Winnebago Industries (WGO) 10-Q 20 Dec 18 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Nov. 24, 2018	Dec. 14, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	WINNEBAGO INDUSTRIES INC
Entity Central Index Key	107,687
Current Fiscal Year End Date	--08-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Nov. 24, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		32,025,628
Entity Current Reporting Status	Yes

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Document Period End Date	Nov. 24, 2018
Net revenues	$ 493,648	$ 450,021
Cost of goods sold	422,652	387,190
Gross profit	70,996	62,831
Selling, general, and administrative expenses	35,712	29,600
Amortization of intangible assets	2,659	2,055
Total operating expenses	38,371	31,655
Operating income	32,625	31,176
Interest expense	4,501	4,781
Non-operating income	(763)	(123)
Income before income taxes	28,887	26,518
Provision for income taxes	6,726	8,560
Net income	$ 22,161	$ 17,958
Income per common share:
Basic	$ 0.70	$ 0.57
Diluted	$ 0.70	$ 0.57
Weighted average common shares outstanding:
Basic (in shares)	31,567	31,614
Diluted (in shares)	31,814	31,772
Other comprehensive income (loss):
Amortization of net actuarial loss (net of tax of $3 and $4)	$ 8	$ 6
Change in fair value of interest rate swap (net of tax of $7 and $387)	(22)	634
Total other comprehensive income (loss)	(14)	640
Comprehensive income	$ 22,147	$ 18,598

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Amortization of net actuarial loss, tax	$ 3	$ 4
Change in fair value of interest rate swap, tax	$ 7	$ 387

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 24, 2018	Aug. 25, 2018
Current assets:
Cash and cash equivalents	$ 702	$ 2,342
Receivables, less allowance for doubtful accounts ($179 and $197, respectively)	140,837	164,585
Inventories	191,461	195,128
Prepaid expenses and other assets	10,256	9,883
Total current assets	343,256	371,938
Property, plant, and equipment, net	110,212	101,193
Other assets:
Goodwill	275,072	274,370
Other intangible assets, net	263,058	265,717
Investment in life insurance	26,651	28,297
Other assets	11,724	10,290
Total assets	1,029,973	1,051,805
Current liabilities:
Accounts payable	79,687	81,039
Income taxes payable	13,212	15,655
Accrued expenses:
Accrued compensation	21,977	29,350
Product warranties	41,303	40,498
Self-insurance	13,381	12,262
Promotional	14,868	11,017
Accrued interest	3,026	3,095
Other	11,736	11,269
Total current liabilities	199,190	204,185
Non-current liabilities:
Long-term debt	253,262	291,441
Deferred income taxes	4,834	4,457
Unrecognized tax benefits	1,745	1,745
Deferred compensation benefits, net of current portion	14,214	15,282
Other	250	250
Total non-current liabilities	274,305	313,175
Stockholders' equity:
Preferred stock, par value $0.01: Authorized-10,000 shares; Issued-none	0	0
Common stock, par value $0.50: Authorized-60,000 shares; Issued-51,776 shares	25,888	25,888
Additional paid-in capital	88,288	86,223
Retained earnings	787,794	768,816
Accumulated other comprehensive income	878	892
Treasury stock, at cost: 20,178 and 20,243 shares, respectively	(346,370)	(347,374)
Total stockholders' equity	556,478	534,445
Total liabilities and stockholders' equity	$ 1,029,973	$ 1,051,805

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 24, 2018	Aug. 25, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 179	$ 197
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Capital stock common, par value	$ 0.50	$ 0.50
Capital stock common, shares authorized	60,000,000	60,000,000
Capital stock common, shares issued	51,776,000	51,776,000
Treasury stock, at cost, shares	20,178,000	20,183,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Operating activities:
Net income	$ 22,161	$ 17,958
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	3,169	2,130
Amortization of intangible assets	2,659	2,055
Amortization of debt issuance costs	394	437
Last in, first-out expense	597	299
Stock-based compensation	2,472	823
Deferred income taxes	382	1,665
Other, net	(570)	97
Change in assets and liabilities:
Receivables	23,748	7,675
Inventories	3,070	(9,821)
Prepaid expenses and other assets	68	(936)
Accounts payable	(799)	(2,443)
Income taxes and unrecognized tax benefits	(2,443)	6,447
Accrued expenses and other liabilities	(737)	3,072
Net cash provided by operating activities	54,171	29,458
Investing activities:
Purchases of property and equipment	(12,771)	(5,357)
Acquisition of business, net of cash acquired	(702)	0
Proceeds from the sale of property	0	92
Other, net	311	(57)
Net cash used in investing activities	(13,162)	(5,322)
Financing activities:
Borrowings on credit agreement	133,711	0
Repayments of credit agreement	(172,229)	(4,250)
Payments of cash dividends	(3,183)	0
Payments for repurchases of common stock	(948)	(1,363)
Net cash used in financing activities	(42,649)	(5,613)
Net (decrease) increase in cash and cash equivalents	(1,640)	18,523
Cash and cash equivalents at beginning of period	2,342	35,945
Cash and cash equivalents at end of period	702	54,468
Supplemental cash flow disclosure:
Income taxes paid, net	8,778	322
Interest paid	3,736	4,548
Non-cash transactions:
Capital expenditures in accounts payable	145	379
Accrued dividends	$ 0	$ 3,187

Condensed Consolidated Stockhol

Condensed Consolidated Stockholders' Statement of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Shares	Additional paid-in capital	Retained earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance at Aug. 26, 2017	$ 441,674	$ 25,888	$ 80,401	$ 679,138	$ (1,023)	$ (342,730)
Beginning balance (in shares) at Aug. 26, 2017		51,776				(20,183)
Stock-based compensation, net of forfeitures	823		804			$ 19
Stock-based compensation, net of forfeitures (in shares)						1
Issuance of restricted stock	86		(1,165)			$ 1,251
Issuance of restricted stock (in shares)						74
Repurchase of common stock	(1,363)					$ (1,363)
Repurchase of common stock (in shares)						(32)
Cash dividends paid on common stock	(3,187)			(3,187)
Amortization of net actuarial loss (net of tax of $3 and $4)	6				6
Change in fair value of interest rate swap (net of tax of $7 and $387)	634				634
Net income	17,958			17,958
Ending balance at Nov. 25, 2017	456,631	$ 25,888	80,040	693,909	(383)	$ (342,823)
Ending balance (in shares) at Nov. 25, 2017		51,776				(20,140)
Beginning balance at Aug. 25, 2018	534,445	$ 25,888	86,223	768,816	892	$ (347,374)
Beginning balance (in shares) at Aug. 25, 2018		51,776				(20,243)
Stock-based compensation, net of forfeitures	2,489		2,448			$ 41
Stock-based compensation, net of forfeitures (in shares)						2
Issuance of restricted stock	1,528		(383)			$ 1,911
Issuance of restricted stock (in shares)						111
Repurchase of common stock	(948)					$ (948)
Repurchase of common stock (in shares)						(48)
Cash dividends paid on common stock	(3,183)			(3,183)
Amortization of net actuarial loss (net of tax of $3 and $4)	8				8
Change in fair value of interest rate swap (net of tax of $7 and $387)	(22)				(22)
Net income	22,161			22,161
Ending balance at Nov. 24, 2018	$ 556,478	$ 25,888	$ 88,288	$ 787,794	$ 878	$ (346,370)
Ending balance (in shares) at Nov. 24, 2018		51,776				(20,178)

