XML 77 R18.htm IDEA: XBRL DOCUMENT
v3.3.0.814

Contingent Liabilites and Commitments | 12 Months Ended
--- | ---
Aug. 29, 2015
Commitments and Contingencies Disclosure [Abstract] |
Contingent Liabilities and Commitments | Contingent Liabilities and Commitments Repurchase Commitments Generally, manufacturers in the RV industry enter into repurchase agreements with lending institutions which have provided wholesale floorplan financing to dealers. Most dealers' RVs are financed on a "floorplan" basis under which a bank or finance company lends the dealer all, or substantially all, of the purchase price, collateralized by a security interest in the RVs purchased. Our repurchase agreements provide that, in the event of default by the dealer on the agreement to pay the lending institution, we will repurchase the financed merchandise. The terms of these agreements, which generally can last up to 18 months, provide that our liability will be the lesser of remaining principal owed by the dealer or dealer invoice less periodic reductions based on the time since the date of the original invoice. Our contingent liability on these repurchase agreements was approximately $386.0 million and $363.8 million at August 29, 2015 and August 30, 2014, respectively. In certain instances, we also repurchase inventory from our dealers due to state law or regulatory requirements that govern voluntary or involuntary relationship terminations. Although laws vary from state to state, some states have laws in place that require manufacturers of RVs to repurchase current inventory if a dealership exits the business. Incremental repurchase exposure beyond existing repurchase agreements, related to dealer inventory in states that we have had historical experience of repurchasing inventory, totaled $7.2 million and $6.8 million at August 29, 2015 and August 30, 2014, respectively. Our risk of loss related to these repurchase commitments is significantly reduced by the potential resale value of any products that are subject to repurchase and is spread over numerous dealers and lenders. The aggregate contingent liability related to our repurchase agreements represents all financed dealer inventory at the period reporting date subject to a repurchase agreement, net of the greater of periodic reductions per the agreement or dealer principal payments. Based on the repurchase exposure as previously described, we established an associated loss reserve. Our accrued losses on repurchases were $1.3 million as of August 29, 2015 and $2.2 million as of August 30, 2014. A summary of the activity for the fiscal years stated for repurchased units is as follows:
(Dollars in thousands) |  | Fiscal 2015 |  | Fiscal 2014 |  | Fiscal 2013
Inventory repurchased: |  |  |  |  |  |
Units |  | 62 |  |  | 21 |  |  | 20 |
Dollars |  | $ | 7,472 |  |  | $ | 467 |  |  | $ | 451 |
Inventory resold: |  |  |  |  |  |
Units |  | 62 |  |  | 20 |  |  | 20 |
Cash collected |  | $ | 6,409 |  |  | $ | 392 |  |  | $ | 353 |
Loss recognized |  | $ | 1,063 |  |  | $ | 75 |  |  | $ | 98 |
Units in ending inventory |  | 1 |  |  | 1 |  |  | — |
A significant number of the units repurchased in Fiscal 2015 were attributable to a single dealership for which we had established a specific repurchase loss reserve in Fiscal 2014. Litigation We are involved in various legal proceedings which are ordinary and routine litigation incidental to our business, some of which are covered in whole or in part by insurance. We believe while the final resolution of any such litigation may have an impact on our results for a particular reporting period, the ultimate disposition of such litigation will not have any material adverse effect on our financial position, results of operations or liquidity. Lease Commitments We have operating leases for certain land, buildings and equipment. Lease expense was $901,000 for Fiscal 2015, $1.1 million for Fiscal 2014 and $949,000 for Fiscal 2013. Minimum future lease commitments under noncancelable lease agreements in excess of one year as of August 29, 2015 are as follows:
(In thousands) |  | Amount
Year Ended: | 2016 |  | $ | 113 |
| 2017 |  | 83 |
| 2018 |  | 71 |
| 2019 |  | 54 |
| 2020 |  | — |
| Total |  | $ | 321 |

X
- References No definition available. + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=51674963&loc=d3e12565-110249 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308 + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration