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Business Segments
 12 Months Ended
Aug. 29, 2020
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company has 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. 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 Winnebago towables and Grand Design 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 the Chief Executive Officer. The CODM relies on internal management reporting that analyzes consolidated results to the net earnings level and operating segment's Adjusted EBITDA. The CODM has ultimate responsibility for enterprise decisions. The CODM determines, in particular, resource allocation for, and monitors the performance of, the consolidated enterprise, the Towable segment, and the Motorhome segment. The Towable segment management and Motorhome segment 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.

The Company evaluates the performance of the 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 year to year. Examples of items excluded from Adjusted EBITDA include acquisition-related fair-value inventory step-up, acquisition-related costs, restructuring expenses, and non-operating income.

The following table shows information by reportable segment:
(in thousands)202020192018
Net Revenues
Towable$1,227,567 $1,197,327 $1,127,723 
Motorhome1,056,794 706,927 860,675 
Corporate / All Other71,172 81,420 28,431 
Consolidated$2,355,533 $1,985,674 $2,016,829 
Adjusted EBITDA
Towable$148,276 $163,677 $157,010 
Motorhome32,949 27,455 35,508 
Corporate / All Other(13,150)(11,480)(10,772)
Consolidated$168,075 $179,652 $181,746 
Capital expenditures
Towable$13,389 $27,679 $18,460 
Motorhome15,061 9,969 9,302 
Corporate / All Other3,927 3,210 906 
Consolidated$32,377 $40,858 $28,668 

(in thousands)August 29, 2020August 31, 2019
Total Assets
Towable$718,253 $628,994 
Motorhome600,304 332,157 
Corporate / All Other395,143 143,080 
Consolidated$1,713,700 $1,104,231 
The following table reconciles net income to consolidated Adjusted EBITDA:
(in thousands)202020192018
Net income$61,442 $111,798 $102,357 
Interest expense37,461 17,939 18,246 
Provision for income taxes15,834 27,111 40,283 
Depreciation15,997 13,682 9,849 
Amortization of intangible assets22,104 9,635 9,328 
EBITDA152,838 180,165 180,063 
Acquisition-related fair-value inventory step-up4,810 — — 
Acquisition-related costs9,761 — 2,177 
Restructuring(1)
1,640 1,068 — 
Non-operating income(974)(1,581)(494)
Adjusted EBITDA$168,075 $179,652 $181,746 
(1)    Balance excludes depreciation expense classified as restructuring as the balance is already included in the EBITDA calculation.

The following table reconciles net revenues by geographic area:
(in thousands)202020192018
United States$2,225,028 $1,836,472 $1,860,613 
International130,505 149,202 156,216 
Net Revenues$2,355,533 $1,985,674 $2,016,829