Winnebago Industries (WGO) 10-Q 21 Dec 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Nov. 25, 2017	Dec. 20, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	WINNEBAGO INDUSTRIES INC
Entity Central Index Key	107,687
Current Fiscal Year End Date	--08-25
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Nov. 25, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		31,656,131

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 25, 2017	Nov. 26, 2016
Net revenues	$ 450,021	$ 245,308
Cost of goods sold	387,190	216,433
Gross profit	62,831	28,875
SG&A:
Selling	12,134	5,870
General and administrative	17,416	9,906
Postretirement health care benefit income	0	(12,813)
Transaction costs	50	5,462
Amortization of intangible assets	2,055	2,051
Total SG&A	31,655	10,476
Operating income	31,176	18,399
Interest expense	4,781	1,128
Non-operating income	(123)	(87)
Income before income taxes	26,518	17,358
Provision for income taxes	8,560	5,620
Net income	$ 17,958	$ 11,738
Income per common share:
Basic	$ 0.57	$ 0.42
Diluted	$ 0.57	$ 0.42
Weighted average common shares outstanding:
Basic (in shares)	31,614	27,836
Diluted (in shares)	31,772	27,969
Dividends paid per common share (in dollars per share)	$ 0	$ 0.10
Other comprehensive income (loss):
Amortization of prior service credit (net of tax of $0 and $7,914)	$ 0	$ (12,858)
Amortization of net actuarial loss (net of tax of $4 and $3,036)	6	4,932
Plan amendment, (net of tax of $0 and $2,402)	0	3,903
Change in fair value of interest rate swap (net of tax of $387 and $0)	634	0
Total other comprehensive income (loss)	640	(4,023)
Comprehensive income	$ 18,598	$ 7,715

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Nov. 25, 2017	Nov. 26, 2016
Amortization of prior service credit, tax	$ 0	$ 7,914
Amortization of net actuarial loss, tax	4	3,036
Plan amendment, tax	0	2,402
Change in value of interest rate swap, tax	$ 387	$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 25, 2017	Aug. 26, 2017
Current assets:
Cash and cash equivalents	$ 54,468	$ 35,945
Receivables, less allowance for doubtful accounts ($176 and $183)	116,798	124,539
Inventories	151,787	142,265
Prepaid expenses and other assets	12,359	11,388
Total current assets	335,412	314,137
Property, plant and equipment, net	74,113	71,560
Other assets:
Goodwill	244,684	242,728
Other intangible assets, net	226,385	228,440
Investment in life insurance	27,634	27,418
Deferred income taxes	10,680	12,736
Other assets	5,942	5,493
Total assets	924,850	902,512
Current liabilities:
Accounts payable	76,109	79,194
Current maturities of long-term debt	2,342	2,850
Income taxes payable	13,869	7,450
Accrued expenses:
Accrued compensation	23,004	24,546
Product warranties	32,500	30,805
Self-insurance	6,157	6,122
Promotional	9,741	6,560
Accrued interest	3,065	3,128
Accrued dividend	3,187	0
Other	8,546	6,503
Total current liabilities	178,520	167,158
Non-current liabilities:
Long-term debt, less current maturities	268,421	271,726
Unrecognized tax benefits	1,634	1,606
Deferred compensation benefits, net of current portion	19,394	19,270
Other	250	1,078
Total non-current liabilities	289,699	293,680
Shareholders' equity:
Capital stock common, par value $0.50; authorized 60,000 shares, issued 51,776 shares	25,888	25,888
Additional paid-in capital	80,040	80,401
Retained earnings	693,909	679,138
Accumulated other comprehensive loss	(383)	(1,023)
Treasury stock, at cost (20,140 and 20,183) shares)	(342,823)	(342,730)
Total shareholders' equity	456,631	441,674
Total liabilities and shareholders' equity	$ 924,850	$ 902,512

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Nov. 25, 2017	Aug. 26, 2017
Statement of Financial Position [Abstract]
Receivables, less allowance for doubtful accounts	$ 176	$ 183
Capital stock common, par value (in dollars per share)	$ 0.5	$ 0.5
Capital stock common, shares authorized (in shares)	60,000	60,000
Capital stock common, shares issued (in shares)	51,776	51,776
Treasury stock, at cost, shares (in shares)	20,140	20,183

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Nov. 25, 2017	Nov. 26, 2016
Operating activities:
Net income	$ 17,958	$ 11,738
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,130	1,580
Amortization of intangible assets	2,055	2,051
Amortization of debt issuance costs	437	78
LIFO expense	299	299
Stock-based compensation	823	821
Deferred income taxes	1,665	(1,613)
Deferred compensation expense and postretirement benefit income	303	(12,471)
Other	(206)	(271)
Change in assets and liabilities:
Inventories	(9,821)	(17,923)
Receivables, prepaid and other assets	6,739	16,080
Income taxes and unrecognized tax benefits	6,447	8,200
Accounts payable and accrued expenses	1,286	(7,977)
Postretirement and deferred compensation benefits	(657)	(742)
Net cash provided by (used in) operating activities	29,458	(150)
Investing activities:
Purchases of property and equipment	(5,357)	(3,562)
Proceeds from the sale of property	92	0
Acquisition of business, net of cash acquired	0	394,835
Other	(57)	901
Net cash used in investing activities	(5,322)	(397,496)
Financing activities:
Payments for repurchases of common stock	(1,363)	(1,318)
Payments of cash dividends	0	(3,185)
Payments of debt issuance costs	0	(10,758)
Borrowings on credit facility	0	353,000
Repayments of credit facility	4,250	0
Other	0	(92)
Net cash (used in) provided by financing activities	(5,613)	337,647
Net increase (decrease) in cash and cash equivalents	18,523	(59,999)
Cash and cash equivalents at beginning of period	35,945	85,583
Cash and cash equivalents at end of period	54,468	25,584
Supplemental cash flow disclosure:
Income taxes paid, net	322	121
Interest paid	4,548	0
Non-cash transactions:
Issuance of Winnebago common stock for acquisition of business	0	124,066
Capital expenditures in accounts payable	379	695
Accrued dividend	$ 3,187	$ 0

Condensed Consolidated Stockhol

Condensed Consolidated Stockholders' Statement of Equity - USD ($) $ in Thousands	Total	Common stock and paid-in capital	Retained earnings	Accumulated comprehensive income (loss)	Treasury stock
Balance, beginning of period at Aug. 27, 2016		$ 58,605	$ 620,546	$ 10,975	$ (421,767)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock		45,419
Stock-based compensation expense		805
Net income	$ 11,738		11,738
Common stock dividends			(3,185)
Other comprehensive income (loss)	(4,023)			(4,023)
Issuance of common stock					79,664
Common stock repurchased					(1,318)
Balance, end of period at Nov. 26, 2016	397,459	104,829	629,099	6,952	(343,421)
Balance, beginning of period at Aug. 26, 2017	441,674	106,289	679,138	(1,023)	(342,730)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock		(1,165)
Stock-based compensation expense		804
Net income	17,958		17,958
Common stock dividends			(3,187)
Other comprehensive income (loss)	640			640
Issuance of common stock					1,270
Common stock repurchased					(1,363)
Balance, end of period at Nov. 25, 2017	$ 456,631	$ 105,928	$ 693,909	$ (383)	$ (342,823)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Nov. 25, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The "Company," "we," "our" and "us" are used interchangeably to refer to Winnebago Industries, Inc. and its wholly-owned subsidiaries, as appropriate in the context. We were incorporated under the laws of the state of Iowa on February 12, 1958 and adopted our present name on February 28, 1961. Our primary offices are located at 605 West Crystal Lake Road in Forest City, Iowa. Our telephone number is (641) 585-3535; our website is www.winnebagoind.com. Our common stock trades on the NYSE under the symbol “WGO.” The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. In our opinion, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly our consolidated financial position as of November 25, 2017 and the consolidated results of income and comprehensive income, consolidated cash flows and consolidated statement of equity for the first three months of Fiscal 2018 and 2017 . The consolidated statement of income and comprehensive income for the first three months of Fiscal 2018 is not necessarily indicative of the results to be expected for the full year. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto appearing in our Annual Report on Form 10-K for the fiscal year ended August 26, 2017 . Fiscal Period We follow a 52-/53-week fiscal year, ending the last Saturday in August. Both Fiscal 2018 and Fiscal 2017 are 52-week years. Recently Adopted Accounting Pronouncements 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. We adopted this ASU in the interim quarterly reporting period ended November 25, 2017. Amendments requiring recognition of excess tax benefits and tax deficiencies in the income statement resulted in $0.6 million of excess tax benefits recorded as a reduction of income tax expense for the three months ended November 25, 2017. The reduction in income tax expense also reduced the effective tax rate by 2.2% and added $0.02 to earnings per share for the quarter. Amendments related to the presentation of excess tax benefits and employee taxes paid when an employer withholds shares to meet the minimum statutory withholding requirement required no change to the statement of cash flows. There were no material impacts on the financial statements of the Company which adopted a policy of accounting for forfeitures when they occur. 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 is effective prospectively for fiscal years beginning after December 15, 2016 (our Fiscal 2018), including interim periods within those annual reporting periods. We adopted this ASU on August 27, 2017, and there was no material impact on our financial statements. New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which establishes a comprehensive new model for the recognition of revenue from contracts with customers. This model is based on the core principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Entities have the option of using either retrospective transition or a modified approach in applying the new standard. The standard is effective for fiscal years, and the interim periods within those years, beginning after December 15, 2017 (our Fiscal 2019). We have performed an evaluation which included a review of representative contracts with key customers and the performance obligations contained therein, as well as a review of our commercial terms and practices across each of our segments. Based on our preliminary review, we do not expect adoption to have a material impact but further work to substantiate this preliminary conclusion is underway. We will determine the transition method to apply and the implications of using either the full retrospective or modified retrospective approach after this additional work is concluded. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires an entity to recognize both assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. The new standard is effective retrospectively or on a modified retrospective basis for fiscal years beginning after December 15, 2018 (our Fiscal 2020), including interim periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impact of adopting 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 adopting this ASU on our consolidated financial statements and do not expect adoption to have a material impact. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) , which improves the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. ASU 2017-12 is effective for annual reporting periods beginning after December 15, 2018 (our Fiscal 2020), including interim periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements. Change to Accounting Policy Reporting Segments We have two reporting segments: (1) Motorized products and services and (2) Towable products and services. We aggregate two operating segments into the Towable reporting segment based upon their similar products, customers, distribution methods, production processes and economic characteristics. A new corporate allocation policy was adopted in the first quarter of Fiscal 2018 which identifies shared costs and allocates them to the operating segments. The cost drivers selected as the basis for allocation are the most appropriate driver for the type of cost being allocated. All corporate expenses are allocated to the operating segments. Previous to the first quarter of Fiscal 2018, costs were not allocated and were borne by the segment in which the costs originated. See Note 3: Business Segments. Subsequent Events On December 8, 2017, we entered into an amendment to our Credit Agreement to reprice $260 million of Term Loan B debt. The revised interest rate is LIBOR plus 3.5% , down from the previous rate of LIBOR plus 4.5% . Prior to this repricing, $19.7 million was drawn on our ABL and the proceeds from the ABL borrowing were used to pay down our Term Loan B. Various other amendments were made to our ABL providing us with reduced borrowing costs and facility fees under the ABL. The requirement to hedge a portion of the Term Loan B floating rate interest exposure was also removed from the ABL. On December 12, 2017 our shareholders approved a new Employee Stock Purchase Plan. On December 13, 2017 our Board of Directors declared a cash dividend of $0.10 per share as noted in Note 11 .

