Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Aug. 30, 2014 | Oct. 20, 2014 | Feb. 15, 2014 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Aug-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'AZO | ' | ' |
Entity Registrant Name | 'AUTOZONE INC | ' | ' |
Entity Central Index Key | '0000866787 | ' | ' |
Current Fiscal Year End Date | '--08-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 32,040,703 | ' |
Entity Public Float | ' | ' | $18,167,987,884 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $9,475,313 | $9,147,530 | $8,603,863 |
Cost of sales, including warehouse and delivery expenses | 4,540,406 | 4,406,595 | 4,171,827 |
Gross profit | 4,934,907 | 4,740,935 | 4,432,036 |
Operating, selling, general and administrative expenses | 3,104,684 | 2,967,837 | 2,803,145 |
Operating profit | 1,830,223 | 1,773,098 | 1,628,891 |
Interest expense, net | 167,509 | 185,415 | 175,905 |
Income before income taxes | 1,662,714 | 1,587,683 | 1,452,986 |
Income tax expense | 592,970 | 571,203 | 522,613 |
Net income | $1,069,744 | $1,016,480 | $930,373 |
Weighted average shares for basic earnings per share | 33,267 | 35,943 | 38,696 |
Effect of dilutive stock equivalents | 615 | 638 | 929 |
Weighted average shares for diluted earnings per share | 33,882 | 36,581 | 39,625 |
Basic earnings per share | $32.16 | $28.28 | $24.04 |
Diluted earnings per share | $31.57 | $27.79 | $23.48 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | |||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | |||
Net income | $1,069,744 | $1,016,480 | $930,373 | |||
Other comprehensive income (loss): | ' | ' | ' | |||
Pension liability adjustments, net of taxes | -12,959 | [1] | 43,106 | [1] | -17,262 | [1] |
Foreign currency translation adjustments | 4,647 | -12,216 | -13,866 | |||
Unrealized loss on marketable securities, net of taxes | 101 | [2] | -376 | [2] | -128 | [2] |
Net derivative activity, net of taxes | 96 | [3] | 711 | [3] | -1,066 | [3] |
Total other comprehensive (loss) income | -8,115 | 31,225 | -32,322 | |||
Comprehensive income | $1,061,629 | $1,047,705 | $898,051 | |||
[1] | Pension liability adjustments are presented net of taxes of $8,287 in 2014, $27,972 in 2013, and $29,744 in 2012 | |||||
[2] | Unrealized losses on marketable securities are presented net of taxes of $54 in 2014, $202 in 2013 and $69 in 2012 | |||||
[3] | Net derivative activities are presented net of taxes of $87 in 2014, $440 in 2013, and $4,800 in 2012 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Pension liability adjustments, taxes | $8,287 | $27,972 | $29,744 |
Unrealized (losses) gains on marketable securities, taxes | 54 | 202 | 69 |
Net derivative activities, taxes | $87 | $440 | $4,800 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $124,485 | $142,191 |
Accounts receivable | 200,899 | 171,638 |
Merchandise inventories | 3,140,100 | 2,861,014 |
Other current assets | 110,420 | 101,443 |
Deferred income taxes | 4,708 | 1,727 |
Total current assets | 3,580,612 | 3,278,013 |
Property and equipment: | ' | ' |
Land | 925,359 | 862,565 |
Buildings and improvements | 2,802,265 | 2,607,751 |
Equipment | 1,254,445 | 1,122,821 |
Leasehold improvements | 368,326 | 341,182 |
Construction in progress | 150,279 | 124,206 |
Property and equipment | 5,500,674 | 5,058,525 |
Less: Accumulated depreciation and amortization | 2,190,199 | 1,987,164 |
Property and equipment, net | 3,310,475 | 3,071,361 |
Goodwill | 367,829 | 367,829 |
Deferred income taxes | 45,137 | 4,069 |
Other long-term assets | 213,805 | 170,817 |
Other long-term assets, total | 626,771 | 542,715 |
Assets | 7,517,858 | 6,892,089 |
Current liabilities: | ' | ' |
Accounts payable | 3,609,199 | 3,307,535 |
Accrued expenses and other | 481,894 | 467,831 |
Income taxes payable | 41,200 | 17,129 |
Deferred income taxes | 227,891 | 202,922 |
Short-term borrowings | 180,910 | 173,733 |
Total current liabilities | 4,541,094 | 4,169,150 |
Long-term debt | 4,162,890 | 4,013,267 |
Other long-term liabilities | 435,731 | 396,991 |
Commitments and contingencies | ' | ' |
Stockholders' deficit: | ' | ' |
Preferred stock, authorized 1,000 shares; no shares issued | 0 | 0 |
Common stock, par value $.01 per share, authorized 200,000 shares; 33,858 shares issued and 32,304 shares outstanding in 2014 and 36,768 shares issued and 34,293 shares outstanding in 2013 | 339 | 368 |
Additional paid-in capital | 843,504 | 814,457 |
Retained deficit | -1,529,123 | -1,378,936 |
Accumulated other comprehensive loss | -128,903 | -120,788 |
Treasury stock, at cost | -807,674 | -1,002,420 |
Total stockholders' deficit | -1,621,857 | -1,687,319 |
Liabilities and Stockholders' Deficit | $7,517,858 | $6,892,089 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 33,858,000 | 36,768,000 |
Common stock, shares outstanding | 32,304,000 | 34,293,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $1,069,744 | $1,016,480 | $930,373 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization of property and equipment | 251,267 | 227,251 | 211,831 |
Amortization of debt origination fees | 6,856 | 8,239 | 8,066 |
Income tax benefit from exercise of stock options | -23,771 | -66,752 | -63,041 |
Deferred income taxes | -14,698 | 19,704 | 25,557 |
Share-based compensation expense | 39,390 | 37,307 | 33,363 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -27,963 | -8,196 | -21,276 |
Merchandise inventories | -276,834 | -232,846 | -167,914 |
Accounts payable and accrued expenses | 285,091 | 356,935 | 197,406 |
Income taxes payable | 46,555 | 61,003 | 56,754 |
Other, net | -14,403 | -4,114 | 12,862 |
Net cash provided by operating activities | 1,341,234 | 1,415,011 | 1,223,981 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -438,116 | -414,451 | -378,054 |
Acquisition of business | 0 | -116,084 | 0 |
Purchase of intangibles | -11,112 | 0 | 0 |
Purchase of marketable securities | -49,736 | -44,469 | -45,665 |
Proceeds from sale of marketable securities | 46,796 | 37,944 | 42,385 |
Proceeds from disposal of capital assets | 4,200 | 9,765 | 6,573 |
Net cash used in investing activities | -447,968 | -527,295 | -374,761 |
Cash flows from financing activities: | ' | ' | ' |
Net proceeds (payments) of commercial paper | 256,800 | 123,600 | -54,200 |
Net payments of short-term borrowings | 0 | -4,948 | -27,071 |
Proceeds from issuance of debt | 400,000 | 800,000 | 500,000 |
Repayment of debt | -500,000 | -500,000 | 0 |
Net proceeds from sale of common stock | 42,034 | 97,154 | 75,343 |
Purchase of treasury stock | -1,099,212 | -1,387,315 | -1,362,869 |
Income tax benefit from exercise of stock options | 23,771 | 66,752 | 63,041 |
Payments of capital lease obligations | -32,656 | -27,545 | -26,750 |
Other | -2,294 | -14,720 | -10,927 |
Net cash used in financing activities | -911,557 | -847,022 | -843,433 |
Effect of exchange rate changes on cash | 585 | -1,596 | -300 |
Net (decrease) increase in cash and cash equivalents | -17,706 | 39,098 | 5,487 |
Cash and cash equivalents at beginning of year | 142,191 | 103,093 | 97,606 |
Cash and cash equivalents at end of year | 124,485 | 142,191 | 103,093 |
Supplemental cash flow information: | ' | ' | ' |
Interest paid, net of interest cost capitalized | 166,477 | 174,037 | 161,797 |
Income taxes paid | 556,974 | 498,587 | 443,666 |
Assets acquired through capital lease | $64,927 | $71,117 | $74,726 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Deficit (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
In Thousands | ||||||
Balance at Aug. 27, 2011 | ($1,254,232) | $441 | $591,384 | ($643,998) | ($119,691) | ($1,082,368) |
Balance, Shares at Aug. 27, 2011 | ' | 44,084 | ' | ' | ' | ' |
Net income | 930,373 | ' | ' | 930,373 | ' | ' |
Total other comprehensive income (loss) | -32,322 | ' | ' | ' | -32,322 | ' |
Purchase of treasury stock | -1,362,869 | ' | ' | ' | ' | -1,362,869 |
Retirement of treasury shares | ' | -49 | -72,512 | -1,319,572 | ' | 1,392,133 |
Retirement of treasury shares, shares | ' | -4,929 | ' | ' | ' | ' |
Sale of common stock under stock options and stock purchase plans | 75,343 | 7 | 75,336 | ' | ' | ' |
Sale of common stock under stock options and stock purchase plans, Shares | ' | 714 | ' | ' | ' | ' |
Share-based compensation expense | 32,641 | ' | 32,641 | ' | ' | ' |
Income tax benefit from exercise of stock options | 63,041 | ' | 63,041 | ' | ' | ' |
Balance at Aug. 25, 2012 | -1,548,025 | 399 | 689,890 | -1,033,197 | -152,013 | -1,053,104 |
Balance, shares at Aug. 25, 2012 | ' | 39,869 | ' | ' | ' | ' |
Net income | 1,016,480 | ' | ' | 1,016,480 | ' | ' |
Total other comprehensive income (loss) | 31,225 | ' | ' | ' | 31,225 | ' |
Purchase of treasury stock | -1,387,315 | ' | ' | ' | ' | -1,387,315 |
Retirement of treasury shares | ' | -39 | -75,743 | -1,362,218 | ' | 1,438,000 |
Retirement of treasury shares, shares | -3,900 | -3,876 | ' | ' | ' | ' |
Sale of common stock under stock options and stock purchase plans | 97,154 | 8 | 97,146 | ' | ' | ' |
Sale of common stock under stock options and stock purchase plans, Shares | ' | 775 | ' | ' | ' | ' |
Share-based compensation expense | 36,412 | ' | 36,412 | ' | ' | ' |
Income tax benefit from exercise of stock options | 66,752 | ' | 66,752 | ' | ' | ' |
Other | -2 | ' | ' | -1 | ' | -1 |
Balance at Aug. 31, 2013 | -1,687,319 | 368 | 814,457 | -1,378,936 | -120,788 | -1,002,420 |
Balance, shares at Aug. 31, 2013 | 36,768 | 36,768 | ' | ' | ' | ' |
Net income | 1,069,744 | ' | ' | 1,069,744 | ' | ' |
Total other comprehensive income (loss) | -8,115 | ' | ' | ' | -8,115 | ' |
Purchase of treasury stock | -1,099,212 | ' | ' | ' | ' | -1,099,212 |
Retirement of treasury shares | ' | -32 | -73,995 | -1,219,931 | ' | 1,293,958 |
Retirement of treasury shares, shares | -3,200 | -3,153 | ' | ' | ' | ' |
Sale of common stock under stock options and stock purchase plans | 42,034 | 3 | 42,031 | ' | ' | ' |
Sale of common stock under stock options and stock purchase plans, Shares | ' | 243 | ' | ' | ' | ' |
Share-based compensation expense | 37,240 | ' | 37,240 | ' | ' | ' |
Income tax benefit from exercise of stock options | 23,771 | ' | 23,771 | ' | ' | ' |
Balance at Aug. 30, 2014 | ($1,621,857) | $339 | $843,504 | ($1,529,123) | ($128,903) | ($807,674) |
Balance, shares at Aug. 30, 2014 | 33,858 | 33,858 | ' | ' | ' | ' |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Deficit (Parenthetical) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Purchase of treasury stock, shares | 2,232 | 3,511 | 3,795 |
Treasury Stock [Member] | ' | ' | ' |
Purchase of treasury stock, shares | 2,232 | 3,511 | 3,795 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||
Aug. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Significant Accounting Policies | ' | |||
Note A – Significant Accounting Policies | ||||
Business: AutoZone, Inc. and its wholly owned subsidiaries (“AutoZone” or the “Company”) are principally a retailer and distributor of automotive parts and accessories. At the end of fiscal 2014, the Company operated 4,984 stores in the United States (“U.S.”), including Puerto Rico; 402 stores in Mexico; and five stores in 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. At the end of fiscal 2014, 3,845 of the domestic stores and select stores in Mexico and Brazil had a commercial sales program that provides commercial credit and prompt delivery of parts and other products to local, regional and national repair garages, dealers, service stations and public sector accounts. The Company also sells the ALLDATA brand automotive diagnostic and repair software through www.alldata.com. Additionally, the Company sells automotive hard parts, maintenance items, accessories, and non-automotive products through www.autozone.com, and accessories and performance parts through www.autoanything.com, and its commercial customers can make purchases through www.autozonepro.com. The Company does not derive revenue from automotive repair or installation services. | ||||
Fiscal Year: The Company’s fiscal year consists of 52 or 53 weeks ending on the last Saturday in August. Fiscal 2014 represented 52 weeks, fiscal 2013 represented 53 weeks, and fiscal 2012 represented 52 weeks. | ||||
Basis of Presentation: The consolidated financial statements include the accounts of AutoZone, Inc. and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. | ||||
Use of Estimates: Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities to prepare these financial statements. Actual results could differ from those estimates. | ||||
Cash and Cash Equivalents: Cash equivalents consist of investments with original maturities of 90 days or less at the date of purchase. Cash equivalents include proceeds due from credit and debit card transactions with settlement terms of less than 5 days. Credit and debit card receivables included within cash and cash equivalents were $43.9 million at August 30, 2014 and $39.8 million at August 31, 2013. | ||||
Cash balances are held in various locations around the world. As of August 30, 2014, and August 31, 2013, cash and cash equivalents of $19.3 million and $38.2 million, respectively, were held outside of the U.S. and were generally utilized to support liquidity needs in foreign operations. The Company intends to continue to permanently reinvest the cash held outside of the U.S. in its foreign operations. | ||||
Accounts Receivable: Accounts receivable consists of receivables from commercial customers and vendors, and are presented net of an allowance for uncollectible accounts. AutoZone routinely grants credit to certain of its commercial customers. The risk of credit loss in its trade receivables is substantially mitigated by the Company’s credit evaluation process, short collection terms and sales to a large number of customers, as well as the low dollar value per transaction for most of its sales. Allowances for potential credit losses are determined based on historical experience and current evaluation of the composition of accounts receivable. Historically, credit losses have been within management’s expectations and the allowances for uncollectible accounts were $2.9 million at August 30, 2014, and $2.9 million at August 31, 2013. | ||||
Merchandise Inventories: Inventories are stated at the lower of cost or market using the last-in, first-out method for domestic inventories and the first-in, first out (“FIFO”) method for Mexico and Brazil inventories. Included in inventory 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 our merchandise purchases, was $307.2 million at August 30, 2014, and $283.7 million at August 31, 2013. | ||||
Marketable Securities: The Company invests a portion of its assets held by the Company’s wholly owned insurance captive in marketable debt securities and classifies them as available-for-sale. The Company includes these securities within the Other current assets and Other long-term assets captions in the accompanying Consolidated Balance Sheets and records the amounts at fair market value, which is determined using quoted market prices at the end of the reporting period. A discussion of marketable securities is included in “Note E – Fair Value Measurements” and “Note F – Marketable Securities.” | ||||
Property and Equipment: Property and equipment is stated at cost. Depreciation and amortization are computed principally using the straight-line method over the following estimated useful lives: buildings, 40 to 50 years; building improvements, 5 to 15 years; equipment, 3 to 10 years; and leasehold improvements, over the shorter of the asset’s estimated useful life or the remaining lease term, which includes any reasonably assured renewal periods. Depreciation and amortization include amortization of assets under capital lease. | ||||
Impairment of Long-Lived Assets: The Company evaluates the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. When such an event occurs, the Company compares the sum of the undiscounted expected future cash flows of the asset (asset group) with the carrying amounts of the asset. If the undiscounted expected future cash flows are less than the carrying value of the assets, the Company measures the amount of impairment loss as the amount by which the carrying amount of the assets exceeds the fair value of the assets. There were no material impairment losses recorded in the three years ended August 30, 2014. | ||||
Goodwill: The cost in excess of fair value of identifiable net assets of businesses acquired is recorded as goodwill. Goodwill has not been amortized since fiscal 2001, but an analysis is performed at least annually to compare the fair value of the reporting unit to the carrying amount to determine if any impairment exists. The Company performs its annual impairment assessment in the fourth quarter of each fiscal year, unless circumstances dictate more frequent assessments. Refer to “Note N – Goodwill and Intangibles” for additional disclosures regarding the Company’s goodwill and impairment assessment. | ||||
Intangible Assets: Intangible assets consist of assets from the acquisition of AutoAnything and assets purchased relating to ALLDATA operations, and include technology, non-compete agreements, customer relationships and trade name. Amortizing intangible assets are amortized over periods ranging from 3 to 10 years. Non-amortizing intangibles are reviewed at least annually for impairment by comparing the carrying amount to fair value. The Company performs its annual impairment assessment in the fourth quarter of each fiscal year, unless circumstances dictate more frequent assessments. Refer to “Note N – Goodwill and Intangibles” for additional disclosures regarding the Company’s intangible assets and impairment assessment. | ||||
Derivative Instruments and Hedging Activities: AutoZone is exposed to market risk from, among other things, changes in interest rates, foreign exchange rates and fuel prices. From time to time, the Company uses various derivative instruments to reduce such risks. To date, based upon the Company’s current level of foreign operations, no derivative instruments have been utilized to reduce foreign exchange rate risk. All of the Company’s hedging activities are governed by guidelines that are authorized by AutoZone’s Board of Directors (the “Board”). Further, the Company does not buy or sell derivative instruments for trading purposes. | ||||
AutoZone’s financial market risk results primarily from changes in interest rates. At times, AutoZone reduces its exposure to changes in interest rates by entering into various interest rate hedge instruments such as interest rate swap contracts, treasury lock agreements and forward-starting interest rate swaps. All of the Company’s interest rate hedge instruments are designated as cash flow hedges. Refer to “Note H – Derivative Financial Instruments” for additional disclosures regarding the Company’s derivative instruments and hedging activities. Cash flows related to these instruments designated as qualifying hedges are reflected in the accompanying Consolidated Statements of Cash Flows in the same categories as the cash flows from the items being hedged. Accordingly, cash flows relating to the settlement of interest rate derivatives hedging the forecasted issuance of debt have been reflected upon settlement as a component of financing cash flows. The resulting gain or loss from such settlement is deferred to Accumulated other comprehensive loss and reclassified to interest expense over the term of the underlying debt. This reclassification of the deferred gains and losses impacts the interest expense recognized on the underlying debt that was hedged and is therefore reflected as a component of operating cash flows in periods subsequent to settlement. | ||||
Foreign Currency: The Company accounts for its Mexican, Brazilian, European, and Canadian operations using the Mexican peso and the Brazilian real, euro, and Canadian dollar as the functional currencies and converts its financial statements from these currencies to U.S. dollars. The cumulative loss on currency translation is recorded as a component of Accumulated other comprehensive loss and approximated $57.8 million at August 30, 2014, and $62.5 million at August 31, 2013. | ||||
Self-Insurance Reserves: The Company retains a significant portion of the risks associated with workers’ compensation, employee health, general, products liability, property and vehicle insurance. Through various methods, which include analyses of historical trends and utilization of actuaries, the Company estimates the costs of these risks. The costs are accrued based upon the aggregate of the liability for reported claims and an estimated liability for claims incurred but not reported. Estimates are based on calculations that consider historical lag and claim development factors. The long-term portions of these liabilities are recorded at the Company’s estimate of their net present value. | ||||
Deferred Rent: The Company recognizes rent expense on a straight-line basis over the course of the lease term, which includes any reasonably assured renewal periods, beginning on the date the Company takes physical possession of the property (see “Note O – Leases”). Differences between this calculated expense and cash payments are recorded as a liability within the Accrued expenses and other and Other long-term liabilities captions in the accompanying Consolidated Balance Sheets, based on the terms of the lease. Deferred rent approximated $104.6 million as of August 30, 2014, and $96.5 million as of August 31, 2013. | ||||
Financial Instruments: The Company has financial instruments, including cash and cash equivalents, accounts receivable, other current assets and accounts payable. The carrying amounts of these financial instruments approximate fair value because of their short maturities. A discussion of the carrying values and fair values of the Company’s debt is included in “Note I – Financing,” marketable securities is included in “Note F – Marketable Securities,” and derivatives is included in “Note H – Derivative Financial Instruments.” | ||||
Income Taxes: The Company accounts for income taxes under the liability method. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Our effective tax rate is based on income by tax jurisdiction, statutory rates, and tax saving initiatives available to the Company in the various jurisdictions in which we operate. | ||||
The Company recognizes liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the Company must determine the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis or when new information becomes available to management. These reevaluations are based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, successfully settled issues under audit, expirations due to statutes, and new audit activity. Such a change in recognition or measurement could result in the recognition of a tax benefit or an increase to the tax accrual. | ||||
The Company classifies interest related to income tax liabilities, and if applicable, penalties, as a component of Income tax expense. The income tax liabilities and accrued interest and penalties that are expected to be payable within one year of the balance sheet date are presented within the Accrued expenses and other caption in the accompanying Consolidated Balance Sheets. The remaining portion of the income tax liabilities and accrued interest and penalties are presented within the Other long-term liabilities caption in the accompanying Consolidated Balance Sheets because payment of cash is not anticipated within one year of the balance sheet date. Refer to “Note D – Income Taxes” for additional disclosures regarding the Company’s income taxes. | ||||
Sales and Use Taxes: Governmental authorities assess sales and use taxes on the sale of goods and services. The Company excludes taxes collected from customers in its reported sales results; such amounts are included within the Accrued expenses and other caption until remitted to the taxing authorities. | ||||
Dividends: The Company currently does not pay a dividend on its common stock. The ability to pay dividends is subject to limitations imposed by Nevada law. Under Nevada law, any future payment of dividends would be dependent upon the Company’s financial condition, capital requirements, earnings and cash flow. | ||||
Revenue Recognition: The Company recognizes sales at the time the sale is made and the product is delivered to the customer. Revenue from sales are presented net of allowances for estimated sales returns, which are based on historical return rates. | ||||
A portion of the Company’s transactions include the sale of auto parts that contain a core component. The core component represents the recyclable portion of the auto part. Customers are not charged for the core component of the new part if a used core is returned at the point of sale of the new part; otherwise the Company charges customers a specified amount for the core component. The Company refunds that same amount upon the customer returning a used core to the store at a later date. The Company does not recognize sales or cost of sales for the core component of these transactions when a used part is returned or expected to be returned from the customer. | ||||
Vendor Allowances and Advertising Costs: The Company receives various payments and allowances from its vendors through a variety of programs and arrangements. Monies received from vendors include rebates, allowances and promotional funds. The amounts to be received are subject to the terms of the vendor agreements, which generally do not state an expiration date, but are subject to ongoing negotiations that may be impacted in the future based on changes in market conditions, vendor marketing strategies and changes in the profitability or sell-through of the related merchandise. | ||||
Rebates and other miscellaneous incentives are earned based on purchases or product sales and are accrued ratably over the purchase or sale of the related product. These monies are generally recorded as a reduction of merchandise inventories and are recognized as a reduction to cost of sales as the related inventories are sold. | ||||
For arrangements that provide for reimbursement of specific, incremental, identifiable costs incurred by the Company in selling the vendors’ products, the vendor funds are recorded as a reduction to Operating, selling, general and administrative expenses in the period in which the specific costs were incurred. | ||||
The Company expenses advertising costs as incurred. Advertising expense, net of vendor promotional funds, was $84.7 million in fiscal 2014, $83.7 million in fiscal 2013, and $74.7 million in fiscal 2012. Vendor promotional funds, which reduced advertising expense, amounted to $28.4 million in fiscal 2014, $24.4 million in fiscal 2013, and $19.7 million in fiscal 2012. | ||||
Cost of Sales and Operating, Selling, General and Administrative Expenses: The following illustrates the primary costs classified in each major expense category: | ||||
Cost of Sales | ||||
• | Total cost of merchandise sold, including: | |||
• | Freight expenses associated with moving merchandise inventories from the Company’s vendors to the distribution centers; | |||
• | Vendor allowances that are not reimbursements for specific, incremental and identifiable costs | |||
• | Costs associated with operating the Company’s supply chain, including payroll and benefit costs, warehouse occupancy costs, transportation costs and depreciation; and | |||
• | Inventory shrinkage | |||
Operating, Selling, General and Administrative Expenses | ||||
• | Payroll and benefit costs for store and store support employees; | |||
• | Occupancy costs of store and store support facilities; | |||
• | Depreciation and amortization related to retail and store support assets; | |||
• | Transportation costs associated with commercial and hub deliveries; | |||
• | Advertising; | |||
• | Self insurance costs; and | |||
• | Other administrative costs, such as credit card transaction fees, supplies, and travel and lodging | |||
Warranty Costs: The Company or the vendors supplying its products provides the Company’s customers limited warranties on certain products that range from 30 days to lifetime. In most cases, the Company’s vendors are primarily responsible for warranty claims. Warranty costs relating to merchandise sold under warranty not covered by vendors are estimated and recorded as warranty obligations at the time of sale based on each product’s historical return rate. These obligations, which are often funded by vendor allowances, are recorded within the Accrued expenses and other caption in the Consolidated Balance Sheets. For vendor allowances that are in excess of the related estimated warranty expense for the vendor’s products, the excess is recorded in inventory and recognized as a reduction to cost of sales as the related inventory is sold. | ||||
Shipping and Handling Costs: The Company does not generally charge customers separately for shipping and handling. Substantially all the costs the Company incurs to ship products to our stores are included in cost of sales. | ||||
Pre-opening Expenses: Pre-opening expenses, which consist primarily of payroll and occupancy costs, are expensed as incurred. | ||||
Earnings per Share: Basic earnings per share is based on the weighted average outstanding common shares. Diluted earnings per share is based on the weighted average outstanding common shares adjusted for the effect of common stock equivalents, which are primarily stock options. There were 1,000 stock options excluded from the diluted earnings per share computation because they would have been anti-dilutive as of August 30, 2014. There were 8,600 options excluded for the year ended August 31, 2013, and 30,000 options excluded for the year ended August 25, 2012. | ||||
Share-Based Payments: Share-based payments include stock option grants and certain other transactions under the Company’s stock plans. The Company recognizes compensation expense for its share-based payments based on the fair value of the awards. See “Note B – Share-Based Payments” for further discussion. | ||||
Risk and Uncertainties: In fiscal 2014, one class of similar products accounted for approximately 10 percent of the Company’s total revenues, and one vendor supplied more than 10 percent of the Company’s total purchases. No other class of similar products accounted for 10 percent or more of total revenues, and no other individual vendor provided more than 10 percent of total purchases. | ||||
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. | ||||
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. Under ASU 2013-11, an entity is required to disclose a liability related to an unrecognized tax benefit as an offset against a deferred tax asset for a net operating loss carryforward, a similar tax loss or tax credit carryforward if certain criteria are met. In situations of a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the tax law of the jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit will be presented in the financial statements as a liability and will not be combined with deferred tax assets. The standard is effective prospectively for fiscal years and interim reporting periods within those years, beginning after December 15, 2013. Early adoption is permitted. The Company elected to early adopt this standard effective August 30, 2014, 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 is in the process of evaluating the impact of the provision of ASU 2014-09 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 | 12 Months Ended | ||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Share-Based Payments | ' | ||||||||||||||||
Note B – Share-Based Payments | |||||||||||||||||
Total share-based compensation expense (a component of Operating, selling, general and administrative expenses) was $39.4 million for fiscal 2014, $37.3 million for fiscal 2013, and $33.4 million for fiscal 2012. As of August 30, 2014, share-based compensation expense for unvested awards not yet recognized in earnings is $25.2 million and will be recognized over a weighted average period of 2.5 years. Tax deductions in excess of recognized compensation cost are classified as a financing cash inflow. | |||||||||||||||||
On December 15, 2010, the Company’s stockholders approved the 2011 Equity Incentive Award Plan (the “2011 Plan”), allowing the Company to provide equity-based compensation to non-employee directors and employees for their service to AutoZone or its subsidiaries or affiliates. Under the 2011 Plan, participants may receive equity-based compensation in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, deferred stock, stock payments, performance share awards and other incentive awards structured by the Board and the Compensation Committee of the Board. Prior to the Company’s adoption of the 2011 Plan, equity-based compensation was provided to employees under the 2006 Stock Option Plan and to non-employee directors under the 2003 Director Compensation Plan (the “2003 Comp Plan”) and the 2003 Director Stock Option Plan (the “2003 Option Plan”). | |||||||||||||||||
The Company grants options to purchase common stock to certain of its employees under its plan at prices equal to the market value of the stock on the date of grant. Options have a term of 10 years or 10 years and one day from grant date. Employee options generally vest in equal annual installments on the first, second, third and fourth anniversaries of the grant date and generally have 30 or 90 days after the service relationship ends, or one year after death, to exercise all vested options. The fair value of each option grant is separately estimated for each vesting date. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the award and each vesting date. | |||||||||||||||||
In addition to the 2011 Plan, on December 15, 2010, the Company adopted the 2011 Director Compensation Program (the “2011 Program”), which stated that non-employee directors would receive their compensation in awards of restricted stock units under the 2011 Plan. Under the 2011 Program, restricted stock units are granted the first day of each calendar quarter. The number of restricted stock units granted each quarter is determined by dividing one-fourth of the amount of the annual retainer by the fair market value of the shares of common stock as of the grant date. The restricted stock units are fully vested on the date they are issued and are paid in shares of the Company’s common stock subsequent to the non-employee director ceasing to be a member of the Board. | |||||||||||||||||
The 2011 Program replaced the 2003 Comp Plan and the 2003 Option Plan. Under the 2003 Comp Plan, non-employee directors could receive no more than one-half of their director fees immediately in cash, and the remainder of the fees was required to be taken in common stock or stock appreciation rights. The director had the option to elect to receive up to 100% of the fees in stock or defer all or part of the fees in units with value equivalent to the value of shares of common stock as of the grant date. At August 30, 2014, the Company has $9.7 million accrued related to 17,990 outstanding units issued under the 2003 Comp Plan and prior plans, and there was $7.6 million accrued related to 17,990 outstanding units issued as of August 31, 2013. No additional shares of stock or units will be issued in future years under the 2003 Comp Plan. | |||||||||||||||||
Under the 2003 Option Plan, each non-employee director received an option grant on January 1 of each year, and each new non-employee director received an option to purchase 3,000 shares upon election to the Board, plus a portion of the annual directors’ option grant prorated for the portion of the year actually served. These stock option grants were made at the fair market value as of the grant date and generally vested three years from the grant date. There were 46,000 and 51,000 outstanding options under the 2003 Option Plan as of August 30, 2014 and August 31, 2013, respectively. No additional shares of stock will be issued in future years under the 2003 Option Plan. | |||||||||||||||||
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 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. | |||||||||||||||||
The Company has estimated the fair value of all stock option awards as of the date of the grant by applying the Black-Scholes-Merton multiple-option pricing valuation model. The application of this valuation model involves assumptions that are judgmental and highly sensitive in the determination of compensation expense. The following table presents the weighted average for key assumptions used in determining the fair value of options granted and the related share-based compensation expense: | |||||||||||||||||
Year Ended | |||||||||||||||||
August 30, | August 31, | August 25, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected price volatility | 23 | % | 29 | % | 28 | % | |||||||||||
Risk-free interest rates | 1 | % | 0.5 | % | 0.7 | % | |||||||||||
Weighted average expected lives (in years) | 5.2 | 5.2 | 5.4 | ||||||||||||||
Forfeiture rate | 9 | % | 10 | % | 10 | % | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
The following methodologies were applied in developing the assumptions used in determining the fair value of options granted: | |||||||||||||||||
Expected price volatility – This is a measure of the amount by which a price has fluctuated or is expected to fluctuate. The Company uses actual historical changes in the market value of its stock to calculate the volatility assumption as it is management’s belief that this is the best indicator of future volatility. The Company calculates daily market value changes from the date of grant over a past period representative of the expected life of the options to determine volatility. An increase in the expected volatility will increase compensation expense. | |||||||||||||||||
Risk-free interest rate – This is the U.S. Treasury rate for the week of the grant having a term equal to the expected life of the option. An increase in the risk-free interest rate will increase compensation expense. | |||||||||||||||||
Expected lives – This is the period of time over which the options granted are expected to remain outstanding and is based on historical experience. Separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. Options granted have a maximum term of ten years or ten years and one day. An increase in the expected life will increase compensation expense. | |||||||||||||||||
Forfeiture rate – This is the estimated percentage of options granted that are expected to be forfeited or canceled before becoming fully vested. This estimate is based on historical experience at the time of valuation and reduces expense ratably over the vesting period. An increase in the forfeiture rate will decrease compensation expense. This estimate is evaluated periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimate. | |||||||||||||||||
Dividend yield – The Company has not made any dividend payments nor does it have plans to pay dividends in the foreseeable future. An increase in the dividend yield will decrease compensation expense. | |||||||||||||||||
The weighted average grant date fair value of options granted was $96.97 during fiscal 2014, $98.58 during fiscal 2013, and $94.71 during fiscal 2012. The intrinsic value of options exercised was $70.6 million in fiscal 2014, $194.6 million in fiscal 2013, and $176.5 million in fiscal 2012. The total fair value of options vested was $27.7 million in fiscal 2014, $26.6 million in fiscal 2013, and $23.8 million in fiscal 2012. | |||||||||||||||||
The Company generally issues new shares when options are exercised. The following table summarizes information about stock option activity for the year ended August 30, 2014: | |||||||||||||||||
Number | Weighted | Weighted- | Aggregate | ||||||||||||||
of Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (in thousands) | |||||||||||||||
Term | |||||||||||||||||
(in years) | |||||||||||||||||
Outstanding – August 31, 2013 | 1,795,988 | $ | 228.95 | ||||||||||||||
Granted | 348,615 | 426.05 | |||||||||||||||
Exercised | (241,090 | ) | 175.6 | ||||||||||||||
Cancelled | (64,625 | ) | 342.4 | ||||||||||||||
Outstanding – August 30, 2014 | 1,838,888 | 269.32 | 6.28 | $ | 495,611 | ||||||||||||
Exercisable | 1,020,283 | 187.07 | 4.79 | 358,902 | |||||||||||||
Expected to vest | 818,605 | 371.84 | 8.14 | 124,403 | |||||||||||||
Available for future grants | 1,781,027 | ||||||||||||||||
The Company recognized $1.7 million in expense related to the discount on the selling of shares to employees and executives under various share purchase plans in fiscal 2014, $1.5 million in fiscal 2013 and $1.5 million in fiscal 2012. The Sixth Amended and Restated AutoZone, Inc. Employee Stock Purchase Plan (the “Employee Plan”), which is qualified under Section 423 of the Internal Revenue Code, permits all eligible employees to purchase AutoZone’s common stock at 85% of the lower of the market price of the common stock on the first day or last day of each calendar quarter through payroll deductions. Maximum permitted annual purchases are $15,000 per employee or 10 percent of compensation, whichever is less. Under the Employee Plan, 15,355 shares were sold to employees in fiscal 2014, 18,228 shares were sold to employees in fiscal 2013, and 19,403 shares were sold to employees in fiscal 2012. The Company repurchased 16,013 shares at fair value in fiscal 2014, 22,915 shares at fair value in fiscal 2013, and 24,113 shares at fair value in fiscal 2012 from employees electing to sell their stock. Issuances of shares under the Employee Plan are netted against repurchases and such repurchases are not included in share repurchases disclosed in “Note K – Stock Repurchase Program.” At August 30, 2014, 219,389 shares of common stock were reserved for future issuance under the Employee Plan. | |||||||||||||||||
Once executives have reached the maximum purchases under the Employee Plan, the Fifth Amended and Restated Executive Stock Purchase Plan (the “Executive Plan”) permits all eligible executives to purchase AutoZone’s common stock up to 25 percent of his or her annual salary and bonus. Purchases under the Executive Plan were 3,028 shares in fiscal 2014, 3,454 shares in fiscal 2013, and 3,937 shares in fiscal 2012. At August 30, 2014, 245,925 shares of common stock were reserved for future issuance under the Executive Plan. |
Accrued_Expenses_and_Other
Accrued Expenses and Other | 12 Months Ended | ||||||||
Aug. 30, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
Accrued Expenses and Other | ' | ||||||||
Note C – Accrued Expenses and Other | |||||||||
Accrued expenses and other consisted of the following: | |||||||||
(in thousands) | August 30, | August 31, | |||||||
2014 | 2013 | ||||||||
Medical and casualty insurance claims (current portion) | $ | 74,010 | $ | 66,133 | |||||
Accrued compensation, related payroll taxes and benefits | 159,315 | 137,165 | |||||||
Property, sales, and other taxes | 77,332 | 90,944 | |||||||
Accrued interest | 32,923 | 40,442 | |||||||
Accrued gift cards | 30,842 | 32,160 | |||||||
Accrued sales and warranty returns | 17,322 | 14,171 | |||||||
Capital lease obligations | 36,505 | 32,246 | |||||||
Other | 53,645 | 54,570 | |||||||
$ | 481,894 | $ | 467,831 | ||||||
The Company retains a significant portion of the insurance risks associated with workers’ compensation, employee health, general, products liability, property and vehicle insurance. A portion of these self-insured losses is managed through a wholly owned insurance captive. The Company maintains certain levels for stop-loss coverage for each self-insured plan in order to limit its liability for large claims. The limits are per claim and are $1.5 million for workers’ compensation and property, $0.7 million for employee health, and $1.0 million for general, products liability, and vehicle. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note D – Income Taxes | |||||||||||||
The components of income from continuing operations before income taxes are as follows: | |||||||||||||
Year Ended | |||||||||||||
(in thousands) | August 30, | August 31, | August 25, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Domestic | $ | 1,550,203 | $ | 1,486,386 | $ | 1,373,142 | |||||||
International | 112,511 | 101,297 | 79,844 | ||||||||||
$ | 1,662,714 | $ | 1,587,683 | $ | 1,452,986 | ||||||||
The provision for income tax expense consisted of the following: | |||||||||||||
Year Ended | |||||||||||||
(in thousands) | August 30, | August 31, | August 25, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 516,983 | $ | 466,803 | $ | 424,895 | |||||||
State | 54,481 | 46,494 | 47,386 | ||||||||||
International | 36,204 | 38,202 | 24,775 | ||||||||||
607,668 | 551,499 | 497,056 | |||||||||||
Deferred: | |||||||||||||
Federal | (762 | ) | 16,816 | 33,679 | |||||||||
State | (7,752 | ) | 3,139 | (2,822 | ) | ||||||||
International | (6,184 | ) | (251 | ) | (5,300 | ) | |||||||
(14,698 | ) | 19,704 | 25,557 | ||||||||||
Income tax expense | $ | 592,970 | $ | 571,203 | $ | 522,613 | |||||||
A reconciliation of the provision for income taxes to the amount computed by applying the federal statutory tax rate of 35% to income before income taxes is as follows: | |||||||||||||
Year Ended | |||||||||||||
(in thousands) | August 30, | August 31, | August 25, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal tax at statutory U.S. income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net | 1.8 | % | 2 | % | 2 | % | |||||||
Other | (1.1 | %) | (1.0 | %) | (1.0 | %) | |||||||
Effective tax rate | 35.7 | % | 36 | % | 36 | % | |||||||
Significant components of the Company’s deferred tax assets and liabilities were as follows: | |||||||||||||
(in thousands) | August 30, | August 31, | |||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss and credit carryforwards | $ | 40,507 | $ | 41,785 | |||||||||
Insurance reserves | 16,354 | 16,237 | |||||||||||
Accrued benefits | 79,932 | 67,350 | |||||||||||
Pension | 21,493 | 18,004 | |||||||||||
Other | 43,078 | 45,597 | |||||||||||
Total deferred tax assets | 201,364 | 188,973 | |||||||||||
Less: Valuation allowances | (10,604 | ) | (11,593 | ) | |||||||||
190,760 | 177,380 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | (59,016 | ) | (84,512 | ) | |||||||||
Inventory | (273,005 | ) | (262,653 | ) | |||||||||
Other | (36,785 | ) | (27,341 | ) | |||||||||
Total deferred tax liabilities | (368,806 | ) | (374,506 | ) | |||||||||
Net deferred tax liability | $ | (178,046 | ) | $ | (197,126 | ) | |||||||
Deferred taxes are not provided for temporary differences of approximately $345.0 million at August 30, 2014, and $260.0 million at August 31, 2013, representing earnings of non-U.S. subsidiaries that are intended to be permanently reinvested. Computation of the potential deferred tax liability associated with these undistributed earnings and other basis differences is not practicable. | |||||||||||||
At August 30, 2014 and August 31, 2013, the Company had deferred tax assets of $11.2 million and $8.7 million, respectively, from net operating loss (“NOL”) carryforwards available to reduce future taxable income totaling approximately $87.6 million and $75.5 million, respectively. Certain NOLs have no expiration date and others will expire, if not utilized, in various years from fiscal 2016 through 2033. At August 30, 2014 and August 31, 2013, the Company had deferred tax assets for income tax credit carryforwards of $29.3 million and $33.1 million, respectively. Certain income tax credit carryforwards have no expiration and others will expire, if not utilized, in various years from fiscal 2015 through 2026. | |||||||||||||
At August 30, 2014 and August 31, 2013, the Company had a valuation allowance of $10.6 million and $11.6 million, respectively, on deferred tax assets associated with NOL and tax credit carryforwards for which management has determined it is more likely than not that the deferred tax asset will not be realized. Management believes it is more likely than not that the remaining deferred tax assets will be fully realized. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
(in thousands) | August 30, | August 31, | |||||||||||
2014 | 2013 | ||||||||||||
Beginning balance | $ | 30,643 | $ | 27,715 | |||||||||
Additions based on tax positions related to the current year | 7,857 | 7,015 | |||||||||||
Additions for tax positions of prior years | 2,114 | 2,758 | |||||||||||
Reductions for tax positions of prior years | (1,355 | ) | (470 | ) | |||||||||
Reductions due to settlements | (2,074 | ) | (3,019 | ) | |||||||||
Reductions due to statute of limitations | (4,057 | ) | (3,356 | ) | |||||||||
Ending balance | $ | 33,128 | $ | 30,643 | |||||||||
Included in the August 30, 2014 and the August 31, 2013 balances are $19.1 million and $20.1 million, respectively, of unrecognized tax benefits that, if recognized, would reduce the Company’s effective tax rate. | |||||||||||||
The Company accrues interest on unrecognized tax benefits as a component of income tax expense. Penalties, if incurred, would be recognized as a component of income tax expense. The Company had $4.3 million and $4.7 million accrued for the payment of interest and penalties associated with unrecognized tax benefits at August 30, 2014 and August 31, 2013, respectively. | |||||||||||||
The Company files U.S. federal, U.S. state and local, and international income tax returns. The U.S. Internal Revenue Service has completed exams on U.S. federal income tax returns for years 2009 and prior. With few exceptions, the Company is no longer subject to state and local or Non-U.S. examinations by tax authorities for years before 2010. The Company is typically engaged in various tax examinations at any given time by U.S. federal, state and local, and international taxing jurisdictions. As of August 30, 2014, the Company estimates that the amount of unrecognized tax benefits could be reduced by approximately $0.4 million over the next twelve months as a result of tax audit settlements. While the Company believes that it is adequately accrued for possible audit adjustments, the final resolution of these examinations cannot be determined at this time and could result in final settlements that differ from current estimates. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note E – Fair Value Measurements | |||||||||||||||||
The Company has adopted ASC Topic 820, Fair Value Measurement, which defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”) and expands disclosure requirements about fair value measurements. This standard 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. ASC Topic 820 establishes a framework for measuring fair value by creating a hierarchy of valuation inputs used to measure fair value, and although it does not require additional fair value measurements, it applies to other accounting pronouncements that require or permit fair value measurements. | |||||||||||||||||
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: | |||||||||||||||||
August 30, 2014 | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Other current assets | $ | 9,801 | $ | 599 | $ | — | $ | 10,400 | |||||||||
Other long-term assets | 53,133 | 21,722 | — | 74,855 | |||||||||||||
$ | 62,934 | $ | 22,321 | $ | — | $ | 85,255 | ||||||||||
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 | ||||||||||
Contingent consideration | $ | — | $ | — | $ | (242 | ) | $ | (242 | ) | |||||||
At August 30, 2014, the fair value measurement amounts for assets and liabilities recorded in the accompanying Consolidated Balance Sheet consisted of short-term marketable securities of $10.4 million, which are included within Other current assets and long-term marketable securities of $74.9 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. A discussion on how the Company’s cash flow hedges are valued is included in “Note H – Derivative Financial Instruments,” while the fair value of the Company’s pension plan assets are disclosed in “Note L – Pension and Savings Plans.” | |||||||||||||||||
Effective December 19, 2012, the Company acquired certain assets and liabilities of AutoAnything, an online retailer of specialized automotive products for up to $150 million, including an initial cash payment of $115 million, a $5 million holdback payment for working capital true-ups, and contingent payments totaling up to $30 million. The contingent consideration is based on the performance of AutoAnything, and is not subject to continued employment by the selling stockholders. Based on specific operating income targets for each year, the sellers can receive up to $10 million in the first year, and up to $30 million in the second year, with contingent consideration not exceeding $30 million in the aggregate. The estimated fair value of the performance-based contingent consideration of $22.7 million was included as part of the purchase price allocation at the time of acquisition. The Company determined the fair value of the contingent consideration based on a probability-weighted discounted cash flow analysis. The fair value remeasurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in the fair value hierarchy. In each period, the Company reassesses its current estimates of performance relative to the stated targets and adjusts the liability to fair value. | |||||||||||||||||
During the fourth quarter of fiscal 2013, the Company determined AutoAnything was not likely to achieve the operating income targets necessary to earn the contingent consideration. Therefore, the contingent consideration was adjusted to reflect the fair value at August 31, 2013 of $0.2 million, resulting in a decrease to the contingent consideration liability of $23.3 million during the fourth quarter of fiscal 2013. As of August 31, 2013, the contingent liability is reflected as a current liability of $0.1 million in Accrued expenses and other and a non-current liability of $0.1 million in Other long-term liabilities in the accompanying Consolidated Balance Sheet. The remaining balance of the contingent consideration liability was written off in fiscal 2014. A discussion of the acquisition is included in “Note M – Acquisition.” | |||||||||||||||||
The change in the fair value of the contingent consideration liability is summarized as follows: | |||||||||||||||||
(in thousands) | August 30, | August 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Fair value – beginning of period | $ | (242 | ) | $ | — | ||||||||||||
Fair value of contingent consideration issued during the period | — | (22,678 | ) | ||||||||||||||
Change in fair value | 242 | 22,436 | |||||||||||||||
Fair value – end of period | $ | — | $ | (242 | ) | ||||||||||||
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 fourth quarter of fiscal 2013, the Company recorded a goodwill impairment charge of $18.3 million related to the acquisition of AutoAnything and an impairment charge of $4.1 million of AutoAnything’s trade name in order to record these assets at fair value. The fair value remeasurements are based on significant inputs not observable in the market and thus represent a Level 3 measurement as defined in the fair value hierarchy. See “Note N – Goodwill and Intangibles” for further discussion. During fiscal 2014, 2013 and fiscal 2012, the Company did not have any other 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. The fair value of the Company’s debt is disclosed in “Note I – Financing.” |
Marketable_Securities
Marketable Securities | 12 Months Ended | ||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
Note F – 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: | |||||||||||||||||
August 30, 2014 | |||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Basis | Gains | Losses | |||||||||||||||
Corporate securities | $ | 37,265 | $ | 137 | $ | (15 | ) | $ | 37,387 | ||||||||
Government bonds | 16,822 | 16 | (1 | ) | 16,837 | ||||||||||||
Mortgage-backed securities | 8,791 | 22 | (77 | ) | 8,736 | ||||||||||||
Asset-backed securities and other | 22,260 | 35 | — | 22,295 | |||||||||||||
$ | 85,138 | $ | 210 | $ | (93 | ) | $ | 85,255 | |||||||||
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 August 30, 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 sale of marketable securities during fiscal 2014, fiscal 2013, or fiscal 2012. | |||||||||||||||||
The Company holds 29 securities that are in an unrealized loss position of approximately $93 thousand at August 30, 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 its intent and ability to hold the investments until maturity or until recovery of fair value. | |||||||||||||||||
During the second quarter of fiscal 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. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||
Note G – 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, consisted of the following: | |||||||||||||||||||||
(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 income (loss) before reclassifications | 34,178 | (12,216 | ) | (271 | ) | — | 21,691 | ||||||||||||||
Amounts reclassified from Accumulated other comprehensive loss (1) | 8,928 | (2) | — | (105 | )(4) | 711 | (5) | 9,534 | |||||||||||||
Balance at August 31, 2013 | (50,861 | ) | (62,483 | ) | (25 | ) | (7,419 | ) | (120,788 | ) | |||||||||||
Other comprehensive (loss) income before reclassifications | (17,155 | ) | 4,647 | 157 | — | (12,351 | ) | ||||||||||||||
Amounts reclassified from Accumulated other comprehensive loss (1) | 4,196 | (2) | — | (56 | )(4) | 96 | (5) | 4,236 | |||||||||||||
Balance at August 30, 2014 | $ | (63,820 | ) | $ | (57,836 | ) | $ | 76 | $ | (7,323 | ) | $ | (128,903 | ) | |||||||
-1 | Amounts in parentheses indicate debits to Accumulated other comprehensive loss. | ||||||||||||||||||||
-2 | Represents amortization of pension liability adjustments, net of taxes of $2,683 in fiscal 2014 and $5,793 in fiscal 2013, which is recorded in Operating, selling, general and administrative expenses on the Consolidated Statements of Income. See “Note L – 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 $30 in fiscal 2014 and $56 in fiscal 2013, which is recorded in Operating, selling, general, and administrative expenses on the Consolidated Statements of Income. See “Note F – Marketable Securities” for further discussion. | ||||||||||||||||||||
-5 | Represents gains and losses on derivatives, net of taxes of $87 in fiscal 2014 and $440 is fiscal 2013, which is recorded in Interest expense, net, on the Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion. | ||||||||||||||||||||
The 2014 pension actuarial loss of $17.2 million and the 2013 pension actuarial gain of $34.2 million include amounts not yet reflected in periodic pension costs primarily driven by changes in the discount rate. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended |
Aug. 30, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative Financial Instruments | ' |
Note H – Derivative Financial Instruments | |
The Company periodically uses derivatives to hedge exposures to interest rates. The Company does not hold or issue financial instruments for trading purposes. For transactions that meet the hedge accounting criteria, the Company formally designates and documents the instrument as a hedge at inception and quarterly thereafter assesses the hedges to ensure they are effective in offsetting changes in the cash flows of the underlying exposures. Derivatives are recorded in the Company’s Consolidated Balance Sheet at fair value, determined using available market information or other appropriate valuation methodologies. In accordance with ASC Topic 815, Derivatives and Hedging, the effective portion of a financial instrument’s change in fair value is recorded in Accumulated other comprehensive loss for derivatives that qualify as cash flow hedges and any ineffective portion of an instrument’s change in fair value is recognized in earnings. | |
During the fourth quarter of fiscal 2012, the Company entered into two treasury rate locks, each with a notional amount of $100 million. These agreements were cash flow hedges used to hedge the exposure to variability in future cash flows resulting from changes in variable interest rates related to the $300 million Senior Note debt issuance in November 2012. The fixed rates of the hedges were 2.07% and 1.92% and were benchmarked based on the 10-year U.S. treasury notes. These locks expired on November 1, 2012 and resulted in a loss of $5.1 million, which has been deferred in Accumulated other comprehensive loss and will be reclassified to Interest expense over the life of the underlying debt. The hedges remained highly effective until they expired, and no ineffectiveness was recognized in earnings. | |
During the third quarter of fiscal 2012, the Company entered into two treasury rate locks. These agreements were designated as cash flow hedges and were used to hedge the exposure to variability in future cash flows resulting from changes in variable interest rates related to the $500 million Senior Note debt issuance in April 2012. The treasury rate locks had notional amounts of $300 million and $100 million with associated fixed rates of 2.09% and 2.07% respectively. The locks were benchmarked based on the 10-year U.S. treasury notes. These locks expired on April 20, 2012 and resulted in a loss of $2.8 million, which has been deferred in Accumulated other comprehensive loss and will be reclassified to Interest expense over the life of the underlying debt. The hedges remained highly effective until they expired, and no ineffectiveness was recognized in earnings. | |
At August 30, 2014, the Company had $11.6 million recorded in Accumulated other comprehensive loss related to net realized losses associated with terminated interest rate swap and treasury rate lock derivatives which were designated as hedging instruments. Net losses are amortized into Interest expense over the remaining life of the associated debt. During the fiscal year ended August 30, 2014, the Company reclassified $182 thousand of net losses from Accumulated other comprehensive loss to Interest expense. In the fiscal year ended August 31, 2013, the Company reclassified $1.3 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 12 months. |
Financing
Financing | 12 Months Ended | ||||||||
Aug. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Financing | ' | ||||||||
Note I – Financing | |||||||||
The Company’s debt consisted of the following: | |||||||||
(in thousands) | August 30, | 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 0.27% and 0.29% at August 30, 2014 and August 31, 2013, respectively | 893,800 | 637,000 | |||||||
Total debt | 4,343,800 | 4,187,000 | |||||||
Less: Short-term borrowings | 180,910 | 173,733 | |||||||
Long-term debt Total debt | $ | 4,162,890 | $ | 4,013,267 | |||||
As of August 30, 2014, $893.8 million of commercial paper borrowings and $319.1 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 August 30, 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. | |||||||||
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 revolving credit facility agreement requires that the Company’s consolidated interest coverage ratio as of the last day of each quarter shall be no less than 2.50:1. This ratio is defined as the ratio of (i) consolidated earnings before interest, taxes and rents to (ii) consolidated interest expense plus consolidated rents. The Company’s consolidated interest coverage ratio as of August 30, 2014 was 4.95:1. | |||||||||
In addition to the revolving credit facility, the Company also maintains a letter of credit facility that allows it to request the participating bank to issue letters of credit on its behalf up to an aggregate amount of $100 million. As of August 30, 2014, the Company has $100.0 million in letters of credit outstanding under the letter of credit facility, which expires in June 2016. | |||||||||
In addition to the outstanding letters of credit issued under the committed facilities discussed above, the Company had $31.4 million in letters of credit outstanding as of August 30, 2014. These letters of credit have various maturity dates and were issued on an uncommitted basis. | |||||||||
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 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. | |||||||||
The 5.750% Senior Notes issued in July 2009 and 7.125% Senior Notes issued during August 2008, are subject to an interest rate adjustment if the debt ratings assigned to the Notes are downgraded. Further, all senior notes issued since August 2008 contain a provision that repayment of the notes may be accelerated if we experience a change in control (as defined in the agreements). Our borrowings under our other senior notes contain minimal covenants, primarily restrictions on liens. Under our other borrowing arrangements, covenants include limitations on total indebtedness, restrictions on liens, a minimum fixed charge coverage ratio and a change of control provision that may require acceleration of the repayment obligations under certain circumstances. All of the repayment obligations under our borrowing arrangements may be accelerated and come due prior to the scheduled payment date if covenants are breached or an event of default occurs. | |||||||||
As of August 30, 2014, the Company was in compliance with all covenants related to its borrowing arrangements. All of the Company’s debt is unsecured. Scheduled maturities of debt are as follows: | |||||||||
(in thousands) | Scheduled | ||||||||
Maturities | |||||||||
2015 | $ | 1,393,800 | |||||||
2016 | 500,000 | ||||||||
2017 | 400,000 | ||||||||
2018 | 250,000 | ||||||||
2019 | — | ||||||||
Thereafter | 1,800,000 | ||||||||
$ | 4,343,800 | ||||||||
The fair value of the Company’s debt was estimated at $4.480 billion as of August 30, 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 $136.6 million at August 30, 2014 and $72.2 million at August 31, 2013. |
Interest_Expense
Interest Expense | 12 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Banking and Thrift, Interest [Abstract] | ' | ||||||||||||
Interest Expense | ' | ||||||||||||
Note J – Interest Expense | |||||||||||||
Net interest expense consisted of the following: | |||||||||||||
Year Ended | |||||||||||||
(in thousands) | August 30, | August 31, | August 25, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest expense | $ | 170,400 | $ | 188,324 | $ | 178,547 | |||||||
Interest income | (1,850 | ) | (1,606 | ) | (1,397 | ) | |||||||
Capitalized interest | (1,041 | ) | (1,303 | ) | (1,245 | ) | |||||||
$ | 167,509 | $ | 185,415 | $ | 175,905 | ||||||||
Stock_Repurchase_Program
Stock Repurchase Program | 12 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Stock Repurchase Program | ' | ||||||||||||
Note K – Stock Repurchase Program | |||||||||||||
During 1998, the Company announced a program permitting the Company to repurchase a portion of its outstanding shares not to exceed a dollar maximum established by the Board. The program was last amended on June 17, 2014 to increase the repurchase authorization to $14.9 billion from $14.15 billion. From January 1998 to August 30, 2014, the Company has repurchased a total of 136.9 million shares at an aggregate cost of $14.031 billion. | |||||||||||||
The Company’s share repurchase activity consisted of the following: | |||||||||||||
Year Ended | |||||||||||||
(in thousands) | August 30, | August 31, | August 25, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Amount | $ | 1,099,212 | $ | 1,387,315 | $ | 1,362,869 | |||||||
Shares | 2,232 | 3,511 | 3,795 | ||||||||||
During the fiscal year 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. | |||||||||||||
Subsequent to August 30, 2014, the Company has repurchased 374,601 shares of common stock at an aggregate cost of $190.9 million. |
Pension_and_Savings_Plans
Pension and Savings Plans | 12 Months Ended | ||||||||||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Pension and Savings Plans | ' | ||||||||||||||||||||||||
Note L – Pension and Savings Plans | |||||||||||||||||||||||||
Prior to January 1, 2003, substantially all full-time employees were covered by a defined benefit pension plan. The benefits under the plan were based on years of service and the employee’s highest consecutive five-year average compensation. On January 1, 2003, the plan was frozen. Accordingly, pension plan participants will earn no new benefits under the plan formula and no new participants will join the pension plan. | |||||||||||||||||||||||||
On January 1, 2003, the Company’s supplemental defined benefit pension plan for certain highly compensated employees was also frozen. Accordingly, plan participants will earn no new benefits under the plan formula and no new participants will join the pension plan. | |||||||||||||||||||||||||
The Company has recognized the unfunded status of the defined pension plans in its Consolidated Balance Sheets, which represents the difference between the fair value of pension plan assets and the projected benefit obligations of its defined benefit pension plans. The net unrecognized actuarial losses and unrecognized prior service costs are recorded in Accumulated other comprehensive loss. These amounts will be subsequently recognized as net periodic pension expense pursuant to the Company’s historical accounting policy for amortizing such amounts. Further, actuarial gains and losses that arise in subsequent periods and are not recognized as net periodic pension expense in the same periods will be recognized as a component of other comprehensive income. Those amounts will be subsequently recognized as a component of net periodic pension expense on the same basis as the amounts previously recognized in Accumulated other comprehensive loss. | |||||||||||||||||||||||||
The Company’s investment strategy for pension plan assets is to utilize a diversified mix of domestic and international equity and fixed income portfolios to earn a long-term investment return that meets the Company’s pension plan obligations. The pension plan assets are invested primarily in listed securities, and the pension plans hold only a minimal investment in AutoZone common stock that is entirely at the discretion of third-party pension fund investment managers. The Company’s largest holding classes, fixed income bonds and U.S. equities, are invested with a fund manager that holds diversified portfolios. Accordingly, the Company does not have any significant concentrations of risk in particular securities, issuers, sectors, industries or geographic regions. Alternative investment strategies are in the process of being liquidated and constitute less than 1% of the pension plan assets. The Company’s investment managers are prohibited from using derivatives for speculative purposes and are not permitted to use derivatives to leverage a portfolio. | |||||||||||||||||||||||||
The following is a description of the valuation methodologies used for the Company’s investments measured at fair value: | |||||||||||||||||||||||||
U.S., international, emerging, and high yield equities – These investments are commingled funds and are valued using the net asset values, which are determined by valuing investments at the closing price or last trade reported on the major market on which the individual securities are traded. These investments are subject to annual audits. | |||||||||||||||||||||||||
Alternative investments – This category represents a hedge fund of funds made up of 9 different hedge fund managers diversified over 4 different hedge strategies. The fair value of the hedge fund of funds is determined using valuations provided by the third party administrator for each of the underlying funds. | |||||||||||||||||||||||||
Fixed income securities – The fair values of corporate, U.S. government securities and other fixed income securities are estimated by using bid evaluation pricing models or quoted prices of securities with similar characteristics. | |||||||||||||||||||||||||
Cash and cash equivalents – These investments include cash equivalents valued using exchange rates provided by an industry pricing vendor and commingled funds valued using the net asset value. These investments also include cash. | |||||||||||||||||||||||||
The fair values of investments by level and asset category and the weighted-average asset allocations of the Company’s pension plans at the measurement date are presented in the following table: | |||||||||||||||||||||||||
August 30, 2014 | |||||||||||||||||||||||||
Fair | Asset Allocation | Fair Value Hierarchy | |||||||||||||||||||||||
(in thousands) | Value | Actual | Target | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
U.S. equities | $ | 70,021 | 28.8 | % | 25.8 | % | $ | — | $ | 70,021 | $ | — | |||||||||||||
International equities | 45,521 | 18.7 | 17.2 | — | 45,521 | — | |||||||||||||||||||
Emerging equities | 24,187 | 9.9 | 8.5 | — | 24,187 | — | |||||||||||||||||||
High yield securities | 22,647 | 9.3 | 8.5 | — | 22,647 | — | |||||||||||||||||||
Alternative investments | 803 | 0.3 | — | — | — | 803 | |||||||||||||||||||
Fixed income securities | 67,652 | 27.8 | 40 | — | 67,652 | — | |||||||||||||||||||
Cash and cash equivalents | 12,576 | 5.2 | — | — | 12,576 | — | |||||||||||||||||||
$ | 243,407 | 100 | % | 100 | % | $ | — | $ | 242,604 | $ | 803 | ||||||||||||||
August 31, 2013 | |||||||||||||||||||||||||
Fair | Asset Allocation | Fair Value Hierarchy | |||||||||||||||||||||||
(in thousands) | Value | Actual | Target | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
U.S. equities | $ | 57,931 | 27.9 | % | 30 | % | $ | — | $ | 57,931 | $ | — | |||||||||||||
International equities | 38,145 | 18.3 | 20 | — | 38,145 | — | |||||||||||||||||||
Emerging equities | 19,030 | 9.1 | 10 | — | 19,030 | — | |||||||||||||||||||
High yield securities | 19,858 | 9.5 | 10 | — | 19,858 | — | |||||||||||||||||||
Alternative investments | 1,226 | 0.6 | — | — | — | 1,226 | |||||||||||||||||||
Fixed income securities | 59,500 | 28.6 | 30 | — | 59,500 | — | |||||||||||||||||||
Cash and cash equivalents | 12,430 | 6 | — | — | 12,430 | — | |||||||||||||||||||
$ | 208,120 | 100 | % | 100 | % | $ | — | $ | 206,894 | $ | 1,226 | ||||||||||||||
The asset allocations in the charts above include $12.6 million and $11.0 million in cash contributions made prior to the balance sheet date of August 30, 2014, and August 31, 2013, respectively. Subsequent to August 30, 2014, and August 31, 2013, these cash contributions were allocated to the pension plan investments in accordance with the targeted asset allocation. | |||||||||||||||||||||||||
In August 2014, the Company’s Investment Committee approved a revised asset allocation target for the investments held by the pension plan. Based on the revised asset allocation target, the expected long-term rate of return on plan assets changed from 7.5% for the year ended August 30, 2014, to 7.0% for the year ending August 29, 2015. | |||||||||||||||||||||||||
The change in fair value of Level 3 assets that use significant unobservable inputs is presented in the following table: | |||||||||||||||||||||||||
(in thousands) | Level 3 | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Beginning balance – August 31, 2013 | $ | 1,226 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Assets held at August 30, 2014 | (25 | ) | |||||||||||||||||||||||
Assets sold during the year | (11 | ) | |||||||||||||||||||||||
Sales and settlements | (387 | ) | |||||||||||||||||||||||
Ending balance – August 30, 2014 | $ | 803 | |||||||||||||||||||||||
The following table sets forth the plans’ funded status and amounts recognized in the Company’s Consolidated Balance Sheets: | |||||||||||||||||||||||||
(in thousands) | August 30, | August 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Change in Projected Benefit Obligation: | |||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 256,780 | $ | 305,206 | |||||||||||||||||||||
Interest cost | 13,070 | 11,746 | |||||||||||||||||||||||
Actuarial losses (gains) | 38,659 | (53,756 | ) | ||||||||||||||||||||||
Benefits paid | (7,543 | ) | (6,416 | ) | |||||||||||||||||||||
Benefit obligations at end of year | $ | 300,966 | $ | 256,780 | |||||||||||||||||||||
Change in Plan Assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 208,120 | $ | 181,409 | |||||||||||||||||||||
Actual return on plan assets | 25,920 | 16,218 | |||||||||||||||||||||||
Employer contributions | 16,910 | 16,909 | |||||||||||||||||||||||
Benefits paid | (7,543 | ) | (6,416 | ) | |||||||||||||||||||||
Fair value of plan assets at end of year | $ | 243,407 | $ | 208,120 | |||||||||||||||||||||
Amount Recognized in the Statement of Financial Position: | |||||||||||||||||||||||||
Current liabilities | $ | (192 | ) | $ | (124 | ) | |||||||||||||||||||
Long-term liabilities | (57,367 | ) | (48,536 | ) | |||||||||||||||||||||
Net amount recognized | $ | (57,559 | ) | $ | (48,660 | ) | |||||||||||||||||||
Amount Recognized in Accumulated Other Comprehensive Loss and not yet reflected in Net Periodic Benefit Cost: | |||||||||||||||||||||||||
Net actuarial loss | $ | (104,847 | ) | $ | (83,601 | ) | |||||||||||||||||||
Accumulated other comprehensive loss | $ | (104,847 | ) | $ | (83,601 | ) | |||||||||||||||||||
