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Income Taxes (Tables) | 12 Months Ended
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Sep. 02, 2023
Income Tax Disclosure [Abstract] |
Components of Income Before Provision for Income Taxes | The components of income before provision for income taxes were as follows:
| For the Fiscal Years Ended
| September 2, 2023 |  | September 3, 2022 |  | August 28, 2021
Domestic | $ | 453,563 |  | $ | 449,389 |  | $ | 282,478
Foreign | 2,593 |  | 1,743 |  | 5,901
Total | $ | 456,156 |  | $ | 451,132 |  | $ | 288,379
Provision for Income Taxes | The provision for income taxes is comprised of the following:
| For the Fiscal Years Ended
| September 2, 2023 |  | September 3, 2022 |  | August 28, 2021
Current: |  |  |  |  |
Federal | $ | 81,187 |  | $ | 77,761 |  | $ | 60,988
State and local | 21,121 |  | 19,524 |  | 15,237
Foreign | 1,635 |  | 1,309 |  | 1,327
| 103,943 |  | 98,594 |  | 77,552
Deferred: |  |  |  |  |
Federal | 8,164 |  |  | 11,591 |  |  | (5,513)
State and local | 1,683 |  |  | 1,281 |  |  | (842)
Foreign | (741) |  |  | (816) |  |  | (755) |
| 9,106 |  |  | 12,056 |  |  | (7,110)
Total | $ | 113,049 |  | $ | 110,650 |  | $ | 70,442
Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows:
| September 2, 2023 |  | September 3, 2022
Deferred tax liabilities: |  |  |
Depreciation | $ | (40,137) |  |  | $ | (41,990) |
Right-of-use assets | (14,290) |  |  | (14,898) |
Goodwill | (118,015) |  |  | (111,471) |
Intangible amortization | (2,388) |  |  | (2,568) |
| (174,830) |  |  | (170,927) |
Deferred tax assets: |  |  |
Accounts receivable | 5,047 |  | 4,605
Lease liability | 14,595 |  | 14,766
Inventory | 10,356 |  | 13,476
Self-insurance liability | 2,988 |  | 1,605
Deferred compensation | 256 |  | 586
Stock-based compensation | 5,431 |  | 5,881
Other accrued expenses/reserves | 11,958 |  | 14,915
| 50,631 |  | 55,834
Net Deferred Tax Liabilities | $ | (124,199) |  |  | $ | (115,093) |
Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate | Reconciliation of the U.S. federal income tax rate to the Company’s effective income tax rate is as follows:
| For the Fiscal Years Ended
| September 2, 2023 |  | September 3, 2022 |  | August 28, 2021
U.S. federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal benefit | 4.3 |  |  | 3.9 |  |  | 4.1 |
Other, net | (0.5) |  |  | (0.4) |  |  | (0.7) |
Effective income tax rate | 24.8 | % |  | 24.5 | % |  | 24.4 | %
Changes in Gross Unrecognized Tax Benefits | The aggregate changes in the balance of gross unrecognized tax benefits during fiscal years 2023 and 2022 were as follows:
| September 2, 2023 |  | September 3, 2022
Beginning Balance | $ | 11,223 |  | $ | 6,119
Additions for tax positions relating to current year | 403 |  | 1,130
Additions for tax positions relating to prior years | — |  |  | 6,810
Reductions for tax positions relating to prior years | (816) |  |  | (626) |
Settlements | (178) |  | — |
Lapse of statute of limitations | (2,864) |  |  | (2,210) |
Ending Balance | $ | 7,768 |  | $ | 11,223

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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