Leases

9 Months Ended

May 27, 2022

Leases [Abstract]

Leases

Leases

As of May 27, 2022 and August 27, 2021, we had operating leases through which we utilize facilities, offices and equipment in our manufacturing operations, research and development activities and selling, general and administrative functions.

Sublease income was not significant in the first nine months of 2022 or 2021. The components of operating lease expense were as follows:

	Three Months Ended				Nine Months Ended
	May 27, 2022		May 28, 2021		May 27, 2022		May 28, 2021
Fixed lease cost	$	3,402	$	2,856	$	9,917	$	6,310
Variable lease cost	370		409		1,192		969
Short-term lease cost	119		106		377		221
	$	3,891	$	3,371	$	11,486	$	7,500

Cash flows used for operating activities for the first nine months of 2022 and 2021 included payments for operating leases of $7.3 million and $6.1 million, respectively. Noncash acquisitions of right-of-use assets were $10.6 million and $16.9 million for the first nine months of 2022 and 2021, respectively.

As of May 27, 2022 and August 27, 2021, the weighted-average remaining lease term for our operating leases was 6.8 years and 6.1 years, respectively. Certain of our operating leases include one or more options to extend the lease term for periods from two to five years. In determining the present value of our operating lease liabilities, we have assumed we will not extend any lease terms. As of May 27, 2022 and August 27, 2021, the weighted-average discount rate for our operating leases was 6.5% and 6.7%, respectively.

Minimum payments of lease liabilities as of May 27, 2022 were as follows:

Remainder of 2022	$	3,099
2023	11,114
2024	8,833
2025	6,241
2026	5,011
2027 and thereafter	23,817
	58,115
Less imputed interest	(12,238)
Present value of total lease liabilities	$	45,877

The table above excludes lease liabilities for leases that have been executed but not yet commenced. As of May 27, 2022, we had such lease commitments relating to operating lease payment obligations of $51.8 million for a building lease with a term of 16 years. We will recognize a right-of-use asset and an associated lease liability at the time such asset becomes available for our use. Such lease is currently expected to commence in the fourth quarter of 2022.