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Debt | 3 Months Ended
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Nov. 28, 2020
Debt [Abstract] |
Debt | Note 6. Debt Debt at November 28, 2020 and August 29, 2020 consisted of the following:
|  | November 28, |  | August 29,
|  | 2020 |  | 2020
Revolving Credit Facility |  | $ | 120,000 |  | $ | 250,000 |
Uncommitted credit facilities |  |  | 1,200 |  |  | 1,200 |
Private Placement Debt: |  |  |  |  |  |  |
2.65% Senior notes, series A, due July 28, 2023 |  |  | 75,000 |  |  | 75,000 |
2.90% Senior notes, series B, due July 28, 2026 |  |  | 100,000 |  |  | 100,000 |
3.79% Senior notes, due June 11, 2025 |  |  | 20,000 |  |  | 20,000 |
2.60% Senior notes, due March 5, 2027 |  |  | 50,000 |  |  | 50,000 |
3.04% Senior notes, due January 12, 2023(1) |  |  | 50,000 |  |  | 50,000 |
3.42% Series 2018B notes, due June 11, 2021(1) |  |  | 20,000 |  |  | 20,000 |
2.40% Series 2019A notes, due March 5, 2024(1) |  |  | 50,000 |  |  | 50,000 |
Financing arrangements |  |  | 1,267 |  |  | 194 |
Obligations under finance leases |  |  | 3,395 |  |  | 3,715 |
Less: unamortized debt issuance costs |  |  | (732) |  |  | (843) |
Total debt, including obligations under finance leases |  | $ | 490,130 |  | $ | 619,266 |
Less: current portion, including obligations under finance leases |  |  | (23,225) | (2) |  | (122,248) | (3)
Total long-term debt, including obligations under finance leases |  | $ | 466,905 |  | $ | 497,018 |
__________________________ (1)Represents private placement debt issued under Shelf Facility Agreements, discussed in further detail below. (2)November 28, 2020 balance consists of $1,200 from the uncommitted credit facilities, $20,000 from the 2018B notes due June 11, 2021, $1,162 from financing arrangements, $1,271 from obligations under finance leases, and net of unamortized debt issuance costs expected to be amortized in the next 12 months. (3)August 29, 2020 balance consists of $100,000 from the revolving credit facility, $1,200 from the uncommitted credit facilities, $20,000 from the 2018B notes due June 11, 2021, $194 from financing arrangements, $1,262 from obligations under finance leases, and net of unamortized debt issuance costs expected to be amortized in the next 12 months. Revolving Credit Facilities The Company has a $600,000 committed credit facility (the “Committed Facility”). The Committed Facility, which matures on April 14, 2022, provides for a five year unsecured revolving loan facility. The interest rate is based on either the London Interbank Offered Rate (“LIBOR”) or a base rate, plus in either case a spread based on the Company’s leverage ratio at the end of each fiscal reporting quarter. Based on the interest period the Company selects, interest may be payable every one, two, or three months. Interest is reset at the end of each interest period. The Company currently elects to have loans under the Committed Facility bear interest based on LIBOR with one-month interest periods. The Committed Facility permits up to $50,000 to be used to fund letters of credit. Outstanding letters of credit were $4,235 and $16,742 at November 28, 2020 and August 29, 2020, respectively. During fiscal year 2019, the Company entered into six unsecured credit facilities that are uncommitted (the “Uncommitted Facilities”), totaling $440,000 of maximum uncommitted availability. During fiscal 2020, the Company extended, and in some cases amended, five of the Uncommitted Facilities (the “Amended Uncommitted Facilities”), totaling $410,000 of maximum uncommitted availability. On November 1, 2020, the Amended Uncommitted Facilities expired, and the Company did no t have an outstanding balance. During fiscal year 2020, the Company entered into an additional uncommitted credit facility (“New Uncommitted Credit Facility” and, together with the Amended Uncommitted Facilities, the “Uncommitted Credit Facilities”), totaling $5,000 of maximum uncommitted availability, under which $1,200 was outstanding at November 28, 2020. An event of default under the Company’s Committed Facility is an event of default under the Uncommitted Credit Facilities. The interest rate on the Uncommitted Credit Facilities is based on LIBOR or the bank’s cost of funds or as otherwise agreed upon by the applicable bank and the Company. The $1,200 outstanding balance at the end of the first fiscal quarter of fiscal year 2021 and fiscal year 2020 under the Uncommitted Facilities and $100,000 of the Committed Facility at the end of fiscal year 2020 are classified as short-term in the Company’s Condensed Consolidated Balance Sheet. During the thirteen-week period ended November 28, 2020, the Company did not borrow additional funds under its credit facilities and repaid $130,000 under all of its credit facilities. As of November 28, 2020, and August 29, 2020, the weighted average interest rates on borrowings under all of its credit facilities were 1.40% and 1.42%, respectively. Private Placement Debt In July 2016, the Company completed the issuance and sale of $75,000 aggregate principal amount of 2.65% Senior Notes, Series A, due July 28, 2023 and $100,000 aggregate principal amount of 2.90% Senior Notes, Series B, due July 28, 2026; in June 2018, the Company completed the issuance and sale of $20,000 aggregate principal amount of 3.79% Senior Notes, due June 11, 2025; and in March 2020, the Company completed the issuance and sale of an additional $50,000 aggregate principal amount of 2.60% Senior Notes, due March 5, 2027 (collectively “Private Placement Debt”). Interest is payable semiannually at the fixed stated interest rates. Shelf Facility Agreements In January 2018, the Company entered into Note Purchase and Private Shelf Agreements with Metropolitan Life Insurance Company (“Met Life Note Purchase Agreement”) and PGIM, Inc. (“Prudential Note Purchase Agreement”), and together referred to as the “Shelf Facility Agreements”. The Met Life Note Purchase Agreement provides for an uncommitted facility for the issuance and sale of up to an aggregate total of $250,000 of senior notes, at either fixed or floating rates. The Prudential Note Purchase Agreement provides for an uncommitted facility for the issuance and sale of up to an aggregate total of $250,000 of senior notes, at a fixed rate. As of November 28, 2020, the uncommitted availability under the Met Life Note Purchase Agreement and the Prudential Note Purchase Agreement is $180,000 and $200,000, respectively. Each of the credit facilities, Private Placement Debt, and Shelf Facility Agreements impose several restrictive covenants including the requirement that the Company maintain a maximum consolidated leverage ratio of total indebtedness to EBITDA (earnings before interest expense, taxes, depreciation, amortization and stock-based compensation) of no more than 3.00 to 1.00 (or, at the election of the Company after it consummates a material acquisition, a four-quarter temporary increase to 3.50 to 1.00), and a minimum consolidated interest coverage ratio of EBITDA to total interest expense of at least 3.00 to 1.00, during the terms of the credit facilities, Private Placement Debt, and Shelf Facility Agreements. At November 28, 2020, the Company was in compliance with the operating and financial covenants of the credit facilities, Private Placement Debt, and Shelf Facility Agreements. Financing Arrangements From time to time, the Company enters into financing arrangements with vendors to purchase certain information technology equipment or software. The equipment or software acquired from these vendors is paid for over a specified period of time based on the terms agreed upon. During the thirteen-week period ended November 28, 2020, the Company entered into financing arrangements related to certain IT equipment and software totaling $1,286. The gross amount of property and equipment acquired under the financing arrangements and its accumulated amortization at November 28, 2020 was $1,286 and $107, respectively.

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- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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