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Employee Benefit Plans (Tables) | 12 Months Ended
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Aug. 31, 2024
Postemployment Benefits [Abstract] |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for fiscal 2024, 2023 and 2022 are as follows (in thousands):
|  | UniFirst Plan |  |  | SERP |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2024 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | 74 |  |  | $ | 73 |  |  | $ | 72 |  |  | $ | 405 |  |  | $ | 486 |  |  | $ | 919 |
Interest cost |  |  | 159 |  |  |  | 147 |  |  |  | 104 |  |  |  | 1,255 |  |  |  | 1,191 |  |  |  | 928 |
Expected return on assets |  |  | (90 | ) |  |  | (101 | ) |  |  | (118 | ) |  |  | — |  |  |  | — |  |  |  | — |
Amortization of prior service cost |  |  | 21 |  |  |  | 21 |  |  |  | 21 |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of actuarial (gain)/loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (116 | ) |  |  | — |  |  |  | — |
Amortization of net loss |  |  | — |  |  |  | — |  |  |  | 20 |  |  |  | — |  |  |  | — |  |  |  | 516 |
Other events |  |  | — |  |  |  | (12 | ) |  |  | (10 | ) |  |  | — |  |  |  | — |  |  |  | (855 | )
Net periodic benefit cost |  | $ | 164 |  |  | $ | 128 |  |  | $ | 89 |  |  | $ | 1,544 |  |  | $ | 1,677 |  |  | $ | 1,508 |
Schedule of Obligations and Funded Status | The Company’s obligations and funded status as of August 31, 2024 and August 26, 2023 are as follows (in thousands):
|  | UniFirst Plan |  |  | SERP |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation, beginning of year |  | $ | 3,549 |  |  | $ | 3,837 |  |  | $ | 25,119 |  |  | $ | 27,562 |
Service cost |  |  | 74 |  |  |  | 73 |  |  |  | 405 |  |  |  | 486 |
Interest cost |  |  | 159 |  |  |  | 147 |  |  |  | 1,255 |  |  |  | 1,191 |
Actuarial gain |  |  | (28 | ) |  |  | (220 | ) |  |  | 465 |  |  |  | (2,811 | )
Benefits paid |  |  | (145 | ) |  |  | (17 | ) |  |  | (1,364 | ) |  |  | (1,309 | )
Settlements/Curtailments |  |  | — |  |  |  | (271 | ) |  |  | — |  |  |  | — |
Projected benefit obligation, end of year |  | $ | 3,609 |  |  | $ | 3,549 |  |  | $ | 25,880 |  |  | $ | 25,119 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | $ | 2,986 |  |  | $ | 3,300 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  |  | 20 |  |  |  | (26 | ) |  |  | — |  |  |  | — |
Employer Contributions |  |  | 247 |  |  |  | — |  |  |  | — |  |  |  | — |
Benefits paid |  |  | (145 | ) |  |  | (17 | ) |  |  | — |  |  |  | — |
Settlements/Curtailments |  |  | — |  |  |  | (271 | ) |  |  | — |  |  |  | — |
Fair value of plan assets, end of year |  | $ | 3,108 |  |  | $ | 2,986 |  |  | $ | — |  |  | $ | — |
Funded status (net amount recognized) |  | $ | (501 | ) |  | $ | (563 | ) |  | $ | (25,880 | ) |  | $ | (25,119 | )
Schedule of Amounts Recorded on Consolidated Balance Sheet | The amounts recorded on the Consolidated Balance Sheets as of August 31, 2024 and August 26, 2023 are as follows (in thousands):
|  | Pension Plans |  |  | SERP |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Deferred tax (liabilities) assets |  | $ | (10 | ) |  | $ | (16 | ) |  | $ | (750 | ) |  | $ | (904 | )
Accrued liabilities |  |  | 501 |  |  |  | 563 |  |  |  | 25,880 |  |  |  | 25,119 |
Accumulated other comprehensive income (loss) |  |  | 30 |  |  |  | 46 |  |  |  | 2,200 |  |  |  | 2,628 |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss | As of August 31, 2024 and August 26, 2023, the amounts recognized in accumulated other comprehensive loss are as follows (in thousands):
|  | UniFirst Plan |  |  | SERP |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net actuarial (loss) gain |  | $ | 113 |  |  | $ | 156 |  |  | $ | 2,950 |  |  | $ | 3,531 |
Unrecognized prior service cost |  |  | (73 | ) |  |  | (94 | ) |  |  | — |  |  |  | — |
Accumulated other comprehensive (loss) income |  | $ | 40 |  |  | $ | 62 |  |  | $ | 2,950 |  |  | $ | 3,531 |
Weighted Average Assumptions Used in Calculating Projected Benefit Obligation | The weighted average assumptions used in calculating the Company’s projected benefit obligation as of August 31, 2024 and August 26, 2023 are as follows:
|  | UniFirst Plan |  |  | SERP |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Discount rate |  |  | 4.8 | % |  |  | 5.1 | % |  |  | 4.9 | % |  |  | 5.2 | %
Rate of compensation increase |  | N/A |  |  | N/A |  |  |  | 5.0 | % |  |  | 5.0 | %
Weighted Average Assumptions Used in Calculating Net Periodic Service Cost | The weighted average assumptions used in calculating the Company’s net periodic service cost for fiscal 2024, 2023 and 2022 are as follows:
|  | UniFirst Plan |  |  | SERP |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2024 |  |  | 2023 |  |  | 2022 |
Discount rate |  |  | 5.1 | % |  |  | 4.3 | % |  |  | 2.3 | % |  |  | 5.2 | % |  |  | 4.4 | % |  |  | 2.6 | %
Expected return on plan assets |  |  | 3.5 | % |  |  | 3.5 | % |  |  | 3.5 | % |  | N/A |  |  | N/A |  |  | N/A |
Rate of compensation increase |  | N/A |  |  | N/A |  |  | N/A |  |  |  | 5.0 | % |  |  | 5.0 | % |  |  | 5.0 | %
Schedule of Expected Future Benefit Payments | The benefit payments, which reflect expected future service, are expected to be paid for the five fiscal years subsequent to August 31, 2024 and five years thereafter are as follows (in thousands):
|  | UniFirst Plan |  |  | SERP |
2025 |  | $ | 938 |  |  | $ | 1,612 |
2026 |  |  | 313 |  |  |  | 1,739 |
2027 |  |  | 135 |  |  |  | 1,737 |
2028 |  |  | 237 |  |  |  | 1,663 |
2029 |  |  | 304 |  |  |  | 1,784 |
2030-2034 |  |  | 1,682 |  |  |  | 17,345 |

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