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Stock-Based Compensation Plans
3 Months Ended
Nov. 20, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Plans
Note 6—Stock-Based Compensation
The 2019 Incentive Plan authorized the issuance of 17,500,000 shares (10,000,000 RSUs) of common stock for future grants, plus the remaining shares that were available for grant and the future forfeited shares from grants under the previous plan, up to a maximum of 27,800,000 shares (15,885,000 RSUs). The Company issues new shares of common stock upon vesting of RSUs. Shares for vested RSUs are generally delivered to participants annually, net of shares withheld for taxes.
Summary of Restricted Stock Unit Activity
At November 20, 2022, 8,652,000 shares were available to be granted as RSUs, and the following awards were outstanding:
2,976,000 time-based RSUs, which vest upon continued employment over specified periods and accelerate upon achievement of the long-service term;
41,000 performance-based RSUs, granted to executive officers of the Company, for which the performance targets have been met. The awards vest upon continued employment over specified periods of time and upon achievement of the long-service term; and
135,000 performance-based RSUs, granted to executive officers of the Company, subject to achievement of performance targets for fiscal 2023, as determined by the Compensation Committee of the Board of Directors after the end of the fiscal year. These awards are not included in the table below or in the amount of unrecognized compensation cost.
The following table summarizes RSU transactions during the first quarter of 2023:
Number of
Units (in 000s)
Weighted-Average
Grant Date Fair Value
Outstanding at August 28, 20223,449 $338.41 
Granted1,678 470.47 
Vested and delivered(2,090)352.56 
Forfeited(20)385.02 
Outstanding at November 20, 20223,017 $401.75 
The remaining unrecognized compensation cost related to RSUs unvested at November 20, 2022, was $1,139, and the weighted-average period over which this cost will be recognized is 1.8 years.
Summary of Stock-Based Compensation
The following table summarizes stock-based compensation expense and the related tax benefits:
12 Weeks Ended
November 20,
2022
November 21,
2021
Stock-based compensation expense
$402 $388 
Less recognized income tax benefits89 85 
Stock-based compensation expense, net$313 $303