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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Aug. 31, 2019
Accounting Policies [Abstract] |
Schedule of Total Revenue Disaggregated by Service Type | The following table presents the Company’s revenues for fiscal 2019, disaggregated by service type:
|  | Years ended |
|  | August 31, 2019 |  |  | August 25, 2018 |  |  | August 26, 2017 |
(In thousands, except percentages) |  | Revenues |  |  | % of Revenues |  |  | Revenues |  |  | % of Revenues |  |  | Revenues |  |  | % of Revenues |
Core Laundry Operations |  |  | 1,616,205 |  |  |  | 89.3 | % |  | $ | 1,523,648 |  |  |  | 89.8 | % |  | $ | 1,442,149 |  |  |  | 90.6 | %
Specialty Garments |  |  | 132,767 |  |  |  | 7.3 | % |  |  | 118,477 |  |  |  | 7.0 | % |  |  | 98,024 |  |  |  | 6.2 | %
First Aid |  |  | 60,404 |  |  |  | 3.4 | % |  |  | 54,364 |  |  |  | 3.2 | % |  |  | 50,785 |  |  |  | 3.2 | %
Total Revenues |  | $ | 1,809,376 |  |  |  | 100.0 | % |  | $ | 1,696,489 |  |  |  | 100.0 | % |  | $ | 1,590,958 |  |  |  | 100.0 | %
Schedule of Components of Inventory | The components of inventory as of August 31, 2019 and August 25, 2018 were as follows (in thousands):
|  | August 31, 2019 |  |  | August 25, 2018 |
Raw materials |  | $ | 23,000 |  |  | $ | 18,508 |
Work in process |  |  | 2,864 |  |  |  | 3,271 |
Finished goods |  |  | 75,052 |  |  |  | 68,397 |
Total inventory |  | $ | 100,916 |  |  | $ | 90,176 |
Schedule of Components of Property, Plant and Equipment | The components of property, plant and equipment as of August 31, 2019 and August 25, 2018 were as follows (in thousands):
|  | August 31, 2019 |  |  | August 25, 2018 |
Land, buildings and leasehold equipment |  | $ | 527,419 |  |  | $ | 496,966 |
Machinery and equipment |  |  | 565,319 |  |  |  | 534,469 |
Motor vehicles |  |  | 253,841 |  |  |  | 238,087 |
|  |  | 1,346,579 |  |  |  | 1,269,522 |
Less: accumulated depreciation |  |  | 772,070 |  |  |  | 721,526 |
Total property, plant and equipment |  | $ | 574,509 |  |  | $ | 547,996 |
Schedule of Useful Lives of Property, Plant and Equipment | The Company provides for depreciation on the straight-line method based on the date the asset is placed in service using the following estimated useful lives:
Buildings (in years) |  | 30 — 40
Building components (in years) |  | 10 — 20
Leasehold improvements |  | Shorter of useful life or term of lease
Machinery and equipment (in years) |  | 3 — 10
Motor vehicles (in years) |  | 3 — 5
Schedule of Computation of Basic Earnings Per Share | The following table sets forth the computation of basic income per share using the two-class method for amounts attributable to the Company’s shares of Common Stock and Class B Common Stock (in thousands, except per share data):
Year ended |  | August 31, 2019 |  |  | August 25, 2018 |  |  | August 26, 2017 |
Net income available to shareholders |  | $ | 179,134 |  |  | $ | 163,895 |  |  | $ | 70,196 |
Allocation of net income for Basic: |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | 150,247 |  |  | $ | 133,802 |  |  | $ | 55,903 |
Class B Common Stock |  |  | 28,887 |  |  |  | 30,093 |  |  |  | 13,915 |
Unvested participating shares |  |  | — |  |  |  | — |  |  |  | 378 |
|  | $ | 179,134 |  |  | $ | 163,895 |  |  | $ | 70,196 |
Weighted average number of shares for Basic: |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  |  | 15,385 |  |  |  | 15,454 |  |  |  | 15,382 |
Class B Common Stock |  |  | 3,697 |  |  |  | 4,357 |  |  |  | 4,786 |
Unvested participating shares |  |  | — |  |  |  | — |  |  |  | 116 |
|  |  | 19,082 |  |  |  | 19,811 |  |  |  | 20,284 |
Income per share for Basic: |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | 9.77 |  |  | $ | 8.66 |  |  | $ | 3.63 |
Class B Common Stock |  | $ | 7.81 |  |  | $ | 6.91 |  |  | $ | 2.91 |
Schedule of Computation of Diluted Income Per Share | The following table sets forth the computation of diluted income per share of Common Stock for the years ended August 31, 2019, August 25, 2018 and August 26, 2017 (in thousands, except per share data):
|  | Year Ended August 31, 2019 |  |  | Year Ended August 25, 2018 |  |  | Year Ended August 26, 2017 |
|  | Earnings to Common shareholders |  |  | Common Shares |  |  | Income Per Share |  |  | Earnings to Common shareholders |  |  | Common Shares |  |  | Income Per Share |  |  | Earnings to Common shareholders |  |  | Common Shares |  |  | Income Per Share |
