Leases (Tables)

12 Months Ended

Aug. 29, 2020

Leases

Balance Sheet Information Related to Leases

(in thousands)	Classification	August 29, 2020
Assets:
Operating	Operating lease right-of-use assets	$	2,581,677
Finance	Property and equipment		327,006
Total lease assets		$	2,908,683
Liabilities:
Current:
Operating	Current portion of operating lease liabilities	$	223,680
Finance	Accrued expenses and other		67,498
Noncurrent:
Operating	Operating lease liabilities, less current portion		2,501,726
Finance	Other long-term liabilities		155,855
Total lease liabilities		$	2,948,759

Lease Cost

		For year ended
(in thousands)	Statement of Income Location	August 29, 2020
Finance lease cost:
Amortization of lease assets	Depreciation and amortization	$	55,920
Interest on lease liabilities	Interest expense, net		4,355
Operating lease cost(1)	Selling, general and administrative expenses		355,230
Total lease cost		$	415,505

(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 August 29, 2020 having initial or remaining lease terms in excess of one year are as follows:

	Finance		Operating
(in thousands)	Leases		Leases		Total
2021	$	69,013	$	302,890	$	371,903
2022		57,188		324,860		382,048
2023		45,377		307,859		353,236
2024		24,590		284,296		308,886
2025		10,447		259,099		269,546
Thereafter		44,765		2,055,365		2,100,130
Total lease payments		251,380		3,534,369		3,785,749
Less: Interest		(28,027)		(808,963)		(836,990)
Present value of lease liabilities	$	223,353	$	2,725,406	$	2,948,759

Information on Lease Term and Discount Rate

	August 29, 2020
Weighted-average remaining lease term in years, inclusive of renewal options that are reasonably certain to be exercised
Finance leases – real estate	27
Finance leases – vehicles	3
Operating leases	15
Weighted-average discount rate:
Finance leases – real estate	3.49	%
Finance leases – vehicles	2.29	%
Operating leases	3.46	%