Condensed Consolidated Stockh_2

Condensed Consolidated Stockholders' Statement of Equity Condensed Consolidated Stockholders' Statement of Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Statement of Stockholders' Equity [Abstract]
Dividends paid per common share	$ 0.10	$ 0.10
Amortization of net actuarial loss, tax	$ 3	$ 4
Change in fair value of interest rate swap, tax	$ 7	$ 387

Basis of Presentation

Basis of Presentation	3 Months Ended
	Nov. 24, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Unless the context otherwise requires, the use of the terms "Winnebago Industries," "WGO," "we," "us," and "our" in these Notes to Condensed Consolidated Financial Statements refers to Winnebago Industries, Inc. and its wholly-owned subsidiaries. In the opinion of management, the accompanying Condensed Consolidated Financial Statements contain all adjustments necessary for a fair presentation as prescribed by accounting principles generally accepted in the United States (“GAAP”). All adjustments were comprised of normal recurring adjustments, except as noted in these Notes to Condensed Consolidated Financial Statements . The interim Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended August 25, 2018 . Fiscal Period We follow a 52-/53-week fiscal year, ending the last Saturday in August. Fiscal 2019 is a 53 -week year, while Fiscal 2018 was a 52 -week year. The extra (53rd) week in Fiscal 2019 will be recognized in our fourth quarter. Subsequent Events In preparing the accompanying unaudited Condensed Consolidated Financial Statements , we evaluated subsequent events for potential recognition and disclosure through the date of this filing. There were no material subsequent events, except for those listed below. 2019 Omnibus Incentive Plan On December 11, 2018, our shareholders approved the Winnebago Industries, Inc. 2019 Omnibus Incentive Plan as detailed in our Proxy Statement for the 2018 Annual Meeting of Shareholders. Dividend On December 12, 2018, our Board of Directors approved a quarterly cash dividend of $0.11 per share payable on January 23, 2019 to common stockholders of record at the close of business on January 9, 2019. New Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update (“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. This ASU and the related amendments must be adopted on a modified retrospective basis to either each prior reporting period presented or as of the beginning of the period of adoption. Based on the effective dates, we expect to adopt the new guidance in the first quarter of Fiscal 2020. We are currently evaluating the impact of the adoption on our consolidated financial statements. 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. Recently Adopted Accounting Pronouncements In the first quarter of Fiscal 2019 , we adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which establishes a comprehensive five-step 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. We elected the modified retrospective method of adoption, which we applied to contracts not completed as of the initial date of adoption. Application of the transition requirements had no material impact on operations or beginning retained earnings. While changes to certain control processes and procedures were updated for this adoption, the changes did not have a material impact to our internal control financial reporting framework. Also in the first quarter of Fiscal 2019 , we retrospectively adopted 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. The adoption of this standard did not materially impact our statements of cash flows, and no cash flow reclassifications were required for the prior period.

Business Segments Business Segm

Business Segments Business Segments (Notes)	3 Months Ended
	Nov. 24, 2018
Segment Reporting [Abstract]
Business Segments	Business Segments In the fourth quarter of Fiscal 2018, we revised our segment presentation. We have five operating segments: 1) Winnebago motorhomes, 2) Winnebago towables, 3) Grand Design towables, 4) Winnebago specialty vehicles, and 5) Chris-Craft marine. We evaluate performance based on each operating segment's Adjusted EBITDA, as defined below, which excludes certain corporate administration expenses and non-operating income and expense. Our two reportable segments include: 1) Motorhome (comprised of products that include a motorized chassis as well as other related manufactured products and services) and 2) Towable (comprised of products which are not motorized and are generally towed by another vehicle as well as other related manufactured products and services), which is an aggregation of the Winnebago towables and Grand Design towables operating segments. The Corporate / All Other category includes the Winnebago specialty vehicles and Chris-Craft marine operating segments as well as expenses related to certain corporate administration expenses for the oversight of the enterprise. These expenses include items such as corporate leadership and administration costs. Previously, these expenses were allocated to each operating segment. Identifiable assets of the reportable segments exclude general corporate assets, which principally consist of cash and cash equivalents and certain deferred tax balances. The general corporate assets are included in the Corporate / All Other category. Prior period segment information has been reclassified to conform to the current reportable segment presentation. The reclassifications included removing the corporate administration expenses from both the Motorhome and Towable reportable segments and removing Winnebago specialty vehicles from the Motorhome reportable segment, as we began to dedicate leadership and focus on these operations separately from our Winnebago motorhomes operations. Our chief operating decision maker ("CODM") is our Chief Executive Officer. Our CODM relies on internal management reporting that analyzes consolidated results to the net earnings level and operating segment's Adjusted EBITDA. Our CODM has ultimate responsibility for enterprise decisions. Our CODM determines, in particular, resource allocation for, and monitors the performance of, the consolidated enterprise, the Motorhome segment, and the Towable segment. The Motorhome segment management and Towable segment management have responsibility for operating decisions, allocating resources, and assessing performance within their respective segments. The accounting policies of both reportable segments are the same and are described in Note 1, Summary of Significant Accounting Policies , of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended August 25, 2018 . We evaluate the performance of our reportable segments based on Adjusted EBITDA. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense, and other adjustments made in order to present comparable results from period to period. Examples of items excluded from Adjusted EBITDA include acquisition-related costs and non-operating income. The following table shows information by reportable segment: Three Months Ended (in thousands) November 24, November 25, Net Revenues Motorhome $ 181,328 $ 188,197 Towable 292,833 259,665 Corporate / All Other 19,487 2,159 Consolidated $ 493,648 $ 450,021 Adjusted EBITDA Motorhome $ 11,976 $ 4,900 Towable 30,828 33,392 Corporate / All Other (4,351 ) (2,881 ) Consolidated $ 38,453 $ 35,411 Capital Expenditures Motorhome $ 3,192 $ 3,107 Towable 8,877 2,250 Corporate / All Other 702 — Consolidated $ 12,771 $ 5,357 (in thousands) November 24, August 25, Total Assets Motorhome $ 303,984 $ 322,048 Towable 624,445 626,588 Corporate / All Other 101,544 103,169 Consolidated $ 1,029,973 $ 1,051,805 Reconciliation of net income to consolidated Adjusted EBITDA: Three Months Ended (in thousands) November 24, 2018 November 25, 2017 Net income $ 22,161 $ 17,958 Interest expense 4,501 4,781 Provision for income taxes 6,726 8,560 Depreciation 3,169 2,130 Amortization of intangible assets 2,659 2,055 EBITDA 39,216 35,484 Acquisition-related costs — 50 Non-operating income (763 ) (123 ) Adjusted EBITDA $ 38,453 $ 35,411

