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v3.22.2.2

Leases | 12 Months Ended
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Aug. 27, 2022
Leases |
Leases | Note M – Leases Lease-related assets and liabilities recorded on the Consolidated Balance Sheets are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | ​ | ​
(in thousands) |  | Classification |  | August 27, 2022 | ​ | August 28, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets: |  |  |  | ​ |  | ​ | ​ | ​
Operating |  | Operating lease right-of-use assets | ​ | $ | 2,918,817 | ​ | $ | 2,718,712
Finance |  | Property and equipment | ​ |  | 404,442 | ​ |  | 383,736
Total lease assets |  |  | ​ | $ | 3,323,259 | ​ | $ | 3,102,448
Liabilities: |  |  | ​ |  |  | ​ |  | ​
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating |  | Current portion of operating lease liabilities | ​ | $ | 243,407 | ​ | $ | 236,568
Finance |  | Accrued expenses and other | ​ |  | 92,877 | ​ |  | 89,932
Noncurrent: |  |  | ​ |  |  | ​ |  |
Operating |  | Operating lease liabilities, less current portion | ​ |  | 2,837,973 | ​ |  | 2,632,842
Finance |  | Other long-term liabilities | ​ |  | 217,428 | ​ |  | 186,122
Total lease liabilities |  |  | ​ | $ | 3,391,685 | ​ | $ | 3,145,464
​ Accumulated amortization related to finance lease assets was $97.2 million as of August 27, 2022 and $107.0 million as of August 28, 2021. ​ Lease costs for finance and operating leases for the 52 weeks ended August 27, 2022 and August 28, 2021 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | For the year ended
(in thousands) | ​ | Statement of Income Location | ​ |  | August 27, 2022 | ​ | August 28, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease cost: |  |  |  | ​ | ​ |  | ​ | ​ |
Amortization of lease assets |  | Depreciation and amortization | ​ | ​ | $ | 65,212 | ​ | $ | 53,377
Interest on lease liabilities |  | Interest expense, net | ​ | ​ |  | 4,351 | ​ |  | 2,957
Operating lease cost(1) |  | Selling, general and administrative expenses | ​ | ​ |  | 401,000 | ​ |  | 371,109
Total lease cost | ​ | ​ | ​ | ​ | $ | 470,563 | ​ | $ | 427,443
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Includes short-term leases, variable lease costs and sublease income, which are immaterial.
The future rental payments, inclusive of renewal options that have been included in defining the expected lease term, of our operating and finance lease obligations as of August 27, 2022 having initial or remaining lease terms in excess of one year are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Finance |  | Operating |  | ​
(in thousands) | ​ | Leases | ​ | Leases | ​ | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2023 | ​ | $ | 94,226 | ​ | $ | 344,900 | ​ | $ | 439,126
2024 | ​ |  | 73,476 | ​ |  | 376,444 | ​ |  | 449,920
2025 | ​ |  | 64,033 | ​ |  | 356,757 | ​ |  | 420,790
2026 | ​ |  | 45,023 | ​ |  | 330,200 | ​ |  | 375,223
2027 | ​ |  | 15,258 | ​ |  | 305,640 | ​ |  | 320,898
Thereafter | ​ |  | 44,693 | ​ |  | 2,236,418 | ​ |  | 2,281,111
Total lease payments | ​ | ​ | 336,709 | ​ | ​ | 3,950,359 | ​ |  | 4,287,068
Less: Interest | ​ |  | (26,404) | ​ |  | (868,979) | ​ |  | (895,383)
Present value of lease liabilities | ​ | $ | 310,305 | ​ | $ | 3,081,380 | ​ | $ | 3,391,685
​ The following table summarizes the Company’s lease term and discount rate assumptions: ​
​ | ​ | ​ | ​
​ |  | ​ |
​ | ​ | August 27, 2022 | ​
​ | ​ | ​ | ​
Weighted-average remaining lease term in years, inclusive of renewal options that are reasonably certain to be exercised: |  |  | ​
Finance leases – real estate |  | 24 | ​
Finance leases – vehicles |  | 4 | ​
Operating leases |  | 13 | ​
Weighted-average discount rate: |  | ​ | ​
Finance leases – real estate |  | 3.76 | %
Finance leases – vehicles |  | 1.17 | %
Operating leases |  | 3.57 | %
​ Cash paid for amounts included in the measurement of operating lease liabilities of $316.0 million and $300.6 million was reflected in cash flows from operating activities in the consolidated statement of cash flows for fiscal years 2022 and 2021, respectively. As of August 27, 2022, the Company has entered into additional leases which have not yet commenced and are therefore not part of the right-of-use asset and liability. These leases have undiscounted future payments of approximately $27.2 million and $48.1 million for real estate and vehicles, respectively, and will commence when the Company obtains possession of the underlying leased asset. Commencement dates are expected to be from fiscal 2023 to fiscal 2024.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References No definition available. + Details
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- References No definition available. + Details
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