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Stock-Based Compensation Plans (Tables)
 12 Months Ended
Aug. 26, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense Total stock-based compensation expense for the past three fiscal years consisted of the following components:
(in millions)202320222021
Share awards:
Time-based$9.8 $7.6 $5.7 
Performance-based(0.9)7.4 7.9 
Stock options1.3 1.0 1.0 
Other(1)
0.7 1.1 0.7 
Total stock-based compensation expense$10.9 $17.1 $15.3 
(1)    Includes stock-based compensation expense related to Board of Directors stock award expense and ESPP expense. Directors may elect to defer all or part of their annual retainer into a deferred compensation plan. The plan allows them to defer into either money units or stock units.
Summary of Nonvested Time-Based Share Awards A summary of the status of nonvested time-based restricted stock units at August 26, 2023, and changes during Fiscal 2023, is as follows:
Shares(1)
Weighted Average Fair Value
Outstanding at August 27, 2022328,838 $55.85 
Granted221,777 $56.13 
Vested(153,806)$53.49 
Forfeited/canceled(14,048)$59.88 
Outstanding at August 26, 2023382,761 $56.81 
(1)    Number of shares in the above table are shown in whole numbers.
Summary of Nonvested Performance-Based Awards A summary of the status of our nonvested performance-based restricted stock units at August 26, 2023, and changes during Fiscal 2023, is as follows:
Shares(1)
Weighted Average Fair Value
Outstanding at August 27, 2022198,206 $58.45 
Granted149,962 $53.11 
Vested(135,520)$49.18 
Forfeited/canceled— $— 
Outstanding at August 26, 2023212,648 $60.59 
(1)    Number of shares in the above table are shown in whole numbers.
Summary of Stock Option Activity
A summary of stock option activity for Fiscal 2023 is as follows:
Stock Options(1)
Weighted Average Exercise Price Per ShareWeighted Average Remaining Contractual Term (in years)Aggregate Intrinsic Value
Outstanding at August 27, 2022322,107 $44.75 
Granted66,873 $56.09 
Exercised— $— 
Forfeited/canceled— $— 
Outstanding at August 26, 2023388,980 $46.70 6.2$7,077 
Exercisable at August 26, 2023278,339 $41.17 5.2$6,417 
(1)    Number of shares in the above table are shown in whole numbers.
Fair Value of Stock Options Using Black-Scholes Option-Pricing Model Assumptions
The fair value of each stock option is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:

Valuation Assumptions(1)
202320222021
Expected dividend yield1.9 %1.0 %0.8 %
Risk-free interest rate(2)
4.1 %1.1 %0.3 %
Expected life of stock options (in years)(3)
555
Expected stock price volatility(4)
50.8 %48.5 %48.6 %
Weighted average fair value of options granted$23.94 $30.47 $21.65 
(1)    Forfeitures are recorded when they occur.
(2)    Based on U.S. Treasury constant maturity interest rate whose term is consistent with the expected life of the stock options.
(3)    Estimated based on historical experience.
(4)    Based on historical experience over a term consistent with the expected life of the stock options.