XML 34 R15.htm IDEA: XBRL DOCUMENT v3.20.2

Goodwill and Intangible Assets

12 Months Ended

Aug. 29, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

The changes in carrying amount of goodwill by segment were as follows in Fiscal 2020, 2019, and 2018:

(in thousands)			Towable						Motorhome						Corporate / All Other						Total
Balances at August 26, 2017			$	242,728					$	—					$	—					$	242,728
Grand Design purchase price adjustment			1,956						—						—						1,956
Acquisition of Chris-Craft(1)			—						—						29,686						29,686
Balances at August 25, 2018			$	244,684					$	—					$	29,686					$	274,370
Chris-Craft purchase price adjustment(1)			—						—						561						561
Balances at August 31, 2019			$	244,684					$	—					$	30,247					$	274,931
Acquisition of Newmar(1)			—						73,127						—						73,127
Balances at August 29, 2020			$	244,684					$	73,127					$	30,247					$	348,058

(1)    Refer to Note 2, Business Combinations, for additional information on the acquisitions of Chris-Craft and Newmar.

The valuation used to test goodwill for impairment is dependent upon a number of significant estimates and assumptions, including macroeconomic conditions, growth rates, competitive activities, cost containment, margin expansion and the Company's business plans. The Company believes these estimates and assumptions are reasonable. However, future changes in the judgments, assumptions and estimates that are used in our impairment testing for goodwill, including discount and tax rates or future cash flow projections, could result in significantly different estimates of the fair values.

The Company has no accumulated impairment losses as of August 29, 2020. While the Chris-Craft reporting unit's fair value exceeded its respective carrying value, the fair value cushion was not substantial and could be impacted if projected operating results are not met or other significant assumptions referenced above change.

Intangible assets, net of accumulated amortization consists of the following:

			August 29, 2020																														August 31, 2019
(in thousands)			Weighted Average Life-Years						Cost						Accumulated Amortization						Weighted Average Life-Years						Cost						Accumulated Amortization
Trade names			Indefinite						$	275,250											Indefinite						$	177,250
Dealer networks			12.2						159,581						$	32,487					12.2						95,581						$	20,329
Backlog			0.5						28,327						28,327						0.5						19,527						19,527
Non-compete agreements			4.1						6,647						4,223						4.1						5,347						3,077
Leasehold interest-favorable			0						—						—						8.1						2,000						690
Other intangible assets, gross									469,805						65,037												299,705						43,623
Less accumulated amortization									65,037																		43,623
Other intangible assets, net									$	404,768																	$	256,082

The weighted average remaining amortization period for intangible assets as of August 29, 2020 was approximately ten years.

Remaining estimated aggregate annual amortization expense by fiscal year is as follows:

(in thousands)			Amount
Fiscal 2021			$	14,361
Fiscal 2022			13,719
Fiscal 2023			13,526
Fiscal 2024			13,424
Fiscal 2025			13,219
Thereafter			61,269
Total amortization expense remaining			$	129,518

X

- References

No definition available.

+ Details

Name:	us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI http://asc.fasb.org/topic&trid=2144416

+ Details

Name:	us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration