0001558370-22-003914 | 10-Q | XBRL Viewer

Cover Page - shares	6 Months Ended
Cover Page - shares	Feb. 12, 2022	Mar. 11, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Feb. 12, 2022
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		19,848,868
Current Fiscal Year End Date	--08-27
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000866787
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Feb. 12, 2022	Aug. 28, 2021
Current assets:
Cash and cash equivalents	$ 239,423	$ 1,171,335
Accounts receivable	405,585	378,392
Merchandise inventories	5,031,222	4,639,813
Other current assets	227,540	225,763
Total current assets	5,903,770	6,415,303
Property and equipment:
Property and equipment	8,965,026	8,807,178
Less: Accumulated depreciation and amortization	(4,085,947)	(3,950,287)
Property and equipment, net	4,879,079	4,856,891
Operating lease right-of-use assets	2,743,771	2,718,712
Goodwill	302,645	302,645
Deferred income taxes	40,730	41,043
Other long-term assets	208,478	181,605
Other long-term assets, total	3,295,624	3,244,005
Total assets	14,078,473	14,516,199
Current liabilities:
Accounts payable	6,378,606	6,013,924
Current portion of operating lease liabilities	268,921	236,568
Accrued expenses and other	961,898	1,039,788
Income taxes payable	75,220	79,474
Total current liabilities	7,684,645	7,369,754
Long-term debt	5,840,884	5,269,820
Operating lease liabilities, less current portion	2,641,555	2,632,842
Deferred income taxes	379,176	337,125
Other long-term liabilities	669,690	704,194
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; 20,650 shares issued and 19,967 shares outstanding as of February 12, 2022; 23,007 shares issued and 21,138 shares outstanding as of August 28, 2021	206	230
Additional paid-in capital	1,266,015	1,465,669
Retained deficit	(2,730,731)	(419,829)
Accumulated other comprehensive loss	(310,163)	(307,986)
Treasury stock, at cost	(1,362,804)	(2,535,620)
Total stockholders' deficit	(3,137,477)	(1,797,536)
Total liabilities and stockholders' deficit	$ 14,078,473	$ 14,516,199

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 12, 2022	Feb. 13, 2021	Feb. 12, 2022	Feb. 13, 2021
Income Statement [Abstract]
Net sales	$ 3,369,750	$ 2,910,818	$ 7,038,653	$ 6,065,078
Cost of sales, including warehouse and delivery expenses	1,584,524	1,351,435	3,328,267	2,830,078
Gross profit	1,785,226	1,559,383	3,710,386	3,235,000
Operating, selling, general and administrative expenses	1,158,466	1,077,616	2,329,141	2,138,008
Operating profit	626,760	481,767	1,381,245	1,096,992
Interest expense, net	42,471	46,012	85,755	92,191
Income before income taxes	584,289	435,755	1,295,490	1,004,801
Income tax expense	112,534	89,809	268,500	216,422
Net income	$ 471,755	$ 345,946	$ 1,026,990	$ 788,379
Weighted average shares for basic earnings per share	20,513	22,648	20,750	22,935
Effect of dilutive stock equivalents	645	520	633	538
Weighted average shares for diluted earnings per share	21,158	23,168	21,383	23,473
Basic earnings per share	$ 23.00	$ 15.27	$ 49.49	$ 34.37
Diluted earnings per share	$ 22.30	$ 14.93	$ 48.03	$ 33.59

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 12, 2022	Feb. 13, 2021	Feb. 12, 2022	Feb. 13, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 471,755	$ 345,946	$ 1,026,990	$ 788,379
Other comprehensive income (loss):
Foreign currency translation adjustments	14,315	5,601	(2,251)	52,596
Unrealized losses on marketable debt securities, net of taxes	(870)	(192)	(1,300)	(501)
Net derivative activities, net of taxes	719	659	1,374	1,318
Total other comprehensive income (loss)	14,164	6,068	(2,177)	53,413
Comprehensive income	$ 485,919	$ 352,014	$ 1,024,813	$ 841,792

