Winnebago Industries (WGO) 10-Q 18 Dec 20 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Nov. 28, 2020	Dec. 10, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 28, 2020
Document Transition Report	false
Entity File Number	001-06403
Entity Registrant Name	WINNEBAGO INDUSTRIES, INC.
Entity Incorporation, State or Country Code	IA
Entity Tax Identification Number	42-0802678
Entity Address, Address Line One	P. O. Box 152
Entity Address, City or Town	Forest City
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50436
City Area Code	641-
Local Phone Number	585-3535
Title of 12(b) Security	Common Stock, $0.50 par value per share
Trading Symbol	WGO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,554,500
Entity Central Index Key	0000107687
Current Fiscal Year End Date	--08-28
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019
Income Statement [Abstract]
Net revenues	$ 793,131	$ 588,458
Cost of goods sold	656,127	509,845
Gross profit	137,004	78,613
Selling, general, and administrative expenses	48,399	51,105
Amortization of intangible assets	3,590	3,614
Total operating expenses	51,989	54,719
Operating income	85,015	23,894
Interest expense	9,941	6,049
Non-operating loss (income)	94	(116)
Income before income taxes	74,980	17,961
Provision for income taxes	17,557	3,893
Net income	$ 57,423	$ 14,068
Income per common share:
Basic (in dollars per share)	$ 1.71	$ 0.44
Diluted (in dollars per share)	$ 1.70	$ 0.44
Weighted average common shares outstanding:
Basic (in shares)	33,609	32,067
Diluted (in shares)	33,839	32,267
Net income	$ 57,423	$ 14,068
Other comprehensive income (loss):
Amortization of net actuarial loss (net of tax of $3 and $3)	(9)	(8)
Interest rate swap activity (net of tax of $— and $22)	0	(68)
Total other comprehensive income (loss)	9	(60)
Comprehensive income	$ 57,432	$ 14,008

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019
Other comprehensive income (loss):
Amortization of net actuarial loss, tax	$ 3	$ 3
Interest rate swap activity, tax	$ 0	$ 22

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands	Nov. 28, 2020	Aug. 29, 2020
Current assets:
Cash and cash equivalents	$ 272,939	$ 292,575
Receivables, less allowance for doubtful accounts ($349 and $353, respectively)	231,182	220,798
Inventories, net	263,137	182,941
Prepaid expenses and other assets	21,162	17,296
Total current assets	788,420	713,610
Property, plant, and equipment, net	171,210	174,945
Other assets:
Goodwill	348,058	348,058
Other intangible assets, net	401,178	404,768
Investment in life insurance	27,904	27,838
Operating lease assets	28,838	29,463
Other assets	15,382	15,018
Total assets	1,780,990	1,713,700
Current liabilities:
Accounts payable	123,328	132,490
Income taxes payable	25,565	8,840
Accrued expenses:
Accrued compensation	33,620	36,533
Product warranties	70,502	64,031
Self-insurance	18,410	17,437
Promotional	10,817	12,543
Accrued interest	8,184	4,652
Other	22,975	23,864
Total current liabilities	313,401	300,390
Non-current liabilities:
Long-term debt, less current maturities	516,527	512,630
Deferred income taxes	16,483	15,608
Unrecognized tax benefits	6,692	6,511
Operating lease liabilities	26,492	27,048
Deferred compensation benefits, net of current portion	10,884	11,130
Other	18,953	12,917
Total non-current liabilities	596,031	585,844
Contingent liabilities and commitments (Note 11)
Stockholders' equity:
Preferred stock, par value $0.01: Authorized-10,000 shares; Issued-zero	0	0
Common stock, par value $0.50: Authorized-60,000 shares; Issued-51,776 shares	25,888	25,888
Additional paid-in capital	204,551	203,791
Retained earnings	966,945	913,610
Accumulated other comprehensive loss	(517)	(526)
Treasury stock, at cost: 18,275 and 18,133 shares, respectively	(325,309)	(315,297)
Total stockholders' equity	871,558	827,466
Total liabilities and stockholders' equity	$ 1,780,990	$ 1,713,700
Capital stock common, shares issued (in shares)	51,776	51,776

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 28, 2020	Aug. 29, 2020
Current assets:
Allowance for doubtful accounts	$ 349	$ 353
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Capital stock common, par value (in dollars per share)	$ 0.50	$ 0.50
Capital stock common, shares authorized (in shares)	60,000,000	60,000,000
Capital stock common, shares issued (in shares)	51,776,000	51,776,000
Treasury stock, at cost, shares (in shares)	18,275,000	18,133,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019
Operating activities:
Net income	$ 57,423	$ 14,068
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	4,160	3,586
Amortization of intangible assets	3,590	3,614
Non-cash interest expense, net	3,351	1,023
Amortization of debt issuance costs	606	760
Last-in, first-out expense	276	332
Stock-based compensation	2,354	1,583
Deferred income taxes	872	731
Other, net	(3,329)	65
Change in assets and liabilities:
Receivables	(10,380)	27,906
Inventories	(80,472)	20,082
Prepaid expenses and other assets	583	(84)
Accounts payable	(8,371)	(4,214)
Income taxes and unrecognized tax benefits	16,556	3,217
Accrued expenses and other liabilities	10,111	6,364
Net cash (used in) provided by operating activities	(2,670)	79,033
Investing activities:
Purchases of property and equipment	(8,689)	(6,624)
Acquisition of business, net of cash acquired	0	(264,280)
Proceeds from sale of property and equipment	7,775	0
Other, net	(234)	243
Net cash used in investing activities	(1,148)	(270,661)
Financing activities:
Borrowings on long-term debt	798,359	903,292
Repayments on long-term debt	(798,359)	(603,292)
Purchase of convertible bond hedge	0	(70,800)
Proceeds from issuance of warrants	0	42,210
Payments of cash dividends	(4,046)	(3,469)
Payments for repurchases of common stock	(11,606)	(1,663)
Payments of debt issuance costs	0	(10,707)
Other, net	(166)	(46)
Net cash (used in) provided by financing activities	(15,818)	255,525
Net (decrease) increase in cash and cash equivalents	(19,636)	63,897
Cash and cash equivalents at beginning of period	292,575	37,431
Cash and cash equivalents at end of period	272,939	101,328
Supplement cash flow disclosure:
Income taxes received, net	(195)	(311)
Interest paid	2,377	5,193
Non-cash transactions:
Issuance of Winnebago common stock for acquisition of business	0	92,572
Capital expenditures in accounts payable	$ 613	$ 2,063

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' 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 (in shares) at Aug. 31, 2019		51,776				20,262
Beginning balance at Aug. 31, 2019	$ 632,212	$ 25,888	$ 91,185	$ 866,886	$ (491)	$ (351,256)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures	1,583		1,574			$ 9
Stock-based compensation, net of forfeitures (in shares)						0
Issuance of stock, net	0		(2,219)			$ 2,219
Issuance of stock, net (in shares)						128
Repurchase of common stock (in shares)						(43)
Repurchase of common stock	(1,663)					$ (1,663)
Common stock dividends	(3,485)			(3,485)
Actuarial loss, net of tax	8				8
Interest rate swap activity, net of tax	(68)				(68)
Equity component of convertible senior notes and offering costs, net of tax of $20,915	61,555		61,555
Convertible note hedge purchase, net of tax of $17,417	(53,383)		(53,383)
Warrant transactions	42,210		42,210
Net income	14,068			14,068
Ending balance (in shares) at Nov. 30, 2019		51,776				18,177
Ending balance at Nov. 30, 2019	785,609	$ 25,888	198,733	877,469	(551)	$ (315,930)
Beginning balance (in shares) at Aug. 29, 2020		51,776				18,133
Beginning balance at Aug. 29, 2020	827,466	$ 25,888	203,791	913,610	(526)	$ (315,297)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures	2,354		2,346			$ 8
Stock-based compensation, net of forfeitures (in shares)						0
Issuance of stock, net	0		(1,586)			$ 1,586
Issuance of stock, net (in shares)						91
Issuance of stock for acquisition	92,572		57,811			$ 34,761
Issuance of stock for acquisition (in shares)						2,000
Repurchase of common stock (in shares)						(233)
Repurchase of common stock	(11,606)					$ (11,606)
Common stock dividends	(4,088)			(4,088)
Actuarial loss, net of tax	9				9
Net income	57,423			57,423
Ending balance (in shares) at Nov. 28, 2020		51,776				18,275
Ending balance at Nov. 28, 2020	$ 871,558	$ 25,888	$ 204,551	$ 966,945	$ (517)	$ (325,309)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Nov. 30, 2019USD ($)$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends paid per common share (in dollars per share) | $ / shares	$ 0.11
Equity component of convertible senior notes and offering costs, tax	$ 20,915
Convertible note hedge purchase, tax	$ 17,417

