Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
10-May-14 | Jun. 13, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 10-May-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'AUTOZONE INC | ' |
Entity Central Index Key | '0000866787 | ' |
Current Fiscal Year End Date | '--08-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 32,600,155 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | 10-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $145,349 | $142,191 |
Accounts receivable | 190,848 | 171,638 |
Merchandise inventories | 3,133,350 | 2,861,014 |
Other current assets | 112,047 | 101,443 |
Deferred income taxes | 6,250 | 1,727 |
Total current assets | 3,587,844 | 3,278,013 |
Property and equipment: | ' | ' |
Property and equipment | 5,322,299 | 5,058,525 |
Less: Accumulated depreciation and amortization | -2,129,010 | -1,987,164 |
Property and equipment, net | 3,193,289 | 3,071,361 |
Goodwill | 367,829 | 367,829 |
Deferred income taxes | 17,282 | 4,069 |
Other long-term assets | 205,558 | 170,817 |
Other long-term assets, total | 590,669 | 542,715 |
Assets | 7,371,802 | 6,892,089 |
Current liabilities: | ' | ' |
Accounts payable | 3,574,921 | 3,307,535 |
Accrued expenses and other | 470,719 | 467,831 |
Income taxes payable | 141,801 | 17,129 |
Deferred income taxes | 201,355 | 202,922 |
Short-term borrowings | 215,156 | 173,733 |
Total current liabilities | 4,603,952 | 4,169,150 |
Long-term debt | 4,163,244 | 4,013,267 |
Other long-term liabilities | 412,836 | 396,991 |
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; 33,811 shares issued and 32,613 shares outstanding as of May 10, 2014; 36,768 shares issued and 34,293 shares outstanding as of August 31, 2013 | 338 | 368 |
Additional paid-in capital | 819,902 | 814,457 |
Retained deficit | -1,902,793 | -1,378,936 |
Accumulated other comprehensive loss | -105,677 | -120,788 |
Treasury stock, at cost | -620,000 | -1,002,420 |
Total stockholders' deficit | -1,808,230 | -1,687,319 |
Liabilities and Stockholders' Deficit | $7,371,802 | $6,892,089 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | 10-May-14 | Aug. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000 | 200,000 |
Common stock, shares issued | 33,811 | 36,768 |
Common stock, shares outstanding | 32,613 | 34,293 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 10-May-14 | 4-May-13 | 10-May-14 | 4-May-13 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $2,341,545 | $2,205,878 | $6,425,617 | $6,052,116 |
Cost of sales, including warehouse and delivery expenses | 1,124,587 | 1,063,165 | 3,085,927 | 2,915,556 |
Gross profit | 1,216,958 | 1,142,713 | 3,339,690 | 3,136,560 |
Operating, selling, general and administrative expenses | 738,006 | 686,683 | 2,139,668 | 1,999,682 |
Operating profit | 478,952 | 456,030 | 1,200,022 | 1,136,878 |
Interest expense, net | 36,162 | 42,091 | 118,083 | 124,519 |
Income before income taxes | 442,790 | 413,939 | 1,081,939 | 1,012,359 |
Income taxes | 157,633 | 148,356 | 385,865 | 367,078 |
Net income | $285,157 | $265,583 | $696,074 | $645,281 |
Weighted average shares for basic earnings per share | 33,073 | 35,922 | 33,610 | 36,342 |
Effect of dilutive stock equivalents | 643 | 607 | 607 | 666 |
Weighted average shares for diluted earnings per share | 33,716 | 36,529 | 34,217 | 37,008 |
Basic earnings per share | $8.62 | $7.39 | $20.71 | $17.76 |
Diluted earnings per share | $8.46 | $7.27 | $20.34 | $17.44 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | 10-May-14 | 4-May-13 | 10-May-14 | 4-May-13 | ||||
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net income | $285,157 | $265,583 | $696,074 | $645,281 | ||||
Other comprehensive income: | ' | ' | ' | ' | ||||
Pension liability adjustments, net of taxes | 957 | [1] | 2,038 | [1] | 2,864 | [1] | 5,510 | [1] |
Foreign currency translation adjustments | 13,700 | 17,121 | 12,011 | 30,382 | ||||
Unrealized (losses) gains on marketable securities, net of taxes | -13 | [2] | 12 | [2] | 158 | [2] | -44 | [2] |
Net derivative activities, net of taxes | 25 | [3] | 255 | [3] | 78 | [3] | 683 | [3] |
Total other comprehensive income | 14,669 | 19,426 | 15,111 | 36,531 | ||||
Comprehensive income | $299,826 | $285,009 | $711,185 | $681,812 | ||||
[1] | Pension liability adjustments are presented net of taxes of $630 in fiscal 2014 and $1,296 in fiscal 2013 for the twelve weeks ended and $1,898 in fiscal 2014 and $4,489 in fiscal 2013 for the thirty-six weeks ended | |||||||
[2] | Unrealized (losses) gains on marketable securities are presented net of taxes of $7 in fiscal 2014 and $7 in fiscal 2013 for the twelve weeks ended and $85 in fiscal 2014 and $24 in fiscal 2013 for the thirty-six weeks ended | |||||||
[3] | Net derivative activities are presented net of taxes of $17 in fiscal 2014 and $150 in fiscal 2013 for the twelve weeks ended and $48 in fiscal 2014 and $408 in fiscal 2013 for the thirty-six weeks ended |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 10-May-14 | 4-May-13 | 10-May-14 | 4-May-13 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Pension liability adjustments, taxes | $630 | $1,296 | $1,898 | $4,489 |
Unrealized (losses) gains on marketable securities, taxes | 7 | 7 | 85 | 24 |
Net derivative activities, taxes | $17 | $150 | $48 | $408 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | 10-May-14 | 4-May-13 |
Cash flows from operating activities: | ' | ' |
Net income | $696,074 | $645,281 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization of property and equipment and intangibles | 172,286 | 155,932 |
Amortization of debt origination fees | 4,895 | 5,857 |
Income tax benefit from exercise of stock options | -18,296 | -53,508 |
Deferred income taxes | -21,234 | -16,296 |
Share-based compensation expense | 28,985 | 25,632 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -17,757 | 9,151 |
Merchandise inventories | -267,801 | -155,059 |
Accounts payable and accrued expenses | 240,156 | 156,205 |
Income taxes payable | 142,925 | 99,626 |
Other, net | 10,885 | 23,043 |
Net cash provided by operating activities | 971,118 | 895,864 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -261,724 | -258,855 |
Acquisition of business | ' | -116,084 |
Purchase of intangibles | -11,112 | ' |
Purchase of marketable securities | -28,616 | -26,808 |
Proceeds from sale of marketable securities | 25,013 | 20,290 |
Disposal of capital assets and other, net | 1,471 | 7,350 |
Net cash used in investing activities | -274,968 | -374,107 |
Cash flows from financing activities: | ' | ' |
Net proceeds (payments) of commercial paper | 291,400 | -262,300 |
Net payments of short-term borrowings | ' | -4,945 |
Proceeds from issuance of debt | 400,000 | 800,000 |
Repayment of debt | -500,000 | -300,000 |
Net proceeds from sale of common stock | 34,412 | 82,817 |
Purchase of treasury stock | -911,537 | -827,348 |
Income tax benefit from exercise of stock options | 18,296 | 53,508 |
Payments of capital lease obligations | -24,248 | -19,824 |
Other, net | -2,294 | -14,720 |
Net cash used in financing activities | -693,971 | -492,812 |
Effect of exchange rate changes on cash | 979 | 1,647 |
Net increase in cash and cash equivalents | 3,158 | 30,592 |
Cash and cash equivalents at beginning of period | 142,191 | 103,093 |
Cash and cash equivalents at end of period | $145,349 | $133,685 |
General
General | 9 Months Ended |
10-May-14 | |
Accounting Policies [Abstract] | ' |
General | ' |
Note A – General | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission’s (the “SEC”) rules and regulations. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. For further information, refer to the consolidated financial statements and related notes included in the AutoZone, Inc. (“AutoZone” or the “Company”) Annual Report on Form 10-K for the year ended August 31, 2013. | |
Operating results for the twelve and thirty-six weeks ended May 10, 2014, are not necessarily indicative of the results that may be expected for the fiscal year ending August 30, 2014. Each of the first three quarters of AutoZone’s fiscal year consists of 12 weeks, and the fourth quarter consists of 16 or 17 weeks. The fourth quarter for fiscal 2014 has 16 weeks and for fiscal 2013 had 17 weeks. Additionally, the Company’s business is somewhat seasonal in nature, with the highest sales generally occurring during the months of February through September and the lowest sales generally occurring in the months of December and January. | |
Recently Adopted Accounting Pronouncements: In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment. The purpose of ASU 2012-02 is to simplify how an entity tests for impairment of indefinite-lived intangible assets. Entities will assess qualitative factors to determine whether it is more likely than not that a long-lived intangible asset’s fair value is less than its carrying value. In instances where the fair value is determined to be less than the carrying value, entities will perform the two-step quantitative goodwill impairment test. The Company adopted this standard effective September 1, 2013, and it had no material impact on the consolidated financial statements. | |
In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of accumulated other comprehensive income (“AOCI”) by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. The Company adopted this standard effective September 1, 2013, and it had no material impact on the consolidated financial statements. | |
Recently Issued Accounting Pronouncements: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. Under ASU 2014-09, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. It also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company does not expect the provision of ASU 2014-09 to have a material impact on its consolidated financial statements. This update will be effective for the Company at the beginning of its fiscal 2018 year. |
ShareBased_Payments
Share-Based Payments | 9 Months Ended | ||||||||
10-May-14 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Share-Based Payments | ' | ||||||||
Note B – Share-Based Payments | |||||||||
AutoZone recognizes compensation expense for share-based payments based on the fair value of the awards at the grant date. Share-based payments include stock option grants, restricted stock grants, restricted stock unit grants and the discount on shares sold to employees under share purchase plans. Additionally, directors’ fees are paid in restricted stock units with value equivalent to the value of shares of common stock as of the grant date. The change in fair value of liability-based stock awards is also recognized in share-based compensation expense. | |||||||||
Total share-based compensation expense (a component of Operating, selling, general and administrative expenses) was $8.3 million for the twelve week period ended May 10, 2014, and was $9.0 million for the comparable prior year period. Share-based compensation expense was $29.0 million for the thirty-six week period ended May 10, 2014, and was $25.6 million for the comparable prior year period. | |||||||||
During the thirty-six week period ended May 10, 2014, 194,130 shares of stock options were exercised at a weighted average exercise price of $177.95. In the comparable prior year period, 638,553 shares of stock options were exercised at a weighted average exercise price of $129.50. | |||||||||
The Company made stock option grants of 347,615 shares during the thirty-six week period ended May 10, 2014, and granted options to purchase 364,160 shares during the comparable prior year period. The weighted average fair value of the stock option awards granted during the thirty-six week periods ended May 10, 2014, and May 4, 2013, using the Black-Scholes-Merton multiple-option pricing valuation model, was $96.92 and $98.58 per share, respectively, using the following weighted average key assumptions: | |||||||||
Thirty-Six Weeks Ended | |||||||||
May 10, | May 4, | ||||||||
2014 | 2013 | ||||||||
Expected price volatility | 23 | % | 29 | % | |||||
Risk-free interest rate | 1 | % | 0.5 | % | |||||
Weighted average expected lives (in years) | 5.2 | 5.2 | |||||||
Forfeiture rate | 9 | % | 10 | % | |||||
Dividend yield | 0 | % | 0 | % | |||||
See AutoZone’s Annual Report on Form 10-K for the year ended August 31, 2013, for a discussion regarding the methodology used in developing AutoZone’s assumptions to determine the fair value of the option awards and a description of AutoZone’s 2011 Equity Incentive Award Plan and the 2011 Director Compensation Program. | |||||||||
For the twelve week period ended May 10, 2014, no stock options were excluded from the diluted earnings per share computation because they would have been anti-dilutive. For the comparable prior year period, 8,600 anti-dilutive shares were excluded from the dilutive earnings per share computation. No stock options were excluded from the diluted earnings per share computation for the thirty-six week period ended May 10, 2014, and 29,600 anti-dilutive shares were excluded for the comparable prior year period. | |||||||||
During the second quarter of fiscal 2014, the Company adopted the 2014 Director Compensation Program (the “Program”), which states that non-employee directors will receive their compensation in awards of restricted stock units under the 2011 Equity Incentive Award 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. The Program replaces the former 2011 Director Compensation Program. Under the Program, restricted stock units are granted 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 January 1 of each year and are paid in shares of the Company’s common stock on the earlier to occur of the fifth anniversary of the Grant Date or the date the non-employee director ceases to be a member of the Board (“Separation from Service”). Non-employee directors may elect to defer receipt of the restricted stock units until their Separation from Service. The cash portion of the award, if elected, is paid ratably over the remaining calendar quarters. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
10-May-14 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note C – Fair Value Measurements | |||||||||||||||||
The Company defines fair value as the price received to transfer an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses a hierarchy of valuation inputs to measure fair value. | |||||||||||||||||
The hierarchy prioritizes the inputs into three broad levels: | |||||||||||||||||
Level 1 inputs—unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. An active market for the asset or liability is one in which transactions for the asset or liability occur with sufficient frequency and volume to provide ongoing pricing information. | |||||||||||||||||
Level 2 inputs—inputs other than quoted market prices included in Level 1 that are observable, either directly or indirectly, for the asset or liability. Level 2 inputs include, but are not limited to, quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted market prices that are observable for the asset or liability, such as interest rate curves and yield curves observable at commonly quoted intervals, volatilities, credit risk and default rates. | |||||||||||||||||
Level 3 inputs—unobservable inputs for the asset or liability. | |||||||||||||||||
Financial Assets & Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||
The Company’s assets and liabilities measured at fair value on a recurring basis were as follows: | |||||||||||||||||
May 10, 2014 | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Other current assets | $ | 17,678 | $ | 39 | $ | — | $ | 17,717 | |||||||||
Other long-term assets | 50,328 | 17,962 | — | 68,290 | |||||||||||||
$ | 68,006 | $ | 18,001 | $ | — | $ | 86,007 | ||||||||||
August 31, 2013 | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Other current assets | $ | 16,386 | $ | 24 | $ | — | $ | 16,410 | |||||||||
Other long-term assets | 49,011 | 16,740 | — | 65,751 | |||||||||||||
$ | 65,397 | $ | 16,764 | $ | — | $ | 82,161 | ||||||||||
At May 10, 2014, the fair value measurement amounts for assets and liabilities recorded in the accompanying Condensed Consolidated Balance Sheet consisted of short-term marketable securities of $17.7 million, which are included within Other current assets, and long-term marketable securities of $68.3 million, which are included in Other long-term assets. The Company’s marketable securities are typically valued at the closing price in the principal active market as of the last business day of the quarter or through the use of other market inputs relating to the securities, including benchmark yields and reported trades. The fair values of the marketable securities, by asset class, are described in “Note D – Marketable Securities.” | |||||||||||||||||
Non-Financial Assets measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||
Non-financial assets are required to be measured at fair value on a non-recurring basis in certain circumstances, including the event of impairment. The assets could include assets acquired in an acquisition as well as property, plant and equipment that are determined to be impaired. During the thirty-six week periods ended May 10, 2014 and May 4, 2013, the Company did not have any significant non-financial assets measured at fair value on a non-recurring basis in periods 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 H – Financing.” |
Marketable_Securities
Marketable Securities | 9 Months Ended | ||||||||||||||||
10-May-14 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
Note D – Marketable Securities | |||||||||||||||||
The Company’s basis for determining the cost of a security sold is the “Specific Identification Model.” Unrealized gains (losses) on marketable securities are recorded in Accumulated other comprehensive loss. The Company’s available-for-sale marketable securities consisted of the following: | |||||||||||||||||
May 10, 2014 | |||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Basis | Gains | Losses | |||||||||||||||
Corporate securities | $ | 27,164 | $ | 176 | $ | (5 | ) | $ | 27,335 | ||||||||
Government bonds | 26,424 | 36 | (3 | ) | 26,457 | ||||||||||||
Mortgage-backed securities | 6,113 | 28 | (83 | ) | 6,058 | ||||||||||||
Asset-backed securities and other | 26,101 | 56 | — | 26,157 | |||||||||||||
$ | 85,802 | $ | 296 | $ | (91 | ) | $ | 86,007 | |||||||||
August 31, 2013 | |||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Basis | Gains | Losses | |||||||||||||||
Corporate securities | $ | 27,803 | $ | 148 | $ | (67 | ) | $ | 27,884 | ||||||||
Government bonds | 21,372 | 18 | (67 | ) | 21,323 | ||||||||||||
Mortgage-backed securities | 7,198 | 24 | (138 | ) | 7,084 | ||||||||||||
Asset-backed securities and other | 25,825 | 50 | (5 | ) | 25,870 | ||||||||||||
$ | 82,198 | $ | 240 | $ | (277 | ) | $ | 82,161 | |||||||||
The debt securities held at May 10, 2014, had effective maturities ranging from less than one year to approximately 3 years. The Company did not realize any material gains or losses on its marketable securities during the thirty-six week period ended May 10, 2014. | |||||||||||||||||
The Company holds 12 securities that are in an unrealized loss position of approximately $91 thousand at May 10, 2014. The Company has the intent and ability to hold these investments until recovery of fair value or maturity, and does not deem the investments to be impaired on an other than temporary basis. In evaluating whether the securities are deemed to be impaired on an other than temporary basis, the Company considers factors such as the duration and 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. | |||||||||||||||||
During the twelve week period ended February 15, 2014, the Company’s insurance captive transferred $28.2 million of its marketable securities to a trust account to secure its obligations to an insurance company related to future workers compensation and casualty losses. These securities held by the trust account are included above in total marketable securities. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended |
10-May-14 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' |
Derivative Financial Instruments | ' |
Note E – Derivative Financial Instruments | |
At May 10, 2014, the Company had $11.7 million recorded in Accumulated other comprehensive loss related to realized losses associated with terminated interest rate swap and treasury rate lock derivatives which were designated as hedging instruments. Net losses are amortized into Interest expense over the remaining life of the associated debt. During the twelve week period ended May 10, 2014, the Company reclassified $42 thousand of net losses from Accumulated other comprehensive loss to Interest expense. In the comparable prior year period, the Company reclassified $405 thousand from Accumulated other comprehensive loss to Interest expense. During the thirty-six week period ended May 10, 2014, the Company reclassified $126 thousand of net losses from Accumulated other comprehensive loss to Interest expense. In the comparable prior year period, the Company reclassified $1.2 million of net losses from Accumulated other comprehensive loss to Interest expense. The Company expects to reclassify $182 thousand of net losses from Accumulated other comprehensive loss to Interest expense over the next twelve months. |
Merchandise_Inventories
Merchandise Inventories | 9 Months Ended |
10-May-14 | |
Inventory Disclosure [Abstract] | ' |
Merchandise Inventories | ' |
Note F – Merchandise Inventories | |
Inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method for domestic inventories and the first-in, first-out (“FIFO”) method for Mexico inventories. Included in inventories are related purchasing, storage and handling costs. Due to price deflation on the Company’s merchandise purchases, the Company’s domestic inventory balances are effectively maintained under the FIFO method. The Company’s policy is not to write up inventory in excess of replacement cost. The cumulative balance of this unrecorded adjustment, which will be reduced upon experiencing price inflation on the Company’s merchandise purchases, was $307.0 million at May 10, 2014, and $283.7 million at August 31, 2013. |
Pension_and_Savings_Plans
Pension and Savings Plans | 9 Months Ended | ||||||||||||||||
10-May-14 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Savings Plans | ' | ||||||||||||||||
Note G – Pension and Savings Plans | |||||||||||||||||
The components of net periodic pension expense related to the Company’s pension plans consisted of the following: | |||||||||||||||||
Twelve Weeks Ended | Thirty-Six Weeks Ended | ||||||||||||||||
(in thousands) | May 10, | May 4, | May 10, | May 4, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest cost | $ | 3,016 | $ | 2,659 | $ | 9,048 | $ | 7,977 | |||||||||
Expected return on plan assets | (3,550 | ) | (3,083 | ) | (10,650 | ) | (9,249 | ) | |||||||||
Amortization of net loss | 1,587 | 3,333 | 4,761 | 9,999 | |||||||||||||
Net periodic pension expense | $ | 1,053 | $ | 2,909 | $ | 3,159 | $ | 8,727 | |||||||||
The Company makes contributions in amounts at least equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974, as amended by the Pension Protection Act of 2006. During the thirty-six week period ended May 10, 2014, the Company made contributions to its funded plan in the amount of $2.9 million. The Company expects to contribute approximately $13.8 million to the plan during the remainder of fiscal 2014; however, a change to the expected cash funding may be impacted by a change in interest rates or a change in the actual or expected return on plan assets. |
Financing
Financing | 9 Months Ended | ||||||||
10-May-14 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Financing | ' | ||||||||
Note H – Financing | |||||||||
The Company’s long-term debt consisted of the following: | |||||||||
(in thousands) | May 10, | August 31, | |||||||
2014 | 2013 | ||||||||
6.500% Senior Notes due January 2014, effective interest rate of 6.63% | $ | — | $ | 500,000 | |||||
5.750% Senior Notes due January 2015, effective interest rate of 5.89% | 500,000 | 500,000 | |||||||
5.500% Senior Notes due November 2015, effective interest rate of 4.86% | 300,000 | 300,000 | |||||||
6.950% Senior Notes due June 2016, effective interest rate of 7.09% | 200,000 | 200,000 | |||||||
1.300% Senior Notes due January 2017, effective interest rate of 1.43% | 400,000 | — | |||||||
7.125% Senior Notes due August 2018, effective interest rate of 7.28% | 250,000 | 250,000 | |||||||
4.000% Senior Notes due November 2020, effective interest rate of 4.43% | 500,000 | 500,000 | |||||||
3.700% Senior Notes due April 2022, effective interest rate of 3.85% | 500,000 | 500,000 | |||||||
2.875% Senior Notes due January 2023, effective interest rate of 3.21% | 300,000 | 300,000 | |||||||
3.125% Senior Notes due July 2023, effective interest rate of 3.26% | 500,000 | 500,000 | |||||||
Commercial paper, weighted average interest rate of 0.26% and 0.29% at | 928,400 | 637,000 | |||||||
May 10, 2014 and August 31, 2013, respectively | |||||||||
Total debt | 4,378,400 | 4,187,000 | |||||||
Less: Short-term borrowings | 215,156 | 173,733 | |||||||
Long-term debt | $ | 4,163,244 | $ | 4,013,267 | |||||
As of May 10, 2014, $928.4 million of commercial paper borrowings and $284.8 million of the 5.750% Senior Notes due January 2015 are classified as long-term in the accompanying Consolidated Balance Sheets as the Company has the ability and intent to refinance on a long-term basis through available capacity in its revolving credit facility. As of May 10, 2014, the Company had $1.213 billion of availability under its $1.25 billion revolving credit facility, expiring in September 2017, that would allow it to replace these short-term obligations with long-term financing. | |||||||||
On January 14, 2014, the Company issued $400 million in 1.300% Senior Notes due January 2017 under its shelf registration statement filed with the SEC on April 17, 2012 (the “Shelf Registration”). The Shelf Registration allows the Company 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 openings, stock repurchases and acquisitions. Proceeds from the debt issuance on January 14, 2014, were used to repay a portion of the $500 million in 6.500% Senior Notes due January 2014. The Company used commercial paper borrowings to repay the remainder of the 6.500% Senior Notes. | |||||||||
On April 29, 2013, the Company issued $500 million in 3.125% Senior Notes due July 2023 under its Shelf Registration. Proceeds from the debt issuance on April 29, 2013, were used to repay a portion of the outstanding commercial paper borrowings, which were used to repay the $200 million in 4.375% Senior Notes due in June 2013, and for general corporate purposes. | |||||||||
On November 13, 2012, the Company issued $300 million in 2.875% Senior Notes due January 2023 under its Shelf Registration. Proceeds from the debt issuance on November 13, 2012, were used to repay a portion of the outstanding commercial paper borrowings, which were used to repay the $300 million in 5.875% Senior Notes due in October 2012, and for general corporate purposes. | |||||||||
In December 2013, the Company amended and restated its revolving credit facility, increasing the capacity under the revolving credit facility to $1.25 billion. This credit facility is available to primarily support commercial paper borrowings, letters of credit and other short-term unsecured bank loans. The capacity of the credit facility may be increased to $1.5 billion prior to the maturity date at the Company’s election and subject to bank credit capacity and approval, may include up to $200 million in letters of credit and may include up to $175 million in capital leases each fiscal year. Under the revolving credit facility, the Company may borrow funds consisting of Eurodollar loans or base rate loans. Interest accrues on Eurodollar loans at a defined Eurodollar rate, defined as LIBOR plus the applicable percentage, as defined in the revolving credit facility, depending upon the Company’s senior, unsecured, (non-credit enhanced) long-term debt rating. Interest accrues on base rate loans as defined in the credit facility. The Company also has the option to borrow funds under the terms of a swingline loan subfacility. The revolving credit facility expires in September 2017. | |||||||||
The fair value of the Company’s debt was estimated at $4.503 billion as of May 10, 2014, and $4.259 billion as of August 31, 2013, based on the quoted market prices for the same or similar issues or on the current rates available to the Company for debt of the same terms (Level 2). Such fair value is greater than the carrying value of debt by $124.9 million at May 10, 2014, and $72.2 million at August 31, 2013. |
Stock_Repurchase_Program
Stock Repurchase Program | 9 Months Ended |
10-May-14 | |
Equity [Abstract] | ' |
Stock Repurchase Program | ' |
Note I – Stock Repurchase Program | |
From January 1, 1998 to May 10, 2014, the Company has repurchased a total of 136.5 million shares at an aggregate cost of $13.843 billion, including 1,876,659 shares of its common stock at an aggregate cost of $911.5 million during thirty-six week period ended May 10, 2014. On December 17, 2013, the Board voted to increase the authorization by $750 million to raise the cumulative share repurchase authorization from $13.4 billion to $14.15 billion. Considering the cumulative repurchases as of May 10, 2014, the Company had $306.9 million remaining under the Board’s authorization to repurchase its common stock. | |
On June 17, 2014, the Board voted to increase the authorization by $750 million to raise the cumulative share repurchase authorization from $14.15 billion to $14.9 billion. Subsequent to May 10, 2014, the Company has repurchased 84,400 shares of its common stock at an aggregate cost of $44.4 million. Considering the cumulative repurchases and the increase in authorization subsequent to May 10, 2014, the Company has $1.013 billion remaining under the Board’s authorization to repurchase its common stock. | |
During the thirty-six week period ended May 10, 2014, the Company retired 3.2 million shares of treasury stock which had previously been repurchased under the Company’s share repurchase program. The retirement increased Retained deficit by $1.220 billion and decreased Additional paid-in capital by $74.0 million. During the comparable prior year period, the Company retired 3.9 million shares of treasury stock, which increased Retained deficit by $1.362 billion and decreased Additional paid-in capital by $75.7 million. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||||||
10-May-14 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||
Note J – Accumulated Other Comprehensive Loss | |||||||||||||||||||||
Accumulated other comprehensive loss includes certain adjustments to pension liabilities, 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 securities. Changes in Accumulated other comprehensive loss for the twelve week periods ended May 10, 2014 and May 4, 2013, consisted of the following: | |||||||||||||||||||||
(in thousands) | Pension | Foreign | Net | Derivatives | Total | ||||||||||||||||
Liability | Currency (3) | Unrealized | |||||||||||||||||||
Gain on | |||||||||||||||||||||
Securities | |||||||||||||||||||||
Balance at February 15, 2014 | $ | (48,954 | ) | $ | (64,172 | ) | $ | 146 | $ | (7,366 | ) | $ | (120,346 | ) | |||||||
Other comprehensive (loss) income before reclassifications | — | 13,700 | 23 | — | 13,723 | ||||||||||||||||
Amounts reclassified from Accumulated other comprehensive loss (1) | 957 | (2) | — | (36 | )(4) | 25 | (5) | 946 | |||||||||||||
Balance at May 10, 2014 | $ | (47,997 | ) | $ | (50,472 | ) | $ | 133 | $ | (7,341 | ) | $ | (105,677 | ) | |||||||
(in thousands) | Pension | Foreign | Net | Derivatives | Total | ||||||||||||||||
Liability | Currency (3) | Unrealized | |||||||||||||||||||
Gain on | |||||||||||||||||||||
Securities | |||||||||||||||||||||
Balance at February 9, 2013 | $ | (90,495 | ) | $ | (37,006 | ) | $ | 295 | $ | (7,702 | ) | $ | (134,908 | ) | |||||||
Other comprehensive income (loss) before reclassifications | — | 17,121 | 29 | — | 17,150 | ||||||||||||||||
Amounts reclassified from Accumulated other comprehensive loss (1) | 2,038 | (2) | — | (17 | )(4) | 255 | (5) | 2,276 | |||||||||||||
Balance at May 4, 2013 | $ | (88,457 | ) | $ | (19,885 | ) | $ | 307 | $ | (7,447 | ) | $ | (115,482 | ) | |||||||
-1 | Amounts in parentheses indicate debits to Accumulated other comprehensive loss. | ||||||||||||||||||||
-2 | Represents amortization of pension liability adjustments, net of taxes of $630 for the twelve weeks ended May 10, 2014 and $1,296 for the twelve weeks ended May 4, 2013, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note G – Pension and Savings Plans” for further discussion. | ||||||||||||||||||||
-3 | Foreign currency is not shown net of additional U.S. tax as earnings of non-U.S. subsidiaries are intended to be permanently reinvested. | ||||||||||||||||||||
-4 | Represents realized (losses) gains on marketable securities, net of taxes of $19 for the twelve weeks ended May 10, 2014 and $9 for the twelve weeks ended May 4, 2013, which is recorded in Operating, selling, general, and administrative expenses on the Condensed Consolidated Statements of Income. See “Note D – Marketable Securities” for further discussion. | ||||||||||||||||||||
