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Business Combinations (Tables) | 12 Months Ended
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Aug. 28, 2021
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the total consideration paid for Newmar, which was subject to purchase price adjustments as stipulated in the Purchase Agreement:
(in thousands, except for share data) | November 8, 2019
Cash | $ | 264,434 |
Winnebago Industries shares: 2,000,000 at $46.29 | 92,572 |
Total | $ | 357,006 |
Schedule of Preliminary Fair Values Assigned | The following table summarizes the final fair values assigned to the Newmar net assets acquired and the determination of net assets:
| November 8, 2019
Cash | $ | 3,469 |
Accounts receivable | 37,147 |
Inventories | 82,621 |
Prepaid expenses and other assets | 9,830 |
Property, plant, and equipment | 31,143 |
Goodwill | 73,127 |
Other intangible assets | 172,100 |
Total assets acquired | 409,437 |
Accounts payable | 14,023 |
Accrued compensation | 4,306 |
Product warranties | 15,147 |
Promotional | 6,351 |
Other | 11,636 |
Deferred tax liabilities | 968 |
Total liabilities assumed | 52,431 |
Total purchase price | $ | 357,006 |
Schedule of Finite-Lived Intangible Assets | The following table summarizes the other intangible assets acquired:
| 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:
| 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 table provides net revenues and operating income from the Newmar operating segment included in our consolidated results following the November 8, 2019 closing date:
| 2020
Net revenues | $ | 388,383 |
Net income (loss) | (3,642) |
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:
| 2020 |  | 2019
Net revenues | $ | 2,508,792 |  |  | $ | 2,645,914 |
Net income | 72,609 |  |  | 101,692 |
Earnings per share - basic | $ | 2.16 |  |  | $ | 3.03 |
Earnings per share - diluted | $ | 2.11 |  |  | $ | 3.02 |
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:
| 2020 |  | 2019
Amortization of intangibles (1 year or less useful life)(1) | $ | 13,610 |  |  | $ | (13,610) |
Increase in amortization of intangible assets(2) | (1,061) |  |  | (5,578) |
Expenses related to business combination (transaction costs)(3) | 9,761 |  |  | (9,950) |
Interest to reflect new debt structure(4) | (4,356) |  |  | (19,155) |
Taxes related to the adjustments to the pro forma data and to the net income of Newmar(5) | (2,968) |  |  | 2,686 |
(1) Includes amortization adjustments for the backlog intangible asset and the fair-value inventory adjustment. (2) Includes amortization adjustments for the dealer network and non-compete intangible assets. (3) Pro forma transaction costs include $652 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 for additional information on our 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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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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