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Asset Retirement Obligations | 6 Months Ended
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Feb. 27, 2021
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | 11. Asset Retirement Obligations The Company recognizes asset retirement obligations in the period in which they are incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The Company continues to depreciate, on a straight-line basis, the amount added to property, plant and equipment and recognizes accretion expense in connection with the discounted liability over the various remaining lives which range from approximately 1 to 23 years. A reconciliation of the Company’s asset retirement liability for the twenty-six weeks ended February 27, 2021 was as follows (in thousands):
|  | February 27, 2021 |
Beginning balance as of August 29, 2020 |  | $ | 13,920 |
Accretion expense |  |  | 492 |
Effect of exchange rate changes |  |  | 61 |
Balance as of February 27, 2021 |  | $ | 14,473 |
Asset retirement obligations are included in long-term accrued liabilities in the accompanying Consolidated Balance Sheets.

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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