Leases (Tables)

6 Months Ended

Feb. 15, 2020

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	February 15, 2020
Assets:
Operating	Operating lease right-of-use assets	$	2,579,217
Finance	Property and equipment		294,449
Total lease assets		$	2,873,666
Liabilities: Current:
Operating	Current portion of operating lease liabilities	$	234,506
Finance	Accrued expenses and other		58,864
Noncurrent:
Operating	Operating lease liabilities, less current portion		2,494,840
Finance	Other long-term liabilities		137,182
Total lease liabilities		$	2,925,392

Lease Cost

(in thousands)	Statement of Income Location	Twelve Weeks Ended     February 15, 2020		Twenty-Four Weeks Ended     February 15, 2020
Finance lease cost:
Amortization of lease assets	Depreciation and amortization	$	12,872	$	25,528
Interest on lease liabilities	Interest expense, net		1,282		2,667
Operating lease cost(1)	Selling, general and administrative expenses		80,396		162,195
Total lease cost		$	94,550	$	190,390

(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 February 15, 2020 having initial or remaining lease terms in excess of one year are as follows:

(in thousands)	Finance     Leases			Operating             Leases			Total
2020	$	30,419		$	159,455		$	189,874
2021		61,560			320,472			382,032
2022		48,694			310,948			359,642
2023		33,567			291,256			324,823
2024		11,328			267,176			278,504
Thereafter		39,598			2,232,620			2,272,218
Total lease payments		225,166			3,581,927			3,807,093
Less: Interest		(29,120	)		(852,581	)		(881,701	)
Present value of lease liabilities	$	196,046		$	2,729,346		$	2,925,392

Information On Lease Term And Discount Rate

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

	February 15, 2020
Weighted-average remaining lease term in years, inclusive of renewal options that are reasonably certain to be exercised
Finance leases – real estate		30
Finance leases – vehicles		3
Operating leases		15
Weighted-average discount rate:
Finance leases – real estate		3.23%
Finance leases – vehicles		2.72%
Operating leases		3.55%

Other Information Related To Lease Liabilities

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

(in thousands)	Twenty-Four  Weeks Ended         February 15, 2020
Cash paid for amounts included in the measurement of lease liabilities – operating cash flows from operating leases	$	98,021
Leased assets obtained in exchange for new finance lease liabilities		45,582
Leased assets obtained in exchange for new operating lease liabilities		174,038