Amount Recognized in Accumulated Other Comprehensive Loss and not yet reflected in Net Periodic Benefit Cost and expected to be amortized in next year’s Net Periodic Benefit Cost: | |||||||||||||||||||||||||
Net actuarial loss | $ | (8,941 | ) | $ | (6,879 | ) | |||||||||||||||||||
Amount recognized | $ | (8,941 | ) | $ | (6,879 | ) | |||||||||||||||||||
Net periodic benefit expense consisted of the following: | |||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
(in thousands) | August 30, | August 31, | August 25, | ||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Interest cost | $ | 13,070 | $ | 11,746 | $ | 12,214 | |||||||||||||||||||
Expected return on plan assets | (15,386 | ) | (13,617 | ) | (11,718 | ) | |||||||||||||||||||
Recognized net actuarial losses | 6,879 | 14,721 | 9,795 | ||||||||||||||||||||||
Net periodic benefit expense | $ | 4,563 | $ | 12,850 | $ | 10,291 | |||||||||||||||||||
The actuarial assumptions used in determining the projected benefit obligation include the following: | |||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
August 30, | August 31, | August 25, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Weighted average discount rate | 4.28 | % | 5.19 | % | 3.9 | % | |||||||||||||||||||
Expected long-term rate of return on plan assets | 7.5 | % | 7.5 | % | 7.5 | % | |||||||||||||||||||
As the plan benefits are frozen, increases in future compensation levels no longer impact the calculation and there is no service cost. The discount rate is determined as of the measurement date and is based on the calculated yield of a portfolio of high-grade corporate bonds with cash flows that generally match the Company’s expected benefit payments in future years. The expected long-term rate of return on plan assets is based on the historical relationships between the investment classes and the capital markets, updated for current conditions. | |||||||||||||||||||||||||
The Company makes annual contributions in amounts at least equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974. The Company contributed $16.9 million to the plans in fiscal 2014, $16.9 million to the plans in fiscal 2013 and $15.4 million to the plans in fiscal 2012. The Company expects to contribute approximately $2.6 million to the plans in fiscal 2015; 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. | |||||||||||||||||||||||||
Based on current assumptions about future events, benefit payments are expected to be paid as follows for each of the following fiscal years. Actual benefit payments may vary significantly from the following estimates: | |||||||||||||||||||||||||
(in thousands) | Benefit | ||||||||||||||||||||||||
Payments | |||||||||||||||||||||||||
2015 | $ | 16,979 | |||||||||||||||||||||||
2016 | 10,085 | ||||||||||||||||||||||||
2017 | 10,789 | ||||||||||||||||||||||||
2018 | 11,510 | ||||||||||||||||||||||||
2019 | 12,125 | ||||||||||||||||||||||||
2020 – 2024 | 69,765 | ||||||||||||||||||||||||
The Company has a 401(k) plan that covers all domestic employees who meet the plan’s participation requirements. The plan features include Company matching contributions, immediate 100% vesting of Company contributions and a savings option up to 25% of qualified earnings. The Company makes matching contributions, per pay period, up to a specified percentage of employees’ contributions as approved by the Board. The Company made matching contributions to employee accounts in connection with the 401(k) plan of $15.6 million in fiscal 2014, $14.1 million in fiscal 2013 and $14.4 million in fiscal 2012. |
Acquisition
Acquisition | 12 Months Ended |
Aug. 30, 2014 | |
Business Combinations [Abstract] | ' |
Acquisition | ' |
Note M – Acquisition | |
Effective December 19, 2012, the Company acquired certain assets and liabilities of AutoAnything, an online retailer of specialized automotive products for up to $150 million, including an initial cash payment of $115 million, up to a $5 million holdback payment for working capital true-ups, and contingent payments not to exceed $30 million. During the third quarter of fiscal 2013, the Company paid the holdback payment for working capital true-ups of $1.1 million. With this acquisition, the Company expects to bolster its online presence in the automotive accessory and performance markets. The results of operations from AutoAnything have been included in the Company’s Other business activities since the date of acquisition. Pro forma results of operations related to the acquisition of AutoAnything are not presented as AutoAnything’s results are not material to the Company’s results of operations. The purchase price allocation resulted in goodwill of $83.4 million and intangible assets totaling $58.7 million. Goodwill generated from the acquisition is tax deductible and is primarily attributable to expected synergies and the assembled workforce. The contingent consideration is based on the achievement of certain performance metrics through calendar year 2014 with any earned payments due during the first calendar quarter of 2014 and 2015. The fair value of the contingent consideration as of the acquisition date was $22.7 million. | |
During the fourth quarter of fiscal 2013, the Company determined AutoAnything was not likely to achieve the operating income targets necessary to earn the contingent consideration. Therefore, the contingent consideration was adjusted to reflect the fair value at August 31, 2013, of $0.2 million, resulting in a decrease in the contingent consideration liability of $23.3 million during the fourth quarter of fiscal 2013. The remaining balance of the contingent consideration liability was written off in fiscal 2014. See “Note E – Fair Value Measurements” for further discussion. |
Goodwill_and_Intangibles
Goodwill and Intangibles | 12 Months Ended | ||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Intangibles | ' | ||||||||||||||||
Note N – 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 26, 2012 | $ | 302,645 | $ | — | $ | 302,645 | |||||||||||
Goodwill added through acquisition (1) | — | 83,440 | 83,440 | ||||||||||||||
Goodwill adjustments (2) | — | (18,256 | ) | (18,256 | ) | ||||||||||||
Net balance as of August 31, 2013 | 302,645 | 65,184 | 367,829 | ||||||||||||||
Goodwill adjustments (2) | — | — | — | ||||||||||||||
Net balance as of August 30, 2014 | $ | 302,645 | $ | 65,184 | $ | 367,829 | |||||||||||
-1 | See Note M for discussion of the acquisition completed during the second quarter of fiscal 2013 | ||||||||||||||||
-2 | Total accumulated goodwill impairment for both August 30, 2014 and August 31, 2013 is $18.3 million | ||||||||||||||||
The Company performs its annual goodwill and intangibles impairment test in the fourth quarter of each fiscal year. In the fourth quarter of fiscal 2014, the Company concluded that its goodwill was not impaired. During the fourth quarter of fiscal 2013, the Company determined it was more likely than not that the goodwill attributed to AutoAnything was impaired. Accordingly, the Company performed a goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount, including goodwill. The Company uses the discounted cash flow methodology to determine fair value as it is considered to be the most reliable indicator of the fair values of the business. Because the fair value of the reporting unit was lower than its carrying value, the Company recorded a goodwill impairment charge of $18.3 million during the fourth quarter of fiscal 2013. | |||||||||||||||||
The carrying amounts of intangible assets are included in Other long-term assets as follows: | |||||||||||||||||
August 30, 2014 | |||||||||||||||||
(in thousands) | Estimated | Gross | Accumulated | Net | |||||||||||||
Useful | Carrying | Amortization | Carrying | ||||||||||||||
Life | Amount | Amount | |||||||||||||||
Amortizing intangible assets: | |||||||||||||||||
Technology | 3-5 years | $ | 10,570 | $ | (3,528 | ) | $ | 7,042 | |||||||||
Noncompete agreements | 5 years | 1,300 | (443 | ) | 857 | ||||||||||||
Customer relationships | 3-10 years | 48,376 | (6,007 | ) | 42,369 | ||||||||||||
$ | 60,246 | $ | (9,978 | ) | 50,268 | ||||||||||||
Non-amortizing intangible asset: | |||||||||||||||||
Trade name | 24,600 | ||||||||||||||||
Total intangible assets other than goodwill | $ | 74,868 | |||||||||||||||
August 31, 2013 | |||||||||||||||||
(in thousands) | Estimated | Gross | Accumulated | Net | |||||||||||||
Useful | Carrying | Amortization | Carrying | ||||||||||||||
Life | Amount | Amount | |||||||||||||||
Amortizing intangible assets: | |||||||||||||||||
Technology | 5 years | $ | 9,700 | $ | (1,365 | ) | $ | 8,335 | |||||||||
Noncompete agreements | 5 years | 1,300 | (183 | ) | 1,117 | ||||||||||||
Customer relationships | 10 years | 19,000 | (1,336 | ) | 17,664 | ||||||||||||
$ | 30,000 | $ | (2,884 | ) | 27,116 | ||||||||||||
Non-amortizing intangible asset: | |||||||||||||||||
Trade name | 24,600 | ||||||||||||||||
Total intangible assets other than goodwill | $ | 51,716 | |||||||||||||||
During fiscal year 2014, the Company purchased $30.2 million of intangible assets relating to the rights to certain customer relationships and technology assets relating to its ALLDATA operations. | |||||||||||||||||
As part of its annual impairment test, the Company evaluates the AutoAnything trade name for impairment in the fourth quarter of each fiscal year. In the fourth quarter of fiscal 2014, the Company concluded that AutoAnything’s trade name was not impaired. During the fourth quarter of fiscal 2013, based on the Company’s evaluation of the future discounted cash flows of AutoAnything’s trade name as compared to its carrying value, it was determined that AutoAnything’s trade name was impaired. The Company recorded an impairment charge of $4.1 million during the fourth quarter of fiscal 2013 related to the trade name. Trade name at August 30, 2014 and August 31, 2013 reflects a total accumulated impairment of $4.1 million. | |||||||||||||||||
Amortization expense of intangible assets for the year ended August 30, 2014 and August 31, 2013 was $7.1 million and $2.9 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 August 30, 2014, is estimated as follows: | |||||||||||||||||
(in thousands) | Total | ||||||||||||||||
2015 | $ | 8,618 | |||||||||||||||
2016 | 8,618 | ||||||||||||||||
2017 | 8,353 | ||||||||||||||||
2018 | 6,725 | ||||||||||||||||
2019 | 6,073 | ||||||||||||||||
Thereafter | 11,881 | ||||||||||||||||
$ | 50,268 | ||||||||||||||||
Leases
Leases | 12 Months Ended | ||||||||
Aug. 30, 2014 | |||||||||
Leases [Abstract] | ' | ||||||||
Leases | ' | ||||||||
Note O – Leases | |||||||||
The Company leases some of its retail stores, distribution centers, facilities, land and equipment, including vehicles. Other than vehicle leases, most of the leases are operating leases, which include renewal options made at the Company’s election and provisions for percentage rent based on sales. Rental expense was $253.8 million in fiscal 2014, $246.3 million in fiscal 2013, and $229.4 million in fiscal 2012. Percentage rentals were insignificant. | |||||||||
The Company has a fleet of vehicles used for delivery to its commercial customers and stores and travel for members of field management. The majority of these vehicles are held under capital lease. At August 30, 2014, the Company had capital lease assets of $121.2 million, net of accumulated amortization of $53.6 million, and capital lease obligations of $119.6 million, of which $36.5 million is classified as Accrued expenses and other as it represents the current portion of these obligations. At August 31, 2013, the Company had capital lease assets of $107.5 million, net of accumulated amortization of $44.8 million, and capital lease obligations of $106.2 million, of which $32.2 million was classified as Accrued expenses and other. | |||||||||
The Company records rent for all operating leases on a straight-line basis over the lease term, including any reasonably assured renewal periods and the period of time prior to the lease term that the Company is in possession of the leased space for the purpose of installing leasehold improvements. Differences between recorded rent expense and cash payments are recorded as a liability in Accrued expenses and other and Other long-term liabilities in the accompanying Consolidated Balance Sheets, based on the terms of the lease. The deferred rent approximated $104.6 million on August 30, 2014, and $96.5 million on August 31, 2013. | |||||||||
Future minimum annual rental commitments under non-cancelable operating leases and capital leases were as follows at the end of fiscal 2014: | |||||||||
(in thousands) | Operating | Capital | |||||||
Leases | Leases | ||||||||
2015 | $ | 244,535 | $ | 36,505 | |||||
2016 | 236,869 | 36,093 | |||||||
2017 | 221,171 | 27,896 | |||||||
2018 | 204,744 | 16,318 | |||||||
2019 | 185,442 | 6,013 | |||||||
Thereafter | 942,498 | — | |||||||
Total minimum payments required | $ | 2,035,259 | 122,825 | ||||||
Less: Interest | (3,222 | ) | |||||||
Present value of minimum capital lease payments | $ | 119,603 | |||||||
In connection with the Company’s December 2001 sale of the TruckPro business, the Company subleased some properties to the purchaser for an initial term of not less than 20 years. The Company’s remaining aggregate rental obligation at August 30, 2014 of $13.9 million is included in the above table, but the obligation is entirely offset by the sublease rental agreement. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Aug. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note P – Commitments and Contingencies | |
Construction commitments, primarily for new stores, totaled approximately $36.3 million at August 30, 2014. | |
The Company had $135.9 million in outstanding standby letters of credit and $28.1 million in surety bonds as of August 30, 2014, which all have expiration periods of less than one year. A substantial portion of the outstanding standby letters of credit (which are primarily renewed on an annual basis) and surety bonds are used to cover reimbursement obligations to our workers’ compensation carriers. There are no additional contingent liabilities associated with these instruments as the underlying liabilities are already reflected in the consolidated balance sheet. The standby letters of credit and surety bonds arrangements have automatic renewal clauses. |
Litigation
Litigation | 12 Months Ended |
Aug. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Litigation | ' |
Note Q – 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. | |
In July 2014, the Company received a subpoena from the District Attorney of the County of Alameda, along with other environmental prosecutorial offices in the state of California, seeking documents and information related to the handling, storage and disposal of hazardous waste. The Company is cooperating fully with the request and cannot predict the ultimate outcome of these efforts. | |
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 | 12 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting | ' | ||||||||||||
Note R – Segment Reporting | |||||||||||||
Three of the Company’s operating segments (Domestic Auto Parts, Mexico and Brazil) are aggregated as one reportable segment: Auto Parts Stores. The criteria the Company used to identify the reportable segment are primarily the nature of the products the Company sells and the operating results that are regularly reviewed by the Company’s chief operating decision maker to make decisions about the resources to be allocated to the business units and to assess performance. The accounting policies of the Company’s reportable segment are the same as those described in Note A. | |||||||||||||
The Auto Parts Stores segment is a retailer and distributor of automotive parts and accessories through the Company’s 5,391 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. The following table shows segment results for the following fiscal years: | |||||||||||||
Year Ended | |||||||||||||
(in thousands) | August 30, | August 31, | August 25, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Net Sales: | |||||||||||||
Auto Parts Stores | $ | 9,132,169 | $ | 8,858,723 | $ | 8,422,559 | |||||||
Other | 343,144 | 288,807 | 181,304 | ||||||||||
Total | $ | 9,475,313 | $ | 9,147,530 | $ | 8,603,863 | |||||||
Segment Profit: | |||||||||||||
Auto Parts Stores | $ | 4,744,501 | $ | 4,568,190 | $ | 4,292,474 | |||||||
Other | 190,406 | 172,745 | 139,562 | ||||||||||
Gross profit | 4,934,907 | 4,740,935 | 4,432,036 | ||||||||||
Operating, selling, general and administrative expenses | (3,104,684 | ) | (2,967,837 | ) | (2,803,145 | ) | |||||||
Interest expense, net | (167,509 | ) | (185,415 | ) | (175,905 | ) | |||||||
Income before income taxes | $ | 1,662,714 | $ | 1,587,683 | $ | 1,452,986 | |||||||
Segment Assets: | |||||||||||||
Auto Parts Stores | $ | 7,300,360 | $ | 6,719,885 | $ | 6,214,688 | |||||||
Other | 217,498 | 172,204 | 50,951 | ||||||||||
Total | $ | 7,517,858 | $ | 6,892,089 | $ | 6,265,639 | |||||||
Capital Expenditures: | |||||||||||||
Auto Parts Stores | $ | 423,951 | $ | 402,028 | $ | 364,361 | |||||||
Other | 14,165 | 12,423 | 13,693 | ||||||||||
Total | $ | 438,116 | $ | 414,451 | $ | 378,054 | |||||||
Auto Parts Stores Sales by Product Grouping: | |||||||||||||
Failure | $ | 4,274,528 | $ | 4,214,642 | $ | 3,793,963 | |||||||
Maintenance items | 3,362,969 | 3,224,229 | 3,196,807 | ||||||||||
Discretionary | 1,494,672 | 1,419,852 | 1,431,789 | ||||||||||
Auto Parts Stores net sales | $ | 9,132,169 | $ | 8,858,723 | $ | 8,422,559 | |||||||
Quarterly_Summary
Quarterly Summary | 12 Months Ended | ||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Summary | ' | ||||||||||||||||
Note S – Quarterly Summary (1) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Twelve Weeks Ended | Sixteen | ||||||||||||||||
Weeks Ended | |||||||||||||||||
(in thousands, except per share data) | November 23, | February 15, | May 10, | August 30, | |||||||||||||
2013 | 2014 | 2014 | 2014(2) | ||||||||||||||
Net sales | $ | 2,093,578 | $ | 1,990,494 | $ | 2,341,545 | $ | 3,049,696 | |||||||||
Gross profit | 1,085,697 | 1,037,035 | 1,216,958 | 1,595,216 | |||||||||||||
Operating profit | 383,726 | 337,344 | 478,952 | 630,201 | |||||||||||||
Income before income taxes | 341,295 | 297,854 | 442,790 | 580,775 | |||||||||||||
Net income | 218,087 | 192,830 | 285,157 | 373,671 | |||||||||||||
Basic earnings per share | 6.39 | 5.73 | 8.62 | 11.5 | |||||||||||||
Diluted earnings per share | 6.29 | 5.63 | 8.46 | 11.28 | |||||||||||||
Twelve Weeks Ended | Seventeen | ||||||||||||||||
Weeks Ended | |||||||||||||||||
(in thousands, except per share data) | November 17, | February 9, | May 4, | August 31, | |||||||||||||
2012 | 2013 | 2013 | 2013(2) | ||||||||||||||
Net sales | $ | 1,991,040 | $ | 1,855,198 | $ | 2,205,878 | $ | 3,095,414 | |||||||||
Gross profit | 1,031,866 | 961,981 | 1,142,713 | 1,604,376 | |||||||||||||
Operating profit | 363,276 | 317,571 | 456,030 | 636,220 | |||||||||||||
Income before income taxes | 322,172 | 276,248 | 413,939 | 575,324 | |||||||||||||
Net income | 203,452 | 176,247 | 265,583 | 371,199 | |||||||||||||
Basic earnings per share | 5.52 | 4.86 | 7.39 | 10.59 | |||||||||||||
Diluted earnings per share | 5.41 | 4.78 | 7.27 | 10.42 | |||||||||||||
-1 | The sum of quarterly amounts may not equal the annual amounts reported due to rounding. In addition, the earnings per share amounts are computed independently for each quarter while the full year is based on the annual weighted average shares outstanding. | ||||||||||||||||
-2 | The fourth quarter for fiscal 2014 is based on a 16-week period while fiscal 2013 is based on a 17-week period. All other quarters presented are based on a 12-week period. |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Aug. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Note T – Subsequent Event | |
Subsequent to August 30, 2014, the Company purchased Interamerican Motor Corporation (“IMC”), the second largest distributor of OE quality import replacement parts in the United States, for approximately $80 million. IMC specializes in parts coverage for European and Asian cars, and it currently operates 17 branches. The transaction closed on September 27, 2014, and was financed with commercial paper borrowings. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |||
Aug. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Business | ' | |||
Business: AutoZone, Inc. and its wholly owned subsidiaries (“AutoZone” or the “Company”) are principally a retailer and distributor of automotive parts and accessories. At the end of fiscal 2014, the Company operated 4,984 stores in the United States (“U.S.”), including Puerto Rico; 402 stores in Mexico; and five stores in 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. At the end of fiscal 2014, 3,845 of the domestic stores and select stores in Mexico and Brazil had a commercial sales program that provides commercial credit and prompt delivery of parts and other products to local, regional and national repair garages, dealers, service stations and public sector accounts. The Company also sells the ALLDATA brand automotive diagnostic and repair software through www.alldata.com. Additionally, the Company sells automotive hard parts, maintenance items, accessories, and non-automotive products through www.autozone.com, and accessories and performance parts through www.autoanything.com, and its commercial customers can make purchases through www.autozonepro.com. The Company does not derive revenue from automotive repair or installation services. | ||||
Fiscal Year | ' | |||
Fiscal Year: The Company’s fiscal year consists of 52 or 53 weeks ending on the last Saturday in August. Fiscal 2014 represented 52 weeks, fiscal 2013 represented 53 weeks, and fiscal 2012 represented 52 weeks. | ||||
Basis of Presentation | ' | |||
Basis of Presentation: The consolidated financial statements include the accounts of AutoZone, Inc. and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. | ||||
Use of Estimates | ' | |||
Use of Estimates: Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities to prepare these financial statements. Actual results could differ from those estimates. | ||||
Cash and Cash Equivalents | ' | |||
Cash and Cash Equivalents: Cash equivalents consist of investments with original maturities of 90 days or less at the date of purchase. Cash equivalents include proceeds due from credit and debit card transactions with settlement terms of less than 5 days. Credit and debit card receivables included within cash and cash equivalents were $43.9 million at August 30, 2014 and $39.8 million at August 31, 2013. | ||||
Cash balances are held in various locations around the world. As of August 30, 2014, and August 31, 2013, cash and cash equivalents of $19.3 million and $38.2 million, respectively, were held outside of the U.S. and were generally utilized to support liquidity needs in foreign operations. The Company intends to continue to permanently reinvest the cash held outside of the U.S. in its foreign operations. | ||||
Accounts Receivable | ' | |||
Accounts Receivable: Accounts receivable consists of receivables from commercial customers and vendors, and are presented net of an allowance for uncollectible accounts. AutoZone routinely grants credit to certain of its commercial customers. The risk of credit loss in its trade receivables is substantially mitigated by the Company’s credit evaluation process, short collection terms and sales to a large number of customers, as well as the low dollar value per transaction for most of its sales. Allowances for potential credit losses are determined based on historical experience and current evaluation of the composition of accounts receivable. Historically, credit losses have been within management’s expectations and the allowances for uncollectible accounts were $2.9 million at August 30, 2014, and $2.9 million at August 31, 2013. | ||||
Merchandise Inventories | ' | |||
Merchandise Inventories: Inventories are stated at the lower of cost or market using the last-in, first-out method for domestic inventories and the first-in, first out (“FIFO”) method for Mexico and Brazil inventories. Included in inventory 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 our merchandise purchases, was $307.2 million at August 30, 2014, and $283.7 million at August 31, 2013. | ||||
Marketable Securities | ' | |||
Marketable Securities: The Company invests a portion of its assets held by the Company’s wholly owned insurance captive in marketable debt securities and classifies them as available-for-sale. The Company includes these securities within the Other current assets and Other long-term assets captions in the accompanying Consolidated Balance Sheets and records the amounts at fair market value, which is determined using quoted market prices at the end of the reporting period. A discussion of marketable securities is included in “Note E – Fair Value Measurements” and “Note F – Marketable Securities.” | ||||
Property and Equipment | ' | |||
Property and Equipment: Property and equipment is stated at cost. Depreciation and amortization are computed principally using the straight-line method over the following estimated useful lives: buildings, 40 to 50 years; building improvements, 5 to 15 years; equipment, 3 to 10 years; and leasehold improvements, over the shorter of the asset’s estimated useful life or the remaining lease term, which includes any reasonably assured renewal periods. Depreciation and amortization include amortization of assets under capital lease. | ||||
Impairment of Long-Lived Assets | ' | |||
Impairment of Long-Lived Assets: The Company evaluates the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. When such an event occurs, the Company compares the sum of the undiscounted expected future cash flows of the asset (asset group) with the carrying amounts of the asset. If the undiscounted expected future cash flows are less than the carrying value of the assets, the Company measures the amount of impairment loss as the amount by which the carrying amount of the assets exceeds the fair value of the assets. There were no material impairment losses recorded in the three years ended August 30, 2014. | ||||
Goodwill | ' | |||
Goodwill: The cost in excess of fair value of identifiable net assets of businesses acquired is recorded as goodwill. Goodwill has not been amortized since fiscal 2001, but an analysis is performed at least annually to compare the fair value of the reporting unit to the carrying amount to determine if any impairment exists. The Company performs its annual impairment assessment in the fourth quarter of each fiscal year, unless circumstances dictate more frequent assessments. Refer to “Note N – Goodwill and Intangibles” for additional disclosures regarding the Company’s goodwill and impairment assessment. | ||||
Intangible Assets | ' | |||
Intangible Assets: Intangible assets consist of assets from the acquisition of AutoAnything and assets purchased relating to ALLDATA operations, and include technology, non-compete agreements, customer relationships and trade name. Amortizing intangible assets are amortized over periods ranging from 3 to 10 years. Non-amortizing intangibles are reviewed at least annually for impairment by comparing the carrying amount to fair value. The Company performs its annual impairment assessment in the fourth quarter of each fiscal year, unless circumstances dictate more frequent assessments. Refer to “Note N – Goodwill and Intangibles” for additional disclosures regarding the Company’s intangible assets and impairment assessment. | ||||
Derivative Instruments and Hedging Activities | ' | |||
Derivative Instruments and Hedging Activities: AutoZone is exposed to market risk from, among other things, changes in interest rates, foreign exchange rates and fuel prices. From time to time, the Company uses various derivative instruments to reduce such risks. To date, based upon the Company’s current level of foreign operations, no derivative instruments have been utilized to reduce foreign exchange rate risk. All of the Company’s hedging activities are governed by guidelines that are authorized by AutoZone’s Board of Directors (the “Board”). Further, the Company does not buy or sell derivative instruments for trading purposes. | ||||
AutoZone’s financial market risk results primarily from changes in interest rates. At times, AutoZone reduces its exposure to changes in interest rates by entering into various interest rate hedge instruments such as interest rate swap contracts, treasury lock agreements and forward-starting interest rate swaps. All of the Company’s interest rate hedge instruments are designated as cash flow hedges. Refer to “Note H – Derivative Financial Instruments” for additional disclosures regarding the Company’s derivative instruments and hedging activities. Cash flows related to these instruments designated as qualifying hedges are reflected in the accompanying Consolidated Statements of Cash Flows in the same categories as the cash flows from the items being hedged. Accordingly, cash flows relating to the settlement of interest rate derivatives hedging the forecasted issuance of debt have been reflected upon settlement as a component of financing cash flows. The resulting gain or loss from such settlement is deferred to Accumulated other comprehensive loss and reclassified to interest expense over the term of the underlying debt. This reclassification of the deferred gains and losses impacts the interest expense recognized on the underlying debt that was hedged and is therefore reflected as a component of operating cash flows in periods subsequent to settlement. | ||||
Foreign Currency | ' | |||
Foreign Currency: The Company accounts for its Mexican, Brazilian, European, and Canadian operations using the Mexican peso and the Brazilian real, euro, and Canadian dollar as the functional currencies and converts its financial statements from these currencies to U.S. dollars. The cumulative loss on currency translation is recorded as a component of Accumulated other comprehensive loss and approximated $57.8 million at August 30, 2014, and $62.5 million at August 31, 2013. | ||||
Self-Insurance Reserves | ' | |||
Self-Insurance Reserves: The Company retains a significant portion of the risks associated with workers’ compensation, employee health, general, products liability, property and vehicle insurance. Through various methods, which include analyses of historical trends and utilization of actuaries, the Company estimates the costs of these risks. The costs are accrued based upon the aggregate of the liability for reported claims and an estimated liability for claims incurred but not reported. Estimates are based on calculations that consider historical lag and claim development factors. The long-term portions of these liabilities are recorded at the Company’s estimate of their net present value. | ||||
Deferred Rent | ' | |||
Deferred Rent: The Company recognizes rent expense on a straight-line basis over the course of the lease term, which includes any reasonably assured renewal periods, beginning on the date the Company takes physical possession of the property (see “Note O – Leases”). Differences between this calculated expense and cash payments are recorded as a liability within the Accrued expenses and other and Other long-term liabilities captions in the accompanying Consolidated Balance Sheets, based on the terms of the lease. Deferred rent approximated $104.6 million as of August 30, 2014, and $96.5 million as of August 31, 2013. | ||||
Financial Instruments | ' | |||
Financial Instruments: The Company has financial instruments, including cash and cash equivalents, accounts receivable, other current assets and accounts payable. The carrying amounts of these financial instruments approximate fair value because of their short maturities. A discussion of the carrying values and fair values of the Company’s debt is included in “Note I – Financing,” marketable securities is included in “Note F – Marketable Securities,” and derivatives is included in “Note H – Derivative Financial Instruments.” | ||||
Income Taxes | ' | |||
Income Taxes: The Company accounts for income taxes under the liability method. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Our effective tax rate is based on income by tax jurisdiction, statutory rates, and tax saving initiatives available to the Company in the various jurisdictions in which we operate. | ||||
The Company recognizes liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the Company must determine the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis or when new information becomes available to management. These reevaluations are based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, successfully settled issues under audit, expirations due to statutes, and new audit activity. Such a change in recognition or measurement could result in the recognition of a tax benefit or an increase to the tax accrual. | ||||
The Company classifies interest related to income tax liabilities, and if applicable, penalties, as a component of Income tax expense. The income tax liabilities and accrued interest and penalties that are expected to be payable within one year of the balance sheet date are presented within the Accrued expenses and other caption in the accompanying Consolidated Balance Sheets. The remaining portion of the income tax liabilities and accrued interest and penalties are presented within the Other long-term liabilities caption in the accompanying Consolidated Balance Sheets because payment of cash is not anticipated within one year of the balance sheet date. Refer to “Note D – Income Taxes” for additional disclosures regarding the Company’s income taxes. | ||||
Sales and Use Taxes | ' | |||
Sales and Use Taxes: Governmental authorities assess sales and use taxes on the sale of goods and services. The Company excludes taxes collected from customers in its reported sales results; such amounts are included within the Accrued expenses and other caption until remitted to the taxing authorities. | ||||
Dividends | ' | |||
Dividends: The Company currently does not pay a dividend on its common stock. The ability to pay dividends is subject to limitations imposed by Nevada law. Under Nevada law, any future payment of dividends would be dependent upon the Company’s financial condition, capital requirements, earnings and cash flow. | ||||
Revenue Recognition | ' | |||
Revenue Recognition: The Company recognizes sales at the time the sale is made and the product is delivered to the customer. Revenue from sales are presented net of allowances for estimated sales returns, which are based on historical return rates. | ||||
A portion of the Company’s transactions include the sale of auto parts that contain a core component. The core component represents the recyclable portion of the auto part. Customers are not charged for the core component of the new part if a used core is returned at the point of sale of the new part; otherwise the Company charges customers a specified amount for the core component. The Company refunds that same amount upon the customer returning a used core to the store at a later date. The Company does not recognize sales or cost of sales for the core component of these transactions when a used part is returned or expected to be returned from the customer. | ||||
Vendor Allowances and Advertising Costs | ' | |||
Vendor Allowances and Advertising Costs: The Company receives various payments and allowances from its vendors through a variety of programs and arrangements. Monies received from vendors include rebates, allowances and promotional funds. The amounts to be received are subject to the terms of the vendor agreements, which generally do not state an expiration date, but are subject to ongoing negotiations that may be impacted in the future based on changes in market conditions, vendor marketing strategies and changes in the profitability or sell-through of the related merchandise. | ||||
Rebates and other miscellaneous incentives are earned based on purchases or product sales and are accrued ratably over the purchase or sale of the related product. These monies are generally recorded as a reduction of merchandise inventories and are recognized as a reduction to cost of sales as the related inventories are sold. | ||||
For arrangements that provide for reimbursement of specific, incremental, identifiable costs incurred by the Company in selling the vendors’ products, the vendor funds are recorded as a reduction to Operating, selling, general and administrative expenses in the period in which the specific costs were incurred. | ||||
The Company expenses advertising costs as incurred. Advertising expense, net of vendor promotional funds, was $84.7 million in fiscal 2014, $83.7 million in fiscal 2013, and $74.7 million in fiscal 2012. Vendor promotional funds, which reduced advertising expense, amounted to $28.4 million in fiscal 2014, $24.4 million in fiscal 2013, and $19.7 million in fiscal 2012. | ||||
Cost of Sales and Operating, Selling, General and Administrative Expenses | ' | |||
Cost of Sales and Operating, Selling, General and Administrative Expenses: The following illustrates the primary costs classified in each major expense category: | ||||
Cost of Sales | ||||
• | Total cost of merchandise sold, including: | |||
• | Freight expenses associated with moving merchandise inventories from the Company’s vendors to the distribution centers; | |||
• | Vendor allowances that are not reimbursements for specific, incremental and identifiable costs | |||
• | Costs associated with operating the Company’s supply chain, including payroll and benefit costs, warehouse occupancy costs, transportation costs and depreciation; and | |||
• | Inventory shrinkage | |||
Operating, Selling, General and Administrative Expenses | ||||
• | Payroll and benefit costs for store and store support employees; | |||
• | Occupancy costs of store and store support facilities; | |||
• | Depreciation and amortization related to retail and store support assets; | |||
• | Transportation costs associated with commercial and hub deliveries; | |||
• | Advertising; | |||
• | Self insurance costs; and | |||
• | Other administrative costs, such as credit card transaction fees, supplies, and travel and lodging | |||
Warranty Costs | ' | |||
