue. Our loss reserve for repurchase commitments contains uncertainties because the calculation requires management to make assumptions and apply judgment regarding a number of factors. See Note 9 . Reporting Segment We have one reportable segment, the RV market. We design, develop, manufacture and market motorized and towable recreation products along with supporting products and services. Research and Development Research and development expenditures are included within cost of goods sold and are expensed as incurred. A portion of these expenditures qualify for state and federal tax benefits. Development activities generally relate to creating new products and improving or creating variations of existing products to meet new applications. During Fiscal 2016 , 2015 and 2014 , we spent approximately $4.0 million , $3.9 million and $4.3 million , respectively, on research and development activities. Advertising Advertising costs, which consist primarily of literature and trade shows, were $4.9 million , $5.5 million , and $5.1 million in Fiscal 2016 , 2015 and 2014 , respectively. Advertising costs are included in selling expense and are expensed as incurred with the exception of trade shows which are expensed in the period in which the show occurs. Earnings Per Common Share Basic income per common share is computed by dividing net income by the weighted average common shares outstanding during the period. Diluted income per common share is computed by dividing net income by the weighted average common shares outstanding plus the incremental shares that would have been outstanding upon the assumed exercise of dilutive stock awards and options. See Note 13 . Subsequent Events We evaluated events occurring between the end of our most recent fiscal year and the date the financial statements were issued. There were no material subsequent events, except those described in Note 11 and Note 16 . 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. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718) , which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for the related income taxes, forfeitures, statutory tax withholding requirements and classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016 (our Fiscal 2018), including interim periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impact of this ASU on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (Topic 230) , which provides guidance for eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU 2016-15 is effective retrospectively for annual reporting periods beginning after December 15, 2017 (our Fiscal 2019), including interim periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impact of this ASU on our consolidated financial statements. |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 12 Months Ended |
Aug. 27, 2016 | |
Fair Value Disclosures [Abstract] | |
Investments and Fair Value Measurements | Investments and Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows: Level 1 - Unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date. Level 2 - Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets in nonactive markets; • Inputs other than quoted prices that are observable for the asset or liability; and • Inputs that are derived principally from or corroborated by other observable market data. Level 3 - Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. 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 August 27, 2016 and August 29, 2015 according to the valuation techniques we used to determine their fair values: Fair Value at August 27, 2016 Fair Value Measurements Using Inputs Considered As (In thousands) Level 1 Level 2 Level 3 Cash equivalents (1) $ 77,234 $ 77,234 $ — $ — Assets that fund deferred compensation: Domestic equity funds 3,587 3,515 72 — International equity funds 258 225 33 — Fixed income funds 265 206 59 — Total assets at fair value $ 81,344 $ 81,180 $ 164 $ — (1) Cash equivalent balances valued using Level 1 inputs include only those accounts that may fluctuate in value. Cash in disbursing accounts and on-demand accounts are not included above. Fair Value at August 29, 2015 Fair Value Measurements Using Inputs Considered As (In thousands) Level 1 Level 2 Level 3 Cash equivalents (1) 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 $ — (1) Cash equivalent balances valued using Level 1 inputs include only those accounts that may fluctuate in value. Cash in disbursing accounts and on-demand accounts are not included above. 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 (2007) (see Note 8 ) deferred compensation programs. The Executive Plan assets related to those options that will expire within a year are included in prepaid expenses and other assets in the accompanying balance sheets. The remaining 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 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. Using Level 2 inputs, we recorded an impairment of $462,000 for our corporate plane during the fiscal year ended August 29, 2015 . See Note 4 . |
Inventories
Inventories | 12 Months Ended |
Aug. 27, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: (In thousands) August 27, 2016 August 29, 2015 Finished goods $ 19,129 $ 12,179 Work-in-process 76,350 66,602 Raw materials 60,740 65,928 Total 156,219 144,709 LIFO reserve (33,697 ) (32,544 ) Total inventories $ 122,522 $ 112,165 The above value of inventories, before reduction for the LIFO reserve, approximates replacement cost at the respective dates. Of the $156.2 million and $144.7 million inventory at August 27, 2016 and August 29, 2015 , respectively, $149.4 million and $135.3 million is valued on a LIFO basis. The remaining inventories of $6.8 million and $8.4 million at August 27, 2016 and August 29, 2015 , respectively, are valued on a FIFO basis. |
Property, Plant and Equipment a
Property, Plant and Equipment and Assets Held for Sale | 12 Months Ended |
Aug. 27, 2016 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment and Assets Held for Sale | Property, Plant and Equipment and Assets Held for Sale Property, plant and equipment is stated at cost, net of accumulated depreciation and consists of the following: (In thousands) August 27, 2016 August 29, 2015 Land $ 3,864 $ 1,874 Buildings and building improvements 62,073 53,388 Machinery and equipment 95,087 94,034 Software 15,878 8,033 Transportation 8,956 8,913 Total property, plant and equipment, gross 185,858 166,242 Less accumulated depreciation (129,927 ) (128,992 ) Total property, plant and equipment, net $ 55,931 $ 37,250 On April 17, 2015 we purchased the Towables assembly facilities in Middlebury, Indiana for $5.4 million and on May 5, 2015 we purchased a facility in Waverly, Iowa for $850,000 for expansion of our subassembly operations. On November 30, 2015 we purchased land and buildings from Country Coach in Junction City, Oregon for approximately $5.7 million . On January 6, 2016 we purchased adjacent property in Junction City for approximately $4.0 million . These properties are currently being used for expansion of West Coast motorhome manufacturing and service operations. Assets Held for Sale At August 29, 2015 and August 27, 2016 , we had no assets held for sale. In the third quarter of Fiscal 2015 we placed our corporate plane for sale, recorded an impairment of $462,000 and reclassified the net book value to current other assets in the consolidated balance sheets. In the fourth quarter of Fiscal 2015 we took our plane off the market and reclassified the net book value to property, plant and equipment in the consolidated balance sheets. |
Goodwill and Amortizable Intang
Goodwill and Amortizable Intangible Assets | 12 Months Ended |
Aug. 27, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Amortizable Intangible Assets | Goodwill Goodwill is the result of the acquisition of SunnyBrook during Fiscal 2011. Goodwill of $1.2 million is not subject to amortization for financial statement purposes, but is amortizable for tax return purposes. Goodwill is reviewed for impairment by applying a fair-value based test on an annual basis, or more frequently if circumstances indicate a potential impairment. No impairment of goodwill has been identified. |
Credit Facility
Credit Facility | 12 Months Ended |
Aug. 27, 2016 | |
Debt Disclosure [Abstract] | |
Credit Facility | Credit Facilities On October 31, 2012, we entered into a Credit Agreement with GECC. The Credit Agreement provides for an initial $35.0 million revolving credit facility, based on our eligible inventory and was to expire on October 31, 2015 before the amendment described below. There is no termination fee associated with the agreement. The Credit Agreement contains no financial covenant restrictions for borrowings where we have excess borrowing availability under the facility of greater than $5.0 million . The Credit Agreement requires us to comply with a fixed charge ratio if excess borrowing availability under the facility is less than $5.0 million . In addition the Credit Agreement also includes a framework to expand the size of the facility up to $50.0 million , based on mutually agreeable terms at the time of the expansion. The initial unused line fee associated with the Credit Agreement is 0.5% per annum and has the ability to be lowered based upon facility usage. The Credit Agreement contains typical affirmative representations and covenants for a credit agreement of this size and nature. Additionally, the Credit Agreement contains negative covenants limiting our ability, among other things, to incur debt, grant liens, make acquisitions, make certain investments, pay certain dividends and distributions, engage in mergers, consolidations or acquisitions and sell certain assets. Obligations under the Credit Agreement are secured by a security interest in all of our accounts and other receivables, chattel paper, documents, deposit accounts, instruments, equipment, inventory, investment property, leasehold interest, cash and cash equivalents, letter-of-credit rights, most real property and fixtures and certain other business assets. On May 28, 2014, we amended this Credit Agreement (the "Amended Credit Agreement"). The Amended Credit Agreement extends the term of the credit facility from October 31, 2015 to May 28, 2019. In addition, interest on loans made under the Amended Credit Facility will be based on LIBOR plus a margin of 2.0% . The amendment also revised and added definitions of several terms including an expanded Restricted Payment Basket that now permits up to $15.0 million purchases of company stock or cash dividends to be excluded from the Fixed Charge ratio. In addition, the definition of Eligible Accounts was expanded to permit certain receivables to be included in the Borrowing Base. The Amended Credit Agreement also permits us to engage in certain sale lease buyback transactions in the ordinary course of business subject to certain restrictions and increases our ability to incur capital lease obligations. In Fiscal 2016, Wells Fargo Capital Finance acquired GECC's corporate finance business. During the second quarter of Fiscal 2015 we utilized the credit facility to meet working capital needs. As of August 27, 2016 , we are in compliance with the financial covenants of the Amended Credit Agreement, and no borrowings are outstanding. |
Warranty
Warranty | 12 Months Ended |
Aug. 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. From time to time, we voluntarily incur costs for certain warranty-type expenses occurring after the normal warranty period 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. Accruals are adjusted as needed 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. In addition to the costs associated with the contractual warranty coverage provided on our products, we also occasionally incur costs as a result of additional service actions not covered by our warranties, including product recalls and customer satisfaction actions. Although we estimate and reserve for the cost of these service actions, there can be no assurance that expense levels will remain at current levels or such reserves will continue to be adequate. Changes in our product warranty liability during Fiscal 2016 , Fiscal 2015 , and Fiscal 2014 are as follows: (In thousands) August 27, 2016 August 29, 2015 August 30, 2014 Balance at beginning of year $ 11,254 $ 9,501 $ 8,443 Provision 16,503 12,892 10,947 Claims paid (15,345 ) (11,139 ) (9,889 ) Balance at end of year $ 12,412 $ 11,254 $ 9,501 |
Employee and Retiree Benefits
Employee and Retiree Benefits | 12 Months Ended |