Revenue Revenue (Notes)

Revenue Revenue (Notes)	3 Months Ended
	Nov. 24, 2018
Revenue Recognition [Abstract]
Revenue Recognition	Revenue The following table disaggregates revenue by reportable segment and product category: Three Months Ended (in thousands) November 24, November 25, Net Revenues Motorhome: Class A $ 48,678 $ 74,205 Class B 68,720 29,120 Class C 56,142 76,775 Other (1) 7,788 8,097 Total Motorhome 181,328 188,197 Towable: Fifth Wheel 162,749 144,114 Travel Trailer 125,626 112,725 Other (1) 4,458 2,826 Total Towable 292,833 259,665 Corporate / All Other: Other (2) 19,487 2,159 Total Corporate / All Other 19,487 2,159 Consolidated $ 493,648 $ 450,021 (1) Relates to parts and accessories and services. (2) Relates to marine and specialty vehicle units, parts and accessories, and services. We generate all of our operating revenue from contracts with customers. Our primary source of revenue is generated through the sale of manufactured motorized units, non-motorized towable units, and marine units to our independent dealer network (our customer). We also generate income through the sale of certain parts and services, acting as the principal in these arrangements. We apply the new revenue standard requirements to a portfolio of contracts (or performance obligations) with similar characteristics for transactions where it is expected that the effects on the financial statements of applying the revenue recognition guidance to the portfolio would not differ materially from applying this guidance to the individual contracts (or performance obligations) within that portfolio. Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the transaction price consideration that we expect to receive in exchange for those goods or services. Control refers to the ability of the customer to direct the use of, and obtain substantially all of, the remaining benefits from the goods or services. Our transaction price consideration is fixed, unless otherwise disclosed below as variable consideration. We made an accounting policy election so that our revenue excludes sales and usage-based taxes collected. Unit revenue Unit revenue is recognized at a point-in-time when control passes, which generally occurs when the unit is shipped or picked-up from our manufacturing facilities to the customer, which is consistent with our past practice. Our payment terms are typically at the point of shipment, and do not include a significant financing component. The amount of consideration received and recorded to revenue varies with changes in marketing incentives and offers to our customers. These marketing incentives and offers to our customers are considered variable consideration. We adjust the estimate of revenue at the earlier of when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed. Our contracts include some incidental items that are immaterial in the context of the contract. We have made an accounting policy election to not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. We have made an accounting policy to account for any shipping and handling costs that occur after the transfer of control as a fulfillment cost that is accrued when control is transferred. Warranty obligations associated with the sale of a unit are assurance-type warranties that are a guarantee of the unit’s intended functionality and, therefore, do not represent a distinct performance obligation within the context of the contract. Contract costs incurred related to the sale of manufactured units are expensed at the point-in-time when the related revenue is recognized. We do not have material contract assets or liabilities. We establish allowances for uncollectible receivables based on historical collection trends and write-off history. Concentration of Risk None of our dealer organizations accounted for more than 10% of our net revenue for the first quarter of Fiscal 2019 or the first quarter of 2018 .

Derivatives, Investments and Fa

Derivatives, Investments and Fair Value Measurements (Notes)	3 Months Ended
	Nov. 24, 2018
Fair Value Disclosures [Abstract]
Derivatives, Investments and Fair Value Measurements	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 Accounting Standards Codification ("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. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows: Level 1 - Unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date. Level 2 - Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets in nonactive markets; • Inputs other than quoted prices that are observable for the asset or liability; and • Inputs that are derived principally from or corroborated by other observable market data. Level 3 - Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. 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 24, 2018 and August 25, 2018 according to the valuation techniques we used to determine their fair values: Fair Value at Fair Value Hierarchy (in thousands) November 24, Level 1 Level 2 Level 3 Assets that fund deferred compensation: Domestic equity funds $ 996 $ 928 $ 68 $ — International equity funds 141 100 41 — Fixed income funds 215 61 154 — Interest rate swap contract 1,930 — 1,930 — Total assets at fair value $ 3,282 $ 1,089 $ 2,193 $ — Fair Value at Fair Value Hierarchy (in thousands) August 25, Level 1 Level 2 Level 3 Assets that fund deferred compensation: Domestic equity funds $ 1,143 $ 1,114 $ 29 $ — International equity funds 139 120 19 — Fixed income funds 223 132 91 — Interest rate swap contract 1,959 — 1,959 — Total assets at fair value $ 3,464 $ 1,366 $ 2,098 $ — 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. These securities are primarily 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. Refer to Note 10, Employee and Retiree Benefits , of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended August 25, 2018 for additional information regarding these plans. The proportion of the assets that will fund options which expire within a year are included in Prepaid expenses and other assets in the accompanying Condensed Consolidated Balance Sheets . The remaining assets are classified as non-current and are included in Other assets . Interest Rate Swap Contract Under the terms of our Credit Agreement, as defined in Note 9 , Long-Term Debt , we were previously required to hedge a portion of the floating interest rate exposure. In accordance with this requirement, on January 23, 2017, we entered into an interest rate swap contract, which effectively fixed our interest rate on our $300.0 million term loan agreement ("Term Loan") for a notional amount that reduces each December during the swap contract. As of November 24, 2018 , we had $170.0 million of our Term Loan fixed at an interest rate of 5.32% . As of August 25, 2018 , we had $170.0 million of our Term Loan fixed at an interest rate of 5.32% . The swap contract expires on December 8, 2020. The fair value of the interest rate swap is classified as Level 2 as it is corroborated based on observable market data. The asset is included in Other assets on the Condensed Consolidated Balance Sheets . The change in value was predominately recorded to Accumulated other comprehensive income on the Condensed Consolidated Balance Sheets since the interest rate swap has been designated for hedge accounting. Assets and Liabilities that are measured at Fair Value on a Nonrecurring Basis Our non-financial assets, which include 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 has occurred, the asset is required to be recorded at the estimated fair value. No impairments were recorded for non-financial assets in the first quarter of Fiscal 2019 or the first quarter of 2018 . Fair Value of Financial Instruments Our financial instruments, other than those presented in the disclosures above, include cash, receivables, accounts payable, other payables, and long-term debt. The fair values of cash, receivables, accounts payable, and other payables approximated carrying values because of the short-term nature of these instruments. If these instruments were measured at fair value in the financial statements, they would be classified as Level 1 in the fair value hierarchy. See Note 9 , Long-Term Debt , for information about the fair value of our long-term debt.

Inventories (Notes)

Inventories (Notes)	3 Months Ended
	Nov. 24, 2018
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: (in thousands) November 24, August 25, Finished goods $ 44,602 $ 26,513 Work-in-process 75,072 68,339 Raw materials 111,147 139,039 Total 230,821 233,891 Less last-in, first-out ("LIFO") reserve 39,360 38,763 Inventories $ 191,461 $ 195,128 Inventory valuation methods consist of the following: (in thousands) November 24, August 25, LIFO basis $ 178,377 $ 176,215 First-in, first-out basis 52,444 57,676 Total $ 230,821 $ 233,891 The above value of inventories, before reduction for the LIFO reserve, approximates replacement cost at the respective dates.

