0001564590-21-018147 | 10-Q | XBRL Viewer

Common stock (in dollars per share)

$ 32,585

$ 34,680

$ 74,481

$ 82,922

Income per share – Diluted:

$ 1.71

$ 1.82

$ 3.91

$ 4.34

Income allocated to – Basic:

$ 32,585

$ 34,680

$ 74,481

$ 82,922

Income allocated to – Diluted:

Weighted average shares outstanding – Basic:

$ 32,585

$ 34,680

$ 74,481

$ 82,922

Weighted average shares outstanding – Diluted:

18,866

18,936

18,878

18,943

Common stock (in dollars per share)

19,037

19,105

19,032

19,114

Common Stock

Income per share – Basic:

$ 1.80

$ 1.90

$ 4.10

$ 4.55

Income allocated to – Basic:

Weighted average shares outstanding – Basic:

$ 27,349

$ 29,129

$ 62,520

$ 69,654

Common stock (in dollars per share)

15,223

15,293

15,235

15,300

Class B Common Stock

Income per share – Basic:

$ 1.44

$ 1.52

$ 3.28

$ 3.64

Income allocated to – Basic:

Weighted average shares outstanding – Basic:

$ 5,236

$ 5,551

$ 11,961

$ 13,268

3,643

[1]	Exclusive of depreciation on the Company’s property, plant and equipment and amortization on its intangible assets.

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 27, 2021	Feb. 29, 2020	Feb. 27, 2021	Feb. 29, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 32,585	$ 34,680	$ 74,481	$ 82,922
Other comprehensive income (loss):
Foreign currency translation adjustments	2,244	(769)	3,554	220
Pension benefit liabilities		350		350
Change in fair value of derivatives, net of income taxes	(58)	52	(68)	77
Derivative financial instruments reclassified to earnings	2	(30)	(9)	(60)
Other comprehensive income (loss)	2,188	(397)	3,477	587
Comprehensive income	$ 34,773	$ 34,283	$ 77,958	$ 83,509

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Balance at beginning of period at Aug. 31, 2019

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Feb. 27, 2021	Aug. 29, 2020
Current assets:
Cash, cash equivalents and short-term investments	$ 509,563	$ 474,838
Receivables, less reserves of $14,385 and $12,125	204,068	190,916
Inventories	110,701	106,269
Rental merchandise in service	155,410	154,278
Prepaid taxes	5,263	7,115
Prepaid expenses and other current assets	38,459	35,918
Total current assets	1,023,464	969,334
Property, plant and equipment, net	599,144	582,470
Goodwill	429,511	424,844
Customer contracts, net	53,438	56,946
Other intangible assets, net	31,704	28,590
Deferred income taxes	543	522
Operating lease right-of-use assets, net	41,203	42,710
Other assets	96,751	93,611
Total assets	2,275,758	2,199,027
Current liabilities:
Accounts payable	61,177	64,035
Accrued liabilities	152,171	132,965
Accrued taxes		527
Operating lease liabilities, current	12,783	12,569
Total current liabilities	226,131	210,096
Accrued liabilities	132,910	132,820
Accrued and deferred income taxes	87,229	85,721
Operating lease liabilities	28,378	29,261
Total liabilities	474,648	457,898
Commitments and contingencies (Note 12)
Shareholders’ equity:
Preferred Stock, $1.00 par value; 2,000,000 shares authorized; no shares issued and outstanding	0	0
Capital surplus	86,979	86,645
Retained earnings	1,740,737	1,684,565
Accumulated other comprehensive loss	(28,493)	(31,970)
Total shareholders’ equity	1,801,110	1,741,129
Total liabilities and shareholders’ equity	2,275,758	2,199,027
Common Stock
Shareholders’ equity:
Common Stock	1,523	1,525
Class B Common Stock
Shareholders’ equity:
Common Stock	$ 364	$ 364

Consolidated Balance Sheets (Unaudited) - Parenthetical - USD ($) $ in Thousands	Feb. 27, 2021	Aug. 29, 2020
Receivables, reserves	$ 14,385	$ 12,125
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Stock
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	15,230,265	15,251,176
Common stock, shares outstanding (in shares)	15,230,265	15,251,176
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	3,643,009	3,643,009
Common stock, shares outstanding (in shares)	3,643,009	3,643,009

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

Total

Common Shares

Class B Common Stock

Common Stock

Common Shares

Common Stock

Class B Common Stock

Capital Surplus

Retained Earnings

Common Shares

Retained Earnings

Class B Common Stock

Accumulated Other Comprehensive Loss

$ 1,641,230

$ 1,533

$ 364

$ 84,946

$ 1,588,075

$ (33,688)

Balance at beginning of period (in shares) at Aug. 31, 2019

15,333

3,643

Increase (Decrease) in Stockholders' Equity [Roll Forward]

48,242

(5)

989

$ (3,825)

$ (729)

$ (3,825)

$ (729)

(9,973)

(5)

(274)

(9,694)

(51)

^[1]

^[2]

Balance at end of period at Nov. 30, 2019

^[2]

1,676,008

1,530

364

84,749

1,622,069

(32,704)

Balance at end of period (in shares) at Nov. 30, 2019

15,298

3,643

Balance at beginning of period at Aug. 31, 2019

1,641,230

1,533

364

84,946

1,588,075

(33,688)

Balance at beginning of period (in shares) at Aug. 31, 2019

15,333

3,643

Increase (Decrease) in Stockholders' Equity [Roll Forward]

82,922

Pension benefit liabilities, net

220

350

Balance at end of period at Feb. 29, 2020

1,701,438

1,529

364

84,577

1,648,069

(33,101)

Balance at end of period (in shares) at Feb. 29, 2020

15,293

3,643

Balance at beginning of period at Nov. 30, 2019

1,676,008

1,530

364

84,749

1,622,069

(32,704)

Balance at beginning of period (in shares) at Nov. 30, 2019

15,298

3,643

Increase (Decrease) in Stockholders' Equity [Roll Forward]

34,680

Pension benefit liabilities, net

(769)

350

$ (3,835)

$ (729)

(3,835)

(729)

(4,230)

(2)

(112)

(4,116)

(21)

^[1]

(60)

^[2]

Balance at end of period at Feb. 29, 2020

^[2]

1,701,438

1,529

364

84,577

1,648,069

(33,101)

Balance at end of period (in shares) at Feb. 29, 2020

15,293

3,643

Balance at beginning of period at Aug. 29, 2020

1,741,129

1,525

364

86,645

1,684,565

(31,970)

Balance at beginning of period (in shares) at Aug. 29, 2020

15,251

3,643

Increase (Decrease) in Stockholders' Equity [Roll Forward]

41,896

(21)

1,310

$ (3,806)

$ (729)

(3,806)

(729)

(7,216)

(4)

(223)

(6,989)

(41)

^[1]

788

^[2]

Balance at end of period at Nov. 28, 2020

^[2]

1,773,352

1,522

364

87,210

1,714,937

(30,681)

Balance at end of period (in shares) at Nov. 28, 2020

15,221

3,643

Balance at beginning of period at Aug. 29, 2020

1,741,129

1,525

364

86,645

1,684,565

(31,970)

Balance at beginning of period (in shares) at Aug. 29, 2020

15,251

3,643

Increase (Decrease) in Stockholders' Equity [Roll Forward]

74,481

Balance at end of period at Feb. 27, 2021

3,554

1,801,110

1,523

364

86,979

1,740,737

(28,493)

Balance at end of period (in shares) at Feb. 27, 2021

15,230

3,643

Balance at beginning of period at Nov. 28, 2020

1,773,352

1,522

364

87,210

1,714,937

(30,681)

Balance at beginning of period (in shares) at Nov. 28, 2020

15,221

3,643

Increase (Decrease) in Stockholders' Equity [Roll Forward]

32,585

(56)

2,244

$ (3,806)

$ (728)

$ (3,806)

$ (728)

(2,318)

(1)

(66)

(2,251)

(12)

^[1]

(165)

^[2]

Balance at end of period at Feb. 27, 2021

^[2]

$ 1,801,110

$ 1,523

$ 364

$ 86,979

$ 1,740,737

$ (28,493)

Balance at end of period (in shares) at Feb. 27, 2021

15,230

3,643

[1]	These amounts are shown net of any shares withheld by the Company to satisfy certain tax withholdings obligations in connection with the vesting of certain shares of restricted stock or restricted stock units.
[2]	These amounts are shown net of the effect of income taxes.

Consolidated Statements of Shareholders' Equity (Unaudited) - Parenthetical - $ / shares			3 Months Ended
	Oct. 23, 2019	Oct. 22, 2019	Feb. 27, 2021	Nov. 28, 2020	Feb. 29, 2020	Nov. 30, 2019
Common Shares
Dividends declared (in dollars per share)	$ 0.25	$ 0.1125	$ 0.25	$ 0.25	$ 0.25	$ 0.25
Class B Common Stock
Dividends declared (in dollars per share)	$ 0.20	$ 0.09	$ 0.20	$ 0.20	$ 0.20	$ 0.20

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Feb. 27, 2021	Feb. 29, 2020
Cash flows from operating activities:
Net income	$ 74,481	$ 82,922
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	52,595	51,430
Amortization of deferred financing costs	56	56
Share-based compensation	3,266	3,227
Accretion on environmental contingencies	224	269
Accretion on asset retirement obligations	492	463
Deferred income taxes	847	727
Other	19	16
Changes in assets and liabilities, net of acquisitions:
Receivables, less reserves	(12,511)	(4,867)
Inventories	(4,287)	6,125
Rental merchandise in service	(338)	6,839
Prepaid expenses and other current assets and Other assets	2,267	2,170
Accounts payable	(1,923)	(5,815)
Accrued liabilities	11,460	(1,752)
Prepaid and accrued income taxes	1,368	(4,941)
Net cash provided by operating activities	128,016	136,869
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	(7,018)	(41,021)
Capital expenditures, including capitalization of software costs	(66,855)	(62,271)
Proceeds from sale of assets	281	236
Net cash used in investing activities	(73,592)	(103,056)
Cash flows from financing activities:
Proceeds from exercise of share-based awards	3	75
Taxes withheld and paid related to net share settlement of equity awards	(2,643)	(3,281)
Repurchase of Common Stock	(9,534)	(14,203)
Payment of cash dividends	(9,069)	(6,609)
Net cash used in financing activities	(21,243)	(24,018)
Effect of exchange rate changes	1,544	187
Net increase in cash, cash equivalents and short-term investments	34,725	9,982
Cash, cash equivalents and short-term investments at beginning of period	474,838	385,341
Cash, cash equivalents and short-term investments at end of period	509,563	395,323
Supplemental disclosure of cash flow information:
Non-cash capital expenditures	$ 3,677	$ 9,004

Basis of Presentation

6 Months Ended

Feb. 27, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

1. Basis of Presentation

These Consolidated Financial Statements of UniFirst Corporation (the “Company”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations; however, the Company believes that the information furnished reflects all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim period.

It is suggested that these Consolidated Financial Statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 29, 2020. There have been no material changes in the accounting policies followed by the Company during the current fiscal year other than the adoption of recent accounting pronouncements discussed in Note 2. Results for an interim period are not indicative of any future interim periods or for an entire fiscal year.

Recent Accounting Pronouncements

6 Months Ended

Feb. 27, 2021

Accounting Policies [Abstract]

Recent Accounting Pronouncements

2. Recent Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (the “FASB”) issued an accounting standard update that introduces a new forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments including trade receivables. The estimate of expected credit losses requires entities to incorporate historical information, current information and reasonable and supportable forecasts. This guidance also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models and methods for estimating expected credit losses. This guidance is effective for annual reporting periods, and any interim periods within those annual periods, that begin after December 15, 2019 with early adoption permitted. The Company’s adoption of this guidance on August 30, 2020 did not have a material impact on its financial statements.

In August 2018, the FASB issued updated guidance to modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This guidance will be effective for annual reporting periods ending after December 15, 2020 and will be required to be applied on a retrospective basis with early adoption permitted. Accordingly, the standard will be effective for the Company on August 29, 2021. The Company is currently evaluating the impact that this guidance will have on its financial statements and related disclosures.

In August 2018, the FASB issued guidance that addresses customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract and also adds certain disclosure requirements related to implementation costs incurred for internal-use software and cloud computing arrangements. This guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This guidance is effective for annual reporting periods, and any interim periods within those annual periods, that begin after December 15, 2019 with early adoption permitted. The amendments in this update can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company’s adoption of this guidance on August 30, 2020 did not have a material impact on its financial statements.

In December 2019, the FASB issued updated guidance to simplify accounting for income taxes by removing certain exceptions and improving the consistent application of and simplifying U.S. GAAP in other areas of this topic. This guidance is effective for annual reporting periods, and any interim periods within those annual periods, that begin after December 15, 2020 with early adoption permitted. Accordingly, the guidance will be effective for the Company on August 29, 2021. The Company is currently evaluating the impact that this guidance will have on its financial statements and related disclosures.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Revenue From Contract With Customer [Abstract]

Revenue Recognition

6 Months Ended

Feb. 27, 2021

Revenue Recognition

3. Revenue Recognition

The following table presents the Company’s revenues for the thirteen and twenty-six weeks ended February 27, 2021 and February 29, 2020, respectively, disaggregated by service type:

	Thirteen Weeks Ended										Twenty-Six Weeks Ended
	February 27, 2021					February 29, 2020					February 27, 2021					February 29, 2020
(In thousands, except percentages)	Revenues		% of Revenues			Revenues		% of Revenues			Revenues		% of Revenues			Revenues		% of Revenues
Core Laundry Operations	$	398,235		88.5	%	$	412,192		88.7	%	$	791,425		88.3	%	$	828,490		89.1	%
Specialty Garments		35,222		7.8	%		35,980		7.7	%		73,356		8.2	%		69,382		7.5	%
First Aid		16,307		3.6	%		16,428		3.5	%		31,836		3.6	%		32,126		3.5	%
Total Revenues	$	449,764		100.0	%	$	464,600		100.0	%	$	896,617		100.0	%	$	929,998		100.0	%

See Note 16 “Segment Reporting” for additional details of segment definitions.

Revenue Recognition Policy

During the thirteen weeks ended February 27, 2021 and February 29, 2020, approximately 91.1% and 90.2%, respectively, of the Company’s revenues were derived from fees for route servicing of Core Laundry Operations, Specialty Garments, and First Aid performed by the Company’s employees at the customer’s location of business. During the twenty-six weeks ended February 27, 2021 and February 29, 2020, approximately 91.1% and 90.9%, respectively, of the Company’s revenues were derived from fees for route servicing of Core Laundry Operations, Specialty Garments, and First Aid performed by the Company’s employees at the customer’s location of business. Revenues from the Company’s route servicing customer contracts represent a single performance obligation. The Company recognizes these revenues over time as services are performed based on the nature of services provided and contractual rates (input method). Certain of the Company’s customer contracts, primarily within the Company’s Core Laundry Operations, include pricing terms and conditions that include components of variable consideration. The variable consideration is typically in the form of consideration due to customer-based performance metrics specified within the contract. Specifically, some contracts contain discounts or rebates that the customer can earn through the achievement of specified volume levels. Each component of variable consideration is earned based on the Company’s actual performance during the measurement period specified within the contract. To determine the transaction price, the Company estimates the variable consideration using the most likely amount method, based on the specific contract provisions and known performance results during the relevant measurement period. When determining if variable consideration should be constrained, the Company considers whether factors outside its control could result in a significant reversal of revenue. In making these assessments, the Company considers the likelihood and magnitude of a potential reversal. The Company’s performance period generally corresponds with the monthly invoice period. No significant constraints on the Company’s revenue recognition were applied during the thirteen and twenty-six weeks ended February 27, 2021 and February 29, 2020. The Company reassesses these estimates during each reporting period. The Company maintains a liability for these discounts and rebates within accrued liabilities on the consolidated balance sheets. Variable consideration also includes consideration paid to a customer at the beginning of a contract. The Company capitalizes this consideration and amortizes it over the life of the contract as a reduction to revenue in accordance with the updated accounting guidance for revenue recognition. These assets are included in other assets on the consolidated balance sheets.

Costs to Obtain a Contract

The Company defers commission expenses paid to its employee-partners when the commissions are deemed to be incremental for obtaining the route servicing customer contract. The deferred commissions are amortized on a straight-line basis over the expected period of benefit. The Company reviews the deferred commission balances for impairment on an ongoing basis. Deferred commissions are classified as current or noncurrent based on the timing of when the Company expects to recognize the expense. The current portion is included in prepaid expenses and other current assets and the non-current portion is included in other assets on the Company’s consolidated balance sheets. As of February 27, 2021, the current and non-current assets related to deferred commissions totaled $13.8 million and $58.3 million, respectively. As of August 29, 2020, the current and non-current assets related to deferred commissions totaled $13.3 million and $55.6 million, respectively. During the thirteen weeks ended February 27, 2021 and February 29, 2020, the Company recorded $3.6 million and $3.4 million, respectively, of amortization expense related to deferred commissions. During the twenty-six weeks ended February 27, 2021 and February 29, 2020, the Company recorded $7.1 million and $6.7 million, respectively, of amortization expense related to deferred commissions. This expense is classified in selling and administrative expenses on the consolidated statements of income.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Derivative Instruments And Hedging Activities Disclosure [Abstract]

Acquisitions

6 Months Ended

Feb. 27, 2021

Business Combinations [Abstract]

Acquisitions

4. Acquisitions

During the twenty-six weeks ended February 27, 2021, the Company completed four business acquisitions with an aggregate purchase price of approximately $7.5 million, which was primarily assigned to goodwill and intangible assets. The results of operations of these acquisitions have been included in the Company’s consolidated financial results since their respective acquisition dates. These acquisitions were not significant in relation to the Company’s consolidated financial results and, therefore, pro-forma financial information has not been presented.

Fair Value Measurements

6 Months Ended

Feb. 27, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The assets or liabilities measured at fair value on a recurring basis are summarized in the tables below (in thousands):

	As of February 27, 2021
	Level 1		Level 2			Level 3		Fair Value
Assets:
Cash equivalents	$	196,913	$	—		$	—	$	196,913
Pension plan assets		—		4,071			—		4,071
Foreign currency forward contracts		—		(17	)		—		(17	)
Total assets at fair value	$	196,913	$	4,054		$	—	$	200,967

	As of August 29, 2020
	Level 1		Level 2		Level 3		Fair Value
Assets:
Cash equivalents	$	196,478	$	—	$	—	$	196,478
Pension plan assets		—		4,146		—		4,146
Foreign currency forward contracts		—		87		—		87
Total assets at fair value	$	196,478	$	4,233	$	—	$	200,711

The Company’s cash equivalents listed above represent money market securities and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company does not adjust the quoted market price for such financial instruments.

The Company’s pension plan assets listed above represent guaranteed deposit accounts that are maintained and operated by Prudential Retirement Insurance and Annuity Company (“PRIAC”). All assets are merged with the general assets of PRIAC and are invested predominantly in privately placed securities and mortgages. At the beginning of each calendar year, PRIAC notifies the Company of the annual rates of interest which will be applied to the amounts held in the guaranteed deposit account during the next calendar year. In determining the interest rate to be applied, PRIAC considers the investment performance of the underlying assets of the prior year; however, regardless of the investment performance the Company is contractually guaranteed a minimum rate of return. As such, the Company’s pension plan assets are included within Level 2 of the fair value hierarchy.

The Company’s foreign currency forward contracts represent contracts the Company has entered into to exchange Canadian dollars for U.S. dollars at fixed exchange rates in order to manage its exposure related to the certain forecasted Canadian dollar denominated sales of one of its subsidiaries. These contracts are included in prepaid expenses and other current assets and other long-term assets as of February 27, 2021 and August 29, 2020. The fair value of the forward contracts is based on similar exchange traded derivatives and are, therefore, included within Level 2 of the fair value hierarchy.