- 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

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended		289 Months Ended
	Feb. 12, 2022	Feb. 13, 2021	Feb. 12, 2022
Cash flows from operating activities:
Net income	$ 1,026,990	$ 788,379
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment and intangibles	199,282	184,027
Amortization of debt origination fees	5,373	6,369
Deferred income taxes	40,983	(1,772)
Share-based compensation expense	30,738	24,178
Changes in operating assets and liabilities:
Accounts receivable	(27,385)	15,991
Merchandise inventories	(393,459)	(229,542)
Accounts payable and accrued expenses	278,833	216,540
Income taxes payable	12,774	11,180
Other, net	(34,383)	24,497
Net cash provided by operating activities	1,139,746	1,039,847
Cash flows from investing activities:
Capital expenditures	(208,143)	(238,644)
Purchase of marketable debt securities	(22,632)	(48,384)
Proceeds from sale of marketable debt securities	13,908	60,575
Investment in tax credit equity investments	(20,656)
Proceeds (payments) from disposal of capital assets and other, net	26,210	(1,951)
Net cash used in investing activities	(211,313)	(228,404)
Cash flows from financing activities:
Net proceeds from commercial paper	1,068,100
Repayment of debt	(500,000)
Net proceeds from sale of common stock	66,457	66,510
Purchase of treasury stock	(2,459,995)	(1,578,323)	$ (28,200,000)
Repayment of principal portion of finance lease liabilities	(31,100)	(29,076)
Other, net	(3,362)
Net cash used in financing activities	(1,859,900)	(1,540,889)
Effect of exchange rate changes on cash	(445)	4,795
Net decrease in cash and cash equivalents	(931,912)	(724,651)
Cash and cash equivalents at beginning of period	1,171,335	1,750,815
Cash and cash equivalents at end of period	$ 239,423	$ 1,026,164	$ 239,423

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Loss	Treasury Stock	Total
Balance at Aug. 29, 2020	$ 237	$ 1,283,495	$ (1,450,970)	$ (354,252)	$ (356,487)	$ (877,977)
Balance, Shares at Aug. 29, 2020	23,697
Net income			788,379			788,379
Total other comprehensive income (loss)				53,413		53,413
Retirement of treasury shares	$ (10)	(60,005)	(1,139,173)		1,199,188
Retirement of treasury shares, shares	(1,044)
Purchase of treasury stock					(1,578,323)	(1,578,323)
Issuance of common stock under stock options and stock purchase plans	$ 1	66,509				66,510
Issuance of common stock under stock options and stock purchase plans (in shares)	143
Share-based compensation expense		24,425				24,425
Balance at Feb. 13, 2021	$ 228	1,314,424	(1,801,764)	(300,839)	(735,622)	(1,523,573)
Balance, shares at Feb. 13, 2021	22,796
Balance at Nov. 21, 2020	$ 238	1,323,037	(1,008,537)	(306,907)	(1,034,811)	(1,026,980)
Balance, Shares at Nov. 21, 2020	23,761
Net income			345,946			345,946
Total other comprehensive income (loss)				6,068		6,068
Retirement of treasury shares	$ (10)	(60,005)	(1,139,173)		1,199,188
Retirement of treasury shares, shares	(1,044)
Purchase of treasury stock					(899,999)	(899,999)
Issuance of common stock under stock options and stock purchase plans		37,844				37,844
Issuance of common stock under stock options and stock purchase plans (in shares)	79
Share-based compensation expense		13,548				13,548
Balance at Feb. 13, 2021	$ 228	1,314,424	(1,801,764)	(300,839)	(735,622)	(1,523,573)
Balance, shares at Feb. 13, 2021	22,796
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
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)
Purchase of treasury stock					(2,459,995)	(2,459,995)
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 (in shares)	127
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
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
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)
Purchase of treasury stock					(1,559,998)	(1,559,998)
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 (in shares)	77
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

Share-Based Payments

6 Months Ended

Feb. 12, 2022

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 of 164,262 shares during the twenty-four week period ended February 12, 2022 and granted options to purchase 196,161 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 12, 2022 and February 13, 2021, using the Black-Scholes-Merton multiple-option pricing valuation model, was $463.09 and $299.86 per share, respectively, using the following weighted average key assumptions:


	Twenty-Four Weeks Ended
	February 12,		February 13,
	2022		2021

Expected price volatility	28	%	28	%
Risk-free interest rate	1.1	%	0.4	%
Weighted average expected lives (in years)	5.6		5.6
Forfeiture rate	10	%	10	%
Dividend yield	0	%	0	%

During the twenty-four week period ended February 12, 2022, 123,216 stock options were exercised at a weighted average exercise price of $584.81. In the comparable prior year period, 138,705 stock options were exercised at a weighted average exercise price of $484.13.

As of February 12, 2022, total unrecognized share-based expense related to stock options, net of estimated forfeitures, was approximately $85.2 million, before income taxes, which we expect to recognize over an estimated weighted average period of 2.1 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 12, 2022, total unrecognized stock-based compensation expense related to nonvested restricted stock unit awards, net of estimated forfeitures, was approximately $14.1 million, before income taxes, which we expect to recognize over an estimated weighted average period of 2.7 years.

Transactions related to restricted stock units for the twenty-four weeks ended February 12, 2022 were as follows:


		Weighted-
	Number	Average Grant
	of Shares	Date Fair Value

Nonvested at August 28, 2021	15,751	$	1,005.41
Granted	5,325		1,732.57
Vested	(6,346)		1,132.46
Canceled or forfeited	(1,071)		1,106.02
Nonvested at February 12, 2022	13,659	$	1,221.98

Total share-based compensation expense (a component of Operating, selling, general and administrative expenses) was $16.4 million for the twelve week period ended February 12, 2022, and $13.7 million for the comparable prior year period. Total share-based compensation expense was $30.7 million for the twenty-four week period ended February 12, 2022, and $24.2 million for the comparable prior year period.

For the twelve week period ended February 12, 2022, 162,955 stock options were excluded from the diluted earnings per share computation because they would have been anti-dilutive. For the comparable prior year period, 196,280 anti-dilutive stock options were excluded from the dilutive earnings per share computation. There were 128,399 anti-dilutive shares excluded from the diluted earnings per share computation for the twenty-four week period ended February 12, 2022, and 248,578 anti-dilutive shares excluded for the comparable prior year period.

See AutoZone’s Annual Report on Form 10-K for the year ended August 28, 2021 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 2020 Director Compensation Program.

Fair Value Measurements

6 Months Ended

Feb. 12, 2022

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 12, 2022
(in thousands)	Level 1		Level 2		Level 3		Fair Value

Other current assets	$	40,810	$	44	$	—	$	40,854
Other long-term assets		67,853		12,264		—		80,117
	$	108,663	$	12,308	$	—	$	120,971


	August 28, 2021
(in thousands)	Level 1		Level 2		Level 3		Fair Value

Other current assets	$	46,007	$	—	$	—	$	46,007
Other long-term assets		54,105		13,806		—		67,911
	$	100,112	$	13,806	$	—	$	113,918

At February 12, 2022, 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 F – 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

Marketable Debt Securities

6 Months Ended

Feb. 12, 2022

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 12, 2022
	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized		Fair
(in thousands)	Basis		Gains		Losses		Value

Corporate debt securities	$	19,325	$	79	$	(87)	$	19,317
Government bonds		77,914		57		(773)		77,198
Mortgage-backed securities		5,656		25		(113)		5,568
Asset-backed securities and other		18,997		11		(120)		18,888
	$	121,892	$	172	$	(1,093)	$	120,971


	August 28, 2021
	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized		Fair
(in thousands)	Basis		Gains		Losses		Value

Corporate debt securities	$	23,650	$	329	$	(2)	$	23,977
Government bonds		65,416		338		(2)		65,752
Mortgage-backed securities		6,552		58		(8)		6,602
Asset-backed securities and other		17,551		43		(7)		17,587
	$	113,169	$	768	$	(19)	$	113,918

The debt securities held at February 12, 2022, had effective maturities ranging from less than one year to approximately four years. At February 12, 2022, the Company held 38 securities that are in an unrealized loss position of approximately $1.1 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 $92.0 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.

Financing

6 Months Ended

Feb. 12, 2022

Financing

Financing

Note F – Financing

The Company’s debt consisted of the following:


	February 12,		August 28,
(in thousands)	2022		2021

3.700% Senior Notes due April 2022, effective interest rate of 3.85%	$	—	$	500,000
2.875% Senior Notes due January 2023, effective interest rate of 3.21%		300,000		300,000
3.125% Senior Notes due July 2023, effective interest rate of 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 of 3.28%		400,000		400,000
3.750% Senior Notes due June 2027, effective interest rate of 3.83%		600,000		600,000
3.750% Senior Notes due April 2029, effective interest rate of 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 of 2.19%		600,000		600,000
Commercial paper, weighted average interest rate of 0.22% at February 12, 2022		1,068,100		—
Total debt before discounts and debt issuance costs		5,868,100		5,300,000
Less: Discounts and debt issuance costs		27,216		30,180
Long-term Debt	$	5,840,884	$	5,269,820

On November 15, 2021, the Company amended and restated its existing revolving credit facility (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. The Revolving Credit Agreement will terminate, and all amounts borrowed will be due and payable on November 15, 2026, but AutoZone may make up to two requests to extend the termination date for an additional period of one year each. Revolving borrowings under the Revolving Credit Agreement may be base rate loans, Eurodollar 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 12, 2022, the Company had no outstanding borrowings and $1.8 million of outstanding letters of credit under the Revolving Credit Agreement.

On January 18, 2022, the Company repaid the $500 million 3.700% Senior Notes due April 2022, which were callable at par in January 2022.

As of February 12, 2022, the commercial paper borrowings and the $300 million 2.875% Senior Notes due January 2023 were classified as long-term in the accompanying Condensed Consolidated Balance Sheets, as the Company currently has the ability and intent to refinance them on a long-term basis through available capacity in its Revolving Credit Agreement. As of February 12, 2022, 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.

All Senior Notes are subject to an interest rate adjustment if the debt ratings assigned are downgraded (as defined in the agreements). Further, the Senior Notes contain a provision that repayment may be accelerated if the Company experiences a change in control (as defined in the agreements). The Company’s borrowings under its Senior Notes contain minimal covenants, primarily restrictions on liens, sale and leaseback transactions and consolidations, mergers and the sale of assets. 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.

The fair value of the Company’s debt was estimated at $6.0 billion as of February 12, 2022, and $5.7 billion as of August 28, 2021, 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 greater than the carrying value of debt by $128.7 million and $413.1 million at February 12, 2022 and August 28, 2021, respectively, which reflects their face amount, adjusted for any unamortized debt issuance costs and discounts.

As of February 12, 2022, the Company was in compliance with all covenants and expects to remain in compliance with all covenants under its borrowing arrangements.

Accumulated Other Comprehensive Loss

6 Months Ended

Feb. 12, 2022

Equity

Accumulated Other Comprehensive Loss

Note H – 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 12, 2022 and February 13, 2021 consisted of the following:


			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)


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

Balance at November 21, 2020	$	(285,326)	$	1,536	$	(23,117)	$	(306,907)
Other comprehensive income (loss) before reclassifications⁽²⁾⁽³⁾		5,601		(193)		—		5,408
Amounts reclassified from Accumulated other comprehensive loss⁽³⁾		—		1		659		660
Balance at February 13, 2021	$	(279,725)	$	1,344	$	(22,458)	$	(300,839)

Changes in Accumulated other comprehensive loss for the twenty-four week periods ended February 12, 2022 and February 13, 2021 consisted of the following:


			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)


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

Balance at August 29, 2020	$	(332,321)	$	1,845	$	(23,776)	$	(354,252)
Other comprehensive income (loss) before reclassifications⁽²⁾⁽³⁾		52,596		(515)		—		52,081
Amounts reclassified from Accumulated other comprehensive loss⁽³⁾		—		14		1,318		1,332
Balance at February 13, 2021	$	(279,725)	$	1,344	$	(22,458)	$	(300,839)

(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

6 Months Ended

Feb. 12, 2022

Segment Reporting

Segment Reporting

Note J – 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 28, 2021.

The Auto Parts Stores segment is a retailer and distributor of automotive parts and accessories through the Company’s 6,815 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 12,		February 13,		February 12,		February 13,
(in thousands)	2022		2021		2022		2021

Net Sales
Auto Parts Stores	$	3,306,223	$	2,859,698	$	6,911,730	$	5,961,295
Other		63,527		51,120		126,923		103,783
Total	$	3,369,750	$	2,910,818	$	7,038,653	$	6,065,078

Segment Profit
Auto Parts Stores	$	1,747,236	$	1,524,981	$	3,634,689	$	3,164,885
Other		37,990		34,402		75,697		70,115
Gross profit		1,785,226		1,559,383		3,710,386		3,235,000
Operating, selling, general and administrative expenses		(1,158,466)		(1,077,616)		(2,329,141)		(2,138,008)
Interest expense, net		(42,471)		(46,012)		(85,755)		(92,191)
Income before income taxes	$	584,289	$	435,755	$	1,295,490	$	1,004,801

- 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

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+ Details

Share-Based Payments (Tables)

6 Months Ended

Feb. 12, 2022

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 12,		February 13,
	2022		2021

Expected price volatility	28	%	28	%
Risk-free interest rate	1.1	%	0.4	%
Weighted average expected lives (in years)	5.6		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 12, 2022 were as follows:


		Weighted-
	Number	Average Grant
	of Shares	Date Fair Value

Nonvested at August 28, 2021	15,751	$	1,005.41
Granted	5,325		1,732.57
Vested	(6,346)		1,132.46
Canceled or forfeited	(1,071)		1,106.02
Nonvested at February 12, 2022	13,659	$	1,221.98

Fair Value Measurements (Tables)

6 Months Ended

Feb. 12, 2022

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 12, 2022
(in thousands)	Level 1		Level 2		Level 3		Fair Value

Other current assets	$	40,810	$	44	$	—	$	40,854
Other long-term assets		67,853		12,264		—		80,117
	$	108,663	$	12,308	$	—	$	120,971


	August 28, 2021
(in thousands)	Level 1		Level 2		Level 3		Fair Value

Other current assets	$	46,007	$	—	$	—	$	46,007
Other long-term assets		54,105		13,806		—		67,911
	$	100,112	$	13,806	$	—	$	113,918

Marketable Debt Securities (Tables)

6 Months Ended

Feb. 12, 2022

Marketable Debt Securities

Available-for-Sale Marketable Securities

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


	February 12, 2022
	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized		Fair
(in thousands)	Basis		Gains		Losses		Value

Corporate debt securities	$	19,325	$	79	$	(87)	$	19,317
Government bonds		77,914		57		(773)		77,198
Mortgage-backed securities		5,656		25		(113)		5,568
Asset-backed securities and other		18,997		11		(120)		18,888
	$	121,892	$	172	$	(1,093)	$	120,971


	August 28, 2021
	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized		Fair
(in thousands)	Basis		Gains		Losses		Value

Corporate debt securities	$	23,650	$	329	$	(2)	$	23,977
Government bonds		65,416		338		(2)		65,752
Mortgage-backed securities		6,552		58		(8)		6,602
Asset-backed securities and other		17,551		43		(7)		17,587
	$	113,169	$	768	$	(19)	$	113,918

Financing (Tables)

6 Months Ended

Feb. 12, 2022

Financing

Schedule of Debt

The Company’s debt consisted of the following:


	February 12,		August 28,
(in thousands)	2022		2021

3.700% Senior Notes due April 2022, effective interest rate of 3.85%	$	—	$	500,000
2.875% Senior Notes due January 2023, effective interest rate of 3.21%		300,000		300,000
3.125% Senior Notes due July 2023, effective interest rate of 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 of 3.28%		400,000		400,000
3.750% Senior Notes due June 2027, effective interest rate of 3.83%		600,000		600,000
3.750% Senior Notes due April 2029, effective interest rate of 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 of 2.19%		600,000		600,000
Commercial paper, weighted average interest rate of 0.22% at February 12, 2022		1,068,100		—
Total debt before discounts and debt issuance costs		5,868,100		5,300,000
Less: Discounts and debt issuance costs		27,216		30,180
Long-term Debt	$	5,840,884	$	5,269,820

- 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.

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+ Details

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Feb. 12, 2022

Equity

Changes in Accumulated Other Comprehensive Loss

Changes in Accumulated other comprehensive loss for the twelve week periods ended February 12, 2022 and February 13, 2021 consisted of the following:


			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)


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

Balance at November 21, 2020	$	(285,326)	$	1,536	$	(23,117)	$	(306,907)
Other comprehensive income (loss) before reclassifications⁽²⁾⁽³⁾		5,601		(193)		—		5,408
Amounts reclassified from Accumulated other comprehensive loss⁽³⁾		—		1		659		660
Balance at February 13, 2021	$	(279,725)	$	1,344	$	(22,458)	$	(300,839)

Changes in Accumulated other comprehensive loss for the twenty-four week periods ended February 12, 2022 and February 13, 2021 consisted of the following:


			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)


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

Balance at August 29, 2020	$	(332,321)	$	1,845	$	(23,776)	$	(354,252)
Other comprehensive income (loss) before reclassifications⁽²⁾⁽³⁾		52,596		(515)		—		52,081
Amounts reclassified from Accumulated other comprehensive loss⁽³⁾		—		14		1,318		1,332
Balance at February 13, 2021	$	(279,725)	$	1,344	$	(22,458)	$	(300,839)

(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 (Tables)

6 Months Ended

Feb. 12, 2022

Segment Reporting

Segment Results


	Twelve Weeks Ended				Twenty-Four Weeks Ended
	February 12,		February 13,		February 12,		February 13,
(in thousands)	2022		2021		2022		2021

Net Sales
Auto Parts Stores	$	3,306,223	$	2,859,698	$	6,911,730	$	5,961,295
Other		63,527		51,120		126,923		103,783
Total	$	3,369,750	$	2,910,818	$	7,038,653	$	6,065,078

Segment Profit
Auto Parts Stores	$	1,747,236	$	1,524,981	$	3,634,689	$	3,164,885
Other		37,990		34,402		75,697		70,115
Gross profit		1,785,226		1,559,383		3,710,386		3,235,000
Operating, selling, general and administrative expenses		(1,158,466)		(1,077,616)		(2,329,141)		(2,138,008)
Interest expense, net		(42,471)		(46,012)		(85,755)		(92,191)
Income before income taxes	$	584,289	$	435,755	$	1,295,490	$	1,004,801

Share-Based Payments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Feb. 12, 2022	Feb. 13, 2021	Feb. 12, 2022	Feb. 13, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted			164,262	196,161
Weighted average grant date fair value of options granted			$ 463.09	$ 299.86
Stock options exercised - shares			123,216	138,705
Stock options exercised - weighted average exercise price			$ 584.81	$ 484.13
Estimated weighted average period			2 years 1 month 6 days
Share-based compensation expense	$ 16.4	$ 13.7	$ 30.7	$ 24.2
Unrecognized share-based compensation expense related to stock options, net of forfeitures	85.2		$ 85.2
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period			4 years
Non vested restricted stock unit award	$ 14.1		$ 14.1
Estimated weighted average period			2 years 8 months 12 days
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive shares excluded from the computation of earnings per share	162,955	196,280	128,399	248,578

Financing - Schedule of Debt (Detail) - USD ($) $ in Thousands	Feb. 12, 2022	Aug. 28, 2021
Debt Instrument [Line Items]
Total debt before discounts and debt issuance costs	$ 5,868,100	$ 5,300,000
Less: Discounts and debt issuance costs	27,216	30,180
Long-term debt	5,840,884	5,269,820
3.700% Senior Notes due April 2022, effective interest rate of 3.85%
Debt Instrument [Line Items]
Senior notes		500,000
2.875% Senior Notes due January 2023, effective interest rate of 3.21%
Debt Instrument [Line Items]
Senior notes	300,000	300,000
3.125% Senior Notes due July 2023, effective interest rate of 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 of 3.28%
Debt Instrument [Line Items]
Senior notes	400,000	400,000
3.750% Senior Notes due June 2027, effective interest rate of 3.83%
Debt Instrument [Line Items]
Senior notes	600,000	600,000
3.750% Senior Notes due April 2029, effective interest rate of 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 of 2.19%
Debt Instrument [Line Items]
Senior notes	600,000	$ 600,000
Commercial paper, weighted average interest rate of .22% at February 12, 2022
Debt Instrument [Line Items]
Commercial paper	$ 1,068,100

Financing - Additional Information (Detail) - USD ($) $ in Thousands			6 Months Ended	12 Months Ended
	Jan. 18, 2022	Nov. 15, 2021	Feb. 12, 2022	Aug. 28, 2021	Nov. 14, 2021
Debt Instrument [Line Items]
Fair value of the Company's debt			$ 6,000,000	$ 5,700,000
Excess (shortfall) of fair value of debt over (from) carrying value			128,700	$ 413,100
Repayments of Long-term Debt			500,000
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
Remaining borrowing capacity under revolving credit agreement			$ 2,200,000
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
Master Extension Agreement
Debt Instrument [Line Items]
Credit facility expiration date		Nov. 15, 2026
3.700% Senior Notes due April 2022, effective interest rate of 3.85%
Debt Instrument [Line Items]
Debt repaid	$ 500,000
Stated interest rate percentage	3.70%		3.70%	3.70%
Debt instrument maturity, month and year	2022-04		2022-04	2022-04
Senior notes				$ 500,000
2.875% Senior Notes due January 2023, effective interest rate of 3.21%
Debt Instrument [Line Items]
Stated interest rate percentage			2.875%	2.875%
Debt instrument maturity, month and year			2023-01	2023-01
Senior notes			$ 300,000	$ 300,000

Segment Reporting - Segment Results (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 12, 2022	Feb. 13, 2021	Feb. 12, 2022	Feb. 13, 2021
Segment Reporting Information [Line Items]
Net sales	$ 3,369,750	$ 2,910,818	$ 7,038,653	$ 6,065,078
Gross profit	1,785,226	1,559,383	3,710,386	3,235,000
Operating, selling, general and administrative expenses	(1,158,466)	(1,077,616)	(2,329,141)	(2,138,008)
Interest expense, net	(42,471)	(46,012)	(85,755)	(92,191)
Income before income taxes	584,289	435,755	1,295,490	1,004,801
Auto Parts Stores
Segment Reporting Information [Line Items]
Net sales	3,306,223	2,859,698	6,911,730	5,961,295
Gross profit	1,747,236	1,524,981	3,634,689	3,164,885
Other
Segment Reporting Information [Line Items]
Net sales	63,527	51,120	126,923	103,783
Gross profit	$ 37,990	$ 34,402	$ 75,697	$ 70,115

- Definition

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

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- Definition

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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- Definition

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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+ Details

General (Policies)	6 Months Ended
General (Policies)	Feb. 12, 2022
General
Fiscal Period	Operating results for the twelve and twenty-four weeks ended February 12, 2022 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 27, 2022. 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 2022 and 2021 each have 16 weeks.
Recent Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2021, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2021-10, Government Assistance (Topic 832) – Disclosures by Business Entities about Government Assistance. The update increases the disclosures for entities receiving governmental assistance for more transparency. ASU 2021-10 is effective for fiscal years beginning after December 15, 2021. Early adoption is permitted. The Company will adopt this standard beginning with its first quarter ending November 19, 2022. The Company is currently evaluating the new guidance to determine the impact the adoption will have on the Company's consolidated financial statements and related disclosures.

Share-Based Payments - Weighted Average for Key Assumptions Used in Determining Fair Value of Options Granted and Related Share-Based Compensation Expense (Detail)	6 Months Ended
	Feb. 12, 2022	Feb. 13, 2021
Share-Based Payments
Expected price volatility	28.00%	28.00%
Risk-free interest rate	1.10%	0.40%
Weighted average expected lives (in years)	5 years 7 months 6 days	5 years 7 months 6 days
Forfeiture rate	10.00%	10.00%
Dividend yield	0.00%	0.00%

Marketable Debt Securities - Additional Information (Detail) $ in Thousands	Feb. 12, 2022 USD ($) security	Aug. 28, 2021 USD ($)
Marketable Debt Securities
Available for sale securities debt maturity period range	less than one year to approximately four years
Number of securities available for sale loss position \| security	38
Unrealized loss on securities	$ 1,093	$ 19
Marketable securities transferred	$ 92,000

Merchandise Inventories - (Detail) - USD ($) $ in Millions	Feb. 12, 2022	Aug. 28, 2021
Merchandise Inventories
Unrecorded adjustment for LIFO value in excess of replacement value	$ 237.3	$ 335.3