Property, Plant, and Equipment

Property, Plant, and Equipment (Notes)	3 Months Ended
	Nov. 24, 2018
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 24, August 25, Land $ 6,747 $ 6,747 Buildings and building improvements 102,478 94,622 Machinery and equipment 107,839 105,663 Software 24,920 23,388 Transportation 8,845 8,837 Property, plant, and equipment, gross 250,829 239,257 Less accumulated depreciation 140,617 138,064 Property, plant, and equipment, net $ 110,212 $ 101,193 Depreciation expense was $3.2 million and $2.1 million during the first quarters of Fiscal 2019 and 2018 , respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets Goodwill and Intangible Assets (Notes)	3 Months Ended
	Nov. 24, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The changes in the carrying amount of goodwill by segment were as follows for the first quarters of Fiscal 2019 and 2018 : (in thousands) Towable Corporate / All Other Total Balance, August 26, 2017 $ 242,728 $ — $ 242,728 Grand Design purchase price adjustment (1) 1,956 — 1,956 Balance, November 25, 2017 $ 244,684 $ — $ 244,684 Balance, August 25, 2018 $ 244,684 $ 29,686 $ 274,370 Chris-Craft purchase price adjustment (2) — 702 702 Balance, November 24, 2018 $ 244,684 $ 30,388 $ 275,072 (1) Refer to Note 2, Business Combinations , of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended August 25, 2018 for additional information. (2) Purchase price adjustment made for working capital. For additional information related to the acquisition of Chris-Craft USA, Inc., refer to Note 2, Business Combinations , of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended August 25, 2018 . Other intangible assets, net of accumulated amortization, consist of the following: November 24, 2018 August 25, 2018 (in thousands) Weighted Average Life-Years Cost Accumulated Amortization Cost Accumulated Amortization Trade names Indefinite $ 177,250 $ 177,250 Dealer networks 12.2 95,581 $ 14,288 95,581 $ 12,328 Backlog 0.5 19,527 19,527 19,527 19,135 Non-compete agreements 4.1 5,347 2,330 5,347 2,084 Leasehold interest-favorable 8.1 2,000 502 2,000 441 Other intangible assets, gross 299,705 36,647 299,705 33,988 Less accumulated amortization 36,647 33,988 Other intangible assets, net $ 263,058 $ 265,717 The weig hted average remaining amortization period for intangible assets as of November 24, 2018 was approximatel y 11 years. Remaining estimated aggregate annual amortization expense by fiscal year is as follows: (in thousands) Amount Fiscal 2019 $ 6,828 Fiscal 2020 9,032 Fiscal 2021 9,032 Fiscal 2022 8,405 Fiscal 2023 8,197 Thereafter 44,314 Total amortization expense remaining $ 85,808

Warranty (Notes)

Warranty (Notes)	3 Months Ended
	Nov. 24, 2018
Product Warranties Disclosures [Abstract]
Warranty	Warranty We provide certain service and warranty 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. 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. In addition to the costs associated with the contractual warranty coverage provided on our products, we also occasionally incur costs as a result of additional service actions not covered by our warranties, including product recalls and customer satisfaction actions. Although we estimate and reserve for the cost of these service actions, there can be no assurance that expense levels will remain at current levels or such reserves will continue to be adequate. Changes in our product warranty liability are as follows: Three Months Ended (in thousands) November 24, November 25, Balance at beginning of period $ 40,498 $ 30,805 Provision 10,757 9,953 Claims paid (9,952 ) (8,258 ) Balance at end of period $ 41,303 $ 32,500

Long-Term Debt Long-Term Debt (

Long-Term Debt Long-Term Debt (Notes)	3 Months Ended
	Nov. 24, 2018
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt On November 8, 2016 , we entered into a $125.0 million credit facility ("ABL") and a $300.0 million Term Loan with JPMorgan Chase Bank, N.A. ("Credit Agreement"). On December 8, 2017, we amended our Credit Agreement, which decreased the interest rate spread on the Term Loan and the ABL. As of September 21, 2018 , the amount that may be borrowed under the ABL was increased to $165.0 million . The Credit Agreement contains certain financial covenants. As of November 24, 2018 , we are in compliance with all financial covenants of the Credit Agreement. The components of long-term debt are as follows: (in thousands) November 24, August 25, ABL $ 14 $ 38,532 Term Loan 260,000 260,000 Long-term debt, excluding debt issuance costs 260,014 298,532 Debt issuance cost, net (6,752 ) (7,091 ) Long-term debt $ 253,262 $ 291,441 The fair value of long-term debt, excluding debt issuance costs, approximated the carrying values as of November 24, 2018 and August 25, 2018 as interest is at variable market rates. Aggregate contractual maturities of debt in future fiscal years are as follows: (in thousands) Amount Fiscal 2019 $ — Fiscal 2020 10,250 Fiscal 2021 15,000 Fiscal 2022 15,000 Fiscal 2023 219,750 Total Term Loan $ 260,000

Employee and Retiree Benefits (

Employee and Retiree Benefits (Notes)	3 Months Ended
	Nov. 24, 2018
Retirement Benefits [Abstract]
Employee and Retiree Benefits	Employee and Retiree Benefits Deferred compensation liabilities are as follows: (in thousands) November 24, August 25, Non-qualified deferred compensation $ 14,187 $ 14,831 Supplemental executive retirement plan 2,324 2,309 Executive share option plan 736 935 Executive deferred compensation plan 548 421 Officer stock-based compensation — 1,528 Deferred compensation benefits 17,795 20,024 Less current portion (1) 3,581 4,742 Deferred compensation benefits, net of current portion $ 14,214 $ 15,282 (1) Included in Accrued compensation on the Condensed Consolidated Balance Sheets .

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Nov. 24, 2018
Stockholders' Equity Note [Abstract]
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. Beginning with our annual grant of restricted stock units in October 2018, we attach dividend equivalents to our restricted stock units equal to dividends payable on the same number of shares of WGO common stock during the applicable period. Dividend equivalents, settled in cash, accrue on restricted stock unit awards during the vesting period. No dividend equivalents are paid on any restricted stock units that are forfeited prior to the vesting date. Stock-based compensation expense was $2.5 million and $0.8 million during the first quarters of Fiscal 2019 and 2018 , respectively. Compensation expense is recognized over the requisite service period of the award.

Contingent Liabilites and Commi

Contingent Liabilites and Commitments (Notes)	3 Months Ended
	Nov. 24, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities and Commitments	Contingent Liabilities and Commitments Repurchase Commitments Generally, manufacturers in our industries enter into repurchase agreements with lending institutions which have provided wholesale floorplan financing to dealers. Most dealers 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 units purchased. Our repurchase agreements generally 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 24 months , provide that our liability will be the lesser of remaining principal owed by the dealer to the lending institution, or dealer invoice less periodic reductions based on the time since the date of the original invoice. Our liability cannot exceed 100% of the dealer invoice. In certain instances, we also repurchase inventory from our dealers due to state law or regulatory requirements that govern voluntary or involuntary relationship terminations. Although laws vary from state to state, some states have laws in place that require manufacturers of recreational vehicles or boats to repurchase current inventory if a dealership exits the business. Our total contingent liability on all repurchase agreements was approximately $933.4 million and $879.0 million at November 24, 2018 and August 25, 2018 . Repurchased sales are not recorded as a revenue transaction, but the net difference between the original repurchase price and the resale price are recorded against the loss reserve, which is a deduction from gross revenue. Our loss reserve for repurchase commitments contains uncertainties because the calculation requires management to make assumptions and apply judgment regarding a number of factors. 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 these repurchase agreements and our historical loss experience, we establish an associated loss reserve which is included in Accrued expenses: Other on the Condensed Consolidated Balance Sheets . Our accrued losses on repurchases were $0.9 million and $0.9 million at November 24, 2018 and August 25, 2018 , respectively. 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 material activity related to repurchase agreements during the three months ended November 24, 2018 and November 25, 2017 . 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 (Notes)

Income Taxes (Notes)	3 Months Ended
	Nov. 24, 2018
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. Our effective tax rate decreased to 23.3% for the three months ended November 24, 2018 from 32.3% for the three months ended November 25, 2017 due primarily to the enactment of the 2017 Tax Cuts and Jobs Act ("Tax Act") on December 22, 2017. The rate reduction was primarily due to the Tax Act decrease in the Federal rate offset by the repeal of the domestic production activities deduction and by a reduced benefit from stock-based compensation activity in the current quarter. ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 , provided guidance for companies that allows for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts under ASC 740, Income Taxes . In accordance with this guidance, a company must reflect the income tax effect of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company's accounting for certain income tax effects of the Tax Act is incomplete, but it is able to determine a reasonable estimate, the company must record a provisional estimate in the financial statements. In accordance with ASC 740, we recorded non-cash provisional estimates to income tax expense in Fiscal 2018 as a result of revaluing all deferred tax assets and liabilities at the newly enacted Federal corporate income tax rate. We have not made any measurement period adjustments related to these items during the first three months of Fiscal 2019 and are materially complete in analyzing and recording all aspects of the enactment of the Tax Act. We file a U.S. Federal tax return as well as returns in various international and state jurisdictions. Although certain years are no longer subject to examination by the Internal Revenue Service ("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 24, 2018 , our Federal returns from Fiscal 2015 to present continue to be subject to review by the IRS. With limited exception, our state returns from Fiscal 2014 to present continue to be subject to review by the state taxing jurisdictions. Several years may lapse before an uncertain tax position is audited and finally resolved, and it is difficult to predict the outcome of such audits. It is our policy to recognize interest and penalties accrued relative to unrecognized tax benefits in income tax expense. Total reserves for uncertain tax positions were not material.

Income Per Share (Notes)

Income Per Share (Notes)	3 Months Ended
	Nov. 24, 2018
Earnings Per Share [Abstract]
Income Per Share	Income 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 24, November 25, Numerator Net income $ 22,161 $ 17,958 Denominator Weighted average common shares outstanding 31,567 31,614 Dilutive impact of stock compensation awards 247 158 Weighted average common shares outstanding, assuming dilution 31,814 31,772 Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution 90 73 Basic income per common share $ 0.70 $ 0.57 Diluted income per common share $ 0.70 $ 0.57 Anti-dilutive securities were not included in the computation of diluted income per common share because they are considered anti-dilutive under the treasury stock method.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Nov. 24, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in Accumulated Other Comprehensive Income ("AOCI") by component, net of tax, were: Three Months Ended November 24, 2018 November 25, 2017 (in thousands) Defined Benefit Pension Items Interest Rate Swap Total Defined Benefit Pension Items Interest Rate Swap Total Balance at beginning of period $ (591 ) $ 1,483 $ 892 $ (509 ) $ (514 ) $ (1,023 ) Other comprehensive income before reclassifications — (22 ) (22 ) — 634 634 Amounts reclassified from AOCI 8 — 8 6 — 6 Net current-period OCI 8 (22 ) (14 ) 6 634 640 Balance at end of period $ (583 ) $ 1,461 $ 878 $ (503 ) $ 120 $ (383 ) 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 24, November 25, Amortization of net actuarial loss SG&A $ 8 $ 6

Basis of Presentation Summary o

Basis of Presentation Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Nov. 24, 2018
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Unless the context otherwise requires, the use of the terms "Winnebago Industries," "WGO," "we," "us," and "our" in these Notes to Condensed Consolidated Financial Statements refers to Winnebago Industries, Inc. and its wholly-owned subsidiaries. In the opinion of management, the accompanying Condensed Consolidated Financial Statements contain all adjustments necessary for a fair presentation as prescribed by accounting principles generally accepted in the United States (“GAAP”). All adjustments were comprised of normal recurring adjustments, except as noted in these Notes to Condensed Consolidated Financial Statements . The interim Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended August 25, 2018 .
Fiscal Period [Policy Text Block]	Fiscal Period We follow a 52-/53-week fiscal year, ending the last Saturday in August. Fiscal 2019 is a 53 -week year, while Fiscal 2018 was a 52 -week year. The extra (53rd) week in Fiscal 2019 will be recognized in our fourth quarter.
New Accounting Pronouncements [Text Block]	New Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update (“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. This ASU and the related amendments must be adopted on a modified retrospective basis to either each prior reporting period presented or as of the beginning of the period of adoption. Based on the effective dates, we expect to adopt the new guidance in the first quarter of Fiscal 2020. We are currently evaluating the impact of the adoption on our consolidated financial statements. 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.
Recently Adopted Accounting Pronouncements [Policy Text Block]	Recently Adopted Accounting Pronouncements In the first quarter of Fiscal 2019 , we adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which establishes a comprehensive five-step 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. We elected the modified retrospective method of adoption, which we applied to contracts not completed as of the initial date of adoption. Application of the transition requirements had no material impact on operations or beginning retained earnings. While changes to certain control processes and procedures were updated for this adoption, the changes did not have a material impact to our internal control financial reporting framework. Also in the first quarter of Fiscal 2019 , we retrospectively adopted 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. The adoption of this standard did not materially impact our statements of cash flows, and no cash flow reclassifications were required for the prior period.

