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Income Taxes | 9 Months Ended
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May 30, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | 13. Income Taxes In accordance with ASC 740, Income Taxes (“ASC 740”), each interim period is considered integral to the annual period and tax expense is measured using an estimated annual effective tax rate. An entity is required to record income tax expense each quarter based on its annual effective tax rate estimated for the full fiscal year and use that rate to provide for income taxes on a current year-to-date basis, adjusted for discrete taxable events that occur during the interim period. Effective tax rate The Company’s effective tax rate for the thirteen weeks ended May 30, 2020 was 21.8% as compared to 23.5% for the corresponding period in the prior year. The Company’s effective tax rate for the thirty-nine weeks ended May 30, 2020 was 22.8% as compared to 24.8% for the corresponding period in the prior year. The decrease in the effective tax rate in the thirteen and thirty-nine weeks ended May 30, 2020 was primarily due to the benefit resulting from the release of certain tax reserves and to the tax benefit related to the exercise of stock appreciation rights. There was a $0.4 million and $1.8 million discrete tax benefit resulting from the release of certain tax reserves and a $0.5 million and $1.9 million discrete tax benefit related to the exercise of stock appreciation rights during the thirteen and thirty-nine weeks ended May 30, 2020, respectively. Uncertain tax positions The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense, which is consistent with the recognition of these items in prior reporting periods. During the thirteen weeks ended May 30, 2020, there was a decrease of $0.4 million in unrecognized tax benefits to the Company. During the thirty-nine weeks ended May 30, 2020, there was a decrease in unrecognized tax benefits of $1.8 million due to a release of tax reserves. All U.S. and Canadian federal income tax statutes have lapsed for filings up to and including fiscal years 2015 and 2012, respectively. With a few exceptions, the Company is no longer subject to state and local income tax examinations for periods prior to fiscal 2015. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change significantly in the next 12 months.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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