Aug. 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) August 27, 2016 August 29, 2015 Postretirement health care benefit cost $ 6,346 $ 34,535 Non-qualified deferred compensation 18,003 19,508 Executive share option plan liability 3,341 4,788 SERP benefit liability 2,681 2,649 Executive deferred compensation 389 299 Officer stock-based compensation 763 242 Total postretirement health care and deferred compensation benefits 31,523 62,021 Less current portion (1) (4,574 ) (4,931 ) Long-term postretirement health care and deferred compensation benefits (2) $ 26,949 $ 57,090 (1) Included in current liabilities in the Consolidated Balance Sheets (2) Included in long-term liabilities in the Consolidated Balance Sheets 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 January 1, 2016, postretirement health care benefits were discontinued for retirees age 65 and over. The plan amendment also included 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 Plan Amendment Dollar Cap Reduction Liability Reduction (in thousands) Amortization Period (1) Fiscal 2005 Established employer dollar cap $ 40,414 11.5 years January 2012 Reduced employer dollar cap 10 % 4,598 7.8 years January 2013 Reduced employer dollar cap 10 % 4,289 7.5 years January 2014 Reduced employer dollar cap 10 % 3,580 7.3 years January 2015 Reduced employer dollar cap 10 % 3,960 7.1 years January 2016 Reduced employer dollar cap for retirees under age 65; discontinued 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. Based on actuarial evaluations, the discount rate used in determining the accumulated postretirement benefit obligation was 2.73% at August 27, 2016 and 4.15% at August 29, 2015 , which increased the benefit obligation by $850,000 and $684,000 at August 27, 2016 and August 29, 2015 , respectively. Assumed health care cost trend rates do not have a significant effect in determining the accumulated postretirement benefit obligation due to employer caps established. Changes in our postretirement health care liability are as follows: (In thousands) August 27, 2016 August 29, 2015 Balance at beginning of year $ 34,535 $ 36,930 Interest cost 327 1,382 Service cost 108 427 Net benefits paid (878 ) (928 ) Actuarial loss 850 684 Plan amendment (28,596 ) (3,960 ) Balance at end of year $ 6,346 $ 34,535 Net periodic postretirement benefit income for the past three fiscal years consisted of the following components: Year Ended (In thousands) August 27, 2016 August 29, 2015 August 30, 2014 Interest cost $ 327 $ 1,382 $ 1,540 Service cost 108 427 393 Amortization of prior service benefit (7,736 ) (5,538 ) (5,650 ) Amortization of net actuarial loss 1,612 1,465 1,077 Net periodic postretirement benefit income $ (5,689 ) $ (2,264 ) $ (2,640 ) For accounting purposes, we recognized net periodic postretirement income as presented in the previous table, due to the amortization of prior service benefit associated with the establishment of caps on the employer portion of benefits in Fiscal 2005 and the plan amendments made over the past five years. Amounts not yet recognized in net periodic benefit cost and included in accumulated other comprehensive income (before taxes) are as follows: (In thousands) August 27, 2016 August 29, 2015 Prior service credit $ (34,139 ) $ (13,279 ) Net actuarial loss 15,648 16,410 Accumulated other comprehensive income $ (18,491 ) $ 3,131 The estimated amounts that will be amortized from accumulated other comprehensive income to net periodic benefit cost in Fiscal 2017 include a prior service credit of $6.4 million and an actuarial net loss of $1.6 million . Expected future benefit payments for postretirement health care for the next ten years are as follows: (In thousands) Amount Year: 2017 $ 416 2018 283 2019 381 2020 455 2021 489 2022 - 2026 2,484 Total $ 4,508 The expected future benefit payments have been estimated based on the same assumptions used to measure our benefit obligation as of August 27, 2016 , and include benefits attached to estimated current employees' future services. Deferred Compensation Benefits Non-Qualified Deferred Compensation Program (1981) We have a Non-Qualified Deferred Compensation Program which permitted key employees to annually elect to defer a portion of their compensation until their retirement. The plan has been closed to any additional deferrals since January 2001. The retirement benefit to be provided is based upon the amount of compensation deferred and the age of the individual at the time of the contracted deferral. An individual generally vests at age 55 and 5 years of participation under the plan. For deferrals prior to December 1992, vesting occurs at the later of age 55 and 5 years of service from first deferral or 20 years of service. Deferred compensation expense was $1.3 million , $1.3 million and $1.4 million in Fiscal 2016 , 2015 and 2014 , respectively. Total deferred compensation liabilities were $18.0 million and $19.5 million at August 27, 2016 and August 29, 2015 , respectively. Supplemental Executive Retirement Plan (SERP) The primary purpose of this plan was to provide our officers and managers with supplemental retirement income for a period of 15 years after retirement. We have not offered this plan on a continuing basis to members of management since 1998. The plan was funded with individual whole life insurance policies (Split Dollar Program) owned by the named insured officer or manager. We initially paid the life insurance premiums on the life of the individual and the individual would receive life insurance and supplemental cash payment during the 15 years following retirement. In October 2008, the plan was amended as a result of changes in the tax and accounting regulations and rising administrative costs. Under the redesigned SERP, the underlying life insurance policies previously owned by the insured individual became COLI by a release of all interests by the participant and assignment to us as a prerequisite to participation in the SERP and transition from the Split Dollar Program. Total SERP liabilities were $2.7 million and $2.6 million at August 27, 2016 and August 29, 2015 , respectively. This program remains closed to new employee participation. To assist in funding the deferred compensation and SERP liabilities, we have invested in COLI policies. The cash surrender value of these policies is presented as investment in life insurance in the accompanying balance sheets and consists of the following: (In thousands) August 27, 2016 August 29, 2015 Cash value $ 60,263 $ 58,501 Borrowings (33,771 ) (32,329 ) Investment in life insurance $ 26,492 $ 26,172 Non-Qualified Share Option Program (2001) The Non-Qualified Share Option Program permitted participants in the Executive Share Option Plan (the "Executive Plan") to choose to defer a portion of their salary or other eligible compensation in the form of options to purchase selected securities, primarily equity-based mutual funds. These assets are treated as trading securities and are recorded at fair value. The Executive Plan has been closed to any additional deferrals since January 2005. The Executive Plan assets related to those options that will expire within a year are included in prepaid expenses and other assets in the accompanying balance sheets. The remaining assets are included in other assets. Total assets on August 27, 2016 and August 29, 2015 were $3.7 million and $5.4 million , respectively, and the liabilities were $3.3 million and $4.8 million , respectively. The difference between the asset and liability balances represents the additional 25% we contributed at the time of the initial deferrals to aid in potential additional earnings to the participant. This contribution is required to be paid back to us when the option is exercised. A participant may exercise his or her options per the plan document, but there is a requirement that after these dollars have been invested for 15 years the participant is required to exercise such option. Executive Deferred Compensation Plan (2007) In December 2006, we adopted the Winnebago Industries, Inc. Executive Deferred Compensation Plan (the "Executive Deferred Compensation Plan"). Under the Executive Deferred Compensation Plan, corporate officers and certain key employees may annually choose to defer up to 50% of their salary and up to 100% of their cash incentive awards. The assets are presented as other assets and the liabilities are presented as postretirement health care and deferred compensation benefits in the accompanying balance sheets. Such assets on August 27, 2016 and August 29, 2015 were $388,000 and $297,000 , respectively, and liabilities were $389,000 and $299,000 , respectively. Profit Sharing Plan We have a qualified profit sharing and contributory 401(k) plan for eligible employees. The plan provides quarterly discretionary matching cash contributions as approved by our Board of Directors. Contributions to the plan for Fiscal 2016 , 2015 and 2014 were $1.5 million , $1.2 million and $1.1 million , respectively. |
Contingent Liabilites and Commi
Contingent Liabilites and Commitments | 12 Months Ended |
Aug. 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 RVs 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 to the lending institution, or dealer invoice less periodic reductions based on the time since the date of the original invoice. Our contingent liability on all repurchase agreements was approximately $409.3 million and $386.0 million at August 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 RVs 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 $7.9 million and $7.2 million at August 27, 2016 and August 29, 2015 , respectively. Our risk of loss related to these repurchase commitments is significantly reduced by the potential resale value of any products that are subject to repurchase and is spread over numerous dealers and lenders. The aggregate contingent liability related to our repurchase agreements represents all financed dealer inventory at the period 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 $881,000 as of August 27, 2016 and $1.3 million as of August 29, 2015 . Repurchase risk is affected by the credit worthiness of our dealer network and if we are obligated to repurchase a substantially larger number of RVs in the future, this would increase our costs and could have a material adverse effect on our results of operations, financial condition, and cash flows. A summary of the activity for the fiscal years stated for repurchased units is as follows: (Dollars in thousands) Fiscal 2016 Fiscal 2015 (1) Fiscal 2014 Inventory repurchased: Units 29 62 21 Dollars $ 1,605 $ 7,472 $ 467 Inventory resold: Units 28 62 20 Cash collected $ 1,510 $ 6,409 $ 392 Loss recognized $ 95 $ 1,063 $ 75 Units in ending inventory 1 1 1 (1) A significant number of the units repurchased in Fiscal 2015 were attributable to a single dealership for which we had established a specific repurchase loss reserve in Fiscal 2014. Litigation We are involved in various legal proceedings which are ordinary and routine litigation incidental to our business, some of which are covered in whole or in part by insurance. While we believe the ultimate disposition of litigation will not have material adverse effect on our financial position, the results of operations or liquidity, there exists the possibility that such litigation may have an impact on our results for a particular reporting period in which litigation effects become probable and reasonably estimable. Though we do not believe there is a reasonable likelihood that there will be a material change related to these matters, litigation is subject to inherent uncertainties and management’s view of these matters may change in the future. Lease Commitments We have operating leases for certain land, buildings and equipment. Lease expense was $582,000 for Fiscal 2016 , $901,000 for Fiscal 2015 and $1.1 million for Fiscal 2014 . Minimum future lease commitments under noncancelable lease agreements in excess of one year as of August 27, 2016 are as follows: (In thousands) Amount Year Ended: 2017 $ 128 2018 77 2019 60 2020 6 2021 4 Total $ 275 |
Income Taxes
Income Taxes | 12 Months Ended |
Aug. 27, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense consisted of the following: Year Ended (In thousands) August 27, 2016 August 29, 2015 August 30, 2014 Current Federal $ 14,293 $ 15,406 $ 17,923 State 1,685 1,124 (170 ) Total 15,978 16,530 17,753 Deferred Federal 4,280 1,486 1,415 State 444 308 456 Total 4,724 1,794 1,871 Income Tax Expense $ 20,702 $ 18,324 $ 19,624 The following table provides a reconciliation of the US statutory income tax rate to our effective income tax rate: Year Ended (A percentage) August 27, 2016 August 29, 2015 August 30, 2014 US federal statutory rate 35.0 % 35.0 % 35.0 % State taxes, net of federal benefit 2.5 % 2.4 % 2.3 % Tax-free and dividend income (1.3 )% (1.3 )% (1.5 )% Income tax credits (1.1 )% (0.3 )% (0.4 )% Domestic production activities deduction (2.5 )% (3.7 )% (2.8 )% Other permanent items (1.3 )% (0.8 )% (0.9 )% Valuation allowance — % — % (0.4 )% Uncertain tax positions settlements and adjustments — % (0.5 )% (1.0 )% Effective tax provision rate 31.3 % 30.8 % 30.3 % The tax effects of temporary differences that give rise to deferred income taxes were as follows: (In thousands) August 27, 2016 August 29, 2015 Deferred income tax asset (liability) Deferred compensation $ 9,609 $ 10,757 Warranty reserves 4,729 4,288 Postretirement health care benefits 2,262 12,792 Self-insurance reserve 2,214 2,378 Accrued vacation 2,006 1,938 Stock based compensation 1,030 1,239 Unrecognized tax benefit 698 726 Other (1) 1,785 1,592 Total deferred tax assets 24,333 35,710 Inventory (1,930 ) (2,383 ) Depreciation (3,650 ) (1,338 ) Total deferred tax liabilities (5,580 ) (3,721 ) Total deferred income tax assets, net of deferred tax liabilities $ 18,753 $ 31,989 (1) At August 27, 2016 , Other includes $95,000 related to state NOLs that will begin to expire in Fiscal 2021. We have evaluated all the positive and negative evidence and consider it more likely than not that these carryforwards can be realized. Unrecognized Tax Benefits Changes in the unrecognized tax benefits are as follows: (In thousands) August 27, 2016 August 29, 2015 August 30, 2014 Unrecognized tax benefits - beginning balance $ 1,589 $ 1,709 $ 2,134 Gross decreases - tax positions in a prior period (355 ) (568 ) (816 ) Gross increases - current period tax positions 476 448 391 Unrecognized tax benefits - ending balance 1,710 1,589 1,709 Accrued interest and penalties 751 922 1,315 Total unrecognized tax benefits $ 2,461 $ 2,511 $ 3,024 The amount of unrecognized tax benefits is not expected to change materially within the next 12 months. If the remaining uncertain tax positions are ultimately resolved favorably, $1.8 million of unrecognized tax benefits would have a positive impact on our effective tax rate. It is our policy to recognize interest and penalties accrued relative to unrecognized tax benefits into tax expense. We file tax returns in the US federal jurisdiction, as well as state jurisdictions and in Canada. Although certain years are no longer subject to examinations by the IRS and various state taxing authorities, NOL carryforwards generated in those years may be adjusted upon examination by the IRS or state taxing authorities if they have been or will be used in a future period. As of August 27, 2016 , our federal returns from Fiscal 2013 to present are subject to review by the IRS. As of August 27, 2016 , our Fiscal 2014 Federal return is being reviewed. We anticipate this audit to be concluded with no material adjustments. With limited exception, state returns from Fiscal 2013 to present continue to be subject to review by state taxing jurisdictions. A number of years may lapse before an uncertain tax position is audited and finally resolved and it is difficult to predict the outcome of such audits. During the year, we finalized a state audit with a nominal impact. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Aug. 27, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans We have a 2014 Omnibus Equity, Performance Award, and Incentive Compensation Plan approved by shareholders (as amended, the "Plan") in place 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. No more than 3.6 million shares of common stock may be issued under the Plan and no more than 3.6 million of those shares may be used for awards other than stock options or stock appreciation rights. Shares subject to awards that are forfeited or terminated, expire unexercised, are cancelled and settled in cash in lieu of common stock or are exchanged for awards that do not involve common stock, shall be added back to the limits and again immediately become available for awards. Stock Options and Share Awards The term of any options granted under the Plan may not exceed ten years from the date of the grant. Stock options are granted at the closing market price on the date of grant. Options issued to key employees generally vest over a three -year period in equal annual installments, beginning one year after the date of grant, with immediate vesting upon retirement or upon a change of control (as defined in the Plan), if earlier. Historically, options issued to directors vested six months after grant. Share awards generally vest over a three-year period in equal annual installments with continued employment, beginning one year after the date of grant, with immediate vesting upon retirement for awards made prior to October 2016 or upon a change of control (collectively, "time-based") or upon attainment of established goals. Share awards that are not time-based typically vest at the end of a one year or three -year incentive period based upon the achievement of company goals ("performance-based"). The value of time-based restricted share awards is based on the number of shares granted and the closing price of our common stock on the date of grant. The value of performance-based restricted share awards is based upon the terms of the plan and an assessment of the probability of reaching the established performance targets. Historically, the terms of these plans linked the incentive payment to a percentage of base salary compensation and if the established goals are met, shares of the appropriate value are then granted. Annual Incentive Plans For Fiscal 2014 , Fiscal 2015 and Fiscal 2016 , the Human Resources Committee of our Board of Directors established annual incentive plans for the officers that were to be paid in 2/3 cash and 1/3 restricted stock (stock must be held for one year from date of grant except for shares we agree to repurchase in lieu of executives' payment of payroll taxes). We repurchase shares from employees who elect to pay their payroll tax via delivery of shares of common stock as opposed to cash. The following table shows the amount accrued each fiscal year for stock-based compensation under the annual incentive plan. The Human Resources Committee of the Board of Directors approved the awards of restricted stock to the officers on the dates shown. August 27, 2016 August 29, 2015 August 30, 2014 Annual incentive accrual (in thousands) $ 1,467 $ 454 $ 2,600 Date of award 10/11/2016 10/13/2015 10/14/2014 Stock-based portion of annual incentive accrual (in thousands) $ 489 $ 157 $ 866 Restricted shares awarded 17,532 7,914 40,495 Shares repurchased for payroll taxes (8,412 ) (3,511 ) (20,638 ) Restricted shares issued 9,120 4,403 19,857 Long-Term Incentive Plans For Fiscal 2014 , Fiscal 2015 and Fiscal 2016 , the Human Resources Committee of our Board of Directors established three different three -year incentive compensation plans (Officers Long-Term Incentive Plan Fiscal 2013-2015, 2014-2016 and 2015-2017) to serve as an incentive to our senior management team to achieve certain ROE targets. If the ROE target is met, restricted stock will be awarded subsequent to the end of each three year period with a one -year restriction on sale upon award (except for shares we agree to repurchase in lieu of executives' payment of payroll taxes). In the event that we do not achieve the required ROE targets, no restricted stock will be granted. If it becomes probable that certain of the ROE performance targets will be achieved, the corresponding estimated cost of the grant will be recorded as stock-based compensation expense over the performance period. The probability of reaching the targets is evaluated each reporting period. If it becomes probable that certain of the target performance levels will be achieved, a cumulative adjustment will be recorded and future stock-based-compensation expense will increase based on the then projected performance levels. If we later determine that it is not probable that the minimum ROE performance threshold for the grants will be met, no further stock-based compensation cost will be recognized and any previously recognized stock-based compensation cost related to these plans will be reversed. The following table shows the amount accrued each fiscal year for stock-based compensation as a result of ROE targets being met. The Human Resources Committee of the Board of Directors approved the awards of restricted stock to the officers on the dates shown. We repurchase shares from employees who elect to pay their payroll tax via delivery of shares of common stock as opposed to cash. August 27, 2016 August 29, 2015 August 30, 2014 LTIP accrual (in thousands) $ 318 $ 360 $ 540 LTIP plan year 2014-2016 2013-2015 2012-2014 Date of award 10/11/2016 10/13/2015 10/14/2014 Restricted shares awarded 11,419 18,156 25,529 Shares repurchased for payroll taxes (5,539 ) (8,529 ) (13,011 ) Restricted shares issued 5,880 9,627 12,518 Director's Awards Non-employee directors may elect to receive all or part of their annual retainer and board fees in the form of Winnebago Industries stock units credited in the form of shares of our common stock instead of cash. The directors are restricted from selling these shares until their retirement. During Fiscal 2016 , there were 5,058 stock units awarded to our non-employee directors in lieu of cash compensation. The aggregate intrinsic value of these awards as of August 27, 2016 was $2.1 million with 86,506 stock units outstanding. Stock-Based Compensation Total stock-based compensation expense for the past three fiscal years consisted of the following components: Year Ended (In thousands) August 27, 2016 August 29, 2015 August 30, 2014 Share awards: Performance-based annual plan employee award expense $ 489 $ 157 $ 866 Performance-based LTIP employee award expense 318 360 540 Time-based employee award expense 1,583 2,060 1,472 Time-based directors award expense 743 412 410 Directors stock unit expense 149 108 98 Stock options 11 — — Total stock-based compensation $ 3,293 $ 3,097 $ 3,386 Stock Options A summary of stock option activity for Fiscal 2016 , 2015 and 2014 is as follows: Year Ended August 27, 2016 August 29, 2015 August 30, 2014 Shares Price per Share Wtd. Avg. Exercise Price/Share Shares Price per Share Wtd. Avg. Exercise Price/Share Shares Price per Share Wtd. Avg. Exercise Price/Share Outstanding at beginning of year 167,394 $26 - $34 $ 28.30 457,421 $26 - $36 $ 30.38 664,994 $26 - $36 $ 29.83 Options granted 10,000 $16 - $17 16.67 — — — — — — Options exercised — — — — — — (77,833 ) $26 - $27 26.72 Options cancelled (167,394 ) $26 - $34 28.30 (290,027 ) $26 - $36 31.58 (129,740 ) $26 - $35 29.75 Outstanding at end of year 10,000 $16 - $17 $ 16.67 167,394 $26 - $34 $ 28.30 457,421 $26 - $36 $ 30.38 Exercisable at end of year — $ — $ — 167,394 $26 - $34 $ 28.30 457,421 $26 - $36 $ 30.38 Vested and expected to vest at end of year 10,000 $16 - $17 $ 16.67 167,394 $26 - $34 $ 28.30 457,421 $26 - $36 $ 30.38 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Valuation Assumptions (1) Fiscal 2016 Expected dividend yield 2.40 % Risk-free interest rate (2) 1.49 % Expected life (in years) (3) 5 Expected volatility (4) 43.52 % Weighted average fair value of options granted $5.31 (1) Forfeitures are estimated based on historical experience. (2 ) Risk-free interest rate is based on Treasury Securities constant maturity interest rate whose term is consistent with the expected life of our stock options. (3) Expected life of stock options is based on historical experience. (4) Expected stock price volatility is based on historical experience over a term consistent with the expected life of our stock options. The weighted average remaining contractual life for options outstanding at August 27, 2016 was 9.4 years. Aggregate intrinsic value for options outstanding at August 27, 2016 was $72,000 . As of August 27, 2016 , there was $42,000 of unrecognized compensation expense related to option awards that is expected to be recognized over a weighted average period of 2.4 years. Other values related to options are as follows: (In thousands) Fiscal 2016 Fiscal 2015 Fiscal 2014 Aggregate intrinsic value of options exercised (1) $ — $ — $ 173 Net cash proceeds from the exercise of stock options — — 2,080 Actual income tax benefit realized from stock option exercises — — 63 (1) The amount by which the closing price of our stock on the date of exercise exceeded the exercise price. On October 11, 2016 the Human Resources Committee of the Board of Directors approved the grant of 46,800 stock options to our officers. Share Awards A summary of share award activity for Fiscal 2016 , 2015 and 2014 is as follows: Year Ended August 27, 2016 August 29, 2015 August 30, 2014 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Beginning of year 163,420 $ 20.83 198,523 $ 18.98 190,962 $ 12.46 Granted 240,270 19.72 165,624 21.70 138,345 27.44 Vested (110,283 ) 19.44 (198,693 ) 19.71 (129,817 ) 18.82 Canceled (9,526 ) 20.28 (2,034 ) 20.58 (967 ) 18.44 End of year 283,881 $ 20.45 163,420 $ 20.83 198,523 $ 18.98 The aggregate intrinsic value of awards outstanding at August 27, 2016 was $6.8 million . As of August 27, 2016 , there was $2.8 million of unrecognized compensation expense related to restricted stock awards that is expected to be recognized over a weighted average period of 1.9 years. The total fair value of awards vested during Fiscal 2016 , 2015 and 2014 was $2.2 million , $4.2 million and $3.6 million , respectively. On October 11, 2016 the Human Resources Committee of the Board of Directors approved the award of grants of 76,800 shares of our restricted common stock under the Plan valued at $2.1 million to our key management group (approximately 60 employees). The Board of Directors also granted 20,800 shares of our restricted common stock valued at $580,000 to the non-management members of the Board. The value of the restricted stock is based on the closing price of our common stock on the date of grant, which was $27.89 . The fair value of this award to employees is amortized on a straight-line basis over the requisite service period of three years. Estimated non-cash stock compensation expense based on this restricted stock grant will be approximately $1.0 million for Fiscal 2017. |
Net Revenues Classifications
Net Revenues Classifications | 12 Months Ended |
Aug. 27, 2016 | |
Segment Reporting [Abstract] | |
Net Revenues Classifications | Net Revenues Classifications Net revenue by product class: Year Ended (In thousands) August 27, 2016 August 29, 2015 August 30, 2014 Motorhomes, parts and service $ 875,004 89.7 % $ 872,915 89.4 % $ 853,488 90.3 % Towables and parts 89,412 9.2 % 71,684 7.3 % 58,123 6.1 % Other manufactured products 10,810 1.1 % 31,906 3.3 % 33,552 3.6 % Total net revenues $ 975,226 100.0 % $ 976,505 100.0 % $ 945,163 100.0 % Net revenue by geographic area: Year Ended (In thousands) August 27, 2016 August 29, 2015 August 30, 2014 United States $ 940,230 96.4 % $ 920,315 94.2 % $ 873,910 92.5 % International 34,996 3.6 % 56,190 5.8 % 71,253 7.5 % Total net revenues $ 975,226 100.0 % $ 976,505 100.0 % $ 945,163 100.0 % |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Aug. 27, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table reflects the calculation of basic and diluted income per share for the past three fiscal years: Year Ended (In thousands, except per share data) August 27, 2016 August 29, 2015 August 30, 2014 Income per share - basic Net income $ 45,496 $ 41,210 $ 45,053 Weighted average shares outstanding 26,925 26,941 27,430 Net income per share - basic $ 1.69 $ 1.53 $ 1.64 Income per share - assuming dilution Net income $ 45,496 $ 41,210 $ 45,053 Weighted average shares outstanding 26,925 26,941 27,430 Dilutive impact of awards and options outstanding 108 110 115 Weighted average shares and potential dilutive shares outstanding 27,033 27,051 27,545 Net income per share - assuming dilution $ 1.68 $ 1.52 $ 1.64 The computation of weighted average shares and potential dilutive shares outstanding excludes the effects of options to purchase 10,000 , 167,394 and 457,421 shares of common stock for the fiscal years ended August 27, 2016 , August 29, 2015 and August 30, 2014 , respectively. These amounts were not included in the computation of diluted income per share because they are anti-dilutive under the treasury stock method. |
Interim Financial Information (
Interim Financial Information (Unaudited) | 12 Months Ended |
Aug. 27, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Information (Unaudited) | Interim Financial Information (Unaudited) Fiscal 2016 Quarter Ended (In thousands, except per share data) November 28, February 27, May 28, August 27, Net revenues $ 214,223 $ 225,672 $ 272,077 $ 263,254 Gross profit 25,249 25,276 30,257 31,867 Operating income 12,759 13,503 20,593 18,886 Net income 8,558 9,354 14,438 13,146 Net income per share (basic) 0.32 0.35 0.54 0.49 Net income per share (diluted) 0.32 0.35 0.53 0.49 Fiscal 2015 Quarter Ended (In thousands, except per share data) November 29, February 28, May 30, August 29, Net revenues $ 224,403 $ 234,543 $ 266,510 $ 251,049 Gross profit 24,386 24,258 28,183 28,053 Operating income 14,442 11,948 16,118 16,911 Net income 9,895 8,096 11,502 11,717 Net income per share (basic) 0.37 0.30 0.43 0.43 Net income per share (diluted) 0.37 0.30 0.43 0.43 |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Aug. 27, 2016 | |
