0001558370-23-016668 | 10-K | XBRL Viewer

Accrued Expenses and Other - Additional Information (Detail) $ in Millions	12 Months Ended
	Aug. 26, 2023 USD ($)
Workers Compensation
Maximum limits per claim for self-insured plan, per annum	$ 2.0
Auto Liability
Maximum limits per claim for self-insured plan, per annum	7.5
Property
Maximum limits per claim for self-insured plan, per annum	21.5
General and product liability
Maximum limits per claim for self-insured plan, per annum	$ 2.0

Income Taxes - Significant Components of Company's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Aug. 26, 2023	Aug. 27, 2022
Deferred tax assets:
Net operating loss and credit carryforwards	$ 45,081	$ 33,924
Accrued benefits	82,318	60,561
Operating lease liabilities	698,728	692,730
Other	90,897	79,850
Total deferred tax assets	917,024	867,065
Valuation allowances	(24,940)	(27,790)
Net deferred tax assets	892,084	839,275
Deferred tax liabilities:
Property and equipment	(194,686)	(197,482)
Inventory	(451,360)	(448,273)
Operating lease assets	(652,652)	(650,145)
Other	(43,662)	(25,211)
Deferred tax liabilities	(1,342,360)	(1,321,111)
Net deferred tax liabilities	$ (450,276)	$ (481,836)

Financing - Additional Information (Detail) $ in Thousands						12 Months Ended
Financing - Additional Information (Detail) $ in Thousands	Jul. 17, 2023 USD ($)	Jan. 17, 2023 USD ($)	Nov. 15, 2022 USD ($)	Jan. 18, 2022 USD ($)	Mar. 15, 2021 USD ($)	Aug. 26, 2023 USD ($)	Aug. 27, 2022 USD ($)	Aug. 28, 2021 USD ($)	Jul. 21, 2023 USD ($)	Jan. 27, 2023 USD ($)	Aug. 01, 2022 USD ($)	Nov. 15, 2021 USD ($)	Nov. 14, 2021 USD ($)
Debt Instrument [Line Items]
Minimum debt covenant interest coverage ratio to be maintained quarterly						2.5
Debt covenant interest coverage ratio						6.3
Remaining borrowing capacity under revolving credit agreement						$ 2,200,000
Repayment of debt						800,000	$ 500,000	$ 250,000
Fair value of the Company's debt						7,300,000	5,900,000
Excess (shortfall) of fair value of debt over (from) carrying value						(406,600)	(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
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
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings, outstanding						0
2.875% Senior Notes due January 2023, effective interest rate 3.21%
Debt Instrument [Line Items]
Senior notes							$ 300,000
Stated interest rate percentage		2.875%					2.875%
Repayments of Debt		$ 300,000
4.500% Senior Notes due February 2028, effective interest rate 4.43%
Debt Instrument [Line Items]
Senior notes						$ 450,000				$ 450,000
Stated interest rate percentage						4.50%				4.50%
3.125% Senior Notes due April 2024, effective interest rate 3.32%
Debt Instrument [Line Items]
Senior notes						$ 300,000	$ 300,000
Stated interest rate percentage						3.125%	3.125%
4.750% Senior Notes due February 2033, effective interest rate 4.70%
Debt Instrument [Line Items]
Senior notes						$ 550,000				$ 550,000
Stated interest rate percentage						4.75%				4.75%
3.125% Senior Notes due July 2023, effective interest rate 3.26%
Debt Instrument [Line Items]
Senior notes							$ 500,000
Stated interest rate percentage	3.125%						3.125%
Repayments of Debt	$ 500,000
5.050% Senior Notes due July 2026, effective interest rate 5.095%
Debt Instrument [Line Items]
Senior notes						$ 450,000			$ 450,000
Stated interest rate percentage						5.05%			5.05%
5.200% Senior Notes due August 2033, effective interest rate 5.221%
Debt Instrument [Line Items]
Senior notes						$ 300,000			$ 300,000
Stated interest rate percentage						5.20%			5.20%
3.700% Senior Notes due April 2022, effective interest rate of 3.85%
Debt Instrument [Line Items]
Stated interest rate percentage				3.70%
Repayments of Debt				$ 500,000
2.500% Senior Notes due April 2021
Debt Instrument [Line Items]
Stated interest rate percentage					2.50%
Repayments of Debt					$ 250,000
4.750% Senior Notes due August 2032, effective interest rate 4.76%
Debt Instrument [Line Items]
Senior notes						$ 750,000	$ 750,000				$ 750,000
Stated interest rate percentage						4.75%	4.75%				4.75%
Commercial paper, weighted average interest rate 5.43% and 2.43% at August 26, 2023 and August 27, 2022, respectively
Debt Instrument [Line Items]
Commercial paper borrowings						$ 1,209,600	$ 603,400

Segment Reporting

12 Months Ended

Aug. 26, 2023

Segment Reporting

Segment Reporting

Note P – Segment Reporting

The Company’s primary 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.”

The Auto Parts Stores segment is the leading retailer and distributor of automotive parts and accessories through the Company’s 7,140 stores in the U.S., Mexico and Brazil. Each store carries an extensive product line for cars, sport utility vehicles, vans and light duty 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 diagnostic, repair, collision 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. The following table shows segment results for the following fiscal years:


	Year Ended
	August 26,		August 27,		August 28,
(in thousands)	2023		2022		2021

Net Sales
Auto Parts Stores	$	17,145,137	$	15,963,196	$	14,381,712
Other		312,072		289,034		247,873
Total	$	17,457,209	$	16,252,230	$	14,629,585

Segment Profit
Auto Parts Stores	$	8,885,403	$	8,301,234	$	7,556,889
Other		185,019		171,416		160,896
Gross profit		9,070,422		8,472,650		7,717,785
Operating, selling, general and administrative expenses		(5,596,436)		(5,201,921)		(4,773,258)
Interest expense, net		(306,372)		(191,638)		(195,337)
Income before income taxes	$	3,167,614	$	3,079,091	$	2,749,190

Segment Assets:
Auto Parts Stores	$	15,664,891	$	15,060,704	$	14,398,581
Other		320,987		214,339		117,618
Total	$	15,985,878	$	15,275,043	$	14,516,199

Capital Expenditures:
Auto Parts Stores	$	775,601	$	650,495	$	602,329
Other		21,056		21,896		19,438
Total	$	796,657	$	672,391	$	621,767

Auto Parts Stores Sales by Product Grouping:
Failure	$	8,407,690	$	7,801,155	$	7,048,700
Maintenance items		6,223,620		5,670,278		4,888,763
Discretionary		2,513,827		2,491,763		2,444,249
Auto Parts Stores net sales	$	17,145,137	$	15,963,196	$	14,381,712

The following table presents the Company’s net sales disaggregated by geographical area:


	Year Ended
	August 26,		August 27,		August 28,
	2023		2022		2021

United States	89	%	92	%	93	%
Mexico	10	%	8	%	7	%
Brazil and all other	1	%	—	%	—	%
Total	100	%	100	%	100	%

The Company’s long-lived assets, consisting primarily of property and equipment, net and operating lease right-of-use assets, within the United States were 88%, 91% and 92% in fiscal years 2023, 2022 and 2021, respectively. No individual country outside of the United States had long-lived assets that were material to the consolidated totals.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Leases - Information on Lease Term and Discount Rate (Detail)	12 Months Ended
	Aug. 26, 2023
Weighted-average remaining lease term (years)
Finance leases - real estate	23 years
Finance leases - vehicles	3 years
Operating leases	13 years
Weighted-average discount rate:
Finance leases - real estate	3.85%
Finance leases - vehicles	2.44%
Operating leases	3.90%

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022
Derivative Financial Instruments
Derivative losses recorded in Accumulated other comprehensive loss	$ 16.3
Net derivative losses amortized into Interest expense	2.8	$ 3.6
Net derivative loss expected to be reclassified over next 12 months	$ 2.3

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Aug. 26, 2023	Aug. 27, 2022
Preferred Stock
Preferred stock, shares authorized	1,000	1,000
Preferred stock, shares issued	0	0
Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000	200,000
Common stock, shares issued	18,936	20,732
Common stock, shares outstanding	17,857	19,126

Income Taxes - Reconciliation of Provision for Income Taxes (Detail)	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Income Taxes
Federal tax at statutory U.S. income tax rate	21.00%	21.00%	21.00%
State income taxes, net	1.60%	2.10%	2.20%
Share-based compensation	(2.30%)	(1.60%)	(1.70%)
US Tax on Non-U.S. Income (GILTI and Subpart F)	3.30%	3.10%	2.80%
Non-U.S. Permanent Differences	(1.40%)	(1.50%)	(0.40%)
Foreign Tax Credits	(2.30%)	(1.90%)	(1.70%)
Other	0.30%	(0.10%)	(1.10%)
Effective tax rate	20.20%	21.10%	21.10%

Leases (Tables)

12 Months Ended

Aug. 26, 2023

Leases



(in thousands)	Classification	August 26, 2023		August 27, 2022

Assets:
Operating	Operating lease right-of-use assets	$	2,998,097	$	2,918,817
Finance	Property and equipment		419,247		404,442
Total lease assets		$	3,417,344	$	3,323,259
Liabilities:
Current:
Operating	Current portion of operating lease liabilities	$	257,256	$	243,407
Finance	Accrued expenses and other		86,916		92,877
Noncurrent:
Operating	Operating lease liabilities, less current portion		2,917,046		2,837,973
Finance	Other long-term liabilities		200,702		217,428
Total lease liabilities		$	3,461,920	$	3,391,685

Lease Cost



		For the year ended
(in thousands)	Statement of Income Location	August 26, 2023		August 27, 2022

Finance lease cost:
Amortization of lease assets	Depreciation and amortization	$	71,913	$	65,212
Interest on lease liabilities	Interest expense, net		14,608		4,351
Operating lease cost⁽¹⁾	Selling, general and administrative expenses		437,762		401,000
Total lease cost		$	524,283	$	470,563

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

Schedule of future maturities of finance lease liability


	Finance		Operating
(in thousands)	Leases		Leases		Total

2024	$	88,284	$	372,849	$	461,133
2025		81,535		402,798		484,333
2026		61,571		378,865		440,436
2027		34,159		354,370		388,529
2028		10,409		327,795		338,204
Thereafter		43,228		2,260,833		2,304,061
Total lease payments		319,186		4,097,510		4,416,696
Less: Interest		(31,568)		(923,208)		(954,776)
Present value of lease liabilities	$	287,618	$	3,174,302	$	3,461,920

Summary of the Future Maturities of the Company's Lease Liabilities

The future rental payments, inclusive of renewal options that have been included in defining the expected lease term, of our operating and finance lease obligations as of August 26, 2023 having initial or remaining lease terms in excess of one year are as follows:


	Finance		Operating
(in thousands)	Leases		Leases		Total

2024	$	88,284	$	372,849	$	461,133
2025		81,535		402,798		484,333
2026		61,571		378,865		440,436
2027		34,159		354,370		388,529
2028		10,409		327,795		338,204
Thereafter		43,228		2,260,833		2,304,061
Total lease payments		319,186		4,097,510		4,416,696
Less: Interest		(31,568)		(923,208)		(954,776)
Present value of lease liabilities	$	287,618	$	3,174,302	$	3,461,920

Lease Term and Discount Rate Assumptions



	August 26, 2023

Weighted-average remaining lease term in years, inclusive of renewal options that are reasonably certain to be exercised:
Finance leases – real estate	23
Finance leases – vehicles	3
Operating leases	13
Weighted-average discount rate:
Finance leases – real estate	3.85	%
Finance leases – vehicles	2.44	%
Operating leases	3.90	%

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Cash flows from operating activities:
Net income	$ 2,528,426	$ 2,429,604	$ 2,170,314
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	497,577	442,223	407,683
Other non-cash charges	44,000	15,000
Amortization of debt origination fees	9,264	11,276	12,858
Deferred income taxes	(25,707)	185,594	(34,432)
Share-based compensation expense	93,087	70,612	56,112
Changes in operating assets and liabilities:
Accounts receivable	(6,674)	(125,732)	(11,039)
Merchandise inventories	(89,180)	(1,005,686)	(138,517)
Accounts payable and accrued expenses	(183,679)	1,224,692	1,029,912
Income taxes	92,832	(10,517)	29,467
Other, net	(19,158)	(25,931)	(3,815)
Net cash provided by operating activities	2,940,788	3,211,135	3,518,543
Cash flows from investing activities:
Capital expenditures	(796,657)	(672,391)	(621,767)
Purchase of marketable debt securities	(66,917)	(56,040)	(63,676)
Proceeds from sale of marketable debt securities	58,357	53,882	95,393
Investment in tax credit equity investments	(98,003)	(31,537)	(41,712)
Proceeds from disposal of capital assets and other, net	27,042	57,987	29,984
Net cash used in investing activities	(876,178)	(648,099)	(601,778)
Cash flows from financing activities:
Net proceeds from commercial paper	606,200	603,400
Proceeds from issuance of debt	1,750,000	750,000
Repayment of debt	(800,000)	(500,000)	(250,000)
Net proceeds from sale of common stock	182,494	113,934	187,757
Purchase of treasury stock	(3,699,552)	(4,359,991)	(3,378,321)
Repayment of principal portion of finance lease liabilities	(81,055)	(67,182)	(59,853)
Other, net	(18,169)	(10,658)
Net cash used in financing activities	(2,060,082)	(3,470,497)	(3,500,417)
Effect of exchange rate changes on cash	8,146	506	4,172
Net increase/(decrease) in cash and cash equivalents	12,674	(906,955)	(579,480)
Cash and cash equivalents at beginning of period	264,380	1,171,335	1,750,815
Cash and cash equivalents at end of period	277,054	264,380	1,171,335
Supplemental cash flow information:
Interest paid, net of interest cost capitalized	260,866	178,561	187,948
Income taxes paid	570,250	461,232	574,854
Leased assets obtained in exchange for new finance lease liabilities	58,316	100,711	112,095
Leased assets obtained in exchange for new operating lease liabilities	$ 428,150	$ 527,966	$ 444,626

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 26, 2023	Aug. 27, 2022
Current assets:
Cash and cash equivalents	$ 277,054	$ 264,380
Accounts receivable	520,385	504,886
Merchandise inventories	5,764,143	5,638,004
Other current assets	217,844	220,714
Total current assets	6,779,426	6,627,984
Property and equipment:
Land	1,367,391	1,299,981
Buildings and improvements	4,860,216	4,486,676
Equipment	2,972,879	2,650,831
Leasehold improvements	831,508	724,095
Construction in progress	305,896	291,588
Property and equipment	10,337,890	9,453,171
Less: Accumulated depreciation and amortization	(4,741,342)	(4,282,752)
Property and equipment, net	5,596,548	5,170,419
Operating lease right-of-use assets	2,998,097	2,918,817
Goodwill	302,645	302,645
Deferred income taxes	86,002	52,047
Other long-term assets	223,160	203,131
Total long-term assets	3,609,904	3,476,640
Total assets	15,985,878	15,275,043
Current liabilities:
Accounts payable	7,201,281	7,301,347
Current portion of operating lease liabilities	257,256	243,407
Accrued expenses and other	1,000,841	1,008,701
Income taxes payable	52,478	34,938
Total current liabilities	8,511,856	8,588,393
Long-term debt	7,668,549	6,122,092
Operating lease liabilities, less current portion	2,917,046	2,837,973
Deferred income taxes	536,278	533,884
Other long-term liabilities	702,043	731,614
Commitments and contingencies
Stockholders' deficit:
Preferred stock, authorized 1,000 shares; no shares issued
Common stock, par value $.01 per share, authorized 200,000 shares; 18,936 shares issued and 17,857 shares outstanding as of August 26, 2023; 20,732 shares issued and 19,126 shares outstanding as of August 27, 2022	189	207
Additional paid-in capital	1,484,992	1,354,252
Retained deficit	(2,959,278)	(1,330,067)
Accumulated other comprehensive loss	(190,836)	(300,536)
Treasury stock, at cost	(2,684,961)	(3,262,769)
Total stockholders' deficit	(4,349,894)	(3,538,913)
Total liabilities and stockholders' deficit	$ 15,985,878	$ 15,275,043

Consolidated Statements of Stockholders' Deficit - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Retained 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			2,170,314			2,170,314
Total other comprehensive income				46,266		46,266
Purchase of treasury stock					(3,378,321)	$ (3,378,321)
Purchase of treasury stock, shares						(2,592)
Retirement of treasury shares	$ (10)	(60,005)	(1,139,173)		1,199,188
Retirement of treasury shares, shares	(1,044)
Issuance of common stock under stock options and stock purchase plans	$ 3	187,754				$ 187,757
Issuance of common stock under stock options and stock purchase plans, shares	354
Share-based compensation expense		54,425				54,425
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			2,429,604			2,429,604
Total other comprehensive income				7,450		7,450
Purchase of treasury stock					(4,359,991)	$ (4,359,991)
Purchase of treasury stock, shares						(2,220)
Retirement of treasury shares	$ (25)	(292,975)	(3,339,842)		3,632,842
Retirement of treasury shares, shares	(2,484)
Issuance of common stock under stock options and stock purchase plans	$ 2	113,932				$ 113,934
Issuance of common stock under stock options and stock purchase plans, shares	209
Share-based compensation expense		67,626				67,626
Balance at Aug. 27, 2022	$ 207	1,354,252	(1,330,067)	(300,536)	(3,262,769)	(3,538,913)
Balance at Aug. 27, 2022						(3,262,769)
Balance, shares at Aug. 27, 2022	20,732
Net income			2,528,426			2,528,426
Total other comprehensive income				109,700		109,700
Purchase of treasury stock					(3,723,289)	$ (3,723,289)
Purchase of treasury stock, shares						(1,524)
Retirement of treasury shares	$ (20)	(143,440)	(4,157,637)		4,301,097
Retirement of treasury shares, shares	(2,051)
Issuance of common stock under stock options and stock purchase plans	$ 2	182,492				$ 182,494
Issuance of common stock under stock options and stock purchase plans, shares	255
Share-based compensation expense		91,688				91,688
Balance at Aug. 26, 2023	$ 189	$ 1,484,992	$ (2,959,278)	$ (190,836)	$ (2,684,961)	(4,349,894)
Balance at Aug. 26, 2023						$ (2,684,961)
Balance, shares at Aug. 26, 2023	18,936

Leases - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022
Accumulated amortization related to finance lease assets	$ 132.5	$ 97.2
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows from operating leases	335.2	$ 316.0
Land and Building
Additional leases not yet commenced, undiscounted future payments	$ 56.9
Minimum [Member]
Operating lease commencement date	2024
Maximum [Member]
Operating lease commencement date	2025

Financing - Scheduled Maturities of Debt (Detail) - USD ($) $ in Thousands	Aug. 26, 2023	Aug. 27, 2022
Financing
2024	$ 1,509,600
2025	900,000
2026	850,000
2027	600,000
2028	450,000
Thereafter	3,400,000
Subtotal	7,709,600
Discount and debt issuance costs	41,051	$ 31,308
Long-term debt	$ 7,668,549	$ 6,122,092

Derivative Financial Instruments

12 Months Ended

Aug. 26, 2023

Derivative Financial Instruments

Derivative Financial Instruments

Note H – Derivative Financial Instruments

The Company periodically uses derivatives to hedge exposures to interest rates. The Company does not hold or issue financial instruments for trading purposes. For transactions that meet the hedge accounting criteria, the Company formally designates and documents the instrument as a hedge at inception and quarterly thereafter assesses the hedges to ensure they are effective in offsetting changes in the cash flows of the underlying exposures. Derivatives are recorded in the Company’s Consolidated Balance Sheet at fair value, determined using available market information or other appropriate valuation methodologies. In accordance with ASC Topic 815, Derivatives and Hedging, to the extent our derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in Accumulated Other Comprehensive Loss, net of tax.

At August 26, 2023, the Company had $16.3 million (excluding the impact of deferred taxes) recorded in Accumulated Other Comprehensive Loss related to net realized losses associated with terminated interest rate swap and treasury rate lock derivatives which were designated as hedging instruments. Net losses are amortized into Interest expense over the remaining life of the associated debt. During fiscal 2023, the Company reclassified $2.8 million of net losses from Accumulated Other Comprehensive Loss to Interest expense. During fiscal 2022, the Company reclassified $3.6 million of net losses from Accumulated Other Comprehensive Loss to Interest expense. The Company expects to reclassify $2.3 million of net losses from Accumulated Other Comprehensive Loss to Interest expense over the next 12 months.

Income Taxes - Provision for Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Current:
Federal	$ 423,301	$ 293,022	$ 438,686
State	86,687	48,490	79,271
International	154,907	122,381	95,351
Total	664,895	463,893	613,308
Deferred:
Federal	20,266	160,749	(21,366)
State	(21,847)	34,564	(1,707)
International	(24,126)	(9,719)	(11,359)
Total	(25,707)	185,594	(34,432)
Income tax expense	$ 639,188	$ 649,487	$ 578,876

Income Taxes

12 Months Ended

Aug. 26, 2023

Income Taxes

Income Taxes

Note D – Income Taxes

The components of income from continuing operations before income taxes are as follows:


		Year Ended
	August 26,		August 27,		August 28,
(in thousands)	2023		2022		2021

Domestic	$	2,621,714	$	2,429,262	$	2,436,548
International		545,900		649,829		312,642
	$	3,167,614	$	3,079,091	$	2,749,190

The provision for income tax expense consisted of the following:


	Year Ended
	August 26,		August 27,		August 28,
(in thousands)	2023		2022		2021

Current:
Federal	$	423,301	$	293,022	$	438,686
State		86,687		48,490		79,271
International		154,907		122,381		95,351
		664,895		463,893		613,308
Deferred:
Federal		20,266		160,749		(21,366)
State		(21,847)		34,564		(1,707)
International		(24,126)		(9,719)		(11,359)
		(25,707)		185,594		(34,432)
Income tax expense	$	639,188	$	649,487	$	578,876

A reconciliation of the provision for income taxes to the amount computed by applying the federal statutory tax rate to income before income taxes is as follows:


	Year Ended
	August 26,		August 27,		August 28,
(in thousands)	2023		2022		2021

Federal tax at statutory U.S. income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net	1.6	%	2.1	%	2.2	%
Share-based compensation	(2.3)	%	(1.6)	%	(1.7)	%
US Tax on Non-U.S. Income (GILTI and Subpart F)	3.3	%	3.1	%	2.8	%
Non-U.S. Permanent Differences	(1.4)	%	(1.5)	%	(0.4)	%
Foreign Tax Credits	(2.3)	%	(1.9)	%	(1.7)	%
Other	0.3	%	(0.1)	%	(1.1)	%
Effective tax rate	20.2	%	21.1	%	21.1	%

For the year ended August 26, 2023, August 27, 2022, and August 28, 2021, the Company recognized excess tax benefits from stock option exercises of $92.2 million, $63.2 million, and $56.4 million, respectively.

The Company is subject to a tax on global intangible low-taxed income (“GILTI”) which is imposed on foreign earnings. The Company has made the election to record this tax as a period cost, thus has not adjusted the deferred tax assets or liabilities of its foreign subsidiaries for this tax.

Significant components of the Company's deferred tax assets and liabilities were as follows:


	August 26,		August 27,
(in thousands)	2023		2022

Deferred tax assets:
Net operating loss and credit carryforwards	$	45,081	$	33,924
Accrued benefits		82,318		60,561
Operating lease liabilities		698,728		692,730
Other		90,897		79,850
Total deferred tax assets		917,024		867,065
Valuation allowances		(24,940)		(27,790)
Net deferred tax assets		892,084		839,275

Deferred tax liabilities:
Property and equipment		(194,686)		(197,482)
Inventory		(451,360)		(448,273)
Operating lease assets		(652,652)		(650,145)
Other		(43,662)		(25,211)
Deferred tax liabilities		(1,342,360)		(1,321,111)

Net deferred tax liabilities	$	(450,276)	$	(481,836)

For the year ended August 26, 2023, the Company asserts indefinite reinvestment for basis differences and accumulated earnings through fiscal 2020 with respect to its foreign subsidiaries. The Company does not assert permanent reinvestment of fiscal 2021 through current year earnings with respect to its Mexican subsidiaries while maintaining its assertion of indefinite reinvestment of fiscal 2021 through current year earnings of other foreign subsidiaries. Where necessary, taxes resulting from foreign distributions of current and accumulated earnings (e.g., withholding taxes) have been considered in the Company’s provision for income taxes.

As of August 26, 2023, we have not recorded incremental income taxes for outside basis differences of $383.7 million in our investments in foreign subsidiaries, as these amounts are indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to the outside basis differences in these entities is not practicable.

At August 26, 2023 and August 27, 2022, the Company had net operating loss (“NOL”) carryforwards totaling approximately $314.6 million ($37.2 million tax effected) and $241.2 million ($28.9 million tax effected), respectively. Certain NOLs have no expiration date and others will expire, if not utilized, in various years from fiscal 2024 through 2043. At August 26, 2023 and August 27, 2022, the Company had deferred tax assets for income tax credit carryforwards of $7.9 million and $5.0 million, respectively. Income tax credit carryforwards will expire, if not utilized, in various years from fiscal 2024 through 2033.

At August 26, 2023 and August 27, 2022, the Company had a valuation allowance of $24.9 million and $27.8 million, respectively, on deferred tax assets associated with NOL and tax credit carryforwards for which management has determined it is more likely than not that the deferred tax asset will not be realized. Management believes it is more likely than not that the remaining deferred tax assets will be fully realized.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	August 26,		August 27,
(in thousands)	2023		2022

Beginning balance	$	49,316	$	39,797
Additions based on tax positions related to the current year		9,416		17,488
Additions for tax positions of prior years		8,012		3,008
Reductions for tax positions of prior years		(5,336)		(6,806)
Reductions due to settlements		(6,800)		(1,539)
Reductions due to statute of limitations		(5,121)		(2,632)
Ending balance	$	49,487	$	49,316

Included in the August 26, 2023 and the August 27, 2022 balances are $37.0 million and $32.4 million, respectively, of unrecognized tax benefits that, if recognized, would reduce the Company’s effective tax rate. The balances above also include amounts of $8.6 million and $11.5 million for August 26, 2023 and August 27, 2022, respectively, that are accounted for as reductions to deferred tax assets for NOL carryforwards and tax credit carryforwards. It is anticipated that in the event the associated uncertain tax positions are disallowed, the NOL carryforwards and tax credit carryforwards would be utilized to settle the liability.

The Company accrues interest on unrecognized tax benefits as a component of income tax expense. Penalties, if incurred, would be recognized as a component of income tax expense. The Company had $10.1 million and $5.7 million accrued for the payment of interest and penalties associated with unrecognized tax benefits at August 26, 2023 and August 27, 2022, respectively.

The Company files U.S. federal, U.S. state and local, and international income tax returns. With few exceptions, the Company is no longer subject to U.S. federal, U.S. state and local, or Non-U.S. examinations by tax authorities for fiscal year 2019 and prior. The Company is typically engaged in various tax examinations at any given time by U.S. federal, U.S. state and local, and Non-U.S. taxing jurisdictions. As of August 26, 2023, the Company estimates that the amount of unrecognized tax benefits could be reduced by approximately $6.2 million over the next twelve months as a result of tax audit settlements. While the Company believes that it is adequately accrued for possible audit adjustments, the final resolution of these examinations cannot be determined at this time and could result in final settlements that differ from current estimates.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Aug. 26, 2023

Fair Value Measurements

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

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


	August 26, 2023
(in thousands)	Level 1		Level 2		Level 3		Fair Value

Other current assets	$	35,349	$	4,290	$	—	$	39,639
Other long-term assets		71,028		10,846		—		81,874
	$	106,377	$	15,136	$	—	$	121,513


	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

Segment Reporting - Schedule of sales disaggregated by geographical area (Detail) - Sales Revenue, Net - Geographic Concentration Risk	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Product Information [Line Items]
Concentration risk percentage	100.00%	100.00%	100.00%
United States
Product Information [Line Items]
Concentration risk percentage	89.00%	92.00%	93.00%
Mexico
Product Information [Line Items]
Concentration risk percentage	10.00%	8.00%	7.00%
Brazil and all other
Product Information [Line Items]
Concentration risk percentage	1.00%

Commitments and Contingencies - Additional Information (Detail) $ in Millions	12 Months Ended
	Aug. 26, 2023 USD ($)
Loss Contingencies [Line Items]
Commitment for construction	$ 198.9
Surety bonds	$ 43.1
The period of time before expiration of standby letters of credit and surety bonds	less than one year
Additional capital contributions to tax credit funds	$ 9.3
Standby Letters of Credit
Loss Contingencies [Line Items]
Borrowings, outstanding	$ 134.0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Accrued Expenses and Other - Accrued Expenses (Detail) - USD ($) $ in Thousands	Aug. 26, 2023	Aug. 27, 2022
Other Income and Expenses [Abstract]
Accrued compensation, related payroll taxes and benefits	$ 343,379	$ 414,892
Property, sales, and other taxes	165,731	153,305
Medical and casualty insurance claims (current portion)	127,624	115,201
Finance lease liabilities	$ 86,916	$ 92,877
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other	Total accrued expenses and other
Accrued gift cards	$ 59,254	$ 52,237
Accrued interest	54,493	50,696
Accrued sales and warranty returns	43,355	35,696
Other	120,089	93,797
Total accrued expenses and other	$ 1,000,841	$ 1,008,701

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Aug. 26, 2023	Oct. 16, 2023	Feb. 11, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Aug. 26, 2023
Entity File Number	1-10714
Entity Registrant Name	AUTOZONE, INC
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	62-1482048
Entity Address, Address Line One	123 South Front Street
Entity Address, City or Town	Memphis
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38103
City Area Code	901
Local Phone Number	495-6500
Title of 12(b) Security	Common Stock
Trading Symbol	AZO
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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		17,683,418
Entity Public Float			$ 46,248,303,523
Current Fiscal Year End Date	--08-26
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000866787
Amendment Flag	false
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Memphis, Tennessee
ICFR Auditor Attestation Flag	true