Basis of Presentation

Basis of Presentation	3 Months Ended
	Nov. 28, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Unless the context otherwise requires, the use of the terms "Winnebago," "Company," "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. Interim results are not necessarily indicative of the results to be expected for the full year. 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 the Company's Annual Report on Form 10-K for the fiscal year ended August 29, 2020. Fiscal Period The Company follows a 52-/53-week fiscal year, ending the last Saturday in August. Fiscal 2021 and Fiscal 2020 are both a 52-week year. Cash and cash equivalents Cash equivalents include all investments with original maturities of three months or less or which are readily convertible into known amounts of cash and are not legally restricted. Accounts at each banking institution are insured by the Federal Deposit Insurance Corporation up to $250,000, while the remaining balances are uninsured. Subsequent Events In preparing the accompanying unaudited Condensed Consolidated Financial Statements, the Company evaluated subsequent events for potential recognition and disclosure through the date of this filing. There were no material subsequent events, except for the item noted below. Dividend On December 16, 2020, the Company's Board of Directors declared a quarterly cash dividend of $0.12 per share payable on January 27, 2021 to common stockholders of record at the close of business on January 13, 2021. Amendment to Articles of Incorporation On October 14, 2020, the Board adopted, subject to shareholder approval, an amendment to the Company’s Articles of Incorporation to increase the number of authorized shares of common stock, par value $0.50 per share, by 60 million shares to a total of 120 million shares. This amendment was approved by the Company’s shareholders at the 2020 Annual Meeting of Shareholders on December 15, 2020. The amendment, along with an amended and restated Articles of Incorporation, were made effective upon filing with the Secretary of State of the State of Iowa on December 16, 2020. Coronavirus (COVID-19) pandemic The Company is closely monitoring the impact of the novel coronavirus, or COVID-19, on all aspects of its business. COVID-19 was declared a global pandemic by the World Health Organization on March 11, 2020 and the President of the United States declared the COVID-19 outbreak a national emergency on March 13, 2020. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. The Company is taking advantage of the employer payroll tax (FICA) deferral offered by the CARES Act, which allows the Company to defer the payment of employer payroll taxes for the period from March 27, 2020 to December 31, 2020. The deferred FICA liability as of November 28, 2020 was $1.2 million and will be payable in equal installments at December 2021 and December 2022. Additionally, the Company took advantage of a tax credit granted to companies under the CARES Act who continued to pay their employees when operations were fully or partially suspended. The refundable tax credit through the end of the third quarter of Fiscal 2020, reflected in cost of goods sold and within other current assets, is approximately $4.0 million and will be received in Fiscal 2021. Recently Adopted Accounting Pronouncements The Company adopted Accounting Standards Codification ("ASC") Topic 326, Financial Instruments—Credit Losses (“Topic 326”), effective August 30, 2020. The new impairment model (known as the current expected credit loss ("CECL") model) is based on expected losses rather than incurred losses. Topic 326 is applicable to financial assets measured at amortized cost, such as accounts receivable and deposits. It requires historical loss data to be adjusted to reflect changes in asset-specific considerations, current conditions and reasonable and supportable forecasts of future economic conditions. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. The Company adopted Topic 326 using the modified retrospective transition approach, which involves recognizing the cumulative effect of initial adoption of Topic 326 as an adjustment to its opening retained earnings as of August 30, 2020. Therefore, comparative information prior to the adoption date has not been adjusted. As a result of adoption of Topic 326, the Company did not recognize an incremental allowance for credit losses on its accounts receivable for the period ended November 28, 2020. The adoption of this standard did not materially impact the Company's Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) . ASU 2020-06 reduces the number of models used to account for convertible instruments, amends diluted EPS calculations for convertible instruments, and amends the requirements for a contract (or embedded derivative) that is potentially settled in an entity's own shares to be classified in equity. The amendments add certain disclosure requirements to increase transparency and decision-usefulness about a convertible instrument's terms and features. Under the amendment, the Company must use the if-converted method for including convertible instruments in diluted EPS as opposed to the treasury stock method. ASU 2020-06 is effective for annual reporting periods beginning after December 15, 2021 (the Company's Fiscal 2023). Early adoption is allowed under the standard with either a modified retrospective or full retrospective method. The Company expects to adopt the new guidance in the first quarter of Fiscal 2023. While it will change the Company's diluted EPS reporting, the extent to which the standard will have a material impact on the Company's consolidated financial statements is uncertain at this time. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company will adopt this standard when LIBOR is discontinued, and does not expect a material impact to its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740. The standard is effective for annual reporting periods beginning after December 15, 2020 (the Company's Fiscal 2022), including interim periods within those annual reporting periods. The Company expects to adopt the new guidance in the first quarter of Fiscal 2022, and does not expect a material impact to its consolidated financial statements.

Business Combinations

Business Combinations	3 Months Ended
	Nov. 28, 2020
Business Combinations [Abstract]
Business Combinations	Business Combinations Newmar Corporation On November 8, 2019, pursuant to the terms of the Stock Purchase Agreement dated September 15, 2019 (the "Purchase Agreement"), Winnebago completed the acquisition of 100% of Newmar Corporation, Dutch Real Estate Corp., New-Way Transport, and New-Serv (collectively “Newmar”). Newmar is a leading manufacturer of Class A and Super C motorized recreation vehicles that are sold through an established network of independent authorized dealers throughout North America. The following table summarizes the total consideration paid for Newmar as stipulated in the Purchase Agreement: (in thousands) November 8, 2019 Cash $ 264,433 Winnebago Industries shares: 2,000,000 at $46.29 92,572 Total $ 357,005 The cash portion of the purchase price of the acquisition and certain transaction expenses were funded through the private placement of convertible senior notes (as further described in Note 9, Long-Term Debt ) and cash on hand. The stock consideration was discounted by 7.0% due to lack of marketability because of the one year lock-up restrictions. The total purchase price was allocated to the net tangible and intangible assets of Newmar acquired, based on their fair values at the date of the acquisition. The Company believes that the information provides a reasonable basis for estimating the fair values. During the third quarter of Fiscal 2020, the Company finalized the valuation and completed the purchase price allocation, which included purchase price adjustments of $3.3 million. The following table summarizes the fair values assigned to the Newmar net assets acquired and the determination of net assets: (in thousands) November 8, 2019 Cash $ 3,469 Accounts receivable 37,147 Inventories 82,621 Prepaid expenses and other assets 9,830 Property, plant, and equipment 31,143 Goodwill 73,127 Other intangible assets 172,100 Total assets acquired 409,437 Accounts payable 14,023 Accrued compensation 4,306 Product warranties 15,147 Promotional 6,351 Other 11,637 Deferred tax liabilities 968 Total liabilities assumed 52,432 Total purchase price $ 357,005 The goodwill, recognized in the Company's Motorhome segment, 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. The full amount of goodwill is deductible for tax purposes. The following table summarizes the other intangible assets acquired: ($ in thousands) November 8, 2019 Useful Life-Years Trade name $ 98,000 Indefinite Dealer network 64,000 12.0 Backlog 8,800 0.5 Non-compete agreements 1,300 5.0 The fair value of the trade name and dealer network were estimated using an income approach. Under the income approach, an intangible asset's fair value is equal to the present value of the future economic benefits to be derived from ownership of the asset. The fair value of the trade name was estimated using an income approach, specifically the relief from royalty method. 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 was based on expected revenues. The fair value of the dealer network was estimated using an income approach, specifically the cost to recreate/cost saving method. This method uses the replacement of the asset as an indicator of the fair value of the asset. The useful life of the intangibles was determined considering the expected cash flows used to measure the fair value of the intangible assets adjusted for the entity-specific factors including legal, regulatory, contractual, competitive, economic or other factors that may limit the useful life of intangible assets. On the acquisition date, amortizable intangible assets had a weighted-average useful life of approximately 10.5 years. The results of Newmar's operations have been included in the Company's Condensed Consolidated Financial Statements from the close of the acquisition within the Motorhome segment. The following table provides net revenues and operating income from the Newmar operating segment included in the Company's consolidated results following the November 8, 2019 closing date: Three Months Ended (in thousands) November 28, 2020 November 30, 2019 Net revenues $ 118,779 $ 35,663 Operating income (loss) 4,084 (1,283) The following information represents the Company's actual results of operations for the three months ended November 28, 2020, and proforma information for the three months ended November 30, 2019 as if the Fiscal 2020 acquisition of Newmar had occurred at the beginning of Fiscal 2020: Three Months Ended (in thousands, except per share data) November 28, 2020 November 30, 2019 Net revenues $ 793,131 $ 741,717 Net income 57,423 17,197 Income per share - basic $ 1.71 $ 0.51 Income per share - diluted $ 1.70 $ 0.50 The Company's actual results of operations for the three months ended November 28, 2020 did not include any significant non-recurring adjustments related to the close of the transaction. The unaudited pro forma data for the three months ended November 30, 2019 above includes the following significant non-recurring adjustments made to account for certain costs which would have changed if the acquisition of Newmar had occurred at the beginning of Fiscal 2020: Three Months Ended (in thousands) November 30, 2019 Amortization of intangibles (1 year or less useful life) (1) $ 2,251 Amortization of intangibles (2) (1,057) Expenses related to business combination (transaction costs) 9,950 Interest to reflect new debt structure (3) (3,367) Taxes related to the adjustments to the pro forma data and to the income of Newmar (4) (832) (1) Includes amortization adjustments for our backlog intangible asset and our fair-value inventory adjustment. (2) Includes amortization adjustments for our dealer network and non-compete intangible assets. (3) Includes adjustments for cash and non-cash interest expense as well as deferred financing costs. Refer to Note 9, Long-Term Debt, for additional information on the Company's new debt structure as a result of the acquisition. (4) Calculated using our U.S. federal statutory rate of 21.0%. The unaudited pro forma information for the three months ended November 30, 2019 is not necessarily indicative of the results that the Company would have achieved had the transaction actually taken place at the beginning of Fiscal 2020, and the unaudited pro forma information for the three months ended November 30, 2019 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. Total transaction costs related to the Newmar acquisition were $10.4 million, of which $9.8 million were expensed during Fiscal 2020 and $0.6 million were expensed during the fourth quarter of Fiscal 2019. There were no transaction costs incurred during the first three months of Fiscal 2021. Transaction costs are included in Selling, general, and administrative expenses in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income.