Business Combination, Goodwill

Business Combination, Goodwill and Other Intangible Assets	3 Months Ended
	Nov. 25, 2017
Business Combinations [Abstract]
Business Combination, Goodwill and Other Intangible Assets	Business Combination, Goodwill and Other Intangible Assets We acquired 100% of the ownership interests of Grand Design on November 8, 2016 in accordance with the Securities Purchase Agreement for an aggregate purchase price of $520.5 million , which was paid in cash and Winnebago shares as follows: (In thousands, except shares) November 8, Cash $ 396,442 Winnebago shares: 4,586,555 at $27.05 per share 124,066 Total $ 520,508 The cash portion was funded from cash on hand and borrowings under our ABL and Term Loan agreements. The stock was valued using our share price on the date of closing. The acquisition has been accounted for in accordance with ASC 805, Business Combinations , using the acquisition method of accounting. Under the acquisition method of accounting, the total purchase price was allocated to the net tangible and intangible assets of Grand Design acquired, based on their fair values at the date of the acquisition. The purchase price allocation was finalized during the first quarter of Fiscal 2018. The allocation of the purchase price to assets acquired and liabilities assumed is as follows: (In thousands) November 8, Cash $ 1,748 Accounts receivable 32,834 Inventories 15,300 Prepaid expenses and other assets 3,037 Property, plant and equipment 8,998 Goodwill 243,456 Other intangible assets 253,100 Total assets acquired 558,473 Accounts payable 11,163 Accrued compensation 3,615 Product warranties 12,904 Promotional 3,976 Other 1,496 Deferred tax liabilities 4,811 Total liabilities assumed 37,965 Total purchase price $ 520,508 The acquisition of 100% of the ownership interests of Grand Design occurred in two steps: (1) direct purchase of 89.34% of Grand Design member interests and (2) simultaneous acquisition of the remaining 10.66% of Grand Design member interests via the purchase of 100% of the shares of Blocker Corporation which held the remaining 10.66% of the Grand Design member interests. We agreed to acquire Blocker Corporation as part of the Securities Purchase Agreement and we did not receive a step-up in basis for 10.66% of the Grand Design assets. As a result, we established certain deferred tax liabilities on the opening balance sheet that relate to Blocker Corporation. The goodwill recognized is primarily attributable to the value of the workforce, reputation of founders, customer and dealer growth opportunities and expected synergies. Key areas of cost synergies include increased purchasing power for raw materials and supply chain consolidation. Goodwill is expected to be mostly deductible for tax purposes. The goodwill resulting from the acquisition of Grand Design is included in total goodwill of $244.7 million within the Towable segment as of November 25, 2017 . Goodwill was $242.7 million as of August 26, 2017 . Changes made to the carrying amount of goodwill for the three months ended November 25, 2017 included adjustments to tax liabilities assumed as part of the Grand Design acquisition. The allocation of the purchase price to the net assets acquired and liabilities assumed resulted in the recognition of intangible assets with fair value on the closing date of November 8, 2016 and amortization accumulated from the closing date through November 25, 2017 as follows: (In thousands) Weighted Average Life- Years Fair Value Amount Accumulated Amortization Trade name Indefinite $ 148,000 $ — Dealer network 12.0 80,500 7,021 Backlog 0.5 18,000 18,000 Non-compete agreements 4.0 4,600 1,437 Leasehold interest-favorable 8.1 2,000 257 Total 253,100 $ 26,715 Accumulated amortization (26,715 ) Net book value of intangible assets $ 226,385 We used the income approach to value certain intangible assets. Under the income approach, an intangible asset’s fair value is equal to the present value of future economic benefits to be derived from ownership of the asset. We used the income approach known as the relief from royalty method to value the trade name. The relief from royalty method is based on the hypothetical royalty stream that would be received if we were to license the trade name and is based on expected revenues from such license. The fair value of the dealer network was estimated using an income approach known as the cost to recreate/cost savings method. This method uses the replacement of the asset as an indicator of the fair value of the asset. The useful life of the intangible assets was determined considering the period of expected cash flows used to measure the fair value of the intangible assets adjusted as appropriate for the entity-specific factors including legal, regulatory, contractual, competitive, economic or other factors that may limit the useful life of the intangible assets. For the three months ended November 25, 2017 and November 26, 2016 , amortization of intangible assets charged to operations was $2.1 million and $2.1 million respectively. The weig hted average remaining amortization period for intangible assets as of November 25, 2017 was approximatel y 10.8 years . Remaining estimated aggregate annual amortization expense by fiscal year is as follows: (In thousands) Amount Remainder of 2018 5,799 2019 7,733 2020 7,733 2021 7,733 2022 7,106 Thereafter 42,281 Within the Towable segment, the results of Grand Design's operations have been included in our consolidated financial statements from the close of the acquisition. The following table provides net revenues and operating income (which includes amortization expense) from the Grand Design business included in our consolidated results during the three months ended November 25, 2017 and November 26, 2016 following the November 8, 2016 closing date: Three Months Ended (In thousands) November 25, November 26, Net revenues $ 221,229 $ 25,836 Operating income 26,507 760 Unaudited pro forma information has been prepared as if the acquisition had taken place on August 30, 2015. The unaudited pro forma information is not necessarily indicative of the results that we would have achieved had the transaction actually taken place on August 30, 2015, and the unaudited pro forma information does not purport to be indicative of future financial operating results. The unaudited pro forma condensed consolidated financial information does not reflect any operating efficiencies and cost savings that may be realized from the integration of the acquisition. Unaudited pro forma information is as follows: Three Months Ended (In thousands, except per share data) November 25, November 26, 2016 (1) Net revenues $ 450,021 $ 340,975 Net income 18,066 20,269 Income per share - basic 0.57 0.64 Income per share - diluted 0.57 0.64 (1) Net income and income per share include the increased benefit of $8.4 million , net of tax, associated with the termination of the postretirement health care plan in the first quarter of Fiscal 2017. The unaudited pro forma data above includes the following significant non-recurring adjustments made to account for certain costs which would have changed if the acquisition of Grand Design had been completed on August 30, 2015: Three Months Ended (In thousands) November 25, November 26, Amortization of intangibles (1 year or less useful life) $ (122 ) $ (1,941 ) Increase in amortization of intangibles — 1,551 Expenses related to business combination (transaction costs) (1) (50 ) (5,519 ) Interest to reflect new debt structure — 3,672 Taxes related to the adjustments to the pro forma data and to the income of Grand Design 64 5,011 (1) Pro forma transaction costs include $0.1 million incurred by Grand Design prior to acquisition. We incurred approximately $6.9 million of acquisition-related costs to date, of which $0.1 million and $5.5 million were expensed during the three months ended November 25, 2017 and November 26, 2016 , respectively.

Business Segments (Notes)

Business Segments (Notes)	3 Months Ended
	Nov. 25, 2017
Segment Reporting [Abstract]
Business Segments	Business Segments We report segment information based on the "management" approach defined in ASC 280, Segment Reporting . The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of our reportable segments. We have two reportable segments: (1) Motorized products and services and (2) Towable products and services. The Motorized segment includes all products that include a motorized chassis as well as other related manufactured products. The Towable segment includes all products which are not motorized and are generally towed by another vehicle. We organize our business reporting on a product basis. Each reportable segment is managed separately to better align to our customers, distribution partners and the unique market dynamics of the product groups. We aggregate two operating segments into the Towable reporting segment based upon their similar products, customers, distribution methods, production processes and economic characteristics. The accounting policies of both reportable segments are the same and described in Note 1, "Summary of Significant Accounting Policies" in our annual report on Form 10-K for the year ended August 26, 2017 . Subsequent to the acquisition of Grand Design in Fiscal 2017, management re-evaluated the manner in which corporate expenses were allocated to the reportable segments. A new corporate allocation policy was adopted in the first quarter of Fiscal 2018 which identifies shared costs and allocates them to the operating segments based on a cost driver most appropriate for the type of cost being allocated. For example, certain costs were allocated based on the financial size of the operating segment while other costs, where appropriate, were allocated based on the headcount in the operating segments since headcount was deemed the appropriate driver for those types of expenses. Prior year segment information has been restated to conform to the current reporting segment presentation. All corporate expenses were allocated to the operating segments. Assets presented by reportable segment exclude certain corporate assets which cannot reasonably be allocated to the reportable segments. These Unallocated Corporate Assets include cash and deferred tax assets. We evaluate the performance of our reportable segments based on Adjusted EBITDA after corporate allocations. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization and other adjustments made in order to present comparable results from period to period. Examples of items excluded from Adjusted EBITDA include the postretirement health care benefit income resulting from the plan amendments over the past several years and the transaction costs related to our acquisition of Grand Design. The following table shows information by reporting segment: Three Months Ended (In thousands) November 25, November 26, Net revenues Motorized $ 190,356 $ 195,125 Towable 259,665 50,183 Consolidated $ 450,021 $ 245,308 Adjusted EBITDA Motorized $ 3,155 $ 11,116 Towable 32,256 3,563 Consolidated $ 35,411 $ 14,679 Capital Expenditures Motorized $ 3,107 $ 2,801 Towable 2,250 761 Consolidated $ 5,357 $ 3,562 Total Assets Motorized $ 264,506 $ 263,663 Towable 590,386 578,003 Unallocated Corporate Assets 69,958 41,029 Consolidated $ 924,850 $ 882,695 Reconciliation of net income to consolidated Adjusted EBITDA: Three Months Ended (In thousands) November 25, November 26, Net income $ 17,958 $ 11,738 Interest expense 4,781 1,128 Provision for income taxes 8,560 5,620 Depreciation 2,130 1,580 Amortization of intangible assets 2,055 2,051 EBITDA 35,484 22,117 Postretirement health care benefit income — (12,813 ) Transaction costs 50 5,462 Non-operating income (123 ) (87 ) Adjusted EBITDA $ 35,411 $ 14,679

Concentration Risk

Concentration Risk	3 Months Ended
	Nov. 25, 2017
Risks and Uncertainties [Abstract]
Concentration Risk	Concentration Risk During the first three months of Fiscal 2018 , no dealer organization accounted for 10% or more of our consolidated revenues. One of our dealer organizations, La Mesa RV Center, Inc., accounted for 14.2% of our consolidated net revenues for the first three months of Fiscal 2017 . A second dealer organization, FreedomRoads, LLC, accounted for 13.7% of our consolidated net revenues for the first three months of Fiscal 2017 . These dealers declined on a relative basis due to the growth of other dealers and due to the addition of Grand Design revenue.

Derivatives, Investments and Fa

Derivatives, Investments and Fair Value Measurements	3 Months Ended
	Nov. 25, 2017
Fair Value Disclosures [Abstract]
Derivatives, Investments and Fair Value Measurements	Assets and Liabilities that are Measured at Fair Value on a Recurring Basis We account for fair value measurements in accordance with ASC 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measurement and expands disclosure about fair value measurement. The fair value hierarchy requires the use of observable market data when available. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The following tables set forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis at November 25, 2017 and August 26, 2017 according to the valuation techniques we used to determine their fair values: Fair Value Measurements Using Inputs Considered As (In thousands) Fair Value at Level 1 Quoted Prices in Active Markets for Identical Assets Level 2 Significant Other Observable Inputs Level 3 Significant Unobservable Inputs Assets that fund deferred compensation: Domestic equity funds $ 1,768 $ 1,728 $ 40 $ — International equity funds 185 167 18 — Fixed income funds 197 108 89 — Interest rate swap contract 370 — 370 — Total assets (liabilities) at fair value $ 2,520 $ 2,003 $ 517 $ — Fair Value Measurements Using Inputs Considered As (In thousands) Fair Value at Level 1 Quoted Prices in Active Markets for Identical Assets Level 2 Significant Other Observable Inputs Level 3 Significant Unobservable Inputs Assets that fund deferred compensation: Domestic equity funds $ 1,708 $ 1,671 $ 37 $ — International equity funds 174 157 17 — Fixed income funds 259 170 89 — Interest rate swap contract (828 ) — (828 ) — Total assets (liabilities) at fair value $ 1,313 $ 1,998 $ (685 ) $ — The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Assets that fund deferred compensation Our assets that fund deferred compensation are marketable equity securities measured at fair value using quoted market prices and primarily consist of equity-based mutual funds. The majority of securities are classified as Level 1 as they are traded in an active market for which closing stock prices are readily available. These securities fund the Executive Share Option Plan and the Executive Deferred Compensation Plan (see Note 10 ). The proportion of the assets that will fund options which expire within a year are included in prepaid expenses and other current assets in the accompanying consolidated balance sheets. The remaining assets are classified as non-current and are included in other assets. Interest Rate Swap Contract Under terms of our Credit Agreement (see Note 9 ) we were previously required to hedge a portion of the floating interest rate exposure. In accordance with this requirement, we entered into an interest swap contract on January 23, 2017, which effectively fixed our interest rate on $200.0 million of our Term Loan at 6.32% . The notional amount of the swap contract decreases to $170.0 million on December 8, 2017, $120.0 million on December 10, 2018, and $60.0 million on December 9, 2019. The swap contract expires on December 8, 2020. As discussed in subsequent events in Note 1 , the requirement to hedge a portion of this interest rate exposure was removed from our Credit Agreement. The fair value of the interest rate swap based on a Level 2 valuation was an asset of $0.4 million as of November 25, 2017 . The fair value is classified as Level 2 as it is corroborated based on observable market data. This amount is included in other non-current assets on the consolidated balance sheet. The change in value in first quarter was predominately recorded to accumulated other comprehensive income on the consolidated balance sheet since the interest rate swap has been designated for hedge accounting and $0.2 million was recorded as a reduction of interest expense on the consolidated income statement consistent with the accounting guidance under ASC 815 - Derivatives and Hedging. Assets and Liabilities that are measured at Fair Value on a Nonrecurring Basis Our non-financial assets, which includes goodwill, intangible assets, and property, plant and equipment, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur, or if an annual impairment test is required, we must evaluate the non-financial asset for impairment. If an impairment did occur, the asset is required to be recorded at the estimated fair value. During the first three months of Fiscal 2018 , no impairments were recorded for non-financial assets. The carrying value of our debt as of November 25, 2017 approximates fair value as interest is at variable market rates.

Inventories

Inventories	3 Months Ended
	Nov. 25, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: (In thousands) November 25, August 26, Finished goods $ 32,500 $ 16,947 Work-in-process 66,342 60,818 Raw materials 88,663 99,919 Total 187,505 177,684 LIFO reserve (35,718 ) (35,419 ) Total inventories $ 151,787 $ 142,265 The above value of inventories, before reduction for the LIFO reserve, approximates replacement cost at the respective dates. Of the $187.5 million and $177.7 million inventory at November 25, 2017 and August 26, 2017 , respectively, $156.0 million and $149.8 million is valued on a LIFO basis. The remaining inventories of $31.5 million and $27.9 million at November 25, 2017 and August 26, 2017 , respectively, are valued on a FIFO basis.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Nov. 25, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and consists of the following: (In thousands) November 25, August 26, Land $ 3,934 $ 3,914 Buildings and building improvements 76,528 73,831 Machinery and equipment 100,065 99,952 Software 19,352 17,844 Transportation 8,617 8,993 Total property, plant and equipment, gross 208,496 204,534 Less accumulated depreciation (134,383 ) (132,974 ) Total property, plant and equipment, net $ 74,113 $ 71,560

Warranty

Warranty	3 Months Ended
	Nov. 25, 2017
Product Warranties Disclosures [Abstract]
Warranty	Warranty We provide service and warranty policies on our products. From time to time, we also 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. Warranty expense is affected by dealership labor rates, the cost of parts and the frequency of claims. Estimated costs related to product warranty are accrued at the time of sale and are based upon historical warranty and service claims experience. Adjustments are made to accruals as claim data and cost experience becomes available. Changes in our product warranty liability are as follows: Three Months Ended (In thousands) November 25, November 26, Balance at beginning of period $ 30,805 $ 12,412 Provision 9,953 3,898 Claims paid (8,258 ) (4,663 ) Acquisition of Grand Design — 12,904 Balance at end of period $ 32,500 $ 24,551

Long-Term Debt (Notes)