Stock Repurchase Program (Detail) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended		289 Months Ended
Stock Repurchase Program (Detail) - USD ($) $ in Thousands	Dec. 14, 2021	Mar. 11, 2022	Feb. 12, 2022	Feb. 13, 2021	Feb. 12, 2022	Feb. 13, 2021	Feb. 12, 2022
Equity, Class of Treasury Stock [Line Items]
Purchase of treasury stock, shares			783,000	752,000	1,298,000	1,336,000	151,600,000
Purchase of treasury stock					$ 2,459,995	$ 1,578,323	$ 28,200,000
Increase in authorization of stock repurchase, value	$ 1,500,000
Stock repurchase authorized			$ 29,200,000		29,200,000		29,200,000
Remaining value authorized for share repurchases			957,600		957,600		$ 957,600
Retained Earnings (Deficit)
Equity, Class of Treasury Stock [Line Items]
Retirement of treasury shares			3,337,892	$ 1,139,173	3,337,892	1,139,173
Additional Paid-In Capital
Equity, Class of Treasury Stock [Line Items]
Retirement of treasury shares			$ 294,894	$ 60,005	$ 294,894	$ 60,005
Common Stock
Equity, Class of Treasury Stock [Line Items]
Retirement of treasury shares, shares			2,484,000	1,044,000	2,484,000	1,044,000
Retirement of treasury shares			$ 25	$ 10	$ 25	$ 10
Subsequent Events [Member]
Equity, Class of Treasury Stock [Line Items]
Purchase of treasury stock, shares		119,542
Purchase of treasury stock		$ 226,900

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Feb. 12, 2022	Aug. 28, 2021
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	20,650	23,007
Common stock, shares outstanding	19,967	21,138

Share-Based Payments - Schedule of Nonvested Restricted Stock Units Activity (Detail)	6 Months Ended
	Feb. 12, 2022 $ / shares shares
Share-Based Payments
Nonvested, Beginning balance, Number of Shares \| shares	15,751
Granted, Number of Shares \| shares	5,325
Vested, Number of Shares \| shares	(6,346)
Canceled or forfeited, Number of Shares \| shares	(1,071)
Nonvested, Ending balance, Number of Shares \| shares	13,659
Nonvested, Beginning balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 1,005.41
Granted, Weighted Average Grant Date Fair Value \| $ / shares	1,732.57
Vested, Weighted Average Grant Date Fair Value \| $ / shares	1,132.46
Canceled or forfeited, Weighted Average Grant Date Fair Value \| $ / shares	1,106.02
Nonvested, Ending balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 1,221.98

Fair Value Measurements - Company's marketable debt securities measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Feb. 12, 2022	Aug. 28, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 120,971	$ 113,918
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	40,854	46,007
Other long-term assets	80,117	67,911
Total	120,971	113,918
Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	40,810	46,007
Other long-term assets	67,853	54,105
Total	108,663	100,112
Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	44
Other long-term assets	12,264	13,806
Total	$ 12,308	$ 13,806

Marketable Debt Securities - Available-for-Sale Marketable Securities (Detail) - USD ($) $ in Thousands	Feb. 12, 2022	Aug. 28, 2021
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	$ 121,892	$ 113,169
Available-For-Sale Marketable Securities, Gross Unrealized Gains	172	768
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(1,093)	(19)
Available-For-Sale Marketable Securities, Fair Value	120,971	113,918
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	19,325	23,650
Available-For-Sale Marketable Securities, Gross Unrealized Gains	79	329
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(87)	(2)
Available-For-Sale Marketable Securities, Fair Value	19,317	23,977
Government bonds
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	77,914	65,416
Available-For-Sale Marketable Securities, Gross Unrealized Gains	57	338
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(773)	(2)
Available-For-Sale Marketable Securities, Fair Value	77,198	65,752
Mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	5,656	6,552
Available-For-Sale Marketable Securities, Gross Unrealized Gains	25	58
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(113)	(8)
Available-For-Sale Marketable Securities, Fair Value	5,568	6,602
Asset-backed securities and other
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	18,997	17,551
Available-For-Sale Marketable Securities, Gross Unrealized Gains	11	43
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(120)	(7)
Available-For-Sale Marketable Securities, Fair Value	$ 18,888	$ 17,587

Segment Reporting - Additional Information (Detail)	6 Months Ended
Segment Reporting - Additional Information (Detail)	Feb. 12, 2022 store segment
Segment Reporting
Number of reportable segments	1
Number of automotive parts and accessories locations in the United States, Mexico, and Brazil \| store	6,815
Number of operating segments	2