0001558370-23-004115 | 10-Q | XBRL Viewer

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 11, 2023	Feb. 12, 2022	Feb. 11, 2023	Feb. 12, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ (3,837,923)	$ (2,124,750)	$ (3,538,913)	$ (1,797,536)
Balance	(4,184,170)	(3,137,477)	(4,184,170)	(3,137,477)
Foreign Currency and Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(276,855)	(304,204)	(280,190)	(287,638)
Other comprehensive income (loss) before reclassifications	22,060	14,315	25,395	(2,251)
Balance	(254,795)	(289,889)	(254,795)	(289,889)
Net Unrealized Gain (Loss) on Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(2,842)	159	(2,171)	589
Other comprehensive income (loss) before reclassifications	548	(870)	(123)	(1,300)
Balance	(2,294)	(711)	(2,294)	(711)
Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(17,568)	(20,282)	(18,175)	(20,937)
Other comprehensive income (loss) before reclassifications	4,781		4,781
Amounts reclassified from Accumulated other comprehensive loss	564	719	1,171	1,374
Balance	(12,223)	(19,563)	(12,223)	(19,563)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(297,265)	(324,327)	(300,536)	(307,986)
Other comprehensive income (loss) before reclassifications	27,389	13,445	30,053	(3,551)
Amounts reclassified from Accumulated other comprehensive loss	564	719	1,171	1,374
Balance	$ (269,312)	$ (310,163)	$ (269,312)	$ (310,163)

- Definition

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

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+ Details

Share-Based Payments

5 Months Ended

Feb. 11, 2023

Share-Based Payments

Share-Based Payments

Note B – Share-Based Payments

AutoZone maintains several equity incentive plans, which provide equity-based compensation to non-employee directors and eligible employees for their service to AutoZone, its subsidiaries or affiliates. The Company recognizes compensation expense for share-based payments based on the fair value of the awards at the grant date. Share-based payments include stock option grants, restricted stock grants, restricted stock unit grants, stock appreciation rights, discounts on shares sold to employees under share purchase plans and other awards. Additionally, directors’ fees are paid in restricted stock units with value equivalent to the value of shares of common stock as of the grant date. The change in fair value of liability-based stock awards is also recognized in share-based compensation expense.

Stock Options:

The Company made stock option grants for 157,870 shares during the twenty-four week period ended February 11, 2023 and granted options to purchase 164,262 shares during the comparable prior year period. The Company grants options to

purchase common stock to certain of its employees under its equity incentive plans at prices equal to the market value of the stock on the date of grant. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the award and each vesting date.

The weighted average fair value of the stock option awards granted during the twenty-four week periods ended February 11, 2023 and February 12, 2022, using the Black-Scholes-Merton multiple-option pricing valuation model, was $760.98 and $463.09 per share, respectively, using the following weighted average key assumptions:


	Twenty-Four Weeks Ended
	February 11,		February 12,
	2023		2022

Expected price volatility	29	%	28	%
Risk-free interest rate	3.8	%	1.1	%
Weighted average expected lives (in years)	5.4		5.6
Forfeiture rate	10	%	10	%
Dividend yield	0	%	0	%

During the twenty-four week period ended February 11, 2023, and the comparable prior year period, 96,080 and 123,216 stock options were exercised at a weighted average exercise price of $709.98 and $584.81, respectively.

As of February 11, 2023, total unrecognized share-based expense related to stock options, net of estimated forfeitures, was approximately $137.7 million, before income taxes, which we expect to recognize over an estimated weighted average period of 3.3 years.

Restricted Stock Units:

Restricted stock unit awards are valued at the market price of a share of the Company’s stock on the date of grant. Grants of employee restricted stock units vest ratably on an annual basis over a four-year service period and are payable in shares of common stock on the vesting date. Compensation expense for grants of employee restricted stock units is recognized on a straight-line basis over the four-year service period, less estimated forfeitures, which are consistent with stock option forfeiture assumptions. Grants of non-employee director restricted stock units are made and expensed on January 1 of each year, as they vest immediately.

As of February 11, 2023, total unrecognized stock-based compensation expense related to nonvested restricted stock unit awards, net of estimated forfeitures, was approximately $11.7 million, before income taxes, which we expect to recognize over an estimated weighted average period of 2.8 years.

Transactions related to restricted stock units for the twenty-four weeks ended February 11, 2023 were as follows:


		Weighted-
	Number	Average Grant
	of Shares	Date Fair Value

Nonvested at August 27, 2022	12,731	$	1,223.61
Granted	3,584		2,267.40
Vested	(6,635)		1,276.65
Forfeited	(1,054)		1,555.01
Nonvested at February 11, 2023	8,626	$	1,576.00

Total share-based compensation expense (a component of Operating, selling, general and administrative expenses) for the twelve and twenty-four week periods ended February 11, 2023, was $23.4 million and $42.4 million, respectively. For the comparable prior year periods, total share-based compensation expense was $16.4 million and $30.7 million, respectively.

For the twelve and twenty-four week periods ended February 11, 2023, 156,925 and 122,072, respectively, stock options were excluded from the diluted earnings per share computation because they would have been anti-dilutive. For the comparable prior year periods, 162,955 and 128,399, respectively, anti-dilutive stock options were excluded from the dilutive earnings per share computation.

See AutoZone’s Annual Report on Form 10-K for the year ended August 27, 2022 and other filings with the SEC, for a discussion regarding the methodology used in developing AutoZone’s assumptions to determine the fair value of the option awards and a description of AutoZone’s Amended and Restated 2011 Equity Incentive Award Plan, the AutoZone, Inc. 2020 Omnibus Incentive Award Plan and the Director Compensation Program.

Cover Page - shares	5 Months Ended
Cover Page - shares	Feb. 11, 2023	Mar. 10, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Feb. 11, 2023
Entity File Number	1-10714
Entity Registrant Name	AUTOZONE INC
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	62-1482048
Entity Address, Address Line One	123 South Front Street
Entity Address, City or Town	Memphis
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38103
City Area Code	901
Local Phone Number	495-6500
Title of 12(b) Security	Common Stock
Trading Symbol	AZO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,397,705
Current Fiscal Year End Date	--08-26
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000866787
Amendment Flag	false

Derivative Financial Instruments

5 Months Ended

Feb. 11, 2023

Derivative Financial Instruments

Derivative Financial Instruments

Note E – Derivative Financial Instruments

During the second quarter of fiscal 2023, the Company entered into two treasury rate locks designated as cash flow hedges used to manage our exposure to interest rate volatility associated with anticipated debt financing, each with a notional amount of $250 million. The treasury rate locks had fixed rates of 3.45% and 3.38% benchmarked based on the 5-year and the 10-year U.S. treasury notes, respectively. These locks expired on January 27, 2023 and resulted in gains of $1.9 million and $2.9 million, respectively, which have been deferred in Accumulated other comprehensive loss and will be reclassified to Interest expense over the life of the underlying debt. The hedges remained highly effective until they expired, and no ineffectiveness was recognized in earnings.

At February 11, 2023, the Company had $12.2 million recorded in Accumulated other comprehensive loss related to realized losses associated with terminated interest rate swap and treasury rate lock derivatives, which were designated as hedging instruments. Net losses are amortized into Interest expense over the remaining life of the associated debt. During the twelve and twenty-four week periods ended February 11, 2023, the Company reclassified $741 thousand and $1.5 million, respectively, of net losses from Accumulated other comprehensive loss to Interest expense. During the comparable prior year periods, $911 thousand and $1.8 million, respectively, were reclassified from Accumulated other comprehensive loss to Interest expense. The Company expects to reclassify $2.3 million of net losses from Accumulated other comprehensive loss to Interest expense over the next 12 months.

