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Leases | 3 Months Ended
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Nov. 27, 2021
Leases [Abstract] |
Leases | Note 7. Leases The Company’s lease portfolio includes certain real estate (branch offices, customer fulfillment centers and regional inventory centers), automobiles and other equipment. The determination of whether an arrangement is, or contains, a lease is performed at the inception of the arrangement. Operating leases are recorded on the balance sheet with operating lease assets representing the right to use the underlying asset for the lease term and operating lease liabilities representing the obligation to make lease payments arising from the lease. For real estate leases, the Company has elected the practical expedient which allows lease components and non-lease components, such as common area maintenance, to be grouped as a single lease component. The Company has also elected the practical expedient which allows leases with an initial term of 12 months or less to be excluded from the balance sheet. The Company does not guarantee any residual value in its lease agreements, there are no material restrictions or covenants imposed by lease arrangements, and there are no lease transactions with related parties. Real estate leases typically include one or more options to extend the lease. The Company regularly evaluates the renewal options, and when it is reasonably certain of exercise, the Company includes the renewal period in its lease term. The automobile leases contain variable lease payments based on inception and subsequent interest rate fluctuations. For the thirteen-week periods ended November 27, 2021 and November 28, 2020, the variable lease cost was a benefit due to low current interest rates. When readily determinable, the Company uses the interest rate implicit in its leases to discount lease payments. When the implicit rate is not readily determinable, as is the case with substantially all of the real estate leases, the Company utilizes its incremental borrowing rate. The incremental borrowing rate for a lease is the rate of interest the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The rate for each lease was determined using primarily the Company’s credit spread, the lease term, and currency. The components of lease cost for the thirteen-week periods ended November 27, 2021 and November 28, 2020 were as follows: Thirteen Weeks Ended November 27, 2021November 28, 2020Operating lease cost $ 4,793 $ 6,683Variable lease benefit (198) (483)Short-term lease cost 918 158Finance lease cost: Amortization of leased assets 324 322 Interest on leased liabilities 15 24Total Lease Cost $ 5,852 $ 6,704 Supplemental balance sheet information relating to operating and finance leases is as follows: November 27, August 28, Classification 2021 2021Assets Operating lease assets Operating lease assets $ 52,824 $ 49,011 Finance lease assets (1) Property, plant and equipment, net 2,053 2,377Total lease assets $ 54,877 $ 51,388Liabilities Current Operating lease liabilities Current portion of operating lease liabilities $ 13,703 $ 13,927 Finance lease liabilities Current portion of debt including obligations under finance leases 1,239 1,273 Noncurrent Operating lease liabilities Noncurrent operating lease liabilities 40,447 36,429 Finance lease liabilities Long-term debt including obligations under finance leases 892 1,188Total lease liabilities $ 56,281 $ 52,817 (1) Finance lease assets are net of accumulated amortization of $3,053 and $2,729 as of November 27, 2021 and August 28, 2021, respectively. November 27, November 28, 2021 2020Weighted-average remaining lease term (years) Operating Leases 5.5 4.3 Finance Leases 1.8 2.7 Weighted-average discount rate Operating Leases 3.5% 3.5% Finance Leases 2.7% 2.7% ‎The following table sets forth supplemental cash flow information related to operating and finance leases: Thirteen Weeks Ended November 27, 2021 November 28, 2020Operating Cash Outflows from Operating Leases $ 4,658 $ 6,453Operating Cash Outflows from Finance Leases 15 24Financing Cash Outflows from Finance Leases 331 320Leased Assets Obtained in Exchange for New Lease Liabilities: Operating Leases $ 8,459 $ 4,548 Finance Leases — — As of November 27, 2021, expected future lease payments were as follows: Fiscal Year (1) Operating Leases Finance Leases Total Remainder of fiscal year 2022 $ 11,964 $ 1,007 $ 12,9712023 12,475 1,027 13,5022024 9,169 161 9,3302025 7,270 12 7,2822026 6,742 6 6,748Thereafter 12,376 — 12,376 Total Lease Payments 59,996 2,213 62,209Less: Imputed Interest 5,846 82 5,928Present Value of Lease Liabilities (2) $ 54,150 $ 2,131 $ 56,281 (1) Future lease payments by fiscal year are based on contractual lease obligations.(2) Includes the current portion of $13,703 for operating leases and $1,239 for finance leases.

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