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Business Segments (Notes) | 6 Months Ended
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Feb. 24, 2018
Segment Reporting [Abstract] |
Business Segments | Business Segments We report segment information based on the "management" approach defined in ASC 280, Segment Reporting. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of our reportable segments. We have two reportable segments: (1) Motorized products and services and (2) Towable products and services. The Motorized segment includes all products that include a motorized chassis as well as other related manufactured products. The Towable segment includes all products that are not motorized and are generally towed by another vehicle. We organize our business reporting on a product basis. Each reportable segment is managed separately to better align to our customers, distribution partners and the unique market dynamics of the product groups. We aggregate two operating segments into the Towable reporting segment based upon their similar products, customers, distribution methods, production processes and economic characteristics. The accounting policies of both reportable segments are the same and described in Note 1: Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the fiscal year ended August 26, 2017. Subsequent to the acquisition of Grand Design in Fiscal 2017, management re-evaluated the manner in which corporate expenses were allocated to the reportable segments. A new corporate allocation policy was adopted in the first quarter of Fiscal 2018 that identifies shared costs and allocates them to the operating segments based on a cost driver most appropriate for the type of cost being allocated. For example, certain costs were allocated based on the financial size of the operating segment, while other costs, where appropriate, were allocated based on the headcount in the operating segments since headcount was deemed the appropriate driver for those types of expenses. Prior year segment information has been restated to conform to the current reporting segment presentation. All corporate expenses were allocated to the operating segments. Assets presented by reportable segment exclude certain corporate assets that cannot reasonably be allocated to the reportable segments. These unallocated corporate assets include cash and deferred tax assets. We evaluate the performance of our reportable segments based on Adjusted EBITDA after corporate allocations. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization and other adjustments made in order to present comparable results from period to period. Examples of items excluded from Adjusted EBITDA include the postretirement health care benefit income resulting from the plan amendments over the past several years and the transaction costs related to our acquisition of Grand Design. The following table shows information by reporting segment:
|  | Three Months Ended |  | Six Months Ended
(In thousands) |  | February 24, 2018 |  | February 25, 2017 |  | February 24, 2018 |  | February 25, 2017
Net revenues |  |  |  |  |  |  |  |
Motorized |  | $ | 202,001 |  |  | $ | 198,936 |  |  | $ | 392,357 |  |  | $ | 394,061 |
Towable |  | 266,358 |  |  | 171,574 |  |  | 526,023 |  |  | 221,757 |
Consolidated |  | $ | 468,359 |  |  | $ | 370,510 |  |  | $ | 918,380 |  |  | $ | 615,818 |
Adjusted EBITDA |  |  |  |  |  |  |  |
Motorized |  | $ | 4,044 |  |  | $ | 10,838 |  |  | $ | 7,199 |  |  | $ | 21,954 |
Towable |  | 35,338 |  |  | 18,233 |  |  | 67,594 |  |  | 21,796 |
Consolidated |  | $ | 39,382 |  |  | $ | 29,071 |  |  | $ | 74,793 |  |  | $ | 43,750 |
Capital expenditures |  |  |  |  |  |  |  |
Motorized |  | $ | 1,633 |  |  | $ | 1,730 |  |  | $ | 4,740 |  |  | $ | 4,531 |
Towable |  | 4,685 |  |  | 1,646 |  |  | 6,935 |  |  | 2,407 |
Consolidated |  | $ | 6,318 |  |  | $ | 3,376 |  |  | $ | 11,675 |  |  | $ | 6,938 |
Total assets |  |  |  |  |  |  |  |
Motorized |  | $ | 304,623 |  |  | $ | 283,035 |  |  | $ | 304,623 |  |  | $ | 283,035 |
Towable |  | 618,636 |  |  | 581,863 |  |  | 618,636 |  |  | 581,863 |
Unallocated corporate assets |  | 42,067 |  |  | 29,823 |  |  | $ | 42,067 |  |  | $ | 29,823 |
Consolidated |  | $ | 965,326 |  |  | $ | 894,721 |  |  | $ | 965,326 |  |  | $ | 894,721 |
Reconciliation of net income to consolidated Adjusted EBITDA:
|  | Three Months Ended |  | Six Months Ended
(In thousands) |  | February 24, 2018 |  | February 25, 2017 |  | February 24, 2018 |  | February 25, 2017
Net income |  | $ | 22,088 |  |  | $ | 15,278 |  |  | $ | 40,046 |  |  | $ | 27,016 |
Interest expense |  | 4,918 |  |  | 5,178 |  |  | 9,699 |  |  | 6,306 |
Provision for income taxes |  | 8,234 |  |  | 7,916 |  |  | 16,794 |  |  | 13,536 |
Depreciation |  | 2,198 |  |  | 1,848 |  |  | 4,328 |  |  | 3,428 |
Amortization of intangible assets |  | 1,933 |  |  | 10,367 |  |  | 3,988 |  |  | 12,418 |
EBITDA |  | 39,371 |  |  | 40,587 |  |  | 74,855 |  |  | 62,704 |
Postretirement health care benefit income |  | — |  |  | (11,983 | ) |  | — |  |  | (24,796 | )
Transaction costs |  | — |  |  | 463 |  |  | 50 |  |  | 5,925 |
Non-operating expense (income) |  | 11 |  |  | 4 |  |  | (112 | ) |  | (83 | )
Adjusted EBITDA |  | $ | 39,382 |  |  | $ | 29,071 |  |  | $ | 74,793 |  |  | $ | 43,750 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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