Financing

5 Months Ended

Feb. 11, 2023

Financing

Financing

Note G – Financing

The Company’s debt consisted of the following:


	February 11,		August 27,
(in thousands)	2023		2022

2.875% Senior Notes due January 2023, effective interest rate 3.21%	$	—	$	300,000
3.125% Senior Notes due July 2023, effective interest rate 3.26%		500,000		500,000
3.125% Senior Notes due April 2024, effective interest rate 3.32%		300,000		300,000
3.250% Senior Notes due April 2025, effective interest rate 3.36%		400,000		400,000
3.625% Senior Notes due April 2025, effective interest rate 3.78%		500,000		500,000
3.125% Senior Notes due April 2026, effective interest rate 3.28%		400,000		400,000
3.750% Senior Notes due June 2027, effective interest rate 3.83%		600,000		600,000
4.500% Senior Notes due February 2028, effective interest rate 4.43%		450,000		—
3.750% Senior Notes due April 2029, effective interest rate 3.86%		450,000		450,000
4.000% Senior Notes due April 2030, effective interest rate 4.09%		750,000		750,000
1.650% Senior Notes due January 2031, effective interest rate 2.19%		600,000		600,000
4.750% Senior Notes due August 2032, effective interest rate 4.76%		750,000		750,000
4.750% Senior Notes due February 2033, effective interest rate 4.70%		550,000		—
Commercial paper, weighted average interest rate 4.68% and 2.43% at February 11, 2023 and August 27, 2022, respectively		831,000		603,400
Total debt before discounts and debt issuance costs		7,081,000		6,153,400
Less: Discounts and debt issuance costs		38,698		31,308
Long-term Debt	$	7,042,302	$	6,122,092

On November 15, 2021, the Company amended and restated its existing revolving credit facility (as amended from time to time, the “Revolving Credit Agreement”) pursuant to which the Company’s borrowing capacity was increased from $2.0 billion to $2.25 billion and the maximum borrowing under the Revolving Credit Agreement may, at the Company’s option, subject to lenders approval, be increased from $2.25 billion to $3.25 billion. On November 15, 2022, the Company amended the Revolving Credit Agreement, extending the termination date by one year. As amended, the Revolving Credit Agreement will terminate, and all amounts borrowed will be due and payable on November 15, 2027, but AutoZone may make one additional request to extend the termination date for an additional period of one year. Revolving borrowings under the Revolving Credit Agreement may be base rate loans, Term Secured Overnight Financing Rate (“SOFR”) loans, or a combination of both, at AutoZone’s election. The Revolving Credit Agreement includes (i) a $75 million sublimit for swingline loans, (ii) a $50 million individual issuer letter of credit sublimit and (iii) a $250 million aggregate sublimit for all letters of credit.

Under the Company’s Revolving Credit Agreement, covenants include restrictions on liens, a maximum debt to earnings ratio, a minimum fixed charge coverage ratio and a change of control provision that may require acceleration of the repayment obligations under certain circumstances.

As of February 11, 2023, the Company had no outstanding borrowings and $1.8 million of outstanding letters of credit under the Revolving Credit Agreement.

The Company also maintains a letter of credit facility that allows it to request the participating bank to issue letters of credit on its behalf up to an aggregate amount of $25 million. The letter of credit facility is in addition to the letters of credit that may be issued under the Revolving Credit Agreement. As of February 11, 2023, the Company had $25.0 million in letters of credit outstanding under the letter of credit facility, which expires in June 2025.

In addition to the outstanding letters of credit issued under the committed facilities discussed above, the Company had $107.2 million in letters of credit outstanding as of February 11, 2023. These letters of credit have various maturity dates and were issued on an uncommitted basis.

As of February 11, 2023, the commercial paper borrowings and the $500 million 3.125% Senior Notes due July 2023 were classified as long-term in the accompanying Consolidated Balance Sheets as the Company currently has the ability and intent to refinance them on a long-term basis through available capacity under its Revolving Credit Agreement. As of February 11, 2023, the Company had $2.2 billion of availability under its Revolving Credit Agreement, without giving effect to commercial paper borrowings, which would allow it to replace these short-term obligations with a long-term financing facility.

On January 17, 2023, the Company repaid its outstanding $300 million 2.875% Senior Notes due January 2023.

On January 27, 2023, the Company issued $450 million in 4.500% Senior Notes due February 2028 and $550 million in 4.750% Senior Notes due February 2033. Proceeds from the debt issuance were used to repay a portion of the Company’s outstanding commercial paper borrowings and for other general corporate purposes.

The Senior Notes contain a provision that repayment may be accelerated if the Company experiences both a change of control (as defined in the agreements) and a rating event (as defined in the agreements). The Company’s borrowings under its Senior Notes contain minimal covenants, primarily restrictions on liens. All of the repayment obligations under its borrowing arrangements may be accelerated and come due prior to the scheduled payment date if covenants are breached or an event of default occurs. Interest for the Senior Notes is paid on a semi-annual basis.

The fair value of the Company’s debt was estimated at $6.7 billion as of February 11, 2023, and $5.9 billion as of August 27, 2022, based on the quoted market prices for the same or similar issues or on the current rates available to the Company for debt of the same terms (Level 2). Such fair value is less than the carrying value of debt by $298.4 million and $182.8 million at February 11, 2023 and August 27, 2022, respectively, which reflects their face amount, adjusted for any unamortized debt issuance costs and discounts.

As of February 11, 2023, the Company was in compliance with all covenants and expects to remain in compliance with all covenants under its borrowing arrangements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Financing - Schedule of Debt (Detail) - USD ($) $ in Thousands	Feb. 11, 2023	Jan. 27, 2023	Aug. 27, 2022
Debt Instrument [Line Items]
Total debt before discounts and debt issuance costs	$ 7,081,000		$ 6,153,400
Less: Discounts and debt issuance costs	38,698		31,308
Long-term debt	7,042,302		6,122,092
2.875% Senior Notes due January 2023, effective interest rate 3.21%
Debt Instrument [Line Items]
Senior notes			300,000
3.125% Senior Notes due July 2023, effective interest rate 3.26%
Debt Instrument [Line Items]
Senior notes	500,000		500,000
3.125% Senior Notes due April 2024, effective interest rate 3.32%
Debt Instrument [Line Items]
Senior notes	300,000		300,000
3.250% Senior Notes due April 2025, effective interest rate 3.36%
Debt Instrument [Line Items]
Senior notes	400,000		400,000
3.625% Senior Notes due April 2025, effective interest rate 3.78%
Debt Instrument [Line Items]
Senior notes	500,000		500,000
3.125% Senior Notes due April 2026, effective interest rate 3.28%
Debt Instrument [Line Items]
Senior notes	400,000		400,000
3.750% Senior Notes due June 2027, effective interest rate 3.83%
Debt Instrument [Line Items]
Senior notes	600,000		600,000
4.500% Senior Notes due February 2028, effective interest rate 4.43%
Debt Instrument [Line Items]
Senior notes	450,000	$ 450,000
3.750% Senior Notes due April 2029, effective interest rate 3.86%
Debt Instrument [Line Items]
Senior notes	450,000		450,000
4.000% Senior Notes due April 2030, effective interest rate 4.09%
Debt Instrument [Line Items]
Senior notes	750,000		750,000
1.650% Senior Notes due January 2031, effective interest rate 2.19%
Debt Instrument [Line Items]
Senior notes	600,000		600,000
4.750% Senior Notes due August 2032, effective interest rate 4.76%
Debt Instrument [Line Items]
Senior notes	750,000		750,000
4.750% Senior Notes due February 2033, effective interest rate 4.70%
Debt Instrument [Line Items]
Senior notes	550,000	$ 550,000
Commercial paper, weighted average interest rate 4.68% and 2.43% at February 11, 2023 and August 27, 2022, respectively
Debt Instrument [Line Items]
Commercial paper	$ 831,000		$ 603,400

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT(Parenthetical) - shares	3 Months Ended		5 Months Ended	6 Months Ended	301 Months Ended
	Feb. 11, 2023	Feb. 12, 2022	Feb. 11, 2023	Feb. 12, 2022	Feb. 11, 2023
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
Purchase of treasury stock, shares	372,000	783,000	764,300	1,298,000	153,300,000

