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v3.22.2.2

Income Taxes (Tables) | 12 Months Ended
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Aug. 27, 2022
Income Taxes |
Components of Income from Continuing Operations | The components of income from continuing operations before income taxes are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Year Ended
​ | ​ | August 27, | ​ | August 28, | ​ | August 29,
(in thousands) | ​ | 2022 | ​ | 2021 | ​ | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic | ​ | $ | 2,429,262 | ​ | $ | 2,436,548 | ​ | $ | 1,960,320
International | ​ |  | 649,829 | ​ |  | 312,642 | ​ |  | 256,194
​ | ​ | $ | 3,079,091 | ​ | $ | 2,749,190 |  | $ | 2,216,514
Provision for Income Tax Expense | The provision for income tax expense consisted of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | August 27, | ​ | August 28, | ​ | August 29,
(in thousands) |  | 2022 | ​ | 2021 | ​ | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current: |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 293,022 | ​ | $ | 438,686 | ​ | $ | 324,156
State | ​ |  | 48,490 | ​ |  | 79,271 | ​ |  | 47,880
International | ​ |  | 122,381 | ​ |  | 95,351 | ​ |  | 60,429
​ | ​ |  | 463,893 | ​ |  | 613,308 | ​ |  | 432,465
Deferred: | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ |  | 160,749 | ​ |  | (21,366) | ​ |  | 43,706
State | ​ |  | 34,564 | ​ |  | (1,707) | ​ |  | 12,544
International | ​ |  | (9,719) | ​ |  | (11,359) | ​ |  | (5,173)
​ | ​ |  | 185,594 | ​ |  | (34,432) | ​ |  | 51,077
Income tax expense | ​ | $ | 649,487 | ​ | $ | 578,876 | ​ | $ | 483,542
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 27, | ​ | August 28, | ​ | August 29, | ​
(in thousands) | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ |
Federal tax at statutory U.S. income tax rate |  | 21.0 | % | 21.0 | % | 21.0 | %
State income taxes, net |  | 2.1 | % | 2.2 | % | 2.2 | %
Share-based compensation |  | (1.6) | % | (1.7) | % | (0.7) | %
US Tax on Non-US Income (GILTI and Subpart F) | ​ | 3.1 | % | 2.8 | % | 3.2 | %
Non-US Permanent Differences | ​ | (1.5) | % | (0.4) | % | (0.5) | %
Foreign Tax Credits | ​ | (1.9) | % | (1.7) | % | (1.1) | %
Other |  | (0.1) | % | (1.1) | % | (2.3) | %
Effective tax rate |  | 21.1 | % | 21.1 | % | 21.8 | %
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 27, |  | August 28,
(in thousands) | ​ | 2022 | ​ | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax assets: |  | ​ |  |  | ​ |
Net operating loss and credit carryforwards | ​ | $ | 33,924 | ​ | $ | 41,825
Accrued benefits | ​ |  | 60,561 | ​ |  | 126,086
Operating lease liabilities | ​ | ​ | 692,730 | ​ | ​ | 646,938
Other | ​ |  | 79,850 | ​ |  | 69,340
Total deferred tax assets | ​ |  | 867,065 | ​ |  | 884,189
Valuation allowances | ​ |  | (27,790) | ​ |  | (31,098)
Net deferred tax assets | ​ |  | 839,275 | ​ |  | 853,091
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  |  | ​ |  |
Property and equipment | ​ |  | (197,482) | ​ |  | (185,985)
Inventory | ​ |  | (448,273) | ​ |  | (316,736)
Operating lease assets | ​ | ​ | (650,145) | ​ | ​ | (609,336)
Other | ​ |  | (25,211) | ​ |  | (37,116)
Deferred tax liabilities | ​ |  | (1,321,111) | ​ |  | (1,149,173)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax liabilities | ​ | $ | (481,836) | ​ | $ | (296,082)
​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | August 27, |  | August 28,
(in thousands) | ​ | 2022 | ​ | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 39,797 | ​ | $ | 31,942
Additions based on tax positions related to the current year | ​ |  | 17,488 | ​ |  | 10,806
Additions for tax positions of prior years | ​ |  | 3,008 | ​ |  | 4,009
Reductions for tax positions of prior years | ​ |  | (6,806) | ​ |  | (886)
Reductions due to settlements | ​ |  | (1,539) | ​ |  | (2,204)
Reductions due to statute of limitations | ​ |  | (2,632) | ​ |  | (3,870)
​ | ​ | ​ | ​ | ​ | ​ | ​
Ending balance | ​ | $ | 49,316 | ​ | $ | 39,797

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