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Business Segments
 6 Months Ended
Feb. 27, 2021
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 and each 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 EndedSix Months Ended
(in thousands)February 27,
2021		February 29,
2020		February 27,
2021		February 29,
2020
Net Revenues
Towable$439,284 $283,463 $894,185 $624,713 
Motorhome382,575 325,542 704,964 551,433 
Corporate / All Other18,027 17,805 33,868 39,122 
Consolidated$839,886 $626,810 $1,633,017 $1,215,268 
Adjusted EBITDA
Towable$62,366 $34,746 $125,509 $70,531 
Motorhome50,969 14,946 81,312 24,277 
Corporate / All Other(5,370)(4,263)(9,563)(7,331)
Consolidated$107,965 $45,429 $197,258 $87,477 
Capital Expenditures
Towable$2,714 $5,640 $6,851 $9,666 
Motorhome3,268 5,372 7,271 7,612 
Corporate / All Other249 1,421 798 1,779 
Consolidated$6,231 $12,433 $14,920 $19,057 


(in thousands)February 27,
2021		August 29,
2020
Total Assets
Towable$723,388 $718,253 
Motorhome694,077 600,304 
Corporate / All Other438,330 395,143 
Consolidated$1,855,795 $1,713,700 

Reconciliation of net income to consolidated Adjusted EBITDA:
Three Months EndedSix Months Ended
(in thousands)February 27, 2021February 29, 2020February 27, 2021February 29, 2020
Net income$69,068 $17,268 $126,491 $31,336 
Interest expense10,052 8,651 19,993 14,700 
Provision for income taxes21,166 3,995 38,723 7,888 
Depreciation4,399 4,134 8,559 7,720 
Amortization of intangible assets3,591 7,974 7,181 11,588 
EBITDA108,276 42,022 200,947 73,232 
Acquisition-related fair-value inventory step-up— 3,634 — 4,810 
Acquisition-related costs— — — 9,950 
Restructuring expenses— 43 93 (129)
Gain on sale of property and equipment— — (3,565)— 
Non-operating income(311)(270)(217)(386)
Adjusted EBITDA$107,965 $45,429 $197,258 $87,477