Equity [Abstract] | |
Comprehensive Income | Comprehensive Income Changes in AOCI for defined benefit pension items, net of tax, were: Year Ended (In thousands) August 27, 2016 August 29, 2015 Balance at beginning of year $ (2,274 ) $ (1,808 ) OCI before reclassifications 17,027 2,044 Amounts reclassified from AOCI (3,778 ) (2,510 ) Net current-period OCI 13,249 (466 ) Balance at end of year $ 10,975 $ (2,274 ) Reclassifications out of AOCI in net periodic benefit costs, net of tax, were: Year Ended (In thousands) Location on Consolidated Statements of Income and Comprehensive Income August 27, 2016 August 29, 2015 Amortization of prior service credit Cost of goods sold $ (4,788 ) $ (3,428 ) Amortization of net actuarial loss Cost of goods sold 1,010 918 Total reclassifications $ (3,778 ) $ (2,510 ) |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Aug. 27, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Issues of stock options and restricted common stock On October 11, 2016 the Human Resources Committee of our Board of Directors issued stock options and shares of restricted common stock, which is further discussed in Note 11 . Dividend On October 12, 2016 our Board of Directors declared a cash dividend of $0.10 per outstanding share of common stock. The dividend will be paid on November 23, 2016 to all shareholders of record at the close of business on November 9, 2016 . Securities Purchase Agreement On October 2, 2016, we entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Grand Design, Octavius Corporation (“Octavius”), Summit Partners Growth Equity Fund VIII-A, L.P., Summit Partners Growth Equity Fund VIII-B, L.P., Summit Partners Entrepreneur Advisors Fund I, L.P., Summit Investors I, LLC, Summit Investors I (UK), L.P., SP GE VIII-B GD RV Holdings, L.P. (collectively the “Summit Sellers”), RDB III, Inc., and each of the shareholders of RDB III, Inc. (collectively the “RDB Sellers”). The Summit Sellers and RDB Sellers are hereafter referred to as “Sellers.” The Purchase Agreement provides that, among other things, and subject to the terms and conditions of the Purchase Agreement, Octavius, a newly formed wholly-owned subsidiary, will acquire all of the equity interests of Grand Design and all of the capital stock of SP GE VIII-B RV Blocker Corp., a Delaware corporation owned by Summit Partners Growth Equity Fund VIII-B, L.P., representing the sale of Grand Design to Winnebago. Following the transaction, Grand Design will be an indirect wholly-owned subsidiary. The purchase price for the acquisition is approximately $500.0 million , consisting of $395.0 million in cash and 4,586,555 shares ( $105.0 million ) of our common stock to be issued to Sellers. The $500.0 million purchase price is subject to customary closing adjustments pursuant to the terms of the Purchase Agreement. The closing of the acquisition is also subject to customary closing conditions, including the expiration of any applicable waiting period under the Hart Scott Rodino Antitrust Improvements Act of 1976, as amended. The acquisition is expected to close in the first fiscal quarter of 2017. In connection with our agreement to acquire Grand Design we executed a customary debt commitment letter with JPM Morgan pursuant to which, subject to customary exceptions and conditions, JPMorgan has committed to provide a seven -year $300.0 million secured term loan B facility, and a five -year $125.0 million asset-based revolving credit facility (collectively the “Credit Facilities”). We intend to use the proceeds from the term loan and a portion of the revolving credit facility together with $60.0 million in cash and $105.0 million in common stock to complete the acquisition of Grand Design. The remainder of the revolving credit facility will be used to fund our working capital needs. The Credit Facilities are expected to be secured by all or substantially all of our assets, and will replace our current credit facility with Wells Fargo Bank, N.A. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Aug. 27, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation [Policy Text Block] | Principles of Consolidation The consolidated financial statements for Fiscal 2016 include the parent company and our wholly-owned subsidiary, Winnebago of Indiana, LLC. All intercompany balances and transactions with our subsidiary have been eliminated. |
Fiscal Period [Policy Text Block] | Fiscal Period We follow a 52-/53-week fiscal year, ending the last Saturday in August. The financial statements presented are all 52-week fiscal periods. |
Use of Estimates [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the US requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents consist primarily of highly liquid investments with an original maturity of three months or less. The carrying amount approximates fair value due to the short maturity of the investments. |
Fair Value Disclosures of Financial Instruments [Policy Text Block] | Fair Value Disclosures of Financial Instruments All financial instruments are carried at amounts believed to approximate fair value. |
Derivatives Instruments and Hedging Activities [Policy Text Block] | Derivative Instruments and Hedging Activities All contracts that contain provisions meeting the definition of a derivative also meet the requirements of, and have been designated as, normal purchases or sales. Our policy is to not enter into contracts with terms that cannot be designated as normal purchases or sales. |
Allowance for Doubtful Accounts [Policy Text Block] | Allowance for Doubtful Accounts The allowance for doubtful accounts is based on historical loss experience and any specific customer collection issues identified. Additional amounts are provided through charges to income as we believe necessary after evaluation of receivables and current economic conditions. Amounts which are considered to be uncollectible are written off and recoveries of amounts previously written off are credited to the allowance upon recovery. |
Inventories [Policy Text Block] | Inventories Substantially, all inventories are stated at the lower of cost or market, determined on the LIFO basis. Manufacturing cost includes materials, labor and manufacturing overhead. Unallocated overhead and abnormal costs are expensed as incurred. |
Property and Equipment [Policy Text Block] | Property and Equipment Depreciation of property and equipment is computed using the straight‑line method on the cost of the assets, less allowance for salvage value where appropriate, at rates based upon their estimated service lives as follows: Asset Class Asset Life Buildings 10-30 years Machinery and equipment 3-15 years Software 3-10 years Transportation equipment 4-6 years We review our long-lived depreciable assets for impairment annually or whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable from future cash flows. If the carrying value of a long-lived asset is impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its fair value. We assess the potential impairment of long-lived assets in accordance with ASC 360 Property, Plant and Equipment . We also reviewed all other long-lived depreciable assets for impairment, noting no impairment. |
Goodwill and Amortizable Intangible Assets [Policy Text Block] | Goodwill and Amortizable Intangible Assets Goodwill represents costs in excess of the fair value of net tangible and identifiable net intangible assets acquired in a business combination. Goodwill assets were reviewed for impairment as of August 27, 2016 by applying a fair-value based test on an annual basis, or more frequently if circumstances indicate a potential impairment. Amortizable intangible assets consisted of dealer network, trademarks and non-compete agreements and are fully amortized. |
Self-Insurance [Policy Text Block] | Self-Insurance Generally, we self-insure for a portion of product liability claims and workers' compensation. Under these plans, liabilities are recognized for claims incurred, including those incurred but not reported. We determined the liability for product liability and workers' compensation claims with the assistance of a third party administrator and actuary using various state statutes and historical claims experience. We have a $35.0 million insurance policy that includes an SIR for product liability of $2.5 million per occurrence and $6.0 million in aggregate per policy year. We maintain excess liability insurance with outside insurance carriers to minimize our risks related to catastrophic claims in excess of our self-insured positions for product liability and personal injury matters. Any material change in the aforementioned factors could have an adverse impact on our operating results. Our product liability and workers' compensation accrual is included within accrued self-insurance on our balance sheet. |
Income Taxes [Policy Text Block] | Income Taxes In preparing our financial statements, we are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our current tax exposure together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes. These temporary differences result in deferred tax assets and liabilities, which are included within our balance sheet. We then assess the likelihood that our deferred tax assets will be realized based on future taxable income and, to the extent we believe that recovery is not likely, we establish a valuation allowance. To the extent we establish a valuation allowance or change this allowance in a period, we include an expense or a benefit within the tax provision in our Statements of Income. |
Legal [Policy Text Block] | Legal Our accounting policy regarding litigation expense is to accrue for probable exposure including estimated defense costs if we are able to estimate the financial impact. |
Revenue Recognition [Policy Text Block] | Revenue Recognition Generally, revenues for our RVs are recorded when the following conditions are met: • an order for a product has been received from a dealer • written or verbal approval for payment has been received from the dealer's floorplan financing institution (if applicable) • an independent transportation company has accepted responsibility for the product as agent for the dealer; and • the product is removed from the Company's property for delivery to the dealer. Our shipping terms are FOB shipping point. Products are not sold on consignment, dealers do not have the right to return products, and dealers are typically responsible for interest costs to floor plan lenders. |
Delivery Revenues and Expenses [Policy Text Block] | Delivery Revenues and Expenses Delivery revenues for products delivered are included within net sales, while delivery expenses are included within cost of goods sold. |
Concentration of Risk [Policy Text Block] | Concentration of Risk One of our dealer organizations accounted for 16.6% , 17.9% , and 19.7% of our consolidated net revenue in Fiscal 2016 , 2015 and 2014 , respectively. A second dealer organization accounted for 13.0% , 15.0% and 12.5% of our net revenue for Fiscal 2016 , Fiscal 2015 , and Fiscal 2014 , 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 either or both of these dealers could negatively impact our sales and could trigger repurchase obligations under our repurchase agreements. |
Sales Promotions and Incentives [Policy Text Block] | Sales Promotions and Incentives We accrue for sales promotions and incentive expenses, which are recognized as a reduction to revenues, at the time of sale to the dealer or when the sales incentive is offered to the dealer or retail customer. Examples of sales promotions and incentive programs include dealer and consumer rebates, volume discounts, retail financing programs and dealer sales associate incentives. Sales promotion and incentive expenses are estimated based upon then current program parameters, such as unit or retail volume and historical rates. Actual results may differ from these estimates if market conditions dictate the need to enhance or reduce sales promotion and incentive programs or if the retail customer usage rate varies from historical trends. Historically, sales promotion and incentive expenses have been within our expectations and differences have not been material. |
Repurchase Commitments [Policy Text Block] | Repurchase Commitments It is customary practice for manufacturers in the RV industry to enter into repurchase agreements with financing institutions that provide financing to their dealers. Our repurchase agreements generally provide that, in the event of a default by a dealer in its obligation to these lenders, we will repurchase vehicles sold to the dealer that have not been resold to retail customers. The terms of these agreements, which 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 liability cannot exceed 100% of the dealer invoice. In certain instances, we also repurchase inventory from our dealers due to state law or regulatory requirements that govern voluntary or involuntary relationship terminations. Based on these repurchase agreements, we establish an associated loss reserve which is disclosed separately as "Accrued loss on repurchases" in the consolidated balance sheets. Repurchased sales are not recorded as a revenue transaction, but the net difference between the original repurchase price and the resale price are recorded against the loss reserve, which is a deduction from gross revenue. Our loss reserve for repurchase commitments contains uncertainties because the calculation requires management to make assumptions and apply judgment regarding a number of factors. See Note 9 . |
Reporting Segment [Policy Text Block] | Reporting Segment We have one reportable segment, the RV market. We design, develop, manufacture and market motorized and towable recreation products along with supporting products and services. |
Research and Development [Policy Text Block] | Research and Development Research and development expenditures are included within cost of goods sold and are expensed as incurred. A portion of these expenditures qualify for state and federal tax benefits. Development activities generally relate to creating new products and improving or creating variations of existing products to meet new applications. During Fiscal 2016 , 2015 and 2014 , we spent approximately $4.0 million , $3.9 million and $4.3 million , respectively, on research and development activities. |