Leases - Summary of Lease-Related Assets and Liabilities Recorded on the Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Aug. 26, 2023	Aug. 27, 2022
Assets
Operating	$ 2,998,097	$ 2,918,817
Finance	$ 419,247	$ 404,442
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Total lease assets	$ 3,417,344	$ 3,323,259
Current
Operating	257,256	243,407
Finance	$ 86,916	$ 92,877
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Noncurrent
Operating	$ 2,917,046	$ 2,837,973
Finance	$ 200,702	$ 217,428
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total lease liabilities	$ 3,461,920	$ 3,391,685

Segment Reporting - Segment Results (Detail) - USD ($) $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Segment Reporting Information [Line Items]
Net Sales	$ 17,457,209	$ 16,252,230	$ 14,629,585
Gross profit	9,070,422	8,472,650	7,717,785
Operating, selling, general and administrative expenses	(5,596,436)	(5,201,921)	(4,773,258)
Interest expense, net	(306,372)	(191,638)	(195,337)
Income before income taxes	3,167,614	3,079,091	2,749,190
Segment Assets	15,985,878	15,275,043	14,516,199
Capital Expenditures	796,657	672,391	621,767
Auto Parts Stores
Segment Reporting Information [Line Items]
Net Sales	17,145,137	15,963,196	14,381,712
Gross profit	8,885,403	8,301,234	7,556,889
Segment Assets	15,664,891	15,060,704	14,398,581
Capital Expenditures	775,601	650,495	602,329
Auto Parts Stores \| Failure
Segment Reporting Information [Line Items]
Net Sales	8,407,690	7,801,155	7,048,700
Auto Parts Stores \| Maintenance Items
Segment Reporting Information [Line Items]
Net Sales	6,223,620	5,670,278	4,888,763
Auto Parts Stores \| Discretionary
Segment Reporting Information [Line Items]
Net Sales	2,513,827	2,491,763	2,444,249
Other
Segment Reporting Information [Line Items]
Net Sales	312,072	289,034	247,873
Gross profit	185,019	171,416	160,896
Segment Assets	320,987	214,339	117,618
Capital Expenditures	$ 21,056	$ 21,896	$ 19,438

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022
Income Taxes
Beginning balance	$ 49,316	$ 39,797
Additions based on tax positions related to the current year	9,416	17,488
Additions for tax positions of prior years	8,012	3,008
Reductions for tax positions of prior years	(5,336)	(6,806)
Reductions due to settlements	(6,800)	(1,539)
Reductions due to statute of limitations	(5,121)	(2,632)
Ending balance	$ 49,487	$ 49,316

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Income Taxes
Additional excess tax benefits from stock option exercises compared to prior year	$ 92,200	$ 63,200	$ 56,400
Outside basis differences in foreign subsidiaries investments	383,700
Future taxable income	314,600	241,200
Deferred tax assets from net operating loss carryforwards	$ 37,200	28,900
Expiration date of NOLs start year	2024
Expiration date of NOLs end year	2043
Deferred tax assets for income tax credit carryforwards	$ 7,900	5,000
Expiration date of tax credit carryforwards start year	2024
Expiration date of tax credit carryforwards end year	2033
Valuation allowances on deferred tax assets	$ 24,940	27,790
Unrecognized tax benefits, if recognized would reduce effective tax rate, amount	37,000	32,400
Deferred tax assets operating loss carryforwards and tax credits	8,600	11,500
Accrued for payment of interest and penalties associated with unrecognized tax benefits	10,100	$ 5,700
Amount of unrecognized tax benefits that could be reduced over next twelve months	$ 6,200

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Aug. 26, 2023

Equity.

Changes in Accumulated Other Comprehensive Loss


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

Balance at August 28, 2021	$	(287,638)	$	589	$	(20,937)	$	(307,986)
Other Comprehensive Income (Loss) before reclassifications		7,448		(2,760)		—		4,688
Amounts reclassified from Accumulated Other Comprehensive Loss⁽²⁾		—		—		2,762		2,762
Balance at August 27, 2022		(280,190)		(2,171)		(18,175)		(300,536)
Other Comprehensive Income before reclassifications		103,633		472		3,635		107,740
Amounts reclassified from Accumulated Other Comprehensive Loss⁽²⁾		—		(152)		2,112		1,960
Balance at August 26, 2023	$	(176,557)	$	(1,851)	$	(12,428)	$	(190,836)

(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 shown are net of taxes/tax benefits.

Share-Based Payments - Weighted Average for Key Assumptions Used in Determining Fair Value of Options Granted and Related Share-Based Compensation Expense (Detail)	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Share-Based Payments
Expected price volatility	29.00%	28.00%	28.00%
Risk-free interest rate	3.80%	1.10%	0.40%
Weighted average expected lives (in years)	5 years 6 months	5 years 7 months 6 days	5 years 7 months 6 days
Forfeiture rate	10.00%	10.00%	10.00%
Dividend yield	0.00%	0.00%	0.00%

Significant Accounting Policies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Aug. 26, 2023 USD ($) class store shares	Aug. 27, 2022 USD ($) shares	Aug. 28, 2021 USD ($) shares
Significant Accounting Policies [Line Items]
Number of stores with commercial sales program \| store	5,682
Description of reporting periods	The Company’s fiscal year consists of 52 or 53 weeks ending on the last Saturday in August. Fiscal 2023, 2022 and 2021 represented 52 weeks.
Additional capital contributions to tax credit funds	$ 9,300
Cash and cash equivalents	277,054	$ 264,380
Allowances for credit losses	7,700	9,500
Inventory LIFO Reserves	59,000	15,000
Goodwill	302,645	302,645
Self insurance reserve	$ 268,800	264,300
Renewal options and lease term	The leases have varying terms and expire at various dates through 2046. Retail leases typically have initial terms between one and 20 years, with one to six optional renewal periods of one to five years each.
Measure of income tax benefit for uncertain income tax positions	more than 50%
Advertising expense, net of vendor promotional funds	$ 99,500	97,100	$ 85,900
Vendor promotional funds, which reduced advertising expense	$ 62,400	52,100	$ 53,200
Limited warranty period, minimum period (Days)	30 days
Products accounted for total revenues	one class of similar products accounted for approximately 14 percent of the Company’s total revenues. No other class of similar products accounted for 10 percent or more of total revenues
Products accounted for total purchases	no individual vendor provided more than 10 percent of total purchases
Cash Equivalents
Significant Accounting Policies [Line Items]
Maturity period of investments	90 days or less
Settlement term of credit and debit card transaction	less than five days
Credit and debit card receivables included within cash and cash equivalents	$ 88,600	$ 78,400
Product Concentration Risk
Significant Accounting Policies [Line Items]
Number of class of similar products \| class	1
Employee Stock Option [Member]
Significant Accounting Policies [Line Items]
Anti-dilutive shares excluded from the computation of earnings per share \| shares	140,071	142,887	171,652
Minimum [Member] \| Building
Significant Accounting Policies [Line Items]
Estimated useful lives	40 years
Minimum [Member] \| Building Improvements
Significant Accounting Policies [Line Items]
Estimated useful lives	5 years
Minimum [Member] \| Equipment
Significant Accounting Policies [Line Items]
Estimated useful lives	3 years
Minimum [Member] \| Vehicles
Significant Accounting Policies [Line Items]
Finance lease term	1 year
Minimum [Member] \| Land and Building
Significant Accounting Policies [Line Items]
Finance lease term	20 years
Minimum [Member] \| Product Concentration Risk \| Sales Revenue, Net
Significant Accounting Policies [Line Items]
Concentration risk percentage	10.00%
Minimum [Member] \| Supplier Concentration Risk \| Cost of Goods, Total [Member]
Significant Accounting Policies [Line Items]
Concentration risk percentage	10.00%
Maximum [Member] \| Building
Significant Accounting Policies [Line Items]
Estimated useful lives	50 years
Maximum [Member] \| Building Improvements
Significant Accounting Policies [Line Items]
Estimated useful lives	15 years
Maximum [Member] \| Equipment
Significant Accounting Policies [Line Items]
Estimated useful lives	10 years
Maximum [Member] \| Vehicles
Significant Accounting Policies [Line Items]
Finance lease term	5 years
Maximum [Member] \| Product Concentration Risk \| Sales Revenue, Net
Significant Accounting Policies [Line Items]
Concentration risk percentage	14.00%
Variable Interest Entity Not Primary Beneficiary
Significant Accounting Policies [Line Items]
Additional capital contributions to tax credit funds	$ 9,300
Variable Interest Entity Not Primary Beneficiary \| Other long-term assets
Significant Accounting Policies [Line Items]
Maximum exposure to losses amount	$ 29,600	$ 14,100
Stores in the United States Including Puerto Rico
Significant Accounting Policies [Line Items]
Number of stores \| store	6,300
Brazil
Significant Accounting Policies [Line Items]
Number of stores \| store	100
Mexico
Significant Accounting Policies [Line Items]
Number of stores \| store	740
Non-US
Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 108,500	$ 86,800

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,528,426	$ 2,429,604	$ 2,170,314

- Definition

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

+ References

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+ Details

Insider Trading Arrangements	4 Months Ended
Insider Trading Arrangements	Aug. 26, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies

12 Months Ended

Aug. 26, 2023

Commitments and Contingencies.

Commitments and Contingencies

Note N – Commitments and Contingencies

Construction commitments, primarily for new stores, totaled approximately $198.9 million at August 26, 2023.

The Company had $134.0 million in outstanding standby letters of credit and $43.1 million in surety bonds as of August 26, 2023, which all have expiration periods of less than one year. A substantial portion of the outstanding standby letters of credit (which are primarily renewed on an annual basis) and surety bonds are used to cover reimbursement obligations to our workers’ compensation carriers. There are no additional contingent liabilities associated with these instruments as the underlying liabilities are already reflected in the Consolidated Balance Sheets. The standby letters of credit and surety bonds arrangements have automatic renewal clauses.

The Company has entered into agreements to make capital contributions to certain tax credit equity investments upon the completion of project milestones. As of August 26, 2023, the Company had commitments to make certain additional capital contributions to one of its tax credit funds totaling $9.3 million in fiscal 2024.

Subsequent Event

12 Months Ended

Aug. 26, 2023

Subsequent Event

Subsequent Event

Note Q – Subsequent Events

Subsequent to year end, the Company initiated the process of issuing Senior Notes under the 2022 Shelf Registration Statement. Proceeds from the debt issuance are projected to be received at the end of October 2023 and will be used for general corporate purposes.

Stock Repurchase Program - Share Repurchase Activity (Detail) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Oct. 16, 2023	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Equity, Class of Treasury Stock [Line Items]
Amount		$ 3,723,289	$ 4,359,991	$ 3,378,321
Shares		1,524,000	2,220,000	2,592,000
Subsequent Events
Equity, Class of Treasury Stock [Line Items]
Amount	$ 512,400
Shares	200,303

Consolidated Statements of Stockholders' Deficit (Parenthetical) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Consolidated Statements of Stockholders' Deficit
Purchase of treasury stock, shares	1,524	2,220	2,592
Excise tax	$ 23.7

Fair Value Measurements - Company's Marketable Debt Securities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Aug. 26, 2023	Aug. 27, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 121,513	$ 112,545
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	39,639	49,768
Other long-term assets	81,874	62,777
Total	121,513	112,545
Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	35,349	49,659
Other long-term assets	71,028	57,301
Total	106,377	106,960
Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	4,290	109
Other long-term assets	10,846	5,476
Total	$ 15,136	$ 5,585

Financing (Tables)

12 Months Ended

Aug. 26, 2023

Financing

Schedule of Debt

The Company’s debt consisted of the following:


	August 26,		August 27,
(in thousands)	2023		2022

2.875% Senior Notes due January 2023, effective interest rate 3.21%	$	—	$	300,000
3.125% Senior Notes due July 2023, effective interest rate 3.26%		—		500,000
3.125% Senior Notes due April 2024, effective interest rate 3.32%		300,000		300,000
3.250% Senior Notes due April 2025, effective interest rate 3.36%		400,000		400,000
3.625% Senior Notes due April 2025, effective interest rate 3.78%		500,000		500,000
3.125% Senior Notes due April 2026, effective interest rate 3.28%		400,000		400,000
5.050% Senior Notes due July 2026, effective interest rate 5.09%		450,000		—
3.750% Senior Notes due June 2027, effective interest rate 3.83%		600,000		600,000
4.500% Senior Notes due February 2028, effective interest rate 4.43%		450,000		—
3.750% Senior Notes due April 2029, effective interest rate 3.86%		450,000		450,000
4.000% Senior Notes due April 2030, effective interest rate 4.09%		750,000		750,000
1.650% Senior Notes due January 2031, effective interest rate 2.19%		600,000		600,000
4.750% Senior Notes due August 2032, effective interest rate 4.76%		750,000		750,000
4.750% Senior Notes due February 2033, effective interest rate 4.70%		550,000		—
5.200% Senior Notes due August 2033, effective interest rate 5.22%		300,000		—
Commercial paper, weighted average interest rate 5.43% and 2.43% at August 26, 2023 and August 27, 2022, respectively		1,209,600		603,400
Total debt before discounts and debt issuance costs		7,709,600		6,153,400
Less: Discounts and debt issuance costs		41,051		31,308
Long-term Debt	$	7,668,549	$	6,122,092

Scheduled Maturities of Debt


	Scheduled
(in thousands)	Maturities

2024	$	1,509,600
2025		900,000
2026		850,000
2027		600,000
2028		450,000
Thereafter		3,400,000
Subtotal		7,709,600
Discount and debt issuance costs		41,051
Total Debt	$	7,668,549

- 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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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Share-Based Payments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of discount on salary and bonus	25.00%
Share-based compensation expense	$ 93,087	$ 70,612	$ 56,112
Share-based compensation expense for unvested awards not yet recognized in earnings	$ 90,100
Weighted average period recognition of share-based compensation expense for unvested awards	2 years 10 months 24 days
Exercise period of vested options after death	1 year
Weighted average grant date fair value of options granted	$ 764.68	$ 463.45	$ 304.31
Intrinsic value of options exercised	$ 424,600	$ 282,700	$ 280,100
Total fair value of options vested	47,900	39,300	44,700
Expense related to the discount on the selling of shares to employees and executives	$ 2,500	$ 3,200	$ 2,500
Shares sold to employees under employee stock purchase plan	5,183	6,238	8,479
Shares purchased from employees at fair value		4,886	7,611
Common stock reserved for future issuance	122,341
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of options granted	10 years
Exercise period of vested options after service period	90 days
Two Thousand Three Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued director fees	$ 11,800	$ 10,400
Additional shares of stock or units	0	0
Accrued director fees in shares	4,822	4,822
Executive Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares sold to employees under employee stock purchase plan	689	709	997
Common stock reserved for future issuance	232,966
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non vested restricted stock unit award	$ 8,200
Estimated weighted average period	2 years 4 months 24 days
Service period	4 years
Employee Stock Option [Member] \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of options from grant date	ten years
2011 Equity Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Debt instrument term	10 years

Marketable Debt Securities (Tables)

12 Months Ended

Aug. 26, 2023

Marketable Debt Securities

Available-for-Sale Marketable Securities


	August 26, 2023
	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized		Fair
(in thousands)	Basis		Gains		Losses		Value

Corporate debt securities	$	31,683	$	17	$	(504)	$	31,196
Government bonds		63,747		—		(1,440)		62,307
Mortgage-backed securities		3,215		—		(213)		3,002
Asset-backed securities and other		25,242		—		(234)		25,008
	$	123,887	$	17	$	(2,391)	$	121,513


	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

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Paragraph 2
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Aug. 26, 2023	Aug. 27, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable debt securities	$ 39,639	$ 49,768
Long-term marketable debt securities	$ 81,874	$ 62,777

Significant Accounting Policies (Policies)

12 Months Ended

Aug. 26, 2023

Significant Accounting Policies

Business

Business: AutoZone, Inc. (“AutoZone” or the “Company”) is the leading retailer and distributor of automotive replacement parts and accessories in the Americas. At the end of fiscal 2023, the Company operated 6,300 stores in the U.S., 740 stores in Mexico and 100 stores in Brazil. Each store carries an extensive product line for cars, sport utility vehicles, vans and light duty trucks, including new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products. At the end of fiscal 2023, in 5,682 of the domestic stores as well as the vast majority of our stores in Mexico and Brazil, we had a commercial sales program that provided commercial credit and prompt delivery of parts and other products to local, regional and national repair garages, dealers, service stations, fleet owners and other accounts. The Company also sells automotive hard parts, maintenance items, accessories, and non-automotive products through www.autozone.com, and its commercial customers can make purchases through www.autozonepro.com.Additionally, the Company sells the ALLDATA brand automotive diagnostic, repair, collision and shop management software through www.alldata.com. The Company also provides product information on its Duralast branded products through www.duralastparts.com. The Company does not derive revenue from automotive repair or installation services.

Fiscal Year

Fiscal Year: The Company’s fiscal year consists of 52 or 53 weeks ending on the last Saturday in August. Fiscal 2023, 2022 and 2021 represented 52 weeks.

Basis of Presentation

Basis of Presentation: The Consolidated Financial Statements include the accounts of AutoZone, Inc. and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

Variable Interest Entities

Variable Interest Entities: The Company invests in certain tax credit funds that promote renewable energy and generate a return primarily through the realization of federal tax credits. The deferral method is used to account for the tax attributes of these investments.

The Company considers its investment in these tax credit funds as an investment in a variable interest entity (“VIE”). The Company evaluates the investment in any VIE to determine whether it is the primary beneficiary. The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities. As of August 26, 2023, the Company held tax credit equity investments that were deemed to be VIE’s and determined that it was not the primary beneficiary of the entities, as it did not have the power to direct the activities that most significantly impacted the entity and accounted for this investment using the equity method. The Company’s maximum exposure to losses is generally limited to its net investment, which was $29.6 million as of August 26, 2023 and $14.1 million as of August 27, 2022 and was included within the Other long-term assets caption in the accompanying Consolidated Balance Sheets. As of August 26, 2023, the Company had commitments to make certain additional capital contributions to one of its tax credit funds totaling $9.3 million.

Use of Estimates

Use of Estimates: Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities to prepare these financial statements. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and Cash Equivalents: Cash equivalents consist of investments with original maturities of 90 days or less. Cash equivalents include proceeds due from credit and debit card transactions with settlement terms of less than five days. Credit and debit card receivables included within cash and cash equivalents were $88.6 million at August 26, 2023 and $78.4 million at August 27, 2022.

Cash balances are held in various locations around the world. Cash and cash equivalents of $108.5 million and $86.8 million were held outside of the U.S. as of August 26, 2023, and August 27, 2022, respectively, and were generally utilized to support the liquidity needs in foreign operations.

Accounts Receivable

Accounts Receivable: Effective in fiscal 2021, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), which requires the Company to estimate all expected credit losses for financial assets measured at amortized cost basis, including trade receivables, based on historical experience, current market conditions and supportable forecasts. The Company’s accounts receivable primarily consists of receivables from commercial customers. The Company routinely grants credit to certain commercial customers on a short-term basis consisting primarily of daily, weekly or monthly terms. The risk of credit loss in its trade receivables is substantially mitigated by the Company’s credit evaluation process, short collection terms and diversification of customers, as well as the low dollar value for its typical sales transaction.

Receivables are presented net of an allowance for credit losses. Allowances for expected credit losses are determined based on historical experience, the current economic environment, our expectations of future economic conditions and the current evaluation of the composition of accounts receivable. The Company will apply adjustments for specific factors and current economic conditions as needed at each reporting date. The Company’s allowance for credit losses is included in “Accounts receivable” on the accompanying Consolidated Balance Sheets as of August 26, 2023 and August 27, 2022. The balance of the allowance for credit losses was $7.7 million at August 26, 2023, and $9.5 million at August 27, 2022.

Vendor Receivables

Vendor Receivables: The Company’s vendor receivables primarily consist of balances arising from its vendors through a variety of programs and arrangements, including rebates, allowances, promotional funds and reimbursement of specific, incremental, identifiable costs incurred by the Company in selling the vendors’ products. The amounts to be received are prescribed by the terms of the vendor agreements and therefore collection of such amounts is generally not at risk. The Company regularly reviews vendor receivables for collectability and assesses the need for an allowance for credit losses based on an evaluation of the vendors’ financial positions and corresponding abilities to meet financial obligations. Management does not believe there is a reasonable likelihood that the Company will be unable to collect the receivables from vendors and did not record a reserve for expected credit losses from vendors in the Consolidated Financial Statements as of August 26, 2023 and August 27, 2022.

Merchandise Inventories

Merchandise Inventories: Merchandise inventories include related purchasing, storage and handling costs. Inventory cost has been determined using the last-in, first-out (“LIFO”) method stated at the lower of cost or market for domestic inventories and the weighted average cost method stated at the lower of cost or net realizable value for Mexico and Brazil inventories. Due to recent price inflation on the Company’s merchandise purchases, primarily driven by increased freight costs, the Company’s LIFO credit reserve balance was $59.0 million at August 26, 2023 and $15.0 million at August 27, 2022. Increases to the Company’s LIFO credit reserve balance are recorded as a non-cash charge to cost of sales and decreases are recorded as a non-cash benefit to cost of sales.

Marketable Debt Securities

Marketable Debt Securities: The Company invests a portion of its assets held by the Company’s wholly owned insurance captive in marketable debt securities and classifies them as available-for-sale. The Company includes these marketable debt securities within the Other current assets and Other long-term assets captions in the accompanying Consolidated Balance Sheets and records the amounts at fair market value, which is determined using quoted market prices at the end of the reporting period. (Refer to “Note E – Fair Value Measurements” and “Note F – Marketable Debt Securities” for a discussion of marketable debt securities.)

Property and Equipment

Property and Equipment: Property and equipment is stated at cost. Property consists of land, which includes finance leases – real estate, buildings and improvements, equipment, which includes finance leases – vehicles, and construction in progress. Depreciation and amortization are computed principally using the straight-line method over the following estimated useful lives: buildings, 40 to 50 years; building improvements, 5 to 15 years; equipment, including software, 3 to 10 years; and leasehold improvements, over the shorter of the asset’s estimated useful life or the remaining lease term, which includes any reasonably assured renewal periods. Depreciation and amortization include amortization of assets under finance leases.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets: The Company evaluates the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. When such an event occurs, the Company compares the sum of the undiscounted expected future cash flows of the asset (asset group) with the carrying amounts of the asset. If the undiscounted expected future cash flows are less than the carrying value of the assets, the Company measures the amount of impairment loss as the amount by which the carrying amount of the assets exceeds the fair value of the assets.

Goodwill

Goodwill: The cost in excess of fair value of identifiable net assets of businesses acquired is recorded as goodwill. Goodwill has not been amortized since fiscal 2001, but an analysis is performed at least annually to compare the fair value of the reporting unit to the carrying amount to determine if any impairment exists. The Company had approximately $302.6 million of goodwill, which is allocated to the Auto Parts Stores operating segment at August 26, 2023 and August 27, 2022. The Company performs its annual impairment assessment in the fourth quarter of each fiscal year, unless circumstances dictate more frequent assessments. In the fourth quarter of fiscal 2023 and 2022, the Company concluded its remaining goodwill was not impaired.

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities: AutoZone is exposed to market risk from, among other things, changes in interest rates, foreign exchange rates and fuel prices. From time to time, the Company uses various derivative instruments to reduce such risks. To date, based upon the Company’s current level of foreign operations, no derivative instruments have been utilized to reduce foreign exchange rate risk. All of the Company’s hedging activities are governed by guidelines that are authorized by AutoZone’s Board of Directors (the “Board”). Further, the Company does not buy or sell derivative instruments for trading purposes.

AutoZone’s financial market risk results primarily from changes in interest rates. At times, AutoZone reduces its exposure to changes in interest rates by entering into various interest rate hedge instruments such as interest rate swap contracts, treasury lock agreements and forward-starting interest rate swaps. All of the Company’s interest rate hedge instruments are designated as cash flow hedges. (Refer to “Note H – Derivative Financial Instruments” for additional disclosures regarding the Company’s derivative instruments and hedging activities.) Cash flows related to these instruments designated as qualifying hedges are reflected in the accompanying Consolidated Statements of Cash Flows in the same categories as the cash flows from the items being hedged. The resulting gain or loss from such settlement is deferred to Accumulated Other Comprehensive Loss and reclassified to interest expense over the term of the underlying debt. This reclassification of the deferred gains and losses impacts the interest expense recognized on the underlying debt that was hedged.

Foreign Currency

Foreign Currency: The Company accounts for its foreign operations using the local market currency and converts its financial statements from these currencies to U.S. dollars. The cumulative loss on currency translation is recorded as a component of Accumulated Other Comprehensive Loss (Refer to “Note G – Accumulated Other Comprehensive Loss” for additional information regarding the Company’s Accumulated Other Comprehensive Loss.)

Self-Insurance Reserves

Self-Insurance Reserves: The Company retains a significant portion of the risks associated with workers’ compensation, general liability, product liability, property and vehicle insurance. The Company obtains third party insurance to limit the exposure related to certain of these risks. The reserve for the Company’s liability associated with these risks totaled $268.8 million and $264.3 million at August 26, 2023 and August 27, 2022, respectively.

The assumptions made by management in estimating its self-insurance reserves include consideration of historical cost experience, judgments about the present and expected levels of cost per claim and retention levels. The Company utilizes various methods, including analyses of historical trends and use of a specialist, to estimate the costs to settle reported claims and claims incurred but not yet reported. The actuarial methods develop estimates of the future ultimate claim costs based on claims incurred as of the balance sheet date. When estimating these liabilities, the Company considers factors, such as the severity, duration and frequency of claims, legal costs associated with claims, healthcare trends and projected inflation of related factors.

The Company’s liabilities for workers’ compensation, general and product liability, property and vehicle claims do not have scheduled maturities; however, the timing of future payments is predictable based on historical patterns and

is relied upon in determining the current portion of these liabilities. Accordingly, the Company reflects the net present value of the obligations it determines to be long-term using the risk-free interest rate as of the balance sheet date.

Leases

Leases: The Company leases certain retail stores, distribution centers and vehicles under various non-callable leases. Leases are recorded on their commencement date, which is the date the Company takes possession or control of the underlying asset. Most of the Company’s leases are operating leases; however, certain land and vehicles are leased under finance leases. The leases have varying terms and expire at various dates through 2046. Retail leases typically have initial terms between one and 20 years, with one to six optional renewal periods of one to five years each. Finance leases for vehicles typically have original terms between one and five years, and finance leases for real estate typically have terms of 20 or more years. The Company subleases certain properties that are not used in its operations. Sublease income was not significant for the periods presented.

Lease-related assets and liabilities are recognized for all leases with an initial term of 12 months or greater. The exercise of lease renewal options is at the Company’s sole discretion. The Company evaluates renewal options at commencement and on an ongoing basis and includes options that are reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities.

Certain lease agreements require variable payments based upon actual costs of common-area maintenance, real estate taxes and insurance. Lease components are not separated from the non-lease components (typically fixed common-area maintenance costs at its retail store locations) for all classes of leased assets, except vehicles which contain variable non-lease components that are expensed as incurred. The Company uses the stated borrowing rate in determining the present value of the lease payments over the lease term for vehicles. The Company’s incremental borrowing rate is used to determine the present value of the lease payments over the lease term for substantially all the operating and financing leases for retail stores, distribution centers and other real estate, as these leases typically do not have a stated borrowing rate. For operating leases that commenced prior to the date of adoption of ASU 2016-02 – Leases (Topic 842), the Company used the incremental borrowing rate that corresponded to the remaining lease term as of the date of adoption. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. (Refer to “Note M – Leases” for additional disclosures regarding the Company’s leases.)

Financial Instruments

Financial Instruments: 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. (Refer to “Note I – Financing” for a discussion of the carrying values and fair values of the Company’s debt, “Note F – Marketable Debt Securities” for additional disclosures related to marketable debt securities and “Note H – Derivative Financial Instruments” for additional information regarding derivatives.)

Income Taxes

Income Taxes: The Company accounts for income taxes under the liability method. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Our effective tax rate is based on income by tax jurisdiction, statutory rates and tax saving initiatives available to the Company in the various jurisdictions in which we operate.

The Company recognizes liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company reevaluates these uncertain tax positions on a quarterly basis or when new information becomes available to management. These reevaluations are based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, successfully settled issues under audit, expirations due to statutes and new audit activity. Such a change in recognition or measurement could result in the recognition of a tax benefit or an increase to the tax accrual.

The Company classifies interest related to income tax liabilities, and if applicable, penalties, as a component of Income tax expense. The income tax liabilities and accrued interest and penalties are expected to be payable within one year of the balance sheet date are presented within the Accrued expenses and other caption in the accompanying Consolidated Balance Sheets. The remaining portion of the income tax liabilities and accrued interest and penalties are presented within the Other long-term liabilities caption in the accompanying Consolidated Balance Sheets because payment of cash is not anticipated within one year of the balance sheet date. (Refer to “Note D – Income Taxes” for additional disclosures regarding the Company’s income taxes.)

Sales and Use Taxes

Sales and Use Taxes: Governmental authorities assess sales and use taxes on the sale of goods and services. The Company excludes taxes collected from customers in its reported sales results; such amounts are included within the Accrued expenses and other caption until remitted to the taxing authorities.

Dividends

Dividends: The Company currently does not pay a dividend on its common stock. The ability to pay dividends is subject to limitations imposed by Nevada law. Under Nevada law, any future payment of dividends would be dependent upon the Company’s financial condition, capital requirements, earnings and cash flow.

