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Fair Value Measurements | 9 Months Ended
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May 28, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 5. Fair Value Measurements The assets measured at fair value on a recurring basis are summarized in the tables below (in thousands):
|  | As of May 28, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 197,154 |  |  | $ | — |  |  | $ | — |  |  | $ | 197,154 |
Pension plan assets |  |  | — |  |  |  | 3,432 |  |  |  | — |  |  |  | 3,432 |
Foreign currency forward contracts |  |  | — |  |  |  | 13 |  |  |  | — |  |  |  | 13 |
Total assets at fair value |  | $ | 197,154 |  |  | $ | 3,445 |  |  | $ | — |  |  | $ | 200,599 |
|  | As of August 28, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 197,081 |  |  | $ | — |  |  | $ | — |  |  | $ | 197,081 |
Pension plan assets |  |  | — |  |  |  | 3,795 |  |  |  | — |  |  |  | 3,795 |
Foreign currency forward contracts |  |  | — |  |  |  | 41 |  |  |  | — |  |  |  | 41 |
Total assets at fair value |  | $ | 197,081 |  |  | $ | 3,836 |  |  | $ | — |  |  | $ | 200,917 |
The Company’s cash equivalents listed above represent money market securities and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company does not adjust the quoted market price for such financial instruments. The Company’s pension plan assets listed above represent guaranteed deposit accounts that are maintained and operated by Prudential Retirement Insurance and Annuity Company (“PRIAC”). All assets are merged with the general assets of PRIAC and are invested predominantly in privately placed securities and mortgages. At the beginning of each calendar year, PRIAC notifies the Company of the annual rates of interest which will be applied to the amounts held in the guaranteed deposit account during the next calendar year. In determining the interest rate to be applied, PRIAC considers the investment performance of the underlying assets of the prior year; however, regardless of the investment performance the Company is contractually guaranteed a minimum rate of return. As such, the Company’s pension plan assets are included within Level 2 of the fair value hierarchy. The Company’s foreign currency forward contracts represent contracts the Company has entered into to exchange Canadian dollars for U.S. dollars at fixed exchange rates in order to manage its exposure related to the certain forecasted Canadian dollar denominated sales of one of its subsidiaries. These contracts are included in prepaid expenses and other current assets and other long-term assets as of May 28, 2022 and August 28, 2021. The fair value of the forward contracts is based on similar exchange traded derivatives and are, therefore, included within Level 2 of the fair value hierarchy.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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