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Investments and Fair Value Measurements | 9 Months Ended
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May 29, 2021
Fair Value Disclosures [Abstract] |
Investments and Fair Value Measurements | Investments and Fair Value Measurements In determining the fair value of financial assets and liabilities, the Company utilizes market data or other assumptions that it believes market participants would use in pricing the asset or liability in the principal or most advantageous market and adjusts for non-performance and/or other risks associated with the Company as well as counterparties, as appropriate. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: Level 1 — Unadjusted quoted prices which are available in active markets for identical assets or liabilities accessible at the measurement date. Level 2 — Inputs other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 — Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Assets and Liabilities that are Measured at Fair Value on a Recurring Basis Financial assets and liabilities measured at fair value on a recurring basis are as follows:
| Fair Value at |  | Fair Value Hierarchy
(in thousands) | May 29, 2021 |  | Level 1 |  | Level 2 |  | Level 3
Assets that fund deferred compensation |  |  |  |  |  |  |
Domestic equity funds | $ | 917 |  |  | $ | 917 |  |  | $ | — |  |  | $ | — |
International equity funds | 39 |  |  | 39 |  |  | — |  |  | — |
Fixed income funds | 46 |  |  | 46 |  |  | — |  |  | — |
Total assets at fair value | $ | 1,002 |  |  | $ | 1,002 |  |  | $ | — |  |  | $ | — |
| Fair Value at |  | Fair Value Hierarchy
(in thousands) | August 29, 2020 |  | Level 1 |  | Level 2 |  | Level 3
Assets that fund deferred compensation |  |  |  |  |  |  |
Domestic equity funds | $ | 626 |  |  | $ | 626 |  |  | $ | — |  |  | $ | — |
International equity funds | 34 |  |  | 34 |  |  | — |  |  | — |
Fixed income funds | 50 |  |  | 50 |  |  | — |  |  | — |
Total assets at fair value | $ | 710 |  |  | $ | 710 |  |  | $ | — |  |  | $ | — |
Assets that Fund Deferred Compensation The Company's assets that fund deferred compensation are marketable equity securities measured at fair value using quoted market prices and primarily consist of equity-based mutual funds. These securities, used to fund the Executive Share Option Plan and the Executive Deferred Compensation Plan, are classified as Level 1 as they are traded in an active market for which closing stock prices are readily available. Refer to Note 11 of the Notes to the Consolidated Financial Statements included in Item 8 of Part II of the Company's Annual Report on Form 10-K for the fiscal year ended August 29, 2020 for additional information regarding these plans. The proportion of the assets that will fund options which expire within a year are included in prepaid expenses and other assets on the Consolidated Balance Sheets. The remaining assets are classified as non-current and included in other assets on the Consolidated Balance Sheets. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain financial instruments are measured at fair value on a nonrecurring basis. These assets primarily include goodwill, intangible assets, property, plant and equipment, and right-of-use lease assets. These assets were originally recognized at amounts equal to the fair value determined at date of acquisition or purchase. If certain triggering events occur, or if an annual impairment test is required, the Company will evaluate the non-financial asset for impairment. If an impairment has occurred, the asset is will be written down to its current estimated fair value. No impairments were recorded for non-financial assets in the three or nine months ended May 29, 2021 or May 30, 2020. Assets and Liabilities Not Measured at Fair Value Certain financial instruments are not measured at fair value but are recorded at carrying amounts approximating fair value based on their short-term nature. These financial instruments include cash and cash equivalents, receivables, accounts payable, other payables, and long-term debt. If these instruments were measured at fair value in the financial statements, they would be classified as Level 1 in the fair value hierarchy. See Note 8 for information about the fair value of the Company's long-term debt.

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- Definition The entire disclosure for derivatives and fair value of assets and liabilities. + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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