Derivative Instruments and Hedging Activities

6 Months Ended

Feb. 27, 2021

Derivative Instruments and Hedging Activities

6. Derivative Instruments and Hedging Activities

As of February 27, 2021, the Company had forward contracts with a notional value of approximately $3.0 million CAD outstanding and recorded the fair value of the contracts of a nominal amount in prepaid expenses and other current assets with a corresponding nominal loss in accumulated other comprehensive loss, which was recorded net of tax. During the thirteen and twenty-six weeks ended February 27, 2021, the Company reclassified a nominal amount from accumulated other comprehensive loss to revenue, related to the derivative financial instruments. The loss on these forward contracts that resulted in an increase to accumulated other comprehensive loss as of February 27, 2021 is expected to be reclassified to revenues prior to its maturity on February 25, 2022.

Employee Benefit Plans

6 Months Ended

Feb. 27, 2021

Postemployment Benefits [Abstract]

Employee Benefit Plans

7. Employee Benefit Plans

Defined Contribution Retirement Savings Plan

The Company has a defined contribution retirement savings plan with a 401(k) feature for all eligible U.S. and Canadian employees not under collective bargaining agreements. The Company matches a portion of the employee’s contribution and may make an additional contribution at its discretion. Contributions charged to expense under the plan for the thirteen weeks ended February 27, 2021 and February 29, 2020 were $4.3 million and $5.0 million, respectively. Contributions charged to expense under the plan for the twenty-six weeks ended February 27, 2021 and February 29, 2020 were $10.1 million and $10.5 million, respectively.

Pension Plans and Supplemental Executive Retirement Plans

The Company maintains an unfunded Supplemental Executive Retirement Plan for certain eligible employees of the Company and two frozen non-contributory defined benefit pension plans. The amounts charged to expense related to these plans for the thirteen weeks ended February 27, 2021 and February 29, 2020 were $0.8 million and $0.3 million, respectively. The amounts charged to expense related to these plans for the twenty-six weeks ended February 27, 2021 and February 29, 2020 were $1.5 million and $0.4 million, respectively.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Goodwill And Intangible Assets Disclosure [Abstract]

Income Per Share

6 Months Ended

Feb. 27, 2021

Earnings Per Share [Abstract]

Income Per Share

8. Income Per Share

The Company calculates income per share by allocating income to its unvested participating securities as part of its income per share calculations. The following table sets forth the computation of basic income per share using the two-class method for amounts attributable to the Company’s shares of Common Stock and Class B Common Stock (in thousands, except per share data):

	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	February 27, 2021		February 29, 2020		February 27, 2021		February 29, 2020
Net income available to shareholders	$	32,585	$	34,680	$	74,481	$	82,922
Allocation of net income for Basic:
Common Stock	$	27,349	$	29,129	$	62,520	$	69,654
Class B Common Stock		5,236		5,551		11,961		13,268
	$	32,585	$	34,680	$	74,481	$	82,922
Weighted average number of shares for Basic:
Common Stock		15,223		15,293		15,235		15,300
Class B Common Stock		3,643		3,643		3,643		3,643
		18,866		18,936		18,878		18,943
Income per share for Basic:
Common Stock	$	1.80	$	1.90	$	4.10	$	4.55
Class B Common Stock	$	1.44	$	1.52	$	3.28	$	3.64

The Company is required to calculate diluted income per share for Common Stock using the more dilutive of the following two methods:

•

The treasury stock method; or

•

The two-class method assuming a participating security is not exercised or converted.

For the thirteen and twenty-six weeks ended February 27, 2021 and February 29, 2020, the Company’s diluted income per share assumes the conversion of all vested Class B Common Stock into Common Stock and uses the two-class method for its unvested participating shares. The following tables set forth the computation of diluted income per share of Common Stock for the thirteen and twenty-six weeks ended February 27, 2021 and February 29, 2020 (in thousands, except per share data):

	Thirteen weeks ended February 27, 2021						Twenty-six weeks ended February 27, 2021
	Earnings to Common Shareholders		Common Shares		Income Per Share		Earnings to Common Shareholders		Common Shares		Income Per Share
As reported - Basic	$	27,349		15,223	$	1.80	$	62,520		15,235	$	4.10
Add: effect of dilutive potential common shares
Share-Based Awards		—		171				—		154
Class B Common Stock		5,236		3,643				11,961		3,643
As reported – Diluted	$	32,585		19,037	$	1.71	$	74,481		19,032	$	3.91

	Thirteen weeks ended February 29, 2020						Twenty-six weeks ended February 29, 2020
	Earnings to Common Shareholders		Common Shares		Income Per Share		Earnings to Common Shareholders		Common Shares		Income Per Share
As reported - Basic	$	29,129		15,293	$	1.90	$	69,654		15,300	$	4.55
Add: effect of dilutive potential common shares
Share-Based Awards		—		169				—		171
Class B Common Stock		5,551		3,643				13,268		3,643
As reported – Diluted	$	34,680		19,105	$	1.82	$	82,922		19,114	$	4.34

Share-based awards that would result in the issuance of 2,379 and 11,566 shares, respectively, of Common Stock were excluded from the calculation of diluted income per share for the thirteen and twenty-six weeks ended February 27, 2021 because they were anti-dilutive. Share-based awards that would result in the issuance of 667 and 423 shares, respectively, of Common Stock were excluded from the calculation of diluted income per share for the thirteen and twenty-six weeks ended February 29, 2020 because they were anti-dilutive.

Inventories

6 Months Ended

Feb. 27, 2021

Inventory Disclosure [Abstract]

Inventories

9. Inventories

Inventories are stated at the lower of cost or net realizable value, net of any reserve for excess and obsolete inventory. Work-in-process and finished goods inventories consist of materials, labor and manufacturing overhead. Judgments and estimates are used in determining the likelihood that new goods on hand can be sold to customers or used in rental operations. Historical inventory usage and current revenue trends are considered in estimating both excess and obsolete inventories. If actual product demand and market conditions are less favorable than those projected by management, additional inventory write-downs may be required. The Company uses the first-in, first-out (“FIFO”) method to value its inventories.

The components of inventory as of February 27, 2021 and August 29, 2020 were as follows (in thousands):

	February 27, 2021		August 29, 2020
Raw materials	$	19,791	$	20,266
Work in process		3,286		2,730
Finished goods		87,624		83,273
Total inventories	$	110,701	$	106,269

Goodwill and Other Intangible Assets

6 Months Ended

Feb. 27, 2021

Goodwill and Other Intangible Assets

10. Goodwill and Other Intangible Assets

When the Company acquires a business, the amount assigned to the tangible assets and liabilities and intangible assets acquired is based on their respective fair values determined as of the acquisition date. The excess of the purchase price over the tangible assets and liabilities and intangible assets is recorded as goodwill.

The changes in the carrying amount of goodwill are as follows (in thousands):

Balance as of August 29, 2020	$	424,844
Goodwill recorded during the period		4,533
Other		134
Balance as of February 27, 2021	$	429,511

Intangible assets, net in the Company’s accompanying Consolidated Balance Sheets are as follows (in thousands):

	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
February 27, 2021
Customer contracts	$	236,236	$	182,798	$	53,438
Software		71,061		40,712		30,349
Other intangible assets		36,000		34,645		1,355
	$	343,297	$	258,155	$	85,142
August 29, 2020
Customer contracts	$	234,065	$	177,119	$	56,946
Software		66,014		39,020		26,994
Other intangible assets		35,741		34,145		1,596
	$	335,820	$	250,284	$	85,536

Asset Retirement Obligations

6 Months Ended

Feb. 27, 2021

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

11. Asset Retirement Obligations

The Company recognizes asset retirement obligations in the period in which they are incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The Company continues to depreciate, on a straight-line basis, the amount added to property, plant and equipment and recognizes accretion expense in connection with the discounted liability over the various remaining lives which range from approximately 1 to 23 years.

A reconciliation of the Company’s asset retirement liability for the twenty-six weeks ended February 27, 2021 was as follows (in thousands):

	February 27, 2021
Beginning balance as of August 29, 2020	$	13,920
Accretion expense		492
Effect of exchange rate changes		61
Balance as of February 27, 2021	$	14,473

Asset retirement obligations are included in long-term accrued liabilities in the accompanying Consolidated Balance Sheets.

Commitments and Contingencies

6 Months Ended

Feb. 27, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Lease Commitments

The Company has operating leases for certain operating facilities, vehicles and equipment, which provide the right to use the underlying asset and require lease payments over the term of the lease. Each new contract is evaluated to determine if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. All identified leases are recorded on the consolidated balance sheet with a corresponding operating lease right-of-use asset, net, representing the right to use the underlying asset for the lease term and the operating lease liabilities representing the obligation to make lease payments arising from the lease. Short-term operating leases, which have an initial term of twelve months or less, are not recorded on the consolidated balance sheet.

Operating lease right-of-use assets, net and operating lease liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. The present value of lease payments is determined primarily using the incremental borrowing rate based on the information available as of the lease commencement date. Lease expense for operating leases is recorded on a straight-line basis over the lease term and variable lease costs are recorded as incurred. Both lease expense and variable lease costs are primarily recorded in cost of revenues on the Company's consolidated statements of income. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The following table presents the operating lease cost and information related to the operating lease right-of-use assets, net and operating lease liabilities for the twenty-six weeks ended February 27, 2021:

(In thousands, except lease term and discount rate)
Lease cost
Operating lease costs including short-term lease expense and variable lease costs, which were immaterial in the period	$	9,502

Operating cash flow impacts
Cash paid for amounts included in the measurement of operating lease liabilities	$	6,763
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$	5,522
Weighted-average remaining lease term - operating leases	4.4
Weighted-average discount rate - operating leases		2.47	%

The contractual future minimum lease payments of the Company's operating lease liabilities by fiscal year are as follows as of February 27, 2021:

(In thousands)
2021 (remaining six months)	$	6,992
2022		12,095
2023		8,770
2024		6,219
2025		3,951
Thereafter		5,173
Total payments		43,200
Less interest		(2,039	)
Total present value of lease payments	$	41,161

Environmental and Legal Contingencies

The Company and its operations are subject to various federal, state and local laws and regulations governing, among other things, air emissions, wastewater discharges, and the generation, handling, storage, transportation, treatment and disposal of hazardous wastes and other substances. In particular, industrial laundries currently use and must dispose of detergent wastewater and other residues, and, in the past, used perchloroethylene and other dry-cleaning solvents. The Company is attentive to the environmental concerns surrounding the disposal of these materials and has, through the years, taken measures to avoid their improper disposal. The Company has settled, or contributed to the settlement of, past actions or claims brought against the Company relating to the disposal of

hazardous materials at several sites and there can be no assurance that the Company will not have to expend material amounts to remediate the consequences of any such disposal in the future.

U.S. GAAP requires that a liability for contingencies be recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Significant judgment is required to determine the existence of a liability, as well as the amount to be recorded. The Company regularly consults with attorneys and outside consultants in its consideration of the relevant facts and circumstances before recording a contingent liability. Changes in enacted laws, regulatory orders or decrees, management’s estimates of costs, risk-free interest rates, insurance proceeds, participation by other parties, the timing of payments, the input of the Company’s attorneys and outside consultants or other factual circumstances could have a material impact on the amounts recorded for environmental and other contingent liabilities.

Under environmental laws, an owner or lessee of real estate may be liable for the costs of removal or remediation of certain hazardous or toxic substances located on, or in, or emanating from, such property, as well as related costs of investigation and property damage. Such laws often impose liability without regard to whether the owner or lessee knew of, or was responsible for the presence of such hazardous or toxic substances. There can be no assurances that acquired or leased locations have been operated in compliance with environmental laws and regulations or that future uses or conditions will not result in the imposition of liability upon the Company under such laws or expose the Company to third-party actions such as tort suits. The Company continues to address environmental conditions under terms of consent orders negotiated with the applicable environmental authorities or otherwise with respect to certain sites.

The Company has accrued certain costs related to certain sites, including but not limited to sites in Woburn and Somerville, Massachusetts, as it has been determined that the costs are probable and can be reasonably estimated. The Company, together with multiple other companies, is party to a consent decree related to its property and parcels of land (the “Central Area”) at a site in Woburn, Massachusetts. The United States Environmental Protection Agency (the “EPA”) has provided the Company and other signatories to the consent decree with comments on the design and implementation of groundwater and soil remedies at the Woburn site and investigation of environmental conditions in the Central Area. The consent decree does not address any remediation work that may be required in the Central Area. The Company, and other signatories, have implemented and proposed to do additional work at the Woburn site but many of the EPA’s comments remain to be resolved. The Company has accrued costs to perform certain work responsive to the EPA’s comments. Additionally, the Company has implemented mitigation measures and continues to monitor environmental conditions at the Somerville, Massachusetts site. The Company has received, responded, and agreed to undertake additional response actions pertaining to a notice of audit findings from the Massachusetts Department of Environmental Protection concerning a regulatory submittal that the Company made in 2009 for a portion of the site. The Company has received demands from the local transit authority for reimbursement of certain costs associated with its construction of a new municipal transit station in the area of the Somerville site. This station is part of an ongoing extension of the transit system. The Company has reserved for costs in connection with this matter; however, in light of the uncertainties associated with this matter, these costs and the related reserve may change.

The Company routinely reviews and evaluates sites that may require remediation and monitoring and determines its estimated costs based on various estimates and assumptions. These estimates are developed using its internal sources or by third party environmental engineers or other service providers. Internally developed estimates are based on:

•

Management’s judgment and experience in remediating and monitoring the Company’s sites;

•

Information available from regulatory agencies as to costs of remediation and monitoring;

•

The number, financial resources and relative degree of responsibility of other potentially responsible parties (“PRPs”) who may be liable for remediation and monitoring of a specific site; and

•

The typical allocation of costs among PRPs.

There is usually a range of reasonable estimates of the costs associated with each site. In accordance with U.S. GAAP, the Company’s accruals reflect the amount within the range that it believes is the best estimate or the low end of a range of estimates if no point within the range is a better estimate. Where it believes that both the amount of a particular liability and the timing of the payments are reliably determinable, the Company adjusts the cost in current dollars using a rate of 3% for inflation until the time of expected payment and discounts the cost to present value using current risk-free interest rates. As of February 27, 2021, the risk-free interest rates utilized by the Company ranged from 1.4% to 2.2%.

For environmental liabilities that have been discounted, the Company includes interest accretion, based on the effective interest method, in selling and administrative expenses on the accompanying Consolidated Statements of Income. The changes to the Company’s environmental liabilities for the twenty-six weeks ended February 27, 2021 were as follows (in thousands):

	February 27, 2021
Balance as of August 29, 2020	$	30,702
Costs incurred for which reserves have been provided		(556	)
Insurance proceeds		67
Interest accretion		224
Changes in discount rates		(1,654	)
Balance as of February 27, 2021	$	28,783

Anticipated payments and insurance proceeds of currently identified environmental remediation liabilities as of February 27, 2021, for the next five fiscal years and thereafter, as measured in current dollars, are reflected below.

(In thousands)	2021			2022			2023			2024			2025			Thereafter			Total
Estimated costs – current dollars	$	10,812		$	2,668		$	1,371		$	1,073		$	1,076		$	11,852		$	28,852
Estimated insurance proceeds		(130	)		(159	)		(173	)		(159	)		(173	)		(521	)		(1,315	)
Net anticipated costs	$	10,682		$	2,509		$	1,198		$	914		$	903		$	11,331		$	27,537
Effect of inflation																				7,475
Effect of discounting																				(6,229	)
Balance as of February 27, 2021																			$	28,783

Estimated insurance proceeds are primarily received from an annuity received as part of a legal settlement with an insurance company. Annual proceeds of approximately $0.3 million are deposited into an escrow account which funds remediation and monitoring costs for two sites related to former operations in Williamstown, Vermont. Annual proceeds received but not expended in the current year accumulate in this account and may be used in future years for costs related to this site through the year 2027. As of February 27, 2021, the balance in this escrow account, which is held in a trust and is not recorded in the Company’s accompanying Consolidated Balance Sheet, was approximately $4.5 million. Also included in estimated insurance proceeds are amounts the Company is entitled to receive pursuant to legal settlements as reimbursements from three insurance companies for estimated costs at the site in Uvalde, Texas.

The Company’s nuclear garment decontamination facilities are licensed by the Nuclear Regulatory Commission or, in certain cases, by the applicable state agency, and are subject to regulation by federal, state and local authorities. There can be no assurance that such regulation will not lead to material disruptions in the Company’s garment decontamination business.

From time to time, the Company is also subject to legal proceedings and claims arising from the conduct of its business operations, including personal injury claims, customer contract matters, employment claims and environmental matters as described above.

While it is impossible for the Company to ascertain the ultimate legal and financial liability with respect to contingent liabilities, including lawsuits and environmental contingencies, the Company believes that the aggregate amount of such liabilities, if any, in excess of amounts covered by insurance have been properly accrued in accordance with U.S. GAAP. It is possible, however, that the future financial position and/or results of operations for any particular future period could be materially affected by changes in the Company’s assumptions or strategies related to these contingencies or changes out of the Company’s control.

Income Taxes

6 Months Ended

Feb. 27, 2021

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

In accordance with ASC 740, Income Taxes (“ASC 740”), each interim period is considered integral to the annual period and tax expense is measured using an estimated annual effective tax rate. An entity is required to record income tax expense each quarter based on its annual effective tax rate estimated for the full fiscal year and use that rate to provide for income taxes on a current year-to-date basis, adjusted for discrete taxable events that occur during the interim period.

Effective tax rate

The Company’s effective tax rate for the thirteen weeks ended February 27, 2021 was 22.7% as compared to 24.2% for the corresponding period in the prior year. The Company’s effective tax rate for the twenty-six weeks ended February 27, 2021 was 24.0% as compared to 23.0% for the corresponding period in the prior year. The increase in the effective tax rate in the twenty-six weeks ended February 27, 2021 as compared to the corresponding period in the prior year was due to the release of certain tax reserves.

Uncertain tax positions

The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense, which is consistent with the recognition of these items in prior reporting periods. During the twenty-six weeks ended February 27, 2021, there were no material changes in the amount of unrecognized tax benefits or the amount accrued for interest and penalties.

All U.S. and Canadian federal income tax statutes have lapsed for filings up to and including fiscal years 2015 and 2012, respectively. With a few exceptions, the Company is no longer subject to state and local income tax examinations for periods prior to fiscal 2016. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change significantly in the next 12 months.

Accumulated Other Comprehensive Loss

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Long-Term Debt

6 Months Ended

Feb. 27, 2021

Debt Disclosure [Abstract]

Long-Term Debt

14. Long-Term Debt

On March 26, 2021, the Company entered into an amended and restated $175.0 million unsecured revolving credit agreement (the “2021 Credit Agreement”) with a syndicate of banks, which matures on March 26, 2026. The 2021 Credit Agreement amended and restated the Company’s prior Credit Agreement (defined below), which was scheduled to mature on April 11, 2021. Under the 2021 Credit Agreement, the Company is able to borrow funds at variable interest rates based on, at the Company’s election, the Eurodollar rate or a base rate, plus in each case a spread based on the Company’s consolidated funded debt ratio. Availability of credit requires compliance with certain financial and other covenants, including a maximum consolidated funded debt ratio and minimum consolidated interest coverage ratio as defined in the 2021 Credit Agreement.

Prior to March 26, 2021, the Company had a $250 million unsecured revolving credit agreement (the “Credit Agreement”) with a syndicate of banks, which was scheduled to mature on April 11, 2021. Under the Credit Agreement, the Company is able to borrow funds at variable interest rates based on, at its election, the Eurodollar rate or a base rate, plus in each case a spread based on the Company’s consolidated funded debt ratio. Availability of credit required compliance with certain financial and other covenants, including a maximum consolidated funded debt ratio and minimum consolidated interest coverage ratio as defined in the Credit Agreement. The Company tested its compliance with these financial covenants on a fiscal quarterly basis. As of February 27, 2021, the interest rates applicable to the Company’s borrowings under the Credit Agreement would be calculated as LIBOR plus 75 basis points at the time of the respective borrowing. As of February 27, 2021, the Company had no outstanding borrowings and had outstanding letters of credit amounting to $67.5 million, leaving $182.5 million available for borrowing under the Credit Agreement.

As of February 27, 2021, the Company was in compliance with all covenants under the Credit Agreement.

Accumulated Other Comprehensive Loss

6 Months Ended

Feb. 27, 2021

Stockholders Equity Note [Abstract]

15. Accumulated Other Comprehensive Loss

The changes in each component of accumulated other comprehensive loss, net of tax, for the thirteen and twenty-six weeks ended February 27, 2021 and February 29, 2020 were as follows (in thousands):

	Thirteen weeks ended February 27, 2021
	Foreign Currency Translation			Pension- related (1)			Derivative Financial Instruments (1)			Total Accumulated Other Comprehensive Loss
Balance as of November 28, 2020	$	(20,699	)	$	(10,026	)	$	44		$	(30,681	)
Other comprehensive income (loss) before reclassification		2,244			—			(58	)		2,186
Amounts reclassified from accumulated other comprehensive loss		—			—			2			2
Net current period other comprehensive income (loss)		2,244			—			(56	)		2,188
Balance as of February 27, 2021	$	(18,455	)	$	(10,026	)	$	(12	)	$	(28,493	)

	Twenty-six weeks ended February 27, 2021
	Foreign Currency Translation			Pension- related (1)			Derivative Financial Instruments (1)			Total Accumulated Other Comprehensive Loss
Balance as of August 29, 2020	$	(22,009	)	$	(10,026	)	$	65		$	(31,970	)
Other comprehensive income (loss) before reclassification		3,554			—			(68	)		3,486
Amounts reclassified from accumulated other comprehensive loss		—			—			(9	)		(9	)
Net current period other comprehensive income (loss)		3,554			—			(77	)		3,477
Balance as of February 27, 2021	$	(18,455	)	$	(10,026	)	$	(12	)	$	(28,493	)

	Thirteen weeks ended February 29, 2020
	Foreign Currency Translation			Pension- related (1)			Derivative Financial Instruments (1)			Total Accumulated Other Comprehensive Loss
Balance as of November 30, 2019	$	(23,651	)	$	(9,239	)	$	186		$	(32,704	)
Other comprehensive income (loss) before reclassification		(769	)		—			52			(717	)
Amounts reclassified from accumulated other comprehensive loss		—			350			(30	)		320
Net current period other comprehensive income (loss)		(769	)		350			22			(397	)
Balance as of February 29, 2020	$	(24,420	)	$	(8,889	)	$	208		$	(33,101	)

	Twenty-six weeks ended February 29, 2020
	Foreign Currency Translation			Pension- related (1)			Derivative Financial Instruments (1)			Total Accumulated Other Comprehensive Loss
Balance as of August 31, 2019	$	(24,640	)	$	(9,239	)	$	191		$	(33,688	)
Other comprehensive income before reclassification		220			—			77			297
Amounts reclassified from accumulated other comprehensive loss		—			350			(60	)		290
Net current period other comprehensive income		220			350			17			587
Balance as of February 29, 2020	$	(24,420	)	$	(8,889	)	$	208		$	(33,101	)

(1)

Amounts are shown net of tax

Amounts reclassified from accumulated other comprehensive loss, net of tax, for the thirteen and twenty-six weeks ended February 27, 2021 and February 29, 2020 were as follows (in thousands):

	Thirteen weeks ended					Twenty-six weeks ended
	February 27, 2021		February 29, 2020			February 27, 2021			February 29, 2020
Pension benefit liabilities (net):
Reclassification to income statement (a)	$	—	$	350		$	—		$	350
Total, net of tax		—		350			—			350

Derivative financial instruments, net:
Forward contracts (b)		2		(30	)		(9	)		(60	)
Total, net of tax		2		(30	)		(9	)		(60	)

Total amounts reclassified, net of tax	$	2	$	320		$	(9	)	$	290

(a)

Amounts included in selling and administrative expenses in the accompanying Consolidated Statements of Income.

(b)

Amounts included in revenues in the accompanying Consolidated Statements of Income.

Segment Reporting

6 Months Ended

Feb. 27, 2021

Segment Reporting [Abstract]

Segment Reporting

16. Segment Reporting

Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision-maker, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Company’s chief executive officer. The Company has six operating segments based on the information reviewed by its chief executive officer: U.S. Rental and Cleaning, Canadian Rental and Cleaning, Manufacturing (“MFG”), Corporate, Specialty Garments and First Aid. The U.S. Rental and Cleaning and Canadian Rental and Cleaning operating segments have been combined to form the U.S. and Canadian Rental and Cleaning reporting segment, and as a result, the Company has five reporting segments.

The U.S. and Canadian Rental and Cleaning reporting segment purchases, rents, cleans, delivers and sells uniforms and protective clothing and non-garment items in the United States and Canada. The laundry locations of the U.S. and Canadian Rental and Cleaning reporting segment are referred to by the Company as “industrial laundries” or “industrial laundry locations.”

The MFG operating segment designs and manufactures uniforms and non-garment items primarily for the purpose of providing these goods to the U.S. and Canadian Rental and Cleaning reporting segment. MFG revenues are primarily generated when goods are shipped from the Company’s manufacturing facilities, or its subcontract manufacturers, to other Company locations. These intercompany revenues are recorded at a transfer price which is typically in excess of the actual manufacturing cost. Manufactured products are carried in inventory until placed in service at which time they are amortized at this transfer price. On a consolidated basis, intercompany revenues and income are eliminated and the carrying value of inventories and rental merchandise in service is reduced to the manufacturing cost. Income before income taxes from MFG net of the intercompany MFG elimination offsets the merchandise amortization costs incurred by the U.S. and Canadian Rental and Cleaning reporting segment as the merchandise costs of this

reporting segment are amortized and recognized based on inventories purchased from MFG at the transfer price which is above the Company’s manufacturing cost.

The Corporate operating segment consists of costs associated with the Company’s distribution center, sales and marketing, information systems, engineering, procurement, supply chain, accounting and finance, human resources, other general and administrative costs and interest expense. The revenues generated from the Corporate operating segment represent certain direct sales made by the Company directly from its distribution center. The products sold by this operating segment are the same products rented and sold by the U.S. and Canadian Rental and Cleaning reporting segment. In the table below, no assets or capital expenditures are presented for the Corporate operating segment because no assets are allocated to this operating segment in the information reviewed by the chief executive officer. However, depreciation and amortization expense related to certain assets are reflected in operating income and income before income taxes for the Corporate operating segment. The assets that give rise to this depreciation and amortization are included in the total assets of the U.S. and Canadian Rental and Cleaning reporting segment as this is how they are tracked and reviewed by the Company. The majority of expenses accounted for within the Corporate segment relate to costs of the U.S. and Canadian Rental and Cleaning segment, with the remainder of the costs relating to the Specialty Garment and First Aid segments.

The Specialty Garments operating segment purchases, rents, cleans, delivers and sells, specialty garments and non-garment items primarily for nuclear and cleanroom applications and provides cleanroom cleaning services at limited customer locations. The First Aid operating segment sells first aid cabinet services and other safety supplies, provides certain safety training, as well as maintains wholesale distribution and pill packaging operations.

The Company refers to the U.S. and Canadian Rental and Cleaning, MFG, and Corporate reporting segments combined as its “Core Laundry Operations,” which is included as a subtotal in the following table (in thousands):

Thirteen weeks ended	U.S. and Canadian Rental and Cleaning			MFG		Net Interco MFG Elim			Corporate			Subtotal Core Laundry Operations			Specialty Garments		First Aid		Total
February 27, 2021
Revenues	$	388,627		$	54,549	$	(54,549	)	$	9,608		$	398,235		$	35,222	$	16,307	$	449,764
Operating income (loss)	$	59,156		$	14,774	$	4,178		$	(42,742	)	$	35,366		$	5,234	$	93	$	40,693
Interest income, net	$	(778	)	$	-	$	-		$	(85	)	$	(863	)	$	-	$	-	$	(863	)
Income (loss) before taxes	$	59,845		$	14,736	$	4,178		$	(43,317	)	$	35,442		$	6,603	$	95	$	42,140
February 29, 2020
Revenues	$	403,161		$	53,661	$	(53,661	)	$	9,031		$	412,192		$	35,980	$	16,428	$	464,600
Operating income (loss)	$	59,008		$	16,714	$	3,093		$	(40,458	)	$	38,357		$	4,627	$	1,143	$	44,127
Interest income, net	$	(1,124	)	$	-	$	-		$	(1,051	)	$	(2,175	)	$	-	$	-	$	(2,175	)
Income (loss) before taxes	$	60,119		$	16,646	$	3,093		$	(39,811	)	$	40,047		$	4,573	$	1,143	$	45,763

Twenty-six weeks ended
February 27, 2021
Revenues	$	774,785		$	113,631	$	(113,631	)	$	16,640		$	791,425		$	73,356	$	31,836	$	896,617
Operating income (loss)	$	133,996		$	34,584	$	3,184		$	(87,528	)	$	84,236		$	12,393	$	106	$	96,735
Interest income, net	$	(1,471	)	$	-	$	-		$	40		$	(1,431	)	$	-	$	-	$	(1,431	)
Income (loss) before taxes	$	135,387		$	34,410	$	3,184		$	(88,700	)	$	84,281		$	13,611	$	109	$	98,001
February 29, 2020
Revenues	$	810,964		$	118,671	$	(118,671	)	$	17,526		$	828,490		$	69,382	$	32,126	$	929,998
Operating income (loss)	$	135,295		$	39,260	$	567		$	(82,957	)	$	92,165		$	9,506	$	2,551	$	104,222
Interest income, net	$	(2,100	)	$	-	$	-		$	(2,436	)	$	(4,536	)	$	-	$	-	$	(4,536	)
Income (loss) before taxes	$	137,376		$	39,049	$	567		$	(81,309	)	$	95,683		$	9,457	$	2,551	$	107,691

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Shares Repurchased and Dividends

Shares Repurchased and Dividends

6 Months Ended

Feb. 27, 2021

Equity [Abstract]

17. Shares Repurchased and Dividends

On October 23, 2019, the Company announced that it would be raising its quarterly dividend to $0.25 per share of Common Stock and to $0.20 per share of Class B Common Stock, up from $0.1125 and $0.09 per share, respectively. The amount and timing of any dividend payment is subject to the approval of the Board of Directors each quarter.

On January 2, 2019, the Company’s Board of Directors approved a share repurchase program authorizing the Company to repurchase from time to time up to $100.0 million of its outstanding shares of Common Stock. Repurchases made under the program, if any, will be made in either the open market or in privately negotiated transactions. The timing, manner, price and amount of any repurchases will depend on a variety of factors, including economic and market conditions, the Company stock price, corporate liquidity requirements and priorities, applicable legal requirements and other factors. The share repurchase program will be funded using the Company’s available cash or capacity under its 2021 Credit Agreement and may be suspended or discontinued at any time. As of February 27, 2021, the Company had repurchased a total of 368,117 shares for an average price per share of $167.87 under the share repurchase program using cash on hand. During the thirteen and twenty-six weeks ended February 27, 2021, the Company repurchased 12,200 and 53,200 shares for an average price per share of $189.96 and $179.21, respectively. During the thirteen weeks and twenty-six weeks ended February 29, 2020, the Company repurchased 20,500 and 71,100 shares for an average price per share of $206.34 and $199.77, respectively.

Recent Accounting Pronouncements (Policies)

6 Months Ended

Feb. 27, 2021

Accounting Policies [Abstract]

Recent Accounting Pronouncements

2. Recent Accounting Pronouncements

Revenue Recognition (Tables)

6 Months Ended

Feb. 27, 2021

Revenue From Contract With Customer [Abstract]

Schedule of Total Revenue Disaggregated by Service Type

The following table presents the Company’s revenues for the thirteen and twenty-six weeks ended February 27, 2021 and February 29, 2020, respectively, disaggregated by service type:

	Thirteen Weeks Ended										Twenty-Six Weeks Ended
	February 27, 2021					February 29, 2020					February 27, 2021					February 29, 2020
(In thousands, except percentages)	Revenues		% of Revenues			Revenues		% of Revenues			Revenues		% of Revenues			Revenues		% of Revenues
Core Laundry Operations	$	398,235		88.5	%	$	412,192		88.7	%	$	791,425		88.3	%	$	828,490		89.1	%
Specialty Garments		35,222		7.8	%		35,980		7.7	%		73,356		8.2	%		69,382		7.5	%
First Aid		16,307		3.6	%		16,428		3.5	%		31,836		3.6	%		32,126		3.5	%
Total Revenues	$	449,764		100.0	%	$	464,600		100.0	%	$	896,617		100.0	%	$	929,998		100.0	%

Fair Value Measurements (Tables)

6 Months Ended

Feb. 27, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets or Liabilities Measured at Fair Value on a Recurring Basis

The assets or liabilities measured at fair value on a recurring basis are summarized in the tables below (in thousands):

	As of February 27, 2021
	Level 1		Level 2			Level 3		Fair Value
Assets:
Cash equivalents	$	196,913	$	—		$	—	$	196,913
Pension plan assets		—		4,071			—		4,071
Foreign currency forward contracts		—		(17	)		—		(17	)
Total assets at fair value	$	196,913	$	4,054		$	—	$	200,967

	As of August 29, 2020
	Level 1		Level 2		Level 3		Fair Value
Assets:
Cash equivalents	$	196,478	$	—	$	—	$	196,478
Pension plan assets		—		4,146		—		4,146
Foreign currency forward contracts		—		87		—		87
Total assets at fair value	$	196,478	$	4,233	$	—	$	200,711

Income Per Share (Tables)

6 Months Ended

Feb. 27, 2021

Earnings Per Share [Abstract]

Schedule of Computation of Basic Income Per Share

The following table sets forth the computation of basic income per share using the two-class method for amounts attributable to the Company’s shares of Common Stock and Class B Common Stock (in thousands, except per share data):

	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	February 27, 2021		February 29, 2020		February 27, 2021		February 29, 2020
Net income available to shareholders	$	32,585	$	34,680	$	74,481	$	82,922
Allocation of net income for Basic:
Common Stock	$	27,349	$	29,129	$	62,520	$	69,654
Class B Common Stock		5,236		5,551		11,961		13,268
	$	32,585	$	34,680	$	74,481	$	82,922
Weighted average number of shares for Basic:
Common Stock		15,223		15,293		15,235		15,300
Class B Common Stock		3,643		3,643		3,643		3,643
		18,866		18,936		18,878		18,943
Income per share for Basic:
Common Stock	$	1.80	$	1.90	$	4.10	$	4.55
Class B Common Stock	$	1.44	$	1.52	$	3.28	$	3.64

Schedule of Computation of Diluted Income Per Share

The following tables set forth the computation of diluted income per share of Common Stock for the thirteen and twenty-six weeks ended February 27, 2021 and February 29, 2020 (in thousands, except per share data):

	Thirteen weeks ended February 27, 2021						Twenty-six weeks ended February 27, 2021
	Earnings to Common Shareholders		Common Shares		Income Per Share		Earnings to Common Shareholders		Common Shares		Income Per Share
As reported - Basic	$	27,349		15,223	$	1.80	$	62,520		15,235	$	4.10
Add: effect of dilutive potential common shares
Share-Based Awards		—		171				—		154
Class B Common Stock		5,236		3,643				11,961		3,643
As reported – Diluted	$	32,585		19,037	$	1.71	$	74,481		19,032	$	3.91

	Thirteen weeks ended February 29, 2020						Twenty-six weeks ended February 29, 2020
	Earnings to Common Shareholders		Common Shares		Income Per Share		Earnings to Common Shareholders		Common Shares		Income Per Share
As reported - Basic	$	29,129		15,293	$	1.90	$	69,654		15,300	$	4.55
Add: effect of dilutive potential common shares
Share-Based Awards		—		169				—		171
Class B Common Stock		5,551		3,643				13,268		3,643
As reported – Diluted	$	34,680		19,105	$	1.82	$	82,922		19,114	$	4.34

Inventories (Tables)

6 Months Ended

Feb. 27, 2021

Inventory Disclosure [Abstract]

Schedule of Components of Inventory

The components of inventory as of February 27, 2021 and August 29, 2020 were as follows (in thousands):

	February 27, 2021		August 29, 2020
Raw materials	$	19,791	$	20,266
Work in process		3,286		2,730
Finished goods		87,624		83,273
Total inventories	$	110,701	$	106,269

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Feb. 27, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill are as follows (in thousands):

Balance as of August 29, 2020	$	424,844
Goodwill recorded during the period		4,533
Other		134
Balance as of February 27, 2021	$	429,511

Schedule of Intangible Assets, Net

Intangible assets, net in the Company’s accompanying Consolidated Balance Sheets are as follows (in thousands):

	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
February 27, 2021
Customer contracts	$	236,236	$	182,798	$	53,438
Software		71,061		40,712		30,349
Other intangible assets		36,000		34,645		1,355
	$	343,297	$	258,155	$	85,142
August 29, 2020
Customer contracts	$	234,065	$	177,119	$	56,946
Software		66,014		39,020		26,994
Other intangible assets		35,741		34,145		1,596
	$	335,820	$	250,284	$	85,536

Asset Retirement Obligations (Tables)

6 Months Ended

Feb. 27, 2021

Asset Retirement Obligation Disclosure [Abstract]

Reconciliation of Asset Retirement Liability

A reconciliation of the Company’s asset retirement liability for the twenty-six weeks ended February 27, 2021 was as follows (in thousands):

	February 27, 2021
Beginning balance as of August 29, 2020	$	13,920
Accretion expense		492
Effect of exchange rate changes		61
Balance as of February 27, 2021	$	14,473

Commitments and Contingencies (Tables)

6 Months Ended

Feb. 27, 2021

Commitments And Contingencies Disclosure [Abstract]

Schedule of Operating Lease Cost and Information Related to Operating Lease Right-of-use Assets, Net and Operating Lease Liabilities

(In thousands, except lease term and discount rate)
Lease cost
Operating lease costs including short-term lease expense and variable lease costs, which were immaterial in the period	$	9,502

Operating cash flow impacts
Cash paid for amounts included in the measurement of operating lease liabilities	$	6,763
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$	5,522
Weighted-average remaining lease term - operating leases	4.4
Weighted-average discount rate - operating leases		2.47	%

Schedule of Contractual Future Minimum Lease Payments of Operating Lease Liabilities

The contractual future minimum lease payments of the Company's operating lease liabilities by fiscal year are as follows as of February 27, 2021:

(In thousands)
2021 (remaining six months)	$	6,992
2022		12,095
2023		8,770
2024		6,219
2025		3,951
Thereafter		5,173
Total payments		43,200
Less interest		(2,039	)
Total present value of lease payments	$	41,161

Schedule of Changes to Environmental Liabilities

The changes to the Company’s environmental liabilities for the twenty-six weeks ended February 27, 2021 were as follows (in thousands):

	February 27, 2021
Balance as of August 29, 2020	$	30,702
Costs incurred for which reserves have been provided		(556	)
Insurance proceeds		67
Interest accretion		224
Changes in discount rates		(1,654	)
Balance as of February 27, 2021	$	28,783

Schedule of Anticipated Payments and Insurance Proceeds of Currently Identified Environmental Remediation Liabilities

(In thousands)	2021			2022			2023			2024			2025			Thereafter			Total
Estimated costs – current dollars	$	10,812		$	2,668		$	1,371		$	1,073		$	1,076		$	11,852		$	28,852
Estimated insurance proceeds		(130	)		(159	)		(173	)		(159	)		(173	)		(521	)		(1,315	)
Net anticipated costs	$	10,682		$	2,509		$	1,198		$	914		$	903		$	11,331		$	27,537
Effect of inflation																				7,475
Effect of discounting																				(6,229	)
Balance as of February 27, 2021																			$	28,783

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Feb. 27, 2021

Stockholders Equity Note [Abstract]

Schedule of Changes in Components of Accumulated Other Comprehensive Loss, Net of Tax

The changes in each component of accumulated other comprehensive loss, net of tax, for the thirteen and twenty-six weeks ended February 27, 2021 and February 29, 2020 were as follows (in thousands):

	Thirteen weeks ended February 27, 2021
	Foreign Currency Translation			Pension- related (1)			Derivative Financial Instruments (1)			Total Accumulated Other Comprehensive Loss
Balance as of November 28, 2020	$	(20,699	)	$	(10,026	)	$	44		$	(30,681	)
Other comprehensive income (loss) before reclassification		2,244			—			(58	)		2,186
Amounts reclassified from accumulated other comprehensive loss		—			—			2			2
Net current period other comprehensive income (loss)		2,244			—			(56	)		2,188
Balance as of February 27, 2021	$	(18,455	)	$	(10,026	)	$	(12	)	$	(28,493	)

