0001558370-22-018835 | 10-Q | XBRL Viewer

Cover Page - shares	3 Months Ended
Cover Page - shares	Nov. 19, 2022	Dec. 09, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Nov. 19, 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		18,765,671
Current Fiscal Year End Date	--08-26
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000866787
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Nov. 19, 2022	Aug. 27, 2022
Current assets:
Cash and cash equivalents	$ 269,790	$ 264,380
Accounts receivable	501,798	504,886
Merchandise inventories	5,607,690	5,638,004
Other current assets	253,840	220,714
Total current assets	6,633,118	6,627,984
Property and equipment:
Property and equipment	9,571,496	9,453,171
Less: Accumulated depreciation and amortization	(4,376,950)	(4,282,752)
Property and equipment, net	5,194,546	5,170,419
Operating lease right-of-use assets	2,922,148	2,918,817
Goodwill	302,645	302,645
Deferred income taxes	53,444	52,047
Other long-term assets	210,032	203,131
Other long-term assets, total	3,488,269	3,476,640
Total assets	15,315,933	15,275,043
Current liabilities:
Accounts payable	7,345,981	7,301,347
Current portion of operating lease liabilities	271,667	243,407
Accrued expenses and other	982,560	1,008,701
Income taxes payable	108,781	34,938
Total current liabilities	8,708,989	8,588,393
Long-term debt	6,328,344	6,122,092
Operating lease liabilities, less current portion	2,838,433	2,837,973
Deferred income taxes	549,082	533,884
Other long-term liabilities	729,008	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; 20,794 shares issued and 18,797 shares outstanding as of November 19, 2022; 20,732 shares issued and 19,126 shares outstanding as of August 27, 2022	208	207
Additional paid-in capital	1,412,650	1,354,252
Retained deficit	(790,749)	(1,330,067)
Accumulated other comprehensive loss	(297,265)	(300,536)
Treasury stock, at cost	(4,162,767)	(3,262,769)
Total stockholders' deficit	(3,837,923)	(3,538,913)
Total liabilities and stockholders' deficit	$ 15,315,933	$ 15,275,043

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 19, 2022	Nov. 20, 2021
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Net sales	$ 3,985,067	$ 3,668,904
Cost of sales, including warehouse and delivery expenses	1,990,445	1,743,744
Gross profit	1,994,622	1,925,160
Operating, selling, general and administrative expenses	1,271,589	1,170,675
Operating profit	723,033	754,485
Interest expense, net	57,723	43,284
Income before income taxes	665,310	711,201
Income tax expense	125,992	155,966
Net income	$ 539,318	$ 555,235
Weighted average shares for basic earnings per share	19,007	20,988
Effect of dilutive stock equivalents	638	621
Weighted average shares for diluted earnings per share	19,645	21,609
Basic earnings per share	$ 28.37	$ 26.45
Diluted earnings per share	$ 27.45	$ 25.69

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Nov. 19, 2022	Nov. 20, 2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 539,318	$ 555,235
Other comprehensive income (loss):
Foreign currency translation adjustments	3,335	(16,566)
Unrealized losses on marketable debt securities, net of taxes	(671)	(430)
Net derivative activities, net of taxes	607	655
Total other comprehensive income (loss)	3,271	(16,341)
Comprehensive income	$ 542,589	$ 538,894

- Definition

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

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		299 Months Ended
	Nov. 19, 2022	Nov. 20, 2021	Nov. 19, 2022
Cash flows from operating activities:
Net income	$ 539,318	$ 555,235
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	109,253	99,590
Other non-cash	81,000
Amortization of debt origination fees	1,905	2,639
Deferred income taxes	13,816	18,096
Share-based compensation expense	19,005	14,295
Changes in operating assets and liabilities:
Accounts receivable	4,100	(1,576)
Merchandise inventories	(39,308)	(136,988)
Accounts payable and accrued expenses	6,574	89,268
Income taxes	73,954	107,411
Other, net	(16,030)	29,960
Net cash provided by operating activities	793,587	777,930
Cash flows from investing activities:
Capital expenditures	(114,397)	(102,269)
Purchase of marketable debt securities	(11,989)	(7,026)
Proceeds from sale of marketable debt securities	4,893	3,709
Investment in tax credit equity investments	(2,474)
Proceeds from disposal of capital assets and other, net	10,080	14,625
Net cash used in investing activities	(113,887)	(90,961)
Cash flows from financing activities:
Net proceeds from commercial paper	204,900
Net proceeds from sale of common stock	40,828	21,100
Purchase of treasury stock	(899,998)	(899,997)	$ (31,000,000)
Repayment of principal portion of finance lease liabilities	(20,598)	(13,687)
Other, net	(783)	(3,362)
Net cash used in financing activities	(675,651)	(895,946)
Effect of exchange rate changes on cash	1,361	(1,233)
Net increase/(decrease) in cash and cash equivalents	5,410	(210,210)
Cash and cash equivalents at beginning of period	264,380	1,171,335
Cash and cash equivalents at end of period	$ 269,790	$ 961,125	$ 269,790

