XML 29 R13.htm IDEA: XBRL DOCUMENT
v3.24.3

Fair Value Measurements | 12 Months Ended
--- | ---
Aug. 31, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 3. Fair Value Measurements U.S. GAAP establishes a framework for measuring fair value and establishes disclosure requirements about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company considered non-performance risk when determining fair value of our derivative financial instruments. The fair value hierarchy prescribed under U.S. GAAP contains three levels as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. All financial assets or liabilities that are measured at fair value on a recurring basis (at least annually) have been segregated into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. The assets or liabilities measured at fair value on a recurring basis are summarized in the tables below (in thousands):
|  | As of August 31, 2024 |  |  | As of August 26, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  | $ | — |  |  | $ | 13,505 |  |  | $ | — |  |  | $ | 13,505 |  |  | $ | — |  |  | $ | 10,157 |  |  | $ | — |  |  | $ | 10,157 |
Pension plan assets |  |  | — |  |  |  | 3,108 |  |  |  | — |  |  |  | 3,108 |  |  |  | — |  |  |  | 2,978 |  |  |  | — |  |  |  | 2,978 |
Non-qualified deferred compensation plan assets |  |  | — |  |  |  | 3,295 |  |  |  | — |  |  |  | 3,295 |  |  |  | — |  |  |  | 2,024 |  |  |  | — |  |  |  | 2,024 |
Foreign currency forward contracts |  |  | — |  |  |  | 117 |  |  |  | — |  |  |  | 117 |  |  |  | — |  |  |  | 216 |  |  |  | — |  |  |  | 216 |
Total assets at fair value |  | $ | — |  |  | $ | 20,025 |  |  | $ | — |  |  | $ | 20,025 |  |  | $ | — |  |  | $ | 15,375 |  |  | $ | — |  |  | $ | 15,375 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-qualified deferred compensation plan liability |  | $ | — |  |  | $ | 1,605 |  |  | $ | — |  |  | $ | 1,605 |  |  | $ | — |  |  | $ | 480 |  |  | $ | — |  |  | $ | 480 |
Total liabilities at fair value |  | $ | — |  |  | $ | 1,605 |  |  | $ | — |  |  | $ | 1,605 |  |  | $ | — |  |  | $ | 480 |  |  | $ | — |  |  | $ | 480 |
The Company's short-term investments listed above represent certificates of deposit, which maturities range up to six months at purchase. Such securities are classified as held-to-maturity and are carried at amortized cost, which approximates market value. As such, the Company's short-term investments are included within Level 2 of the fair value hierarchy. The Company’s pension plan assets listed above represent guaranteed deposit accounts that are maintained and operated by a third-party investment manager. At the beginning of each calendar year, the third-party investment manager 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, the third-party investment manager considers the investment performance of the underlying assets of the prior year; however, regardless of the investment performance the annual interest rate applied per the contract must be a minimum of 3.25%. As such, the Company’s pension plan assets are included within Level 2 of the fair value hierarchy. Refer to Note 7, “Employee Benefit Plans”, of these Consolidated Financial Statements for further discussion regarding the Company’s pension plan and Supplemental Executive Retirement Plan. The Company's non-qualified deferred compensation plan liability listed above is carried at fair value and is composed primarily of mutual funds, municipal bonds and other fixed income securities. As such, the Company’s non-qualified deferred compensation plan assets and liabilities are included within Level 2 of the fair value hierarchy. Refer to Note 7, “Employee Benefit Plans”, of these Consolidated Financial Statements for further discussion regarding the Company’s non-qualified deferred compensation plan. 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 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 August 31, 2024 and August 26, 2023. The fair value of the forward contracts is based on similar exchange-traded derivatives and is, therefore, included within Level 2 of the fair value hierarchy.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//820/tableOfContent + Details
Name: | us-gaap_FairValueMeasurementInputsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration