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Income Taxes (Tables) | 12 Months Ended
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Aug. 25, 2018
Income Tax Disclosure [Abstract] |
Components of Income from Continuing Operations | The components of income from continuing operations before income taxes are as follows:
|  | Year Ended |
(in thousands) |  | August 25, 2018 |  |  | August 26, 2017 |  |  | August 27, 2016 |
Domestic |  | $ | 1,412,963 |  |  | $ | 1,737,401 |  |  | $ | 1,737,727 |
International |  |  | 223,366 |  |  |  | 188,088 |  |  |  | 174,987 |
|  | $ | 1,636,329 |  |  | $ | 1,925,489 |  |  | $ | 1,912,714 |
Provision for Income Tax Expense | The provision for income tax expense consisted of the following:
|  | Year Ended |
(in thousands) |  | August 25, 2018 |  |  | August 26, 2017 |  |  | August 27, 2016 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 328,963 |  |  | $ | 487,492 |  |  | $ | 534,621 |
State |  |  | 36,389 |  |  |  | 31,733 |  |  |  | 39,223 |
International |  |  | 57,702 |  |  |  | 50,493 |  |  |  | 52,844 |
|  |  | 423,054 |  |  |  | 569,718 |  |  |  | 626,688 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (131,926 | ) |  |  | 72,208 |  |  |  | 48,509 |
State |  |  | 8,167 |  |  |  | 7,769 |  |  |  | 9,453 |
International |  |  | (502 | ) |  |  | (5,075 | ) |  |  | (12,943 | )
|  |  | (124,261 | ) |  |  | 74,902 |  |  |  | 45,019 |
Income tax expense |  | $ | 298,793 |  |  | $ | 644,620 |  |  | $ | 671,707 |
Reconciliation of Provision for Income Taxes | A reconciliation of the provision for income taxes to the amount computed by applying the federal statutory tax rate to income before income taxes is as follows:
|  | Year Ended |
(in thousands) |  | August 25, 2018 |  |  | August 26, 2017 |  |  | August 27, 2016 |
Federal tax at statutory U.S. income tax rate |  |  | 25.9 | % |  |  | 35.0 | % |  |  | 35.0 | %
State income taxes, net |  |  | 1.9 | % |  |  | 1.3 | % |  |  | 1.6 | %
Transition tax |  |  | 1.6 | % |  |  | — |  |  |  | — |
Share-based compensation |  |  | (1.6 | %) |  |  | (1.4 | %) |  |  | — |
Impact of tax reform |  |  | (9.6 | %) |  |  | — |  |  |  | — |
Other |  |  | 0.1 | % |  |  | (1.4 | %) |  |  | (1.5 | %)
Effective tax rate |  |  | 18.3 | % |  |  | 33.5 | % |  |  | 35.1 | %
Significant Components of Company's Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities were as follows:
(in thousands) |  | August 25, 2018 |  |  | August 26, 2017 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss and credit carryforwards |  | $ | 47,190 |  |  | $ | 48,062 |
Accrued benefits |  |  | 62,867 |  |  |  | 96,664 |
Other |  |  | 46,375 |  |  |  | 56,052 |
Total deferred tax assets |  |  | 156,432 |  |  |  | 200,778 |
Less: Valuation allowances |  |  | (19,619 | ) |  |  | (13,501 | )
Net deferred tax assets |  |  | 136,813 |  |  |  | 187,277 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | (101,049 | ) |  |  | (117,580 | )
Inventory |  |  | (242,138 | ) |  |  | (333,422 | )
Prepaid expenses |  |  | (42,019 | ) |  |  | (60,920 | )
Other |  |  | (2,191 | ) |  |  | (11,158 | )
Total deferred tax liabilities |  |  | (387,397 | ) |  |  | (523,080 | )
Net deferred tax liabilities |  | $ | (250,584 | ) |  | $ | (335,803 | )
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(in thousands) |  | August 25, 2018 |  |  | August 26, 2017 |
Beginning balance |  | $ | 22,201 |  |  | $ | 27,726 |
Additions based on tax positions related to the current year |  |  | 8,184 |  |  |  | 7,089 |
Additions for tax positions of prior years |  |  | 1,404 |  |  |  | 278 |
Reductions for tax positions of prior years |  |  | (482 | ) |  |  | (6,954 | )
Reductions due to settlements |  |  | (1,930 | ) |  |  | (1,964 | )
Reductions due to statute of limitations |  |  | (3,300 | ) |  |  | (3,974 | )
Ending balance |  | $ | 26,077 |  |  | $ | 22,201 |

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