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			555,235			555,235
Total other comprehensive income (loss)				(16,341)		(16,341)
Purchase of treasury stock					(899,997)	$ (899,997)
Purchase of treasury stock, shares						(515,000)
Issuance of common stock under stock options and stock purchase plans	$ 1	21,100				$ 21,101
Issuance of common stock under stock options and stock purchase plans, shares	50,000
Share-based compensation expense		12,788				12,788
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
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			539,318			539,318
Total other comprehensive income (loss)				3,271		3,271
Purchase of treasury stock					(899,998)	$ (899,998)
Purchase of treasury stock, shares						(392,200)
Issuance of common stock under stock options and stock purchase plans	$ 1	40,828				$ 40,829
Issuance of common stock under stock options and stock purchase plans, shares	62,000
Share-based compensation expense		17,570				17,570
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

- Definition

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

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- Definition

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

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+ Details

- 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.

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+ Details

Share-Based Payments

3 Months Ended

Nov. 19, 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 157,113 shares during the twelve week period ended November 19, 2022 and granted options to purchase 163,786 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 twelve week periods ended November 19, 2022 and November 20, 2021, using the Black-Scholes-Merton multiple-option pricing valuation model, was $760.82 and $462.80 per share, respectively, using the following weighted average key assumptions:


	Twelve Weeks Ended
	November 19,		November 20,
	2022		2021

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 twelve week period ended November 19, 2022, 57,092 stock options were exercised at a weighted average exercise price of $725.86. In the comparable prior year period, 47,705 stock options were exercised at a weighted average exercise price of $549.86.

As of November 19, 2022, total unrecognized share-based expense related to stock options, net of estimated forfeitures, was approximately $158.1 million, before income taxes, which we expect to recognize over an estimated weighted average period of 3.5 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 November 19, 2022, total unrecognized stock-based compensation expense related to nonvested restricted stock unit awards, net of estimated forfeitures, was approximately $13.7 million, before income taxes, which we expect to recognize over an estimated weighted average period of 3.0 years.

Transactions related to restricted stock units for the twelve weeks ended November 19, 2022 were as follows:


		Weighted-
	Number	Average Grant
	of Shares	Date Fair Value

Nonvested at August 27, 2022	12,731	$	1,223.61
Granted	2,595		2,205.03
Vested	(5,646)		1,074.44
Forfeited	(588)		1,461.94
Nonvested at November 19, 2022	9,092	$	1,580.94

Total share-based compensation expense (a component of Operating, selling, general and administrative expenses) was $19.0 million for the twelve week period ended November 19, 2022, and $14.3 million for the comparable prior year period.

For the twelve week period ended November 19, 2022, 87,696 stock options were excluded from the diluted earnings per share computation because they would have been anti-dilutive. For the comparable prior year period, 97,942 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.

Fair Value Measurements

3 Months Ended

Nov. 19, 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:


	November 19, 2022
(in thousands)	Level 1		Level 2		Level 3		Fair Value

Other current assets	$	51,786	$	13	$	—	$	51,799
Other long-term assets		56,212		10,775		—		66,987
	$	107,998	$	10,788	$	—	$	118,786


	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 November 19, 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

3 Months Ended

Nov. 19, 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:


	November 19, 2022
	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized		Fair
(in thousands)	Basis		Gains		Losses		Value

Corporate debt securities	$	13,467	$	—	$	(388)	$	13,079
Government bonds		84,854		—		(2,613)		82,241
Mortgage-backed securities		4,257		—		(295)		3,962
Asset-backed securities and other		19,845		—		(341)		19,504
	$	122,423	$	—	$	(3,637)	$	118,786


	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 November 19, 2022, had effective maturities ranging from less than one year to approximately three years. Securities maturing in less than one year totaled $51.8 million and $49.7 million at November 19, 2022 and August 27, 2022, respectively. Securities maturing between one and three years totaled $67.0 million and $62.8 million at November 19, 2022 and August 27, 2022, respectively. At November 19, 2022, the Company held 75 securities that are in an unrealized loss position of approximately $3.6 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 $102.9 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

3 Months Ended

Nov. 19, 2022

Financing

Financing

Note F – Financing

The Company’s debt consisted of the following:


	November 19,		August 27,
(in thousands)	2022		2022

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
4.750% Senior Notes due August 2032, effective interest rate of 4.76%		750,000		750,000
Commercial paper, weighted average interest rate of 3.96% and 2.43% at November 19, 2022 and August 27, 2022, respectively		808,300		603,400
Total debt before discounts and debt issuance costs		6,358,300		6,153,400
Less: Discounts and debt issuance costs		29,956		31,308
Long-term Debt	$	6,328,344	$	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 November 19, 2022, 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 November 19, 2022, 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 November 19, 2022. These letters of credit have various maturity dates and were issued on an uncommitted basis.

As of November 19, 2022, the commercial paper borrowings, the $300 million 2.875% Senior Notes due January 2023 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 November 19, 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.

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. 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 $6.0 billion as of November 19, 2022, 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 $341.1 million and $182.8 million at November 19, 2022 and August 27, 2022, respectively, which reflects their face amount, adjusted for any unamortized debt issuance costs and discounts.

As of November 19, 2022, 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.

+ References

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+ Details

Accumulated Other Comprehensive Loss

3 Months Ended

Nov. 19, 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 November 19, 2022 and November 20, 2021 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⁾		3,335		(671)		—		2,664
Amounts reclassified from Accumulated other comprehensive loss⁽³⁾		—		—		607		607
Balance at November 19, 2022	$	(276,855)	$	(2,842)	$	(17,568)	$	(297,265)


			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⁾		(16,566)		(430)		—		(16,996)
Amounts reclassified from Accumulated other comprehensive loss⁽³⁾		—		—		655		655
Balance at November 20, 2021	$	(304,204)	$	159	$	(20,282)	$	(324,327)

(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

3 Months Ended

Nov. 19, 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 27, 2022.

The Auto Parts Stores segment is a retailer and distributor of automotive parts and accessories through the Company’s 6,978 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
	November 19,		November 20,
(in thousands)	2022		2021

Net Sales
Auto Parts Stores	$	3,915,907	$	3,605,508
Other		69,160		63,396
Total	$	3,985,067	$	3,668,904

Segment Profit
Auto Parts Stores	$	1,953,728	$	1,887,453
Other		40,894		37,707
Gross profit		1,994,622		1,925,160
Operating, selling, general and administrative expenses		(1,271,589)		(1,170,675)
Interest expense, net		(57,723)		(43,284)
Income before income taxes	$	665,310	$	711,201

- 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.

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+ Details

Marketable Debt Securities (Tables)

3 Months Ended

Nov. 19, 2022

Marketable Debt Securities

Available-for-Sale Marketable Securities

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


	November 19, 2022
	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized		Fair
(in thousands)	Basis		Gains		Losses		Value

Corporate debt securities	$	13,467	$	—	$	(388)	$	13,079
Government bonds		84,854		—		(2,613)		82,241
Mortgage-backed securities		4,257		—		(295)		3,962
Asset-backed securities and other		19,845		—		(341)		19,504
	$	122,423	$	—	$	(3,637)	$	118,786


	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)

3 Months Ended

Nov. 19, 2022

Financing

Schedule of Debt

The Company’s debt consisted of the following:


	November 19,		August 27,
(in thousands)	2022		2022

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
4.750% Senior Notes due August 2032, effective interest rate of 4.76%		750,000		750,000
Commercial paper, weighted average interest rate of 3.96% and 2.43% at November 19, 2022 and August 27, 2022, respectively		808,300		603,400
Total debt before discounts and debt issuance costs		6,358,300		6,153,400
Less: Discounts and debt issuance costs		29,956		31,308
Long-term Debt	$	6,328,344	$	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.

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Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Nov. 19, 2022

Equity

Changes in Accumulated Other Comprehensive Loss

Changes in Accumulated other comprehensive loss for the twelve week periods ended November 19, 2022 and November 20, 2021 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⁾		3,335		(671)		—		2,664
Amounts reclassified from Accumulated other comprehensive loss⁽³⁾		—		—		607		607
Balance at November 19, 2022	$	(276,855)	$	(2,842)	$	(17,568)	$	(297,265)


			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⁾		(16,566)		(430)		—		(16,996)
Amounts reclassified from Accumulated other comprehensive loss⁽³⁾		—		—		655		655
Balance at November 20, 2021	$	(304,204)	$	159	$	(20,282)	$	(324,327)

(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.

Financing - Additional Information (Detail) - USD ($) $ in Thousands	Nov. 15, 2022	Nov. 15, 2021	Nov. 19, 2022	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			6,000,000	$ 5,900,000
Excess (shortfall) of fair value of debt over (from) carrying value			(341,100)	(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 of 3.21%
Debt Instrument [Line Items]
Senior notes			$ 300,000	$ 300,000
Stated interest rate percentage			2.875%	2.875%
3.125% Senior Notes due July 2023, effective interest rate of 3.26%
Debt Instrument [Line Items]
Senior notes			$ 500,000	$ 500,000
Stated interest rate percentage			3.125%	3.125%

Segment Reporting - Segment Results (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 19, 2022	Nov. 20, 2021
Segment Reporting Information [Line Items]
Net Sales	$ 3,985,067	$ 3,668,904
Gross profit	1,994,622	1,925,160
Operating, selling, general and administrative expenses	(1,271,589)	(1,170,675)
Interest expense, net	(57,723)	(43,284)
Income before income taxes	665,310	711,201
Auto Parts Stores
Segment Reporting Information [Line Items]
Net Sales	3,915,907	3,605,508
Gross profit	1,953,728	1,887,453
Other
Segment Reporting Information [Line Items]
Net Sales	69,160	63,396
Gross profit	$ 40,894	$ 37,707

- Definition

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

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+ Details

General (Policies)	3 Months Ended
General (Policies)	Nov. 19, 2022
General
Fiscal Period	Operating results for the twelve weeks ended November 19, 2022 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). The update requires that a buyer in a supplier finance program 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. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those years, except for the disclosure of rollforward information which is effective for fiscal years beginning after December 15, 2023. 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 consolidated financial statements and related disclosures.

Share-Based Payments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Nov. 19, 2022	Nov. 20, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted	157,113	163,786
Weighted average grant date fair value of options granted	$ 760.82	$ 462.80
Stock options exercised - shares	57,092	47,705
Stock options exercised - weighted average exercise price	$ 725.86	$ 549.86
Unrecognized share-based compensation expense related to stock options, net of forfeitures	$ 158.1
Estimated weighted average period	3 years 6 months
Share-based compensation expense	$ 19.0	$ 14.3
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated weighted average period	3 years
Service period	4 years
Non vested restricted stock unit award	$ 13.7
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive shares excluded from the computation of earnings per share	87,696	97,942

Share-Based Payments - Weighted Average for Key Assumptions Used in Determining Fair Value of Options Granted and Related Share-Based Compensation Expense (Detail)	3 Months Ended
	Nov. 19, 2022	Nov. 20, 2021
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%

Marketable Debt Securities - Additional Information (Detail) $ in Thousands	Nov. 19, 2022 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	$ 51,800	$ 49,700
Securities maturing between one and three years	$ 67,000	62,800
Number of securities available for sale loss position \| security	75
Available-For-Sale Marketable Securities, Gross Unrealized Losses	$ 3,637	$ 2,783
Marketable securities transferred	$ 102,900

Merchandise Inventories - (Detail) - USD ($) $ in Millions	Nov. 19, 2022	Aug. 27, 2022
Merchandise Inventories
LIFO credit reserve balance	$ 96.0	$ 15.0

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Nov. 19, 2022	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	20,794	20,732
Common stock, shares outstanding	18,797	19,126

Share-Based Payments - Schedule of Nonvested Restricted Stock Units Activity (Detail)	3 Months Ended
	Nov. 19, 2022 $ / shares shares
Share-Based Payments
Nonvested, Beginning balance, Number of Shares \| shares	12,731
Granted, Number of Shares \| shares	2,595
Vested, Number of Shares \| shares	(5,646)
Forfeited, Number of Shares \| shares	(588)
Nonvested, Ending balance, Number of Shares \| shares	9,092
Nonvested, Beginning balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 1,223.61
Granted, Weighted Average Grant Date Fair Value \| $ / shares	2,205.03
Vested, Weighted Average Grant Date Fair Value \| $ / shares	1,074.44
Forfeited, Weighted Average Grant Date Fair Value \| $ / shares	1,461.94
Nonvested, Ending balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 1,580.94

Fair Value Measurements - Company's Marketable Debt Securities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Nov. 19, 2022	Aug. 27, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 118,786	$ 112,545
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	51,799	49,768
Other long-term assets	66,987	62,777
Total	118,786	112,545
Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	51,786	49,659
Other long-term assets	56,212	57,301
Total	107,998	106,960
Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	13	109
Other long-term assets	10,775	5,476
Total	$ 10,788	$ 5,585

Marketable Debt Securities - Available-for-Sale Marketable Securities (Detail) - USD ($) $ in Thousands	Nov. 19, 2022	Aug. 27, 2022
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	$ 122,423	$ 115,327
Available-For-Sale Marketable Securities, Gross Unrealized Gains		1
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(3,637)	(2,783)
Available-For-Sale Marketable Securities, Fair Value	118,786	112,545
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	13,467	15,293
Available-For-Sale Marketable Securities, Gross Unrealized Gains		1
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(388)	(298)
Available-For-Sale Marketable Securities, Fair Value	13,079	14,996
Government bonds
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	84,854	88,903
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(2,613)	(1,963)
Available-For-Sale Marketable Securities, Fair Value	82,241	86,940
Mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	4,257	4,600
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(295)	(243)
Available-For-Sale Marketable Securities, Fair Value	3,962	4,357
Asset-backed securities and other
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	19,845	6,531
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(341)	(279)
Available-For-Sale Marketable Securities, Fair Value	$ 19,504	$ 6,252

Financing - Schedule of Debt (Detail) - USD ($) $ in Thousands	Nov. 19, 2022	Aug. 27, 2022
Debt Instrument [Line Items]
Total debt before discounts and debt issuance costs	$ 6,358,300	$ 6,153,400
Less: Discounts and debt issuance costs	29,956	31,308
Long-term debt	6,328,344	6,122,092
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
4.750% Senior Notes due August 2032, effective interest rate of 4.76%
Debt Instrument [Line Items]
Senior notes	750,000	750,000
Commercial paper, weighted average interest rate of 3.96% and 2.43% at November 19, 2022 and August 27, 2022, respectively
Debt Instrument [Line Items]
Commercial paper	$ 808,300	$ 603,400

Stock Repurchase Program - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		299 Months Ended
	Oct. 04, 2022	Dec. 09, 2022	Nov. 19, 2022	Nov. 20, 2021	Nov. 19, 2022
Equity, Class of Treasury Stock [Line Items]
Purchase of treasury stock, shares			392,200	515,000	152,900,000
Purchase of treasury stock			$ 899,998	$ 899,997	$ 31,000,000
Increase in authorization of stock repurchase, value	$ 2,500,000
Stock repurchase authorized	$ 33,700,000
Remaining value authorized for share repurchases			$ 2,700,000		$ 2,700,000
Subsequent Events
Equity, Class of Treasury Stock [Line Items]
Purchase of treasury stock, shares		42,900
Purchase of treasury stock		$ 108,000

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 19, 2022	Nov. 20, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ (3,538,913)	$ (1,797,536)
Balance	(3,837,923)	(2,124,750)
Foreign Currency and Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(280,190)	(287,638)
Other comprehensive income (loss) before reclassifications	3,335	(16,566)
Balance	(276,855)	(304,204)
Net Unrealized Gain (Loss) on Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(2,171)	589
Other comprehensive income (loss) before reclassifications	(671)	(430)
Balance	(2,842)	159
Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(18,175)	(20,937)
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from Accumulated other comprehensive loss	607	655
Balance	(17,568)	(20,282)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(300,536)	(307,986)
Other comprehensive income (loss) before reclassifications	2,664	(16,996)
Amounts reclassified from Accumulated other comprehensive loss	607	655
Balance	$ (297,265)	$ (324,327)

Segment Reporting - Additional Information (Detail)	3 Months Ended
Segment Reporting - Additional Information (Detail)	Nov. 19, 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	6,978
Number of operating segments	2