-5 | Represents gains and losses on derivatives, net of taxes of $17 for the twelve weeks ended May 10, 2014 and $150 for the twelve weeks ended May 4, 2013, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion. | ||||||||||||||||||||
Changes in Accumulated other comprehensive loss for the thirty-six week periods ended May 10, 2014 and May 4, 2013, consisted of the following: | |||||||||||||||||||||
(in thousands) | Pension | Foreign | Net | Derivatives | Total | ||||||||||||||||
Liability | Currency (3) | Unrealized | |||||||||||||||||||
Gain on | |||||||||||||||||||||
Securities | |||||||||||||||||||||
Balance at August 31, 2013 | $ | (50,861 | ) | $ | (62,483 | ) | $ | (25 | ) | $ | (7,419 | ) | $ | (120,788 | ) | ||||||
Other comprehensive income (loss) before reclassifications | — | 12,011 | 220 | — | 12,231 | ||||||||||||||||
Amounts reclassified from Accumulated other comprehensive loss (1) | 2,864 | (2) | — | (62 | )(4) | 78 | (5) | 2,880 | |||||||||||||
Balance at May 10, 2014 | $ | (47,997 | ) | $ | (50,472 | ) | $ | 133 | $ | (7,341 | ) | $ | (105,677 | ) | |||||||
(in thousands) | Pension | Foreign | Net | Derivatives | Total | ||||||||||||||||
Liability | Currency (3) | Unrealized | |||||||||||||||||||
Gain on | |||||||||||||||||||||
Securities | |||||||||||||||||||||
Balance at August 25, 2012 | $ | (93,967 | ) | $ | (50,267 | ) | $ | 351 | $ | (8,130 | ) | $ | (152,013 | ) | |||||||
Other comprehensive (loss) income before reclassifications | — | 30,382 | 27 | — | 30,409 | ||||||||||||||||
Amounts reclassified from Accumulated other comprehensive loss (1) | 5,510 | (2) | — | (71 | )(4) | 683 | (5) | 6,122 | |||||||||||||
Balance at May 4, 2013 | $ | (88,457 | ) | $ | (19,885 | ) | $ | 307 | $ | (7,447 | ) | $ | (115,482 | ) | |||||||
-1 | Amounts in parentheses indicate debits to Accumulated other comprehensive loss. | ||||||||||||||||||||
-2 | Represents amortization of pension liability adjustments, net of taxes of $1,898 in fiscal 2014 and $4,489 in fiscal 2013, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note G – Pension and Savings Plans” for further discussion. | ||||||||||||||||||||
-3 | Foreign currency is not shown net of additional U.S. tax as earnings of non-U.S. subsidiaries are intended to be permanently reinvested. | ||||||||||||||||||||
-4 | Represents realized (losses) gains on marketable securities, net of taxes of $33 in fiscal 2014 and $38 in fiscal 2013, which is recorded in Operating, selling, general, and administrative expenses on the Condensed Consolidated Statements of Income. See “Note D – Marketable Securities” for further discussion. | ||||||||||||||||||||
-5 | Represents gains and losses on derivatives, net of taxes of $48 in fiscal 2014 and $408 is fiscal 2013, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion. |
Goodwill_and_Intangibles
Goodwill and Intangibles | 9 Months Ended | ||||||||||||||||
10-May-14 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Intangibles | ' | ||||||||||||||||
Note K – Goodwill and Intangibles | |||||||||||||||||
The changes in the carrying amount of goodwill are as follows: | |||||||||||||||||
(in thousands) | Auto Parts | Other | Total | ||||||||||||||
Stores | |||||||||||||||||
Net balance as of August 31, 2013 | $ | 302,645 | $ | 65,184 | $ | 367,829 | |||||||||||
Goodwill adjustments | — | — | — | ||||||||||||||
Net balance as of May 10, 2014 | $ | 302,645 | $ | 65,184 | $ | 367,829 | |||||||||||
The Company recorded an increase to intangible assets of $30.2 million during the thirty-six weeks ended May 10, 2014. During fiscal year 2014, the Company purchased the rights to certain customer relationships and technology assets relating to its ALLDATA operations. The carrying amounts of intangible assets are included in Other long-term assets as follows: | |||||||||||||||||
(in thousands) | Estimated | Gross | Accumulated | Net | |||||||||||||
Useful Life | Carrying | Amortization | Carrying | ||||||||||||||
Amount | Amount | ||||||||||||||||
Amortizing intangible assets: | |||||||||||||||||
Technology | 3-5 years | $ | 10,570 | $ | (2,841 | ) | $ | 7,729 | |||||||||
Noncompete agreements | 5 years | 1,300 | (363 | ) | 937 | ||||||||||||
Customer relationships | 3-10 years | 48,376 | (4,121 | ) | 44,255 | ||||||||||||
$ | 60,246 | $ | (7,325 | ) | 52,921 | ||||||||||||
Non-amortizing intangible asset: | |||||||||||||||||
Trade name | 24,600 | ||||||||||||||||
Total intangible assets other than goodwill | $ | 77,521 | |||||||||||||||
Amortization expense of intangible assets for the twelve and thirty-six week period ended May 10, 2014, was $2.0 million and $4.4 million, respectively. Amortization expense of intangible assets for the twelve and thirty-six week period ended May 4, 2013, was $0.9 million and $1.5 million, respectively. | |||||||||||||||||
Total future amortization expense for intangible assets that have finite lives, based on the existing intangible assets and their current estimated useful lives as of May 10, 2014, is estimated as follows: | |||||||||||||||||
(in thousands) | Total | ||||||||||||||||
Remainder of fiscal 2014 | $ | 2,652 | |||||||||||||||
2015 | 8,618 | ||||||||||||||||
2016 | 8,618 | ||||||||||||||||
2017 | 8,353 | ||||||||||||||||
2018 | 6,725 | ||||||||||||||||
Thereafter | 17,955 | ||||||||||||||||
$ | 52,921 | ||||||||||||||||
Litigation
Litigation | 9 Months Ended |
10-May-14 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Litigation | ' |
Note L – Litigation | |
In 2004, the Company acquired a store site in Mount Ephraim, New Jersey that had previously been the site of a gasoline service station and contained evidence of groundwater contamination. Upon acquisition, the Company voluntarily reported the groundwater contamination issue to the New Jersey Department of Environmental Protection and entered into a Voluntary Remediation Agreement providing for the remediation of the contamination associated with the property. The Company has conducted and paid for (at an immaterial cost to the Company) remediation of contamination on the property. The Company is also investigating, and will be addressing, potential vapor intrusion impacts in downgradient residences and businesses. The New Jersey Department of Environmental Protection has asserted, in a Directive and Notice to Insurers dated February 19, 2013 and again in an Amended Directive and Notice to Insurers dated January 13, 2014 (collectively the “Directives”), that the Company is liable for the downgradient impacts under a joint and severable liability theory. The Company has contested any such assertions due to the existence of other entities/sources of contamination, some of which are named in the Directives, in the area of the property. Pursuant to the Voluntary Remediation Agreement, upon completion of all remediation required by the agreement, the Company believes it should be eligible to be reimbursed up to 75 percent of qualified remediation costs by the State of New Jersey. The Company has asked the state for clarification that the agreement applies to off-site work, and the state is considering the request. Although the aggregate amount of additional costs that the Company may incur pursuant to the remediation cannot currently be ascertained, the Company does not currently believe that fulfillment of its obligations under the agreement or otherwise will result in costs that are material to its financial condition, results of operations or cash flow. | |
The Company is involved in various other legal proceedings incidental to the conduct of its business, including several lawsuits containing class-action allegations in which the plaintiffs are current and former hourly and salaried employees who allege various wage and hour violations and unlawful termination practices. 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. |
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||
10-May-14 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
Note M – Segment Reporting | |||||||||||||||||
The Company’s three 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 in its Annual Report on Form 10-K for the year ended August 31, 2013. | |||||||||||||||||
The Auto Parts Stores segment is a retailer and distributor of automotive parts and accessories through the Company’s 5,279 stores in the United States, Puerto Rico, Mexico, and Brazil. Each store carries an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products. | |||||||||||||||||
The Other category reflects business activities of three 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 and repair information software used in the automotive repair industry; E-commerce, which includes direct sales to customers through www.autozone.com; and AutoAnything, which includes direct sales to customers through www.autoanything.com. | |||||||||||||||||
The Company evaluates its reportable segment primarily on the basis of net sales and segment profit, which is defined as gross profit. Segment results for the periods presented were as follows: | |||||||||||||||||
Twelve Weeks Ended | Thirty-Six Weeks Ended | ||||||||||||||||
(in thousands) | May 10, | May 4, | May 10, | May 4, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Sales | |||||||||||||||||
Auto Parts Stores | $ | 2,258,413 | $ | 2,128,109 | $ | 6,191,574 | $ | 5,873,113 | |||||||||
Other | 83,132 | 77,769 | 234,043 | 179,003 | |||||||||||||
Total | $ | 2,341,545 | $ | 2,205,878 | $ | 6,425,617 | $ | 6,052,116 | |||||||||
Segment Profit | |||||||||||||||||
Auto Parts Stores | $ | 1,171,098 | $ | 1,100,083 | $ | 3,210,084 | $ | 3,024,122 | |||||||||
Other | 45,860 | 42,630 | 129,606 | 112,438 | |||||||||||||
Gross profit | 1,216,958 | 1,142,713 | 3,339,690 | 3,136,560 | |||||||||||||
Operating, selling, general and administrative expenses | (738,006 | ) | (686,683 | ) | (2,139,668 | ) | (1,999,682 | ) | |||||||||
Interest expense, net | (36,162 | ) | (42,091 | ) | (118,083 | ) | (124,519 | ) | |||||||||
Income before income taxes | $ | 442,790 | $ | 413,939 | $ | 1,081,939 | $ | 1,012,359 | |||||||||
General_Policies
General (Policies) | 9 Months Ended |
10-May-14 | |
Accounting Policies [Abstract] | ' |
Fiscal Period | ' |
Operating results for the twelve and thirty-six weeks ended May 10, 2014, are not necessarily indicative of the results that may be expected for the fiscal year ending August 30, 2014. Each of the first three quarters of AutoZone’s fiscal year consists of 12 weeks, and the fourth quarter consists of 16 or 17 weeks. The fourth quarter for fiscal 2014 has 16 weeks and for fiscal 2013 had 17 weeks. Additionally, the Company’s business is somewhat seasonal in nature, with the highest sales generally occurring during the months of February through September and the lowest sales generally occurring in the months of December and January. | |
Recently Adopted Accounting Pronouncements | ' |
Recently Adopted Accounting Pronouncements: In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment. The purpose of ASU 2012-02 is to simplify how an entity tests for impairment of indefinite-lived intangible assets. Entities will assess qualitative factors to determine whether it is more likely than not that a long-lived intangible asset’s fair value is less than its carrying value. In instances where the fair value is determined to be less than the carrying value, entities will perform the two-step quantitative goodwill impairment test. The Company adopted this standard effective September 1, 2013, and it had no material impact on the consolidated financial statements. | |
In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of accumulated other comprehensive income (“AOCI”) by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. The Company adopted this standard effective September 1, 2013, and it had no material impact on the consolidated financial statements. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. Under ASU 2014-09, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. It also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company does not expect the provision of ASU 2014-09 to have a material impact on its consolidated financial statements. This update will be effective for the Company at the beginning of its fiscal 2018 year. |
ShareBased_Payments_Tables
Share-Based Payments (Tables) | 9 Months Ended | ||||||||
10-May-14 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Weighted Average for Key Assumptions Used in Determining Fair Value of Options Granted and Related Share-Based Compensation Expense | ' | ||||||||
The weighted average fair value of the stock option awards granted during the thirty-six week periods ended May 10, 2014, and May 4, 2013, using the Black-Scholes-Merton multiple-option pricing valuation model, was $96.92 and $98.58 per share, respectively, using the following weighted average key assumptions: | |||||||||
Thirty-Six Weeks Ended | |||||||||
May 10, | May 4, | ||||||||
2014 | 2013 | ||||||||
Expected price volatility | 23 | % | 29 | % | |||||
Risk-free interest rate | 1 | % | 0.5 | % | |||||
Weighted average expected lives (in years) | 5.2 | 5.2 | |||||||
Forfeiture rate | 9 | % | 10 | % | |||||
Dividend yield | 0 | % | 0 | % |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
10-May-14 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Company's Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The Company’s assets and liabilities measured at fair value on a recurring basis were as follows: | |||||||||||||||||
May 10, 2014 | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Other current assets | $ | 17,678 | $ | 39 | $ | — | $ | 17,717 | |||||||||
Other long-term assets | 50,328 | 17,962 | — | 68,290 | |||||||||||||
$ | 68,006 | $ | 18,001 | $ | — | $ | 86,007 | ||||||||||
August 31, 2013 | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Other current assets | $ | 16,386 | $ | 24 | $ | — | $ | 16,410 | |||||||||
Other long-term assets | 49,011 | 16,740 | — | 65,751 | |||||||||||||
$ | 65,397 | $ | 16,764 | $ | — | $ | 82,161 |
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | ||||||||||||||||
10-May-14 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Available-for-Sale Marketable Securities | ' | ||||||||||||||||
The Company’s available-for-sale marketable securities consisted of the following: | |||||||||||||||||
May 10, 2014 | |||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Basis | Gains | Losses | |||||||||||||||
Corporate securities | $ | 27,164 | $ | 176 | $ | (5 | ) | $ | 27,335 | ||||||||
Government bonds | 26,424 | 36 | (3 | ) | 26,457 | ||||||||||||
Mortgage-backed securities | 6,113 | 28 | (83 | ) | 6,058 | ||||||||||||
Asset-backed securities and other | 26,101 | 56 | — | 26,157 | |||||||||||||
$ | 85,802 | $ | 296 | $ | (91 | ) | $ | 86,007 | |||||||||
August 31, 2013 | |||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Basis | Gains | Losses | |||||||||||||||
Corporate securities | $ | 27,803 | $ | 148 | $ | (67 | ) | $ | 27,884 | ||||||||
Government bonds | 21,372 | 18 | (67 | ) | 21,323 | ||||||||||||
Mortgage-backed securities | 7,198 | 24 | (138 | ) | 7,084 | ||||||||||||
Asset-backed securities and other | 25,825 | 50 | (5 | ) | 25,870 | ||||||||||||
$ | 82,198 | $ | 240 | $ | (277 | ) | $ | 82,161 | |||||||||
Pension_and_Savings_Plans_Tabl
Pension and Savings Plans (Tables) | 9 Months Ended | ||||||||||||||||
10-May-14 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Net Periodic Pension Expense | ' | ||||||||||||||||
The components of net periodic pension expense related to the Company’s pension plans consisted of the following: | |||||||||||||||||
Twelve Weeks Ended | Thirty-Six Weeks Ended | ||||||||||||||||
(in thousands) | May 10, | May 4, | May 10, | May 4, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest cost | $ | 3,016 | $ | 2,659 | $ | 9,048 | $ | 7,977 | |||||||||
Expected return on plan assets | (3,550 | ) | (3,083 | ) | (10,650 | ) | (9,249 | ) | |||||||||
Amortization of net loss | 1,587 | 3,333 | 4,761 | 9,999 | |||||||||||||
Net periodic pension expense | $ | 1,053 | $ | 2,909 | $ | 3,159 | $ | 8,727 | |||||||||
Financing_Tables
Financing (Tables) | 9 Months Ended | ||||||||
10-May-14 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt | ' | ||||||||
The Company’s long-term debt consisted of the following: | |||||||||
(in thousands) | May 10, | August 31, | |||||||
2014 | 2013 | ||||||||
6.500% Senior Notes due January 2014, effective interest rate of 6.63% | $ | — | $ | 500,000 | |||||
5.750% Senior Notes due January 2015, effective interest rate of 5.89% | 500,000 | 500,000 | |||||||
5.500% Senior Notes due November 2015, effective interest rate of 4.86% | 300,000 | 300,000 | |||||||
6.950% Senior Notes due June 2016, effective interest rate of 7.09% | 200,000 | 200,000 | |||||||
1.300% Senior Notes due January 2017, effective interest rate of 1.43% | 400,000 | — | |||||||
7.125% Senior Notes due August 2018, effective interest rate of 7.28% | 250,000 | 250,000 | |||||||
4.000% Senior Notes due November 2020, effective interest rate of 4.43% | 500,000 | 500,000 | |||||||
3.700% Senior Notes due April 2022, effective interest rate of 3.85% | 500,000 | 500,000 | |||||||
2.875% Senior Notes due January 2023, effective interest rate of 3.21% | 300,000 | 300,000 | |||||||
3.125% Senior Notes due July 2023, effective interest rate of 3.26% | 500,000 | 500,000 | |||||||
Commercial paper, weighted average interest rate of 0.26% and 0.29% at | 928,400 | 637,000 | |||||||
May 10, 2014 and August 31, 2013, respectively | |||||||||
Total debt | 4,378,400 | 4,187,000 | |||||||
Less: Short-term borrowings | 215,156 | 173,733 | |||||||
Long-term debt | $ | 4,163,244 | $ | 4,013,267 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||||||
10-May-14 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Changes in Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||
Changes in Accumulated other comprehensive loss for the twelve week periods ended May 10, 2014 and May 4, 2013, consisted of the following: | |||||||||||||||||||||
(in thousands) | Pension | Foreign | Net | Derivatives | Total | ||||||||||||||||
Liability | Currency (3) | Unrealized | |||||||||||||||||||
Gain on | |||||||||||||||||||||
Securities | |||||||||||||||||||||
Balance at February 15, 2014 | $ | (48,954 | ) | $ | (64,172 | ) | $ | 146 | $ | (7,366 | ) | $ | (120,346 | ) | |||||||
Other comprehensive (loss) income before reclassifications | — | 13,700 | 23 | — | 13,723 | ||||||||||||||||
Amounts reclassified from Accumulated other comprehensive loss (1) | 957 | (2) | — | (36 | )(4) | 25 | (5) | 946 | |||||||||||||
Balance at May 10, 2014 | $ | (47,997 | ) | $ | (50,472 | ) | $ | 133 | $ | (7,341 | ) | $ | (105,677 | ) | |||||||
(in thousands) | Pension | Foreign | Net | Derivatives | Total | ||||||||||||||||
Liability | Currency (3) | Unrealized | |||||||||||||||||||
Gain on | |||||||||||||||||||||
Securities | |||||||||||||||||||||
Balance at February 9, 2013 | $ | (90,495 | ) | $ | (37,006 | ) | $ | 295 | $ | (7,702 | ) | $ | (134,908 | ) | |||||||
Other comprehensive income (loss) before reclassifications | — | 17,121 | 29 | — | 17,150 | ||||||||||||||||
Amounts reclassified from Accumulated other comprehensive loss (1) | 2,038 | (2) | — | (17 | )(4) | 255 | (5) | 2,276 | |||||||||||||
Balance at May 4, 2013 | $ | (88,457 | ) | $ | (19,885 | ) | $ | 307 | $ | (7,447 | ) | $ | (115,482 | ) | |||||||
-1 | Amounts in parentheses indicate debits to Accumulated other comprehensive loss. | ||||||||||||||||||||
-2 | Represents amortization of pension liability adjustments, net of taxes of $630 for the twelve weeks ended May 10, 2014 and $1,296 for the twelve weeks ended May 4, 2013, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note G – Pension and Savings Plans” for further discussion. | ||||||||||||||||||||
-3 | Foreign currency is not shown net of additional U.S. tax as earnings of non-U.S. subsidiaries are intended to be permanently reinvested. | ||||||||||||||||||||
-4 | Represents realized (losses) gains on marketable securities, net of taxes of $19 for the twelve weeks ended May 10, 2014 and $9 for the twelve weeks ended May 4, 2013, which is recorded in Operating, selling, general, and administrative expenses on the Condensed Consolidated Statements of Income. See “Note D – Marketable Securities” for further discussion. | ||||||||||||||||||||
-5 | Represents gains and losses on derivatives, net of taxes of $17 for the twelve weeks ended May 10, 2014 and $150 for the twelve weeks ended May 4, 2013, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion. | ||||||||||||||||||||
Changes in Accumulated other comprehensive loss for the thirty-six week periods ended May 10, 2014 and May 4, 2013, consisted of the following: | |||||||||||||||||||||
(in thousands) | Pension | Foreign | Net | Derivatives | Total | ||||||||||||||||
Liability | Currency (3) | Unrealized | |||||||||||||||||||
Gain on | |||||||||||||||||||||
Securities | |||||||||||||||||||||
Balance at August 31, 2013 | $ | (50,861 | ) | $ | (62,483 | ) | $ | (25 | ) | $ | (7,419 | ) | $ | (120,788 | ) | ||||||
Other comprehensive income (loss) before reclassifications | — | 12,011 | 220 | — | 12,231 | ||||||||||||||||
Amounts reclassified from Accumulated other comprehensive loss (1) | 2,864 | (2) | — | (62 | )(4) | 78 | (5) | 2,880 | |||||||||||||
Balance at May 10, 2014 | $ | (47,997 | ) | $ | (50,472 | ) | $ | 133 | $ | (7,341 | ) | $ | (105,677 | ) | |||||||
(in thousands) | Pension | Foreign | Net | Derivatives | Total | ||||||||||||||||
Liability | Currency (3) | Unrealized | |||||||||||||||||||
Gain on | |||||||||||||||||||||
Securities | |||||||||||||||||||||
Balance at August 25, 2012 | $ | (93,967 | ) | $ | (50,267 | ) | $ | 351 | $ | (8,130 | ) | $ | (152,013 | ) | |||||||
Other comprehensive (loss) income before reclassifications | — | 30,382 | 27 | — | 30,409 | ||||||||||||||||
Amounts reclassified from Accumulated other comprehensive loss (1) | 5,510 | (2) | — | (71 | )(4) | 683 | (5) | 6,122 | |||||||||||||
Balance at May 4, 2013 | $ | (88,457 | ) | $ | (19,885 | ) | $ | 307 | $ | (7,447 | ) | $ | (115,482 | ) | |||||||
-1 | Amounts in parentheses indicate debits to Accumulated other comprehensive loss. | ||||||||||||||||||||