Long-Term Debt (Notes)	3 Months Ended
	Nov. 25, 2017
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The components of long-term debt are as follows: (In thousands) November 25, August 26, ABL $ — $ — Term Loan 279,750 284,000 Gross Long-term debt, excluding issuance costs 279,750 284,000 Less: debt issuance cost, net (8,987 ) (9,424 ) Long-term debt, net of issuance costs 270,763 274,576 Less: current maturities (2,342 ) (2,850 ) Long-term debt, less current maturities $ 268,421 $ 271,726 On November 8, 2016 , we entered into a $125.0 million ABL agreement and a $300.0 million Term Loan with JPMorgan Chase. Under the ABL agreement, we have a five year credit facility on a revolving basis, subject to availability under a borrowing base consisting of eligible accounts receivable and eligible inventory. The line is available for issuance of letters of credit to a specified limit of $10.0 million . We pay a customary commitment fee based upon the amount of the facility available but unused. Under the agreement, we can elect to base the interest rate on various base rates plus specific spreads depending on the amount of borrowings outstanding. As of November 25, 2017 no funds were drawn on the ABL agreement other than an outstanding $0.2 million letter of credit. As discussed in Note 1 : Basis of Presentation - Subsequent Events, $19.7 million was drawn on the ABL as part of an amendment to our Credit Agreement and used to prepay a portion of our Term Loan B prior to the repricing of that loan. We currently pay interest on ABL borrowings at a floating rate based upon LIBOR plus 1.25% . Under the Term Loan agreement, we have a seven year credit facility originally repayable in quarterly installments in an aggregate amount equal to 1.0% of the original amount of the Term Loan on March 31, June 30 and September 30, 2017; 1.25% each calendar quarter end thereafter; with the balance payable on November 8, 2023. We have made voluntary prepayments towards the outstanding Term Loan B balance. These prepayments have been designated as applying to the next regularly scheduled payments. As of November 25, 2017, these designations provide an opportunity to defer principal payments on the term loan, at our option, until September 30, 2018. As noted in Note 1 : Basis of Presentation - Subsequent Events, on December 8, 2017 we finalized an amendment to our Credit Agreement to reprice $260 million of Term Loan B debt. Prior to the repricing, we made an additional $19.7 million prepayment on the Term Loan B. That prepayment extended the opportunity to defer payment, at our option, until December 31, 2019. There are mandatory prepayments for proceeds of new debt, sale of significant assets or subsidiaries, and excess cash flow as those terms are defined in the agreement. Incremental term loans of up to $125.0 million are available if certain financial ratios and other conditions are met. Under the Term Loan agreement, we can elect to base the interest rate on various base rates plus specific spreads. The interest rate as of November 25, 2017 , before consideration of the hedge and prior to the amendment, was 5.7% . The Term Loan agreement and the ABL agreement both contain various financial covenants. As of November 25, 2017 , we are in compliance with all financial covenants of the Credit Agreement. The ABL and Term Loan are guaranteed by Winnebago Industries, Inc. and all material direct and indirect domestic subsidiaries, and are secured by a security interest in substantially all of our assets, except minor excluded assets. As of November 25, 2017 , $9.0 million of debt issuance costs, net of amortization of $2.0 million , were recorded as a direct deduction from long-term debt, $1.4 million from the current portion and $7.6 million from the long-term portion. Unamortized debt issuance costs of $0.1 million related to the prior Amended Credit Agreement were expensed in the three months ended November 26, 2016. Aggregate contractual maturities of debt in future fiscal years, are as follows as of November 25, 2017 : (In thousands) Amount Year: 2018 — 2019 15,000 2020 15,000 2021 15,000 2022 15,000 2023 15,000 2024 204,750 Total debt $ 279,750

Employee and Retiree Benefits

Employee and Retiree Benefits	3 Months Ended
	Nov. 25, 2017
Retirement Benefits [Abstract]
Employee and Retiree Benefits	Employee and Retiree Benefits Deferred compensation liabilities are as follows: (In thousands) November 25, August 26, Non-qualified deferred compensation $ 16,093 $ 16,476 Executive share option plan liability 1,540 1,498 SERP benefit liability 2,549 2,534 Executive deferred compensation 470 447 Officer stock-based compensation 2,937 1,664 Total deferred compensation 23,589 22,619 Less current portion (4,195 ) (3,349 ) Long-term deferred compensation $ 19,394 $ 19,270 Postretirement Health Care Benefits Historically, we provided certain health care and other benefits for retired employees hired before April 1, 2001, who had fulfilled eligibility requirements at age 55 with 15 years of continuous service. In Fiscal 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 . During the first quarter of Fiscal 2017, we announced the termination of the remaining postretirement health care benefits to all participants. Beginning January 1, 2017, postretirement health care benefits were discontinued for retirees under age 65 . As a result of these amendments, our liability for postretirement health care was reduced as presented in the following table. Date Event Dollar Cap Reduction Liability Reduction (In thousands) Amortization Period (1) January 2016 Reduced employer dollar caps for retirees under age 65; discontinued retiree benefits for retirees age 65 and over 10% 28,596 6.9 years January 2017 (2) Terminated plan 6,338 0.2 years (1) Plan amendments were amortized on a straight-line basis over the expected remaining service period of active plan participants. (2) In accordance with ASC 715, the effects of the plan amendment are accounted for at the date the amendment is adopted and has been communicated to plan participants. The effective date for this plan amendment was October 26, 2016. Net periodic postretirement benefit income consisted of the following components: Three Months Ended (In thousands) November 25, November 26, Interest cost $ — $ 29 Service cost — 16 Amortization of prior service benefit — (20,772 ) Amortization of net actuarial loss — 7,959 Net periodic postretirement benefit income $ — $ (12,768 ) Payments for postretirement health care $ — $ 53

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Nov. 25, 2017
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity Stock-Based Compensation We have a 2014 Omnibus Equity, Performance Award, and Incentive Compensation Plan (as amended, the "Plan") in place as approved by shareholders, which allows us to grant or issue non-qualified stock options, incentive stock options, share awards and other equity compensation to key employees and to non-employee directors. On October 18, 2017 and October 11, 2016 the Human Resources Committee of the Board of Directors granted an aggregate of 62,660 and 97,600 shares, respectively, of restricted common stock to our key employees and non-employee directors under the Plan. The value of each restricted stock award is determined using the intrinsic value method which, in this case, is based on the number of shares granted and the closing price of our common stock on the date of grant. Stock-based compensation expense was $0.8 million and $0.8 million during the first quarters of Fiscal 2018 and 2017 , respectively. Compensation expense is recognized over the requisite service period of the award. Dividends On October 18, 2017 , the Board of Directors declared a quarterly cash dividend of $0.10 per share of common stock, which was paid on November 29, 2017 to shareholders of record at the close of business on November 15, 2017 . The accrued dividend was $3.2 million on the accompanying balance sheet as of November 25, 2017 . On December 13, 2017 , the Board of Directors declared a quarterly cash dividend of $0.10 per share of common stock, payable on January 24, 2018 to shareholders of record at the close of business on January 10, 2018 . Share Registration As a result of the acquisition of Grand Design, Winnebago agreed to register the 4,586,555 shares of common stock issued to the Summit Sellers and the RDB Sellers pursuant to the terms of a registration rights agreement. Under the registration rights agreement, Winnebago filed a shelf registration statement on January 20, 2017 to register these shares for resale. On April 11, 2017, pursuant to an underwriting agreement dated as of April 5, 2017, by and among Winnebago, the Summit Sellers and Morgan Stanley & Co., LLC, the Summit Sellers sold 2,293,277 shares of common stock in an underwritten block trade.

Contingent Liabilites and Commi

Contingent Liabilites and Commitments	3 Months Ended
	Nov. 25, 2017
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. 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. Our total contingent liability on all repurchase agreements was approximately $768.7 million and $713.1 million at November 25, 2017 and August 26, 2017 , respectively, with the increase attributed primarily due to growth in the Towable Segment. 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 and our historical loss experience, we established an associated loss reserve. Our accrued losses on repurchases were $0.8 million as of November 25, 2017 and $0.7 million as of August 26, 2017 and are included in Accrued expenses - Other on the Consolidated Balance Sheets. Repurchase risk is affected by the credit worthiness of our dealer network and we do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions used to establish the loss reserve for repurchase commitments. There was no activity related to repurchase agreements during the three months ended November 25, 2017 and November 26, 2016 . 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, 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.

Income Taxes

Income Taxes	3 Months Ended
	Nov. 25, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We account for income taxes under ASC 740, Income Taxes . The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in our financial statements or tax returns. We file a US federal tax return, as well as returns in various international and state jurisdictions. Although certain years are no longer subject to examination by the IRS and various state taxing authorities, net operating loss carryforwards generated in those years may still be adjusted upon examination by the IRS or state taxing authorities. As of November 25, 2017 , our federal returns from Fiscal 2014 to present continue to be subject to review by the IRS. With few exceptions, the state returns from Fiscal 2013 to present continue to be subject to review by the state taxing jurisdictions. As of November 25, 2017 , our unrecognized tax benefits were $1.6 million including accrued interest and penalties of $0.4 million . If we were to prevail on all unrecognized tax benefits recorded, $1.5 million of the $1.6 million would benefit the overall effective tax rate. It is our policy to recognize interest and penalties accrued relative to unrecognized tax benefits as tax expense. We do not believe that there will be a significant change in the total amount of unrecognized tax benefits within the next twelve months.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Nov. 25, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table reflects the calculation of basic and diluted income per share: Three Months Ended (In thousands, except per share data) November 25, November 26, Income per share - basic Net income $ 17,958 $ 11,738 Weighted average shares outstanding 31,614 27,836 Net income per share - basic $ 0.57 $ 0.42 Income per share - assuming dilution Net income $ 17,958 $ 11,738 Weighted average shares outstanding 31,614 27,836 Dilutive impact of awards and options outstanding 158 133 Weighted average shares and potential dilutive shares outstanding 31,772 27,969 Net income per share - assuming dilution $ 0.57 $ 0.42 The computation of weighted average shares and potential dilutive shares outstanding excludes the effect of options to purchase 72,710 and 44,000 shares of common stock for the three months ended November 25, 2017 and November 26, 2016 , respectively. These amounts were not included in the computation of diluted income per share because they are considered anti-dilutive under the treasury stock method per ASC 260, Earnings Per Share .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Nov. 25, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in AOCI by component, net of tax, were: Three Months Ended November 25, 2017 November 26, 2016 (In thousands) Defined Benefit Pension Items Interest Rate Swap Total Defined Benefit Pension Items Interest Rate Swap Total Balance at beginning of period $ (509 ) $ (514 ) $ (1,023 ) $ 10,975 $ — $ 10,975 OCI before reclassifications — 634 634 3,903 — 3,903 Amounts reclassified from AOCI 6 — 6 (7,926 ) — (7,926 ) Net current-period OCI 6 634 640 (4,023 ) — (4,023 ) Balance at end of period $ (503 ) $ 120 $ (383 ) $ 6,952 $ — $ 6,952 Reclassifications out of AOCI in net periodic benefit costs, net of tax, were: Three Months Ended (In thousands) Location on Consolidated Statements of Income and Comprehensive Income November 25, November 26, Amortization of prior service credit Cost of goods sold $ — $ (12,858 ) Amortization of net actuarial loss Cost of goods sold 6 4,932 Total reclassifications $ 6 $ (7,926 )

