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Business Combinations (Tables) | 3 Months Ended
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Nov. 30, 2019
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the total consideration paid for Newmar, noting that it is subject to purchase price adjustments as stipulated in the Purchase Agreement:
(in thousands) | November 8, 2019
Cash | $ | 267,749 |
Winnebago shares: 2,000,000 at $46.29 | 92,572 |
Total | $ | 360,321 |
The following table provides net revenues and operating income from the Newmar operating segment included in our consolidated results following the November 8, 2019 closing date:
| Three Months Ended
(in thousands) | November 30, 2019
Net revenues | $ | 35,663 |
Operating loss | 1,283 |
Schedule of Preliminary Fair Values Assigned | The following table summarizes the preliminary 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 | 9,586 |
Property, plant, and equipment | 31,143 |
Goodwill | 72,909 |
Other intangible assets | 172,100 |
Total assets acquired | 408,975 |
Accounts payable | 14,023 |
Accrued compensation | 4,306 |
Product warranties | 15,147 |
Promotional | 2,573 |
Other | 11,637 |
Deferred tax liabilities | 968 |
Total liabilities assumed | 48,654 |
Total purchase price | $ | 360,321 |
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 unaudited pro forma information represents our results of operations as if the Fiscal 2020 acquisition of Newmar had occurred at the beginning of Fiscal 2019:
| Three Months Ended
(in thousands, except per share data) | November 30, 2019 |  | November 24, 2018
Net revenues | $ | 741,717 |  |  | $ | 663,786 |
Net income | 17,197 |  |  | 10,665 |
Income per share - basic | $ | 0.51 |  |  | $ | 0.32 |
Income per share - diluted | $ | 0.50 |  |  | $ | 0.32 |
Pro Forma Data With Non-Recurring Adjustments | The unaudited pro forma data 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 2019:
| Three Months Ended
(in thousands) | November 30, 2019 |  | November 24, 2018
Amortization of intangibles (1 year or less useful life)(1) | $ | 2,251 |  |  | $ | (9,210 | )
Increase in amortization of intangibles(2) | (1,057 | ) |  | (1,398 | )
Expenses related to business combination (transaction costs)(3) | 9,950 |  |  | (10,606 | )
Interest to reflect new debt structure(4) | (3,367 | ) |  | (4,546 | )
Taxes related to the adjustments to the pro forma data and to the income of Newmar(5) | (832 | ) |  | 3,056 |
(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) | Pro forma transaction costs include $0.6 million incurred prior to the acquisition.
(4) | 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.
(5) Calculated using our U.S. federal statutory rate of 21.0%.

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