General (Policies)	5 Months Ended
General (Policies)	Feb. 11, 2023
General
Fiscal Period	Operating results for the twelve and twenty-four weeks ended February 11, 2023 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 26, 2023. Each of the first three quarters of AutoZone’s fiscal year consists of 12 weeks, and the fourth quarter consists of 16 or 17 weeks. The fourth quarters of fiscal 2023 and 2022 each have 16 weeks.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-10, Government Assistance (Topic 832) – Disclosures by Business Entities about Government Assistance, which requires annual disclosures for entities receiving governmental assistance to provide more transparency. This ASU is effective for fiscal years beginning after December 15, 2021. The Company adopted this ASU with its first quarter ended November 19, 2022 on a prospective basis. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements In September 2022, the FASB issued ASU 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50). This ASU requires buyers in a supplier finance program to disclose sufficient qualitative and quantitative information about the program to allow a reader of the financial statements to understand the program’s nature, activity during the period, changes from period to period and the program’s potential magnitude. This ASU is effective for all companies for fiscal years beginning after December 15, 2022, including interim periods within those years, and requires retrospective adoption. Early adoption is permitted. The Company will adopt this standard beginning with its first quarter ending November 18, 2023. The Company is currently evaluating the new guidance to determine the impact the adoption will have on the Company’s disclosures.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Feb. 11, 2023	Aug. 27, 2022
Preferred Stock
Preferred stock, shares authorized	1,000	1,000
Preferred stock, shares issued	0	0
Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000	200,000
Common stock, shares issued	18,786	20,732
Common stock, shares outstanding	18,467	19,126

Merchandise Inventories - (Detail) - USD ($) $ in Millions	Feb. 11, 2023	Aug. 27, 2022
Merchandise Inventories
LIFO credit reserve balance	$ 106.0	$ 15.0

Share-Based Payments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 11, 2023	Feb. 12, 2022	Feb. 11, 2023	Feb. 12, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted			157,870	164,262
Weighted average grant date fair value of options granted			$ 760.98	$ 463.09
Stock options exercised - shares			96,080	123,216
Stock options exercised - weighted average exercise price			$ 709.98	$ 584.81
Unrecognized share-based compensation expense related to stock options, net of forfeitures	$ 137.7		$ 137.7
Estimated weighted average period			3 years 3 months 18 days
Share-based compensation expense	23.4	$ 16.4	$ 42.4	$ 30.7
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated weighted average period			2 years 9 months 18 days
Service period			4 years
Non vested restricted stock unit award	$ 11.7		$ 11.7
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive shares excluded from the computation of earnings per share	156,925	162,955	122,072	128,399

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	5 Months Ended	6 Months Ended
	Feb. 11, 2023	Feb. 12, 2022
Cash flows from operating activities:
Net income	$ 1,015,862	$ 1,026,990
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	222,964	199,282
Other non-cash charges	91,000
Amortization of debt origination fees	3,922	5,373
Deferred income taxes	(4,697)	40,983
Share-based compensation expense	42,379	30,738
Changes in operating assets and liabilities:
Accounts receivable	22,273	(27,385)
Merchandise inventories	(161,546)	(393,459)
Accounts payable and accrued expenses	(111,311)	278,833
Income taxes	87,400	12,774
Other, net	(60,185)	(34,383)
Net cash provided by operating activities	1,148,061	1,139,746
Cash flows from investing activities:
Capital expenditures	(259,234)	(208,143)
Purchase of marketable debt securities	(14,000)	(22,632)
Proceeds from sale of marketable debt securities	3,450	13,908
Investment in tax credit equity investments	(12,070)	(20,656)
Proceeds from disposal of capital assets and other, net	11,846	26,210
Net cash used in investing activities	(270,008)	(211,313)
Cash flows from financing activities:
Net proceeds from commercial paper	227,600	1,068,100
Proceeds from issuance of debt	1,000,000
Repayment of debt	(300,000)	(500,000)
Net proceeds from sale of common stock	72,758	66,457
Purchase of treasury stock	(1,799,997)	(2,459,995)
Repayment of principal portion of finance lease liabilities	(40,572)	(31,100)
Other, net	(4,510)	(3,362)
Net cash used in financing activities	(844,721)	(1,859,900)
Effect of exchange rate changes on cash	3,574	(445)
Net increase/(decrease) in cash and cash equivalents	36,906	(931,912)
Cash and cash equivalents at beginning of period	264,380	1,171,335
Cash and cash equivalents at end of period	$ 301,286	$ 239,423

Segment Reporting

5 Months Ended

Feb. 11, 2023

Segment Reporting

Segment Reporting

Note K – Segment Reporting

The Company’s operating segments (Domestic Auto Parts, Mexico and Brazil) are aggregated as one reportable segment: Auto Parts Stores. The criteria the Company used to identify the reportable segment are primarily the nature of the products the Company sells and the operating results that are regularly reviewed by the Company’s chief operating decision maker to make decisions about the resources to be allocated to the business units and to assess performance. The accounting policies of the Company’s reportable segment are the same as those described in “Note A – Significant Accounting Policies” in its Annual Report on Form 10-K for the year ended August 27, 2022.

The Auto Parts Stores segment is a retailer and distributor of automotive parts and accessories through the Company’s 7,014 stores in the U.S., Mexico and Brazil. Each store carries an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products.

The Other category reflects business activities of two operating segments that are not separately reportable due to the materiality of these operating segments. The operating segments include ALLDATA, which produces, sells and maintains automotive diagnostic, repair and shop management software used in the automotive repair industry and E-commerce, which includes direct sales to customers through www.autozone.com for sales that are not fulfilled by local stores.

The Company evaluates its reportable segment primarily on the basis of net sales and segment profit, which is defined as gross profit. Segment results for the periods presented were as follows:


	Twelve Weeks Ended				Twenty-Four Weeks Ended
	February 11,		February 12,		February 11,		February 12,
(in thousands)	2023		2022		2023		2022

Net Sales
Auto Parts Stores	$	3,623,110	$	3,306,223	$	7,539,017	$	6,911,730
Other		67,872		63,527		137,032		126,923
Total	$	3,690,982	$	3,369,750	$	7,676,049	$	7,038,653

Segment Profit
Auto Parts Stores	$	1,888,480	$	1,747,236	$	3,842,208	$	3,634,689
Other		41,523		37,990		82,417		75,697
Gross profit		1,930,003		1,785,226		3,924,625		3,710,386
Operating, selling, general and administrative expenses		(1,260,026)		(1,158,466)		(2,531,615)		(2,329,141)
Interest expense, net		(65,609)		(42,471)		(123,332)		(85,755)
Income before income taxes	$	604,368	$	584,289	$	1,269,678	$	1,295,490

- Definition

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.

+ References

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=123359005&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=123359005&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=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=123359005&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=123359005&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=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 21
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Financing - Schedule of Debt - Interest Rates And Maturity (Details)	5 Months Ended	12 Months Ended
	Feb. 11, 2023	Aug. 27, 2022	Jan. 27, 2023	Jan. 17, 2023
2.875% Senior Notes due January 2023, effective interest rate 3.21%
Debt Instrument [Line Items]
Stated interest rate percentage	2.875%	2.875%		2.875%
Debt instrument maturity, month and year	2023-01	2023-01
Effective interest rate	3.21%	3.21%
3.125% Senior Notes due July 2023, effective interest rate 3.26%
Debt Instrument [Line Items]
Stated interest rate percentage	3.125%	3.125%
Debt instrument maturity, month and year	2023-07	2023-07
Effective interest rate	3.26%	3.26%
3.125% Senior Notes due April 2024, effective interest rate 3.32%
Debt Instrument [Line Items]
Stated interest rate percentage	3.125%	3.125%
Debt instrument maturity, month and year	2024-04	2024-04
Effective interest rate	3.32%	3.32%
3.250% Senior Notes due April 2025, effective interest rate 3.36%
Debt Instrument [Line Items]
Stated interest rate percentage	3.25%	3.25%
Debt instrument maturity, month and year	2025-04	2025-04
Effective interest rate	3.36%	3.36%
3.625% Senior Notes due April 2025, effective interest rate 3.78%
Debt Instrument [Line Items]
Stated interest rate percentage	3.625%	3.625%
Debt instrument maturity, month and year	2025-04	2025-04
Effective interest rate	3.78%	3.78%
3.125% Senior Notes due April 2026, effective interest rate 3.28%
Debt Instrument [Line Items]
Stated interest rate percentage	3.125%	3.125%
Debt instrument maturity, month and year	2026-04	2026-04
Effective interest rate	3.28%	3.28%
3.750% Senior Notes due June 2027, effective interest rate 3.83%
Debt Instrument [Line Items]
Stated interest rate percentage	3.75%	3.75%
Debt instrument maturity, month and year	2027-06	2027-06
Effective interest rate	3.83%	3.83%
4.500% Senior Notes due February 2028, effective interest rate 4.43%
Debt Instrument [Line Items]
Stated interest rate percentage	4.50%		4.50%
Debt instrument maturity, month and year	2028-02
Effective interest rate	4.43%
3.750% Senior Notes due April 2029, effective interest rate 3.86%
Debt Instrument [Line Items]
Stated interest rate percentage	3.75%	3.75%
Debt instrument maturity, month and year	2029-04	2029-04
Effective interest rate	3.86%	3.86%
4.000% Senior Notes due April 2030, effective interest rate 4.09%
Debt Instrument [Line Items]
Stated interest rate percentage	4.00%	4.00%
Debt instrument maturity, month and year	2030-04	2030-04
Effective interest rate	4.09%	4.09%
1.650% Senior Notes due January 2031, effective interest rate 2.19%
Debt Instrument [Line Items]
Stated interest rate percentage	1.65%	1.65%
Debt instrument maturity, month and year	2031-01	2031-01
Effective interest rate	2.19%	2.19%
4.750% Senior Notes due August 2032, effective interest rate 4.76%
Debt Instrument [Line Items]
Stated interest rate percentage	4.75%	4.75%
Debt instrument maturity, month and year	2032-08	2032-08
Effective interest rate	4.76%	4.76%
4.750% Senior Notes due February 2033, effective interest rate 4.70%
Debt Instrument [Line Items]
Stated interest rate percentage	4.75%		4.75%
Debt instrument maturity, month and year	2033-02
Effective interest rate	4.70%
Commercial paper, weighted average interest rate 4.68% and 2.43% at February 11, 2023 and August 27, 2022, respectively
Debt Instrument [Line Items]
Weighted average interest rate of commercial paper	4.68%	2.43%

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained (Deficit)/Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total
Balance at Aug. 28, 2021	$ 230	$ 1,465,669	$ (419,829)	$ (307,986)	$ (2,535,620)	$ (1,797,536)
Balance, shares at Aug. 28, 2021	23,007,000
Net income			1,026,990			1,026,990
Total other comprehensive income (loss)				(2,177)		(2,177)
Retirement of treasury shares	$ (25)	(294,894)	(3,337,892)		3,632,811
Retirement of treasury shares, shares	(2,484,000)
Purchase of treasury stock					(2,459,995)	$ (2,459,995)
Purchase of treasury stock, shares						(1,298,000)
Issuance of common stock under stock options and stock purchase plans	$ 1	66,456				$ 66,457
Issuance of common stock under stock options and stock purchase plans, shares	127,000
Share-based compensation expense		28,784				28,784
Balance at Feb. 12, 2022	$ 206	1,266,015	(2,730,731)	(310,163)	(1,362,804)	(3,137,477)
Balance, shares at Feb. 12, 2022	20,650,000
Balance at Nov. 20, 2021	$ 231	1,499,557	135,406	(324,327)	(3,435,617)	(2,124,750)
Balance, shares at Nov. 20, 2021	23,057,000
Net income			471,755			471,755
Total other comprehensive income (loss)				14,164		14,164
Retirement of treasury shares	$ (25)	(294,894)	(3,337,892)		3,632,811
Retirement of treasury shares, shares	(2,484,000)
Purchase of treasury stock					(1,559,998)	$ (1,559,998)
Purchase of treasury stock, shares						(783,000)
Issuance of common stock under stock options and stock purchase plans		45,356				$ 45,356
Issuance of common stock under stock options and stock purchase plans, shares	77,000
Share-based compensation expense		15,996				15,996
Balance at Feb. 12, 2022	$ 206	1,266,015	(2,730,731)	(310,163)	(1,362,804)	(3,137,477)
Balance, shares at Feb. 12, 2022	20,650,000
Balance at Aug. 27, 2022	$ 207	1,354,252	(1,330,067)	(300,536)	(3,262,769)	(3,538,913)
Balance, shares at Aug. 27, 2022	20,732,000
Net income			1,015,862			1,015,862
Total other comprehensive income (loss)				31,224		31,224
Retirement of treasury shares	$ (20)	(143,440)	(4,157,637)		4,301,097
Retirement of treasury shares, shares	(2,051,000)
Purchase of treasury stock					(1,805,790)	$ (1,805,790)
Purchase of treasury stock, shares						(764,300)
Issuance of common stock under stock options and stock purchase plans	$ 1	72,757				$ 72,758
Issuance of common stock under stock options and stock purchase plans, shares	105,000
Share-based compensation expense		40,689				40,689
Balance at Feb. 11, 2023	$ 188	1,324,258	(4,471,842)	(269,312)	(767,462)	(4,184,170)
Balance, shares at Feb. 11, 2023	18,786,000
Balance at Nov. 19, 2022	$ 208	1,412,650	(790,749)	(297,265)	(4,162,767)	(3,837,923)
Balance, shares at Nov. 19, 2022	20,794,000
Net income			476,544			476,544
Total other comprehensive income (loss)				27,953		27,953
Retirement of treasury shares	$ (20)	(143,440)	(4,157,637)		4,301,097
Retirement of treasury shares, shares	(2,051,000)
Purchase of treasury stock					(905,792)	$ (905,792)
Purchase of treasury stock, shares						(372,000)
Issuance of common stock under stock options and stock purchase plans		31,929				$ 31,929
Issuance of common stock under stock options and stock purchase plans, shares	43,000
Share-based compensation expense		23,119				23,119
Balance at Feb. 11, 2023	$ 188	$ 1,324,258	$ (4,471,842)	$ (269,312)	$ (767,462)	$ (4,184,170)
Balance, shares at Feb. 11, 2023	18,786,000

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 11, 2023	Feb. 12, 2022	Feb. 11, 2023	Feb. 12, 2022
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Net sales	$ 3,690,982	$ 3,369,750	$ 7,676,049	$ 7,038,653
Cost of sales, including warehouse and delivery expenses	1,760,979	1,584,524	3,751,424	3,328,267
Gross profit	1,930,003	1,785,226	3,924,625	3,710,386
Operating, selling, general and administrative expenses	1,260,026	1,158,466	2,531,615	2,329,141
Operating profit	669,977	626,760	1,393,010	1,381,245
Interest expense, net	65,609	42,471	123,332	85,755
Income before income taxes	604,368	584,289	1,269,678	1,295,490
Income tax expense	127,824	112,534	253,816	268,500
Net income	$ 476,544	$ 471,755	$ 1,015,862	$ 1,026,990
Weighted average shares for basic earnings per share	18,705	20,513	18,856	20,750
Effect of dilutive stock equivalents	632	645	635	633
Weighted average shares for diluted earnings per share	19,337	21,158	19,491	21,383
Basic earnings per share	$ 25.48	$ 23.00	$ 53.87	$ 49.49
Diluted earnings per share	$ 24.64	$ 22.30	$ 52.12	$ 48.03

General

5 Months Ended

Feb. 11, 2023

General

General

Note A – General

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial information and are presented in accordance with the requirements of Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission’s (the “SEC”) rules and regulations. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. For further information, refer to the consolidated financial statements and related notes included in the AutoZone, Inc. (“AutoZone” or the “Company”) Annual Report on Form 10-K for the year ended August 27, 2022.

Operating results for the twelve and twenty-four weeks ended February 11, 2023 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 26, 2023. Each of the first three quarters of AutoZone’s fiscal year consists of 12 weeks, and the fourth quarter consists of 16 or 17 weeks. The fourth quarters of fiscal 2023 and 2022 each have 16 weeks.

Recently Adopted Accounting Pronouncements

In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-10, Government Assistance (Topic 832) – Disclosures by Business Entities about Government Assistance, which requires annual disclosures for entities receiving governmental assistance to provide more transparency. This ASU is effective for fiscal years beginning after December 15, 2021. The Company adopted this ASU with its first quarter ended November 19, 2022 on a prospective basis. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements

In September 2022, the FASB issued ASU 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50). This ASU requires buyers in a supplier finance program to disclose sufficient qualitative and quantitative information about the program to allow a reader of the financial statements to understand the program’s nature, activity during the period, changes from period to period and the program’s potential magnitude. This ASU is effective for all companies for fiscal years beginning after December 15, 2022, including interim periods within those years, and requires retrospective adoption. Early adoption is permitted. The Company will adopt this standard beginning with its first quarter ending November 18, 2023. The Company is currently evaluating the new guidance to determine the impact the adoption will have on the Company’s disclosures.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Feb. 11, 2023	Aug. 27, 2022
Current assets:
Cash and cash equivalents	$ 301,286	$ 264,380
Accounts receivable	484,767	504,886
Merchandise inventories	5,731,255	5,638,004
Other current assets	277,497	220,714
Total current assets	6,794,805	6,627,984
Property and equipment:
Property and equipment	9,723,855	9,453,171
Less: Accumulated depreciation and amortization	(4,487,726)	(4,282,752)
Property and equipment, net	5,236,129	5,170,419
Operating lease right-of-use assets	2,943,844	2,918,817
Goodwill	302,645	302,645
Deferred income taxes	59,814	52,047
Other long-term assets	207,905	203,131
Other long-term assets, total	3,514,208	3,476,640
Total assets	15,545,142	15,275,043
Current liabilities:
Accounts payable	7,321,551	7,301,347
Current portion of operating lease liabilities	275,269	243,407
Accrued expenses and other	933,735	1,008,701
Income taxes payable	84,063	34,938
Total current liabilities	8,614,618	8,588,393
Long-term debt	7,042,302	6,122,092
Operating lease liabilities, less current portion	2,854,227	2,837,973
Deferred income taxes	536,102	533,884
Other long-term liabilities	682,063	731,614
Commitments and contingencies
Stockholders' deficit:
Preferred stock, authorized 1,000 shares; no shares issued
Common stock, par value $.01 per share, authorized 200,000 shares; 18,786 shares issued and 18,467 shares outstanding as of February 11, 2023; 20,732 shares issued and 19,126 shares outstanding as of August 27, 2022	188	207
Additional paid-in capital	1,324,258	1,354,252
Retained deficit	(4,471,842)	(1,330,067)
Accumulated other comprehensive loss	(269,312)	(300,536)
Treasury stock, at cost	(767,462)	(3,262,769)
Total stockholders' deficit	(4,184,170)	(3,538,913)
Total liabilities and stockholders' deficit	$ 15,545,142	$ 15,275,043

Marketable Debt Securities (Tables)

5 Months Ended

Feb. 11, 2023

Marketable Debt Securities

Available-for-Sale Marketable Securities

The Company’s available-for-sale marketable debt securities consisted of the following:


	February 11, 2023
	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized		Fair
(in thousands)	Basis		Gains		Losses		Value

Corporate debt securities	$	12,789	$	—	$	(289)	$	12,500
Government bonds		90,877		1		(2,101)		88,777
Mortgage-backed securities		4,005		—		(267)		3,738
Asset-backed securities and other		18,206		1		(284)		17,923
	$	125,877	$	2	$	(2,941)	$	122,938


	August 27, 2022
	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized		Fair
(in thousands)	Basis		Gains		Losses		Value

Corporate debt securities	$	15,293	$	1	$	(298)	$	14,996
Government bonds		88,903		—		(1,963)		86,940
Mortgage-backed securities		4,600		—		(243)		4,357
Asset-backed securities and other		6,531		—		(279)		6,252
	$	115,327	$	1	$	(2,783)	$	112,545

Financing (Tables)

5 Months Ended

Feb. 11, 2023

Financing

Schedule of Debt

The Company’s debt consisted of the following:


	February 11,		August 27,
(in thousands)	2023		2022

2.875% Senior Notes due January 2023, effective interest rate 3.21%	$	—	$	300,000
3.125% Senior Notes due July 2023, effective interest rate 3.26%		500,000		500,000
3.125% Senior Notes due April 2024, effective interest rate 3.32%		300,000		300,000
3.250% Senior Notes due April 2025, effective interest rate 3.36%		400,000		400,000
3.625% Senior Notes due April 2025, effective interest rate 3.78%		500,000		500,000
3.125% Senior Notes due April 2026, effective interest rate 3.28%		400,000		400,000
3.750% Senior Notes due June 2027, effective interest rate 3.83%		600,000		600,000
4.500% Senior Notes due February 2028, effective interest rate 4.43%		450,000		—
3.750% Senior Notes due April 2029, effective interest rate 3.86%		450,000		450,000
4.000% Senior Notes due April 2030, effective interest rate 4.09%		750,000		750,000
1.650% Senior Notes due January 2031, effective interest rate 2.19%		600,000		600,000
4.750% Senior Notes due August 2032, effective interest rate 4.76%		750,000		750,000
4.750% Senior Notes due February 2033, effective interest rate 4.70%		550,000		—
Commercial paper, weighted average interest rate 4.68% and 2.43% at February 11, 2023 and August 27, 2022, respectively		831,000		603,400
Total debt before discounts and debt issuance costs		7,081,000		6,153,400
Less: Discounts and debt issuance costs		38,698		31,308
Long-term Debt	$	7,042,302	$	6,122,092

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 55
-Paragraph 69E
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Accumulated Other Comprehensive Loss

5 Months Ended

Feb. 11, 2023

Equity

Accumulated Other Comprehensive Loss

Note I – Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss includes foreign currency translation adjustments, activity for interest rate swaps and treasury rate locks that qualified as cash flow hedges and unrealized gains (losses) on available-for-sale marketable debt securities.

Changes in Accumulated other comprehensive loss for the twelve week periods ended February 11, 2023 and February 12, 2022 consisted of the following:


			Net
	Foreign		Unrealized
	Currency and		Gain (Loss)
(in thousands)	Other⁽¹⁾		on Securities		Derivatives		Total

Balance at November 19, 2022	$	(276,855)	$	(2,842)	$	(17,568)	$	(297,265)
Other comprehensive income before reclassifications⁽²⁾⁽³⁾		22,060		548		4,781		27,389
Amounts reclassified from Accumulated other comprehensive loss⁽³⁾		—		—		564		564
Balance at February 11, 2023	$	(254,795)	$	(2,294)	$	(12,223)	$	(269,312)


			Net
	Foreign		Unrealized
	Currency and		Gain (Loss)
(in thousands)	Other⁽¹⁾		on Securities		Derivatives		Total

Balance at November 20, 2021	$	(304,204)	$	159	$	(20,282)	$	(324,327)
Other comprehensive income (loss) before reclassifications⁽²⁾⁽³⁾		14,315		(870)		—		13,445
Amounts reclassified from Accumulated other comprehensive loss⁽³⁾		—		—		719		719
Balance at February 12, 2022	$	(289,889)	$	(711)	$	(19,563)	$	(310,163)

Changes in Accumulated other comprehensive loss for the twenty-four week periods ended February 11, 2023 and February 12, 2022 consisted of the following:


			Net
	Foreign		Unrealized
	Currency and		Gain (Loss)
(in thousands)	Other⁽¹⁾		on Securities		Derivatives		Total

Balance at August 27, 2022	$	(280,190)	$	(2,171)	$	(18,175)	$	(300,536)
Other comprehensive income (loss) before reclassifications⁽²⁾⁽³⁾		25,395		(123)		4,781		30,053
Amounts reclassified from Accumulated other comprehensive loss⁽³⁾		—		—		1,171		1,171
Balance at February 11, 2023	$	(254,795)	$	(2,294)	$	(12,223)	$	(269,312)


			Net
	Foreign		Unrealized
	Currency and		Gain (Loss)
(in thousands)	Other⁽¹⁾		on Securities		Derivatives		Total

Balance at August 28, 2021	$	(287,638)	$	589	$	(20,937)	$	(307,986)
Other comprehensive loss before reclassifications⁽²⁾⁽³⁾		(2,251)		(1,300)		—		(3,551)
Amounts reclassified from Accumulated other comprehensive loss⁽³⁾		—		—		1,374		1,374
Balance at February 12, 2022	$	(289,889)	$	(711)	$	(19,563)	$	(310,163)

(1)	Foreign currency is shown net of U.S. tax to account for foreign currency impacts of certain undistributed non-U.S. subsidiaries’ earnings. Other foreign currency is not shown net of additional U.S. tax as other basis differences of non-U.S. subsidiaries are intended to be permanently reinvested.

(2)	Amounts in parentheses indicate debits to Accumulated Other Comprehensive Loss.

(3)	Amounts shown are net of tax.

Share-Based Payments (Tables)

5 Months Ended

Feb. 11, 2023

Share-Based Payments

Schedule of Weighted Average for Key Assumptions Used in Determining Fair Value of Options Granted and Related Share-Based Compensation Expense


	Twenty-Four Weeks Ended
	February 11,		February 12,
	2023		2022

Expected price volatility	29	%	28	%
Risk-free interest rate	3.8	%	1.1	%
Weighted average expected lives (in years)	5.4		5.6
Forfeiture rate	10	%	10	%
Dividend yield	0	%	0	%

Schedule of Nonvested Restricted Stock Units Activity

Transactions related to restricted stock units for the twenty-four weeks ended February 11, 2023 were as follows:


		Weighted-
	Number	Average Grant
	of Shares	Date Fair Value

Nonvested at August 27, 2022	12,731	$	1,223.61
Granted	3,584		2,267.40
Vested	(6,635)		1,276.65
Forfeited	(1,054)		1,555.01
Nonvested at February 11, 2023	8,626	$	1,576.00

Financing - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 17, 2023	Nov. 15, 2022	Nov. 15, 2021	Feb. 11, 2023	Jan. 27, 2023	Aug. 27, 2022	Nov. 14, 2021
Debt Instrument [Line Items]
Remaining borrowing capacity under revolving credit agreement				$ 2,200,000
Fair value of the Company's debt				6,700,000		$ 5,900,000
Excess (shortfall) of fair value of debt over (from) carrying value				(298,400)		(182,800)
Revolving Credit Agreement
Debt Instrument [Line Items]
Amount available under credit facility			$ 2,250,000				$ 2,000,000
Maximum amount available under credit facility			$ 3,250,000				$ 2,250,000
Additional amount of year(s) to extend termination date of agreement			1 year
Borrowings, outstanding				0
Letters of credit, outstanding				1,800
Swingline Loans
Debt Instrument [Line Items]
Maximum amount available under credit facility			$ 75,000
Individual Issuer, Letter of Credit
Debt Instrument [Line Items]
Maximum amount available under credit facility			50,000
Letter of Credit
Debt Instrument [Line Items]
Maximum amount available under credit facility			$ 250,000	25,000
Borrowings, outstanding				107,200
Letters of credit, outstanding				$ 25,000
Master Extension Agreement
Debt Instrument [Line Items]
Credit facility expiration date		Nov. 15, 2027
2.875% Senior Notes due January 2023, effective interest rate 3.21%
Debt Instrument [Line Items]
Senior notes						$ 300,000
Repayments of Debt	$ 300,000
Stated interest rate percentage	2.875%			2.875%		2.875%
4.500% Senior Notes due February 2028, effective interest rate 4.43%
Debt Instrument [Line Items]
Senior notes				$ 450,000	$ 450,000
Stated interest rate percentage				4.50%	4.50%
4.750% Senior Notes due February 2033, effective interest rate 4.70%
Debt Instrument [Line Items]
Senior notes				$ 550,000	$ 550,000
Stated interest rate percentage				4.75%	4.75%
3.125% Senior Notes due July 2023, effective interest rate 3.26%
Debt Instrument [Line Items]
Senior notes				$ 500,000		$ 500,000
Stated interest rate percentage				3.125%		3.125%

Stock Repurchase Program

5 Months Ended

Feb. 11, 2023

Equity

Stock Repurchase Program

Note H – Stock Repurchase Program

From January 1, 1998 to February 11, 2023, the Company has repurchased a total of 153.3 million shares of its common stock at an aggregate cost of $31.9 billion, including 764.3 thousand shares of its common stock at an aggregate cost of $1.8 billion (inclusive of excise tax of $5.8 million) during the twenty-four week period ended February 11, 2023. The excise tax is assessed at one percent of the fair market value of net stock repurchases after December 31, 2022.

On October 4, 2022, the Board voted to authorize the repurchase of an additional $2.5 billion of the Company’s common stock in connection with its ongoing share repurchase program, which raised the total value of shares authorized to be repurchased to $33.7 billion. Considering the cumulative repurchases as of February 11, 2023, the Company had $1.8 billion remaining under the Board’s authorization to repurchase its common stock.

During the twenty-four week period ended February 11, 2023, the Company retired 2.1 million shares of treasury stock which had been previously repurchased under the Company’s share repurchase program. The retirement increased Retained deficit by $4.2 billion and decreased Additional paid-in capital by $143.4 million. During the comparable prior year period, the Company retired 2.5 million shares of treasury stock, which increased Retained deficit by $3.3 billion and decreased Additional paid-in capital by $294.9 million.

Subsequent to February 11, 2023 and through March 10, 2023, the Company has repurchased 83.5 thousand shares of its common stock at an aggregate cost of $210.0 million.

Merchandise Inventories

5 Months Ended

Feb. 11, 2023

Merchandise Inventories

Merchandise Inventories

Note F – Merchandise Inventories

Merchandise inventories include related purchasing, storage and handling costs. Inventory cost has been determined using the last-in, first-out (“LIFO”) method stated at the lower of cost or net realizable value for domestic inventories and the weighted average cost method stated at the lower of cost or net realizable value for Mexico and Brazil inventories. The Company’s policy is not to write up inventory in excess of replacement cost. Due to recent price inflation on the Company’s merchandise purchases, primarily driven by increased freight costs, the Company’s LIFO credit reserve balance was $106.0 million at February 11, 2023, and $15.0 million at August 27, 2022. Increases to the Company’s LIFO credit reserve balance are recorded as a non-cash charge to cost of sales.

Segment Reporting (Tables)

5 Months Ended

Feb. 11, 2023

Segment Reporting

Segment Results


	Twelve Weeks Ended				Twenty-Four Weeks Ended
	February 11,		February 12,		February 11,		February 12,
(in thousands)	2023		2022		2023		2022

Net Sales
Auto Parts Stores	$	3,623,110	$	3,306,223	$	7,539,017	$	6,911,730
Other		67,872		63,527		137,032		126,923
Total	$	3,690,982	$	3,369,750	$	7,676,049	$	7,038,653

Segment Profit
Auto Parts Stores	$	1,888,480	$	1,747,236	$	3,842,208	$	3,634,689
Other		41,523		37,990		82,417		75,697
Gross profit		1,930,003		1,785,226		3,924,625		3,710,386
Operating, selling, general and administrative expenses		(1,260,026)		(1,158,466)		(2,531,615)		(2,329,141)
Interest expense, net		(65,609)		(42,471)		(123,332)		(85,755)
Income before income taxes	$	604,368	$	584,289	$	1,269,678	$	1,295,490

Marketable Debt Securities - Available-for-Sale Marketable Securities (Detail) - USD ($) $ in Thousands	Feb. 11, 2023	Aug. 27, 2022
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	$ 125,877	$ 115,327
Available-For-Sale Marketable Securities, Gross Unrealized Gains	2	1
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(2,941)	(2,783)
Available-For-Sale Marketable Securities, Fair Value	122,938	112,545
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	12,789	15,293
Available-For-Sale Marketable Securities, Gross Unrealized Gains		1
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(289)	(298)
Available-For-Sale Marketable Securities, Fair Value	12,500	14,996
Government bonds
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	90,877	88,903
Available-For-Sale Marketable Securities, Gross Unrealized Gains	1
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(2,101)	(1,963)
Available-For-Sale Marketable Securities, Fair Value	88,777	86,940
Mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	4,005	4,600
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(267)	(243)
Available-For-Sale Marketable Securities, Fair Value	3,738	4,357
Asset-backed securities and other
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	18,206	6,531
Available-For-Sale Marketable Securities, Gross Unrealized Gains	1
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(284)	(279)
Available-For-Sale Marketable Securities, Fair Value	$ 17,923	$ 6,252