	Twenty-six weeks ended February 27, 2021
	Foreign Currency Translation			Pension- related (1)			Derivative Financial Instruments (1)			Total Accumulated Other Comprehensive Loss
Balance as of August 29, 2020	$	(22,009	)	$	(10,026	)	$	65		$	(31,970	)
Other comprehensive income (loss) before reclassification		3,554			—			(68	)		3,486
Amounts reclassified from accumulated other comprehensive loss		—			—			(9	)		(9	)
Net current period other comprehensive income (loss)		3,554			—			(77	)		3,477
Balance as of February 27, 2021	$	(18,455	)	$	(10,026	)	$	(12	)	$	(28,493	)

	Thirteen weeks ended February 29, 2020
	Foreign Currency Translation			Pension- related (1)			Derivative Financial Instruments (1)			Total Accumulated Other Comprehensive Loss
Balance as of November 30, 2019	$	(23,651	)	$	(9,239	)	$	186		$	(32,704	)
Other comprehensive income (loss) before reclassification		(769	)		—			52			(717	)
Amounts reclassified from accumulated other comprehensive loss		—			350			(30	)		320
Net current period other comprehensive income (loss)		(769	)		350			22			(397	)
Balance as of February 29, 2020	$	(24,420	)	$	(8,889	)	$	208		$	(33,101	)

	Twenty-six weeks ended February 29, 2020
	Foreign Currency Translation			Pension- related (1)			Derivative Financial Instruments (1)			Total Accumulated Other Comprehensive Loss
Balance as of August 31, 2019	$	(24,640	)	$	(9,239	)	$	191		$	(33,688	)
Other comprehensive income before reclassification		220			—			77			297
Amounts reclassified from accumulated other comprehensive loss		—			350			(60	)		290
Net current period other comprehensive income		220			350			17			587
Balance as of February 29, 2020	$	(24,420	)	$	(8,889	)	$	208		$	(33,101	)

(1)

Amounts are shown net of tax

Schedule of Amounts Reclassified from Accumulated Other Comprehensive Loss, Net of Tax

Amounts reclassified from accumulated other comprehensive loss, net of tax, for the thirteen and twenty-six weeks ended February 27, 2021 and February 29, 2020 were as follows (in thousands):

	Thirteen weeks ended					Twenty-six weeks ended
	February 27, 2021		February 29, 2020			February 27, 2021			February 29, 2020
Pension benefit liabilities (net):
Reclassification to income statement (a)	$	—	$	350		$	—		$	350
Total, net of tax		—		350			—			350

Derivative financial instruments, net:
Forward contracts (b)		2		(30	)		(9	)		(60	)
Total, net of tax		2		(30	)		(9	)		(60	)

Total amounts reclassified, net of tax	$	2	$	320		$	(9	)	$	290

(a)

Amounts included in selling and administrative expenses in the accompanying Consolidated Statements of Income.

(b)

Amounts included in revenues in the accompanying Consolidated Statements of Income.

Segment Reporting (Tables)

6 Months Ended

Feb. 27, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Thirteen weeks ended	U.S. and Canadian Rental and Cleaning			MFG		Net Interco MFG Elim			Corporate			Subtotal Core Laundry Operations			Specialty Garments		First Aid		Total
February 27, 2021
Revenues	$	388,627		$	54,549	$	(54,549	)	$	9,608		$	398,235		$	35,222	$	16,307	$	449,764
Operating income (loss)	$	59,156		$	14,774	$	4,178		$	(42,742	)	$	35,366		$	5,234	$	93	$	40,693
Interest income, net	$	(778	)	$	-	$	-		$	(85	)	$	(863	)	$	-	$	-	$	(863	)
Income (loss) before taxes	$	59,845		$	14,736	$	4,178		$	(43,317	)	$	35,442		$	6,603	$	95	$	42,140
February 29, 2020
Revenues	$	403,161		$	53,661	$	(53,661	)	$	9,031		$	412,192		$	35,980	$	16,428	$	464,600
Operating income (loss)	$	59,008		$	16,714	$	3,093		$	(40,458	)	$	38,357		$	4,627	$	1,143	$	44,127
Interest income, net	$	(1,124	)	$	-	$	-		$	(1,051	)	$	(2,175	)	$	-	$	-	$	(2,175	)
Income (loss) before taxes	$	60,119		$	16,646	$	3,093		$	(39,811	)	$	40,047		$	4,573	$	1,143	$	45,763

Twenty-six weeks ended
February 27, 2021
Revenues	$	774,785		$	113,631	$	(113,631	)	$	16,640		$	791,425		$	73,356	$	31,836	$	896,617
Operating income (loss)	$	133,996		$	34,584	$	3,184		$	(87,528	)	$	84,236		$	12,393	$	106	$	96,735
Interest income, net	$	(1,471	)	$	-	$	-		$	40		$	(1,431	)	$	-	$	-	$	(1,431	)
Income (loss) before taxes	$	135,387		$	34,410	$	3,184		$	(88,700	)	$	84,281		$	13,611	$	109	$	98,001
February 29, 2020
Revenues	$	810,964		$	118,671	$	(118,671	)	$	17,526		$	828,490		$	69,382	$	32,126	$	929,998
Operating income (loss)	$	135,295		$	39,260	$	567		$	(82,957	)	$	92,165		$	9,506	$	2,551	$	104,222
Interest income, net	$	(2,100	)	$	-	$	-		$	(2,436	)	$	(4,536	)	$	-	$	-	$	(4,536	)
Income (loss) before taxes	$	137,376		$	39,049	$	567		$	(81,309	)	$	95,683		$	9,457	$	2,551	$	107,691

Recent Accounting Pronouncements - Narrative (Details)	Feb. 27, 2021
Accounting Standards Update 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adoption date	Aug. 30, 2020
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true
Accounting Standards Update 2018-15
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adoption date	Aug. 30, 2020
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true

Indicates (true false) whether accounting standards update was adopted.

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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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-Paragraph 8
-Subparagraph (a)

Date accounting standards update was adopted, in CCYY-MM-DD format.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Revenue Recognition - Schedule of Total Revenue Disaggregated by Service Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 27, 2021	Feb. 29, 2020	Feb. 27, 2021	Feb. 29, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 449,764	$ 464,600	$ 896,617	$ 929,998
Revenue \| Revenues
Disaggregation of Revenue [Line Items]
Percentage of revenues	100.00%	100.00%	100.00%	100.00%
Core Laundry Operations
Disaggregation of Revenue [Line Items]
Total revenues	$ 398,235	$ 412,192	$ 791,425	$ 828,490
Core Laundry Operations \| Revenue \| Revenues
Disaggregation of Revenue [Line Items]
Percentage of revenues	88.50%	88.70%	88.30%	89.10%
Specialty Garments
Disaggregation of Revenue [Line Items]
Total revenues	$ 35,222	$ 35,980	$ 73,356	$ 69,382
Specialty Garments \| Revenue \| Revenues
Disaggregation of Revenue [Line Items]
Percentage of revenues	7.80%	7.70%	8.20%	7.50%
First Aid
Disaggregation of Revenue [Line Items]
Total revenues	$ 16,307	$ 16,428	$ 31,836	$ 32,126
First Aid \| Revenue \| Revenues
Disaggregation of Revenue [Line Items]
Percentage of revenues	3.60%	3.50%	3.60%	3.50%

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 27, 2021	Feb. 29, 2020	Feb. 27, 2021	Feb. 29, 2020	Aug. 29, 2020
Revenue From Contract With Customer [Abstract]
Percentage of revenues derived from route servicing fees	91.10%	90.20%	91.10%	90.90%
Current assets related to deferred commissions	$ 13.8		$ 13.8		$ 13.3
Noncurrent assets related to deferred commissions	58.3		58.3		$ 55.6
Amortization expense related to deferred commissions	$ 3.6	$ 3.4	$ 7.1	$ 6.7

Acquisitions - Narrative (Details) $ in Millions	6 Months Ended
Acquisitions - Narrative (Details) $ in Millions	Feb. 27, 2021 USD ($) Business
Business Combinations [Abstract]
Number of business acquired \| Business	4
Business acquisitions, aggregate purchase price \| $	$ 7.5

Fair Value Measurements - Schedule of Assets or Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Feb. 27, 2021	Aug. 29, 2020
Assets:
Cash equivalents	$ 196,913	$ 196,478
Pension plan assets	4,071	4,146
Foreign currency forward contracts	(17)	87
Total assets at fair value	200,967	200,711
Level 1
Assets:
Cash equivalents	196,913	196,478
Pension plan assets	0	0
Foreign currency forward contracts	0	0
Total assets at fair value	196,913	196,478
Level 2
Assets:
Cash equivalents	0	0
Pension plan assets	4,071	4,146
Foreign currency forward contracts	(17)	87
Total assets at fair value	4,054	4,233
Level 3
Assets:
Cash equivalents	0	0
Pension plan assets	0	0
Foreign currency forward contracts	0	0
Total assets at fair value	$ 0	$ 0

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions	Feb. 27, 2021 CAD ($)
Forward Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional value (CAD)	$ 3.0

Employee Benefit Plans - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
Employee Benefit Plans - Narrative (Details) $ in Millions	Feb. 27, 2021 USD ($) Retirement-Plan	Feb. 29, 2020 USD ($)	Feb. 27, 2021 USD ($) Retirement-Plan	Feb. 29, 2020 USD ($)
Postemployment Benefits [Abstract]
Contributions charged to expense under the plan	$ 4.3	$ 5.0	$ 10.1	$ 10.5
Number of frozen non-contributory defined benefit pension plans \| Retirement-Plan	2		2
Amounts charged to expense related to the plans	$ 0.8	$ 0.3	$ 1.5	$ 0.4

