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Income Taxes (Tables)

12 Months Ended

Aug. 30, 2025

Income Taxes

Components of Income from Continuing Operations

The components of operating income before income taxes are as follows:

​	​	​	​	​	​	​	​	​	​
​	​	​	Year Ended
​	​	August 30,		​	August 31,		​	August 26,
(in thousands)	​	2025		​	2024		​	2023
​	​	​	​	​	​	​	​	​	​
Domestic	​	$	2,499,120	​	$	2,663,148	​	$	2,621,714
International	​		635,212	​		673,982	​		545,900
​	​	$	3,134,332	​	$	3,337,130		$	3,167,614

Provision for Income Tax Expense

The provision for income tax expense consisted of the following:

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	August 30,		​	August 31,		​	August 26,
(in thousands)		2025		​	2024		​	2023
​	​	​	​	​	​	​	​	​	​
Current tax provision (benefit):		​			​			​
Federal	​	$	610,076	​	$	846,176	​	$	491,338
State	​		68,312	​		54,837	​		86,687
International	​		182,148	​		193,794	​		154,907
Purchased tax credits	​	​	(250,698)	​	​	(368,870)	​	​	(68,037)
​	​		609,838	​		725,937	​		664,895
Deferred tax provision (benefit):	​			​			​
Federal	​		77,770	​		(163,775)	​		26,858
State	​		(4,463)	​		12,264	​		(21,847)
International	​		(28,217)	​		(10,616)	​		(24,126)
Purchased tax credits	​	​	(18,843)	​	​	110,893	​	​	(6,592)
​	​		26,247	​		(51,234)	​		(25,707)
Income tax expense	​	$	636,085	​	$	674,703	​	$	639,188

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 30,	​	August 31,	​	August 26,	​
​	​	2025	​	2024	​	2023	​
​	​	​	​	​	​	​
Federal tax at statutory U.S. income tax rate		21.0	%	21.0	%	21.0	%
State income taxes, net		1.6	%	1.6	%	1.6	%
Share-based compensation		(1.5)	%	(1.9)	%	(2.3)	%
U.S. Tax on Non-U.S. Income (Subpart F)	​	2.0	%	2.9	%	2.5	%
U.S. Tax on Non-U.S. Income (GILTI)	​	1.0	%	1.2	%	0.8	%
Non-U.S. Permanent Differences	​	(0.8)	%	(1.3)	%	(1.4)	%
Non-U.S. Rate Differences	​	1.1	%	1.1	%	0.4	%
Foreign Tax Credits	​	(2.8)	%	(2.9)	%	(2.3)	%
Other		(1.3)	%	(1.5)	%	(0.1)	%
Effective tax rate		20.3	%	20.2	%	20.2	%

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 30,			August 31,
(in thousands)	​	2025		​	2024
​	​	​	​	​	​	​
Deferred tax assets:		​			​
Net operating loss and credit carryforwards	​	$	44,815	​	$	47,030
Accrued benefits	​		99,628	​		86,119
Operating lease liabilities	​	​	753,928	​	​	722,156
Federal credit carryforwards	​	​	123,465	​	​	131,895
Other	​		79,399	​		102,820
Total deferred tax assets	​		1,101,235	​		1,090,020
Valuation allowances	​		(11,331)	​		(26,922)
Net deferred tax assets	​		1,089,904	​		1,063,098
​	​	​	​	​	​	​
Deferred tax liabilities:	​			​
Property and equipment	​		(257,900)	​		(228,184)
Inventory	​		(510,242)	​		(499,022)
Operating lease assets	​	​	(682,685)	​	​	(660,949)
Other	​		(41,154)	​		(38,320)
Deferred tax liabilities	​		(1,491,981)	​		(1,426,475)
​	​	​	​	​	​	​
Net deferred tax liabilities	​	$	(402,077)	​	$	(363,377)
​	​	​	​	​	​	​

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

​	​	​	​	​	​	​
​		August 30,			August 31,
(in thousands)	​	2025		​	2024
​	​	​	​	​	​	​
Beginning balance	​	$	37,986	​	$	49,487
Additions based on tax positions related to the current year	​		4,482	​		5,386
Additions for tax positions of prior years	​		3,643	​		5,373
Reductions for tax positions of prior years	​		(5,118)	​		(8,595)
Reductions due to settlements	​		(13,150)	​		(8,600)
Reductions due to statute of limitations	​		(5,054)	​		(5,065)
Ending balance	​	$	22,789	​	$	37,986

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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