Revenue Recognition

Revenue Recognition: The Company’s primary source of revenue is derived from the sale of automotive aftermarket parts and merchandise to its retail and commercial customers. Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied, in an amount representing the consideration the Company expects to receive in exchange for selling products to its customers. Shipping and handling activities are considered activities to fulfill the order, and therefore are not evaluated as a separate performance obligation. Sales are recorded net of variable consideration in the period incurred, including discounts, sales incentives and rebates, sales taxes and estimated sales returns. Sales returns are based on historical return rates. The Company may enter into contracts that include multiple combinations of products and services, which are accounted for as separate performance obligations and do not require significant judgment.

The Company’s performance obligations are typically satisfied when the customer takes possession of the merchandise. Revenue from retail customers is recognized when the customer leaves our store with the purchased products, typically at the point of sale or for E-commerce orders when the product is shipped. Revenue from commercial customers is recognized upon delivery, typically same-day. Payment from retail customers is at the point of sale and payment terms for commercial customers are based on the Company’s pre-established credit requirements and generally range from 1 to 30 days. Discounts, sales incentives and rebates are treated as separate performance obligations, and revenue allocated to these performance obligations is recognized as the obligations to the customer are satisfied. Additionally, the Company estimates and records gift card breakage as redemptions occur. The Company offers diagnostic, repair, collision and shop management information software used in the automotive repair industry through ALLDATA. This revenue is recognized as services are provided. Revenue from these services is recognized over the life of the contract.

A portion of the Company’s transactions include the sale of auto parts that contain a core component. The core component represents the recyclable portion of the auto part. Customers are not charged for the core component of the new part if a used core is returned at the point of sale of the new part; otherwise the Company charges customers a specified amount for the core component. The Company refunds that same amount in the event the customer returns a used core to the store at a later date. The Company does not recognize sales or cost of sales for the core component of these transactions when a used part is returned or expected to be returned from the customer.

There were no material contract assets, liabilities or deferred costs recorded on the Consolidated Balance Sheet as of August 26, 2023 and August 27, 2022. Revenue related to unfulfilled performance obligations as of August 26, 2023 and August 27, 2022 is not significant. (Refer to “Note P – Segment Reporting” for additional information related to revenue recognized during the period.)

Vendor Allowances and Advertising Costs

Vendor Allowances and Advertising Costs: The Company receives various payments and allowances from its vendors through a variety of programs and arrangements. Monies received from vendors include rebates, allowances and promotional funds. The amounts to be received are subject to the terms of the vendor agreements, which generally do not state an expiration date, but are subject to ongoing negotiations that may be impacted in the future

based on changes in market conditions, vendor marketing strategies and changes in the profitability or sell-through of the related merchandise.

Rebates and other miscellaneous incentives are earned based on purchases or product sales and are accrued ratably over the purchase or sale of the related product. These monies are generally recorded as a reduction of merchandise inventories and are recognized as a reduction to cost of sales as the related inventories are sold.

For arrangements that provide for reimbursement of specific, incremental, identifiable costs incurred by the Company in selling the vendors’ products, the vendor funds are recorded as a reduction to Operating, selling, general and administrative expenses in the period in which the specific costs were incurred.

The Company expenses advertising costs as incurred. Advertising expense, net of vendor promotional funds, was $99.5 million in fiscal 2023, $97.1 million in fiscal 2022 and $85.9 million in fiscal 2021. Vendor promotional funds, which reduced advertising expense, amounted to $62.4 million in fiscal 2023, $52.1 million in fiscal 2022 and $53.2 million in fiscal 2021.

Cost of Sales and Operating, Selling, General and Administrative Expenses

Cost of Sales and Operating, Selling, General and Administrative Expenses: The following illustrates the primary costs classified in each major expense category:

Cost of Sales

●

Total cost of merchandise sold, including:

o

Freight expenses associated with moving merchandise inventories from the Company’s vendors to the distribution centers;

o

Vendor allowances that are not reimbursements for specific, incremental and identifiable costs

●

Costs associated with operating the Company’s supply chain, including payroll and benefits, warehouse occupancy, transportation and depreciation; and

●

Inventory shrinkage

Operating, Selling, General and Administrative Expenses

●

Payroll and benefits for store, field leadership and store support employees;

●

Occupancy of store and store support facilities;

●

Depreciation and amortization related to store and store support assets;

●

Transportation associated with field leadership, commercial sales force and deliveries from stores;

●

Advertising;

●

Self-insurance; and

●

Other administrative costs, such as credit card transaction fees, legal costs, supplies and travel and lodging

Warranty Costs

Warranty Costs: The Company or the vendors supplying its products provides the Company’s customers limited warranties on certain products that range from 30 days to lifetime. In most cases, the Company’s vendors are primarily responsible for warranty claims. Warranty costs relating to merchandise sold under warranty not covered by vendors are estimated and recorded as warranty obligations at the time of sale based on each product’s historical return rate. These obligations, which are often funded by vendor allowances, are recorded within the Accrued expenses and other caption in the Consolidated Balance Sheets. For vendor allowances in excess of the related estimated warranty expense for the vendor’s products, the excess is recorded in inventory and recognized as a reduction to cost of sales as the related inventory is sold.

Pre-opening Expenses

Pre-opening Expenses: Pre-opening expenses, which consist primarily of payroll and occupancy costs, are expensed as incurred.

Earnings per Share

Earnings per Share: Basic earnings per share is based on the weighted average outstanding common shares. Diluted earnings per share is based on the weighted average outstanding common shares adjusted for the effect of

common stock equivalents, which are primarily stock options. There were 140,071, 142,887 and 171,652 stock options excluded for the year ended August 26, 2023, August 27, 2022 and August 28, 2021, respectively, because they would have been anti-dilutive.

Share-Based Payments

Share-Based Payments: Share-based payments include stock option grants, restricted stock, restricted stock units, stock appreciation rights and other transactions under the Company’s equity incentive plans. The Company recognizes compensation expense for its share-based payments over the requisite service period based on the fair value of the awards. The Company uses the Black-Scholes option pricing model to calculate the fair value of stock options. The value of restricted stock is based on the stock price of the award on the grant date. (Refer to “Note B – Share-Based Payments” for further discussion.)

Risk and Uncertainties

Risk and Uncertainties: In fiscal 2023, one class of similar products accounted for approximately 14 percent of the Company’s total revenues. No other class of similar products accounted for 10 percent or more of total revenues, and no individual vendor provided more than 10 percent of total purchases.

Recently Adopted 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.

Recent Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements:

In September 2022, the FASB issued ASU 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50). This ASU requires buyers in a supplier finance program to disclose sufficient qualitative and quantitative information about the program to allow a reader of the financial statements to understand the program’s nature, activity during the period, changes from period to period and the program’s potential magnitude. This ASU is effective for all companies for fiscal years beginning after December 15, 2022, including interim periods within those years, and requires retrospective adoption. Early adoption is permitted. The Company expects to adopt this standard beginning with its first quarter ending November 18, 2023. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

Stock Repurchase Program

12 Months Ended

Aug. 26, 2023

Equity.

Stock Repurchase Program

Note K – Stock Repurchase Program

During 1998, the Company announced a program permitting the Company to repurchase a portion of its outstanding shares not to exceed a dollar maximum established by the Company’s Board of Directors. The Board voted to increase the repurchase authorization by $1.5 billion on October 5, 2021, $1.5 billion on December 15, 2021, $2.0 billion on March 22, 2022, $2.5 billion on October 4, 2022 and $2.0 billion on June 14, 2023 bringing the total authorization to $35.7 billion. The Company has $1.8 billion remaining under the Board’s authorization to repurchase its common stock.

The Company’s share repurchase activity consisted of the following:


	Year Ended
	August 26,		August 27,		August 28,
(in thousands)	2023		2022		2021

Amount⁽¹⁾	$	3,723,289	$	4,359,991	$	3,378,321
Shares		1,524		2,220		2,592

(1)	Inclusive of excise tax of $23.7 million for the year ended August 26, 2023. The excise tax is assessed at one percent of the fair market value of net stock repurchases after December 31, 2022.

During fiscal year 2023, the Company retired 2.1 million shares of treasury stock which had previously been repurchased under the Company’s share repurchase program. The retirement increased Retained deficit by $4.2 billion and decreased Additional paid-in capital by $143.4 million. During the comparable prior year period, the Company retired 2.5 million shares of treasury stock, which increased Retained deficit by $3.3 billion and decreased Additional paid-in capital by $293.0 million.

Subsequent to August 26, 2023 and through October 16, 2023, the Company has repurchased 200,303 shares of common stock at an aggregate cost of $512.4 million. Considering the cumulative repurchases through October 16, 2023, the Company has $1.3 billion remaining under the Board’s authorization to repurchase its common stock.

401(k) Savings Plans

12 Months Ended

Aug. 26, 2023

401(k) Savings Plans

401(k) Savings Plans

Note L – 401(k) Savings Plan

The Company has a 401(k) plan that covers all domestic employees who meet the plan’s participation requirements. The plan features include Company matching contributions, immediate 100% vesting of Company contributions and a savings option up to 25% of qualified earnings. The Company makes matching contributions, per pay period, up to a specified percentage of employees’ contributions as approved by the Board. The Company made matching contributions to employee accounts in connection with the 401(k) plan of $37.3 million in fiscal 2023, $37.9 million in fiscal 2022 and $34.1 million in fiscal 2021.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Marketable Debt Securities - Additional Information (Detail) $ in Thousands	Aug. 26, 2023 USD ($) security	Aug. 27, 2022 USD ($)
Marketable Debt Securities
Available for sale securities debt maturity period range	less than one year to approximately three years
Number of securities available for sale loss position \| security	75
Unrealized loss on securities	$ 2,391	$ 2,783
Marketable securities transferred	$ 105,000	$ 91,100

Significant Accounting Policies

12 Months Ended

Aug. 26, 2023

Significant Accounting Policies

Significant Accounting Policies

Note A – Significant Accounting Policies

Fiscal Year: The Company’s fiscal year consists of 52 or 53 weeks ending on the last Saturday in August. Fiscal 2023, 2022 and 2021 represented 52 weeks.

based on changes in market conditions, vendor marketing strategies and changes in the profitability or sell-through of the related merchandise.

Cost of Sales and Operating, Selling, General and Administrative Expenses: The following illustrates the primary costs classified in each major expense category:

Cost of Sales

●

Total cost of merchandise sold, including:

o

Freight expenses associated with moving merchandise inventories from the Company’s vendors to the distribution centers;

o

Vendor allowances that are not reimbursements for specific, incremental and identifiable costs

●

Costs associated with operating the Company’s supply chain, including payroll and benefits, warehouse occupancy, transportation and depreciation; and

●

Inventory shrinkage

Operating, Selling, General and Administrative Expenses

●

Payroll and benefits for store, field leadership and store support employees;

●

Occupancy of store and store support facilities;

●

Depreciation and amortization related to store and store support assets;

●

Transportation associated with field leadership, commercial sales force and deliveries from stores;

●

Advertising;

●

Self-insurance; and

●

Other administrative costs, such as credit card transaction fees, legal costs, supplies and travel and lodging

Pre-opening Expenses: Pre-opening expenses, which consist primarily of payroll and occupancy costs, are expensed as incurred.

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements:

Interest Expense - Net Interest Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Other Income and Expenses [Abstract]
Interest expense	$ 320,121	$ 198,883	$ 202,326
Interest income	(12,054)	(6,048)	(5,417)
Capitalized interest	(1,695)	(1,197)	(1,572)
Net Interest Expense	$ 306,372	$ 191,638	$ 195,337

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Accumulated Other Comprehensive Loss

12 Months Ended

Aug. 26, 2023

Equity.

Accumulated Other Comprehensive Loss

Note G – Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss includes certain adjustments to foreign currency translation adjustments, certain activity for interest rate swaps and treasury rate locks that qualify as cash flow hedges and unrealized gains (losses) on available-for-sale marketable debt securities. Changes in Accumulated Other Comprehensive Loss consisted of the following:


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

Balance at August 28, 2021	$	(287,638)	$	589	$	(20,937)	$	(307,986)
Other Comprehensive Income (Loss) before reclassifications		7,448		(2,760)		—		4,688
Amounts reclassified from Accumulated Other Comprehensive Loss⁽²⁾		—		—		2,762		2,762
Balance at August 27, 2022		(280,190)		(2,171)		(18,175)		(300,536)
Other Comprehensive Income before reclassifications		103,633		472		3,635		107,740
Amounts reclassified from Accumulated Other Comprehensive Loss⁽²⁾		—		(152)		2,112		1,960
Balance at August 26, 2023	$	(176,557)	$	(1,851)	$	(12,428)	$	(190,836)

(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 shown are net of taxes/tax benefits.

Leases - Lease Cost (Detail) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Detail) - USD ($) $ in Thousands	Aug. 26, 2023	Aug. 27, 2022
Amortization of lease assets	$ 132,500	$ 97,200
Total lease cost	524,283	470,563
Depreciation and amortization
Amortization of lease assets	71,913	65,212
Interest expense, net
Interest on lease liabilities	14,608	4,351
Selling, general and administrative expenses
Operating lease cost	$ 437,762	$ 401,000

Interest Expense

12 Months Ended

Aug. 26, 2023

Interest Expense

Interest Expense

Note J – Interest Expense

Net interest expense consisted of the following:


	Year Ended
	August 26,		August 27,		August 28,
(in thousands)	2023		2022		2021

Interest expense	$	320,121	$	198,883	$	202,326
Interest income		(12,054)		(6,048)		(5,417)
Capitalized interest		(1,695)		(1,197)		(1,572)
	$	306,372	$	191,638	$	195,337

Accrued Expenses and Other (Tables)

12 Months Ended

Aug. 26, 2023

Accrued Expenses and Other

Schedule of Accrued Expenses

Accrued expenses and other consisted of the following:


	August 26,		August 27,
(in thousands)	2023		2022

Accrued compensation, related payroll taxes and benefits	$	343,379	$	414,892
Property, sales and other taxes		165,731		153,305
Medical and casualty insurance claims (current portion)		127,624		115,201
Finance lease liabilities		86,916		92,877
Accrued gift cards		59,254		52,237
Accrued interest		54,493		50,696
Accrued sales and warranty returns		43,355		35,696
Other		120,089		93,797
	$	1,000,841	$	1,008,701

Marketable Debt Securities - Available-for-Sale Marketable Securities (Detail) - USD ($) $ in Thousands	Aug. 26, 2023	Aug. 27, 2022
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	$ 123,887	$ 115,327
Available-For-Sale Marketable Securities, Gross Unrealized Gains	17	1
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(2,391)	(2,783)
Available-For-Sale Marketable Securities, Fair Value	121,513	112,545
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	31,683	15,293
Available-For-Sale Marketable Securities, Gross Unrealized Gains	17	1
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(504)	(298)
Available-For-Sale Marketable Securities, Fair Value	31,196	14,996
Government bonds
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	63,747	88,903
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(1,440)	(1,963)
Available-For-Sale Marketable Securities, Fair Value	62,307	86,940
Mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	3,215	4,600
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(213)	(243)
Available-For-Sale Marketable Securities, Fair Value	3,002	4,357
Asset-backed securities and other
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	25,242	6,531
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(234)	(279)
Available-For-Sale Marketable Securities, Fair Value	$ 25,008	$ 6,252

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Fair Value Measurements

12 Months Ended

Aug. 26, 2023

Fair Value Measurements

Fair Value Measurements

Note E – 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:


	August 26, 2023
(in thousands)	Level 1		Level 2		Level 3		Fair Value

Other current assets	$	35,349	$	4,290	$	—	$	39,639
Other long-term assets		71,028		10,846		—		81,874
	$	106,377	$	15,136	$	—	$	121,513


	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 August 26, 2023, the fair value measurement amounts for assets and liabilities recorded in the accompanying Consolidated Balance Sheet consisted of short-term marketable debt securities of $39.6 million, which are included within Other current assets and long-term marketable debt securities of $81.9 million, which are included within 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 debt securities, including benchmark yields and reported trades.

