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Income Taxes (Tables) | 12 Months Ended
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Aug. 28, 2021
Income Taxes |
Components of Income from Continuing Operations | The components of income from continuing operations before income taxes are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Year Ended
​ | ​ | August 28, | ​ | August 29, | ​ | August 31,
(in thousands) | ​ | 2021 | ​ | 2020 | ​ | 2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic | ​ | $ | 2,436,548 | ​ | $ | 1,960,320 | ​ | $ | 1,745,625
International | ​ |  | 312,642 | ​ |  | 256,194 | ​ |  | 285,708
​ | ​ | $ | 2,749,190 | ​ | $ | 2,216,514 |  | $ | 2,031,333
Provision for Income Tax Expense | The provision for income tax expense consisted of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | August 28, | ​ | August 29, | ​ | August 31,
(in thousands) |  | 2021 | ​ | 2020 | ​ | 2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current: |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 438,686 | ​ | $ | 324,156 | ​ | $ | 274,504
State | ​ |  | 79,271 | ​ |  | 47,880 | ​ |  | 45,457
International | ​ |  | 95,351 | ​ |  | 60,429 | ​ |  | 59,100
​ | ​ |  | 613,308 | ​ |  | 432,465 | ​ |  | 379,061
Deferred: | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ |  | (21,366) | ​ |  | 43,706 | ​ |  | 25,757
State | ​ |  | (1,707) | ​ |  | 12,544 | ​ |  | 6,914
International | ​ |  | (11,359) | ​ |  | (5,173) | ​ |  | 2,380
​ | ​ |  | (34,432) | ​ |  | 51,077 | ​ |  | 35,051
Income tax expense | ​ | $ | 578,876 | ​ | $ | 483,542 | ​ | $ | 414,112
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
​ |  | August 28, | ​ | August 29, | ​ | August 31, | ​
(in thousands) | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ |
Federal tax at statutory U.S. income tax rate |  | 21.0 | % | 21.0 | % | 21.0 | %
State income taxes, net |  | 2.2 | % | 2.2 | % | 2.0 | %
Share-based compensation |  | (1.7) | % | (0.7) | % | (1.8) | %
Impact of tax reform |  | — | ​ | — | ​ | (0.4) | %
Global intangible lower-taxed income ("GILTI") | ​ | 0.8 | % | 1.0 | % | 1.3 | %
Foreign Tax Credits | ​ | (1.7) | % | (1.1) | % | (1.1) | %
Other |  | 0.5 | % | (0.6) | % | (0.6) | %
Effective tax rate |  | 21.1 | % | 21.8 | % | 20.4 | %
Significant Components of Company's Deferred Tax Assets and Liabilities | Significant components of the Company's deferred tax assets and liabilities were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | August 28, |  | August 29,
(in thousands) | ​ | 2021 | ​ | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax assets: |  | ​ |  |  | ​ |
Net operating loss and credit carryforwards | ​ | $ | 41,825 | ​ | $ | 41,437
Accrued benefits | ​ |  | 126,086 | ​ |  | 88,226
Operating lease liabilities | ​ | ​ | 646,938 | ​ | ​ | 617,002
Other | ​ |  | 69,340 | ​ |  | 69,788
Total deferred tax assets | ​ |  | 884,189 | ​ |  | 816,453
Valuation allowances | ​ |  | (31,098) | ​ |  | (28,373)
Net deferred tax assets | ​ |  | 853,091 | ​ |  | 788,080
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  |  | ​ |  |
Property and equipment | ​ |  | (185,985) | ​ |  | (173,696)
Inventory | ​ |  | (316,736) | ​ |  | (298,585)
Prepaid expenses | ​ |  | (28,676) | ​ |  | (55,827)
Operating lease assets | ​ | ​ | (609,336) | ​ | ​ | (581,381)
Other | ​ |  | (8,440) | ​ |  | (4,934)
Deferred tax liabilities | ​ |  | (1,149,173) | ​ |  | (1,114,423)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax liabilities | ​ | $ | (296,082) | ​ | $ | (326,343)
​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of Unrecognized Tax Benefits | At August 28, 2021 and August 29, 2020, the Company had a valuation allowance of $31.1 million and $28.4 million, respectively, on deferred tax assets associated with NOL and tax credit carryforwards for which management has determined it is more likely than not that the deferred tax asset will not be realized. Management believes it is more likely than not that the remaining deferred tax assets will be fully realized. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | August 28, |  | August 29,
(in thousands) | ​ | 2021 | ​ | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 31,942 | ​ | $ | 30,892
Additions based on tax positions related to the current year | ​ |  | 10,806 | ​ |  | 8,512
Additions for tax positions of prior years | ​ |  | 4,009 | ​ |  | 946
Reductions for tax positions of prior years | ​ |  | (886) | ​ |  | (4,124)
Reductions due to settlements | ​ |  | (2,204) | ​ |  | —
Reductions due to statute of limitations | ​ |  | (3,870) | ​ |  | (4,284)
​ | ​ | ​ | ​ | ​ | ​ | ​
Ending balance | ​ | $ | 39,797 | ​ | $ | 31,942

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