Warranty Costs: The Company or the vendors supplying its products provides the Company’s customers limited warranties on certain products that range from 30 days to lifetime. In most cases, the Company’s vendors are primarily responsible for warranty claims. Warranty costs relating to merchandise sold under warranty not covered by vendors are estimated and recorded as warranty obligations at the time of sale based on each product’s historical return rate. These obligations, which are often funded by vendor allowances, are recorded within the Accrued expenses and other caption in the Consolidated Balance Sheets. For vendor allowances that are in excess of the related estimated warranty expense for the vendor’s products, the excess is recorded in inventory and recognized as a reduction to cost of sales as the related inventory is sold. | ||||
Shipping and Handling Costs | ' | |||
Shipping and Handling Costs: The Company does not generally charge customers separately for shipping and handling. Substantially all the costs the Company incurs to ship products to our stores are included in cost of sales. | ||||
Pre-opening Expenses | ' | |||
Pre-opening Expenses: Pre-opening expenses, which consist primarily of payroll and occupancy costs, are expensed as incurred. | ||||
Earnings Per Share | ' | |||
Earnings per Share: Basic earnings per share is based on the weighted average outstanding common shares. Diluted earnings per share is based on the weighted average outstanding common shares adjusted for the effect of common stock equivalents, which are primarily stock options. There were 1,000 stock options excluded from the diluted earnings per share computation because they would have been anti-dilutive as of August 30, 2014. There were 8,600 options excluded for the year ended August 31, 2013, and 30,000 options excluded for the year ended August 25, 2012. | ||||
Share-Based Payments | ' | |||
Share-Based Payments: Share-based payments include stock option grants and certain other transactions under the Company’s stock plans. The Company recognizes compensation expense for its share-based payments based on the fair value of the awards. See “Note B – Share-Based Payments” for further discussion. | ||||
Risk and Uncertainties | ' | |||
Risk and Uncertainties: In fiscal 2014, one class of similar products accounted for approximately 10 percent of the Company’s total revenues, and one vendor supplied more than 10 percent of the Company’s total purchases. No other class of similar products accounted for 10 percent or more of total revenues, and no other individual vendor provided more than 10 percent of total purchases. | ||||
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. | ||||
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. Under ASU 2013-11, an entity is required to disclose a liability related to an unrecognized tax benefit as an offset against a deferred tax asset for a net operating loss carryforward, a similar tax loss or tax credit carryforward if certain criteria are met. In situations of a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the tax law of the jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit will be presented in the financial statements as a liability and will not be combined with deferred tax assets. The standard is effective prospectively for fiscal years and interim reporting periods within those years, beginning after December 15, 2013. Early adoption is permitted. The Company elected to early adopt this standard effective August 30, 2014, 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 is in the process of evaluating the impact of the provision of ASU 2014-09 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) | 12 Months Ended | ||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Weighted Average for Key Assumptions Used in Determining Fair Value of Options Granted and Related Share-Based Compensation Expense | ' | ||||||||||||||||
The following table presents the weighted average for key assumptions used in determining the fair value of options granted and the related share-based compensation expense: | |||||||||||||||||
Year Ended | |||||||||||||||||
August 30, | August 31, | August 25, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected price volatility | 23 | % | 29 | % | 28 | % | |||||||||||
Risk-free interest rates | 1 | % | 0.5 | % | 0.7 | % | |||||||||||
Weighted average expected lives (in years) | 5.2 | 5.2 | 5.4 | ||||||||||||||
Forfeiture rate | 9 | % | 10 | % | 10 | % | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Stock Option Activity | ' | ||||||||||||||||
The Company generally issues new shares when options are exercised. The following table summarizes information about stock option activity for the year ended August 30, 2014: | |||||||||||||||||
Number | Weighted | Weighted- | Aggregate | ||||||||||||||
of Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (in thousands) | |||||||||||||||
Term | |||||||||||||||||
(in years) | |||||||||||||||||
Outstanding – August 31, 2013 | 1,795,988 | $ | 228.95 | ||||||||||||||
Granted | 348,615 | 426.05 | |||||||||||||||
Exercised | (241,090 | ) | 175.6 | ||||||||||||||
Cancelled | (64,625 | ) | 342.4 | ||||||||||||||
Outstanding – August 30, 2014 | 1,838,888 | 269.32 | 6.28 | $ | 495,611 | ||||||||||||
Exercisable | 1,020,283 | 187.07 | 4.79 | 358,902 | |||||||||||||
Expected to vest | 818,605 | 371.84 | 8.14 | 124,403 | |||||||||||||
Available for future grants | 1,781,027 | ||||||||||||||||
Accrued_Expenses_and_Other_Tab
Accrued Expenses and Other (Tables) | 12 Months Ended | ||||||||
Aug. 30, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
Accrued expenses and other consisted of the following: | |||||||||
(in thousands) | August 30, | August 31, | |||||||
2014 | 2013 | ||||||||
Medical and casualty insurance claims (current portion) | $ | 74,010 | $ | 66,133 | |||||
Accrued compensation, related payroll taxes and benefits | 159,315 | 137,165 | |||||||
Property, sales, and other taxes | 77,332 | 90,944 | |||||||
Accrued interest | 32,923 | 40,442 | |||||||
Accrued gift cards | 30,842 | 32,160 | |||||||
Accrued sales and warranty returns | 17,322 | 14,171 | |||||||
Capital lease obligations | 36,505 | 32,246 | |||||||
Other | 53,645 | 54,570 | |||||||
$ | 481,894 | $ | 467,831 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Income from Continuing Operations | ' | ||||||||||||
The components of income from continuing operations before income taxes are as follows: | |||||||||||||
Year Ended | |||||||||||||
(in thousands) | August 30, | August 31, | August 25, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Domestic | $ | 1,550,203 | $ | 1,486,386 | $ | 1,373,142 | |||||||
International | 112,511 | 101,297 | 79,844 | ||||||||||
$ | 1,662,714 | $ | 1,587,683 | $ | 1,452,986 | ||||||||
Provision for Income Tax Expense | ' | ||||||||||||
The provision for income tax expense consisted of the following: | |||||||||||||
Year Ended | |||||||||||||
(in thousands) | August 30, | August 31, | August 25, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 516,983 | $ | 466,803 | $ | 424,895 | |||||||
State | 54,481 | 46,494 | 47,386 | ||||||||||
International | 36,204 | 38,202 | 24,775 | ||||||||||
607,668 | 551,499 | 497,056 | |||||||||||
Deferred: | |||||||||||||
Federal | (762 | ) | 16,816 | 33,679 | |||||||||
State | (7,752 | ) | 3,139 | (2,822 | ) | ||||||||
International | (6,184 | ) | (251 | ) | (5,300 | ) | |||||||
(14,698 | ) | 19,704 | 25,557 | ||||||||||
Income tax expense | $ | 592,970 | $ | 571,203 | $ | 522,613 | |||||||
Reconciliation of Provision for Income Taxes | ' | ||||||||||||
A reconciliation of the provision for income taxes to the amount computed by applying the federal statutory tax rate of 35% to income before income taxes is as follows: | |||||||||||||
Year Ended | |||||||||||||
(in thousands) | August 30, | August 31, | August 25, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal tax at statutory U.S. income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net | 1.8 | % | 2 | % | 2 | % | |||||||
Other | (1.1 | %) | (1.0 | %) | (1.0 | %) | |||||||
Effective tax rate | 35.7 | % | 36 | % | 36 | % | |||||||
Significant Components of Company's Deferred Tax Assets and Liabilities | ' | ||||||||||||
Significant components of the Company’s deferred tax assets and liabilities were as follows: | |||||||||||||
(in thousands) | August 30, | August 31, | |||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss and credit carryforwards | $ | 40,507 | $ | 41,785 | |||||||||
Insurance reserves | 16,354 | 16,237 | |||||||||||
Accrued benefits | 79,932 | 67,350 | |||||||||||
Pension | 21,493 | 18,004 | |||||||||||
Other | 43,078 | 45,597 | |||||||||||
Total deferred tax assets | 201,364 | 188,973 | |||||||||||
Less: Valuation allowances | (10,604 | ) | (11,593 | ) | |||||||||
190,760 | 177,380 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | (59,016 | ) | (84,512 | ) | |||||||||
Inventory | (273,005 | ) | (262,653 | ) | |||||||||
Other | (36,785 | ) | (27,341 | ) | |||||||||
Total deferred tax liabilities | (368,806 | ) | (374,506 | ) | |||||||||
Net deferred tax liability | $ | (178,046 | ) | $ | (197,126 | ) | |||||||
Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
(in thousands) | August 30, | August 31, | |||||||||||
2014 | 2013 | ||||||||||||
Beginning balance | $ | 30,643 | $ | 27,715 | |||||||||
Additions based on tax positions related to the current year | 7,857 | 7,015 | |||||||||||
Additions for tax positions of prior years | 2,114 | 2,758 | |||||||||||
Reductions for tax positions of prior years | (1,355 | ) | (470 | ) | |||||||||
Reductions due to settlements | (2,074 | ) | (3,019 | ) | |||||||||
Reductions due to statute of limitations | (4,057 | ) | (3,356 | ) | |||||||||
Ending balance | $ | 33,128 | $ | 30,643 | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||
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: | |||||||||||||||||
August 30, 2014 | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Other current assets | $ | 9,801 | $ | 599 | $ | — | $ | 10,400 | |||||||||
Other long-term assets | 53,133 | 21,722 | — | 74,855 | |||||||||||||
$ | 62,934 | $ | 22,321 | $ | — | $ | 85,255 | ||||||||||
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 | ||||||||||
Contingent consideration | $ | — | $ | — | $ | (242 | ) | $ | (242 | ) | |||||||
Change in Contingent Consideration Liability at Fair Value on Recurring Basis | ' | ||||||||||||||||
The change in the fair value of the contingent consideration liability is summarized as follows: | |||||||||||||||||
(in thousands) | August 30, | August 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Fair value – beginning of period | $ | (242 | ) | $ | — | ||||||||||||
Fair value of contingent consideration issued during the period | — | (22,678 | ) | ||||||||||||||
Change in fair value | 242 | 22,436 | |||||||||||||||
Fair value – end of period | $ | — | $ | (242 | ) | ||||||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | ||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Available-for-Sale Marketable Securities | ' | ||||||||||||||||
The Company’s available-for-sale marketable securities consisted of the following: | |||||||||||||||||
August 30, 2014 | |||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Basis | Gains | Losses | |||||||||||||||
Corporate securities | $ | 37,265 | $ | 137 | $ | (15 | ) | $ | 37,387 | ||||||||
Government bonds | 16,822 | 16 | (1 | ) | 16,837 | ||||||||||||
Mortgage-backed securities | 8,791 | 22 | (77 | ) | 8,736 | ||||||||||||
Asset-backed securities and other | 22,260 | 35 | — | 22,295 | |||||||||||||
$ | 85,138 | $ | 210 | $ | (93 | ) | $ | 85,255 | |||||||||
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 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Changes in Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||
Changes in Accumulated other comprehensive loss, consisted of the following: | |||||||||||||||||||||
(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 income (loss) before reclassifications | 34,178 | (12,216 | ) | (271 | ) | — | 21,691 | ||||||||||||||
Amounts reclassified from Accumulated other comprehensive loss (1) | 8,928 | (2) | — | (105 | )(4) | 711 | (5) | 9,534 | |||||||||||||
Balance at August 31, 2013 | (50,861 | ) | (62,483 | ) | (25 | ) | (7,419 | ) | (120,788 | ) | |||||||||||
Other comprehensive (loss) income before reclassifications | (17,155 | ) | 4,647 | 157 | — | (12,351 | ) | ||||||||||||||
Amounts reclassified from Accumulated other comprehensive loss (1) | 4,196 | (2) | — | (56 | )(4) | 96 | (5) | 4,236 | |||||||||||||
Balance at August 30, 2014 | $ | (63,820 | ) | $ | (57,836 | ) | $ | 76 | $ | (7,323 | ) | $ | (128,903 | ) | |||||||
-1 | Amounts in parentheses indicate debits to Accumulated other comprehensive loss. | ||||||||||||||||||||
-2 | Represents amortization of pension liability adjustments, net of taxes of $2,683 in fiscal 2014 and $5,793 in fiscal 2013, which is recorded in Operating, selling, general and administrative expenses on the Consolidated Statements of Income. See “Note L – 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 $30 in fiscal 2014 and $56 in fiscal 2013, which is recorded in Operating, selling, general, and administrative expenses on the Consolidated Statements of Income. See “Note F – Marketable Securities” for further discussion. | ||||||||||||||||||||
-5 | Represents gains and losses on derivatives, net of taxes of $87 in fiscal 2014 and $440 is fiscal 2013, which is recorded in Interest expense, net, on the Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion. |
Financing_Tables
Financing (Tables) | 12 Months Ended | ||||||||
Aug. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt | ' | ||||||||
The Company’s debt consisted of the following: | |||||||||
(in thousands) | August 30, | 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 0.27% and 0.29% at August 30, 2014 and August 31, 2013, respectively | 893,800 | 637,000 | |||||||
Total debt | 4,343,800 | 4,187,000 | |||||||
Less: Short-term borrowings | 180,910 | 173,733 | |||||||
Long-term debt Total debt | $ | 4,162,890 | $ | 4,013,267 | |||||
Scheduled Maturities of Debt | ' | ||||||||
Scheduled maturities of debt are as follows: | |||||||||
(in thousands) | Scheduled | ||||||||
Maturities | |||||||||
2015 | $ | 1,393,800 | |||||||
2016 | 500,000 | ||||||||
2017 | 400,000 | ||||||||
2018 | 250,000 | ||||||||
2019 | — | ||||||||
Thereafter | 1,800,000 | ||||||||
$ | 4,343,800 | ||||||||
Interest_Expense_Tables
Interest Expense (Tables) | 12 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Banking and Thrift, Interest [Abstract] | ' | ||||||||||||
Net Interest Expense | ' | ||||||||||||
Net interest expense consisted of the following: | |||||||||||||
Year Ended | |||||||||||||
(in thousands) | August 30, | August 31, | August 25, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest expense | $ | 170,400 | $ | 188,324 | $ | 178,547 | |||||||
Interest income | (1,850 | ) | (1,606 | ) | (1,397 | ) | |||||||
Capitalized interest | (1,041 | ) | (1,303 | ) | (1,245 | ) | |||||||
$ | 167,509 | $ | 185,415 | $ | 175,905 | ||||||||
Stock_Repurchase_Program_Table
Stock Repurchase Program (Tables) | 12 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Summarize Company's Share Repurchase Activity | ' | ||||||||||||
The Company’s share repurchase activity consisted of the following: | |||||||||||||
Year Ended | |||||||||||||
(in thousands) | August 30, | August 31, | August 25, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Amount | $ | 1,099,212 | $ | 1,387,315 | $ | 1,362,869 | |||||||
Shares | 2,232 | 3,511 | 3,795 |
Pension_and_Savings_Plans_Tabl
Pension and Savings Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Weighted Average Asset Allocation for Pension Plan Assets | ' | ||||||||||||||||||||||||
The fair values of investments by level and asset category and the weighted-average asset allocations of the Company’s pension plans at the measurement date are presented in the following table: | |||||||||||||||||||||||||
August 30, 2014 | |||||||||||||||||||||||||
Fair | Asset Allocation | Fair Value Hierarchy | |||||||||||||||||||||||
(in thousands) | Value | Actual | Target | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
U.S. equities | $ | 70,021 | 28.8 | % | 25.8 | % | $ | — | $ | 70,021 | $ | — | |||||||||||||
International equities | 45,521 | 18.7 | 17.2 | — | 45,521 | — | |||||||||||||||||||
Emerging equities | 24,187 | 9.9 | 8.5 | — | 24,187 | — | |||||||||||||||||||
High yield securities | 22,647 | 9.3 | 8.5 | — | 22,647 | — | |||||||||||||||||||
Alternative investments | 803 | 0.3 | — | — | — | 803 | |||||||||||||||||||
Fixed income securities | 67,652 | 27.8 | 40 | — | 67,652 | — | |||||||||||||||||||
Cash and cash equivalents | 12,576 | 5.2 | — | — | 12,576 | — | |||||||||||||||||||
$ | 243,407 | 100 | % | 100 | % | $ | — | $ | 242,604 | $ | 803 | ||||||||||||||
August 31, 2013 | |||||||||||||||||||||||||
Fair | Asset Allocation | Fair Value Hierarchy | |||||||||||||||||||||||
(in thousands) | Value | Actual | Target | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
U.S. equities | $ | 57,931 | 27.9 | % | 30 | % | $ | — | $ | 57,931 | $ | — | |||||||||||||
International equities | 38,145 | 18.3 | 20 | — | 38,145 | — | |||||||||||||||||||
Emerging equities | 19,030 | 9.1 | 10 | — | 19,030 | — | |||||||||||||||||||
High yield securities | 19,858 | 9.5 | 10 | — | 19,858 | — | |||||||||||||||||||
Alternative investments | 1,226 | 0.6 | — | — | — | 1,226 | |||||||||||||||||||
Fixed income securities | 59,500 | 28.6 | 30 | — | 59,500 | — | |||||||||||||||||||
Cash and cash equivalents | 12,430 | 6 | — | — | 12,430 | — | |||||||||||||||||||
$ | 208,120 | 100 | % | 100 | % | $ | — | $ | 206,894 | $ | 1,226 | ||||||||||||||
Change in Fair Value of Level 3 Assets | ' | ||||||||||||||||||||||||
The change in fair value of Level 3 assets that use significant unobservable inputs is presented in the following table: | |||||||||||||||||||||||||
(in thousands) | Level 3 | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Beginning balance – August 31, 2013 | $ | 1,226 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Assets held at August 30, 2014 | (25 | ) | |||||||||||||||||||||||
Assets sold during the year | (11 | ) | |||||||||||||||||||||||
Sales and settlements | (387 | ) | |||||||||||||||||||||||
Ending balance – August 30, 2014 | $ | 803 | |||||||||||||||||||||||
Plan's Funded Status and Amounts Recognized in Company's Consolidated Balance Sheets | ' | ||||||||||||||||||||||||
The following table sets forth the plans’ funded status and amounts recognized in the Company’s Consolidated Balance Sheets: | |||||||||||||||||||||||||
(in thousands) | August 30, | August 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Change in Projected Benefit Obligation: | |||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 256,780 | $ | 305,206 | |||||||||||||||||||||
Interest cost | 13,070 | 11,746 | |||||||||||||||||||||||
Actuarial losses (gains) | 38,659 | (53,756 | ) | ||||||||||||||||||||||
Benefits paid | (7,543 | ) | (6,416 | ) | |||||||||||||||||||||
Benefit obligations at end of year | $ | 300,966 | $ | 256,780 | |||||||||||||||||||||
Change in Plan Assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 208,120 | $ | 181,409 | |||||||||||||||||||||
Actual return on plan assets | 25,920 | 16,218 | |||||||||||||||||||||||
Employer contributions | 16,910 | 16,909 | |||||||||||||||||||||||
Benefits paid | (7,543 | ) | (6,416 | ) | |||||||||||||||||||||