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 11, 2023	Feb. 12, 2022	Feb. 11, 2023	Feb. 12, 2022
Derivative Financial Instruments
Derivative losses recorded in Accumulated other comprehensive loss	$ 12,200		$ 12,200
Net derivative losses amortized into Interest expense	741	$ 911	1,500	$ 1,800
Net derivative loss expected to be reclassified over next 12 months	$ 2,300		$ 2,300

Marketable Debt Securities

5 Months Ended

Feb. 11, 2023

Marketable Debt Securities

Marketable Debt Securities

Note D – Marketable Debt Securities

Marketable debt securities are carried at fair value, with unrealized gains and losses, net of income taxes, recorded in Accumulated other comprehensive loss until realized, and any credit risk related losses are recognized in net income in the period incurred. The Company’s basis for determining the cost of a security sold is the “Specific Identification Model.”

The Company’s available-for-sale marketable debt securities consisted of the following:


	February 11, 2023
	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized		Fair
(in thousands)	Basis		Gains		Losses		Value

Corporate debt securities	$	12,789	$	—	$	(289)	$	12,500
Government bonds		90,877		1		(2,101)		88,777
Mortgage-backed securities		4,005		—		(267)		3,738
Asset-backed securities and other		18,206		1		(284)		17,923
	$	125,877	$	2	$	(2,941)	$	122,938


	August 27, 2022
	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized		Fair
(in thousands)	Basis		Gains		Losses		Value

Corporate debt securities	$	15,293	$	1	$	(298)	$	14,996
Government bonds		88,903		—		(1,963)		86,940
Mortgage-backed securities		4,600		—		(243)		4,357
Asset-backed securities and other		6,531		—		(279)		6,252
	$	115,327	$	1	$	(2,783)	$	112,545

The debt securities held at February 11, 2023, had effective maturities ranging from less than one year to approximately three years. Securities maturing in less than one year totaled $62.5 million and $49.7 million at February 11, 2023 and August 27, 2022, respectively. Securities maturing between one and three years totaled $60.5 million and $62.8 million at February 11, 2023 and August 27, 2022, respectively. At February 11, 2023, the Company held 70 securities that are in an unrealized loss position of approximately $2.9 million. In evaluating whether a credit loss exists for the securities, the Company considers factors such as the severity of the loss position, the credit worthiness of the investee, the term to maturity and the intent and ability to hold the investments until maturity or until recovery of fair value. An allowance for credit losses was deemed unnecessary given consideration of the factors above.

Included above in total available-for-sale marketable debt securities are $103.7 million of marketable debt securities transferred by the Company’s insurance captive to a trust account to secure its obligations to an insurance company related to future workers’ compensation and casualty losses.

Stock Repurchase Program - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended	301 Months Ended
	Oct. 04, 2022	Mar. 10, 2023	Feb. 11, 2023	Feb. 12, 2022	Feb. 11, 2023	Feb. 12, 2022	Feb. 11, 2023
Equity, Class of Treasury Stock [Line Items]
Purchase of treasury stock, shares			372,000	783,000	764,300	1,298,000	153,300,000
Purchase of treasury stock			$ 905,792	$ 1,559,998	$ 1,805,790	$ 2,459,995	$ 31,900,000
Excise tax					5,800
Increase in authorization of stock repurchase, value	$ 2,500,000
Stock repurchase authorized	$ 33,700,000
Remaining value authorized for share repurchases			$ 1,800,000		$ 1,800,000		$ 1,800,000
Subsequent Events
Equity, Class of Treasury Stock [Line Items]
Purchase of treasury stock, shares		83,500
Purchase of treasury stock		$ 210,000
Common Stock
Equity, Class of Treasury Stock [Line Items]
Retirement of treasury shares, shares			2,051,000	2,484,000	2,051,000	2,484,000
Retirement of treasury shares			$ 20	$ 25	$ 20	$ 25
Additional Paid-in Capital
Equity, Class of Treasury Stock [Line Items]
Retirement of treasury shares			143,440	294,894	143,440	294,894
Retained (Deficit)/Earnings
Equity, Class of Treasury Stock [Line Items]
Retirement of treasury shares			$ 4,157,637	$ 3,337,892	$ 4,157,637	$ 3,337,892

Fair Value Measurements (Tables)

5 Months Ended

Feb. 11, 2023

Fair Value Measurements

Company's marketable debt securities measured at Fair Value on Recurring Basis

The Company’s marketable debt securities measured at fair value on a recurring basis were as follows:


	February 11, 2023
(in thousands)	Level 1		Level 2		Level 3		Fair Value

Other current assets	$	62,455	$	—	$	—	$	62,455
Other long-term assets		49,925		10,558		—		60,483
	$	112,380	$	10,558	$	—	$	122,938


	August 27, 2022
(in thousands)	Level 1		Level 2		Level 3		Fair Value

Other current assets	$	49,659	$	109	$	—	$	49,768
Other long-term assets		57,301		5,476		—		62,777
	$	106,960	$	5,585	$	—	$	112,545

Marketable Debt Securities - Additional Information (Detail) $ in Thousands	Feb. 11, 2023 USD ($) security	Aug. 27, 2022 USD ($)
Marketable Debt Securities
Available for sale securities debt maturity period range	less than one year to approximately three years
Securities maturing in less than one year	$ 62,500	$ 49,700
Securities maturing between one and three years	$ 60,500	62,800
Number of securities available for sale loss position \| security	70
Available-For-Sale Marketable Securities, Gross Unrealized Losses	$ 2,941	$ 2,783
Marketable securities transferred	$ 103,700

Fair Value Measurements

5 Months Ended

Feb. 11, 2023

Fair Value Measurements

Fair Value Measurements

Note C – Fair Value Measurements

The Company defines fair value as the price received to transfer an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, Fair Value Measurements and Disclosures, the Company uses the fair value hierarchy, which prioritizes the inputs used to measure fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are set forth below:

Level 1 inputs—unadjusted quoted prices in active markets for identical assets or liabilities that the Company can access at the measurement date.

Level 2 inputs—inputs other than quoted market prices included within Level 1 that are observable, either directly or indirectly, for the asset or liability.

Level 3 inputs—unobservable inputs for the asset or liability, which are based on the Company’s own assumptions as there is little, if any, observable activity in identical assets or liabilities.

Marketable Debt Securities Measured at Fair Value on a Recurring Basis

The Company’s marketable debt securities measured at fair value on a recurring basis were as follows:


	February 11, 2023
(in thousands)	Level 1		Level 2		Level 3		Fair Value

Other current assets	$	62,455	$	—	$	—	$	62,455
Other long-term assets		49,925		10,558		—		60,483
	$	112,380	$	10,558	$	—	$	122,938


	August 27, 2022
(in thousands)	Level 1		Level 2		Level 3		Fair Value

Other current assets	$	49,659	$	109	$	—	$	49,768
Other long-term assets		57,301		5,476		—		62,777
	$	106,960	$	5,585	$	—	$	112,545

At February 11, 2023, the fair value measurement amounts for assets and liabilities recorded in the accompanying Condensed Consolidated Balance Sheets consisted of short-term marketable debt securities, which are included within Other current assets, and long-term marketable debt securities, which are included in Other long-term assets. The Company’s marketable debt securities are typically valued at the closing price in the principal active market as of the last business day of the quarter or through the use of other market inputs relating to the securities, including benchmark yields and reported trades. The fair values of the marketable debt securities, by asset class, are described in “Note D – Marketable Debt Securities.”

Financial Instruments not Recognized at Fair Value

The Company has financial instruments, including cash and cash equivalents, accounts receivable, other current assets and accounts payable. The carrying amounts of these financial instruments approximate fair value because of their short maturities. A discussion of the carrying values and fair values of the Company’s debt is included in “Note G – Financing.”