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Nov. 25, 2017
Accounting Policies [Abstract]
Fiscal Period [Policy Text Block]	Fiscal Period We follow a 52-/53-week fiscal year, ending the last Saturday in August. Both Fiscal 2018 and Fiscal 2017 are 52-week years.
New Accounting Pronouncements [Policy Text Block]	Recently Adopted Accounting Pronouncements 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. We adopted this ASU in the interim quarterly reporting period ended November 25, 2017. Amendments requiring recognition of excess tax benefits and tax deficiencies in the income statement resulted in $0.6 million of excess tax benefits recorded as a reduction of income tax expense for the three months ended November 25, 2017. The reduction in income tax expense also reduced the effective tax rate by 2.2% and added $0.02 to earnings per share for the quarter. Amendments related to the presentation of excess tax benefits and employee taxes paid when an employer withholds shares to meet the minimum statutory withholding requirement required no change to the statement of cash flows. There were no material impacts on the financial statements of the Company which adopted a policy of accounting for forfeitures when they occur. 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 is effective prospectively for fiscal years beginning after December 15, 2016 (our Fiscal 2018), including interim periods within those annual reporting periods. We adopted this ASU on August 27, 2017, and there was no material impact on our financial statements. New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which establishes a comprehensive new model for the recognition of revenue from contracts with customers. This model is based on the core principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Entities have the option of using either retrospective transition or a modified approach in applying the new standard. The standard is effective for fiscal years, and the interim periods within those years, beginning after December 15, 2017 (our Fiscal 2019). We have performed an evaluation which included a review of representative contracts with key customers and the performance obligations contained therein, as well as a review of our commercial terms and practices across each of our segments. Based on our preliminary review, we do not expect adoption to have a material impact but further work to substantiate this preliminary conclusion is underway. We will determine the transition method to apply and the implications of using either the full retrospective or modified retrospective approach after this additional work is concluded. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires an entity to recognize both assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. The new standard is effective retrospectively or on a modified retrospective basis for fiscal years beginning after December 15, 2018 (our Fiscal 2020), including interim periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impact of adopting 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 adopting this ASU on our consolidated financial statements and do not expect adoption to have a material impact. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) , which improves the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. ASU 2017-12 is effective for annual reporting periods beginning after December 15, 2018 (our Fiscal 2020), including interim periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements. Change to Accounting Policy Reporting Segments We have two reporting segments: (1) Motorized products and services and (2) Towable products and services. We aggregate two operating segments into the Towable reporting segment based upon their similar products, customers, distribution methods, production processes and economic characteristics. A new corporate allocation policy was adopted in the first quarter of Fiscal 2018 which identifies shared costs and allocates them to the operating segments. The cost drivers selected as the basis for allocation are the most appropriate driver for the type of cost being allocated. All corporate expenses are allocated to the operating segments. Previous to the first quarter of Fiscal 2018, costs were not allocated and were borne by the segment in which the costs originated. See Note 3: Business Segments.
Subsequent Events [Policy Text Block]	Subsequent Events On December 8, 2017, we entered into an amendment to our Credit Agreement to reprice $260 million of Term Loan B debt. The revised interest rate is LIBOR plus 3.5% , down from the previous rate of LIBOR plus 4.5% . Prior to this repricing, $19.7 million was drawn on our ABL and the proceeds from the ABL borrowing were used to pay down our Term Loan B. Various other amendments were made to our ABL providing us with reduced borrowing costs and facility fees under the ABL. The requirement to hedge a portion of the Term Loan B floating rate interest exposure was also removed from the ABL. On December 12, 2017 our shareholders approved a new Employee Stock Purchase Plan. On December 13, 2017 our Board of Directors declared a cash dividend of $0.10 per share as noted in Note 11 .

Business Combination, Goodwil24

Business Combination, Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Nov. 25, 2017
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	: (In thousands) November 8, Cash $ 1,748 Accounts receivable 32,834 Inventories 15,300 Prepaid expenses and other assets 3,037 Property, plant and equipment 8,998 Goodwill 243,456 Other intangible assets 253,100 Total assets acquired 558,473 Accounts payable 11,163 Accrued compensation 3,615 Product warranties 12,904 Promotional 3,976 Other 1,496 Deferred tax liabilities 4,811 Total liabilities assumed 37,965 Total purchase price $ 520,508 We acquired 100% of the ownership interests of Grand Design on November 8, 2016 in accordance with the Securities Purchase Agreement for an aggregate purchase price of $520.5 million , which was paid in cash and Winnebago shares as follows: (In thousands, except shares) November 8, Cash $ 396,442 Winnebago shares: 4,586,555 at $27.05 per share 124,066 Total $ 520,508
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]	The allocation of the purchase price to the net assets acquired and liabilities assumed resulted in the recognition of intangible assets with fair value on the closing date of November 8, 2016 and amortization accumulated from the closing date through November 25, 2017 as follows: (In thousands) Weighted Average Life- Years Fair Value Amount Accumulated Amortization Trade name Indefinite $ 148,000 $ — Dealer network 12.0 80,500 7,021 Backlog 0.5 18,000 18,000 Non-compete agreements 4.0 4,600 1,437 Leasehold interest-favorable 8.1 2,000 257 Total 253,100 $ 26,715 Accumulated amortization (26,715 ) Net book value of intangible assets $ 226,385
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Remaining estimated aggregate annual amortization expense by fiscal year is as follows: (In thousands) Amount Remainder of 2018 5,799 2019 7,733 2020 7,733 2021 7,733 2022 7,106 Thereafter 42,281
Business Acquisition, Pro Forma Information [Table Text Block]	The following table provides net revenues and operating income (which includes amortization expense) from the Grand Design business included in our consolidated results during the three months ended November 25, 2017 and November 26, 2016 following the November 8, 2016 closing date: Three Months Ended (In thousands) November 25, November 26, Net revenues $ 221,229 $ 25,836 Operating income 26,507 760 Unaudited pro forma information is as follows: Three Months Ended (In thousands, except per share data) November 25, November 26, 2016 (1) Net revenues $ 450,021 $ 340,975 Net income 18,066 20,269 Income per share - basic 0.57 0.64 Income per share - diluted 0.57 0.64 (1) Net income and income per share include the increased benefit of $8.4 million , net of tax, associated with the termination of the postretirement health care plan in the first quarter of Fiscal 2017. The unaudited pro forma data above includes the following significant non-recurring adjustments made to account for certain costs which would have changed if the acquisition of Grand Design had been completed on August 30, 2015: Three Months Ended (In thousands) November 25, November 26, Amortization of intangibles (1 year or less useful life) $ (122 ) $ (1,941 ) Increase in amortization of intangibles — 1,551 Expenses related to business combination (transaction costs) (1) (50 ) (5,519 ) Interest to reflect new debt structure — 3,672 Taxes related to the adjustments to the pro forma data and to the income of Grand Design 64 5,011 (1) Pro forma transaction costs include $0.1 million incurred by Grand Design prior to acquisition.

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Nov. 25, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table shows information by reporting segment: Three Months Ended (In thousands) November 25, November 26, Net revenues Motorized $ 190,356 $ 195,125 Towable 259,665 50,183 Consolidated $ 450,021 $ 245,308 Adjusted EBITDA Motorized $ 3,155 $ 11,116 Towable 32,256 3,563 Consolidated $ 35,411 $ 14,679 Capital Expenditures Motorized $ 3,107 $ 2,801 Towable 2,250 761 Consolidated $ 5,357 $ 3,562 Total Assets Motorized $ 264,506 $ 263,663 Towable 590,386 578,003 Unallocated Corporate Assets 69,958 41,029 Consolidated $ 924,850 $ 882,695 Reconciliation of net income to consolidated Adjusted EBITDA: Three Months Ended (In thousands) November 25, November 26, Net income $ 17,958 $ 11,738 Interest expense 4,781 1,128 Provision for income taxes 8,560 5,620 Depreciation 2,130 1,580 Amortization of intangible assets 2,055 2,051 EBITDA 35,484 22,117 Postretirement health care benefit income — (12,813 ) Transaction costs 50 5,462 Non-operating income (123 ) (87 ) Adjusted EBITDA $ 35,411 $ 14,679

Derivatives, Investments and 26

Derivatives, Investments and Fair Value Measurements (Tables)	3 Months Ended
	Nov. 25, 2017
Fair Value Disclosures [Abstract]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	The following tables set forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis at November 25, 2017 and August 26, 2017 according to the valuation techniques we used to determine their fair values: Fair Value Measurements Using Inputs Considered As (In thousands) Fair Value at Level 1 Quoted Prices in Active Markets for Identical Assets Level 2 Significant Other Observable Inputs Level 3 Significant Unobservable Inputs Assets that fund deferred compensation: Domestic equity funds $ 1,768 $ 1,728 $ 40 $ — International equity funds 185 167 18 — Fixed income funds 197 108 89 — Interest rate swap contract 370 — 370 — Total assets (liabilities) at fair value $ 2,520 $ 2,003 $ 517 $ — Fair Value Measurements Using Inputs Considered As (In thousands) Fair Value at Level 1 Quoted Prices in Active Markets for Identical Assets Level 2 Significant Other Observable Inputs Level 3 Significant Unobservable Inputs Assets that fund deferred compensation: Domestic equity funds $ 1,708 $ 1,671 $ 37 $ — International equity funds 174 157 17 — Fixed income funds 259 170 89 — Interest rate swap contract (828 ) — (828 ) — Total assets (liabilities) at fair value $ 1,313 $ 1,998 $ (685 ) $ —

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Nov. 25, 2017
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	Inventories consist of the following: (In thousands) November 25, August 26, Finished goods $ 32,500 $ 16,947 Work-in-process 66,342 60,818 Raw materials 88,663 99,919 Total 187,505 177,684 LIFO reserve (35,718 ) (35,419 ) Total inventories $ 151,787 $ 142,265

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Nov. 25, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Property, plant and equipment is stated at cost, net of accumulated depreciation and consists of the following: (In thousands) November 25, August 26, Land $ 3,934 $ 3,914 Buildings and building improvements 76,528 73,831 Machinery and equipment 100,065 99,952 Software 19,352 17,844 Transportation 8,617 8,993 Total property, plant and equipment, gross 208,496 204,534 Less accumulated depreciation (134,383 ) (132,974 ) Total property, plant and equipment, net $ 74,113 $ 71,560

Warranty (Tables)

Warranty (Tables)	3 Months Ended
	Nov. 25, 2017
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Liability [Table Text Block]	Changes in our product warranty liability are as follows: Three Months Ended (In thousands) November 25, November 26, Balance at beginning of period $ 30,805 $ 12,412 Provision 9,953 3,898 Claims paid (8,258 ) (4,663 ) Acquisition of Grand Design — 12,904 Balance at end of period $ 32,500 $ 24,551

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Nov. 25, 2017
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The components of long-term debt are as follows: (In thousands) November 25, August 26, ABL $ — $ — Term Loan 279,750 284,000 Gross Long-term debt, excluding issuance costs 279,750 284,000 Less: debt issuance cost, net (8,987 ) (9,424 ) Long-term debt, net of issuance costs 270,763 274,576 Less: current maturities (2,342 ) (2,850 ) Long-term debt, less current maturities $ 268,421 $ 271,726
Schedule of Maturities of Long-term Debt	Aggregate contractual maturities of debt in future fiscal years, are as follows as of November 25, 2017 : (In thousands) Amount Year: 2018 — 2019 15,000 2020 15,000 2021 15,000 2022 15,000 2023 15,000 2024 204,750 Total debt $ 279,750

Employee and Retiree Benefits (

Employee and Retiree Benefits (Tables)	3 Months Ended
	Nov. 25, 2017
Retirement Benefits [Abstract]
Schedule of Amounts Recognized in Balance Sheet [Table Text Block]	Deferred compensation liabilities are as follows: (In thousands) November 25, August 26, Non-qualified deferred compensation $ 16,093 $ 16,476 Executive share option plan liability 1,540 1,498 SERP benefit liability 2,549 2,534 Executive deferred compensation 470 447 Officer stock-based compensation 2,937 1,664 Total deferred compensation 23,589 22,619 Less current portion (4,195 ) (3,349 ) Long-term deferred compensation $ 19,394 $ 19,270
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 Event Dollar Cap Reduction Liability Reduction (In thousands) Amortization Period (1) January 2016 Reduced employer dollar caps for retirees under age 65; discontinued retiree benefits for retirees age 65 and over 10% 28,596 6.9 years January 2017 (2) Terminated plan 6,338 0.2 years (1) Plan amendments were amortized on a straight-line basis over the expected remaining service period of active plan participants. (2) In accordance with ASC 715, the effects of the plan amendment are accounted for at the date the amendment is adopted and has been communicated to plan participants. The effective date for this plan amendment was October 26, 2016.
Schedule of Net Benefit Costs [Table Text Block]	Net periodic postretirement benefit income consisted of the following components: Three Months Ended (In thousands) November 25, November 26, Interest cost $ — $ 29 Service cost — 16 Amortization of prior service benefit — (20,772 ) Amortization of net actuarial loss — 7,959 Net periodic postretirement benefit income $ — $ (12,768 ) Payments for postretirement health care $ — $ 53

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Nov. 25, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table reflects the calculation of basic and diluted income per share: Three Months Ended (In thousands, except per share data) November 25, November 26, Income per share - basic Net income $ 17,958 $ 11,738 Weighted average shares outstanding 31,614 27,836 Net income per share - basic $ 0.57 $ 0.42 Income per share - assuming dilution Net income $ 17,958 $ 11,738 Weighted average shares outstanding 31,614 27,836 Dilutive impact of awards and options outstanding 158 133 Weighted average shares and potential dilutive shares outstanding 31,772 27,969 Net income per share - assuming dilution $ 0.57 $ 0.42

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Nov. 25, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Changes in AOCI by component, net of tax, were: Three Months Ended November 25, 2017 November 26, 2016 (In thousands) Defined Benefit Pension Items Interest Rate Swap Total Defined Benefit Pension Items Interest Rate Swap Total Balance at beginning of period $ (509 ) $ (514 ) $ (1,023 ) $ 10,975 $ — $ 10,975 OCI before reclassifications — 634 634 3,903 — 3,903 Amounts reclassified from AOCI 6 — 6 (7,926 ) — (7,926 ) Net current-period OCI 6 634 640 (4,023 ) — (4,023 ) Balance at end of period $ (503 ) $ 120 $ (383 ) $ 6,952 $ — $ 6,952
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Reclassifications out of AOCI in net periodic benefit costs, net of tax, were: Three Months Ended (In thousands) Location on Consolidated Statements of Income and Comprehensive Income November 25, November 26, Amortization of prior service credit Cost of goods sold $ — $ (12,858 ) Amortization of net actuarial loss Cost of goods sold 6 4,932 Total reclassifications $ 6 $ (7,926 )

Basis of Presentation Accountin

Basis of Presentation Accounting Policies (Details)	Dec. 08, 2017USD ($)	Feb. 24, 2018$ / shares	Nov. 25, 2017USD ($)segment$ / shares	Nov. 26, 2016USD ($)	Dec. 07, 2017	Nov. 08, 2016USD ($)
New Accounting Pronouncements and Subsequent Events [Line Items]
Excess tax benefits			$ 600,000
Excess tax benefit, percent			2.20%
Excess tax benefit effect on earnings per share | $ / shares			$ 0.02
Number of reportable segments | segment			2
Borrowings on credit facility			$ 0	$ 353,000,000
Dividends declared per common share (in dollars per share) | $ / shares			$ 0.10
Term Loan | JPMorgan Chase [Member] | Line of Credit [Member]
New Accounting Pronouncements and Subsequent Events [Line Items]
Debt, face amount						$ 300,000,000
ABL | JPMorgan Chase [Member] | Line of Credit [Member]
New Accounting Pronouncements and Subsequent Events [Line Items]
Debt, face amount						$ 125,000,000
Subsequent Event [Member]
New Accounting Pronouncements and Subsequent Events [Line Items]
Dividends declared per common share (in dollars per share) | $ / shares		$ 0.10
Subsequent Event [Member] | Term Loan | JPMorgan Chase [Member] | Line of Credit [Member]
New Accounting Pronouncements and Subsequent Events [Line Items]
Debt, face amount	$ 260,000,000
Subsequent Event [Member] | ABL | JPMorgan Chase [Member] | Line of Credit [Member]
New Accounting Pronouncements and Subsequent Events [Line Items]
Borrowings on credit facility	$ 19,700,000
London Interbank Offered Rate (LIBOR) [Member] | ABL | JPMorgan Chase [Member] | Line of Credit [Member]
New Accounting Pronouncements and Subsequent Events [Line Items]
Basis spread on variable rate			1.25%
London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | Term Loan | JPMorgan Chase [Member] | Line of Credit [Member]
New Accounting Pronouncements and Subsequent Events [Line Items]
Basis spread on variable rate	3.50%				4.50%