Business Segments

Business Segments	3 Months Ended
	Nov. 28, 2020
Segment Reporting [Abstract]
Business Segments	Business Segments The Company has six operating segments: 1) Grand Design towables, 2) Winnebago towables, 3) Winnebago motorhomes, 4) Newmar motorhomes, 5) Chris-Craft marine, and 6) Winnebago specialty vehicles. The Company evaluates performance based on each operating segment's Adjusted EBITDA, as defined below, which excludes certain corporate administration expenses and non-operating income and expense. The Company's two reportable segments include: 1) 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 Grand Design towables and the Winnebago towables operating segments and 2) Motorhome (comprised of products that include a motorized chassis as well as other related manufactured products and services), which is an aggregation of the Winnebago motorhomes and Newmar motorhomes operating segments. The Corporate / All Other category includes the Chris-Craft marine and Winnebago specialty vehicles 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. 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. The Company's chief operating decision maker ("CODM") is its Chief Executive Officer. The Company's CODM relies on internal management reporting that analyzes consolidated results to the net earnings level and operating segment's Adjusted EBITDA. The Company's CODM has ultimate responsibility for enterprise decisions. The Company's CODM determines, in particular, resource allocation for, and monitors the performance of, the consolidated enterprise, the Towable segment, and the Motorhome segment. The operating segments' 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 the Company's Annual Report on Form 10-K for the fiscal year ended August 29, 2020. The Company evaluates the performance of its 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 fair-value inventory step-up, acquisition-related costs, restructuring expenses, gain or loss on sale of property and equipment, and non-operating income. The following table shows information by reportable segment: Three Months Ended (in thousands) November 28, November 30, Net Revenues Towable $ 454,901 $ 341,250 Motorhome 322,389 225,891 Corporate / All Other 15,841 21,317 Consolidated $ 793,131 $ 588,458 Adjusted EBITDA Towable $ 63,143 $ 35,785 Motorhome 30,343 9,331 Corporate / All Other (4,193) (3,068) Consolidated $ 89,293 $ 42,048 Capital Expenditures Towable $ 4,137 $ 4,026 Motorhome 4,003 2,240 Corporate / All Other 549 358 Consolidated $ 8,689 $ 6,624 (in thousands) November 28, August 29, Total Assets Towable $ 732,419 $ 718,253 Motorhome 671,761 600,304 Corporate / All Other 376,810 395,143 Consolidated $ 1,780,990 $ 1,713,700 Reconciliation of net income to consolidated Adjusted EBITDA: Three Months Ended (in thousands) November 28, 2020 November 30, 2019 Net income $ 57,423 $ 14,068 Interest expense 9,941 6,049 Provision for income taxes 17,557 3,893 Depreciation 4,160 3,586 Amortization of intangible assets 3,590 3,614 EBITDA 92,671 31,210 Acquisition-related fair-value inventory step-up — 1,176 Acquisition-related costs — 9,950 Restructuring expenses 93 (172) Gain on sale of property and equipment (3,565) — Non-operating loss (income) 94 (116) Adjusted EBITDA $ 89,293 $ 42,048

Investments and Fair Value Meas

Investments and Fair Value Measurements	3 Months Ended
	Nov. 28, 2020
Fair Value Disclosures [Abstract]
Investments and Fair Value Measurements	Investments and Fair Value Measurements Assets and Liabilities that are Measured at Fair Value on a Recurring Basis The Company accounts 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. The Company's 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 the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis at November 28, 2020 and August 29, 2020 according to the valuation techniques the Company used to determine their fair values: Fair Value at Fair Value Hierarchy (in thousands) November 28, Level 1 Level 2 Level 3 Assets that fund deferred compensation: Domestic equity funds $ 783 $ 783 $ — $ — International equity funds 35 35 — — Fixed income funds 49 49 — — Total assets at fair value $ 867 $ 867 $ — $ — Fair Value at Fair Value Hierarchy (in thousands) August 29, Level 1 Level 2 Level 3 Assets that fund deferred compensation: Domestic equity funds $ 626 $ 626 $ — $ — International equity funds 34 34 — — Fixed income funds 50 50 — — Total assets at fair value $ 710 $ 710 $ — $ — The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Assets that fund deferred compensation The Company's 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 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 11, 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 29, 2020 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. Assets and Liabilities that are measured at Fair Value on a Nonrecurring Basis The Company's 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, the Company 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 2021 or the first quarter of Fiscal 2020. Fair Value of Financial Instruments The Company's 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

Inventories	3 Months Ended
	Nov. 28, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: (in thousands) November 28, August 29, Finished goods $ 9,295 $ 17,141 Work-in-process 137,280 86,651 Raw materials 152,671 114,982 Total 299,246 218,774 Less last-in, first-out ("LIFO") reserve 36,109 35,833 Inventories, net $ 263,137 $ 182,941 Inventory valuation methods consist of the following: (in thousands) November 28, August 29, LIFO basis $ 124,002 $ 88,675 First-in, first-out basis 175,244 130,099 Total $ 299,246 $ 218,774

Property, Plant, and Equipment

Property, Plant, and Equipment	3 Months Ended
	Nov. 28, 2020
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment	Property, Plant, and Equipment Property, plant, and equipment is stated at cost, net of accumulated depreciation, and consists of the following: (in thousands) November 28, August 29, Land $ 9,111 $ 11,101 Buildings and building improvements 144,701 144,565 Machinery and equipment 118,317 117,370 Software 28,359 28,456 Transportation 4,840 4,913 Construction in progress 17,907 20,778 Property, plant, and equipment, gross 323,235 327,183 Less accumulated depreciation 152,025 152,238 Property, plant, and equipment, net $ 171,210 $ 174,945 Depreciation expense was $4.2 million and $3.6 million during the first quarters of Fiscal 2021 and 2020, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Nov. 28, 2020
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 three months of Fiscal 2021 and 2020, of which there were no accumulated impairment losses: (in thousands) Towable Motorhome Corporate / All Other Total Balances at August 31, 2019 $ 244,684 $ — $ 30,247 $ 274,931 Acquisition of Newmar (1) — 72,909 — 72,909 Balances at November 30, 2019 $ 244,684 $ 72,909 $ 30,247 $ 347,840 Balances at August 29, 2020 and November 28, 2020 (2) $ 244,684 $ 73,127 $ 30,247 $ 348,058 (1) The change in Motorhome activity is related to the acquisition of Newmar. Refer to Note 2, Business Combinations, for additional information. (2) There was no activity in the three months beginning August 29, 2020 and ending November 28, 2020. Other intangible assets, net of accumulated amortization, consist of the following: November 28, 2020 August 29, 2020 ($ in thousands) Weighted Average Life-Years Cost Accumulated Amortization Weighted Average Life-Years Cost Accumulated Amortization Trade names Indefinite $ 275,250 Indefinite $ 275,250 Dealer networks 12.1 159,581 $ 35,778 12.2 159,581 $ 32,487 Backlog 0.5 28,327 28,327 0.5 28,327 28,327 Non-compete agreements 4.3 6,647 4,522 4.1 6,647 4,223 Other intangible assets, gross 469,805 68,627 469,805 65,037 Less accumulated amortization 68,627 65,037 Other intangible assets, net $ 401,178 $ 404,768 The weig hted average remaining amortization period for intangible assets as of November 28, 2020 was approximatel y 10 years. Remaining estimated aggregate annual amortization expense by fiscal year is as follows: (in thousands) Amount Fiscal 2021 $ 10,771 Fiscal 2022 13,719 Fiscal 2023 13,526 Fiscal 2024 13,424 Fiscal 2025 13,219 Thereafter 61,269 Total amortization expense remaining $ 125,928