As reported—Basic |  | $ | 150,247 |  |  |  | 15,385 |  |  | $ | 9.77 |  |  | $ | 133,802 |  |  |  | 15,454 |  |  | $ | 8.66 |  |  | $ | 55,903 |  |  |  | 15,382 |  |  | $ | 3.63 |
Add: effect of dilutive potential common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share-Based Awards |  |  | — |  |  |  | 114 |  |  |  |  |  |  |  | — |  |  |  | 152 |  |  |  |  |  |  |  | — |  |  |  | 108 |  |  |  |  |
Class B Common Stock |  |  | 28,887 |  |  |  | 3,697 |  |  |  |  |  |  |  | 30,093 |  |  |  | 4,357 |  |  |  |  |  |  |  | 13,915 |  |  |  | 4,786 |  |  |  |  |
Add: Undistributed earnings allocated to unvested participating shares |  |  | — |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 362 |  |  |  | — |  |  |  |  |
Less: Undistributed earnings reallocated to unvested participating shares |  |  | — |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | (343 | ) |  |  | — |  |  |  |  |
Diluted Income Per Share— Common Stock |  | $ | 179,134 |  |  |  | 19,196 |  |  | $ | 9.33 |  |  | $ | 163,895 |  |  |  | 19,963 |  |  | $ | 8.21 |  |  | $ | 69,837 |  |  |  | 20,276 |  |  | $ | 3.44 |
Schedule of Impact of New Accounting Pronouncements | As a result of applying the modified retrospective method to adopt the new revenue guidance, the adjustments set forth in the table below were made to accounts on the consolidated balance sheet as of August 26, 2018:
Consolidated Balance Sheet (In thousands) |  | August 25, 2018 |  |  | Capitalization of Contract Costs |  |  | August 26, 2018 |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets |  | $ | 21,899 |  |  | $ | 11,389 |  |  | $ | 33,288 |
Total current assets |  |  | 784,800 |  |  |  | 11,389 |  |  |  | 796,189 |
Other assets |  |  | 30,259 |  |  |  | 44,405 |  |  |  | 74,664 |
Total assets |  | $ | 1,843,386 |  |  | $ | 55,794 |  |  | $ | 1,899,180 |
Liabilities and shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Accrued and deferred income taxes |  | $ | 74,070 |  |  | $ | 14,427 |  |  | $ | 88,497 |
Total liabilities |  |  | 378,419 |  |  |  | 14,427 |  |  |  | 392,846 |
Retained earnings |  |  | 1,405,239 |  |  |  | 41,367 |  |  |  | 1,446,606 |
Total shareholders’ equity |  |  | 1,464,967 |  |  |  | 41,367 |  |  |  | 1,506,334 |
Total liabilities and shareholders’ equity |  | $ | 1,843,386 |  |  | $ | 55,794 |  |  | $ | 1,899,180 |
The impacts of adopting this standard on the fiscal 2019 Consolidated Financial Statements are presented in the following tables:
|  | Year Ended August 31, 2019 |
Consolidated Statement of Income (In thousands, except per share data) |  | As Reported |  |  | Under Historical Guidance |  |  | Impact of Adopting New Revenue Standard |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Selling and administrative expenses |  | $ | 334,840 |  |  | $ | 341,795 |  |  | $ | (6,955 | )
Total operating expenses |  |  | 1,577,368 |  |  |  | 1,584,323 |  |  |  | (6,955 | )
Operating income |  |  | 232,008 |  |  |  | 225,053 |  |  |  | 6,955 |
Income before income taxes |  |  | 237,924 |  |  |  | 230,969 |  |  |  | 6,955 |
Provision for income taxes |  |  | 58,790 |  |  |  | 57,010 |  |  |  | 1,780 |
Net income |  | $ | 179,134 |  |  | $ | 173,959 |  |  | $ | 5,175 |
Income per share – Diluted: |  | $ | 9.33 |  |  | $ | 9.06 |  |  | $ | 0.27 |
|  | Balance at August 31, 2019 |
Consolidated Balance Sheet (In thousands) |  | As Reported |  |  | Under Historical Guidance |  |  | Impact of Adopting New Revenue Standard |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets |  | $ | 35,699 |  |  | $ | 23,285 |  |  | $ | 12,414 |
Total current assets |  |  | 913,791 |  |  |  | 901,377 |  |  |  | 12,414 |
Other assets |  |  | 84,674 |  |  |  | 34,339 |  |  |  | 50,335 |
Total assets |  | $ | 2,047,320 |  |  | $ | 1,984,571 |  |  | $ | 62,749 |
Liabilities and shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Accrued and deferred income taxes |  | $ | 99,172 |  |  | $ | 83,114 |  |  | $ | 16,058 |
Total liabilities |  |  | 406,090 |  |  |  | 390,032 |  |  |  | 16,058 |
Retained earnings |  |  | 1,588,075 |  |  |  | 1,541,384 |  |  |  | 46,691 |
Total shareholders’ equity |  |  | 1,641,230 |  |  |  | 1,594,539 |  |  |  | 46,691 |
Total liabilities and shareholders’ equity |  | $ | 2,047,320 |  |  | $ | 1,984,571 |  |  | $ | 62,749 |

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