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Income Taxes (Tables) | 12 Months Ended
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Aug. 26, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense | Income tax expense consisted of the following:
(in millions) | 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
Federal | $ | 38.2 |  |  | $ | 105.9 |  |  | $ | 71.6 |
State | 8.8 |  |  | 24.9 |  |  | 16.2 |
Total | 47.0 |  |  | 130.8 |  |  | 87.8 |
Deferred |  |  |  |  |
Federal | 15.9 |  |  | (5.6) |  |  | 0.7 |
State | 0.4 |  |  | (1.1) |  |  | (2.9) |
Total | 16.3 |  |  | (6.7) |  |  | (2.2) |
Provision for income taxes | $ | 63.3 |  |  | $ | 124.1 |  |  | $ | 85.6 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. statutory income tax rate to our effective income tax rate is as follows:
| 2023 |  | 2022 |  | 2021
U.S. federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefit | 3.1 | % |  | 3.5 | % |  | 3.3 | %
Income tax credits | (1.1) | % |  | (0.5) | % |  | (0.6) | %
Nondeductible compensation | 1.1 | % |  | 0.9 | % |  | 0.5 | %
Tax-free and dividend income | (0.1) | % |  | (0.1) | % |  | (0.1) | %
Uncertain tax position settlements and adjustments | 0.1 | % |  | (0.1) | % |  | (0.1) | %
Other items | (1.4) | % |  | (0.6) | % |  | (0.7) | %
Effective tax provision rate | 22.7 | % |  | 24.1 | % |  | 23.3 | %
Schedule of Deferred Income Taxes | The tax effects of temporary differences that give rise to deferred income taxes were as follows:
(in millions) | August 26, 2023 |  | August 27, 2022
Warranty reserves | $ | 23.5 |  |  | $ | 30.7 |
Deferred compensation | 2.4 |  |  | 3.0 |
Self-insurance reserve | 5.1 |  |  | 4.9 |
Stock-based compensation | 4.2 |  |  | 5.5 |
Leases | 13.8 |  |  | 12.9 |
Convertible notes | 5.8 |  |  | — |
Capitalized research and development costs | 11.1 |  |  | — |
Other | 13.9 |  |  | 9.1 |
Total deferred tax assets | 79.8 |  |  | 66.1 |
Convertible notes | — |  |  | 2.0 |
Intangibles | 50.5 |  |  | 39.5 |
Depreciation | 28.7 |  |  | 19.0 |
Leases | 12.3 |  |  | 11.7 |
Total deferred tax liabilities | 91.5 |  |  | 72.2 |
Total deferred income tax liabilities, net | $ | 11.7 |  |  | $ | 6.1 |
Schedule of Unrecognized Tax Benefits | Changes in the unrecognized tax benefits are as follows:
(in millions) | 2023 |  | 2022 |  | 2021
Balance at beginning of year | $ | 5.0 |  |  | $ | 5.5 |  |  | $ | 5.8 |
Gross decreases-tax positions in a prior year | (1.5) |  |  | (1.1) |  |  | (0.9) |
Gross increases-tax positions in a prior year | 1.0 |  |  | — |  |  | — |
Gross increases-current year tax positions | 1.0 |  |  | 0.6 |  |  | 0.6 |
Balance at end of year | 5.5 |  |  | 5.0 |  |  | 5.5 |
Accrued interest and penalties | 0.6 |  |  | 0.7 |  |  | 1.0 |
Total unrecognized tax benefits | $ | 6.1 |  |  | $ | 5.7 |  |  | $ | 6.5 |

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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