-2 | Represents amortization of pension liability adjustments, net of taxes of $1,898 in fiscal 2014 and $4,489 in fiscal 2013, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note G – Pension and Savings Plans” for further discussion. | ||||||||||||||||||||
-3 | Foreign currency is not shown net of additional U.S. tax as earnings of non-U.S. subsidiaries are intended to be permanently reinvested. | ||||||||||||||||||||
-4 | Represents realized (losses) gains on marketable securities, net of taxes of $33 in fiscal 2014 and $38 in fiscal 2013, which is recorded in Operating, selling, general, and administrative expenses on the Condensed Consolidated Statements of Income. See “Note D – Marketable Securities” for further discussion. | ||||||||||||||||||||
-5 | Represents gains and losses on derivatives, net of taxes of $48 in fiscal 2014 and $408 is fiscal 2013, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion. |
Goodwill_and_Intangibles_Table
Goodwill and Intangibles (Tables) | 9 Months Ended | ||||||||||||||||
10-May-14 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Changes in Carrying Amount of Goodwill | ' | ||||||||||||||||
The changes in the carrying amount of goodwill are as follows: | |||||||||||||||||
(in thousands) | Auto Parts | Other | Total | ||||||||||||||
Stores | |||||||||||||||||
Net balance as of August 31, 2013 | $ | 302,645 | $ | 65,184 | $ | 367,829 | |||||||||||
Goodwill adjustments | — | — | — | ||||||||||||||
Net balance as of May 10, 2014 | $ | 302,645 | $ | 65,184 | $ | 367,829 | |||||||||||
Schedule of Carrying Amounts of Intangible Assets | ' | ||||||||||||||||
The carrying amounts of intangible assets are included in Other long-term assets as follows: | |||||||||||||||||
(in thousands) | Estimated | Gross | Accumulated | Net | |||||||||||||
Useful Life | Carrying | Amortization | Carrying | ||||||||||||||
Amount | Amount | ||||||||||||||||
Amortizing intangible assets: | |||||||||||||||||
Technology | 3-5 years | $ | 10,570 | $ | (2,841 | ) | $ | 7,729 | |||||||||
Noncompete agreements | 5 years | 1,300 | (363 | ) | 937 | ||||||||||||
Customer relationships | 3-10 years | 48,376 | (4,121 | ) | 44,255 | ||||||||||||
$ | 60,246 | $ | (7,325 | ) | 52,921 | ||||||||||||
Non-amortizing intangible asset: | |||||||||||||||||
Trade name | 24,600 | ||||||||||||||||
Total intangible assets other than goodwill | $ | 77,521 | |||||||||||||||
Schedule of Future Amortization Expense for Finite Lived Intangible Assets | ' | ||||||||||||||||
Total future amortization expense for intangible assets that have finite lives, based on the existing intangible assets and their current estimated useful lives as of May 10, 2014, is estimated as follows: | |||||||||||||||||
(in thousands) | Total | ||||||||||||||||
Remainder of fiscal 2014 | $ | 2,652 | |||||||||||||||
2015 | 8,618 | ||||||||||||||||
2016 | 8,618 | ||||||||||||||||
2017 | 8,353 | ||||||||||||||||
2018 | 6,725 | ||||||||||||||||
Thereafter | 17,955 | ||||||||||||||||
$ | 52,921 | ||||||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||
10-May-14 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Results | ' | ||||||||||||||||
The Company evaluates its reportable segment primarily on the basis of net sales and segment profit, which is defined as gross profit. Segment results for the periods presented were as follows: | |||||||||||||||||
Twelve Weeks Ended | Thirty-Six Weeks Ended | ||||||||||||||||
(in thousands) | May 10, | May 4, | May 10, | May 4, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Sales | |||||||||||||||||
Auto Parts Stores | $ | 2,258,413 | $ | 2,128,109 | $ | 6,191,574 | $ | 5,873,113 | |||||||||
Other | 83,132 | 77,769 | 234,043 | 179,003 | |||||||||||||
Total | $ | 2,341,545 | $ | 2,205,878 | $ | 6,425,617 | $ | 6,052,116 | |||||||||
Segment Profit | |||||||||||||||||
Auto Parts Stores | $ | 1,171,098 | $ | 1,100,083 | $ | 3,210,084 | $ | 3,024,122 | |||||||||
Other | 45,860 | 42,630 | 129,606 | 112,438 | |||||||||||||
Gross profit | 1,216,958 | 1,142,713 | 3,339,690 | 3,136,560 | |||||||||||||
Operating, selling, general and administrative expenses | (738,006 | ) | (686,683 | ) | (2,139,668 | ) | (1,999,682 | ) | |||||||||
Interest expense, net | (36,162 | ) | (42,091 | ) | (118,083 | ) | (124,519 | ) | |||||||||
Income before income taxes | $ | 442,790 | $ | 413,939 | $ | 1,081,939 | $ | 1,012,359 | |||||||||
General_Additional_Information
General - Additional Information (Detail) | 9 Months Ended |
10-May-14 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ' |
Period of first quarter of fiscal year | '84 days |
Period of second quarter of fiscal year | '84 days |
Period of third quarter of fiscal year | '84 days |
Description of reporting periods | 'Operating results for the twelve and thirty-six weeks ended May 10, 2014, are not necessarily indicative of the results that may be expected for the fiscal year ending August 30, 2014. Each of the first three quarters of AutoZonebs fiscal year consists of 12 weeks, and the fourth quarter consists of 16 or 17 weeks. The fourth quarter for fiscal 2014 has 16 weeks and for fiscal 2013 had 17 weeks. Additionally, the Companybs business is somewhat seasonal in nature, with the highest sales generally occurring during the months of February through September and the lowest sales generally occurring in the months of December and January. |
Minimum [Member] | ' |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ' |
Period of fourth quarter of fiscal year | '112 days |
Maximum [Member] | ' |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ' |
Period of fourth quarter of fiscal year | '119 days |
ShareBased_Payments_Additional
Share-Based Payments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | 10-May-14 | 4-May-13 | 10-May-14 | 4-May-13 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' |
Total share-based compensation expense related to stock options and share purchase plans | $8.30 | $9 | $29 | $25.60 |
Stock options exercised - Shares | ' | ' | 194,130 | 638,553 |
Stock options exercised - Weighted average exercise price | ' | ' | $177.95 | $129.50 |
Stock options granted | ' | ' | 347,615 | 364,160 |
Weighted average grant date fair value of options granted | ' | ' | $96.92 | $98.58 |
Anti-dilutive shares excluded from the computation of earnings per share | 0 | 8,600 | 0 | 29,600 |
ShareBased_Payments_Weighted_A
Share-Based Payments - Weighted Average for Key Assumptions Used in Determining Fair Value of Options Granted and Related Share-Based Compensation Expense (Detail) | 9 Months Ended | |
10-May-14 | 4-May-13 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Expected price volatility | 23.00% | 29.00% |
Risk-free interest rate | 1.00% | 0.50% |
Weighted average expected lives (in years) | '5 years 2 months 12 days | '5 years 2 months 12 days |
Forfeiture rate | 9.00% | 10.00% |
Dividend yield | 0.00% | 0.00% |
Fair_Value_Measurements_Compan
Fair Value Measurements - Company's Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | 10-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-For-Sale Marketable Securities, Fair Value | $86,007 | $82,161 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other current assets | 17,717 | 16,410 |
Other long-term assets | 68,290 | 65,751 |
Available-For-Sale Marketable Securities, Fair Value | 86,007 | 82,161 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other current assets | 17,678 | 16,386 |
Other long-term assets | 50,328 | 49,011 |
Available-For-Sale Marketable Securities, Fair Value | 68,006 | 65,397 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other current assets | 39 | 24 |
Other long-term assets | 17,962 | 16,740 |
Available-For-Sale Marketable Securities, Fair Value | 18,001 | 16,764 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other current assets | ' | ' |
Other long-term assets | ' | ' |
Available-For-Sale Marketable Securities, Fair Value | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | 10-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term marketable securities | $17,717 | $16,410 |
Long-term marketable securities | $68,290 | $65,751 |
Marketable_Securities_Availabl
Marketable Securities - Available-for-Sale Marketable Securities (Detail) (USD $) | 10-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-For-Sale Marketable Securities, Amortized Cost Basis | $85,802 | $82,198 |
Available-For-Sale Marketable Securities, Gross Unrealized Gains | 296 | 240 |
Available-For-Sale Marketable Securities, Gross Unrealized Losses | -91 | -277 |
Available-For-Sale Marketable Securities, Fair Value | 86,007 | 82,161 |
Corporate Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-For-Sale Marketable Securities, Amortized Cost Basis | 27,164 | 27,803 |
Available-For-Sale Marketable Securities, Gross Unrealized Gains | 176 | 148 |
Available-For-Sale Marketable Securities, Gross Unrealized Losses | -5 | -67 |
Available-For-Sale Marketable Securities, Fair Value | 27,335 | 27,884 |
Government Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-For-Sale Marketable Securities, Amortized Cost Basis | 26,424 | 21,372 |
Available-For-Sale Marketable Securities, Gross Unrealized Gains | 36 | 18 |
Available-For-Sale Marketable Securities, Gross Unrealized Losses | -3 | -67 |
Available-For-Sale Marketable Securities, Fair Value | 26,457 | 21,323 |
Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-For-Sale Marketable Securities, Amortized Cost Basis | 6,113 | 7,198 |
Available-For-Sale Marketable Securities, Gross Unrealized Gains | 28 | 24 |
Available-For-Sale Marketable Securities, Gross Unrealized Losses | -83 | -138 |
Available-For-Sale Marketable Securities, Fair Value | 6,058 | 7,084 |
Asset-Backed Securities and Other [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-For-Sale Marketable Securities, Amortized Cost Basis | 26,101 | 25,825 |
Available-For-Sale Marketable Securities, Gross Unrealized Gains | 56 | 50 |
Available-For-Sale Marketable Securities, Gross Unrealized Losses | ' | -5 |
Available-For-Sale Marketable Securities, Fair Value | $26,157 | $25,870 |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
Feb. 15, 2014 | 10-May-14 | Aug. 31, 2013 | |
Securities | |||
Investments Debt And Equity Securities [Abstract] | ' | ' | ' |
Available for sale securities debt maturity period range | ' | 'Less than one year to approximately 3 years | ' |
Number of securities available for sale loss position | ' | 12 | ' |
Available-For-Sale Marketable Securities, Gross Unrealized Losses | ' | $91,000 | $277,000 |
Marketable securities transferred | $28,200,000 | ' | ' |
Derivative_Financial_Instrumen1
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
10-May-14 | 4-May-13 | 10-May-14 | 4-May-13 | |
Offsetting [Abstract] | ' | ' | ' | ' |
Derivative losses recorded in Accumulated other comprehensive loss | ' | ' | ($11,700,000) | ' |
Net derivative income (losses) amortized into Interest Income (expense) | -42,000 | -405,000 | -126,000 | -1,236,000 |
Net derivative loss expected to be reclassified over next 12 months | ($182,000) | ' | ($182,000) | ' |
Merchandise_Inventories_Additi
