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Income Taxes (Tables) | 12 Months Ended
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Aug. 31, 2019
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 31, 2019 |  |  | August 25, 2018 |  |  | August 26, 2017 |
Domestic |  | $ | 1,745,625 |  |  | $ | 1,412,963 |  |  | $ | 1,737,401 |
International |  |  | 285,708 |  |  |  | 223,366 |  |  |  | 188,088 |
|  | $ | 2,031,333 |  |  | $ | 1,636,329 |  |  | $ | 1,925,489 |
Provision for Income Tax Expense | The provision for income tax expense consisted of the following:
|  | Year Ended |
(in thousands) |  | August 31, 2019 |  |  | August 25, 2018 |  |  | August 26, 2017 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 274,504 |  |  | $ | 328,963 |  |  | $ | 487,492 |
State |  |  | 45,457 |  |  |  | 36,389 |  |  |  | 31,733 |
International |  |  | 59,100 |  |  |  | 57,702 |  |  |  | 50,493 |
|  |  | 379,061 |  |  |  | 423,054 |  |  |  | 569,718 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 25,757 |  |  |  | (131,926 | ) |  |  | 72,208 |
State |  |  | 6,914 |  |  |  | 8,167 |  |  |  | 7,769 |
International |  |  | 2,380 |  |  |  | (502 | ) |  |  | (5,075 | )
|  |  | 35,051 |  |  |  | (124,261 | ) |  |  | 74,902 |
Income tax expense |  | $ | 414,112 |  |  | $ | 298,793 |  |  | $ | 644,620 |
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 31, 2019 |  |  | August 25, 2018 |  |  | August 26, 2017 |
Federal tax at statutory U.S. income tax rate |  |  | 21.0% |  |  |  | 25.9% |  |  |  | 35.0% |
State income taxes, net |  |  | 2.0% |  |  |  | 1.9% |  |  |  | 1.3% |
Transition tax |  |  | — |  |  |  | 1.6% |  |  |  | — |
Share-based compensation |  |  | (1.8% | ) |  |  | (1.6% | ) |  |  | (1.4% | )
Impact of tax reform |  |  | (0.4% | ) |  |  | (9.6% | ) |  |  | — |
Other |  |  | (0.4% | ) |  |  | 0.1% |  |  |  | (1.4% | )
Effective tax rate |  |  | 20.4% |  |  |  | 18.3% |  |  |  | 33.5% |
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 31, 2019 |  |  | August 25, 2018 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss and credit carryforwards |  | $ | 42,958 |  |  | $ | 47,190 |
Accrued benefits |  |  | 58,900 |  |  |  | 62,867 |
Other |  |  | 59,237 |  |  |  | 46,375 |
Total deferred tax assets |  |  | 161,095 |  |  |  | 156,432 |
Less: Valuation allowances |  |  | (23,923 | ) |  |  | (19,619 | )
Net deferred tax assets |  |  | 137,172 |  |  |  | 136,813 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | (114,956 | ) |  |  | (101,049 | )
Inventory |  |  | (259,827 | ) |  |  | (242,138 | )
Prepaid expenses |  |  | (46,487 | ) |  |  | (42,019 | )
Other |  |  | (1,021 | ) |  |  | (2,191 | )
Total deferred tax liabilities |  |  | (422,291 | ) |  |  | (387,397 | )
Net deferred tax liabilities |  | $ | (285,119 | ) |  | $ | (250,584 | )
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(in thousands) |  | August 31, 2019 |  |  | August 25, 2018 |
Beginning balance |  | $ | 26,077 |  |  | $ | 22,201 |
Additions based on tax positions related to the current year |  |  | 8,621 |  |  |  | 8,184 |
Additions for tax positions of prior years |  |  | 2,115 |  |  |  | 1,404 |
Reductions for tax positions of prior years |  |  | (1,219 | ) |  |  | (482 | )
Reductions due to settlements |  |  | (1,918 | ) |  |  | (1,930 | )
Reductions due to statute of limitations |  |  | (2,784 | ) |  |  | (3,300 | )
Ending balance |  | $ | 30,892 |  |  | $ | 26,077 |

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