Product Warranties

Product Warranties	3 Months Ended
	Nov. 28, 2020
Product Warranties Disclosures [Abstract]
Product Warranties	Product Warranties The Company provides certain service and warranty on its products. From time to time, the Company also voluntarily incurs costs for certain warranty-type expenses occurring after the normal warranty period to help protect the reputation of the Company's products and the goodwill of the Company's 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 products, the Company also occasionally incurs costs as a result of additional service actions not covered by warranties, including product recalls and customer satisfaction actions. Although the Company estimates and reserves 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 the Company's product warranty liability are as follows: Three Months Ended (in thousands) November 28, November 30, Balance at beginning of period $ 64,031 $ 44,436 Business acquisition (1) — 15,147 Provision 21,703 15,318 Claims paid (15,232) (13,794) Balance at end of period $ 70,502 $ 61,107 (1) Refer to Note 2, Business Combinations , for additional information.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Nov. 28, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The components of long-term debt are as follows: (in thousands) November 28, August 29, ABL Credit Facility $ — $ — Senior Secured Notes 300,000 300,000 Convertible Notes 300,000 300,000 Long-term debt, gross 600,000 600,000 Convertible Notes unamortized interest discount (70,943) (74,294) Debt issuance costs, net (12,530) (13,076) Long-term debt, net $ 516,527 $ 512,630 Credit Agreements On July 8, 2020, the Company closed its private offering (the “Senior Secured Notes Offering”) of $300 million aggregate principal amount of 6.25% Senior Secured Notes due 2028 (the “Senior Secured Notes”). The Senior Secured Notes were issued in accordance with an Indenture dated as of July 8, 2020 (the “Indenture”). The Senior Secured Notes will mature on July 15, 2028 unless earlier redeemed or repurchased. Interest on the Senior Secured Notes accrues starting July 8, 2020 and is payable semi-annually in arrears on January 15 and July 15 of each year, beginning January 15, 2021. The Senior Secured Notes and the related guarantees are secured by (i) a first-priority lien on substantially all of the Company’s and the subsidiary guarantor parties' existing and future assets (other than certain collateral under the Company’s ABL facility) and (ii) a second-priority lien on the Company’s present and future accounts and receivables, inventory and other related assets and proceeds that secure the ABL facility on a first-priority basis. The Indenture limits certain abilities of the Company and its subsidiaries (subject to certain exceptions and qualifications) to incur additional debt and provide additional guarantees; make restricted payments; create or permit certain liens; make certain asset sales; use the proceeds from the sale of assets and subsidiary stock; create or permit restrictions on the ability of the Company’s restricted subsidiaries to pay dividends or make other inter-company distributions; engage in certain transactions with affiliates; designate subsidiaries as unrestricted subsidiaries; and consolidate, merge or transfer all or substantially all of the Company’s assets and the assets of its restricted subsidiaries. The Company amortizes debt issuance costs on a straight-line basis over the term of the associated debt agreement. If early principal payments are made on the Senior Secured Notes, a proportional amount of the unamortized issuance costs is expensed. As part of the Senior Secured Notes Offering, the Company capitalized $7.3 million in debt issuance costs that will be amortized over the eight-year term of the agreement. On November 8, 2016, the Company entered into an asset-based revolving credit agreement ("ABL") and a loan agreement ("Term Loan") with JPMorgan Chase Bank, N.A. ("JPMorgan Chase"), as administrative agent and certain lenders from time to time party thereto. The remaining principal balance of the Term Loan as of July 8, 2020 was $249.8 million, which was repaid with the proceeds from the Senior Secured Notes, and debt issuance costs of $4.7 million were written off upon repayment. In addition, the interest rate swaps with a liability position of $0.6 million hedging the Term Loan interest rates were settled early in July 2020. Under the ABL, the Company has a $192.5 million credit facility that matures on October 22, 2024 (subject to certain factors which may accelerate the maturity date) on a revolving basis, subject to availability under a borrowing base consisting of eligible accounts receivable and eligible inventory. The ABL is available for issuance of letters of credit to a specified limit of $19.3 million. The Company pays a commitment fee of 0.25% on the average daily amount of the facility available, but unused. The Company can elect to base the interest rate on various rates plus specific spreads depending on the amount of borrowings outstanding. If drawn, the Company would pay interest on ABL borrowings at a floating rate based upon LIBOR plus a spread of between 1.25% and 1.75%, depending on the usage of the facility during the most recent quarter. Based on current usage, the Company would pay LIBOR plus 1.25%. Convertible Notes On November 1, 2019, the Company issued $300.0 million in aggregate principal amount of 1.5% unsecured convertible senior notes due 2025 (“Convertible Notes”). The net proceeds from the issuance of the Convertible Notes, after deducting the initial purchasers' transaction fees and offering expense payable by the Company, were approximately $290.2 million. The Convertible Notes bear interest at the annual rate of 1.5%, payable on April 1 and October 1 of each year, beginning on April 1, 2020, and will mature on April 1, 2025, unless earlier converted or repurchased by the Company. The Convertible Notes will be convertible into cash, shares of the Company's common stock or a combination thereof, at the election of the Company, at an initial conversion rate of 15.6906 shares of common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $63.73 per share, as adjusted pursuant to the terms of the indenture governing the Convertible Notes. The Convertible Notes may be converted at any time on or after October 1, 2024, until the close of business on the second scheduled trading day immediately preceding the maturity date. The conversion rate of the Convertible Notes may be adjusted in certain circumstances, including in connection with a conversion of the Convertible Notes made following certain fundamental changes and under other circumstances set forth in the indenture. It is the Company's current intent to settle all conversions of the Convertible Notes through settlement of cash. Prior to the close of business on the business day immediately preceding October 1, 2024, the Convertible Notes will be convertible only under the following circumstances: (1) during any fiscal quarter commencing after December 31, 2019 if the closing sale price of the common stock is more than 130% of the applicable conversion price on each applicable trading day for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business day period after any five consecutive trading day period (the "measurement period") in which the trading price per $1,000 principal amount of Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate for the Convertible Notes on each such trading day; or (3) upon the occurrence of certain specified corporate events set forth in the indenture. The Company may not redeem the Convertible Notes at its option prior to the maturity date, and no sinking fund is provided for the Convertible Notes. On October 29, 2019 and October 30, 2019, in connection with the offering of the Convertible Notes, the Company entered into privately negotiated convertible note hedge transactions (collectively, the “Hedge Transactions”) that cover, subject to customary anti-dilution adjustments, the number of shares of the Company's common stock that initially underlie the Convertible Notes, and are expected generally to reduce the potential dilution and/or offset any cash payments the Company is required to make in excess of the principal amount due, as the case may be, upon conversion of the Convertible Notes in the event that the market price of the Company's common stock is greater than the strike price of the Hedge Transactions, which was initially $63.73 per share (subject to adjustment under the terms of the Hedge Transactions), corresponding to the initial conversion price of the Convertible Notes. On October 29, 2019 and October 30, 2019, the Company also entered into privately negotiated warrant transactions (collectively, the “Warrant Transactions” and, together with the Hedge Transactions, the “Call Spread Transactions”), whereby the Company sold warrants at a higher strike price relating to the same number of shares of the Company's common stock that initially underlie the Convertible Notes, subject to customary anti-dilution adjustments. The initial strike price of the warrants is $96.20 per share (subject to adjustment under the terms of the Warrant Transactions), which is 100% above the last reported sale price of the Company's common stock on October 29, 2019. The Warrant Transactions could have a dilutive effect to the Company's stockholders to the extent that the market price per share of the Company's common stock, as measured under the terms of the Warrant Transactions, exceeds the applicable strike price of the warrants. The Company used $28.6 million of the net proceeds from the issuance of the Convertible Notes to pay the cost of the Call Spread Transactions. The Hedge Transactions and the Warrant Transactions are separate transactions, in each case, and are not part of the terms of the Convertible Notes and will not affect any holder’s rights under the Convertible Notes. Holders of the Convertible Notes will not have any rights with respect to the Call Spread Transactions. Accounting Treatment of the Convertible Notes and Related Hedge Transactions and Warrant Transactions The Call Spread Transactions were classified as equity. The Company bifurcated the proceeds from the offering of the Convertible Notes between liability and equity components. On the date of issuance, the liability and equity components were calculated to be approximately $215.0 million and $85.0 million, respectively. The initial $215.0 million liability component was determined based on the fair value of similar debt instruments excluding the conversion feature assuming a hypothetical interest rate of 8%. The initial $85.0 million ($64.1 million net of tax) equity component represents the difference between the fair value of the initial $215.0 million in debt and the $300.0 million of gross proceeds. The related initial debt discount of $85.0 million is being amortized over the life of the Convertible Notes as non-cash interest expense using the effective interest method. In connection with the above-noted transactions, the Company incurred approximately $9.8 million of offering-related costs. These offering fees were allocated to the liability and equity components in proportion to the allocation of proceeds and accounted for as debt and equity issuance costs, respectively. The Company allocated $7.0 million of debt issuance costs to the liability component, which were capitalized as deferred financing costs within Long-term debt. These costs are being amortized as interest expense over the term of the debt using the effective interest method. The remaining $2.8 million of transaction costs allocated to the equity component were recorded as a reduction of the equity component. Fair Value and Future Maturities As of November 28, 2020, the fair value of long-term debt, gross, was $655.0 million. As of August 29, 2020, the fair value of long-term debt, gross, was $674.7 million. Aggregate contractual maturities of debt in future fiscal years are as follows: (in thousands) Amount Fiscal 2021 $ — Fiscal 2022 — Fiscal 2023 — Fiscal 2024 — Fiscal 2025 300,000 Thereafter 300,000 Total Term Loan and Convertible Notes $ 600,000

Employee and Retiree Benefits

Employee and Retiree Benefits	3 Months Ended
	Nov. 28, 2020
Retirement Benefits [Abstract]
Employee and Retiree Benefits	Employee and Retiree Benefits Deferred compensation liabilities are as follows: (in thousands) November 28, August 29, Non-qualified deferred compensation $ 11,010 $ 11,460 Supplemental executive retirement plan 1,851 1,838 Executive deferred compensation plan 867 710 Deferred compensation benefits 13,728 14,008 Less current portion (1) 2,844 2,878 Deferred compensation benefits, net of current portion $ 10,884 $ 11,130 (1) Included in Accrued compensation on the Condensed Consolidated Balance Sheets.

Contingent Liabilities and Comm

Contingent Liabilities and Commitments	3 Months Ended
	Nov. 28, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Contingent Liabilities and Commitments Repurchase Commitments Generally, manufacturers in the same industries as the Company 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. The Company's repurchase agreements generally provide that, in the event of default by the dealer on the agreement to pay the lending institution, Winnebago Industries will repurchase the financed merchandise. The terms of these agreements, which generally can last up to 24 months, provide that the Company's 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. The Company's liability cannot exceed 100% of the dealer invoice. In certain instances, the Company also repurchases inventory from 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. The total contingent liability on all repurchase agreements of the Company was approximately $760.7 million and $798.9 million at November 28, 2020 and August 29, 2020, respectively. 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. The Company's loss reserve for repurchase commitments contains uncertainties because the calculation requires management to make assumptions and apply judgment regarding a number of factors. The Company's 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 the Company's 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 the Company's historical loss experience, an associated loss reserve is established which is included in Accrued expenses: Other on the Condensed Consolidated Balance Sheets. The Company's repurchase accrual was $0.9 million and $1.0 million at November 28, 2020 and August 29, 2020, respectively. Repurchase risk is affected by the credit worthiness of the Company's dealer network, and management does 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 28, 2020 and November 30, 2019. Litigation

