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Derivative Instruments and Hedging Activities
9 Months Ended
May 28, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities

6. Derivative Instruments and Hedging Activities

As of May 28, 2022, the Company had forward contracts with a notional value of approximately 7.7 million CAD outstanding and recorded the fair value of the contracts of a nominal amount in prepaid expenses and other current assets and other long-term assets with a corresponding nominal gain in accumulated other comprehensive loss, which was recorded net of tax. During the thirteen and thirty-nine weeks ended May 28, 2022, the Company reclassified a nominal amount from accumulated other comprehensive loss to revenue, related to the derivative financial instruments. The gain on these forward contracts that resulted in a decrease to accumulated other comprehensive loss as of May 28, 2022 is expected to be reclassified to revenues prior to their maturity on August 29, 2026.