Business Segments Business Se_2

Business Segments Business Segments (Tables)	3 Months Ended
	Nov. 24, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table shows information by reportable segment: Three Months Ended (in thousands) November 24, November 25, Net Revenues Motorhome $ 181,328 $ 188,197 Towable 292,833 259,665 Corporate / All Other 19,487 2,159 Consolidated $ 493,648 $ 450,021 Adjusted EBITDA Motorhome $ 11,976 $ 4,900 Towable 30,828 33,392 Corporate / All Other (4,351 ) (2,881 ) Consolidated $ 38,453 $ 35,411 Capital Expenditures Motorhome $ 3,192 $ 3,107 Towable 8,877 2,250 Corporate / All Other 702 — Consolidated $ 12,771 $ 5,357 (in thousands) November 24, August 25, Total Assets Motorhome $ 303,984 $ 322,048 Towable 624,445 626,588 Corporate / All Other 101,544 103,169 Consolidated $ 1,029,973 $ 1,051,805 Reconciliation of net income to consolidated Adjusted EBITDA: Three Months Ended (in thousands) November 24, 2018 November 25, 2017 Net income $ 22,161 $ 17,958 Interest expense 4,501 4,781 Provision for income taxes 6,726 8,560 Depreciation 3,169 2,130 Amortization of intangible assets 2,659 2,055 EBITDA 39,216 35,484 Acquisition-related costs — 50 Non-operating income (763 ) (123 ) Adjusted EBITDA $ 38,453 $ 35,411

Revenue Revenue (Tables)

Revenue Revenue (Tables)	3 Months Ended
	Nov. 24, 2018
Revenue Recognition [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table disaggregates revenue by reportable segment and product category: Three Months Ended (in thousands) November 24, November 25, Net Revenues Motorhome: Class A $ 48,678 $ 74,205 Class B 68,720 29,120 Class C 56,142 76,775 Other (1) 7,788 8,097 Total Motorhome 181,328 188,197 Towable: Fifth Wheel 162,749 144,114 Travel Trailer 125,626 112,725 Other (1) 4,458 2,826 Total Towable 292,833 259,665 Corporate / All Other: Other (2) 19,487 2,159 Total Corporate / All Other 19,487 2,159 Consolidated $ 493,648 $ 450,021 (1) Relates to parts and accessories and services. (2) Relates to marine and specialty vehicle units, parts and accessories, and services.

Derivatives, Investments and _2

Derivatives, Investments and Fair Value Measurements Derivatives, Investments and Fair Value Measurements (Tables)	3 Months Ended
	Nov. 24, 2018
Fair Value Disclosures [Abstract]
Fair Value, Assets and Liabilities Measured on Recurring Basis	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 24, 2018 and August 25, 2018 according to the valuation techniques we used to determine their fair values: Fair Value at Fair Value Hierarchy (in thousands) November 24, Level 1 Level 2 Level 3 Assets that fund deferred compensation: Domestic equity funds $ 996 $ 928 $ 68 $ — International equity funds 141 100 41 — Fixed income funds 215 61 154 — Interest rate swap contract 1,930 — 1,930 — Total assets at fair value $ 3,282 $ 1,089 $ 2,193 $ — Fair Value at Fair Value Hierarchy (in thousands) August 25, Level 1 Level 2 Level 3 Assets that fund deferred compensation: Domestic equity funds $ 1,143 $ 1,114 $ 29 $ — International equity funds 139 120 19 — Fixed income funds 223 132 91 — Interest rate swap contract 1,959 — 1,959 — Total assets at fair value $ 3,464 $ 1,366 $ 2,098 $ —

Inventories Inventories (Tables

Inventories Inventories (Tables)	3 Months Ended
	Nov. 24, 2018
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	Inventories consist of the following: (in thousands) November 24, August 25, Finished goods $ 44,602 $ 26,513 Work-in-process 75,072 68,339 Raw materials 111,147 139,039 Total 230,821 233,891 Less last-in, first-out ("LIFO") reserve 39,360 38,763 Inventories $ 191,461 $ 195,128 Inventory valuation methods consist of the following: (in thousands) November 24, August 25, LIFO basis $ 178,377 $ 176,215 First-in, first-out basis 52,444 57,676 Total $ 230,821 $ 233,891

Property, Plant, and Equipmen_2

Property, Plant, and Equipment Property, Plant, and Equipment (Tables)	3 Months Ended
	Nov. 24, 2018
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 24, August 25, Land $ 6,747 $ 6,747 Buildings and building improvements 102,478 94,622 Machinery and equipment 107,839 105,663 Software 24,920 23,388 Transportation 8,845 8,837 Property, plant, and equipment, gross 250,829 239,257 Less accumulated depreciation 140,617 138,064 Property, plant, and equipment, net $ 110,212 $ 101,193

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets Goodwill and Intangible Assets (Tables)	3 Months Ended
	Nov. 24, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill [Table Text Block]	The changes in the carrying amount of goodwill by segment were as follows for the first quarters of Fiscal 2019 and 2018 : (in thousands) Towable Corporate / All Other Total Balance, August 26, 2017 $ 242,728 $ — $ 242,728 Grand Design purchase price adjustment (1) 1,956 — 1,956 Balance, November 25, 2017 $ 244,684 $ — $ 244,684 Balance, August 25, 2018 $ 244,684 $ 29,686 $ 274,370 Chris-Craft purchase price adjustment (2) — 702 702 Balance, November 24, 2018 $ 244,684 $ 30,388 $ 275,072 (1) Refer to Note 2, Business Combinations , of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended August 25, 2018 for additional information. (2)
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]	Other intangible assets, net of accumulated amortization, consist of the following: November 24, 2018 August 25, 2018 (in thousands) Weighted Average Life-Years Cost Accumulated Amortization Cost Accumulated Amortization Trade names Indefinite $ 177,250 $ 177,250 Dealer networks 12.2 95,581 $ 14,288 95,581 $ 12,328 Backlog 0.5 19,527 19,527 19,527 19,135 Non-compete agreements 4.1 5,347 2,330 5,347 2,084 Leasehold interest-favorable 8.1 2,000 502 2,000 441 Other intangible assets, gross 299,705 36,647 299,705 33,988 Less accumulated amortization 36,647 33,988 Other intangible assets, net $ 263,058 $ 265,717
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 Fiscal 2019 $ 6,828 Fiscal 2020 9,032 Fiscal 2021 9,032 Fiscal 2022 8,405 Fiscal 2023 8,197 Thereafter 44,314 Total amortization expense remaining $ 85,808

Warranty Warranty (Tables)

Warranty Warranty (Tables)	3 Months Ended
	Nov. 24, 2018
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 24, November 25, Balance at beginning of period $ 40,498 $ 30,805 Provision 10,757 9,953 Claims paid (9,952 ) (8,258 ) Balance at end of period $ 41,303 $ 32,500

Long-Term Debt Long-Term Debt_2

Long-Term Debt Long-Term Debt (Tables)	3 Months Ended
	Nov. 24, 2018
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The components of long-term debt are as follows: (in thousands) November 24, August 25, ABL $ 14 $ 38,532 Term Loan 260,000 260,000 Long-term debt, excluding debt issuance costs 260,014 298,532 Debt issuance cost, net (6,752 ) (7,091 ) Long-term debt $ 253,262 $ 291,441
Schedule of Maturities of Long-term Debt	Aggregate contractual maturities of debt in future fiscal years are as follows: (in thousands) Amount Fiscal 2019 $ — Fiscal 2020 10,250 Fiscal 2021 15,000 Fiscal 2022 15,000 Fiscal 2023 219,750 Total Term Loan $ 260,000

Employee and Retiree Benefits E

Employee and Retiree Benefits Employee and Retiree Benefits (Tables)	3 Months Ended
	Nov. 24, 2018
Retirement Benefits [Abstract]
Schedule of Amounts Recognized in Balance Sheet [Table Text Block]	Deferred compensation liabilities are as follows: (in thousands) November 24, August 25, Non-qualified deferred compensation $ 14,187 $ 14,831 Supplemental executive retirement plan 2,324 2,309 Executive share option plan 736 935 Executive deferred compensation plan 548 421 Officer stock-based compensation — 1,528 Deferred compensation benefits 17,795 20,024 Less current portion (1) 3,581 4,742 Deferred compensation benefits, net of current portion $ 14,214 $ 15,282 (1) Included in Accrued compensation on the Condensed Consolidated Balance Sheets .

Income Per Share Income Per Sha

Income Per Share Income Per Share (Tables)	3 Months Ended
	Nov. 24, 2018
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 24, November 25, Numerator Net income $ 22,161 $ 17,958 Denominator Weighted average common shares outstanding 31,567 31,614 Dilutive impact of stock compensation awards 247 158 Weighted average common shares outstanding, assuming dilution 31,814 31,772 Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution 90 73 Basic income per common share $ 0.70 $ 0.57 Diluted income per common share $ 0.70 $ 0.57

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Nov. 24, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Changes in Accumulated Other Comprehensive Income ("AOCI") by component, net of tax, were: Three Months Ended November 24, 2018 November 25, 2017 (in thousands) Defined Benefit Pension Items Interest Rate Swap Total Defined Benefit Pension Items Interest Rate Swap Total Balance at beginning of period $ (591 ) $ 1,483 $ 892 $ (509 ) $ (514 ) $ (1,023 ) Other comprehensive income before reclassifications — (22 ) (22 ) — 634 634 Amounts reclassified from AOCI 8 — 8 6 — 6 Net current-period OCI 8 (22 ) (14 ) 6 634 640 Balance at end of period $ (583 ) $ 1,461 $ 878 $ (503 ) $ 120 $ (383 )
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 24, November 25, Amortization of net actuarial loss SG&A $ 8 $ 6

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Details) - $ / shares	Jan. 23, 2019	Nov. 24, 2018	Nov. 25, 2017
New Accounting Pronouncements and Subsequent Events [Line Items]
Dividends paid per common share		$ 0.10	$ 0.10
Subsequent Event [Member]
New Accounting Pronouncements and Subsequent Events [Line Items]
Dividends paid per common share	$ 0.11

Business Segments Business Se_3

Business Segments Business Segments (Details) $ in Thousands	3 Months Ended
	Nov. 24, 2018USD ($)reportable_segments	Nov. 25, 2017USD ($)	Aug. 25, 2018USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | reportable_segments	2
Net revenues	$ 493,648	$ 450,021
Purchases of property and equipment	12,771	5,357
Assets	1,029,973		$ 1,051,805
Net income	22,161	17,958
Interest expense	4,501	4,781
Provision for income taxes	6,726	8,560
Depreciation	3,169	2,130
Amortization of intangible assets	2,659	2,055
EBITDA	39,216	35,484
Acquisition-related costs	0	50
Non-operating income	(763)	(123)
Adjusted EBITDA	38,453	35,411
Motorhome [Member]
Segment Reporting Information [Line Items]
Net revenues	181,328	188,197
Purchases of property and equipment	3,192	3,107
Assets	303,984		322,048
Adjusted EBITDA	11,976	4,900
Towable [Member]
Segment Reporting Information [Line Items]
Net revenues	292,833	259,665
Purchases of property and equipment	8,877	2,250
Assets	624,445		626,588
Adjusted EBITDA	30,828	33,392
Corporate All Other [Member]
Segment Reporting Information [Line Items]
Net revenues	19,487	2,159
Purchases of property and equipment	702	0
Assets	101,544		$ 103,169
Adjusted EBITDA	$ (4,351)	$ (2,881)

Revenue Revenue Disaggregation

Revenue Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Disaggregation of Revenue [Line Items]
Net revenues	$ 493,648	$ 450,021
Motorhome [Member]
Disaggregation of Revenue [Line Items]
Net revenues	181,328	188,197
Motorhome [Member] | Class A [Domain]
Disaggregation of Revenue [Line Items]
Net revenues	48,678	74,205
Motorhome [Member] | Class B [Domain]
Disaggregation of Revenue [Line Items]
Net revenues	68,720	29,120
Motorhome [Member] | Class C [Domain]
Disaggregation of Revenue [Line Items]
Net revenues	56,142	76,775
Motorhome [Member] | Other [Domain]
Disaggregation of Revenue [Line Items]
Net revenues	7,788	8,097
Towable [Member]
Disaggregation of Revenue [Line Items]
Net revenues	292,833	259,665
Towable [Member] | Travel Trailer [Domain]
Disaggregation of Revenue [Line Items]
Net revenues	125,626	112,725
Towable [Member] | Fifth Wheel [Domain]
Disaggregation of Revenue [Line Items]
Net revenues	162,749	144,114
Towable [Member] | Other [Domain]
Disaggregation of Revenue [Line Items]
Net revenues	4,458	2,826
Corporate All Other [Member]
Disaggregation of Revenue [Line Items]
Net revenues	19,487	2,159
Corporate All Other [Member] | Other [Domain]
Disaggregation of Revenue [Line Items]
Net revenues	$ 19,487	$ 2,159

Derivatives, Investments and _3

Derivatives, Investments and Fair Value Measurements Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Nov. 24, 2018	Aug. 25, 2018
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Domestic equity funds	$ 996	$ 1,143
International equity funds	141	139
Fixed income funds	215	223
Interest rate swap contract, assets	1,930	1,959
Total assets (liabilities) at fair value	3,282	3,464
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Domestic equity funds	928	1,114
International equity funds	100	120
Fixed income funds	61	132
Interest rate swap contract, assets	0	0
Total assets (liabilities) at fair value	1,089	1,366
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Domestic equity funds	68	29
International equity funds	41	19
Fixed income funds	154	91
Interest rate swap contract, assets	1,930	1,959
Total assets (liabilities) at fair value	2,193	2,098
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Domestic equity funds	0	0
International equity funds	0	0
Fixed income funds	0	0
Interest rate swap contract, assets	0	0
Total assets (liabilities) at fair value	$ 0	$ 0

Derivatives, Investments and _4

Derivatives, Investments and Fair Value Measurements Derivatives, Investments and Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Aug. 25, 2018	Nov. 08, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, gross	$ 260,014	$ 298,532
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment charges	0
Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, gross	$ 260,000	$ 260,000	$ 300,000
Interest rate, stated percentage	5.32%	5.32%
Term Loan | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	$ 170,000	$ 170,000

Inventories Inventories-Balance

Inventories Inventories-Balance (Details) - USD ($) $ in Thousands	Nov. 24, 2018	Aug. 25, 2018
Inventory Disclosure [Abstract]
Finished goods	$ 44,602	$ 26,513
Work-in-process	75,072	68,339
Raw materials	111,147	139,039
Total	230,821	233,891
LIFO reserve	39,360	38,763
Total inventories	$ 191,461	$ 195,128