A discussion on how the Company’s cash flow hedges are valued is included in “Note H – Derivative Financial Instruments,” while the fair values of the marketable debt securities by asset class are described in “Note F – Marketable Debt Securities.”

Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis

Certain non-financial assets and liabilities are required to be measured at fair value on a non-recurring basis in certain circumstances, including the event of impairment. These non-financial assets and liabilities could include assets and liabilities acquired in an acquisition as well as goodwill, intangible assets and property, plant and equipment that are determined to be impaired. At August 26, 2023, the Company did not have any other significant non-financial assets or liabilities that had been measured at fair value on a non-recurring basis subsequent to initial recognition.

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 I – 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

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Consolidated Statements of Income
Net sales	$ 17,457,209	$ 16,252,230	$ 14,629,585
Cost of sales, including warehouse and delivery expenses	8,386,787	7,779,580	6,911,800
Gross profit	9,070,422	8,472,650	7,717,785
Operating, selling, general and administrative expenses	5,596,436	5,201,921	4,773,258
Operating profit	3,473,986	3,270,729	2,944,527
Interest expense, net	306,372	191,638	195,337
Income before income taxes	3,167,614	3,079,091	2,749,190
Income tax expense	639,188	649,487	578,876
Net income	$ 2,528,426	$ 2,429,604	$ 2,170,314
Weighted average shares for basic earnings per share	18,510	20,107	22,237
Effect of dilutive stock equivalents	593	626	562
Weighted average shares for diluted earnings per share	19,103	20,733	22,799
Basic earnings per share	$ 136.60	$ 120.83	$ 97.60
Diluted earnings per share	$ 132.36	$ 117.19	$ 95.19

Litigation

12 Months Ended

Aug. 26, 2023

Litigation

Litigation

Note O – Litigation

The Company is involved in various legal proceedings incidental to the conduct of its business, including, but not limited to, claims and allegations related to wage and hour violations, unlawful termination, employment practices, product liability, privacy and cybersecurity, environmental matters, intellectual property rights or regulatory compliance. The Company does not currently believe that, either individually or in the aggregate, these matters will result in liabilities material to the Company’s financial condition, results of operations or cash flows.

Stock Repurchase Program (Tables)

12 Months Ended

Aug. 26, 2023

Equity.

Summarize Company's Share Repurchase Activity

The Company’s share repurchase activity consisted of the following:


	Year Ended
	August 26,		August 27,		August 28,
(in thousands)	2023		2022		2021

Amount⁽¹⁾	$	3,723,289	$	4,359,991	$	3,378,321
Shares		1,524		2,220		2,592

(1)	Inclusive of excise tax of $23.7 million for the year ended August 26, 2023. The excise tax is assessed at one percent of the fair market value of net stock repurchases after December 31, 2022.

Segment Reporting (Tables)

12 Months Ended

Aug. 26, 2023

Segment Reporting

Segment Results


	Year Ended
	August 26,		August 27,		August 28,
(in thousands)	2023		2022		2021

Net Sales
Auto Parts Stores	$	17,145,137	$	15,963,196	$	14,381,712
Other		312,072		289,034		247,873
Total	$	17,457,209	$	16,252,230	$	14,629,585

Segment Profit
Auto Parts Stores	$	8,885,403	$	8,301,234	$	7,556,889
Other		185,019		171,416		160,896
Gross profit		9,070,422		8,472,650		7,717,785
Operating, selling, general and administrative expenses		(5,596,436)		(5,201,921)		(4,773,258)
Interest expense, net		(306,372)		(191,638)		(195,337)
Income before income taxes	$	3,167,614	$	3,079,091	$	2,749,190

Segment Assets:
Auto Parts Stores	$	15,664,891	$	15,060,704	$	14,398,581
Other		320,987		214,339		117,618
Total	$	15,985,878	$	15,275,043	$	14,516,199

Capital Expenditures:
Auto Parts Stores	$	775,601	$	650,495	$	602,329
Other		21,056		21,896		19,438
Total	$	796,657	$	672,391	$	621,767

Auto Parts Stores Sales by Product Grouping:
Failure	$	8,407,690	$	7,801,155	$	7,048,700
Maintenance items		6,223,620		5,670,278		4,888,763
Discretionary		2,513,827		2,491,763		2,444,249
Auto Parts Stores net sales	$	17,145,137	$	15,963,196	$	14,381,712

Schedule of net sales disaggregated by geographical area


	Year Ended
	August 26,		August 27,		August 28,
	2023		2022		2021

United States	89	%	92	%	93	%
Mexico	10	%	8	%	7	%
Brazil and all other	1	%	—	%	—	%
Total	100	%	100	%	100	%

Share Based Payments - Stock option Activity (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Aug. 26, 2023 USD ($) $ / shares shares
Share-Based Payments
Outstanding, Beginning balance, Number of Shares	1,139,100
Granted, Number of Shares	161,510
Exercised, Number of Shares	(242,920)
Forfeited/Cancelled, Number of Shares	(30,102)
Outstanding, Ending balance, Number of Shares	1,027,588
Exercisable, Number of Shares	651,032
Expected to vest, Number of Shares	359,109
Available for future grants, Number of Shares	862,178
Outstanding, Beginning balance, Weighted Average Exercise Price \| $ / shares	$ 941.28
Granted, Weighted Average Exercise Price \| $ / shares	2,218.35
Exercised, Weighted Average Exercise Price \| $ / shares	708.46
Forfeited/Cancelled, Weighted Average Exercise Price \| $ / shares	1,504.17
Outstanding, Ending balance, Weighted Average Exercise Price \| $ / shares	1,180.39
Exercisable, Weighted Average Exercise Price \| $ / shares	862.98
Expected to vest, Weighted Average Exercise Price \| $ / shares	$ 1,719.64
Outstanding , Weighted-Average Remaining Contractual Term	5 years 11 months 19 days
Exercisable, Weighted-Average Remaining Contractual Term	4 years 8 months 15 days
Expected to vest, Weighted-Average Remaining Contractual Term	8 years 1 month 17 days
Outstanding, Aggregate Intrinsic Value \| $	$ 1,308,493
Exercisable, Aggregate Intrinsic Value \| $	1,035,417
Expected to vest, Aggregate Intrinsic Value \| $	$ 263,838

Share-Based Payments

12 Months Ended

Aug. 26, 2023

Share-Based Payments

Share-Based Payments

Note B – Share-Based Payments

Overview of Share-Based Payment Plans

The Company has several active and inactive equity incentive plans under which the Company has been authorized to grant share-based awards to key employees and non-employee directors. Awards under these plans have been in the form of restricted stock, restricted stock units, stock options, stock appreciation rights and other awards as defined by the plans. The Company also has an Employee Stock Purchase Plan that allows employees to purchase Company shares at a discount subject to certain limitations. The Company also has an Executive Stock Purchase Plan which permits all eligible executives to purchase AutoZone’s common stock using up to twenty-five percent of his or her annual salary and bonus.

Amended and Restated AutoZone, Inc. 2011 Equity Incentive Award Plan

On December 15, 2010, the Company’s stockholders approved the 2011 Equity Incentive Award Plan (the “2011 Plan”), allowing the Company to provide equity-based compensation to non-employee directors and employees for their service to AutoZone or its subsidiaries or affiliates. Prior to the Company’s adoption of the 2011 Plan, equity-based compensation was provided to employees under the 2006 Stock Option Plan and to non-employee directors under the 2003 Director Compensation Plan (the “2003 Comp Plan”).

During fiscal 2016, the Company’s stockholders approved the Amended and Restated AutoZone, Inc. 2011 Equity Incentive Award Plan (the “Amended 2011 Equity Plan”). The Amended 2011 Equity Plan imposes a maximum limit on the compensation, measured as the sum of any cash compensation and the aggregate grant date fair value of awards granted under the Amended 2011 Equity Plan, which may be paid to non-employee directors for such service during any calendar year. The Amended 2011 Equity Plan also applies a ten-year term on the Amended 2011 Equity Plan through December 16, 2025 and extends the Company’s ability to grant incentive stock options under the Amended 2011 Equity Plan through October 7, 2025.

AutoZone, Inc. 2020 Omnibus Incentive Award Plan

On December 16, 2020, the Company’s stockholders approved the AutoZone, Inc. 2020 Omnibus Incentive Award Plan (the “2020 Omnibus Plan”), which serves as the successor to the Amended 2011 Equity Plan. The 2020 Omnibus Plan provides equity-based compensation to our non-employee directors and employees for their service to AutoZone or our subsidiaries or affiliates. Under the 2020 Omnibus Plan, participants may receive equity-based compensation in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, deferred stock, stock payments, performance based awards, cash based awards and other incentive awards structured by the Compensation Committee and the Board within parameters set forth in the 2020 Omnibus Plan.

AutoZone, Inc. Director Compensation Program

Under the Company’s Director Compensation Program (the “Program”), non-employee directors will receive their compensation in awards of restricted stock units under the 2020 Omnibus Plan, with an option for a certain portion of a director’s compensation to be paid in cash at the non-employee director’s election. Under the Program, restricted stock units are granted on January 1 of each year (the “Grant Date”). The number of restricted stock units is determined by dividing the amount of the annual retainer by the fair market value of the shares of common stock as of the Grant Date. The restricted stock units are fully vested on the date of grant and are paid in shares of the Company’s common stock on the first or the fifth anniversary of the Grant Date (at the Director’s election) or if sooner, the date the non-employee director ceases to be a member of the Board (“Separation from Service”). The cash portion of the award, if elected, is paid ratably over each calendar quarter.

Total share-based compensation expense (a component of Operating, selling, general and administrative expenses) was $93.1 million, $70.6 million and $56.1 million for fiscal 2023, 2022 and 2021, respectively.

General terms and methods of valuation for the Company’s share-based awards are as follows:

Stock Options

The Company grants options to purchase common stock to certain of its employees under the 2020 Omnibus Plan at prices equal to the market value of the stock on the date of grant. Options have a term of ten years from grant date. Employee options generally vest in equal annual installments on the first, second, third and fourth anniversaries of the grant date and generally have 90 days after the service relationship ends, or one year after death, to exercise all vested options, unless retirement provisions are met. The fair value of each option grant is separately estimated for each vesting date. 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 Company has estimated the fair value of all stock option awards as of the date of the grant by applying the Black-Scholes-Merton multiple-option pricing valuation model. The following table presents the weighted average

for key assumptions used in determining the fair value of options granted and the related share-based compensation expense:


	Year Ended
	August 26,		August 27,		August 28,
	2023		2022		2021

Expected price volatility	29	%	28	%	28	%
Risk-free interest rate	3.8	%	1.1	%	0.4	%
Weighted average expected lives (in years)	5.5		5.6		5.6
Forfeiture rate	10	%	10	%	10	%
Dividend yield	0	%	0	%	0	%

The following methodologies were applied in developing the assumptions used in determining the fair value of options granted:

Expected price volatility – This is a measure of the amount by which a price has fluctuated or is expected to fluctuate. The Company uses actual historical changes in the market value of its stock to calculate the volatility assumption as it is management’s belief that this is the best indicator of future volatility. The Company calculates daily market value changes from the date of grant over a past period representative of the expected life of the options to determine volatility. An increase in the expected volatility will increase compensation expense.

Risk-free interest rate – This is the U.S. Treasury rate for the week of the grant having a term equal to the expected life of the option. An increase in the risk-free interest rate will increase compensation expense.

Expected lives – This is the period of time over which the options granted are expected to remain outstanding and is based on historical experience. Separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. Options granted have a maximum term of ten years. An increase in the expected life will increase compensation expense.

Forfeiture rate – This is the estimated percentage of options granted that are expected to be forfeited or canceled before becoming fully vested. This estimate is based on historical experience at the time of valuation and reduces expense ratably over the vesting period. An increase in the forfeiture rate will decrease compensation expense. This estimate is evaluated periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimate.

Dividend yield – The Company has not made any dividend payments nor does it have plans to pay dividends in the foreseeable future. An increase in the dividend yield will decrease compensation expense.

The weighted average grant date fair value per share of options granted was $764.68, $463.45 and $304.31 during fiscal 2023, 2022 and 2021, respectively. The intrinsic value of options exercised was $424.6 million, $282.7 million and $280.1 million in fiscal 2023, 2022 and 2021, respectively. The total fair value of options vested was $47.9 million, $39.3 million and $44.7 million in fiscal 2023, 2022 and 2021, respectively.

The Company generally issues new shares when options are exercised. The following table summarizes information about stock option activity for the year ended August 26, 2023:


				Weighted
				Average
				Remaining	Aggregate
		Weighted		Contractual	Intrinsic
	Number	Average		Term	Value
	of Shares	Exercise Price		(in years)	(in thousands)

Outstanding – August 27, 2022	1,139,100	$	941.28
Granted	161,510		2,218.35
Exercised	(242,920)		708.46
Forfeited/Cancelled	(30,102)		1,504.17
Outstanding – August 26, 2023	1,027,588		1,180.39	5.97	$	1,308,493

Exercisable	651,032		862.98	4.71		1,035,417
Expected to vest	359,109		1,719.64	8.13		263,838
Available for future grants	862,178

As of August 26, 2023, total unrecognized share-based compensation expense related to stock options, net of estimated forfeitures, was approximately $90.1 million, before income taxes, and will be recognized over an estimated weighted average period of 2.9 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 and 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.

As of August 26, 2023, total unrecognized stock-based compensation expense related to nonvested restricted stock unit awards, net of estimated forfeitures, was approximately $8.2 million, before income taxes, which we expect to recognize over an estimated weighted average period of 2.4 years.

Transactions related to restricted stock units for the fiscal year ended August 26, 2023 are as follows:


		Weighted-
	Number	Average Grant
	of Shares	Date Fair Value

Nonvested at August 27, 2022	12,731	$	1,223.61
Granted	3,584		2,267.41
Vested	(6,643)		1,276.36
Forfeited	(1,539)		1,581.25
Nonvested at August 26, 2023	8,133	$	1,572.87

Stock Appreciation Rights

At August 26, 2023 and August 27, 2022, the Company had $11.8 million and $10.4 million, respectively of accrued compensation expense. There were 4,822 outstanding units issued under the 2003 Comp Plan and prior plans. As directors retire, this balance will be reduced. No additional shares of stock or units will be issued in future years under the 2003 Comp Plan or prior plans.

