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Business Segments
 12 Months Ended
Aug. 28, 2021
Segment Reporting [Abstract]  
Business Segments Business Segments
We have identified 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. Financial performance is evaluated based on each operating segment's Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), as defined below, which excludes certain corporate administration expenses and non-operating income and expense.

Our two reportable segments are: Towable (an aggregation of the Grand Design towables and the Winnebago towables operating segments) and Motorhome (an aggregation of the Winnebago motorhomes and Newmar motorhomes operating segments). Towable is comprised of non-motorized products that are generally towed by another vehicle, along with other related manufactured products and services. Motorhome is comprised of products that include a motorized chassis, along with other related manufactured products and services.

The Corporate / All Other category includes the Chris-Craft marine and Winnebago specialty vehicles operating segments as well as certain corporate administration expenses related to the oversight of the enterprise, 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 Executive Officer (the Chief Operating Decision Maker ("CODM")) regularly reviews consolidated financial results in their entirety and operating segment financial information through Adjusted EBITDA and has ultimate responsibility for enterprise decisions. Our CODM is responsible for allocating resources and assessing performance of the consolidated enterprise, reportable segments and operating segments. Management of each operating segment has responsibility for operating decisions, allocating resources and assessing performance within their respective operating segment. The accounting policies of both reportable segments are the same as those described in Note 1.

We monitor and evaluate operating performance of our reportable segments based on Adjusted EBITDA. We believe disclosing Adjusted EBITDA is useful to securities analysts, investors and other interested parties when evaluating companies in our industries. 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 pretax adjustments made in order to present comparable results period over 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, plant and equipment, and non-operating income.
Financial information by reportable segment is as follows:
202120202019
Net Revenues
Towable$2,009,959 $1,227,567 $1,197,327 
Motorhome1,539,084 1,056,794 706,927 
Corporate / All Other80,804 71,172 81,420 
Consolidated$3,629,847 $2,355,533 $1,985,674 
Adjusted EBITDA
Towable$289,007 $148,276 $163,677 
Motorhome169,205 32,949 27,455 
Corporate / All Other(22,145)(13,150)(11,480)
Consolidated$436,067 $168,075 $179,652 
Capital Expenditures
Towable$25,121 $13,389 $27,679 
Motorhome17,604 15,061 9,969 
Corporate / All Other2,166 3,927 3,210 
Consolidated$44,891 $32,377 $40,858 
August 28, 2021August 29, 2020
Total Assets
Towable$790,257 $718,253 
Motorhome728,060 600,304 
Corporate / All Other544,250 395,143 
Consolidated$2,062,567 $1,713,700 

Reconciliation of net income to consolidated Adjusted EBITDA is as follows:
202120202019
Net income$281,871 $61,442 $111,798 
Interest expense40,365 37,461 17,939 
Provision for income taxes85,579 15,834 27,111 
Depreciation18,201 15,997 13,682 
Amortization14,361 22,104 9,635 
EBITDA440,377 152,838 180,165 
Acquisition-related fair-value inventory step-up— 4,810 — 
Acquisition-related costs725 9,761 — 
Restructuring(1)
112 1,640 1,068 
Gain on sale of property, plant and equipment(4,753)— — 
Non-operating income(394)(974)(1,581)
Adjusted EBITDA$436,067 $168,075 $179,652 
(1)    Balance excludes depreciation expense classified as restructuring as the balance is already included in the EBITDA calculation.

Net revenues by geography are as follows:
202120202019
United States$3,410,588 $2,225,028 $1,836,472 
International219,259 130,505 149,202 
Net revenues$3,629,847 $2,355,533 $1,985,674