Advertising [Policy Text Block] | Advertising Advertising costs, which consist primarily of literature and trade shows, were $4.9 million , $5.5 million , and $5.1 million in Fiscal 2016 , 2015 and 2014 , respectively. Advertising costs are included in selling expense and are expensed as incurred with the exception of trade shows which are expensed in the period in which the show occurs. |
Earnings Per Common Share [Policy Text Block] | Earnings Per Common Share Basic income per common share is computed by dividing net income by the weighted average common shares outstanding during the period. Diluted income per common share is computed by dividing net income by the weighted average common shares outstanding plus the incremental shares that would have been outstanding upon the assumed exercise of dilutive stock awards and options. See Note 13 . |
Subsequent Events [Policy Text Block] | Subsequent Events We evaluated events occurring between the end of our most recent fiscal year and the date the financial statements were issued. There were no material subsequent events, except those described in Note 11 and Note 16 . |
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. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718) , which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for the related income taxes, forfeitures, statutory tax withholding requirements and classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016 (our Fiscal 2018), including interim periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impact of this ASU on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (Topic 230) , which provides guidance for eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU 2016-15 is effective retrospectively for annual reporting periods beginning after December 15, 2017 (our Fiscal 2019), including interim periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impact of this ASU on our consolidated financial statements. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Aug. 27, 2016 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Depreciation of property and equipment is computed using the straight‑line method on the cost of the assets, less allowance for salvage value where appropriate, at rates based upon their estimated service lives as follows: Asset Class Asset Life Buildings 10-30 years Machinery and equipment 3-15 years Software 3-10 years Transportation equipment 4-6 years Property, plant and equipment is stated at cost, net of accumulated depreciation and consists of the following: (In thousands) August 27, 2016 August 29, 2015 Land $ 3,864 $ 1,874 Buildings and building improvements 62,073 53,388 Machinery and equipment 95,087 94,034 Software 15,878 8,033 Transportation 8,956 8,913 Total property, plant and equipment, gross 185,858 166,242 Less accumulated depreciation (129,927 ) (128,992 ) Total property, plant and equipment, net $ 55,931 $ 37,250 |
Investments and Fair Value Me27
Investments and Fair Value Measurements (Tables) | 12 Months Ended |
Aug. 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 August 27, 2016 and August 29, 2015 according to the valuation techniques we used to determine their fair values: Fair Value at August 27, 2016 Fair Value Measurements Using Inputs Considered As (In thousands) Level 1 Level 2 Level 3 Cash equivalents (1) $ 77,234 $ 77,234 $ — $ — Assets that fund deferred compensation: Domestic equity funds 3,587 3,515 72 — International equity funds 258 225 33 — Fixed income funds 265 206 59 — Total assets at fair value $ 81,344 $ 81,180 $ 164 $ — (1) Cash equivalent balances valued using Level 1 inputs include only those accounts that may fluctuate in value. Cash in disbursing accounts and on-demand accounts are not included above. Fair Value at August 29, 2015 Fair Value Measurements Using Inputs Considered As (In thousands) Level 1 Level 2 Level 3 Cash equivalents (1) 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 $ — (1) Cash equivalent balances valued using Level 1 inputs include only those accounts that may fluctuate in value. Cash in disbursing accounts and on-demand accounts are not included above. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Aug. 27, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: (In thousands) August 27, 2016 August 29, 2015 Finished goods $ 19,129 $ 12,179 Work-in-process 76,350 66,602 Raw materials 60,740 65,928 Total 156,219 144,709 LIFO reserve (33,697 ) (32,544 ) Total inventories $ 122,522 $ 112,165 |
Property, Plant and Equipment29
Property, Plant and Equipment and Assets Held for Sale (Tables) | 12 Months Ended |
Aug. 27, 2016 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Depreciation of property and equipment is computed using the straight‑line method on the cost of the assets, less allowance for salvage value where appropriate, at rates based upon their estimated service lives as follows: Asset Class Asset Life Buildings 10-30 years Machinery and equipment 3-15 years Software 3-10 years Transportation equipment 4-6 years Property, plant and equipment is stated at cost, net of accumulated depreciation and consists of the following: (In thousands) August 27, 2016 August 29, 2015 Land $ 3,864 $ 1,874 Buildings and building improvements 62,073 53,388 Machinery and equipment 95,087 94,034 Software 15,878 8,033 Transportation 8,956 8,913 Total property, plant and equipment, gross 185,858 166,242 Less accumulated depreciation (129,927 ) (128,992 ) Total property, plant and equipment, net $ 55,931 $ 37,250 |
Warranty (Tables)
Warranty (Tables) | 12 Months Ended |
Aug. 27, 2016 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | Changes in our product warranty liability during Fiscal 2016 , Fiscal 2015 , and Fiscal 2014 are as follows: (In thousands) August 27, 2016 August 29, 2015 August 30, 2014 Balance at beginning of year $ 11,254 $ 9,501 $ 8,443 Provision 16,503 12,892 10,947 Claims paid (15,345 ) (11,139 ) (9,889 ) Balance at end of year $ 12,412 $ 11,254 $ 9,501 |
Employee and Retiree Benefits (
Employee and Retiree Benefits (Tables) | 12 Months Ended |
Aug. 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) August 27, 2016 August 29, 2015 Postretirement health care benefit cost $ 6,346 $ 34,535 Non-qualified deferred compensation 18,003 19,508 Executive share option plan liability 3,341 4,788 SERP benefit liability 2,681 2,649 Executive deferred compensation 389 299 Officer stock-based compensation 763 242 Total postretirement health care and deferred compensation benefits 31,523 62,021 Less current portion (1) (4,574 ) (4,931 ) Long-term postretirement health care and deferred compensation benefits (2) $ 26,949 $ 57,090 (1) Included in current liabilities in the Consolidated Balance Sheets (2) Included in long-term liabilities in the Consolidated Balance Sheets |
Schedule of Postretirement Plan Amendments [Table Text Block] | As a result of these amendments, our liability for postretirement health care was reduced as presented in the following table. Date Plan Amendment Dollar Cap Reduction Liability Reduction (in thousands) Amortization Period (1) Fiscal 2005 Established employer dollar cap $ 40,414 11.5 years January 2012 Reduced employer dollar cap 10 % 4,598 7.8 years January 2013 Reduced employer dollar cap 10 % 4,289 7.5 years January 2014 Reduced employer dollar cap 10 % 3,580 7.3 years January 2015 Reduced employer dollar cap 10 % 3,960 7.1 years January 2016 Reduced employer dollar cap for retirees under age 65; discontinued 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. |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Changes in our postretirement health care liability are as follows: (In thousands) August 27, 2016 August 29, 2015 Balance at beginning of year $ 34,535 $ 36,930 Interest cost 327 1,382 Service cost 108 427 Net benefits paid (878 ) (928 ) Actuarial loss 850 684 Plan amendment (28,596 ) (3,960 ) Balance at end of year $ 6,346 $ 34,535 |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic postretirement benefit income for the past three fiscal years consisted of the following components: Year Ended (In thousands) August 27, 2016 August 29, 2015 August 30, 2014 Interest cost $ 327 $ 1,382 $ 1,540 Service cost 108 427 393 Amortization of prior service benefit (7,736 ) (5,538 ) (5,650 ) Amortization of net actuarial loss 1,612 1,465 1,077 Net periodic postretirement benefit income $ (5,689 ) $ (2,264 ) $ (2,640 ) |
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | Amounts not yet recognized in net periodic benefit cost and included in accumulated other comprehensive income (before taxes) are as follows: (In thousands) August 27, 2016 August 29, 2015 Prior service credit $ (34,139 ) $ (13,279 ) Net actuarial loss 15,648 16,410 Accumulated other comprehensive income $ (18,491 ) $ 3,131 |
Schedule of Expected Benefit Payments [Table Text Block] | xpected future benefit payments for postretirement health care for the next ten years are as follows: (In thousands) Amount Year: 2017 $ 416 2018 283 2019 381 2020 455 2021 489 2022 - 2026 2,484 Total $ 4,508 |
Investment in Life Insurance [Table Text Block] | To assist in funding the deferred compensation and SERP liabilities, we have invested in COLI policies. The cash surrender value of these policies is presented as investment in life insurance in the accompanying balance sheets and consists of the following: (In thousands) August 27, 2016 August 29, 2015 Cash value $ 60,263 $ 58,501 Borrowings (33,771 ) (32,329 ) Investment in life insurance $ 26,492 $ 26,172 |
Contingent Liabilites and Com32
Contingent Liabilites and Commitments (Tables) | 12 Months Ended |
Aug. 27, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Repurchase Agreements [Table Text Block] | A summary of the activity for the fiscal years stated for repurchased units is as follows: (Dollars in thousands) Fiscal 2016 Fiscal 2015 (1) Fiscal 2014 Inventory repurchased: Units 29 62 21 Dollars $ 1,605 $ 7,472 $ 467 Inventory resold: Units 28 62 20 Cash collected $ 1,510 $ 6,409 $ 392 Loss recognized $ 95 $ 1,063 $ 75 Units in ending inventory 1 1 1 (1) A significant number of the units repurchased in Fiscal 2015 were attributable to a single dealership for which we had established a specific repurchase loss reserve in Fiscal 2014. |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum future lease commitments under noncancelable lease agreements in excess of one year as of August 27, 2016 are as follows: (In thousands) Amount Year Ended: 2017 $ 128 2018 77 2019 60 2020 6 2021 4 Total $ 275 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Aug. 27, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense consisted of the following: Year Ended (In thousands) August 27, 2016 August 29, 2015 August 30, 2014 Current Federal $ 14,293 $ 15,406 $ 17,923 State 1,685 1,124 (170 ) Total 15,978 16,530 17,753 Deferred Federal 4,280 1,486 1,415 State 444 308 456 Total 4,724 1,794 1,871 Income Tax Expense $ 20,702 $ 18,324 $ 19,624 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table provides a reconciliation of the US statutory income tax rate to our effective income tax rate: Year Ended (A percentage) August 27, 2016 August 29, 2015 August 30, 2014 US federal statutory rate 35.0 % 35.0 % 35.0 % State taxes, net of federal benefit 2.5 % 2.4 % 2.3 % Tax-free and dividend income (1.3 )% (1.3 )% (1.5 )% Income tax credits (1.1 )% (0.3 )% (0.4 )% Domestic production activities deduction (2.5 )% (3.7 )% (2.8 )% Other permanent items (1.3 )% (0.8 )% (0.9 )% Valuation allowance — % — % (0.4 )% Uncertain tax positions settlements and adjustments — % (0.5 )% (1.0 )% Effective tax provision rate 31.3 % 30.8 % 30.3 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to deferred income taxes were as follows: (In thousands) August 27, 2016 August 29, 2015 Deferred income tax asset (liability) Deferred compensation $ 9,609 $ 10,757 Warranty reserves 4,729 4,288 Postretirement health care benefits 2,262 12,792 Self-insurance reserve 2,214 2,378 Accrued vacation 2,006 1,938 Stock based compensation 1,030 1,239 Unrecognized tax benefit 698 726 Other (1) 1,785 1,592 Total deferred tax assets 24,333 35,710 Inventory (1,930 ) (2,383 ) Depreciation (3,650 ) (1,338 ) Total deferred tax liabilities (5,580 ) (3,721 ) Total deferred income tax assets, net of deferred tax liabilities $ 18,753 $ 31,989 (1) At August 27, 2016 , Other includes $95,000 related to state NOLs that will begin to expire in Fiscal 2021. We have evaluated all the positive and negative evidence and consider it more likely than not that these carryforwards can be realized. |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Changes in the unrecognized tax benefits are as follows: (In thousands) August 27, 2016 August 29, 2015 August 30, 2014 Unrecognized tax benefits - beginning balance $ 1,589 $ 1,709 $ 2,134 Gross decreases - tax positions in a prior period (355 ) (568 ) (816 ) Gross increases - current period tax positions 476 448 391 Unrecognized tax benefits - ending balance 1,710 1,589 1,709 Accrued interest and penalties 751 922 1,315 Total unrecognized tax benefits $ 2,461 $ 2,511 $ 3,024 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Aug. 27, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Annual Incentive Compensation [Table Text Block] | The following table shows the amount accrued each fiscal year for stock-based compensation under the annual incentive plan. The Human Resources Committee of the Board of Directors approved the awards of restricted stock to the officers on the dates shown. August 27, 2016 August 29, 2015 August 30, 2014 Annual incentive accrual (in thousands) $ 1,467 $ 454 $ 2,600 Date of award 10/11/2016 10/13/2015 10/14/2014 Stock-based portion of annual incentive accrual (in thousands) $ 489 $ 157 $ 866 Restricted shares awarded 17,532 7,914 40,495 Shares repurchased for payroll taxes (8,412 ) (3,511 ) (20,638 ) Restricted shares issued 9,120 4,403 19,857 |
