Employee Benefit Plans

12 Months Ended

Sep. 03, 2020

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

We have employee retirement plans at our U.S. and international sites. Details of the more significant plans are discussed as follows:

Employee Savings Plan for U.S. Employees

We have a 401(k) retirement plan under which U.S. employees may contribute up to 75% of their eligible pay, subject to Internal Revenue Service annual contribution limits, to various savings alternatives, none of which include direct investment in our stock. We match in cash eligible contributions from employees up to 5% of the employee’s annual eligible earnings. Contribution expense for the 401(k) plan was $66 million, $67 million, and $61 million in 2020, 2019, and 2018, respectively.

Retirement Plans

We have pension plans available to employees at various foreign sites. As of September 3, 2020, the projected benefit obligations of our plans were $202 million and plan assets were $222 million. As of August 29, 2019, the projected benefit obligations of our plans were $206 million and plan assets were $195 million. Pension expense was not material for 2020, 2019, or 2018.