Merchandise Inventories - Additional Information (Detail) (USD $) | 10-May-14 | Aug. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Unrecorded adjustment for LIFO value in excess of replacement value | $307 | $283.70 |
Pension_and_Savings_Plans_Net_
Pension and Savings Plans - Net Periodic Pension Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 10-May-14 | 4-May-13 | 10-May-14 | 4-May-13 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Interest cost | $3,016 | $2,659 | $9,048 | $7,977 |
Expected return on plan assets | -3,550 | -3,083 | -10,650 | -9,249 |
Amortization of net loss | 1,587 | 3,333 | 4,761 | 9,999 |
Net periodic pension expense | $1,053 | $2,909 | $3,159 | $8,727 |
Pension_and_Savings_Plans_Addi
Pension and Savings Plans - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | 10-May-14 |
Compensation And Retirement Disclosure [Abstract] | ' |
Annual contributions by the Company to pension plans | $2.90 |
Expected contributions to the plan in fiscal 2014 | $13.80 |
Financing_Schedule_of_Longterm
Financing - Schedule of Long-term Debt (Detail) (USD $) | 10-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total debt | $4,378,400 | $4,187,000 |
Less: Short-term borrowings | 215,156 | 173,733 |
Long-term debt | 4,163,244 | 4,013,267 |
6.500% Senior Notes due January 2014, Effective Interest Rate of 6.63% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | ' | 500,000 |
5.750% Senior Notes due January 2015, Effective Interest Rate of 5.89% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 500,000 | 500,000 |
5.500% Senior Notes due November 2015, Effective Interest Rate of 4.86% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 300,000 | 300,000 |
6.950% Senior Notes due June 2016, Effective Interest Rate of 7.09% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 200,000 | 200,000 |
1.300% Senior Notes due January 2017, Effective Interest Rate of 1.43% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 400,000 | ' |
7.125% Senior Notes due August 2018, Effective Interest Rate of 7.28% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 250,000 | 250,000 |
4.000% Senior Notes due November 2020, Effective Interest Rate of 4.43% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 500,000 | 500,000 |
3.700% Senior Notes due April 2022, Effective Interest Rate of 3.85% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 500,000 | 500,000 |
2.875% Senior Notes due January 2023, Effective Interest Rate of 3.21% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 300,000 | 300,000 |
3.125% Senior Notes due July 2023, Effective Interest Rate of 3.26% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 500,000 | 500,000 |
Commercial paper, weighted average interest rate of 0.26% and 0.29% at May 10, 2014 and August 31, 2013, respectively [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | $928,400 | $637,000 |
Financing_Schedule_of_Longterm1
Financing - Schedule of Long-term Debt (Parenthetical) (Detail) | 10-May-14 | Aug. 31, 2013 | Jan. 14, 2014 | 10-May-14 | Aug. 31, 2013 | 10-May-14 | Aug. 31, 2013 | 10-May-14 | Aug. 31, 2013 | 10-May-14 | Aug. 31, 2013 | Jan. 14, 2014 | 10-May-14 | Aug. 31, 2013 | 10-May-14 | Aug. 31, 2013 | 10-May-14 | Aug. 31, 2013 | 10-May-14 | Aug. 31, 2013 | Nov. 13, 2012 | 10-May-14 | Aug. 31, 2013 | Apr. 29, 2013 | 10-May-14 | Aug. 31, 2013 |
Commercial paper, weighted average interest rate of 0.26% and 0.29% at May 10, 2014 and August 31, 2013, respectively [Member] | Commercial paper, weighted average interest rate of 0.26% and 0.29% at May 10, 2014 and August 31, 2013, respectively [Member] | 6.500% Senior Notes due January 2014, Effective Interest Rate of 6.63% [Member] | 6.500% Senior Notes due January 2014, Effective Interest Rate of 6.63% [Member] | 6.500% Senior Notes due January 2014, Effective Interest Rate of 6.63% [Member] | 5.750% Senior Notes due January 2015, Effective Interest Rate of 5.89% [Member] | 5.750% Senior Notes due January 2015, Effective Interest Rate of 5.89% [Member] | 5.500% Senior Notes due November 2015, Effective Interest Rate of 4.86% [Member] | 5.500% Senior Notes due November 2015, Effective Interest Rate of 4.86% [Member] | 6.950% Senior Notes due June 2016, Effective Interest Rate of 7.09% [Member] | 6.950% Senior Notes due June 2016, Effective Interest Rate of 7.09% [Member] | 1.300% Senior Notes due January 2017, Effective Interest Rate of 1.43% [Member] | 1.300% Senior Notes due January 2017, Effective Interest Rate of 1.43% [Member] | 1.300% Senior Notes due January 2017, Effective Interest Rate of 1.43% [Member] | 7.125% Senior Notes due August 2018, Effective Interest Rate of 7.28% [Member] | 7.125% Senior Notes due August 2018, Effective Interest Rate of 7.28% [Member] | 4.000% Senior Notes due November 2020, Effective Interest Rate of 4.43% [Member] | 4.000% Senior Notes due November 2020, Effective Interest Rate of 4.43% [Member] | 3.700% Senior Notes due April 2022, Effective Interest Rate of 3.85% [Member] | 3.700% Senior Notes due April 2022, Effective Interest Rate of 3.85% [Member] | 2.875% Senior Notes due January 2023, Effective Interest Rate of 3.21% [Member] | 2.875% Senior Notes due January 2023, Effective Interest Rate of 3.21% [Member] | 2.875% Senior Notes due January 2023, Effective Interest Rate of 3.21% [Member] | 3.125% Senior Notes due July 2023, Effective Interest Rate of 3.26% [Member] | 3.125% Senior Notes due July 2023, Effective Interest Rate of 3.26% [Member] | 3.125% Senior Notes due July 2023, Effective Interest Rate of 3.26% [Member] | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate percentage | ' | ' | 6.50% | 6.50% | 6.50% | 5.75% | 5.75% | 5.50% | 5.50% | 6.95% | 6.95% | 1.30% | 1.30% | 1.30% | 7.13% | 7.13% | 4.00% | 4.00% | 3.70% | 3.70% | 2.88% | 2.88% | 2.88% | 3.13% | 3.13% | 3.13% |
Effective interest rate | ' | ' | ' | 6.63% | 6.63% | 5.89% | 5.89% | 4.86% | 4.86% | 7.09% | 7.09% | ' | 1.43% | 1.43% | 7.28% | 7.28% | 4.43% | 4.43% | 3.85% | 3.85% | ' | 3.21% | 3.21% | ' | 3.26% | 3.26% |
Debt instrument, due date | ' | ' | 'January 2014 | 'January 2014 | 'January 2014 | 'January 2015 | 'January 2015 | 'November 2015 | 'November 2015 | 'June 2016 | 'June 2016 | 'January 2017 | 'January 2017 | 'January 2017 | 'August 2018 | 'August 2018 | 'November 2020 | 'November 2020 | 'April 2022 | 'April 2022 | 'January 2023 | 'January 2023 | 'January 2023 | 'July 2023 | 'July 2023 | 'July 2023 |
Weighted average interest rate of commercial paper | 0.26% | 0.29% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing_Additional_Informati
Financing - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||
10-May-14 | 4-May-13 | Dec. 31, 2013 | Aug. 31, 2013 | 10-May-14 | Dec. 31, 2013 | 10-May-14 | Aug. 31, 2013 | Dec. 31, 2013 | Jan. 14, 2014 | 10-May-14 | Aug. 31, 2013 | Jan. 14, 2014 | 10-May-14 | Aug. 31, 2013 | Apr. 29, 2013 | 10-May-14 | Aug. 31, 2013 | Apr. 29, 2013 | Nov. 13, 2012 | 10-May-14 | Aug. 31, 2013 | Nov. 13, 2012 | 10-May-14 | Aug. 31, 2013 | |
Capital Leases [Member] | Capital Leases [Member] | Commercial paper, weighted average interest rate of 0.26% and 0.29% at May 10, 2014 and August 31, 2013, respectively [Member] | Commercial paper, weighted average interest rate of 0.26% and 0.29% at May 10, 2014 and August 31, 2013, respectively [Member] | Letters of Credit [Member] | 1.300% Senior Notes due January 2017, Effective Interest Rate of 1.43% [Member] | 1.300% Senior Notes due January 2017, Effective Interest Rate of 1.43% [Member] | 1.300% Senior Notes due January 2017, Effective Interest Rate of 1.43% [Member] | 6.500% Senior Notes due January 2014, Effective Interest Rate of 6.63% [Member] | 6.500% Senior Notes due January 2014, Effective Interest Rate of 6.63% [Member] | 6.500% Senior Notes due January 2014, Effective Interest Rate of 6.63% [Member] | 3.125% Senior Notes due July 2023, Effective Interest Rate of 3.26% [Member] | 3.125% Senior Notes due July 2023, Effective Interest Rate of 3.26% [Member] | 3.125% Senior Notes due July 2023, Effective Interest Rate of 3.26% [Member] | 4.375% Senior Notes due June 2013, Effective Interest Rate of 5.65% [Member] | 2.875% Senior Notes due January 2023, Effective Interest Rate of 3.21% [Member] | 2.875% Senior Notes due January 2023, Effective Interest Rate of 3.21% [Member] | 2.875% Senior Notes due January 2023, Effective Interest Rate of 3.21% [Member] | 5.875% Senior Notes due October 2012 [Member] | 5.750% Senior Notes due January 2015, Effective Interest Rate of 5.89% [Member] | 5.750% Senior Notes due January 2015, Effective Interest Rate of 5.89% [Member] | |||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | $4,378,400,000 | ' | ' | $4,187,000,000 | ' | ' | $928,400,000 | $637,000,000 | ' | ' | $400,000,000 | ' | ' | ' | $500,000,000 | ' | $500,000,000 | $500,000,000 | ' | ' | $300,000,000 | $300,000,000 | ' | $500,000,000 | $500,000,000 |
Senior notes non current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 284,800,000 | ' |
Stated interest rate percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.30% | 1.30% | 1.30% | 6.50% | 6.50% | 6.50% | 3.13% | 3.13% | 3.13% | 4.38% | 2.88% | 2.88% | 2.88% | 5.88% | 5.75% | 5.75% |
Debt instrument, due date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'January 2017 | 'January 2017 | 'January 2017 | 'January 2014 | 'January 2014 | 'January 2014 | 'July 2023 | 'July 2023 | 'July 2023 | 'June 2013 | 'January 2023 | 'January 2023 | 'January 2023 | 'October 2012 | 'January 2015 | 'January 2015 |
Remaining borrowing capacity under revolving credit facility | 1,213,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available under credit facility | 1,250,000,000 | ' | 1,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration of credit facility | 'September 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of debt | 400,000,000 | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' |
Debt repayment using commercial papers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | 300,000,000 | ' | ' |
Letter of credit facility, maximum borrowing capacity | ' | ' | 1,500,000,000 | ' | ' | 175,000,000 | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest accrual on foreign currency loans the basis points | ' | ' | ' | ' | 'Interest accrues on Eurodollar loans at a defined Eurodollar rate, defined as LIBOR plus the applicable percentage, as defined in the revolving credit facility, depending upon the Company's senior, unsecured, (non-credit enhanced) long-term debt rating. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the Company's debt | 4,503,000,000 | ' | ' | 4,259,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess (shortfall) of fair value of debt over (from) carrying value | $124,900,000 | ' | ' | $72,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Repurchase_Program_Addit
Stock Repurchase Program - Additional Information (Detail) (USD $) | 9 Months Ended | 196 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | ||||
10-May-14 | 4-May-13 | 10-May-14 | 10-May-14 | Dec. 17, 2013 | Jun. 17, 2014 | Dec. 17, 2013 | Jun. 17, 2014 | 10-May-14 | 4-May-13 | 10-May-14 | 4-May-13 | |