Schedule of Long-Term Incentive Plans [Table Text Block] | The following table shows the amount accrued each fiscal year for stock-based compensation as a result of ROE targets being met. The Human Resources Committee of the Board of Directors approved the awards of restricted stock to the officers on the dates shown. We repurchase shares from employees who elect to pay their payroll tax via delivery of shares of common stock as opposed to cash. August 27, 2016 August 29, 2015 August 30, 2014 LTIP accrual (in thousands) $ 318 $ 360 $ 540 LTIP plan year 2014-2016 2013-2015 2012-2014 Date of award 10/11/2016 10/13/2015 10/14/2014 Restricted shares awarded 11,419 18,156 25,529 Shares repurchased for payroll taxes (5,539 ) (8,529 ) (13,011 ) Restricted shares issued 5,880 9,627 12,518 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Total stock-based compensation expense for the past three fiscal years consisted of the following components: Year Ended (In thousands) August 27, 2016 August 29, 2015 August 30, 2014 Share awards: Performance-based annual plan employee award expense $ 489 $ 157 $ 866 Performance-based LTIP employee award expense 318 360 540 Time-based employee award expense 1,583 2,060 1,472 Time-based directors award expense 743 412 410 Directors stock unit expense 149 108 98 Stock options 11 — — Total stock-based compensation $ 3,293 $ 3,097 $ 3,386 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of stock option activity for Fiscal 2016 , 2015 and 2014 is as follows: Year Ended August 27, 2016 August 29, 2015 August 30, 2014 Shares Price per Share Wtd. Avg. Exercise Price/Share Shares Price per Share Wtd. Avg. Exercise Price/Share Shares Price per Share Wtd. Avg. Exercise Price/Share Outstanding at beginning of year 167,394 $26 - $34 $ 28.30 457,421 $26 - $36 $ 30.38 664,994 $26 - $36 $ 29.83 Options granted 10,000 $16 - $17 16.67 — — — — — — Options exercised — — — — — — (77,833 ) $26 - $27 26.72 Options cancelled (167,394 ) $26 - $34 28.30 (290,027 ) $26 - $36 31.58 (129,740 ) $26 - $35 29.75 Outstanding at end of year 10,000 $16 - $17 $ 16.67 167,394 $26 - $34 $ 28.30 457,421 $26 - $36 $ 30.38 Exercisable at end of year — $ — $ — 167,394 $26 - $34 $ 28.30 457,421 $26 - $36 $ 30.38 Vested and expected to vest at end of year 10,000 $16 - $17 $ 16.67 167,394 $26 - $34 $ 28.30 457,421 $26 - $36 $ 30.38 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Valuation Assumptions (1) Fiscal 2016 Expected dividend yield 2.40 % Risk-free interest rate (2) 1.49 % Expected life (in years) (3) 5 Expected volatility (4) 43.52 % Weighted average fair value of options granted $5.31 (1) Forfeitures are estimated based on historical experience. (2 ) Risk-free interest rate is based on Treasury Securities constant maturity interest rate whose term is consistent with the expected life of our stock options. (3) Expected life of stock options is based on historical experience. (4) Expected stock price volatility is based on historical experience over a term consistent with the expected life of our stock options. |
Schedule of Share-based Compensation, Stock Options, Other Values [Table Text Block] | Other values related to options are as follows: (In thousands) Fiscal 2016 Fiscal 2015 Fiscal 2014 Aggregate intrinsic value of options exercised (1) $ — $ — $ 173 Net cash proceeds from the exercise of stock options — — 2,080 Actual income tax benefit realized from stock option exercises — — 63 (1) The amount by which the closing price of our stock on the date of exercise exceeded the exercise price. |
Schedule of Nonvested Share Activity [Table Text Block] | A summary of share award activity for Fiscal 2016 , 2015 and 2014 is as follows: Year Ended August 27, 2016 August 29, 2015 August 30, 2014 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Beginning of year 163,420 $ 20.83 198,523 $ 18.98 190,962 $ 12.46 Granted 240,270 19.72 165,624 21.70 138,345 27.44 Vested (110,283 ) 19.44 (198,693 ) 19.71 (129,817 ) 18.82 Canceled (9,526 ) 20.28 (2,034 ) 20.58 (967 ) 18.44 End of year 283,881 $ 20.45 163,420 $ 20.83 198,523 $ 18.98 |
Net Revenues Classifications (T
Net Revenues Classifications (Tables) | 12 Months Ended |
Aug. 27, 2016 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | Net revenue by product class: Year Ended (In thousands) August 27, 2016 August 29, 2015 August 30, 2014 Motorhomes, parts and service $ 875,004 89.7 % $ 872,915 89.4 % $ 853,488 90.3 % Towables and parts 89,412 9.2 % 71,684 7.3 % 58,123 6.1 % Other manufactured products 10,810 1.1 % 31,906 3.3 % 33,552 3.6 % Total net revenues $ 975,226 100.0 % $ 976,505 100.0 % $ 945,163 100.0 % |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Net revenue by geographic area: Year Ended (In thousands) August 27, 2016 August 29, 2015 August 30, 2014 United States $ 940,230 96.4 % $ 920,315 94.2 % $ 873,910 92.5 % International 34,996 3.6 % 56,190 5.8 % 71,253 7.5 % Total net revenues $ 975,226 100.0 % $ 976,505 100.0 % $ 945,163 100.0 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Aug. 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 income per share for the past three fiscal years: Year Ended (In thousands, except per share data) August 27, 2016 August 29, 2015 August 30, 2014 Income per share - basic Net income $ 45,496 $ 41,210 $ 45,053 Weighted average shares outstanding 26,925 26,941 27,430 Net income per share - basic $ 1.69 $ 1.53 $ 1.64 Income per share - assuming dilution Net income $ 45,496 $ 41,210 $ 45,053 Weighted average shares outstanding 26,925 26,941 27,430 Dilutive impact of awards and options outstanding 108 110 115 Weighted average shares and potential dilutive shares outstanding 27,033 27,051 27,545 Net income per share - assuming dilution $ 1.68 $ 1.52 $ 1.64 |
Interim Financial Information37
Interim Financial Information (Unaudited) (Tables) | 12 Months Ended |
Aug. 27, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Fiscal 2016 Quarter Ended (In thousands, except per share data) November 28, February 27, May 28, August 27, Net revenues $ 214,223 $ 225,672 $ 272,077 $ 263,254 Gross profit 25,249 25,276 30,257 31,867 Operating income 12,759 13,503 20,593 18,886 Net income 8,558 9,354 14,438 13,146 Net income per share (basic) 0.32 0.35 0.54 0.49 Net income per share (diluted) 0.32 0.35 0.53 0.49 Fiscal 2015 Quarter Ended (In thousands, except per share data) November 29, February 28, May 30, August 29, Net revenues $ 224,403 $ 234,543 $ 266,510 $ 251,049 Gross profit 24,386 24,258 28,183 28,053 Operating income 14,442 11,948 16,118 16,911 Net income 9,895 8,096 11,502 11,717 Net income per share (basic) 0.37 0.30 0.43 0.43 Net income per share (diluted) 0.37 0.30 0.43 0.43 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Aug. 27, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI for defined benefit pension items, net of tax, were: Year Ended (In thousands) August 27, 2016 August 29, 2015 Balance at beginning of year $ (2,274 ) $ (1,808 ) OCI before reclassifications 17,027 2,044 Amounts reclassified from AOCI (3,778 ) (2,510 ) Net current-period OCI 13,249 (466 ) Balance at end of year $ 10,975 $ (2,274 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications out of AOCI in net periodic benefit costs, net of tax, were: Year Ended (In thousands) Location on Consolidated Statements of Income and Comprehensive Income August 27, 2016 August 29, 2015 Amortization of prior service credit Cost of goods sold $ (4,788 ) $ (3,428 ) Amortization of net actuarial loss Cost of goods sold 1,010 918 Total reclassifications $ (3,778 ) $ (2,510 ) |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Details) $ in Millions | 12 Months Ended | ||
Aug. 27, 2016USD ($)reportable_segments | Aug. 29, 2015USD ($) | Aug. 30, 2014USD ($) | |
Accounting Policies [Abstract] | |||
Insurance policy limit | $ 35 | ||
Self insurance reserve for product liability, per occurance | 2.5 | ||
Self insurance reserve for product liability, aggregate per policy year | $ 6 | ||
Repurchase agreement term | 18 months | ||
Repurchase commitment, liability threshold | 100.00% | ||
Number of reportable segments | reportable_segments | 1 | ||
Research and development expense | $ 4 | $ 3.9 | $ 4.3 |
Advertising expense | $ 4.9 | $ 5.5 | $ 5.1 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Property and Equipment) (Details) | 12 Months Ended |
Aug. 27, 2016 | |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service life | 10 years |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service life | 30 years |
Machinery and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service life | 3 years |
Machinery and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service life | 15 years |
Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service life | 3 years |
Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service life | 10 years |
Transportation equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service life | 4 years |
Transportation equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service life | 6 years |
Summary of Significant Accoun41
Summary of Significant Accounting Policies (Concentration of Risk) (Details) - Sales Revenue, Goods, Net [Member] - Customer Concentration Risk [Member] | 12 Months Ended | ||
Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Dealer 1 [Member] | |||
Concentration Risk [Line Items] | |||
Percent of revenue | 16.60% | 17.90% | 19.70% |
Dealer 2 [Member] | |||
Concentration Risk [Line Items] | |||
Percent of revenue | 13.00% | 15.00% | 12.50% |
Investments and Fair Value Me42
Investments and Fair Value Measurements (Fair Value Inputs) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Aug. 27, 2016 | Aug. 29, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | $ 77,234 | $ 63,107 |
Domestic equity funds | 3,587 | 4,937 |
International equity funds | 258 | 493 |
Fixed income funds | 265 | 284 |
Total assets at fair value | 81,344 | 68,821 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | 77,234 | 63,107 |
Domestic equity funds | 3,515 | 4,894 |
International equity funds | 225 | 477 |
Fixed income funds | 206 | 251 |
Total assets at fair value | 81,180 | 68,729 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | 0 | 0 |
Domestic equity funds | 72 | 43 |
International equity funds | 33 | 16 |
Fixed income funds | 59 | 33 |
Total assets at fair value | 164 | 92 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents, at Carrying Value | 0 | 0 |
Domestic equity funds | 0 | 0 |
International equity funds | 0 | 0 |
Fixed income funds | 0 | 0 |
Total assets at fair value | $ 0 | $ 0 |
Investments and Fair Value Me43
Investments and Fair Value Measurements (Narrative) (Details) | 12 Months Ended |
Aug. 29, 2015USD ($) | |
Fair Value Disclosures [Abstract] | |
Impairment of fixed asset | $ 462,000 |
Inventories (Inventory Schedule
Inventories (Inventory Schedule) (Details) - USD ($) $ in Thousands | Aug. 27, 2016 | Aug. 29, 2015 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 19,129 | $ 12,179 |
Work-in-process | 76,350 | 66,602 |
Raw materials | 60,740 | 65,928 |
Total | 156,219 | 144,709 |
LIFO reserve | (33,697) | (32,544) |
Total inventories | $ 122,522 | $ 112,165 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | Aug. 27, 2016 | Aug. 29, 2015 |
Inventory Disclosure [Abstract] | ||
Inventory, gross | $ 156,219 | $ 144,709 |
LIFO inventory amount | 149,400 | 135,300 |
FIFO inventory amount | $ 6,800 | $ 8,400 |
Property, Plant and Equipment46
Property, Plant and Equipment and Assets Held for Sale (Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Aug. 27, 2016 | Aug. 29, 2015 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | $ 185,858 | $ 166,242 |
Less accumulated depreciation | (129,927) | (128,992) |
Total property, plant and equipment, net | 55,931 | 37,250 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 3,864 | 1,874 |
Building and building improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 62,073 | 53,388 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 95,087 | 94,034 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 15,878 | 8,033 |
Transportation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | $ 8,956 | $ 8,913 |
Property, Plant and Equipment47
Property, Plant and Equipment and Assets Held for Sale Property, Plant, and Equipment (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Feb. 27, 2016 | May 30, 2015 | Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Property, Plant and Equipment [Line Items] | |||||
Purchases of property and equipment | $ 24,551,000 | $ 16,573,000 | $ 10,476,000 | ||
Middlebury, IN [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Purchases of property and equipment | $ 5,400,000 | ||||
Waverly, IA [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Purchases of property and equipment | $ 850,000 | ||||
Junction City, OR [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Purchases of property and equipment | $ 5,700,000 | ||||
Junction City, OR(2) [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Purchases of property and equipment | $ 4,000,000 |
Property, Plant and Equipment48
Property, Plant and Equipment and Assets Held for Sale (Assets Held for Sale) (Details) | 12 Months Ended |
Aug. 29, 2015USD ($) | |
Property, Plant and Equipment, Net [Abstract] | |
Impairment of fixed asset | $ 462,000 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) $ in Millions | Aug. 27, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill amortizable for tax return purposes only | $ 1.2 |
Credit Facility (Details)
Credit Facility (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions | 12 Months Ended | |
Aug. 27, 2016 | Oct. 31, 2012 | |
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 35 | |
Maximum borrowing capacity with no financial covenant restrictions | 5 | |
Additional borrowing capacity | $ 50 | |
Unused line fee | 0.50% | |
Basis spread on variable interest rate | 2.00% | |
Repurchased stock restriction | $ 15 |
Warranty (Narrative) (Details)
Warranty (Narrative) (Details) | 12 Months Ended |
Aug. 27, 2016mi | |
Class A, B, and C Motor Homes [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 |
Warranty (Schedule of Product W
Warranty (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |||
Balance at beginning of year | $ 11,254 | $ 9,501 | $ 8,443 |
Provision | 16,503 | 12,892 | 10,947 |
