Leases (Tables)

3 Months Ended

Nov. 23, 2019

Leases [Abstract]

Balance Sheet Information Related To Leases

Lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheet are as follows:

(in thousands)	Classification	November 23, 2019
Assets:
Operating lease assets	Operating lease right-of-use assets	$	2,585,105
Finance lease assets(1)	Property and equipment, less accumulated depreciation and amortization		284,383
Total lease assets		$	2,869,488
Liabilities:
Current:
Operating	Current portion of operating lease liabilities	$	232,549
Finance	Accrued expenses and other		57,808
Noncurrent:
Operating	Operating lease liabilities, less current portion		2,506,829
Finance	Other long-term liabilities		137,856
Total lease liabilities		$	2,935,042

(1) Finance lease assets are net of accumulated amortization of $85,107.

Lease Cost

Lease costs for finance and operating leases for the twelve-week period ended November ​​​​​​​23, 2019 are as follows:

(in thousands)	Statement of Income Location	Twelve Weeks Ended   November 23, 2019
Finance lease cost:
Amortization of lease assets	Depreciation and amortization		$	12,656
Interest on lease liabilities	Interest expense, net			1,385
Operating lease cost(1)	Selling, general and administrative expenses			81,799
Total lease cost			$	95,840

(1) Includes short-term leases, variable lease costs and sublease income, which are immaterial.

Summary Of The Future Maturities Of The Company's Lease Liabilities

The future rental payments, inclusive of renewal options that have been included in defining the expected lease term, of our operating and finance lease obligations as of November 23, 2019 having initial or remaining lease terms in excess of one year are as follows:

(in thousands)	Finance         Leases				Operating         Leases				Total
2020		$	44,456			$	238,345			$	282,801
2021			55,841				318,198				374,039
2022			43,890				304,855				348,745
2023			30,643				285,161				315,804
2024			9,512				261,818				271,330
Thereafter			25,914				2,201,994				2,227,908
Total lease payments			210,256				3,610,371				3,820,627
Less: Interest			(14,592	)			(870,993	)			(885,585	)
Present value of lease liabilities		$	195,664			$	2,739,378			$	2,935,042

Future Minimum Annual Rental Commitments Under Non-Cancelable Operating Leases and Capital Leases

Future minimum annual rental commitments under non-cancelable operating leases and capital leases were as follows as of August 31, 2019:

(in thousands)	Operating         Leases			Capital         Leases
2020		$	315,424		$	56,246
2021			302,056			51,679
2022			281,287			39,094
2023			252,868			28,401
2024			221,213			7,300
Thereafter			824,244			–
Total minimum payments required		$	2,197,092			182,720
Less: Interest						(2,815	)
Present value of minimum capital lease payments					$	179,905

Information On Lease Term And Discount Rate

The following table summarizes the Company’s lease term and discount rate assumptions:

	Twelve Weeks Ended    November 23, 2019
Weighted-average remaining lease term in years, inclusive of renewal options that are reasonably certain to be   exercised
Finance leases – real estate		29
Finance leases – vehicles		4
Operating leases		15
Weighted-average discount rate:
Finance leases – real estate		3.20%
Finance leases – vehicles		2.70%
Operating leases		3.56%

Other Information Related To Lease Liabilities

The following table summarizes the other information related to the Company’s lease liabilities:

(in thousands)	Twelve Weeks Ended   November 23, 2019
Cash paid for amounts included in the measurement of lease liabilities – operating cash flows from operating leases	$	50,526
Leased assets obtained in exchange for new finance lease liabilities		18,297
Leased assets obtained in exchange for new operating lease liabilities		19,656