Inventories Inventories-Basis (

Inventories Inventories-Basis (Details) - USD ($) $ in Thousands	Nov. 24, 2018	Aug. 25, 2018
Inventory Disclosure [Abstract]
Inventory, LIFO	$ 178,377	$ 176,215
Inventory, FIFO	52,444	57,676
Inventory, gross	$ 230,821	$ 233,891

Property, Plant, and Equipmen_3

Property, Plant, and Equipment Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017	Aug. 25, 2018
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 250,829		$ 239,257
Less accumulated depreciation	140,617		138,064
Property, plant, and equipment, net	110,212		101,193
Depreciation	3,169	$ 2,130
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	6,747		6,747
Buildings and building improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	102,478		94,622
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	107,839		105,663
Software [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	24,920		23,388
Transportation [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 8,845		$ 8,837

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Goodwill [Line Items]
Goodwill	$ 274,370	$ 242,728
Beginning balance	274,370	242,728
Goodwill, Purchase Accounting Adjustments	702	1,956
Ending balance	275,072	244,684
Towable [Member]
Goodwill [Line Items]
Goodwill	244,684	242,728
Beginning balance	244,684	242,728
Goodwill, Purchase Accounting Adjustments	0	1,956
Ending balance	244,684	244,684
Corporate All Other [Member]
Goodwill [Line Items]
Goodwill	29,686	0
Beginning balance	29,686	0
Goodwill, Purchase Accounting Adjustments	702	0
Ending balance	$ 30,388	$ 0

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Aug. 25, 2018
Schedule of Intangible Assets [Line Items]
Other intangible assets, gross	$ 299,705	$ 299,705
Accumulated amortization	36,647	33,988
Other intangible assets, net	$ 263,058	265,717
Finite-Lived Intangible Assets, Remaining Amortization Period	11 years
Trade names
Schedule of Intangible Assets [Line Items]
Other intangible assets, gross	$ 177,250	177,250
Dealer networks
Schedule of Intangible Assets [Line Items]
Other intangible assets, gross	95,581	95,581
Accumulated amortization	$ 14,288	12,328
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 years 2 months
Backlog
Schedule of Intangible Assets [Line Items]
Other intangible assets, gross	$ 19,527	19,527
Accumulated amortization	$ 19,527	19,135
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	6 months
Non-compete agreements
Schedule of Intangible Assets [Line Items]
Other intangible assets, gross	$ 5,347	5,347
Accumulated amortization	$ 2,330	2,084
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	4 years 1 month
Leasehold interest-favorable
Schedule of Intangible Assets [Line Items]
Other intangible assets, gross	$ 2,000	2,000
Accumulated amortization	$ 502	$ 441
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	8 years 1 month

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets Future Amortization of Intangible Assets (Details) $ in Thousands	Nov. 24, 2018USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Fiscal 2,019	$ 6,828
Fiscal 2,020	9,032
Fiscal 2,021	9,032
Fiscal 2,022	8,405
Fiscal 2,023	8,197
Fiscal 2,023	44,314
Total amortization expense remaining	$ 85,808

Warranty Schedule of Product Wa

Warranty Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 40,498	$ 30,805
Provision	10,757	9,953
Claims paid	(9,952)	(8,258)
Balance at end of period	$ 41,303	$ 32,500

Long-Term Debt Components of Lo

Long-Term Debt Components of Long-Term Debt (Details) - USD ($) $ in Thousands	Nov. 24, 2018	Sep. 21, 2018	Aug. 25, 2018	Nov. 08, 2016
Debt Instrument [Line Items]
Long-term debt, gross	$ 260,014		$ 298,532
Debt issuance cost, net	(6,752)		(7,091)
Long-term debt	253,262		291,441
ABL
Debt Instrument [Line Items]
Long-term debt, gross	14	$ 165,000	38,532	$ 125,000
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 260,000		$ 260,000	$ 300,000

Long-Term Debt Long-Term Debt C

Long-Term Debt Long-Term Debt Contractual Maturities (Details) - USD ($) $ in Thousands	Nov. 24, 2018	Aug. 25, 2018	Nov. 08, 2016
Debt Instrument [Line Items]
Total Term Loan	$ 260,014	$ 298,532
Term Loan
Debt Instrument [Line Items]
Fiscal 2,019	0
Fiscal 2,020	10,250
Fiscal 2,021	15,000
Fiscal 2,022	15,000
Fiscal 2,023	219,750
Total Term Loan	$ 260,000	$ 260,000	$ 300,000

Employee and Retiree Benefits S

Employee and Retiree Benefits Schedule of Deferred Compensation Benefits (Details) - USD ($) $ in Thousands	Nov. 24, 2018	Aug. 25, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Non-qualified deferred compensation	$ 14,187	$ 14,831
Supplemental executive retirement plan	2,324	2,309
Executive share option plan	736	935
Executive deferred compensation plan	548	421
Officer stock-based compensation	0	1,528
Deferred compensation benefits	17,795	20,024
Less current portion	3,581	4,742
Deferred compensation benefits, net of current portion	$ 14,214	$ 15,282

Stock-Based Compensation Stock-

Stock-Based Compensation Stock-Based Compensation Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Stockholders' Equity Note [Abstract]
Stock-based compensation	$ 2,472	$ 823

Contingent Liabilites and Com_2

Contingent Liabilites and Commitments Repurchase Commitments Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 24, 2018	Aug. 25, 2018
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Repurchase agreement term	24 months
Accrued loss on repurchases	$ 0.9	$ 0.9
Obligation to Repurchase from Dealers [Member]
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Contingent liability on repurchase agreements	$ 933.4	$ 879

Income Taxes Income Taxes Narra

Income Taxes Income Taxes Narrative (Details)	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Income Tax Disclosure [Abstract]
Effective income tax rate	23.30%	32.30%

Income Per Share Income Per S_2

Income Per Share Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Income Per Share
Net income	$ 22,161	$ 17,958
Weighted average shares outstanding	31,567	31,614
Dilutive impact of awards and options outstanding	247	158
Weighted average shares and potential dilutive shares outstanding	31,814	31,772
Net income per share - basic (in dollars per share)	$ 0.70	$ 0.57
Net income per share - assuming dilution (in dollars per share)	$ 0.70	$ 0.57
Employee Stock Option [Member]
Income Per Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	90	73

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) Changes in AOCI by component (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	$ 892
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income before reclassifications	(22)	$ 634
Amounts reclassified from AOCI	8	6
Balance at end of period	878
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(591)	(509)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Amounts reclassified from AOCI	8	6
Net current-period OCI	8	6
Balance at end of period	(583)	(503)
Accumulated Net Gain (Loss) from Interest Rate Swap [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	1,483	(514)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income before reclassifications	(22)	634
Net current-period OCI	(22)	634
Balance at end of period	1,461	120
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	892	(1,023)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Other comprehensive income before reclassifications	(22)	634
Amounts reclassified from AOCI	8	6
Net current-period OCI	(14)	640
Balance at end of period	$ 878	$ (383)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) Reclassification from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 24, 2018	Nov. 25, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial loss (net of tax of $3 and $4)	$ 8	$ 6
Selling, General and Administrative 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 of $3 and $4)	$ 8	$ 6