Employee Stock Purchase Plan and Executive Stock Purchase Plan

The Company recognized $2.5 million in compensation expense related to the discount on the selling of shares to employees and executives under the various share purchase plans in fiscal 2023, $3.2 million in fiscal 2022 and $2.5 million in fiscal 2021. Under the Employee Plan, 5,183, 6,238 and 8,479 shares were sold to employees in fiscal 2023, 2022 and 2021, respectively. The Company repurchased 4,886 and 7,611 shares in fiscal 2022 and 2021, respectively, all at market value from employees electing to sell their stock. Purchases under the Executive Plan were 689, 709 and 997 shares in fiscal 2023, 2022 and 2021, respectively. Issuances of shares under the Employee Plan are netted against repurchases and such repurchases are not included in share repurchases disclosed in “Note K – Stock Repurchase Program.” At August 26, 2023, 122,341 shares of common stock were reserved for future issuance under the Employee Plan, and 232,966 shares of common stock were reserved for future issuance under the Executive Plan.

Marketable Debt Securities

12 Months Ended

Aug. 26, 2023

Marketable Debt Securities

Marketable Debt Securities

Note F – Marketable Debt Securities

The Company’s basis for determining the cost of a security sold is the “Specific Identification Model.” Unrealized gains (losses) on marketable debt securities are recorded in Accumulated Other Comprehensive Loss. The Company’s available-for-sale marketable debt securities consisted of the following:


	August 26, 2023
	Amortized		Gross		Gross
	Cost		Unrealized		Unrealized		Fair
(in thousands)	Basis		Gains		Losses		Value

Corporate debt securities	$	31,683	$	17	$	(504)	$	31,196
Government bonds		63,747		—		(1,440)		62,307
Mortgage-backed securities		3,215		—		(213)		3,002
Asset-backed securities and other		25,242		—		(234)		25,008
	$	123,887	$	17	$	(2,391)	$	121,513


	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 marketable debt securities held at August 26, 2023, had effective maturities ranging from less than one year to approximately three years. At August 26, 2023, the Company held 75 securities that are in an unrealized loss position of approximately $2.4 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. The Company did not realize any material gains or losses on its marketable debt securities during fiscal 2023, 2022 or 2021.

Included above in total marketable debt securities are $105.0 million and $91.1 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 as of August 26, 2023 and August 27, 2022, respectively.

Interest Expense (Tables)

12 Months Ended

Aug. 26, 2023

Interest Expense

Net Interest Expense

Net interest expense consisted of the following:


	Year Ended
	August 26,		August 27,		August 28,
(in thousands)	2023		2022		2021

Interest expense	$	320,121	$	198,883	$	202,326
Interest income		(12,054)		(6,048)		(5,417)
Capitalized interest		(1,695)		(1,197)		(1,572)
	$	306,372	$	191,638	$	195,337

Financing - Schedule of Debt - Interest Rates And Maturity (Detail)	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Jul. 21, 2023	Jul. 17, 2023	Jan. 27, 2023	Jan. 17, 2023	Aug. 01, 2022
2.875% Senior Notes due January 2023, effective interest rate 3.21%
Debt Instrument [Line Items]
Stated interest rate percentage		2.875%				2.875%
Debt instrument maturity, month and year		2023-01
Effective interest rate		3.21%
3.125% Senior Notes due July 2023, effective interest rate 3.26%
Debt Instrument [Line Items]
Stated interest rate percentage		3.125%		3.125%
Debt instrument maturity, month and year		2023-07
Effective interest rate		3.26%
3.125% Senior Notes due April 2024, effective interest rate 3.32%
Debt Instrument [Line Items]
Stated interest rate percentage	3.125%	3.125%
Debt instrument maturity, month and year	2024-04	2024-04
Effective interest rate	3.32%	3.32%
3.250% Senior Notes due April 2025, effective interest rate 3.36%
Debt Instrument [Line Items]
Stated interest rate percentage	3.25%	3.25%
Debt instrument maturity, month and year	2025-04	2025-04
Effective interest rate	3.36%	3.36%
3.625% Senior Notes due April 2025, effective interest rate 3.78%
Debt Instrument [Line Items]
Stated interest rate percentage	3.625%	3.625%
Debt instrument maturity, month and year	2025-04	2025-04
Effective interest rate	3.78%	3.78%
3.125% Senior Notes due April 2026, effective interest rate 3.28%
Debt Instrument [Line Items]
Stated interest rate percentage	3.125%	3.125%
Debt instrument maturity, month and year	2026-04	2026-04
Effective interest rate	3.28%	3.28%
5.050% Senior Notes due July 2026, effective interest rate 5.095%
Debt Instrument [Line Items]
Stated interest rate percentage	5.05%		5.05%
Debt instrument maturity, month and year	2026-07
Effective interest rate	5.09%
3.750% Senior Notes due June 2027, effective interest rate 3.83%
Debt Instrument [Line Items]
Stated interest rate percentage	3.75%	3.75%
Debt instrument maturity, month and year	2027-06	2027-06
Effective interest rate	3.83%	3.83%
4.500% Senior Notes due February 2028, effective interest rate 4.43%
Debt Instrument [Line Items]
Stated interest rate percentage	4.50%				4.50%
Debt instrument maturity, month and year	2028-02
Effective interest rate	4.43%
3.750% Senior Notes due April 2029, effective interest rate 3.86%
Debt Instrument [Line Items]
Stated interest rate percentage	3.75%	3.75%
Debt instrument maturity, month and year	2029-04	2029-04
Effective interest rate	3.86%	3.86%
4.000% Senior Notes due April 2030, effective interest rate 4.09%
Debt Instrument [Line Items]
Stated interest rate percentage	4.00%	4.00%
Debt instrument maturity, month and year	2030-04	2030-04
Effective interest rate	4.09%	4.09%
1.650% Senior Notes due January 2031, effective interest rate 2.19%
Debt Instrument [Line Items]
Stated interest rate percentage	1.65%	1.65%
Debt instrument maturity, month and year	2031-01	2031-01
Effective interest rate	2.19%	2.19%
4.750% Senior Notes due August 2032, effective interest rate 4.76%
Debt Instrument [Line Items]
Stated interest rate percentage	4.75%	4.75%					4.75%
Debt instrument maturity, month and year	2032-08	2032-08
Effective interest rate	4.76%	4.76%
4.750% Senior Notes due February 2033, effective interest rate 4.70%
Debt Instrument [Line Items]
Stated interest rate percentage	4.75%				4.75%
Debt instrument maturity, month and year	2033-02
Effective interest rate	4.70%
5.200% Senior Notes due August 2033, effective interest rate 5.221%
Debt Instrument [Line Items]
Stated interest rate percentage	5.20%		5.20%
Debt instrument maturity, month and year	2033-08
Effective interest rate	5.22%
Commercial paper, weighted average interest rate 5.43% and 2.43% at August 26, 2023 and August 27, 2022, respectively
Debt Instrument [Line Items]
Weighted average interest rate of commercial paper	5.43%	2.43%

Income Taxes (Tables)

12 Months Ended

Aug. 26, 2023

Income Taxes

Components of Income from Continuing Operations

The components of income from continuing operations before income taxes are as follows:


		Year Ended
	August 26,		August 27,		August 28,
(in thousands)	2023		2022		2021

Domestic	$	2,621,714	$	2,429,262	$	2,436,548
International		545,900		649,829		312,642
	$	3,167,614	$	3,079,091	$	2,749,190

Provision for Income Tax Expense

The provision for income tax expense consisted of the following:


	Year Ended
	August 26,		August 27,		August 28,
(in thousands)	2023		2022		2021

Current:
Federal	$	423,301	$	293,022	$	438,686
State		86,687		48,490		79,271
International		154,907		122,381		95,351
		664,895		463,893		613,308
Deferred:
Federal		20,266		160,749		(21,366)
State		(21,847)		34,564		(1,707)
International		(24,126)		(9,719)		(11,359)
		(25,707)		185,594		(34,432)
Income tax expense	$	639,188	$	649,487	$	578,876

Reconciliation of Provision for Income Taxes

A reconciliation of the provision for income taxes to the amount computed by applying the federal statutory tax rate to income before income taxes is as follows:


	Year Ended
	August 26,		August 27,		August 28,
(in thousands)	2023		2022		2021

Federal tax at statutory U.S. income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net	1.6	%	2.1	%	2.2	%
Share-based compensation	(2.3)	%	(1.6)	%	(1.7)	%
US Tax on Non-U.S. Income (GILTI and Subpart F)	3.3	%	3.1	%	2.8	%
Non-U.S. Permanent Differences	(1.4)	%	(1.5)	%	(0.4)	%
Foreign Tax Credits	(2.3)	%	(1.9)	%	(1.7)	%
Other	0.3	%	(0.1)	%	(1.1)	%
Effective tax rate	20.2	%	21.1	%	21.1	%

Significant Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets and liabilities were as follows:


	August 26,		August 27,
(in thousands)	2023		2022

Deferred tax assets:
Net operating loss and credit carryforwards	$	45,081	$	33,924
Accrued benefits		82,318		60,561
Operating lease liabilities		698,728		692,730
Other		90,897		79,850
Total deferred tax assets		917,024		867,065
Valuation allowances		(24,940)		(27,790)
Net deferred tax assets		892,084		839,275

Deferred tax liabilities:
Property and equipment		(194,686)		(197,482)
Inventory		(451,360)		(448,273)
Operating lease assets		(652,652)		(650,145)
Other		(43,662)		(25,211)
Deferred tax liabilities		(1,342,360)		(1,321,111)

Net deferred tax liabilities	$	(450,276)	$	(481,836)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	August 26,		August 27,
(in thousands)	2023		2022

Beginning balance	$	49,316	$	39,797
Additions based on tax positions related to the current year		9,416		17,488
Additions for tax positions of prior years		8,012		3,008
Reductions for tax positions of prior years		(5,336)		(6,806)
Reductions due to settlements		(6,800)		(1,539)
Reductions due to statute of limitations		(5,121)		(2,632)
Ending balance	$	49,487	$	49,316

Stock Repurchase Program - Additional Information (Detail) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Oct. 16, 2023	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021	Jun. 14, 2023	Oct. 04, 2022	Mar. 22, 2022	Dec. 15, 2021	Oct. 05, 2021
Equity, Class of Treasury Stock [Line Items]
Excise tax		$ 23,700
Purchase of treasury stock, shares		1,524,000	2,220,000	2,592,000
Purchase of treasury stock		$ 3,723,289	$ 4,359,991	$ 3,378,321
Subsequent Events
Equity, Class of Treasury Stock [Line Items]
Remaining value authorized for share repurchases	$ 1,300,000
Purchase of treasury stock, shares	200,303
Purchase of treasury stock	$ 512,400
Stock Repurchase Program 1998
Equity, Class of Treasury Stock [Line Items]
Increase (decrease) to repurchase authorization amount					$ 2,000,000	$ 2,500,000	$ 2,000,000	$ 1,500,000	$ 1,500,000
Stock repurchase authorized		35,700,000
Remaining value authorized for share repurchases		$ 1,800,000
Common Stock
Equity, Class of Treasury Stock [Line Items]
Retirement of treasury shares, shares		2,051,000	2,484,000	1,044,000
Retirement of treasury shares		$ 20	$ 25	$ 10
Additional Paid-in Capital
Equity, Class of Treasury Stock [Line Items]
Retirement of treasury shares		143,440	292,975	60,005
Retained Deficit
Equity, Class of Treasury Stock [Line Items]
Retirement of treasury shares		$ 4,157,637	$ 3,339,842	$ 1,139,173

Share-Based Payments (Tables)

12 Months Ended

Aug. 26, 2023

Share-Based Payments

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


	Year Ended
	August 26,		August 27,		August 28,
	2023		2022		2021

Expected price volatility	29	%	28	%	28	%
Risk-free interest rate	3.8	%	1.1	%	0.4	%
Weighted average expected lives (in years)	5.5		5.6		5.6
Forfeiture rate	10	%	10	%	10	%
Dividend yield	0	%	0	%	0	%

Schedule of Stock Option Activity

The Company generally issues new shares when options are exercised. The following table summarizes information about stock option activity for the year ended August 26, 2023:


				Weighted
				Average
				Remaining	Aggregate
		Weighted		Contractual	Intrinsic
	Number	Average		Term	Value
	of Shares	Exercise Price		(in years)	(in thousands)

Outstanding – August 27, 2022	1,139,100	$	941.28
Granted	161,510		2,218.35
Exercised	(242,920)		708.46
Forfeited/Cancelled	(30,102)		1,504.17
Outstanding – August 26, 2023	1,027,588		1,180.39	5.97	$	1,308,493

Exercisable	651,032		862.98	4.71		1,035,417
Expected to vest	359,109		1,719.64	8.13		263,838
Available for future grants	862,178

Schedule of Nonvested Restricted Stock Units Activity

Transactions related to restricted stock units for the fiscal year ended August 26, 2023 are as follows:


		Weighted-
	Number	Average Grant
	of Shares	Date Fair Value

Nonvested at August 27, 2022	12,731	$	1,223.61
Granted	3,584		2,267.41
Vested	(6,643)		1,276.36
Forfeited	(1,539)		1,581.25
Nonvested at August 26, 2023	8,133	$	1,572.87

Segment Reporting - Additional Information (Detail)	12 Months Ended
Segment Reporting - Additional Information (Detail)	Aug. 26, 2023 store segment	Aug. 27, 2022	Aug. 28, 2021
Product Information [Line Items]
Number of reportable segments	1
Number of automotive parts and accessories locations in the United States, Mexico, and Brazil \| store	7,140
Number of operating segments	2
Net Assets, Geographic Area \| Geographic Concentration Risk \| United States
Product Information [Line Items]
Concentration risk percentage	88.00%	91.00%	92.00%

Accrued Expenses and Other

12 Months Ended

Aug. 26, 2023

Accrued Expenses and Other

Accrued Expenses and Other

Note C – Accrued Expenses and Other

Accrued expenses and other consisted of the following:


	August 26,		August 27,
(in thousands)	2023		2022

Accrued compensation, related payroll taxes and benefits	$	343,379	$	414,892
Property, sales and other taxes		165,731		153,305
Medical and casualty insurance claims (current portion)		127,624		115,201
Finance lease liabilities		86,916		92,877
Accrued gift cards		59,254		52,237
Accrued interest		54,493		50,696
Accrued sales and warranty returns		43,355		35,696
Other		120,089		93,797
	$	1,000,841	$	1,008,701

The Company retains a significant portion of the insurance risks associated with workers’ compensation, general, product liability, property and vehicle insurance. A portion of these self-insured losses is managed through a wholly owned insurance captive. The Company maintains certain levels for stop-loss coverage for each self-insured plan in order to limit its liability for large claims. The retained limits per claim type are $2.0 million for workers’ compensation, $7.5 million for auto liability, $21.5 million for property and $2.0 million for general and product liability.