Subsequent Event [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Retained Deficit [Member] | Retained Deficit [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | ||||
Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||
Stock Repurchase Program [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchased cumulative, shares | ' | ' | 136,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of treasury stock | ' | ' | $13,843,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchased during period, shares | 1,876,659 | ' | ' | 84,400 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchased during period, amount | 911,500,000 | ' | ' | 44,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase authorized during the period, value | ' | ' | ' | ' | ' | ' | 750,000,000 | 750,000,000 | ' | ' | ' | ' |
Stock repurchase authorized amended value | ' | ' | ' | ' | 13,400,000,000 | 14,150,000,000 | 14,150,000,000 | 14,900,000,000 | ' | ' | ' | ' |
Remaining value authorized for share repurchases | 306,900,000 | ' | 306,900,000 | 1,013,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock acquired repurchase authorization | 'From January 1, 1998 to May 10, 2014, the Company has repurchased a total of 136.5 million shares at an aggregate cost of $13,843 billion, including 1,876,659 shares of its common stock at an aggregate cost of $911.5 million during thirty-six week period ended May 10, 2014. On December 17, 2013, the Board voted to increase the authorization by $750 million to raise the cumulative share repurchase authorization from $13.4 billion to $14.15 billion. Considering the cumulative repurchases as of May 10, 2014, the Company had $306.9 million remaining under the Boardbs authorization to repurchase its common stock. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share of treasury stock retired | 3,200,000 | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock retired, cost method | ' | ' | ' | ' | ' | ' | ' | ' | $1,220,000,000 | $1,362,000,000 | $74,000,000 | $75,700,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 10-May-14 | 4-May-13 | 10-May-14 | 4-May-13 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ($120,346) | ($134,908) | ($120,788) | ($152,013) |
Other comprehensive income (loss) before reclassifications | 13,723 | 17,150 | 12,231 | 30,409 |
Amounts reclassified from Accumulated other comprehensive loss | 946 | 2,276 | 2,880 | 6,122 |
Ending Balance | -105,677 | -115,482 | -105,677 | -115,482 |
Pension Liability [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | -48,954 | -90,495 | -50,861 | -93,967 |
Other comprehensive income (loss) before reclassifications | ' | ' | 0 | ' |
Amounts reclassified from Accumulated other comprehensive loss | 957 | 2,038 | 2,864 | 5,510 |
Ending Balance | -47,997 | -88,457 | -47,997 | -88,457 |
Foreign Currency [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | -64,172 | -37,006 | -62,483 | -50,267 |
Other comprehensive income (loss) before reclassifications | 13,700 | 17,121 | 12,011 | 30,382 |
Amounts reclassified from Accumulated other comprehensive loss | ' | ' | 0 | ' |
Ending Balance | -50,472 | -19,885 | -50,472 | -19,885 |
Net Unrealized Gain on Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | 146 | 295 | -25 | 351 |
Other comprehensive income (loss) before reclassifications | 23 | 29 | 220 | 27 |
Amounts reclassified from Accumulated other comprehensive loss | -36 | -17 | -62 | -71 |
Ending Balance | 133 | 307 | 133 | 307 |
Derivatives [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | -7,366 | -7,702 | -7,419 | -8,130 |
Other comprehensive income (loss) before reclassifications | ' | ' | 0 | ' |
Amounts reclassified from Accumulated other comprehensive loss | 25 | 255 | 78 | 683 |
Ending Balance | ($7,341) | ($7,447) | ($7,341) | ($7,447) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 10-May-14 | 4-May-13 | 10-May-14 | 4-May-13 |
Pension Liability [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Reclassification from accumulated other comprehensive income, taxes | $630 | $1,296 | $1,898 | $4,489 |
Net Unrealized Gain on Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Reclassification from accumulated other comprehensive income, taxes | 19 | 9 | 33 | 38 |
Derivatives [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Reclassification from accumulated other comprehensive income, taxes | $17 | $150 | $48 | $408 |
Goodwill_and_Intangibles_Sched
Goodwill and Intangibles - Schedule of Changes in Carrying Amount of Goodwill (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | 10-May-14 |
Goodwill [Line Items] | ' |
Net balance as of August 31, 2013 | $367,829 |
Goodwill adjustments | ' |
Net balance as of May 10, 2014 | 367,829 |
Auto Parts Stores [Member] | ' |
Goodwill [Line Items] | ' |
Net balance as of August 31, 2013 | 302,645 |
Goodwill adjustments | ' |
Net balance as of May 10, 2014 | 302,645 |
Other [Member] | ' |
Goodwill [Line Items] | ' |
Net balance as of August 31, 2013 | 65,184 |
Goodwill adjustments | ' |
Net balance as of May 10, 2014 | $65,184 |
Goodwill_and_Intangibles_Addit
Goodwill and Intangibles - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | 10-May-14 | 4-May-13 | 10-May-14 | 4-May-13 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Increase in intangible asset | ' | ' | $30.20 | ' |
Amortization expense of intangible assets | $2 | $0.90 | $4.40 | $1.50 |
Goodwill_and_Intangibles_Sched1
Goodwill and Intangibles - Schedule of Carrying Amounts of Intangible Assets (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | 10-May-14 |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' |
Finite Lived, Gross Carrying Amount | 60,246 |
Finite Lived, Accumulated Amortization | -7,325 |
Finite Lived, Net Carrying Amount | 52,921 |
Total intangible assets other than goodwill, Net Carrying Amount | 77,521 |
Technology [Member] | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' |
Finite Lived, Gross Carrying Amount | 10,570 |
Finite Lived, Accumulated Amortization | -2,841 |
Finite Lived, Net Carrying Amount | 7,729 |
Technology [Member] | Minimum [Member] | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' |
Estimated Useful Life | '3 years |
Technology [Member] | Maximum [Member] | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' |
Estimated Useful Life | '5 years |
Noncompete Agreements [Member] | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' |
Finite Lived, Gross Carrying Amount | 1,300 |
Finite Lived, Accumulated Amortization | -363 |
Finite Lived, Net Carrying Amount | 937 |
Noncompete Agreements [Member] | Maximum [Member] | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' |
Estimated Useful Life | '5 years |
Customer Relationships [Member] | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' |
Finite Lived, Gross Carrying Amount | 48,376 |
Finite Lived, Accumulated Amortization | -4,121 |
Finite Lived, Net Carrying Amount | 44,255 |
Customer Relationships [Member] | Minimum [Member] | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' |
Estimated Useful Life | '3 years |
Customer Relationships [Member] | Maximum [Member] | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' |
Estimated Useful Life | '10 years |
Trade Name [Member] | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' |
Non-amortizing intangible asset - Trade name, Net Carrying Amount | 24,600 |
Goodwill_and_Intangibles_Sched2
Goodwill and Intangibles - Schedule of Future Amortization Expense for Finite Lived Intangible Assets (Detail) (USD $) | 10-May-14 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Remainder of fiscal 2014 | $2,652 |
2015 | 8,618 |
2016 | 8,618 |
2017 | 8,353 |
2018 | 6,725 |
Thereafter | 17,955 |
Finite Lived, Net Carrying Amount | $52,921 |
Litigation_Additional_Informat
Litigation - Additional Information (Detail) | 9 Months Ended |
10-May-14 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Site contingency, recovery from third party of environmental remediation cost | 'In 2004, the Company acquired a store site in Mount Ephraim, New Jersey that had previously been the site of a gasoline service station and contained evidence of groundwater contamination. Upon acquisition, the Company voluntarily reported the groundwater contamination issue to the New Jersey Department of Environmental Protection and entered into a Voluntary Remediation Agreement providing for the remediation of the contamination associated with the property. The Company has conducted and paid for (at an immaterial cost to the Company) remediation of contamination on the property. The Company is also investigating, and will be addressing, potential vapor intrusion impacts in downgradient residences and businesses. The New Jersey Department of Environmental Protection has asserted, in a Directive and Notice to Insurers dated February 19, 2013 and again in an Amended Directive and Notice to Insurers dated January 13, 2014 (collectively the bDirectivesb), that the Company is liable for the downgradient impacts under a joint and severable liability theory. The Company has contested any such assertions due to the existence of other entities/sources of contamination, some of which are named in the Directives, in the area of the property Pursuant to the Voluntary Remediation Agreement. Upon completion of all remediation required by the agreement, the Company believes it should be eligible to be reimbursed up to 75 percent of qualified remediation costs by the State of New Jersey. The Company has asked the state for clarification that the agreement applies to off-site work, and the state is considering the request. Although the aggregate amount of additional costs that the Company may incur pursuant to the remediation cannot currently be ascertained, the Company does not currently believe that fulfillment of its obligations under the agreement or otherwise will result in costs that are material to its financial condition, results of operations or cash flow. |
Reimbursable remediation costs | 75.00% |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
10-May-14 | |
Segment | |
Store | |
Segment Reporting [Abstract] | ' |
Number of operating segments | 3 |
Number of reportable segments | 1 |
Number of automotive parts and accessories stores in the United States, Puerto Rico, Mexico, and Brazil | 5,279 |
Segment_Reporting_Segment_Resu
Segment Reporting - Segment Results (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 10-May-14 | 4-May-13 | 10-May-14 | 4-May-13 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $2,341,545 | $2,205,878 | $6,425,617 | $6,052,116 |
Gross profit | 1,216,958 | 1,142,713 | 3,339,690 | 3,136,560 |
Operating, selling, general and administrative expenses | -738,006 | -686,683 | -2,139,668 | -1,999,682 |
Interest expense, net | -36,162 | -42,091 | -118,083 | -124,519 |
Income before income taxes | 442,790 | 413,939 | 1,081,939 | 1,012,359 |
Auto Parts Stores [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 2,258,413 | 2,128,109 | 6,191,574 | 5,873,113 |
Gross profit | 1,171,098 | 1,100,083 | 3,210,084 | 3,024,122 |
Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 83,132 | 77,769 | 234,043 | 179,003 |
Gross profit | $45,860 | $42,630 | $129,606 | $112,438 |