Recent Accounting Pronouncements (Tables)

9 Months Ended

May 25, 2019

Accounting Policies [Abstract]

Schedule of Impact of New Accounting Pronouncements

As a result of applying the modified retrospective method to adopt the new revenue guidance, the adjustments set forth in the table below were made to accounts on the consolidated balance sheet as of August 26, 2018:

Consolidated Balance Sheet (In thousands)	August 25, 2018		Capitalization of Contract Costs		August 26, 2018
Assets
Prepaid expenses and other current assets	$	21,899	$	10,789	$	32,688
Total current assets		784,800		10,789		795,589
Other assets		30,259		42,405		72,664
Total assets	$	1,843,386	$	53,194	$	1,896,580
Liabilities and shareholders’ equity
Accrued and deferred income taxes	$	74,070	$	13,761	$	87,831
Total liabilities		378,419		13,761		392,180
Retained earnings		1,405,239		39,433		1,444,672
Total shareholders’ equity		1,464,967		39,433		1,504,400
Total liabilities and shareholders’ equity	$	1,843,386	$	53,194	$	1,896,580

The impacts of adopting this standard on the thirteen and thirty-nine weeks ended May 25, 2019 Consolidated Financial Statements are presented in the following tables:

	Thirteen Weeks Ended May 25, 2019
Consolidated Statement of Income (In thousands, except per share data)	As Reported		Under Historical Guidance		Impact of Adopting New Revenue Standard
Operating expenses:
Selling and administrative expenses	$	88,207	$	89,805	$	(1,598	)
Total operating expenses		393,508		395,106		(1,598	)
Operating income		60,212		58,614		1,598
Income before income taxes		61,700		60,102		1,598
Provision for income taxes		14,480		14,104		376
Net income	$	47,220	$	45,998	$	1,222
Income per share – Diluted:	$	2.46	$	2.40	$	0.06

	Thirty-Nine Weeks Ended May 25, 2019
Consolidated Statement of Income (In thousands, except per share data)	As Reported		Under Historical Guidance		Impact of Adopting New Revenue Standard
Operating expenses:
Selling and administrative expenses	$	242,487	$	246,310	$	(3,823	)
Total operating expenses		1,156,671		1,160,494		(3,823	)
Operating income		173,084		169,261		3,823
Income before income taxes		177,054		173,231		3,823
Provision for income taxes		43,908		42,960		948
Net income	$	133,146	$	130,271	$	2,875
Income per share – Diluted:	$	6.93	$	6.78	$	0.15

	Balance at May 25, 2019
Consolidated Balance Sheet (In thousands)	As Reported		Under Historical Guidance		Impact of Adopting New Revenue Standard
Assets
Prepaid expenses and other current assets	$	32,688	$	21,899	$	10,789
Total current assets		861,855		851,066		10,789
Other assets		78,977		32,748		46,229
Total assets	$	1,981,301	$	1,924,283	$	57,018
Liabilities and shareholders’ equity
Accrued and deferred income taxes	$	90,674	$	75,964	$	14,710
Total liabilities		371,605		356,895		14,710
Retained earnings		1,551,475		1,509,167		42,308
Total shareholders’ equity		1,609,696		1,567,388		42,308
Total liabilities and shareholders’ equity	$	1,981,301	$	1,924,283	$	57,018