Share-Based Payments - Schedule of Nonvested Restricted Stock Units Activity (Detail)	12 Months Ended
	Aug. 26, 2023 $ / shares shares
Share-Based Payments
Nonvested, Beginning balance, Number of Shares \| shares	12,731
Granted, Number of Shares \| shares	3,584
Vested, Number of Shares \| shares	(6,643)
Forfeited, Number of Shares \| shares	(1,539)
Nonvested, Ending balance, Number of Shares \| shares	8,133
Nonvested, Beginning balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 1,223.61
Granted, Weighted Average Grant Date Fair Value \| $ / shares	2,267.41
Vested, Weighted Average Grant Date Fair Value \| $ / shares	1,276.36
Forfeited, Weighted Average Grant Date Fair Value \| $ / shares	1,581.25
Nonvested, Ending balance, Weighted Average Grant Date Fair Value \| $ / shares	$ 1,572.87

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ (3,538,913)	$ (1,797,536)
Balance	(4,349,894)	(3,538,913)
Foreign Currency and Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(280,190)	(287,638)
Other Comprehensive Income (Loss) before reclassifications	103,633	7,448
Balance	(176,557)	(280,190)
Net Unrealized Gain (Loss) on Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(2,171)	589
Other Comprehensive Income (Loss) before reclassifications	472	(2,760)
Amounts reclassified from Accumulated Other Comprehensive Loss	(152)
Balance	(1,851)	(2,171)
Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(18,175)	(20,937)
Other Comprehensive Income (Loss) before reclassifications	3,635
Amounts reclassified from Accumulated Other Comprehensive Loss	2,112	2,762
Balance	(12,428)	(18,175)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(300,536)	(307,986)
Other Comprehensive Income (Loss) before reclassifications	107,740	4,688
Amounts reclassified from Accumulated Other Comprehensive Loss	1,960	2,762
Balance	$ (190,836)	$ (300,536)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Consolidated Statements of Comprehensive Income
Net income	$ 2,528,426	$ 2,429,604	$ 2,170,314
Other comprehensive income:
Foreign currency translation adjustments	103,633	7,448	44,683
Unrealized gains (losses) on marketable debt securities, net of taxes	320	(2,760)	(1,256)
Net derivative activities, net of taxes	5,747	2,762	2,839
Total other comprehensive income	109,700	7,450	46,266
Comprehensive income	$ 2,638,126	$ 2,437,054	$ 2,216,580

- Definition

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

+ References

+ Details

- Definition

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

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Income Taxes - Components of Income from Continuing Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
Income Taxes
Domestic	$ 2,621,714	$ 2,429,262	$ 2,436,548
International	545,900	649,829	312,642
Income before income taxes	$ 3,167,614	$ 3,079,091	$ 2,749,190

- 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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+ Details

Financing - Schedule of Debt (Detail) - USD ($) $ in Thousands	Aug. 26, 2023	Jul. 21, 2023	Jan. 27, 2023	Aug. 27, 2022	Aug. 01, 2022
Debt Instrument [Line Items]
Total debt before discounts and debt issuance costs	$ 7,709,600			$ 6,153,400
Less: Discounts and debt issuance costs	41,051			31,308
Long-term debt	7,668,549			6,122,092
2.875% Senior Notes due January 2023, effective interest rate 3.21%
Debt Instrument [Line Items]
Senior notes				300,000
3.125% Senior Notes due July 2023, effective interest rate 3.26%
Debt Instrument [Line Items]
Senior notes				500,000
3.125% Senior Notes due April 2024, effective interest rate 3.32%
Debt Instrument [Line Items]
Senior notes	300,000			300,000
3.250% Senior Notes due April 2025, effective interest rate 3.36%
Debt Instrument [Line Items]
Senior notes	400,000			400,000
3.625% Senior Notes due April 2025, effective interest rate 3.78%
Debt Instrument [Line Items]
Senior notes	500,000			500,000
3.125% Senior Notes due April 2026, effective interest rate 3.28%
Debt Instrument [Line Items]
Senior notes	400,000			400,000
5.050% Senior Notes due July 2026, effective interest rate 5.095%
Debt Instrument [Line Items]
Senior notes	450,000	$ 450,000
3.750% Senior Notes due June 2027, effective interest rate 3.83%
Debt Instrument [Line Items]
Senior notes	600,000			600,000
4.500% Senior Notes due February 2028, effective interest rate 4.43%
Debt Instrument [Line Items]
Senior notes	450,000		$ 450,000
3.750% Senior Notes due April 2029, effective interest rate 3.86%
Debt Instrument [Line Items]
Senior notes	450,000			450,000
4.000% Senior Notes due April 2030, effective interest rate 4.09%
Debt Instrument [Line Items]
Senior notes	750,000			750,000
1.650% Senior Notes due January 2031, effective interest rate 2.19%
Debt Instrument [Line Items]
Senior notes	600,000			600,000
4.750% Senior Notes due August 2032, effective interest rate 4.76%
Debt Instrument [Line Items]
Senior notes	750,000			750,000	$ 750,000
4.750% Senior Notes due February 2033, effective interest rate 4.70%
Debt Instrument [Line Items]
Senior notes	550,000		$ 550,000
5.200% Senior Notes due August 2033, effective interest rate 5.221%
Debt Instrument [Line Items]
Senior notes	300,000	$ 300,000
Commercial paper, weighted average interest rate 5.43% and 2.43% at August 26, 2023 and August 27, 2022, respectively
Debt Instrument [Line Items]
Commercial paper	$ 1,209,600			$ 603,400

Leases

12 Months Ended

Aug. 26, 2023

Leases

Leases

Note M – Leases

Lease-related assets and liabilities recorded on the Consolidated Balance Sheets are as follows:



(in thousands)	Classification	August 26, 2023		August 27, 2022

Assets:
Operating	Operating lease right-of-use assets	$	2,998,097	$	2,918,817
Finance	Property and equipment		419,247		404,442
Total lease assets		$	3,417,344	$	3,323,259
Liabilities:
Current:
Operating	Current portion of operating lease liabilities	$	257,256	$	243,407
Finance	Accrued expenses and other		86,916		92,877
Noncurrent:
Operating	Operating lease liabilities, less current portion		2,917,046		2,837,973
Finance	Other long-term liabilities		200,702		217,428
Total lease liabilities		$	3,461,920	$	3,391,685

Accumulated amortization related to finance lease assets was $132.5 million as of August 26, 2023 and $97.2 million as of August 27, 2022.

Lease costs for finance and operating leases for the 52 weeks ended August 26, 2023 and August 27, 2022 are as follows:



		For the year ended
(in thousands)	Statement of Income Location	August 26, 2023		August 27, 2022

Finance lease cost:
Amortization of lease assets	Depreciation and amortization	$	71,913	$	65,212
Interest on lease liabilities	Interest expense, net		14,608		4,351
Operating lease cost⁽¹⁾	Selling, general and administrative expenses		437,762		401,000
Total lease cost		$	524,283	$	470,563

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


	Finance		Operating
(in thousands)	Leases		Leases		Total

2024	$	88,284	$	372,849	$	461,133
2025		81,535		402,798		484,333
2026		61,571		378,865		440,436
2027		34,159		354,370		388,529
2028		10,409		327,795		338,204
Thereafter		43,228		2,260,833		2,304,061
Total lease payments		319,186		4,097,510		4,416,696
Less: Interest		(31,568)		(923,208)		(954,776)
Present value of lease liabilities	$	287,618	$	3,174,302	$	3,461,920

The following table summarizes the Company’s lease term and discount rate assumptions:



	August 26, 2023

Weighted-average remaining lease term in years, inclusive of renewal options that are reasonably certain to be exercised:
Finance leases – real estate	23
Finance leases – vehicles	3
Operating leases	13
Weighted-average discount rate:
Finance leases – real estate	3.85	%
Finance leases – vehicles	2.44	%
Operating leases	3.90	%

Cash paid for amounts included in the measurement of operating lease liabilities of $335.2 million and $316.0 million was reflected in cash flows from operating activities in the consolidated statement of cash flows for fiscal years 2023 and 2022, respectively.

As of August 26, 2023, the Company has entered into additional leases which have not yet commenced and are therefore not part of the right-of-use asset and liability. These leases have undiscounted future payments of approximately $56.9 million for real estate and will commence when the Company obtains possession of the underlying leased asset. Commencement dates are expected to be from fiscal 2024 to fiscal 2025.

401(k) Savings Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Aug. 26, 2023	Aug. 27, 2022	Aug. 28, 2021
401(k) Savings Plans
Percentage of company matching retirement savings plan contributions that vest immediately	100.00%
Percentage of savings option up to qualified earnings	25.00%
Annual contribution by employer towards 401(k) Plan	$ 37.3	$ 37.9	$ 34.1

Leases - Summary of Future Maturities of the Company's Lease Liabilities (Detail) $ in Thousands	Aug. 26, 2023 USD ($)
Finance Leases
2024	$ 88,284
2025	81,535
2026	61,571
2027	34,159
2028	10,409
Thereafter	43,228
Total Lease Payments	319,186
Less: Interest	(31,568)
Present value of lease liabilities	287,618
Operating Leases
2024	372,849
2025	402,798
2026	378,865
2027	354,370
2028	327,795
Thereafter	2,260,833
Total Lease Payments	4,097,510
Less: Interest	(923,208)
Present value of lease liabilities	3,174,302
Operating And Finance Leases
2024	461,133
2025	484,333
2026	440,436
2027	388,529
2028	338,204
Thereafter	2,304,061
Total Lease Payments	4,416,696
Less: Interest	(954,776)
Present value of lease liabilities	$ 3,461,920

Financing

12 Months Ended

Aug. 26, 2023

Financing

Financing

Note I – Financing

The Company’s debt consisted of the following:


	August 26,		August 27,
(in thousands)	2023		2022

2.875% Senior Notes due January 2023, effective interest rate 3.21%	$	—	$	300,000
3.125% Senior Notes due July 2023, effective interest rate 3.26%		—		500,000
3.125% Senior Notes due April 2024, effective interest rate 3.32%		300,000		300,000
3.250% Senior Notes due April 2025, effective interest rate 3.36%		400,000		400,000
3.625% Senior Notes due April 2025, effective interest rate 3.78%		500,000		500,000
3.125% Senior Notes due April 2026, effective interest rate 3.28%		400,000		400,000
5.050% Senior Notes due July 2026, effective interest rate 5.09%		450,000		—
3.750% Senior Notes due June 2027, effective interest rate 3.83%		600,000		600,000
4.500% Senior Notes due February 2028, effective interest rate 4.43%		450,000		—
3.750% Senior Notes due April 2029, effective interest rate 3.86%		450,000		450,000
4.000% Senior Notes due April 2030, effective interest rate 4.09%		750,000		750,000
1.650% Senior Notes due January 2031, effective interest rate 2.19%		600,000		600,000
4.750% Senior Notes due August 2032, effective interest rate 4.76%		750,000		750,000
4.750% Senior Notes due February 2033, effective interest rate 4.70%		550,000		—
5.200% Senior Notes due August 2033, effective interest rate 5.22%		300,000		—
Commercial paper, weighted average interest rate 5.43% and 2.43% at August 26, 2023 and August 27, 2022, respectively		1,209,600		603,400
Total debt before discounts and debt issuance costs		7,709,600		6,153,400
Less: Discounts and debt issuance costs		41,051		31,308
Long-term Debt	$	7,668,549	$	6,122,092

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. 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 the Company 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, 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 August 26, 2023, the Company had no outstanding borrowings and $1.8 million of outstanding letters of credit under the Revolving Credit Agreement.

The Revolving Credit Agreement requires that the Company’s consolidated interest coverage ratio as of the last day of each quarter shall be no less than 2.5:1. This ratio is defined as the ratio of (i) consolidated earnings before interest, taxes and rents to (ii) consolidated interest expense plus consolidated rents. The Company’s consolidated interest coverage ratio as of August 26, 2023 was 6.3:1.

As of August 26, 2023, the $1.2 billion of commercial paper borrowings and the $300 million 3.125% Senior Notes due April 2024 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 in its Revolving Credit Agreement. As of August 26, 2023, the Company had $2.2 billion of availability under its Revolving Credit

Agreement, without giving effect to commercial paper borrowings, which would allow the Company to replace these short-term obligations with a long-term financing facility.

On July 17, 2023, the Company repaid its outstanding $500 million 3.125% Senior Notes due July 2023, which were callable at par in April 2023.

On January 17, 2023, the Company repaid its outstanding $300 million 2.875% Senior Notes due January 2023, which were callable at par in October 2022.

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.

On March 15, 2021, the Company repaid the $250 million 2.500% Senior Notes due April 2021, which were callable at par in March 2021.

On July 21, 2023, the Company issued $450 million in 5.050% Senior Notes due July 2026 and $300 million 5.200% Senior Notes due August 2033 under the automatic shelf registration statement on Form S-3, filed with the SEC on July 19, 2022 (File No. 333-266209) (the “2022 Shelf Registration Statement”). The 2022 Shelf Registration Statement allows us to sell an indeterminate amount in debt securities to fund general corporate purposes, including repaying, redeeming or repurchasing outstanding debt and for working capital, capital expenditures, new store or distribution center openings, stock repurchases and acquisitions. Proceeds from the debt issuance were used for general corporate purposes.

On January 27, 2023, the Company issued $450 million in 4.500% Senior Notes due February 2028 and $550 million in 4.750% Senior Notes due February 2033 under the 2022 Shelf Registration Statement. Proceeds from the debt issuance were used to repay a portion of the Company’s outstanding commercial paper borrowings and for other general corporate purposes.

On August 1, 2022, the Company issued $750 million in 4.750% Senior Notes due August 2032 under the 2022 Shelf Registration Statement. Proceeds from the debt issuance were used to repay a portion of the outstanding commercial paper borrowings and for other general corporate purposes.

The Senior Notes contain a provision that repayment of the Senior Notes 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 Senior Notes is paid on a semi-annual basis.

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 and expired in June 2022. On May 16, 2022, the Company amended and restated the letter of credit facility to, among other things, extend the facility through June 2025. As of August 26, 2023, the Company had $25 million in letters of credit outstanding under the letter of credit facility.

In addition to the outstanding letters of credit issued under the committed facility discussed above, the Company had $107.2 million in letters of credit outstanding as of August 26, 2023. These letters of credit have various maturity dates and were issued on an uncommitted basis. As of August 26, 2023, the Company was in compliance with all covenants related to its borrowing arrangements.

The fair value of the Company’s debt was estimated at $7.3 billion as of August 26, 2023, and $5.9 billion as of August 27, 2022, based on the quoted market prices for the same or similar issues or on the current rates available to the Company for debt of the same terms (Level 2). Such fair value is less than the carrying value of debt by $406.6 million and $182.8 million at August 26, 2023 and August 27, 2022, respectively. This amount reflects face amount, adjusted for any unamortized debt issuance costs and discounts.

All of the Company’s debt is unsecured. Scheduled maturities of debt are as follows:


	Scheduled
(in thousands)	Maturities

2024	$	1,509,600
2025		900,000
2026		850,000
2027		600,000
2028		450,000
Thereafter		3,400,000
Subtotal		7,709,600
Discount and debt issuance costs		41,051
Total Debt	$	7,668,549

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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+ Details