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Business Combinations (Tables)
 3 Months Ended
Nov. 28, 2020
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The following table summarizes the total consideration paid for Newmar as stipulated in the Purchase Agreement:

(in thousands)November 8, 2019
Cash$264,433 
Winnebago Industries shares: 2,000,000 at $46.29
92,572 
Total$357,005 
Schedule of Preliminary Fair Values Assigned
The following table summarizes the fair values assigned to the Newmar net assets acquired and the determination of net assets:
(in thousands)November 8, 2019
Cash$3,469 
Accounts receivable37,147 
Inventories82,621 
Prepaid expenses and other assets9,830 
Property, plant, and equipment31,143 
Goodwill73,127 
Other intangible assets172,100 
Total assets acquired409,437 
Accounts payable14,023 
Accrued compensation4,306 
Product warranties15,147 
Promotional6,351 
Other11,637 
Deferred tax liabilities968 
Total liabilities assumed52,432 
Total purchase price$357,005 
Schedule of Finite-Lived Intangible Assets
The following table summarizes the other intangible assets acquired:
($ in thousands)November 8, 2019Useful Life-Years
Trade name$98,000 Indefinite
Dealer network64,000 12.0
Backlog8,800 0.5
Non-compete agreements1,300 5.0
Schedule of Indefinite-lived Intangible Assets
The following table summarizes the other intangible assets acquired:
($ in thousands)November 8, 2019Useful Life-Years
Trade name$98,000 Indefinite
Dealer network64,000 12.0
Backlog8,800 0.5
Non-compete agreements1,300 5.0
Schedule of Pro Forma Information The following table provides net revenues and operating income from the Newmar operating segment included in the Company's consolidated results following the November 8, 2019 closing date:
Three Months Ended
(in thousands)November 28, 2020November 30, 2019
Net revenues$118,779 $35,663 
Operating income (loss)4,084 (1,283)
The following information represents the Company's actual results of operations for the three months ended November 28, 2020, and proforma information for the three months ended November 30, 2019 as if the Fiscal 2020 acquisition of Newmar had occurred at the beginning of Fiscal 2020:
Three Months Ended
(in thousands, except per share data)November 28, 2020November 30, 2019
Net revenues$793,131 $741,717 
Net income57,423 17,197 
Income per share - basic$1.71 $0.51 
Income per share - diluted$1.70 $0.50 
Pro Forma Data With Non-Recurring Adjustments The unaudited pro forma data for the three months ended November 30, 2019 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 2020:
Three Months Ended
(in thousands)November 30, 2019
Amortization of intangibles (1 year or less useful life)(1)
$2,251 
Amortization of intangibles(2)
(1,057)
Expenses related to business combination (transaction costs)9,950 
Interest to reflect new debt structure(3)
(3,367)
Taxes related to the adjustments to the pro forma data and to the income of Newmar(4)
(832)
(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)    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.
(4)    Calculated using our U.S. federal statutory rate of 21.0%.