Revenue

Revenue	3 Months Ended
	Nov. 28, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company generates all operating revenue from contracts with customers. The Company's primary source of revenue is generated through the sale of manufactured motorized units, non-motorized towable units, and marine units to the Company's independent dealer network (the Company's customers). The following table disaggregates revenue by reportable segment and product category: Three Months Ended (in thousands) November 28, November 30, Net Revenues Towable: Fifth Wheel $ 240,448 $ 195,189 Travel Trailer 208,596 140,463 Other (1) 5,857 5,598 Total Towable 454,901 341,250 Motorhome: Class A 134,166 65,644 Class B 109,287 85,456 Class C 69,286 66,876 Other (1) 9,650 7,915 Total Motorhome 322,389 225,891 Corporate / All Other: Other (2) 15,841 21,317 Total Corporate / All Other 15,841 21,317 Consolidated $ 793,131 $ 588,458 (1) Relates to parts, accessories, and services. (2) Relates to marine, specialty vehicle units, parts, accessories, and services. The Company does not have material contract assets or liabilities. The Company establishes allowances for uncollectible receivables based on historical collection trends, write-off history, consideration of current conditions and expectations for future economic conditions. Concentration of Risk None of the Company's dealer organizations accounted for more than 10% of net revenue for each of the first quarter periods of Fiscal 2021 and Fiscal 2020.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Nov. 28, 2020
Stockholders' Equity Note [Abstract]
Stock-Based Compensation	Stock-Based Compensation On December 11, 2018, the Company's shareholders approved the Winnebago Industries, Inc. 2019 Omnibus Incentive Plan ("2019 Plan") as detailed in the Company's Proxy Statement for the 2018 Annual Meeting of Shareholders. The 2019 Plan allows the Company 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. The 2019 Plan replaces our 2014 Omnibus Equity, Performance Award, and Incentive Compensation Plan (as amended, the "2014 Plan"). The number of shares of the Company's Common Stock that may be the subject of awards and issued under the 2019 Plan is 4.1 million, plus the shares subject to any awards outstanding under the 2014 Plan and the Company's predecessor plan, the 2004 Incentive Compensation Plan (the “2004 Plan”), on December 11, 2018 that subsequently expire, are forfeited or canceled, or are settled for cash. Until such time, however, awards under the 2014 Plan and the 2004 Plan, respectively, that are outstanding on December 11, 2018 will continue to be subject to the terms of the 2014 Plan or 2004 Plan, as applicable. Shares remaining available for future awards under the 2014 Plan were not carried over into the 2019 Plan. Stock-based compensation expense was $2.4 million and $1.6 million during the first quarters of Fiscal 2021 and 2020, respectively. Compensation expense is recognized over the requisite service period of the award.

Restructuring

Restructuring	3 Months Ended
	Nov. 28, 2020
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring In Fiscal 2020, the Company's Class A diesel production was moved from Junction City, OR to Forest City, IA. In November 2020, a portion of the property in Junction City, OR was sold for net proceeds of $7.7 million with a resulting gain of $3.6 million. The gain on this sale is included within selling, general, and administrative expenses for Fiscal 2021. Total restructuring expenses during the first quarter of Fiscal 2021 were $93,000. The Company does not expect additional reorganization charges during the remainder of Fiscal 2021.

Income Taxes

Income Taxes	3 Months Ended
	Nov. 28, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate increased to 23.4% for the three months ended November 28, 2020 from 21.7% for the three months ended November 30, 2019 due primarily to a more favorable benefit in the prior year related to stock compensation. The Company files a U.S. Federal tax return, as well as returns in various international and state jurisdictions. As of November 28, 2020, the Company's federal returns from Fiscal 2017 to present are subject to review by the Internal Revenue Service. With limited exception, state returns from Fiscal 2016 to present continue to be subject to review by state taxing jurisdictions. The Company is currently under review by certain U.S. state tax authorities for Fiscal 2016 through 2019. The Company believes it has adequately reserved for its exposure to additional payments for uncertain tax positions in its liability for unrecognized tax benefits.

Income Per Share

Income Per Share	3 Months Ended
	Nov. 28, 2020
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 28, November 30, Numerator Net income $ 57,423 $ 14,068 Denominator Weighted average common shares outstanding 33,609 32,067 Dilutive impact of stock compensation awards 230 200 Weighted average common shares outstanding, assuming dilution 33,839 32,267 Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution 140 73 Basic income per common share $ 1.71 $ 0.44 Diluted income per common share $ 1.70 $ 0.44 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. 28, 2020
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 28, 2020 November 30, 2019 (in thousands) Defined Benefit Pension Items Total Defined Benefit Pension Items Interest Rate Swap Total Balance at beginning of period $ (526) $ (526) $ (559) $ 68 $ (491) Other comprehensive income ("OCI") before reclassifications — — — (80) (80) Amounts reclassified from AOCI 9 9 8 12 20 Net current-period OCI 9 9 8 (68) (60) Balance at end of period $ (517) $ (517) $ (551) $ — $ (551) Reclassifications out of AOCI, net of tax, were: Three Months Ended (in thousands) Location on Consolidated Statements November 28, November 30, Amortization of net actuarial loss SG&A $ 9 $ 8 Interest rate contract Interest expense — 12 Total reclassifications $ 9 $ 20

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Nov. 28, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Unless the context otherwise requires, the use of the terms "Winnebago," "Company," "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. Interim results are not necessarily indicative of the results to be expected for the full year. 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 the Company's Annual Report on Form 10-K for the fiscal year ended August 29, 2020.
Fiscal Period	Fiscal Period The Company follows a 52-/53-week fiscal year, ending the last Saturday in August. Fiscal 2021 and Fiscal 2020 are both a 52-week year.
Cash and cash equivalents	Cash and cash equivalents Cash equivalents include all investments with original maturities of three months or less or which are readily convertible into known amounts of cash and are not legally restricted. Accounts at each banking institution are insured by the Federal Deposit Insurance Corporation up to $250,000, while the remaining balances are uninsured.
Subsequent Events	Subsequent Events In preparing the accompanying unaudited Condensed Consolidated Financial Statements, the Company evaluated subsequent events for potential recognition and disclosure through the date of this filing. There were no material subsequent events, except for the item noted below.
Recently Adopted/Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements The Company adopted Accounting Standards Codification ("ASC") Topic 326, Financial Instruments—Credit Losses (“Topic 326”), effective August 30, 2020. The new impairment model (known as the current expected credit loss ("CECL") model) is based on expected losses rather than incurred losses. Topic 326 is applicable to financial assets measured at amortized cost, such as accounts receivable and deposits. It requires historical loss data to be adjusted to reflect changes in asset-specific considerations, current conditions and reasonable and supportable forecasts of future economic conditions. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. The Company adopted Topic 326 using the modified retrospective transition approach, which involves recognizing the cumulative effect of initial adoption of Topic 326 as an adjustment to its opening retained earnings as of August 30, 2020. Therefore, comparative information prior to the adoption date has not been adjusted. As a result of adoption of Topic 326, the Company did not recognize an incremental allowance for credit losses on its accounts receivable for the period ended November 28, 2020. The adoption of this standard did not materially impact the Company's Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) . ASU 2020-06 reduces the number of models used to account for convertible instruments, amends diluted EPS calculations for convertible instruments, and amends the requirements for a contract (or embedded derivative) that is potentially settled in an entity's own shares to be classified in equity. The amendments add certain disclosure requirements to increase transparency and decision-usefulness about a convertible instrument's terms and features. Under the amendment, the Company must use the if-converted method for including convertible instruments in diluted EPS as opposed to the treasury stock method. ASU 2020-06 is effective for annual reporting periods beginning after December 15, 2021 (the Company's Fiscal 2023). Early adoption is allowed under the standard with either a modified retrospective or full retrospective method. The Company expects to adopt the new guidance in the first quarter of Fiscal 2023. While it will change the Company's diluted EPS reporting, the extent to which the standard will have a material impact on the Company's consolidated financial statements is uncertain at this time. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company will adopt this standard when LIBOR is discontinued, and does not expect a material impact to its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles of Topic 740. The standard is effective for annual reporting periods beginning after December 15, 2020 (the Company's Fiscal 2022), including interim periods within those annual reporting periods. The Company expects to adopt the new guidance in the first quarter of Fiscal 2022, and does not expect a material impact to its consolidated financial statements.

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Nov. 28, 2020
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the total consideration paid for Newmar as stipulated in the Purchase Agreement: (in thousands) November 8, 2019 Cash $ 264,433 Winnebago Industries shares: 2,000,000 at $46.29 92,572 Total $ 357,005
Schedule of Preliminary Fair Values Assigned	The following table summarizes the fair values assigned to the Newmar net assets acquired and the determination of net assets: (in thousands) November 8, 2019 Cash $ 3,469 Accounts receivable 37,147 Inventories 82,621 Prepaid expenses and other assets 9,830 Property, plant, and equipment 31,143 Goodwill 73,127 Other intangible assets 172,100 Total assets acquired 409,437 Accounts payable 14,023 Accrued compensation 4,306 Product warranties 15,147 Promotional 6,351 Other 11,637 Deferred tax liabilities 968 Total liabilities assumed 52,432 Total purchase price $ 357,005
Schedule of Finite-Lived Intangible Assets	The following table summarizes the other intangible assets acquired: ($ in thousands) November 8, 2019 Useful Life-Years Trade name $ 98,000 Indefinite Dealer network 64,000 12.0 Backlog 8,800 0.5 Non-compete agreements 1,300 5.0
Schedule of Indefinite-lived Intangible Assets	The following table summarizes the other intangible assets acquired: ($ in thousands) November 8, 2019 Useful Life-Years Trade name $ 98,000 Indefinite Dealer network 64,000 12.0 Backlog 8,800 0.5 Non-compete agreements 1,300 5.0
Schedule of Pro Forma Information	The following table provides net revenues and operating income from the Newmar operating segment included in the Company's consolidated results following the November 8, 2019 closing date: Three Months Ended (in thousands) November 28, 2020 November 30, 2019 Net revenues $ 118,779 $ 35,663 Operating income (loss) 4,084 (1,283) The following information represents the Company's actual results of operations for the three months ended November 28, 2020, and proforma information for the three months ended November 30, 2019 as if the Fiscal 2020 acquisition of Newmar had occurred at the beginning of Fiscal 2020: Three Months Ended (in thousands, except per share data) November 28, 2020 November 30, 2019 Net revenues $ 793,131 $ 741,717 Net income 57,423 17,197 Income per share - basic $ 1.71 $ 0.51 Income per share - diluted $ 1.70 $ 0.50
Pro Forma Data With Non-Recurring Adjustments	The unaudited pro forma data for the three months ended November 30, 2019 above includes the following significant non-recurring adjustments made to account for certain costs which would have changed if the acquisition of Newmar had occurred at the beginning of Fiscal 2020: Three Months Ended (in thousands) November 30, 2019 Amortization of intangibles (1 year or less useful life) (1) $ 2,251 Amortization of intangibles (2) (1,057) Expenses related to business combination (transaction costs) 9,950 Interest to reflect new debt structure (3) (3,367) Taxes related to the adjustments to the pro forma data and to the income of Newmar (4) (832) (1) Includes amortization adjustments for our backlog intangible asset and our fair-value inventory adjustment. (2) Includes amortization adjustments for our dealer network and non-compete intangible assets. (3) Includes adjustments for cash and non-cash interest expense as well as deferred financing costs. Refer to Note 9, Long-Term Debt, for additional information on the Company's new debt structure as a result of the acquisition. (4) Calculated using our U.S. federal statutory rate of 21.0%.

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Nov. 28, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table shows information by reportable segment: Three Months Ended (in thousands) November 28, November 30, Net Revenues Towable $ 454,901 $ 341,250 Motorhome 322,389 225,891 Corporate / All Other 15,841 21,317 Consolidated $ 793,131 $ 588,458 Adjusted EBITDA Towable $ 63,143 $ 35,785 Motorhome 30,343 9,331 Corporate / All Other (4,193) (3,068) Consolidated $ 89,293 $ 42,048 Capital Expenditures Towable $ 4,137 $ 4,026 Motorhome 4,003 2,240 Corporate / All Other 549 358 Consolidated $ 8,689 $ 6,624 (in thousands) November 28, August 29, Total Assets Towable $ 732,419 $ 718,253 Motorhome 671,761 600,304 Corporate / All Other 376,810 395,143 Consolidated $ 1,780,990 $ 1,713,700 Reconciliation of net income to consolidated Adjusted EBITDA: Three Months Ended (in thousands) November 28, 2020 November 30, 2019 Net income $ 57,423 $ 14,068 Interest expense 9,941 6,049 Provision for income taxes 17,557 3,893 Depreciation 4,160 3,586 Amortization of intangible assets 3,590 3,614 EBITDA 92,671 31,210 Acquisition-related fair-value inventory step-up — 1,176 Acquisition-related costs — 9,950 Restructuring expenses 93 (172) Gain on sale of property and equipment (3,565) — Non-operating loss (income) 94 (116) Adjusted EBITDA $ 89,293 $ 42,048

Investments and Fair Value Me_2

Investments and Fair Value Measurements (Tables)	3 Months Ended
	Nov. 28, 2020
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 the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis at November 28, 2020 and August 29, 2020 according to the valuation techniques the Company used to determine their fair values: Fair Value at Fair Value Hierarchy (in thousands) November 28, Level 1 Level 2 Level 3 Assets that fund deferred compensation: Domestic equity funds $ 783 $ 783 $ — $ — International equity funds 35 35 — — Fixed income funds 49 49 — — Total assets at fair value $ 867 $ 867 $ — $ — Fair Value at Fair Value Hierarchy (in thousands) August 29, Level 1 Level 2 Level 3 Assets that fund deferred compensation: Domestic equity funds $ 626 $ 626 $ — $ — International equity funds 34 34 — — Fixed income funds 50 50 — — Total assets at fair value $ 710 $ 710 $ — $ —

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Nov. 28, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consist of the following: (in thousands) November 28, August 29, Finished goods $ 9,295 $ 17,141 Work-in-process 137,280 86,651 Raw materials 152,671 114,982 Total 299,246 218,774 Less last-in, first-out ("LIFO") reserve 36,109 35,833 Inventories, net $ 263,137 $ 182,941 Inventory valuation methods consist of the following: (in thousands) November 28, August 29, LIFO basis $ 124,002 $ 88,675 First-in, first-out basis 175,244 130,099 Total $ 299,246 $ 218,774

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	3 Months Ended
	Nov. 28, 2020
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment	Property, plant, and equipment is stated at cost, net of accumulated depreciation, and consists of the following: (in thousands) November 28, August 29, Land $ 9,111 $ 11,101 Buildings and building improvements 144,701 144,565 Machinery and equipment 118,317 117,370 Software 28,359 28,456 Transportation 4,840 4,913 Construction in progress 17,907 20,778 Property, plant, and equipment, gross 323,235 327,183 Less accumulated depreciation 152,025 152,238 Property, plant, and equipment, net $ 171,210 $ 174,945

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Nov. 28, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill by segment were as follows for the first three months of Fiscal 2021 and 2020, of which there were no accumulated impairment losses: (in thousands) Towable Motorhome Corporate / All Other Total Balances at August 31, 2019 $ 244,684 $ — $ 30,247 $ 274,931 Acquisition of Newmar (1) — 72,909 — 72,909 Balances at November 30, 2019 $ 244,684 $ 72,909 $ 30,247 $ 347,840 Balances at August 29, 2020 and November 28, 2020 (2) $ 244,684 $ 73,127 $ 30,247 $ 348,058 (1) The change in Motorhome activity is related to the acquisition of Newmar. Refer to Note 2, Business Combinations, for additional information. (2) There was no activity in the three months beginning August 29, 2020 and ending November 28, 2020.
Schedule of Other Intangible Assets	Other intangible assets, net of accumulated amortization, consist of the following: November 28, 2020 August 29, 2020 ($ in thousands) Weighted Average Life-Years Cost Accumulated Amortization Weighted Average Life-Years Cost Accumulated Amortization Trade names Indefinite $ 275,250 Indefinite $ 275,250 Dealer networks 12.1 159,581 $ 35,778 12.2 159,581 $ 32,487 Backlog 0.5 28,327 28,327 0.5 28,327 28,327 Non-compete agreements 4.3 6,647 4,522 4.1 6,647 4,223 Other intangible assets, gross 469,805 68,627 469,805 65,037 Less accumulated amortization 68,627 65,037 Other intangible assets, net $ 401,178 $ 404,768
Schedule of Remaining Estimated Aggregate Annual Amortization Expense	Remaining estimated aggregate annual amortization expense by fiscal year is as follows: (in thousands) Amount Fiscal 2021 $ 10,771 Fiscal 2022 13,719 Fiscal 2023 13,526 Fiscal 2024 13,424 Fiscal 2025 13,219 Thereafter 61,269 Total amortization expense remaining $ 125,928

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Nov. 28, 2020
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Liability	Changes in the Company's product warranty liability are as follows: Three Months Ended (in thousands) November 28, November 30, Balance at beginning of period $ 64,031 $ 44,436 Business acquisition (1) — 15,147 Provision 21,703 15,318 Claims paid (15,232) (13,794) Balance at end of period $ 70,502 $ 61,107 (1) Refer to Note 2, Business Combinations , for additional information.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Nov. 28, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The components of long-term debt are as follows: (in thousands) November 28, August 29, ABL Credit Facility $ — $ — Senior Secured Notes 300,000 300,000 Convertible Notes 300,000 300,000 Long-term debt, gross 600,000 600,000 Convertible Notes unamortized interest discount (70,943) (74,294) Debt issuance costs, net (12,530) (13,076) Long-term debt, net $ 516,527 $ 512,630
Schedule of Maturities of Long-term Debt	Aggregate contractual maturities of debt in future fiscal years are as follows: (in thousands) Amount Fiscal 2021 $ — Fiscal 2022 — Fiscal 2023 — Fiscal 2024 — Fiscal 2025 300,000 Thereafter 300,000 Total Term Loan and Convertible Notes $ 600,000

Employee and Retiree Benefits (

Employee and Retiree Benefits (Tables)	3 Months Ended
	Nov. 28, 2020
Retirement Benefits [Abstract]
Schedule of Deferred Compensation Liabilities	Deferred compensation liabilities are as follows: (in thousands) November 28, August 29, Non-qualified deferred compensation $ 11,010 $ 11,460 Supplemental executive retirement plan 1,851 1,838 Executive deferred compensation plan 867 710 Deferred compensation benefits 13,728 14,008 Less current portion (1) 2,844 2,878 Deferred compensation benefits, net of current portion $ 10,884 $ 11,130 (1) Included in Accrued compensation on the Condensed Consolidated Balance Sheets.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Nov. 28, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates revenue by reportable segment and product category: Three Months Ended (in thousands) November 28, November 30, Net Revenues Towable: Fifth Wheel $ 240,448 $ 195,189 Travel Trailer 208,596 140,463 Other (1) 5,857 5,598 Total Towable 454,901 341,250 Motorhome: Class A 134,166 65,644 Class B 109,287 85,456 Class C 69,286 66,876 Other (1) 9,650 7,915 Total Motorhome 322,389 225,891 Corporate / All Other: Other (2) 15,841 21,317 Total Corporate / All Other 15,841 21,317 Consolidated $ 793,131 $ 588,458 (1) Relates to parts, accessories, and services. (2) Relates to marine, specialty vehicle units, parts, accessories, and services.

Income Per Share (Tables)

Income Per Share (Tables)	3 Months Ended
	Nov. 28, 2020
Earnings Per Share [Abstract]
Schedule of Basic and Diluted 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 28, November 30, Numerator Net income $ 57,423 $ 14,068 Denominator Weighted average common shares outstanding 33,609 32,067 Dilutive impact of stock compensation awards 230 200 Weighted average common shares outstanding, assuming dilution 33,839 32,267 Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution 140 73 Basic income per common share $ 1.71 $ 0.44 Diluted income per common share $ 1.70 $ 0.44

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Nov. 28, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income By Component	Changes in Accumulated Other Comprehensive Income ("AOCI") by component, net of tax, were: Three Months Ended November 28, 2020 November 30, 2019 (in thousands) Defined Benefit Pension Items Total Defined Benefit Pension Items Interest Rate Swap Total Balance at beginning of period $ (526) $ (526) $ (559) $ 68 $ (491) Other comprehensive income ("OCI") before reclassifications — — — (80) (80) Amounts reclassified from AOCI 9 9 8 12 20 Net current-period OCI 9 9 8 (68) (60) Balance at end of period $ (517) $ (517) $ (551) $ — $ (551)
Reclassification out of Accumulated Other Comprehensive Income	Reclassifications out of AOCI, net of tax, were: Three Months Ended (in thousands) Location on Consolidated Statements November 28, November 30, Amortization of net actuarial loss SG&A $ 9 $ 8 Interest rate contract Interest expense — 12 Total reclassifications $ 9 $ 20

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 16, 2020	Oct. 14, 2020	Nov. 28, 2020	Nov. 30, 2019	Aug. 29, 2020
Subsequent Event [Line Items]
Dividends paid per common share (in dollars per share)			$ 0.12	$ 0.11
Common stock, par value (in dollars per share)		$ 0.50	$ 0.50		$ 0.50
Common stock, shares authorized (in shares)		120,000,000	60,000,000		60,000,000
Common stock, increased shares authorized (in shares)		60,000,000
Deferred FICA liability			$ 1.2
Refundable tax credit			$ 4
Subsequent Event
Subsequent Event [Line Items]
Dividends paid per common share (in dollars per share)	$ 0.12

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Thousands	Nov. 08, 2019	Nov. 28, 2020	Nov. 30, 2019	Aug. 31, 2019	Aug. 29, 2020
Business Acquisition [Line Items]
Acquisition related costs				$ 600
Acquisition-related costs expensed		$ 0	$ 9,950
Newmar
Business Acquisition [Line Items]
Percent of voting interest acquired	100.00%
Stock consideration discount	7.00%
Purchase price adjustments		3,300
Weighted-average useful life	10 years 6 months
Acquisition related costs		$ 10,400
Acquisition-related costs expensed					$ 9,800

Business Combinations - Conside

Business Combinations - Consideration Paid (Details) - Newmar $ / shares in Units, $ in Thousands	Nov. 08, 2019USD ($)$ / sharesshares
Business Acquisition [Line Items]
Cash	$ 264,433
Winnebago Industries shares: 2,000,000 at $46.29	92,572
Total	$ 357,005
Number of shares in business combination (in shares) | shares	2,000,000
Share price in business combination (in dollars per share) | $ / shares	$ 46.29

Business Combinations Business

Business Combinations Business Combinations - Schedule of Preliminary Fair Values Assigned (Details) - USD ($) $ in Thousands	Nov. 28, 2020	Aug. 29, 2020	Nov. 30, 2019	Nov. 08, 2019	Aug. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 348,058	$ 348,058	$ 347,840		$ 274,931
Newmar
Business Acquisition [Line Items]
Cash				$ 3,469
Accounts receivable				37,147
Inventories				82,621
Prepaid expenses and other assets				9,830
Property, plant, and equipment				31,143
Goodwill				73,127
Other intangible assets				172,100
Total assets acquired				409,437
Accounts payable				14,023
Accrued compensation				4,306
Product warranties				15,147
Promotional				6,351
Other				11,637
Deferred tax liabilities				968
Total liabilities assumed				52,432
Total purchase price				$ 357,005

Business Combinations - Schedul

Business Combinations - Schedule of Intangible Assets (Details) - Newmar $ in Thousands	Nov. 08, 2019USD ($)
Business Acquisition [Line Items]
Other intangible assets	$ 172,100
Dealer network
Business Acquisition [Line Items]
Other intangible assets	$ 64,000
Useful Life-Years	12 years
Backlog
Business Acquisition [Line Items]
Other intangible assets	$ 8,800
Useful Life-Years	6 months
Non-compete agreements
Business Acquisition [Line Items]
Other intangible assets	$ 1,300
Useful Life-Years	5 years
Trade name
Business Acquisition [Line Items]
Other intangible assets	$ 98,000

Business Combinations - Net Rev

Business Combinations - Net Revenues and Operating Income (Details) - Newmar - Motorhome - USD ($) $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019
Business Acquisition [Line Items]
Net revenues	$ 118,779	$ 35,663
Operating income (loss)	$ 4,084	$ (1,283)

Business Combinations - Pro For

Business Combinations - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019
Business Acquisition [Line Items]
Net income	$ 57,423	$ 14,068
Newmar
Business Acquisition [Line Items]
Net revenues	793,131	741,717
Net income	$ 57,423	$ 17,197
Income per share - basic (in dollars per share)	$ 1.71	$ 0.51
Income per share - diluted (in dollars per share)	$ 1.70	$ 0.50
Newmar | Amortization of intangibles (1 year or less useful life)
Business Acquisition [Line Items]
Net income		$ 2,251
Newmar | Amortization of intangibles
Business Acquisition [Line Items]
Net income		(1,057)
Newmar | Expenses related to business combination (transaction costs)
Business Acquisition [Line Items]
Net income		9,950
Newmar | Interest to reflect new debt structure
Business Acquisition [Line Items]
Net income		(3,367)
Newmar | Taxes related to the adjustments to the pro forma data and to the income of Newmar
Business Acquisition [Line Items]
Net income		$ (832)

Business Segments (Details)

Business Segments (Details) $ in Thousands	3 Months Ended
	Nov. 28, 2020USD ($)segment	Nov. 30, 2019USD ($)	Aug. 29, 2020USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment	6
Number of reportable segments | segment	2
Net Revenues	$ 793,131	$ 588,458
Adjusted EBITDA	89,293	42,048
Capital Expenditures	8,689	6,624
Total Assets	1,780,990		$ 1,713,700
Net income	57,423	14,068
Interest expense	9,941	6,049
Provision for income taxes	17,557	3,893
Depreciation	4,160	3,586
Amortization of intangible assets	3,590	3,614
EBITDA	92,671	31,210
Acquisition-related fair-value inventory step-up	0	1,176
Acquisition-related costs	0	9,950
Restructuring expenses	93	(172)
Gain on sale of property and equipment	(3,565)	0
Non-operating loss (income)	94	(116)
Operating Segments | Towable
Segment Reporting Information [Line Items]
Net Revenues	454,901	341,250
Adjusted EBITDA	63,143	35,785
Capital Expenditures	4,137	4,026
Total Assets	732,419		718,253
Operating Segments | Motorhome
Segment Reporting Information [Line Items]
Net Revenues	322,389	225,891
Adjusted EBITDA	30,343	9,331
Capital Expenditures	4,003	2,240
Total Assets	671,761		600,304
Corporate / All Other
Segment Reporting Information [Line Items]
Net Revenues	15,841	21,317
Adjusted EBITDA	(4,193)	(3,068)
Capital Expenditures	549	$ 358
Total Assets	$ 376,810		$ 395,143

Investments and Fair Value Me_3

Investments and Fair Value Measurements - Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Nov. 28, 2020	Aug. 29, 2020
Assets that fund deferred compensation:
Domestic equity funds	$ 783	$ 626
International equity funds	35	34
Fixed income funds	49	50
Total assets at fair value	867	710
Level 1
Assets that fund deferred compensation:
Domestic equity funds	783	626
International equity funds	35	34
Fixed income funds	49	50
Total assets at fair value	867	710
Level 2
Assets that fund deferred compensation:
Domestic equity funds	0	0
International equity funds	0	0
Fixed income funds	0	0
Total assets at fair value	0	0
Level 3
Assets that fund deferred compensation:
Domestic equity funds	0	0
International equity funds	0	0
Fixed income funds	0	0
Total assets at fair value	$ 0	$ 0

Investments and Fair Value Me_4

Investments and Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment charges	$ 0	$ 0

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Nov. 28, 2020	Aug. 29, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 9,295	$ 17,141
Work-in-process	137,280	86,651
Raw materials	152,671	114,982
Total	299,246	218,774
Less last-in, first-out ("LIFO") reserve	36,109	35,833
Inventories, net	$ 263,137	$ 182,941

Inventories - Inventory Valuati

Inventories - Inventory Valuation Methods (Details) - USD ($) $ in Thousands	Nov. 28, 2020	Aug. 29, 2020
Inventory Disclosure [Abstract]
LIFO basis	$ 124,002	$ 88,675
First-in, first-out basis	175,244	130,099
Total	$ 299,246	$ 218,774

Property, Plant, and Equipmen_2

Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019	Aug. 29, 2020
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 323,235		$ 327,183
Less accumulated depreciation	152,025		152,238
Property, plant, and equipment, net	171,210		174,945
Depreciation	4,160	$ 3,586
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	9,111		11,101
Buildings and building improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	144,701		144,565
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	118,317		117,370
Software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	28,359		28,456
Transportation
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	4,840		4,913
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 17,907		$ 20,778

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2019	Nov. 28, 2020	Aug. 29, 2020	Aug. 31, 2019
Goodwill [Line Items]
Goodwill	$ 347,840	$ 348,058	$ 348,058	$ 274,931
Acquisition of Newmar	72,909
Corporate / All Other
Goodwill [Line Items]
Goodwill	30,247	30,247	30,247	30,247
Acquisition of Newmar	0
Towable | Operating Segments
Goodwill [Line Items]
Goodwill	244,684	244,684	244,684	244,684
Acquisition of Newmar	0
Motorhome | Operating Segments
Goodwill [Line Items]
Goodwill	72,909	$ 73,127	$ 73,127	$ 0
Acquisition of Newmar	$ 72,909

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Nov. 28, 2020	Aug. 29, 2020
Schedule of Intangible Assets [Line Items]
Other intangible assets, gross	$ 469,805	$ 469,805
Accumulated Amortization	68,627	65,037
Other intangible assets, net	$ 401,178	$ 404,768
Weighted average remaining amortization period (in years)	10 years
Dealer networks
Schedule of Intangible Assets [Line Items]
Weighted Average Life-Years	12 years 1 month 6 days	12 years 2 months 12 days
Other intangible assets, gross	$ 159,581	$ 159,581
Accumulated Amortization	$ 35,778	$ 32,487
Backlog
Schedule of Intangible Assets [Line Items]
Weighted Average Life-Years	6 months	6 months
Other intangible assets, gross	$ 28,327	$ 28,327
Accumulated Amortization	$ 28,327	$ 28,327
Non-compete agreements
Schedule of Intangible Assets [Line Items]
Weighted Average Life-Years	4 years 3 months 18 days	4 years 1 month 6 days
Other intangible assets, gross	$ 6,647	$ 6,647
Accumulated Amortization	4,522	4,223
Trade names
Schedule of Intangible Assets [Line Items]
Other intangible assets, gross	$ 275,250	$ 275,250