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Share-Based Payments - Weighted Average for Key Assumptions Used in Determining Fair Value of Options Granted and Related Share-Based Compensation Expense (Detail)	5 Months Ended	6 Months Ended
	Feb. 11, 2023	Feb. 12, 2022
Share-Based Payments
Expected price volatility	29.00%	28.00%
Risk-free interest rate	3.80%	1.10%
Weighted average expected lives (in years)	5 years 4 months 24 days	5 years 7 months 6 days
Forfeiture rate	10.00%	10.00%
Dividend yield	0.00%	0.00%

Fair Value Measurements - Company's Marketable Debt Securities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Feb. 11, 2023	Aug. 27, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 122,938	$ 112,545
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	62,455	49,768
Other long-term assets	60,483	62,777
Total	122,938	112,545
Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	62,455	49,659
Other long-term assets	49,925	57,301
Total	112,380	106,960
Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets		109
Other long-term assets	10,558	5,476
Total	$ 10,558	$ 5,585

Litigation

5 Months Ended

Feb. 11, 2023

Litigation

Litigation

Note J – Litigation

The Company is involved in various legal proceedings incidental to the conduct of its business, including, but not limited to, several lawsuits containing class-action allegations in which the plaintiffs are current and former hourly and salaried employees who allege various wage and hour violations and unlawful termination practices. While the resolution of these matters cannot be predicted with certainty, management does not currently believe that, either individually or in the aggregate, these matters will result in liabilities material to the Company’s Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheets or Condensed Consolidated Statements of Cash Flows.

Share-Based Payments - Schedule of Nonvested Restricted Stock Units Activity (Detail)	5 Months Ended
	Feb. 11, 2023 $ / shares shares
Share-Based Payments
Nonvested, Beginning balance, Number of Shares \| shares	12,731
Granted, Number of Shares \| shares	3,584
Vested, Number of Shares \| shares	(6,635)
Forfeited, Number of Shares \| shares	(1,054)
Nonvested, Ending balance, Number of Shares \| shares	8,626
Nonvested, Beginning balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 1,223.61
Granted, Weighted Average Grant Date Fair Value \| $ / shares	2,267.40
Vested, Weighted Average Grant Date Fair Value \| $ / shares	1,276.65
Forfeited, Weighted Average Grant Date Fair Value \| $ / shares	1,555.01
Nonvested, Ending balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 1,576.00

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 11, 2023	Feb. 12, 2022	Feb. 11, 2023	Feb. 12, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 476,544	$ 471,755	$ 1,015,862	$ 1,026,990
Other comprehensive income (loss):
Foreign currency translation adjustments	22,060	14,315	25,395	(2,251)
Unrealized gains (losses) on marketable debt securities, net of taxes	548	(870)	(123)	(1,300)
Net derivative activities, net of taxes	5,345	719	5,952	1,374
Total other comprehensive income (loss)	27,953	14,164	31,224	(2,177)
Comprehensive income	$ 504,497	$ 485,919	$ 1,047,086	$ 1,024,813

- Definition

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

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

Segment Reporting - Additional Information (Detail)	5 Months Ended
Segment Reporting - Additional Information (Detail)	Feb. 11, 2023 store USN ($)
Segment Reporting
Number of reportable segments	1
Number of automotive parts and accessories locations in the United States, Mexico, and Brazil \| store	7,014
Number of operating segments	2

Derivative Financial Instruments - (Detail) $ in Millions	3 Months Ended
Derivative Financial Instruments - (Detail) $ in Millions	Feb. 11, 2023 USD ($) USN ($)
Number of treasury rate locks	2
Treasury Rate Lock, One
Notional amount	$ 250.0
Stated interest rate percentage	3.45%
Maturity term	5 years
Gain on expiration of locks	$ 1.9
Treasury Rate Lock, Two
Notional amount	$ 250.0
Stated interest rate percentage	3.38%
Maturity term	10 years
Gain on expiration of locks	$ 2.9

Accumulated Other Comprehensive Loss (Tables)

5 Months Ended

Feb. 11, 2023

Equity

Changes in Accumulated Other Comprehensive Loss


			Net
	Foreign		Unrealized
	Currency and		Gain (Loss)
(in thousands)	Other⁽¹⁾		on Securities		Derivatives		Total

Balance at November 19, 2022	$	(276,855)	$	(2,842)	$	(17,568)	$	(297,265)
Other comprehensive income before reclassifications⁽²⁾⁽³⁾		22,060		548		4,781		27,389
Amounts reclassified from Accumulated other comprehensive loss⁽³⁾		—		—		564		564
Balance at February 11, 2023	$	(254,795)	$	(2,294)	$	(12,223)	$	(269,312)


			Net
	Foreign		Unrealized
	Currency and		Gain (Loss)
(in thousands)	Other⁽¹⁾		on Securities		Derivatives		Total

Balance at November 20, 2021	$	(304,204)	$	159	$	(20,282)	$	(324,327)
Other comprehensive income (loss) before reclassifications⁽²⁾⁽³⁾		14,315		(870)		—		13,445
Amounts reclassified from Accumulated other comprehensive loss⁽³⁾		—		—		719		719
Balance at February 12, 2022	$	(289,889)	$	(711)	$	(19,563)	$	(310,163)

Changes in Accumulated other comprehensive loss for the twenty-four week periods ended February 11, 2023 and February 12, 2022 consisted of the following:


			Net
	Foreign		Unrealized
	Currency and		Gain (Loss)
(in thousands)	Other⁽¹⁾		on Securities		Derivatives		Total

Balance at August 27, 2022	$	(280,190)	$	(2,171)	$	(18,175)	$	(300,536)
Other comprehensive income (loss) before reclassifications⁽²⁾⁽³⁾		25,395		(123)		4,781		30,053
Amounts reclassified from Accumulated other comprehensive loss⁽³⁾		—		—		1,171		1,171
Balance at February 11, 2023	$	(254,795)	$	(2,294)	$	(12,223)	$	(269,312)


			Net
	Foreign		Unrealized
	Currency and		Gain (Loss)
(in thousands)	Other⁽¹⁾		on Securities		Derivatives		Total

Balance at August 28, 2021	$	(287,638)	$	589	$	(20,937)	$	(307,986)
Other comprehensive loss before reclassifications⁽²⁾⁽³⁾		(2,251)		(1,300)		—		(3,551)
Amounts reclassified from Accumulated other comprehensive loss⁽³⁾		—		—		1,374		1,374
Balance at February 12, 2022	$	(289,889)	$	(711)	$	(19,563)	$	(310,163)

(1)	Foreign currency is shown net of U.S. tax to account for foreign currency impacts of certain undistributed non-U.S. subsidiaries’ earnings. Other foreign currency is not shown net of additional U.S. tax as other basis differences of non-U.S. subsidiaries are intended to be permanently reinvested.

(2)	Amounts in parentheses indicate debits to Accumulated Other Comprehensive Loss.

(3)	Amounts shown are net of tax.

Segment Reporting - Segment Results (Detail) - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 11, 2023	Feb. 12, 2022	Feb. 11, 2023	Feb. 12, 2022
Segment Reporting Information [Line Items]
Net Sales	$ 3,690,982	$ 3,369,750	$ 7,676,049	$ 7,038,653
Gross profit	1,930,003	1,785,226	3,924,625	3,710,386
Operating, selling, general and administrative expenses	(1,260,026)	(1,158,466)	(2,531,615)	(2,329,141)
Interest expense, net	(65,609)	(42,471)	(123,332)	(85,755)
Income before income taxes	604,368	584,289	1,269,678	1,295,490
Auto Parts Stores
Segment Reporting Information [Line Items]
Net Sales	3,623,110	3,306,223	7,539,017	6,911,730
Gross profit	1,888,480	1,747,236	3,842,208	3,634,689
Other
Segment Reporting Information [Line Items]
Net Sales	67,872	63,527	137,032	126,923
Gross profit	$ 41,523	$ 37,990	$ 82,417	$ 75,697

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Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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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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