Business Combination, Goodwil35

Business Combination, Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		18 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 25, 2017	Aug. 26, 2017	Nov. 08, 2016
Business Acquisition [Line Items]
Percent of voting interest acquired					10.66%
Goodwill	$ 244,684		$ 244,684	$ 242,728
Amortization of intangible assets	$ 2,055	$ 2,051
Finite-lived intangible assets, remaining amortization period	10 years 9 months 18 days
Acquisition related costs	$ 50	5,462
Grand Design [Member]
Business Acquisition [Line Items]
Member interest held					10.66%
Grand Design [Member]
Business Acquisition [Line Items]
Revenue since acquisition	221,229	25,836
Operating income since acquisition	$ 26,507	$ 760
Percent of voting interest acquired					100.00%
Goodwill					$ 243,456
Acquisition related costs			$ 6,900
Grand Design Member Interest [Member]
Business Acquisition [Line Items]
Percent of voting interest acquired					89.34%
Blocker Corp [Member]
Business Acquisition [Line Items]
Percent of voting interest acquired					100.00%

Business Combination, Goodwil36

Business Combination, Goodwill and Other Intangible Assets (Details) - Grand Design [Member] $ / shares in Units, $ in Thousands	Nov. 08, 2016USD ($)$ / sharesshares
Business Acquisition [Line Items]
Cash	$ 396,442
Winnebago shares: 4,586,555 at $27.05 per share	124,066
Total	$ 520,508
Shares issued for acquisition | shares	4,586,555
Share price (in dollars per share) | $ / shares	$ 27.05

Business Combination, Goodwil37

Business Combination, Goodwill and Other Intangible Assets - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Nov. 25, 2017	Aug. 26, 2017	Nov. 08, 2016
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill	$ 244,684	$ 242,728
Grand Design [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash			$ 1,748
Accounts receivable			32,834
Inventories			15,300
Prepaid expenses and other assets			3,037
Property, plant and equipment			8,998
Goodwill			243,456
Other intangible assets			253,100
Total assets acquired			558,473
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Accounts payable			11,163
Accrued compensation			3,615
Product warranties			12,904
Promotional			3,976
Other			1,496
Deferred tax liabilities			4,811
Total liabilities assumed			37,965
Total purchase price			$ 520,508

Business Combination, Goodwil38

Business Combination, Goodwill and Other Intangible Assets - Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Nov. 08, 2016	Nov. 25, 2017
Acquired Indefinite-lived Intangible Assets [Line Items]
Accumulated amortization		$ (26,715)
Grand Design [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Fair value of intangible assets acquired	$ 253,100
Accumulated amortization		(26,715)
Intangible assets, net		226,385
Grand Design [Member] | Trade name [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Fair value of indefinite-lived intangible assets acquired	$ 148,000
Dealer network [Member] | Grand Design [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average life	12 years
Fair value of finite-lived intangible assets acquired	$ 80,500
Accumulated amortization		(7,021)
Backlog [Member] | Grand Design [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average life	6 months
Fair value of finite-lived intangible assets acquired	$ 18,000
Accumulated amortization		(18,000)
Noncompete agreements [Member] | Grand Design [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average life	4 years
Fair value of finite-lived intangible assets acquired	$ 4,600
Accumulated amortization		(1,437)
Leasehold interest-favorable [Member] | Grand Design [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average life	8 years 1 month 6 days
Fair value of finite-lived intangible assets acquired	$ 2,000
Accumulated amortization		$ (257)

Business Combination, Goodwil39

Business Combination, Goodwill and Other Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Thousands	Nov. 25, 2017USD ($)
Business Combinations [Abstract]
Remainder of 2018	$ 5,799
2,019	7,733
2,020	7,733
2,021	7,733
2,022	7,106
Thereafter	$ 42,281

Business Combination, Goodwil40

Business Combination, Goodwill and Other Intangible Assets - ProForma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		18 Months Ended
	Nov. 25, 2017	Nov. 26, 2016	Nov. 25, 2017
Business Acquisition [Line Items]
Postretirement health care benefit income, net of tax		$ 8,400
Acquisition related costs	$ 50	5,462
Grand Design [Member]
Business Acquisition [Line Items]
Revenue since acquisition	221,229	25,836
Operating income since acquisition	26,507	760
Pro forma net revenues	450,021	340,975
Pro forma net income	$ 18,066	$ 20,269
Pro forma income per share - basic (in dollars per share)	$ 0.57	$ 0.64
Pro forma income per share - diluted (in dollars per share)	$ 0.57	$ 0.64
Acquisition related costs			$ 6,900
Amortization of intangibles (1 year or less useful life) [Member]
Business Acquisition [Line Items]
Nonrecurring adjustments	$ (122)	$ (1,941)
Increase in amortization of intangibles [Member]
Business Acquisition [Line Items]
Nonrecurring adjustments	0	1,551
Expenses Related to Business Combination [Member]
Business Acquisition [Line Items]
Nonrecurring adjustments	(50)	(5,519)
Grand Design Expenses Related to Business Combination [Member]
Business Acquisition [Line Items]
Nonrecurring adjustments		(100)
Interest to reflect new debt structure [Member]
Business Acquisition [Line Items]
Nonrecurring adjustments	0	3,672
Taxes related to the adjustments to the pro forma [Member]
Business Acquisition [Line Items]
Nonrecurring adjustments	$ 64	$ 5,011

Business Segments (Details)

Business Segments (Details) $ in Thousands	3 Months Ended
	Nov. 25, 2017USD ($)segment	Nov. 26, 2016USD ($)	Aug. 26, 2017USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Revenues	$ 450,021	$ 245,308
Adjusted EBITDA	35,411	14,679
Capital Expenditures	5,357	3,562
Assets	924,850	882,695	$ 902,512
Operating Segments [Member] | Motorized [Member]
Segment Reporting Information [Line Items]
Revenues	190,356	195,125
Adjusted EBITDA	3,155	11,116
Capital Expenditures	3,107	2,801
Assets	264,506	263,663
Operating Segments [Member] | Towable [Member]
Segment Reporting Information [Line Items]
Revenues	259,665	50,183
Adjusted EBITDA	32,256	3,563
Capital Expenditures	2,250	761
Assets	590,386	578,003
Operating Segments [Member] | Unallocated Corporate [Member]
Segment Reporting Information [Line Items]
Assets	$ 69,958	$ 41,029

Business Segments - Reconciliat

Business Segments - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 25, 2017	Nov. 26, 2016
Segment Reporting [Abstract]
Net income	$ 17,958	$ 11,738
Interest expense	4,781	1,128
Provision for income taxes	8,560	5,620
Depreciation	2,130	1,580
Amortization of intangible assets	2,055	2,051
EBITDA	35,484	22,117
Postretirement health care benefit income	0	(12,813)
Transaction costs	50	5,462
Non-operating income	(123)	(87)
Adjusted EBITDA	$ 35,411	$ 14,679

Concentration Risk (Narrative)

Concentration Risk (Narrative) (Details) - Sales Revenue, Goods, Net [Member] - Customer Concentration Risk [Member]	3 Months Ended
	Nov. 26, 2016
Concentration risk threshhold [Member]
Concentration Risk [Line Items]
Percent of revenue	10.00%
Major Customer One [Member]
Concentration Risk [Line Items]
Percent of revenue	14.20%
Major Customer Two [Member]
Concentration Risk [Line Items]
Percent of revenue	13.70%

Derivatives, Investments and 44

Derivatives, Investments and Fair Value Measurements (Fair Value Inputs) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Nov. 25, 2017	Aug. 26, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Domestic equity funds	$ 1,768	$ 1,708
International equity funds	185	174
Fixed income funds	197	259
Interest rate swap contract, assets	370
Interest rate swap contract, liabilities		828
Total assets (liabilities) at fair value	2,520	1,313
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Domestic equity funds	1,728	1,671
International equity funds	167	157
Fixed income funds	108	170
Interest rate swap contract, assets	0
Interest rate swap contract, liabilities		0
Total assets (liabilities) at fair value	2,003	1,998
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Domestic equity funds	40	37
International equity funds	18	17
Fixed income funds	89	89
Interest rate swap contract, assets	370
Interest rate swap contract, liabilities		828
Total assets (liabilities) at fair value	517	(685)
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Domestic equity funds	0	0
International equity funds	0	0
Fixed income funds	0	0
Interest rate swap contract, assets	0
Interest rate swap contract, liabilities		0
Total assets (liabilities) at fair value	$ 0	$ 0

Derivatives, Investments and 45

Derivatives, Investments and Fair Value Measurements (Narrative) (Details) - USD ($)	3 Months Ended
	Nov. 25, 2017	Dec. 09, 2019	Dec. 10, 2018	Dec. 08, 2017	Aug. 26, 2017	Jan. 23, 2017
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap contract, liabilities					$ (828,000)
Interest rate swap contract, assets	$ 370,000
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap contract, liabilities					$ (828,000)
Interest rate swap contract, assets	370,000
Term Loan | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount						$ 200,000,000
Interest rate, stated percentage						6.32%
Reduction to interest expense	$ 200,000
Scenario, Forecast [Member] | Term Loan | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount		$ 60,000,000	$ 120,000,000	$ 170,000,000

Inventories (Inventory Schedule

Inventories (Inventory Schedule) (Details) - USD ($) $ in Thousands	Nov. 25, 2017	Aug. 26, 2017
Inventory Disclosure [Abstract]
Finished goods	$ 32,500	$ 16,947
Work-in-process	66,342	60,818
Raw materials	88,663	99,919
Total	187,505	177,684
LIFO reserve	(35,718)	(35,419)
Total inventories	$ 151,787	$ 142,265

Inventories (Narrative) (Detail

Inventories (Narrative) (Details) - USD ($) $ in Thousands	Nov. 25, 2017	Aug. 26, 2017
Inventory Disclosure [Abstract]
Inventory, gross	$ 187,505	$ 177,684
Inventory, LIFO	156,000	149,800
Inventory, FIFO	$ 31,500	$ 27,900