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Future Amortization of Intangible Assets (Details) $ in Thousands	Nov. 28, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Fiscal 2021	$ 10,771
Fiscal 2022	13,719
Fiscal 2023	13,526
Fiscal 2024	13,424
Fiscal 2025	13,219
Thereafter	61,269
Total amortization expense remaining	$ 125,928

Product Warranties - Schedule o

Product Warranties - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 64,031	$ 44,436
Business acquisition	0	15,147
Provision	21,703	15,318
Claims paid	(15,232)	(13,794)
Balance at end of period	$ 70,502	$ 61,107

Long-Term Debt - Components of

Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands	Nov. 28, 2020	Aug. 29, 2020
Debt Instrument [Line Items]
Total Term Loan and Convertible Notes	$ 600,000	$ 600,000
Convertible Notes unamortized interest discount	(70,943)	(74,294)
Debt issuance costs, net	(12,530)	(13,076)
Long-term debt, net	516,527	512,630
ABL Credit Facility
Debt Instrument [Line Items]
Total Term Loan and Convertible Notes	0	0
Senior Secured Notes
Debt Instrument [Line Items]
Total Term Loan and Convertible Notes	300,000	300,000
Convertible Notes
Debt Instrument [Line Items]
Total Term Loan and Convertible Notes	$ 300,000	$ 300,000

Long-Term Debt - Credit Agreeme

Long-Term Debt - Credit Agreements Narrative (Details) - USD ($)	Jul. 08, 2020	Nov. 08, 2016	Nov. 30, 2019	Jul. 01, 2020	Oct. 22, 2019
Senior Secured Notes | Senior Notes
Debt Instrument [Line Items]
Debt amount	$ 300,000,000
Interest rate, stated percentage	6.25%
Prior Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs	$ 7,300,000
Debt term			8 years
Term Loan
Debt Instrument [Line Items]
Repayments of debt	249,800,000
Write off of deferred debt issuance cost	$ 4,700,000
Interest rate derivative liabilities at fair value				$ 600,000
ABL Credit Facility
Debt Instrument [Line Items]
Credit facility amount					$ 192,500,000
Line of credit facility, commitment fee percentage		0.25%
ABL Credit Facility | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.25%
ABL Credit Facility | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.75%
ABL Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Debt amount		$ 19,300,000

Long-Term Debt - Convertible No

Long-Term Debt - Convertible Notes Narrative (Details)	Nov. 01, 2019USD ($)day$ / shares	Oct. 30, 2019USD ($)$ / shares	Nov. 28, 2020USD ($)	Aug. 29, 2020USD ($)
Debt Instrument [Line Items]
Offering-related costs			$ 12,530,000	$ 13,076,000
Call Spread Transactions
Debt Instrument [Line Items]
Percentage increase of strike price		100.00%
Equity component of issuance			85,000,000
Equity component of issuance, net of tax			64,100,000
Offering-related costs			9,800,000
Deferred offering costs classified as liability			7,000,000
Deferred offering costs classified as equity			2,800,000
Call Spread Transactions | Warrant
Debt Instrument [Line Items]
Strike price (in dollars per share) | $ / shares		$ 96.20
Convertible Notes
Debt Instrument [Line Items]
Debt amount	$ 300,000,000		300,000,000
Interest rate, stated percentage	1.50%
Proceeds from issuance of notes	$ 290,200,000
Conversion rate (in shares)	0.0156906
Conversion price (in dollars per share) | $ / shares	$ 63.73
Number of consecutive trading days | day	30
Consecutive business days | day	5
Consecutive trading days | day	5
Convertible Notes | Convertible Note Hedge Transactions
Debt Instrument [Line Items]
Strike price (in dollars per share) | $ / shares		$ 63.73
Convertible Notes | Call Spread Transactions
Debt Instrument [Line Items]
Debt amount			$ 215,000,000
Interest rate, stated percentage			8.00%
Proceeds from issuance of notes		$ 28,600,000
Convertible Notes | Minimum
Debt Instrument [Line Items]
Percentage of the conversion price	130.00%
Number of trading days | day	20
Convertible Notes | Maximum
Debt Instrument [Line Items]
Percentage of the conversion price	98.00%

Long-Term Debt - Long-Term Debt

Long-Term Debt - Long-Term Debt Contractual Maturities (Details) - USD ($) $ in Thousands	Nov. 28, 2020	Aug. 29, 2020
Debt Instrument [Line Items]
Fair value of long-term debt, gross	$ 655,000	$ 674,700
Total Term Loan and Convertible Notes	600,000	$ 600,000
Term Loan
Debt Instrument [Line Items]
Fiscal 2021	0
Fiscal 2022	0
Fiscal 2023	0
Fiscal 2024	0
Fiscal 2025	300,000
Thereafter	300,000
Total Term Loan and Convertible Notes	$ 600,000

Employee and Retiree Benefits -

Employee and Retiree Benefits - Schedule of Deferred Compensation Benefits (Details) - USD ($) $ in Thousands	Nov. 28, 2020	Aug. 29, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Non-qualified deferred compensation	$ 11,010	$ 11,460
Supplemental executive retirement plan	1,851	1,838
Executive deferred compensation plan	867	710
Deferred compensation benefits	13,728	14,008
Less current portion	2,844	2,878
Deferred compensation benefits, net of current portion	$ 10,884	$ 11,130

Contingent Liabilities and Co_2

Contingent Liabilities and Commitments - Repurchase Commitments Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 28, 2020	Aug. 29, 2020
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Repurchase agreement term	24 months
Percentage of dealer invoice that liability cannot exceed	100.00%
Accrued loss on repurchases	$ 0.9	$ 1
Obligation to Repurchase from Dealers
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Contingent liability on repurchase agreements	$ 760.7	$ 798.9

Revenue - Revenue Disaggregatio

Revenue - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019
Disaggregation of Revenue [Line Items]
Net revenues	$ 793,131	$ 588,458
Operating Segments | Towable
Disaggregation of Revenue [Line Items]
Net revenues	454,901	341,250
Operating Segments | Towable | Fifth Wheel
Disaggregation of Revenue [Line Items]
Net revenues	240,448	195,189
Operating Segments | Towable | Travel Trailer
Disaggregation of Revenue [Line Items]
Net revenues	208,596	140,463
Operating Segments | Towable | Other
Disaggregation of Revenue [Line Items]
Net revenues	5,857	5,598
Operating Segments | Motorhome
Disaggregation of Revenue [Line Items]
Net revenues	322,389	225,891
Operating Segments | Motorhome | Other
Disaggregation of Revenue [Line Items]
Net revenues	9,650	7,915
Operating Segments | Motorhome | Class A
Disaggregation of Revenue [Line Items]
Net revenues	134,166	65,644
Operating Segments | Motorhome | Class B
Disaggregation of Revenue [Line Items]
Net revenues	109,287	85,456
Operating Segments | Motorhome | Class C
Disaggregation of Revenue [Line Items]
Net revenues	69,286	66,876
Corporate / All Other
Disaggregation of Revenue [Line Items]
Net revenues	15,841	21,317
Corporate / All Other | Other
Disaggregation of Revenue [Line Items]
Net revenues	$ 15,841	$ 21,317

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019	Dec. 11, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 2,354	$ 1,583
Incentive Compensation Plan 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued under the plan (in shares)			4.1

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2020	Nov. 28, 2020	Nov. 30, 2019
Restructuring Cost and Reserve [Line Items]
Proceeds from sale of property		$ 7,775	$ 0
Restructuring expenses		$ 93	$ (172)
Subsequent Event
Restructuring Cost and Reserve [Line Items]
Proceeds from sale of property	$ 7,700
Gain on sale of properties	$ 3,600

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	23.40%	21.70%

Income Per Share (Details)

Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019
Numerator
Net income	$ 57,423	$ 14,068
Denominator
Weighted average common shares outstanding (in shares)	33,609,000	32,067,000
Dilutive impact of stock compensation awards (in shares)	230,000	200,000
Weighted average common shares outstanding, assuming dilution (in shares)	33,839,000	32,267,000
Anti-dilutive securities excluded from Weighted average common shares outstanding, assuming dilution (in shares)	140,000	73,000
Basic income per common share (in dollars per share)	$ 1.71	$ 0.44
Diluted income per common share (in dollars per share)	$ 1.70	$ 0.44

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in AOCI by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 827,466	$ 632,212
Other comprehensive income ("OCI") before reclassifications	0	(80)
Amounts reclassified from AOCI	9	20
Total other comprehensive income (loss)	9	(60)
Ending balance	871,558	785,609
Total
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(526)	(491)
Ending balance	(517)	(551)
Defined Benefit Pension Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(526)	(559)
Other comprehensive income ("OCI") before reclassifications	0	0
Amounts reclassified from AOCI	9	8
Total other comprehensive income (loss)	9	8
Ending balance	$ (517)	(551)
Interest Rate Swap
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		68
Other comprehensive income ("OCI") before reclassifications		(80)
Amounts reclassified from AOCI		12
Total other comprehensive income (loss)		(68)
Ending balance		$ 0

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 28, 2020	Nov. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general, and administrative expenses	$ 48,399	$ 51,105
Interest expense	9,941	6,049
Net income	57,423	14,068
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	9	20
Reclassification out of Accumulated Other Comprehensive Income | Amortization of net actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general, and administrative expenses	9	8
Reclassification out of Accumulated Other Comprehensive Income | Interest rate contract
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 0	$ 12