Claims paid | (15,345) | (11,139) | (9,889) |
Balance at end of year | $ 12,412 | $ 11,254 | $ 9,501 |
Employee and Retiree Benefits53
Employee and Retiree Benefits (Postretirement Health Care and Deferred Compensation Benefits) (Details) - USD ($) $ in Thousands | Aug. 27, 2016 | Aug. 29, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||
Postretirement health care benefit cost | $ 6,346 | $ 34,535 |
Non-qualified deferred compensation | 18,003 | 19,508 |
Executive share option plan liability | 3,341 | 4,788 |
SERP benefit liability | 2,681 | 2,649 |
Executive deferred compensation | 389 | 299 |
Officers stock-based compensation | 763 | 242 |
Total postretirement health care and deferred compensation benefits | 31,523 | 62,021 |
Less current portion | (4,574) | (4,931) |
Long-term postretirement health care and deferred compensation benefits | $ 26,949 | $ 57,090 |
Employee and Retiree Benefits P
Employee and Retiree Benefits Postretirement health care liability reduction due to 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, 2016 | Aug. 29, 2015 | Aug. 27, 2005 | |
Compensation and Retirement Disclosure [Abstract] | ||||||||
Dollar cap liability reduction | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | ||
Liability reduction due to plan amendment | $ 28,596 | $ 3,960 | $ 3,580 | $ 4,289 | $ 4,598 | $ 28,596 | $ 3,960 | $ (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 Benefits55
Employee and Retiree Benefits (Changes in Postretirement Health Care Liability) (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, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | Aug. 27, 2005 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||||||
Balance at beginning of year | $ 34,535 | $ 36,930 | |||||||
Interest cost | 327 | 1,382 | $ 1,540 | ||||||
Service cost | 108 | 427 | 393 | ||||||
Net benefits paid | (878) | (928) | |||||||
Actuarial loss | 850 | 684 | |||||||
Liability reduction due to plan amendment | $ (28,596) | $ (3,960) | $ (3,580) | $ (4,289) | $ (4,598) | (28,596) | (3,960) | $ 40,414 | |
Balance at end of year | $ 6,346 | $ 34,535 | $ 36,930 |
Employee and Retiree Benefits56
Employee and Retiree Benefits (Postretirement Benefit Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Interest cost | $ 327 | $ 1,382 | $ 1,540 |
Service cost | 108 | 427 | 393 |
Amortization of prior service benfit | (7,736) | (5,538) | (5,650) |
Amortization of net actuarial loss | 1,612 | 1,465 | 1,077 |
Net periodic postretirement benefit income | $ (5,689) | $ (2,264) | $ (2,640) |
Employee and Retiree Benefits57
Employee and Retiree Benefits (Unrecognized Amounts Included in AOCI) (Details) - USD ($) $ in Thousands | Aug. 27, 2016 | Aug. 29, 2015 |
Compensation and Retirement Disclosure [Abstract] | ||
Prior service credit | $ (34,139) | $ (13,279) |
Net actuarial loss | 15,648 | 16,410 |
Accumulated other comprehensive income | $ (18,491) | $ 3,131 |
Employee and Retiree Benefits58
Employee and Retiree Benefits (Expected Future Benefit Payments) (Details) $ in Thousands | Aug. 27, 2016USD ($) |
Compensation and Retirement Disclosure [Abstract] | |
2,017 | $ 416 |
2,018 | 283 |
2,019 | 381 |
2,020 | 455 |
2,021 | 489 |
2022-2026 | 2,484 |
Total | $ 4,508 |
Employee and Retiree Benefits59
Employee and Retiree Benefits (Investment in Life Insurance) (Details) - USD ($) $ in Thousands | Aug. 27, 2016 | Aug. 29, 2015 |
Compensation and Retirement Disclosure [Abstract] | ||
Cash value | $ 60,263 | $ 58,501 |
Borrowings | (33,771) | (32,329) |
Investment in life insurance | $ 26,492 | $ 26,172 |
Employee and Retiree Benefits60
Employee and Retiree Benefits (Postretirement Narrative) (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. 26, 2017 | Aug. 27, 2016 | Aug. 29, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Postretirement health care benefits age requirement before distribution occurs | 55 years | |||||||
Postretirement health care benefits continuous service requirement | 15 years | |||||||
Accumulated postretirement benefit obligation discount rate | 2.73% | 4.15% | ||||||
Actuarial loss | $ 850 | $ 684 | ||||||
Dollar cap liability reduction | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | ||
Defined Benefit Plan, Retiree Age Requirement | 65 years | |||||||
Subsequent Event [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Prior service cost (credit) | $ (6,400) | |||||||
Actuarial net loss | $ (1,600) |
Employee and Retiree Benefits61
Employee and Retiree Benefits (Deferred Compensation Narrative) (Details) - USD ($) | 12 Months Ended | ||
Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer discretionary contribution amount | $ 1,500,000 | $ 1,200,000 | $ 1,100,000 |
Key Employees [Member] | Non-Qualified Deferred Compensation Program (1981) [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Vesting age | 55 years | ||
Requisite service period | 5 years | ||
Requiste service period prior to December 1992 | 20 years | ||
Deferred compensation expense | $ 1,300,000 | 1,300,000 | $ 1,400,000 |
Deferred compensation liabilities | 18,000,000 | 19,500,000 | |
Officers and Managers [Member] | Supplemental Employee Retirement Plan (SERP) [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation liabilities | $ 2,700,000 | 2,600,000 | |
Contractual amount of years after retirement | 15 years | ||
Non-Qualified Share Option Program (2001) [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation assets | $ 3,700,000 | 5,400,000 | |
Deferred share-based compensation liabilities | $ 3,300,000 | 4,800,000 | |
Additional contribution at initiation | 25.00% | ||
Required option exercise period | 15 years | ||
Executive Deferred Compensation Plan 2007 [Member] | Officers and Key Employees [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation liabilities | $ 389,000 | 299,000 | |
Deferred compensation assets | $ 388,000 | $ 297,000 | |
Maximum salary deferral | 50.00% | ||
Maximum cash incentive award deferral | 100.00% |
Contingent Liabilites and Com62
Contingent Liabilites and Commitments (Repurchase Commitments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 27, 2016 | Aug. 29, 2015 | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Repurchase agreement term | 18 months | |
Accrued loss on repurchases | $ 881 | $ 1,329 |
Obligation to Repurchase from Dealers [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Contingent liability on repurchase agreements | 409,300 | 386,000 |
State Obligation to Repurchase [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Contingent liability on repurchase agreements | $ 7,900 | $ 7,200 |
Contingent Liabilites and Com63
Contingent Liabilites and Commitments (Schedule of Repurchased Activity) (Details) $ in Thousands | 12 Months Ended | ||
Aug. 27, 2016USD ($)Recreational_vehicles | Aug. 29, 2015USD ($)Recreational_vehicles | Aug. 30, 2014USD ($)Recreational_vehicles | |
Commitments and Contingencies Disclosure [Abstract] | |||
Inventory repurchased, units (in recreation vehicles) | Recreational_vehicles | 29 | 62 | 21 |
Inventory repurchased, dollars | $ | $ 1,605 | $ 7,472 | $ 467 |
Inventory resold, units (in recreation vehicles) | Recreational_vehicles | 28 | 62 | 20 |
Inventory resold, cash collected | $ | $ 1,510 | $ 6,409 | $ 392 |
Inventory resold, loss recognized | $ | $ 95 | $ 1,063 | $ 75 |
Units in ending inventory (in recreation vehicles) | Recreational_vehicles | 1 | 1 | 1 |
Contingent Liabilites and Com64
Contingent Liabilites and Commitments (Lease Commitments) (Details) - USD ($) | 12 Months Ended | ||
Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Lease expense | $ 582,000 | $ 901,000 | $ 1,100,000 |
Minimum future lease commitments under noncancelable lease agreements | |||
2,017 | 128,000 | ||
2,018 | 77,000 | ||
2,019 | 60,000 | ||
2,020 | 6,000 | ||
2,021 | 4,000 | ||
Total | $ 275,000 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax (Benefit) Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Current | |||
Federal | $ 14,293 | $ 15,406 | $ 17,923 |
State | 1,685 | 1,124 | (170) |
Total | 15,978 | 16,530 | 17,753 |
Deferred | |||
Federal | 4,280 | 1,486 | 1,415 |
State | 444 | 308 | 456 |
Total | 4,724 | 1,794 | 1,871 |
Income Tax Expense | $ 20,702 | $ 18,324 | $ 19,624 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of U.S. Statutory Income Tax Rate) (Details) | 12 Months Ended | ||
Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||
US federal statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 2.50% | 2.40% | 2.30% |
Tax-free and dividend income | (1.30%) | (1.30%) | (1.50%) |
Income tax credits | (1.10%) | (0.30%) | (0.40%) |
Domestic production activities deduction | (2.50%) | (3.70%) | (2.80%) |
Other permanent items | (1.30%) | (0.80%) | (0.90%) |
Valuation allowance | 0.00% | 0.00% | (0.40%) |
Uncertain tax positions settlements and adjustments | 0.00% | (0.50%) | (1.00%) |
Effective tax provision rate | 31.30% | 30.80% | 30.30% |
Income Taxes (Significant Items
Income Taxes (Significant Items Comprising Deferred Tax Assets) (Details) - USD ($) | Aug. 27, 2016 | Aug. 29, 2015 |
Income Tax Disclosure [Abstract] | ||
Deferred compensation | $ 9,609,000 | $ 10,757,000 |
Warranty reserves | 4,729,000 | 4,288,000 |
Postretirement health care benefits | 2,262,000 | 12,792,000 |
Self-insurance reserve | 2,214,000 | 2,378,000 |
Accrued vacation | 2,006,000 | 1,938,000 |
Stock-based compensation | 1,030,000 | 1,239,000 |
Unrecognized tax benefit | 698,000 | 726,000 |
Other | 1,785,000 | 1,592,000 |
Deferred tax assets | 24,333,000 | 35,710,000 |
Inventory | (1,930,000) | (2,383,000) |
Depreciation | (3,650,000) | (1,338,000) |
Deferred tax liabilities | 5,580,000 | 3,721,000 |
Deferred tax assets, net | 18,753,000 | $ 31,989,000 |
State NOL carryforward | $ 95,000 |
Income Taxes (Changes in Unreco
Income Taxes (Changes in Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits - begininning balance | $ 1,589 | $ 1,709 | $ 2,134 |
Gross decreases - tax positions in a prior period | (355) | (568) | (816) |
Gross increases - current period tax positions | 476 | 448 | 391 |
Unrecognized tax benefits - ending balance | 1,710 | 1,589 | 1,709 |
Accrued interest and penalties | 751 | 922 | 1,315 |
Unrecognized tax benefits | $ 2,461 | $ 2,511 | $ 3,024 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits Narrative) (Details) $ in Millions | Aug. 27, 2016USD ($) |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits that would have a positive impact on effective tax rate | $ 1.8 |
Stock-Based Compensation Plan70
Stock-Based Compensation Plans Annual Incentive Plan (Details) - USD ($) $ in Thousands | Oct. 12, 2016 | Oct. 14, 2015 | Oct. 15, 2014 | Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 3,293 | $ 3,097 | $ 3,386 | |||
Annual Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | 1,467 | 454 | 2,600 | |||
Annual Incentive Plan [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares awarded | 7,914 | 40,495 | ||||
Stock Repurchased During Period, Shares | (3,511) | (20,638) | ||||
Restricted shares issued | 4,403 | 19,857 | ||||
Deferred Compensation, Share-based Payments [Member] | Annual Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 489 | $ 157 | $ 866 | |||
Subsequent Event [Member] | Annual Incentive Plan [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares awarded | 17,532 | |||||
Stock Repurchased During Period, Shares | (8,412) | |||||
Restricted shares issued | 9,120 |
Stock-Based Compensation Plan71
Stock-Based Compensation Plans Long-Term Incentive Plans (Details) - USD ($) $ in Thousands | Oct. 12, 2016 | Oct. 14, 2015 | Oct. 15, 2014 | Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 3,293 | $ 3,097 | $ 3,386 | |||
Long-Term Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 318 | $ 360 | $ 540 | |||
Long-Term Incentive Plan [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares awarded | 18,156 | 25,529 | ||||
Stock Repurchased During Period, Shares | (8,529) | (13,011) | ||||
Restricted shares issued | 9,627 | 12,518 | ||||
Subsequent Event [Member] | Long-Term Incentive Plan [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares awarded | 11,419 | |||||
Stock Repurchased During Period, Shares | (5,539) | |||||
Restricted shares issued | 5,880 |
Stock-Based Compensation Plan72
Stock-Based Compensation Plans (Expense Components) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 3,293 | $ 3,097 | $ 3,386 |
Performance-based annual plan employee award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 489 | 157 | 866 |
Performance-Based Long-Term Plan Employee Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 318 | 360 | 540 |
Time-based employee award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 1,583 | 2,060 | 1,472 |
Time-based directors award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 743 | 412 | 410 |
Director stock unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 149 | 108 | 98 |
Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 11 | $ 0 | $ 0 |
Stock-Based Compensation Plan73
Stock-Based Compensation Plans (Stock Option Activity) (Details) - $ / shares | 12 Months Ended | ||
Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at beginning of year, Shares | 167,394 | 457,421 | 664,994 |
Options granted, shares | 10,000 | 0 | 0 |
Options exercised, Shares | 0 | 0 | (77,833) |
Options canceled, Shares | (167,394) | (290,027) | (129,740) |
Outstanding at end of year, Shares | 10,000 | 167,394 | 457,421 |
Exercisable at end of year, Shares | 0 | 167,394 | 457,421 |
Vested and expected to vest at end of year, Shares | 10,000 | 167,394 | 457,421 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Outstanding at beginning of year, Wtd. Avg. Exercise Price per Share (in dollars per share) | $ 28.30 | $ 30.38 | $ 29.83 |
Options granted, Wtd. Avg. Exercise Price per Share (in dollars per share) | 16.67 | 0 | 0 |
Options exercised, Wtd. Avg. Exercise Price per Share (in dollars per share) | 0 | 0 | 26.72 |
Options canceled, Wtd. Avg. Exercise Price per Share (in dollars per share) | 28.30 | 31.58 | 29.75 |
Outstanding at end of year, Wtd. Avg. Exercise Price per Share (in dollars per share) | 16.67 | 28.30 | 30.38 |
Exercisable at end of year, Wtd. Avg. Exercise Price per Share (in dollars per share) | 0 | 28.30 | 30.38 |