Property, Plant and Equipment48

Property, Plant and Equipment (Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Nov. 25, 2017	Aug. 26, 2017
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 208,496	$ 204,534
Less accumulated depreciation	(134,383)	(132,974)
Total property, plant and equipment, net	74,113	71,560
Land [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	3,934	3,914
Buildings and building improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	76,528	73,831
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	100,065	99,952
Software [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	19,352	17,844
Transportation [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 8,617	$ 8,993

Warranty (Schedule of Product W

Warranty (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 25, 2017	Nov. 26, 2016
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 30,805	$ 12,412
Provision	9,953	3,898
Claims paid	(8,258)	(4,663)
Acquisition of Grand Design	0	12,904
Balance at end of period	$ 32,500	$ 24,551

Long-Term Debt - Components of

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands	Nov. 25, 2017	Aug. 26, 2017
Debt Instrument [Line Items]
Long-term debt, gross	$ 279,750	$ 284,000
Less: debt issuance cost, net	(8,987)	(9,424)
Long-term debt	270,763	274,576
Less: current maturities	(2,342)	(2,850)
Long-term debt, less current maturities	268,421	271,726
Line of Credit [Member] | ABL
Debt Instrument [Line Items]
Long-term debt, gross	0	0
Line of Credit [Member] | Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 279,750	$ 284,000
JPMorgan Chase [Member] | Line of Credit [Member] | Term Loan
Debt Instrument [Line Items]
Effective interest rate	5.70%

Long-Term Debt - Narrative (De

Long-Term Debt - Narrative (Details) - USD ($)	Dec. 31, 2017	Dec. 08, 2017	Nov. 08, 2016	Nov. 25, 2017	Nov. 26, 2016	Dec. 07, 2017
Debt Instrument [Line Items]
Borrowings on credit facility				$ 0	$ 353,000,000
Debt issuance costs				9,000,000
Accumulated amortization of debt issuance costs				2,000,000
Debt issuance costs, net, current				1,400,000
Debt issuance costs, net, long-term				7,600,000
Amortization of debt issuance costs				$ 437,000	78,000
Prior Credit Agreement [Member]
Debt Instrument [Line Items]
Amortization of debt issuance costs					$ 100,000
JPMorgan Chase [Member] | Line of Credit [Member] | ABL
Debt Instrument [Line Items]
Debt, face amount			$ 125,000,000
Debt instrument, term			5 years
JPMorgan Chase [Member] | Line of Credit [Member] | ABL | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
JPMorgan Chase [Member] | Line of Credit [Member] | Term Loan
Debt Instrument [Line Items]
Debt, face amount			$ 300,000,000
Debt instrument, term			7 years
Quarterly installment, percent of aggregate principal amount			1.00%
Incremental term loans, up to			$ 125,000,000
Effective interest rate				5.70%
JPMorgan Chase [Member] | Line of Credit [Member] | Term Loan | Scenario, Forecast [Member]
Debt Instrument [Line Items]
Quarterly installment, percent of aggregate principal amount	1.25%
JPMorgan Chase [Member] | Line of Credit [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Debt, face amount			$ 10,000,000
Subsequent Event [Member] | JPMorgan Chase [Member] | Line of Credit [Member] | ABL
Debt Instrument [Line Items]
Borrowings on credit facility		$ 19,700,000
Subsequent Event [Member] | JPMorgan Chase [Member] | Line of Credit [Member] | Term Loan
Debt Instrument [Line Items]
Debt, face amount		$ 260,000,000
Subsequent Event [Member] | JPMorgan Chase [Member] | Line of Credit [Member] | Term Loan | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%				4.50%
Letter of Credit [Member] | JPMorgan Chase [Member] | Line of Credit [Member] | ABL
Debt Instrument [Line Items]
Outstanding letter of credit				$ 200,000

Long-Term Debt - Contractual Ma

Long-Term Debt - Contractual Maturities (Details) - USD ($) $ in Thousands	Nov. 25, 2017	Aug. 26, 2017
Debt Disclosure [Abstract]
2,018	$ 0
2,019	15,000
2,020	15,000
2,021	15,000
2,022	15,000
2,023	15,000
2,024	204,750
Total debt	$ 279,750	$ 284,000

Employee and Retiree Benefits53

Employee and Retiree Benefits (Postretirement Health Care and Deferred Compensation Benefits) (Details) - USD ($) $ in Thousands	Nov. 25, 2017	Aug. 26, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Non-qualified deferred compensation	$ 16,093	$ 16,476
Executive share option plan liability	1,540	1,498
SERP benefit liability	2,549	2,534
Executive deferred compensation	470	447
Officer stock-based compensation	2,937	1,664
Total deferred compensation	23,589	22,619
Less current portion	(4,195)	(3,349)
Long-term deferred compensation	$ 19,394	$ 19,270

Employee and Retiree Benefits P

Employee and Retiree Benefits Postretirement Plan Amendments (Details) - USD ($) $ in Thousands	1 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Retirement Benefits [Abstract]
Dollar cap liability reduction		10.00%
Liability reduction	$ 6,338	$ 28,596
Amortization period	2 months	6 years 10 months 24 days

Employee and Retiree Benefits55

Employee and Retiree Benefits (Postretirement Benefit Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 25, 2017	Nov. 26, 2016
Retirement Benefits [Abstract]
Interest cost	$ 0	$ 29
Service cost	0	16
Amortization of prior service benfit	0	(20,772)
Amortization of net actuarial loss	0	7,959
Net periodic postretirement benefit income	0	(12,768)
Payments for postretirement health care	$ 0	$ 53

Employee and Retiree Benefits56

Employee and Retiree Benefits (Narrative) (Details)	1 Months Ended		3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Nov. 25, 2017
Retirement Benefits [Abstract]
Postretirement health care benefits age requirement before distribution occurs			55 years
Postretirement health care benefits continuous service requirement			15 years
Dollar cap liability reduction		10.00%
Postretirement health care retiree age requirement	65 years	65 years

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 11, 2017	Nov. 08, 2016	Feb. 24, 2018	Nov. 25, 2017	Nov. 26, 2016	Aug. 26, 2017
Shareholders Equity [Line Items]
Stock-based compensation expense				$ 800	$ 800
Dividends declared per common share (in dollars per share)				$ 0.10
Accrued dividend				$ 3,187	$ 0	$ 0
Oct 18 2017 Grant [Member] | Management [Member] | Restricted Stock [Member]
Shareholders Equity [Line Items]
Issuance of stock (in shares)				62,660
Oct 11 2016 Grant [Member] | Management [Member] | Restricted Stock [Member]
Shareholders Equity [Line Items]
Issuance of stock (in shares)					97,600
Grand Design [Member]
Shareholders Equity [Line Items]
Shares issued for acquisition		4,586,555
Acquisition shares sold	2,293,277
Subsequent Event [Member]
Shareholders Equity [Line Items]
Dividends declared per common share (in dollars per share)			$ 0.10

Contingent Liabilites and Com58

Contingent Liabilites and Commitments (Repurchase Commitments Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 25, 2017	Aug. 26, 2017
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Repurchase agreement term	18 months
Accrued loss on repurchases	$ 0.8	$ 0.7
Obligation to Repurchase from Dealers [Member]
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Contingent liability on repurchase agreements	$ 768.7	$ 713.1

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) $ in Millions	Nov. 25, 2017USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 1.6
Unrecognized tax benefits that would have an impact on effective tax rate	1.5
Unrecognized tax benefits, income tax penalties and interest accrued	$ 0.4

Earnings Per Share (Calculation

Earnings Per Share (Calculation of Basic and Diluted Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 25, 2017	Nov. 26, 2016
Earnings Per Share [Abstract]
Net income	$ 17,958	$ 11,738
Weighted average shares outstanding	31,614	27,836
Net income per share - basic (in dollars per share)	$ 0.57	$ 0.42
Dilutive impact of awards and options outstanding	158	133
Weighted average shares and potential dilutive shares outstanding	31,772	27,969
Net income per share - assuming dilution (in dollars per share)	$ 0.57	$ 0.42

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended
	Nov. 25, 2017	Nov. 26, 2016
Employee Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	72,710	44,000

Accumulated Other Comprehensi62

Accumulated Other Comprehensive Income (Loss) Changes in AOCI by component (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 25, 2017	Nov. 26, 2016
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	$ (1,023)	$ 10,975
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
OCI before reclassifications	634	3,903
Amounts reclassified from AOCI	6	(7,926)
Net current-period OCI	640	(4,023)
Balance at end of period	(383)	6,952
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(509)	10,975
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
OCI before reclassifications	0	3,903
Amounts reclassified from AOCI	6	(7,926)
Net current-period OCI	6	(4,023)
Balance at end of period	(503)	6,952
Accumulated Net Gain (Loss) from Interest Rate Swap [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(514)	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
OCI before reclassifications	634	0
Amounts reclassified from AOCI	0	0
Net current-period OCI	634	0
Balance at end of period	$ 120	$ 0

Accumulated Other Comprehensi63

Accumulated Other Comprehensive Income (Loss) Reclassification from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 25, 2017	Nov. 26, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service credit (net of tax)	$ 0	$ 12,858
Amortization of net actuarial loss (net of tax)	6	4,932
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications	6	(7,926)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Operating expenses [Member] | Amortization of prior service credit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service credit (net of tax)	0	(12,858)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Operating expenses [Member] | Amortization of net actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial loss (net of tax)	$ 6	$ 4,932