Income Per Share - Schedule of Computation of Basic Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Feb. 27, 2021	Nov. 28, 2020	Feb. 29, 2020	Nov. 30, 2019	Feb. 27, 2021	Feb. 29, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income available to shareholders	$ 32,585	$ 41,896	$ 34,680	$ 48,242	$ 74,481	$ 82,922
Allocation of net income for Basic:
Common stock	$ 32,585		$ 34,680		$ 74,481	$ 82,922
Weighted average number of shares for Basic:
Common stock (in shares)	18,866		18,936		18,878	18,943
Common Stock
Allocation of net income for Basic:
Common stock	$ 27,349		$ 29,129		$ 62,520	$ 69,654
Weighted average number of shares for Basic:
Common stock (in shares)	15,223		15,293		15,235	15,300
Income per share for Basic:
Common stock (in dollars per share)	$ 1.80		$ 1.90		$ 4.10	$ 4.55
Class B Common Stock
Allocation of net income for Basic:
Common stock	$ 5,236		$ 5,551		$ 11,961	$ 13,268
Weighted average number of shares for Basic:
Common stock (in shares)	3,643		3,643		3,643	3,643
Income per share for Basic:
Common stock (in dollars per share)	$ 1.44		$ 1.52		$ 3.28	$ 3.64

Income Per Share - Schedule of Computation of Diluted Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 27, 2021	Feb. 29, 2020	Feb. 27, 2021	Feb. 29, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
As reported - Basic	$ 32,585	$ 34,680	$ 74,481	$ 82,922
As reported - Basic (in shares)	18,866	18,936	18,878	18,943
As reported – Diluted	$ 32,585	$ 34,680	$ 74,481	$ 82,922
As reported - Diluted (in shares)	19,037	19,105	19,032	19,114
As reported - Diluted (in dollars per share)	$ 1.71	$ 1.82	$ 3.91	$ 4.34
Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
As reported - Basic	$ 27,349	$ 29,129	$ 62,520	$ 69,654
As reported - Basic (in shares)	15,223	15,293	15,235	15,300
As reported - Basic (in dollars per share)	$ 1.80	$ 1.90	$ 4.10	$ 4.55
Add: effect of dilutive potential common shares	$ 0	$ 0	$ 0	$ 0
Add: effect of dilutive potential common shares (in shares)	171	169	154	171
Class B Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
As reported - Basic	$ 5,236	$ 5,551	$ 11,961	$ 13,268
As reported - Basic (in shares)	3,643	3,643	3,643	3,643
As reported - Basic (in dollars per share)	$ 1.44	$ 1.52	$ 3.28	$ 3.64

Income Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
Income Per Share - Narrative (Details) - shares	Feb. 27, 2021	Feb. 29, 2020	Feb. 27, 2021	Feb. 29, 2020
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from calculation of diluted earnings per share (in shares)	2,379	667	11,566	423

Inventories - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands	Feb. 27, 2021	Aug. 29, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 19,791	$ 20,266
Work in process	3,286	2,730
Finished goods	87,624	83,273
Total inventories	$ 110,701	$ 106,269

Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Feb. 27, 2021 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning balance	$ 424,844
Goodwill recorded during the period	4,533
Other	134
Ending balance	$ 429,511

Goodwill and Other Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Feb. 27, 2021	Aug. 29, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 343,297	$ 335,820
Accumulated Amortization	258,155	250,284
Net Carrying Amount	85,142	85,536
Customer contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	236,236	234,065
Accumulated Amortization	182,798	177,119
Net Carrying Amount	53,438	56,946
Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	71,061	66,014
Accumulated Amortization	40,712	39,020
Net Carrying Amount	30,349	26,994
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	36,000	35,741
Accumulated Amortization	34,645	34,145
Net Carrying Amount	$ 1,355	$ 1,596

Asset Retirement Obligations - Narrative (Details)	6 Months Ended
Asset Retirement Obligations - Narrative (Details)	Feb. 27, 2021
Minimum
Asset Retirement Obligations [Line Items]
Remaining lives	1 year
Maximum
Asset Retirement Obligations [Line Items]
Remaining lives	23 years

Asset Retirement Obligations - Reconciliation of Asset Retirement Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Feb. 27, 2021	Feb. 29, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 13,920
Accretion expense	492	$ 463
Effect of exchange rate changes	61
Ending balance	$ 14,473

Commitments and Contingencies - Narrative (Details) $ in Millions	6 Months Ended
	Feb. 27, 2021 USD ($) company
Gain Contingencies [Line Items]
Operating lease, existence of option to extend	true
Operating lease, existence of option to terminate	true
Estimated rate of inflation	3.00%
Annual proceeds	$ 0.3
Balance in escrow account	$ 4.5
Number of insurance companies \| company	3
Minimum
Gain Contingencies [Line Items]
Risk-free interest rates utilized	1.40%
Maximum
Gain Contingencies [Line Items]
Risk-free interest rates utilized	2.20%

Commitments and Contingencies - Schedule of Operating Lease Cost and Information Related to Operating Lease Right-of-use Assets, Net and Operating Lease Liabilities (Details) $ in Thousands	6 Months Ended
	Feb. 27, 2021 USD ($)
Lease cost
Operating lease costs including short-term lease expense and variable lease costs, which were immaterial in the period	$ 9,502
Operating cash flow impacts
Cash paid for amounts included in the measurement of operating lease liabilities	6,763
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$ 5,522
Weighted-average remaining lease term - operating leases	4 years 4 months 24 days
Weighted-average discount rate - operating leases	2.47%

Commitments and Contingencies - Schedule of Contractual Future Minimum Lease Payments of Operating Lease Liabilities (Details) $ in Thousands	Feb. 27, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2021 (remaining six months)	$ 6,992
2022	12,095
2023	8,770
2024	6,219
2025	3,951
Thereafter	5,173
Total payments	43,200
Less interest	(2,039)
Total present value of lease payments	$ 41,161

Commitments and Contingencies - Changes to Environmental Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Feb. 27, 2021	Feb. 29, 2020
Accrual For Environmental Loss Contingencies Roll Forward
Beginning balance	$ 30,702
Costs incurred for which reserves have been provided	(556)
Insurance proceeds	67
Accretion on environmental contingencies	224	$ 269
Changes in discount rates	(1,654)
Ending balance	$ 28,783

Commitments and Contingencies - Anticipated Payments and Insurance Proceeds of Identified Environmental Remediation Liabilities (Details) - USD ($) $ in Thousands	Feb. 27, 2021	Aug. 29, 2020
Estimated costs – current dollars
2021	$ 10,812
2022	2,668
2023	1,371
2024	1,073
2025	1,076
Thereafter	11,852
Total	28,852
Estimated insurance proceeds
2021	(130)
2022	(159)
2023	(173)
2024	(159)
2025	(173)
Thereafter	(521)
Total	(1,315)
Net anticipated costs
2021	10,682
2022	2,509
2023	1,198
2024	914
2025	903
Thereafter	11,331
Total	27,537
Effect of inflation	7,475
Effect of discounting	(6,229)
Balance at end of period	$ 28,783	$ 30,702

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Feb. 27, 2021	Feb. 29, 2020	Feb. 27, 2021	Feb. 29, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	22.70%	24.20%	24.00%	23.00%
Unrecognized tax benefits	$ 0		$ 0
Accrued interest and penalties	$ 0		$ 0

Long-Term Debt - Narrative (Details) - Revolving Credit Facility - USD ($) $ in Millions			6 Months Ended
	Mar. 26, 2021	Mar. 25, 2021	Feb. 27, 2021
2021 Credit Agreement \| Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 175.0
Maturity date	Mar. 26, 2026
Credit Agreement
Debt Instrument [Line Items]
Outstanding borrowings			$ 0.0
Outstanding letters of credit			67.5
Amount available for borrowing			$ 182.5
Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)			0.75%
Credit Agreement \| Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 250.0
Maturity date		Apr. 11, 2021

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Feb. 27, 2021

Feb. 29, 2020

Feb. 27, 2021

Feb. 29, 2020

$ 1,773,352

$ 1,676,008

$ 1,741,129

$ 1,641,230

2,188

(397)

3,477

587

Foreign Currency Translation

1,801,110

1,701,438

1,801,110

1,701,438

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Other comprehensive income (loss) before reclassification

(20,699)

(23,651)

(22,009)

(24,640)

2,244

(769)

3,554

220

Amounts reclassified from accumulated other comprehensive loss

2,244

(769)

3,554

220

(18,455)

(24,420)

(18,455)

(24,420)

Other comprehensive income (loss) before reclassification

^[1]

(10,026)

(9,239)

(10,026)

(9,239)

^[1]

Amounts reclassified from accumulated other comprehensive loss

^[1]

350

^[1]

350

Derivative Financial Instruments

^[1]

(10,026)

(8,889)

(10,026)

(8,889)

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Other comprehensive income (loss) before reclassification

^[1]

186

191

^[1]

(58)

(68)

Amounts reclassified from accumulated other comprehensive loss

^[1]

(30)

(9)

(60)

^[1]

(56)

(77)

Accumulated Other Comprehensive Loss

^[1]

(12)

208

(12)

208

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Other comprehensive income (loss) before reclassification

(30,681)

(32,704)

(31,970)

(33,688)

2,186

(717)

3,486

297

Amounts reclassified from accumulated other comprehensive loss

320

(9)

290

2,188

(397)

3,477

587

$ (28,493)

$ (33,101)

$ (28,493)

$ (33,101)

[1]	Amounts are shown net of tax

Accumulated Other Comprehensive Income Loss [Line Items]

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Accumulated Other Comprehensive Loss - Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Feb. 27, 2021

Nov. 28, 2020

Feb. 29, 2020

Nov. 30, 2019

Feb. 27, 2021

Feb. 29, 2020

Reclassification out of Accumulated Other Comprehensive Income

$ 32,585

$ 41,896

$ 34,680

$ 48,242

$ 74,481

$ 82,922

Accumulated Other Comprehensive Income Loss [Line Items]

Accumulated Other Comprehensive Income Loss [Line Items]

320

(9)

290

Revenues

350

Derivative Financial Instruments | Reclassification out of Accumulated Other Comprehensive Income

^[1]

350

Accumulated Other Comprehensive Income Loss [Line Items]

Derivative Financial Instruments | Forward Contracts | Reclassification out of Accumulated Other Comprehensive Income

(30)

(9)

(60)

Accumulated Other Comprehensive Income Loss [Line Items]

Revenues

^[2]

$ 2

$ (30)

$ (9)

$ (60)

[1]	Amounts included in selling and administrative expenses in the accompanying Consolidated Statements of Income.
[2]	Amounts included in revenues in the accompanying Consolidated Statements of Income.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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