Vested and expected to vest at end of year, Wtd. Avg. Exercise Price per Share (in dollars per share) | 16.67 | 28.30 | 30.38 |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Purchase Price [Roll Forward] | |||
Outstanding at beginning of year, Price per Share (in dollars per share) | 26 | 26 | 26 |
Options granted, Price per Share (in dollars per share) | 16 | ||
Options exercised, Price per Share (in dollars per share) | 0 | 0 | 26 |
Options canceled, Price per Share (in dollars per share) | 26 | 26 | 26 |
Outstanding at end of year, Price per Share (in dollars per share) | 16 | 26 | 26 |
Exercisable at end of year, Price per Share (in dollars per share) | 0 | 26 | 26 |
Vested and expected to vest at end of year, Price per Share (in dollars per share) | 16 | 26 | 26 |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Purchase Price [Roll Forward] | |||
Outstanding at beginning of year, Price per Share (in dollars per share) | 34 | 36 | 36 |
Options granted, Price per Share (in dollars per share) | 17 | ||
Options exercised, Price per Share (in dollars per share) | 0 | 0 | 27 |
Options canceled, Price per Share (in dollars per share) | 34 | 36 | 35 |
Outstanding at end of year, Price per Share (in dollars per share) | 17 | 34 | 36 |
Exercisable at end of year, Price per Share (in dollars per share) | 0 | 34 | 36 |
Vested and expected to vest at end of year, Price per Share (in dollars per share) | $ 17 | $ 34 | $ 36 |
Stock-Based Compensation Plan74
Stock-Based Compensation Plans Stock Option Valuation Assumptions (Details) | 12 Months Ended |
Aug. 27, 2016$ / shares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Expected dividend yield | 2.40% |
Risk free interest rate | 1.49% |
Expected life (in years) | 5 years |
Expected volatility | 43.52% |
Weighted average fair value of options granted | $ 5.31 |
Stock-Based Compensation Plan75
Stock-Based Compensation Plans (Other Values Related to Options) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Aggregate intrinsic value of options exercised (1) | [1] | $ 0 | $ 0 | $ 173 |
Net cash proceeds from the exercise of stock options | 0 | 0 | 2,080 | |
Actual income tax benefit realized from stock option exercises | $ 0 | $ 0 | $ 63 | |
[1] | The amount by which the closing price of our stock on the date of exercise exceeded the exercise price. |
Stock-Based Compensation Plan76
Stock-Based Compensation Plans (Share Awards Activity) (Details) - Stock Compensation Plan [Member] - $ / shares | 12 Months Ended | ||
Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning of year, Shares | 163,420 | 198,523 | 190,962 |
Shares granted | 240,270 | 165,624 | 138,345 |
Vested, Shares | (110,283) | (198,693) | (129,817) |
Canceled, Shares | (9,526) | (2,034) | (967) |
End of year, Shares | 283,881 | 163,420 | 198,523 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Beginning of year, Weighted Average Grant Date Fair Value | $ 20.83 | $ 18.98 | $ 12.46 |
Granted, Weighted Average Grant Date Fair Value | 19.72 | 21.70 | 27.44 |
Vested, Weighted Average Grant Date Fair Value | 19.44 | 19.71 | 18.82 |
Canceled, Weighted Average Grant Date Fair Value | 20.28 | 20.58 | 18.44 |
End of year, Weighted Average Grant Date Fair Value | $ 20.45 | $ 20.83 | $ 18.98 |
Stock-Based Compensation Plan77
Stock-Based Compensation Plans (Narrative) (Details) | Oct. 12, 2016USD ($)employees$ / sharesshares | Oct. 14, 2015shares | Oct. 15, 2014shares | Aug. 26, 2017USD ($) | Aug. 27, 2016USD ($)plansshares | Aug. 29, 2015USD ($)shares | Aug. 30, 2014USD ($)shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 3,293,000 | $ 3,097,000 | $ 3,386,000 | ||||
Weighted average remaining contractual life for outstanding options | 9 years 4 months 24 days | ||||||
Aggregate intrinsic value of options outstanding | $ 72,000 | ||||||
Unrecognized compensation expense related to stock options | $ 42,000 | ||||||
Options granted, shares | shares | 10,000 | 0 | 0 | ||||
Aggregate intrinsic value of awards outstanding | $ 6,800,000 | ||||||
Unrecognized compensation expense related to restricted stock awards | 2,800,000 | ||||||
Total fair value of awards vested | 2,200,000 | $ 4,200,000 | $ 3,600,000 | ||||
Employee Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 11,000 | $ 0 | $ 0 | ||||
Unrecognized compensation expense, period of recognition | 2 years 4 months 24 days | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation expense, period of recognition | 1 year 10 months 24 days | ||||||
Annual Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Annual incentive plan, portion paid in cash | 0.667 | 0.667 | 0.667 | ||||
Annual incentive plan, portion paid in restricted stock | 0.333 | 0.333 | 0.333 | ||||
Stock-based compensation expense | $ 1,467,000 | $ 454,000 | $ 2,600,000 | ||||
Annual Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted | shares | 7,914 | 40,495 | |||||
Long-Term Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 318,000 | $ 360,000 | $ 540,000 | ||||
Long-Term Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Term of award | 3 years | ||||||
Number of plans established | plans | 3 | ||||||
Term of sale restriction period after grant | 1 year | ||||||
Shares granted | shares | 18,156 | 25,529 | |||||
2014 Incentive Compensation Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized | shares | 3,600,000 | ||||||
2014 Incentive Compensation Plan [Member] | Awards Excluding Stock Options and Stock Appreciation Rights [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized | shares | 3,600,000 | ||||||
2014 Incentive Compensation Plan [Member] | Employee Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Term of award | 10 years | ||||||
2014 Incentive Compensation Plan [Member] | Non-time-based Awards [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 3 years | ||||||
2014 Incentive Compensation Plan [Member] | Non-time-based Awards [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 1 year | ||||||
2014 Incentive Compensation Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Requisite service period | 3 years | ||||||
Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Issuance of stock to directors (in shares) | shares | 5,058 | ||||||
Aggregate intrinsic value of awards outstanding (in shares) | shares | 86,506 | ||||||
Aggregate intrinsic value of awards outstanding | $ 2,100,000 | ||||||
Directors [Member] | 2004 Incentive Compensation Plans [Member] | Employee Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 6 months | ||||||
Key Management [Member] | 2014 Incentive Compensation Plan [Member] | Employee Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 3 years | ||||||
Vesting initiation period from grant date | 1 year | ||||||
Subsequent Event [Member] | Annual Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted | shares | 17,532 | ||||||
Subsequent Event [Member] | Long-Term Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted | shares | 11,419 | ||||||
Subsequent Event [Member] | 2014 Incentive Compensation Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Closing price of common stock on grant date | $ / shares | $ 27.89 | ||||||
Subsequent Event [Member] | Officers [Member] | 2014 Incentive Compensation Plan [Member] | Employee Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options granted, shares | shares | 46,800 | ||||||
Subsequent Event [Member] | Key Management [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of Key Management employees | employees | 60 | ||||||
Subsequent Event [Member] | Key Management [Member] | 2014 Incentive Compensation Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted | shares | 76,800 | ||||||
Shares granted, value | $ 2,100,000 | ||||||
Subsequent Event [Member] | Non-Management Board Members [Member] | 2014 Incentive Compensation Plan [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted | shares | 20,800 | ||||||
Shares granted, value | $ 580,000 | ||||||
Subsequent Event [Member] | Forecasted stock-based comp expense [Member] | 2014 Incentive Compensation Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 1,000,000 |
Net Revenues Classifications (R
Net Revenues Classifications (Revenues by Product Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Aug. 27, 2016 | May 28, 2016 | Feb. 27, 2016 | Nov. 28, 2015 | Aug. 29, 2015 | May 30, 2015 | Feb. 28, 2015 | Nov. 29, 2014 | Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | $ 263,254 | $ 272,077 | $ 225,672 | $ 214,223 | $ 251,049 | $ 266,510 | $ 234,543 | $ 224,403 | $ 975,226 | $ 976,505 | $ 945,163 |
Net revenues (percent) | 100.00% | 100.00% | 100.00% | ||||||||
Motor homes, parts and service [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | $ 875,004 | $ 872,915 | $ 853,488 | ||||||||
Net revenues (percent) | 89.70% | 89.40% | 90.30% | ||||||||
Towables [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | $ 89,412 | $ 71,684 | $ 58,123 | ||||||||
Net revenues (percent) | 9.20% | 7.30% | 6.10% | ||||||||
Other manufactured products [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues | $ 10,810 | $ 31,906 | $ 33,552 | ||||||||
Net revenues (percent) | 1.10% | 3.30% | 3.60% |
Net Revenues Classifications 79
Net Revenues Classifications (Revenues by Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Aug. 27, 2016 | May 28, 2016 | Feb. 27, 2016 | Nov. 28, 2015 | Aug. 29, 2015 | May 30, 2015 | Feb. 28, 2015 | Nov. 29, 2014 | Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $ 263,254 | $ 272,077 | $ 225,672 | $ 214,223 | $ 251,049 | $ 266,510 | $ 234,543 | $ 224,403 | $ 975,226 | $ 976,505 | $ 945,163 |
Net revenues (percent) | 100.00% | 100.00% | 100.00% | ||||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $ 940,230 | $ 920,315 | $ 873,910 | ||||||||
Net revenues (percent) | 96.40% | 94.20% | 92.50% | ||||||||
International [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $ 34,996 | $ 56,190 | $ 71,253 | ||||||||
Net revenues (percent) | 3.60% | 5.80% | 7.50% |
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 | 12 Months Ended | |||||||||
Aug. 27, 2016 | May 28, 2016 | Feb. 27, 2016 | Nov. 28, 2015 | Aug. 29, 2015 | May 30, 2015 | Feb. 28, 2015 | Nov. 29, 2014 | Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 13,146 | $ 14,438 | $ 9,354 | $ 8,558 | $ 11,717 | $ 11,502 | $ 8,096 | $ 9,895 | $ 45,496 | $ 41,210 | $ 45,053 |
Weighted average shares outstanding | 26,925 | 26,941 | 27,430 | ||||||||
Net income per share - basic (in dollars per share) | $ 0.49 | $ 0.54 | $ 0.35 | $ 0.32 | $ 0.43 | $ 0.43 | $ 0.30 | $ 0.37 | $ 1.69 | $ 1.53 | $ 1.64 |
Dilutive impact of awards and options outstanding | 108 | 110 | 115 | ||||||||
Weighted average shares and potential dilutive shares outstanding | 27,033 | 27,051 | 27,545 | ||||||||
Net income per share - assuming dilution (in dollars per share) | $ 0.49 | $ 0.53 | $ 0.35 | $ 0.32 | $ 0.43 | $ 0.43 | $ 0.30 | $ 0.37 | $ 1.68 | $ 1.52 | $ 1.64 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Employee Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares | 10,000 | 167,394 | 457,421 |
Interim Financial Information82
Interim Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Aug. 27, 2016 | May 28, 2016 | Feb. 27, 2016 | Nov. 28, 2015 | Aug. 29, 2015 | May 30, 2015 | Feb. 28, 2015 | Nov. 29, 2014 | Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $ 263,254 | $ 272,077 | $ 225,672 | $ 214,223 | $ 251,049 | $ 266,510 | $ 234,543 | $ 224,403 | $ 975,226 | $ 976,505 | $ 945,163 |
Gross profit | 31,867 | 30,257 | 25,276 | 25,249 | 28,053 | 28,183 | 24,258 | 24,386 | 112,649 | 104,880 | 103,997 |
Operating income | 18,886 | 20,593 | 13,503 | 12,759 | 16,911 | 16,118 | 11,948 | 14,442 | 65,741 | 59,419 | 63,909 |
Net income | $ 13,146 | $ 14,438 | $ 9,354 | $ 8,558 | $ 11,717 | $ 11,502 | $ 8,096 | $ 9,895 | $ 45,496 | $ 41,210 | $ 45,053 |
Net income (loss) per share (basic) (in dollars per share) | $ 0.49 | $ 0.54 | $ 0.35 | $ 0.32 | $ 0.43 | $ 0.43 | $ 0.30 | $ 0.37 | $ 1.69 | $ 1.53 | $ 1.64 |
Net income (loss) per share (diluted) (in dollars per share) | $ 0.49 | $ 0.53 | $ 0.35 | $ 0.32 | $ 0.43 | $ 0.43 | $ 0.30 | $ 0.37 | $ 1.68 | $ 1.52 | $ 1.64 |
Comprehensive Income (Changes i
Comprehensive Income (Changes in AOCI by component) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 27, 2016 | Aug. 29, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of year | $ (2,274) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||
Balance at end of year | 10,975 | $ (2,274) |
Defined Benefit Pension Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at beginning of year | (2,274) | (1,808) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||
OCI before reclassifications | 17,027 | 2,044 |
Amounts reclassified from AOCI | (3,778) | (2,510) |
Net current-period OCI | 13,249 | (466) |
Balance at end of year | $ 10,975 | $ (2,274) |
Comprehensive Income (Reclassif
Comprehensive Income (Reclassification out of AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 27, 2016 | Aug. 29, 2015 | Aug. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of prior service credit (net of tax) | $ 4,788 | $ 3,428 | $ 3,582 |
Amortization of net actuarial loss (net of tax) | (1,010) | (918) | $ (749) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications (net of tax) | (3,778) | (2,510) | |
Cost of Sales [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of prior service credit (net of tax) | (4,788) | (3,428) | |
Cost of Sales [Member] | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of net actuarial loss (net of tax) | $ 1,010 | $ 918 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | Oct. 12, 2016 | Nov. 26, 2016 |
Subsequent Event [Line Items] | ||
Dividends declared, per share | $ 0.10 | |
Secured loan, term | 7 years | |
Secured long-term loan | $ 300 | |
Line of credit facility, term | 5 years | |
Other cash payments to acquire business | $ 60 | |
Grand Design [Member] | ||
Subsequent Event [Line Items] | ||
Payments to acquire business | 500 | |
Payments to acquire business, cash portion | $ 395 | |
Payments to acquire business, equity portion (shares) | 4,586,555 | |
Payments to acquire business, equity portion (value) | $ 105 | |
Revolving credit facility (2) [Member] | ||
Subsequent Event [Line Items] | ||
Maximum borrowing capacity | $ 125 |