Leases (Tables)

12 Months Ended

Aug. 27, 2022

Leases

Lease related assets and liabilities recorded on the Balance Sheet

(in thousands)	Classification	August 27, 2022		August 28, 2021
Assets:
Operating	Operating lease right-of-use assets	$	2,918,817	$	2,718,712
Finance	Property and equipment		404,442		383,736
Total lease assets		$	3,323,259	$	3,102,448
Liabilities:
Current:
Operating	Current portion of operating lease liabilities	$	243,407	$	236,568
Finance	Accrued expenses and other		92,877		89,932
Noncurrent:
Operating	Operating lease liabilities, less current portion		2,837,973		2,632,842
Finance	Other long-term liabilities		217,428		186,122
Total lease liabilities		$	3,391,685	$	3,145,464

Lease Cost

		For the year ended
(in thousands)	Statement of Income Location	August 27, 2022		August 28, 2021
Finance lease cost:
Amortization of lease assets	Depreciation and amortization	$	65,212	$	53,377
Interest on lease liabilities	Interest expense, net		4,351		2,957
Operating lease cost(1)	Selling, general and administrative expenses		401,000		371,109
Total lease cost		$	470,563	$	427,443

(1) Includes short-term leases, variable lease costs and sublease income, which are immaterial.

Schedule of future maturities of finance lease liability

	Finance		Operating
(in thousands)	Leases		Leases		Total
2023	$	94,226	$	344,900	$	439,126
2024		73,476		376,444		449,920
2025		64,033		356,757		420,790
2026		45,023		330,200		375,223
2027		15,258		305,640		320,898
Thereafter		44,693		2,236,418		2,281,111
Total lease payments		336,709		3,950,359		4,287,068
Less: Interest		(26,404)		(868,979)		(895,383)
Present value of lease liabilities	$	310,305	$	3,081,380	$	3,391,685

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 27, 2022 having initial or remaining lease terms in excess of one year are as follows:

	Finance		Operating
(in thousands)	Leases		Leases		Total
2023	$	94,226	$	344,900	$	439,126
2024		73,476		376,444		449,920
2025		64,033		356,757		420,790
2026		45,023		330,200		375,223
2027		15,258		305,640		320,898
Thereafter		44,693		2,236,418		2,281,111
Total lease payments		336,709		3,950,359		4,287,068
Less: Interest		(26,404)		(868,979)		(895,383)
Present value of lease liabilities	$	310,305	$	3,081,380	$	3,391,685

Lease Term and Discount Rate Assumptions

	August 27, 2022
Weighted-average remaining lease term in years, inclusive of renewal options that are reasonably certain to be exercised:
Finance leases – real estate	24
Finance leases – vehicles	4
Operating leases	13
Weighted-average discount rate:
Finance leases – real estate	3.76	%
Finance leases – vehicles	1.17	%
Operating leases	3.57	%