Fair value of plan assets at end of year | $ | 243,407 | $ | 208,120 | |||||||||||||||||||||
Amount Recognized in the Statement of Financial Position: | |||||||||||||||||||||||||
Current liabilities | $ | (192 | ) | $ | (124 | ) | |||||||||||||||||||
Long-term liabilities | (57,367 | ) | (48,536 | ) | |||||||||||||||||||||
Net amount recognized | $ | (57,559 | ) | $ | (48,660 | ) | |||||||||||||||||||
Amount Recognized in Accumulated Other Comprehensive Loss and not yet reflected in Net Periodic Benefit Cost: | |||||||||||||||||||||||||
Net actuarial loss | $ | (104,847 | ) | $ | (83,601 | ) | |||||||||||||||||||
Accumulated other comprehensive loss | $ | (104,847 | ) | $ | (83,601 | ) | |||||||||||||||||||
Amount Recognized in Accumulated Other Comprehensive Loss and not yet reflected in Net Periodic Benefit Cost and expected to be amortized in next year’s Net Periodic Benefit Cost: | |||||||||||||||||||||||||
Net actuarial loss | $ | (8,941 | ) | $ | (6,879 | ) | |||||||||||||||||||
Amount recognized | $ | (8,941 | ) | $ | (6,879 | ) | |||||||||||||||||||
Net Periodic Benefit Expense | ' | ||||||||||||||||||||||||
Net periodic benefit expense consisted of the following: | |||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
(in thousands) | August 30, | August 31, | August 25, | ||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Interest cost | $ | 13,070 | $ | 11,746 | $ | 12,214 | |||||||||||||||||||
Expected return on plan assets | (15,386 | ) | (13,617 | ) | (11,718 | ) | |||||||||||||||||||
Recognized net actuarial losses | 6,879 | 14,721 | 9,795 | ||||||||||||||||||||||
Net periodic benefit expense | $ | 4,563 | $ | 12,850 | $ | 10,291 | |||||||||||||||||||
Actuarial Assumptions Used in Determining Projected Benefit Obligation | ' | ||||||||||||||||||||||||
The actuarial assumptions used in determining the projected benefit obligation include the following: | |||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
August 30, | August 31, | August 25, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Weighted average discount rate | 4.28 | % | 5.19 | % | 3.9 | % | |||||||||||||||||||
Expected long-term rate of return on plan assets | 7.5 | % | 7.5 | % | 7.5 | % | |||||||||||||||||||
Benefit Payments are Expected to be Paid as Follows | ' | ||||||||||||||||||||||||
Based on current assumptions about future events, benefit payments are expected to be paid as follows for each of the following fiscal years. Actual benefit payments may vary significantly from the following estimates: | |||||||||||||||||||||||||
(in thousands) | Benefit | ||||||||||||||||||||||||
Payments | |||||||||||||||||||||||||
2015 | $ | 16,979 | |||||||||||||||||||||||
2016 | 10,085 | ||||||||||||||||||||||||
2017 | 10,789 | ||||||||||||||||||||||||
2018 | 11,510 | ||||||||||||||||||||||||
2019 | 12,125 | ||||||||||||||||||||||||
2020 – 2024 | 69,765 |
Goodwill_and_Intangibles_Table
Goodwill and Intangibles (Tables) | 12 Months Ended | ||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||
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 26, 2012 | $ | 302,645 | $ | — | $ | 302,645 | |||||||||||
Goodwill added through acquisition (1) | — | 83,440 | 83,440 | ||||||||||||||
Goodwill adjustments (2) | — | (18,256 | ) | (18,256 | ) | ||||||||||||
Net balance as of August 31, 2013 | 302,645 | 65,184 | 367,829 | ||||||||||||||
Goodwill adjustments (2) | — | — | — | ||||||||||||||
Net balance as of August 30, 2014 | $ | 302,645 | $ | 65,184 | $ | 367,829 | |||||||||||
-1 | See Note M for discussion of the acquisition completed during the second quarter of fiscal 2013 | ||||||||||||||||
-2 | Total accumulated goodwill impairment for both August 30, 2014 and August 31, 2013 is $18.3 million | ||||||||||||||||
Schedule of Carrying Amounts of Intangible Assets | ' | ||||||||||||||||
The carrying amounts of intangible assets are included in Other long-term assets as follows: | |||||||||||||||||
August 30, 2014 | |||||||||||||||||
(in thousands) | Estimated | Gross | Accumulated | Net | |||||||||||||
Useful | Carrying | Amortization | Carrying | ||||||||||||||
Life | Amount | Amount | |||||||||||||||
Amortizing intangible assets: | |||||||||||||||||
Technology | 3-5 years | $ | 10,570 | $ | (3,528 | ) | $ | 7,042 | |||||||||
Noncompete agreements | 5 years | 1,300 | (443 | ) | 857 | ||||||||||||
Customer relationships | 3-10 years | 48,376 | (6,007 | ) | 42,369 | ||||||||||||
$ | 60,246 | $ | (9,978 | ) | 50,268 | ||||||||||||
Non-amortizing intangible asset: | |||||||||||||||||
Trade name | 24,600 | ||||||||||||||||
Total intangible assets other than goodwill | $ | 74,868 | |||||||||||||||
August 31, 2013 | |||||||||||||||||
(in thousands) | Estimated | Gross | Accumulated | Net | |||||||||||||
Useful | Carrying | Amortization | Carrying | ||||||||||||||
Life | Amount | Amount | |||||||||||||||
Amortizing intangible assets: | |||||||||||||||||
Technology | 5 years | $ | 9,700 | $ | (1,365 | ) | $ | 8,335 | |||||||||
Noncompete agreements | 5 years | 1,300 | (183 | ) | 1,117 | ||||||||||||
Customer relationships | 10 years | 19,000 | (1,336 | ) | 17,664 | ||||||||||||
$ | 30,000 | $ | (2,884 | ) | 27,116 | ||||||||||||
Non-amortizing intangible asset: | |||||||||||||||||
Trade name | 24,600 | ||||||||||||||||
Total intangible assets other than goodwill | $ | 51,716 | |||||||||||||||
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 August 30, 2014, is estimated as follows: | |||||||||||||||||
(in thousands) | Total | ||||||||||||||||
2015 | $ | 8,618 | |||||||||||||||
2016 | 8,618 | ||||||||||||||||
2017 | 8,353 | ||||||||||||||||
2018 | 6,725 | ||||||||||||||||
2019 | 6,073 | ||||||||||||||||
Thereafter | 11,881 | ||||||||||||||||
$ | 50,268 | ||||||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||
Aug. 30, 2014 | |||||||||
Leases [Abstract] | ' | ||||||||
Future Minimum Annual Rental Commitments Under Non-Cancelable Operating Leases and Capital Leases | ' | ||||||||
Future minimum annual rental commitments under non-cancelable operating leases and capital leases were as follows at the end of fiscal 2014: | |||||||||
(in thousands) | Operating | Capital | |||||||
Leases | Leases | ||||||||
2015 | $ | 244,535 | $ | 36,505 | |||||
2016 | 236,869 | 36,093 | |||||||
2017 | 221,171 | 27,896 | |||||||
2018 | 204,744 | 16,318 | |||||||
2019 | 185,442 | 6,013 | |||||||
Thereafter | 942,498 | — | |||||||
Total minimum payments required | $ | 2,035,259 | 122,825 | ||||||
Less: Interest | (3,222 | ) | |||||||
Present value of minimum capital lease payments | $ | 119,603 | |||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Aug. 30, 2014 | |||||||||||||
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. The following table shows segment results for the following fiscal years: | |||||||||||||
Year Ended | |||||||||||||
(in thousands) | August 30, | August 31, | August 25, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Net Sales: | |||||||||||||
Auto Parts Stores | $ | 9,132,169 | $ | 8,858,723 | $ | 8,422,559 | |||||||
Other | 343,144 | 288,807 | 181,304 | ||||||||||
Total | $ | 9,475,313 | $ | 9,147,530 | $ | 8,603,863 | |||||||
Segment Profit: | |||||||||||||
Auto Parts Stores | $ | 4,744,501 | $ | 4,568,190 | $ | 4,292,474 | |||||||
Other | 190,406 | 172,745 | 139,562 | ||||||||||
Gross profit | 4,934,907 | 4,740,935 | 4,432,036 | ||||||||||
Operating, selling, general and administrative expenses | (3,104,684 | ) | (2,967,837 | ) | (2,803,145 | ) | |||||||
Interest expense, net | (167,509 | ) | (185,415 | ) | (175,905 | ) | |||||||
Income before income taxes | $ | 1,662,714 | $ | 1,587,683 | $ | 1,452,986 | |||||||
Segment Assets: | |||||||||||||
Auto Parts Stores | $ | 7,300,360 | $ | 6,719,885 | $ | 6,214,688 | |||||||
Other | 217,498 | 172,204 | 50,951 | ||||||||||
Total | $ | 7,517,858 | $ | 6,892,089 | $ | 6,265,639 | |||||||
Capital Expenditures: | |||||||||||||
Auto Parts Stores | $ | 423,951 | $ | 402,028 | $ | 364,361 | |||||||
Other | 14,165 | 12,423 | 13,693 | ||||||||||
Total | $ | 438,116 | $ | 414,451 | $ | 378,054 | |||||||
Auto Parts Stores Sales by Product Grouping: | |||||||||||||
Failure | $ | 4,274,528 | $ | 4,214,642 | $ | 3,793,963 | |||||||
Maintenance items | 3,362,969 | 3,224,229 | 3,196,807 | ||||||||||
Discretionary | 1,494,672 | 1,419,852 | 1,431,789 | ||||||||||
Auto Parts Stores net sales | $ | 9,132,169 | $ | 8,858,723 | $ | 8,422,559 | |||||||
Quarterly_Summary_Tables
Quarterly Summary (Tables) | 12 Months Ended | ||||||||||||||||
Aug. 30, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Summary | ' | ||||||||||||||||
Twelve Weeks Ended | Sixteen | ||||||||||||||||
Weeks Ended | |||||||||||||||||
(in thousands, except per share data) | November 23, | February 15, | May 10, | August 30, | |||||||||||||
2013 | 2014 | 2014 | 2014(2) | ||||||||||||||
Net sales | $ | 2,093,578 | $ | 1,990,494 | $ | 2,341,545 | $ | 3,049,696 | |||||||||
Gross profit | 1,085,697 | 1,037,035 | 1,216,958 | 1,595,216 | |||||||||||||
Operating profit | 383,726 | 337,344 | 478,952 | 630,201 | |||||||||||||
Income before income taxes | 341,295 | 297,854 | 442,790 | 580,775 | |||||||||||||
Net income | 218,087 | 192,830 | 285,157 | 373,671 | |||||||||||||
Basic earnings per share | 6.39 | 5.73 | 8.62 | 11.5 | |||||||||||||
Diluted earnings per share | 6.29 | 5.63 | 8.46 | 11.28 | |||||||||||||
Twelve Weeks Ended | Seventeen | ||||||||||||||||
Weeks Ended | |||||||||||||||||
(in thousands, except per share data) | November 17, | February 9, | May 4, | August 31, | |||||||||||||
2012 | 2013 | 2013 | 2013(2) | ||||||||||||||
Net sales | $ | 1,991,040 | $ | 1,855,198 | $ | 2,205,878 | $ | 3,095,414 | |||||||||
Gross profit | 1,031,866 | 961,981 | 1,142,713 | 1,604,376 | |||||||||||||
Operating profit | 363,276 | 317,571 | 456,030 | 636,220 | |||||||||||||
Income before income taxes | 322,172 | 276,248 | 413,939 | 575,324 | |||||||||||||
Net income | 203,452 | 176,247 | 265,583 | 371,199 | |||||||||||||
Basic earnings per share | 5.52 | 4.86 | 7.39 | 10.59 | |||||||||||||
Diluted earnings per share | 5.41 | 4.78 | 7.27 | 10.42 | |||||||||||||
-1 | The sum of quarterly amounts may not equal the annual amounts reported due to rounding. In addition, the earnings per share amounts are computed independently for each quarter while the full year is based on the annual weighted average shares outstanding. | ||||||||||||||||
-2 | The fourth quarter for fiscal 2014 is based on a 16-week period while fiscal 2013 is based on a 17-week period. All other quarters presented are based on a 12-week period. |
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 27, 2011 | |
Store | ||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of stores | 5,391 | ' | ' | ' |
Number of stores with commercial sales program | 3,845 | ' | ' | ' |
Cash and cash equivalents | $124,485,000 | $142,191,000 | $103,093,000 | $97,606,000 |
Allowances for uncollectible accounts | 2,900,000 | 2,900,000 | ' | ' |
Unrecorded adjustment for LIFO value in excess of replacement value | 307,200,000 | 283,700,000 | ' | ' |
Impairment loss of long lived assets | 0 | ' | ' | ' |
Cumulative loss on currency translation recorded in accumulated other comprehensive loss | 57,800,000 | 62,500,000 | ' | ' |
Deferred rent | 104,600,000 | 96,500,000 | ' | ' |
Measure of income tax benefit for uncertain income tax positions | 'More than 50% | ' | ' | ' |
Advertising expense, net of vendor promotional funds | 84,700,000 | 83,700,000 | 74,700,000 | ' |
Vendor promotional funds, which reduced advertising expense | 28,400,000 | 24,400,000 | 19,700,000 | ' |
Limited warranty period, minimum period (Days) | '30 days | ' | ' | ' |
Products accounted for total revenues | 'One class of similar products accounted for approximately 10 percent of the Company's total revenues, No other class of similar products accounted for 10 percent or more of total revenues | ' | ' | ' |
Products accounted for total purchases | 'One vendor supplied more than 10 percent of the Company's total purchases. No other individual vendor provided more than 10 percent of total purchases. | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Amortization of intangible assets | '3 years | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Amortization of intangible assets | '10 years | ' | ' | ' |
Stock Options [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Anti-dilutive shares excluded from the computation of earnings per share | 1,000 | 8,600 | 30,000 | ' |
Cost of Goods, Total [Member] | Maximum [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Concentration risk percentage | 10.00% | ' | ' | ' |
Sales [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Concentration risk percentage | 10.00% | ' | ' | ' |
Cash Equivalents [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Maturity period of investments | '90 days or less | ' | ' | ' |
Settlement term of credit and debit card transaction | 'Less than 5 days | ' | ' | ' |
Credit and debit card receivables included within cash and cash equivalents | 43,900,000 | 39,800,000 | ' | ' |
Product Concentration Risk [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of class of similar products accounted for 10% of company's total revenue | 1 | ' | ' | ' |
Supplier Concentration Risk [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of class of similar products accounted for 10% of company's total revenue | 1 | ' | ' | ' |
Buildings [Member] | Minimum [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful lives | '40 years | ' | ' | ' |
Buildings [Member] | Maximum [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful lives | '50 years | ' | ' | ' |
Building Improvements [Member] | Minimum [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful lives | '5 years | ' | ' | ' |
Building Improvements [Member] | Maximum [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful lives | '15 years | ' | ' | ' |
Equipment [Member] | Minimum [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful lives | '3 years | ' | ' | ' |
Equipment [Member] | Maximum [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful lives | '10 years | ' | ' | ' |
Foreign Countries [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $19,300,000 | $38,200,000 | ' | ' |
Stores in the United States Including Puerto Rico [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of stores | 4,984 | ' | ' | ' |
Brazil [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of stores | 5 | ' | ' | ' |
Mexico [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of stores | 402 | ' | ' | ' |
ShareBased_Payments_Additional
Share-Based Payments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation expense related to stock options and share purchase plans | $39,400,000 | $37,300,000 | $33,400,000 |
Share-based compensation expense for unvested awards not yet recognized in earnings | 25,200,000 | ' | ' |
Weighted average period recognition of share-based compensation expense for unvested awards | '2 years 6 months | ' | ' |
Term of options from grant date | '10 years or 10 years and one day | ' | ' |
Exercise period of vested options after death | '1 year | ' | ' |
Restricted stock units granted under Director Compensation Program, description | 'Under the 2011 Program, restricted stock units are granted the first day of each calendar quarter. The number of restricted stock units granted each quarter is determined by dividing one-fourth of the amount of the annual retainer by the fair market value of the shares of common stock as of the grant date. | ' | ' |
Outstanding options | 1,838,888 | 1,795,988 | ' |
Common stock reserved for future issuance | 219,389 | ' | ' |
Weighted average grant date fair value of options granted | $96.97 | $98.58 | $94.71 |
Intrinsic value of options exercised | 70,600,000 | 194,600,000 | 176,500,000 |
Total fair value of options vested | 27,700,000 | 26,600,000 | 23,800,000 |
Expense related to the discount on the selling of shares to employees and executives | 1,700,000 | 1,500,000 | 1,500,000 |
Percent of market price at which employees permitted to purchase through payroll deductions | 85.00% | ' | ' |
Maximum permitted annual purchases per employee | 15,000 | ' | ' |
Maximum permitted annual purchases per employee, Percent of Compensation | 10.00% | ' | ' |
Shares sold to employees under employee stock purchase plan | 15,355 | 18,228 | 19,403 |
Shares purchased from employees at fair value | 16,013 | 22,915 | 24,113 |
2003 Comp Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Maximum limit of the fees a Director can elect to receive in stock | 100.00% | ' | ' |
Accrued Director fees | $9,700,000 | $7,600,000 | ' |
Accrued Director fees in shares | 17,990 | 17,990 | ' |
Additional shares of stock or units | 0 | ' | ' |
2003 Option Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares for which each new non-employee director receives an option to purchase | 3,000 | ' | ' |
2003 Option Plan [Member] | Director [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Outstanding options | 46,000 | 51,000 | ' |
Common stock reserved for future issuance | 0 | ' | ' |
Share based compensation grant date vesting period | '3 years | ' | ' |
Restated Executive Stock Purchase Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common stock reserved for future issuance | 245,925 | ' | ' |
Maximum permitted annual purchases per employee, Percent of Compensation | 25.00% | ' | ' |
Shares sold to employees under employee stock purchase plan | 3,028 | 3,454 | 3,937 |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Exercise period of vested options after service period | '30 days | ' | ' |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Exercise period of vested options after service period | '90 days | ' | ' |
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) | 12 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Expected price volatility | 23.00% | 29.00% | 28.00% |
Risk-free interest rates | 1.00% | 0.50% | 0.70% |
Weighted average expected lives (in years) | '5 years 2 months 12 days | '5 years 2 months 12 days | '5 years 4 months 24 days |
Forfeiture rate | 9.00% | 10.00% | 10.00% |
Dividend yield | 0.00% | 0.00% | 0.00% |
ShareBased_Payments_Stock_Opti
Share-Based Payments - Stock Option Activity (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Aug. 30, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Outstanding, Beginning balance, Number of Shares | 1,795,988 |
Granted, Number of Shares | 348,615 |
Exercised, Number of Shares | -241,090 |
Cancelled, Number of Shares | -64,625 |
Outstanding, Ending balance, Number of Shares | 1,838,888 |
Exercisable, Number of Shares | 1,020,283 |
Expected to vest, Number of Shares | 818,605 |
Available for future grants, Number of Shares | 1,781,027 |
Outstanding, Beginning balance, Weighted Average Exercise Price | $228.95 |
Granted, Weighted Average Exercise Price | $426.05 |
Exercised, Weighted Average Exercise Price | $175.60 |
Cancelled, Weighted Average Exercise Price | $342.40 |
Outstanding, Ending balance, Weighted Average Exercise Price | $269.32 |
Exercisable, Weighted Average Exercise Price | $187.07 |
Expected to vest, Weighted Average Exercise Price | $371.84 |
Outstanding , Weighted-Average Remaining Contractual Term | '6 years 3 months 11 days |
Exercisable, Weighted-Average Remaining Contractual Term | '4 years 9 months 15 days |
Expected to vest, Weighted-Average Remaining Contractual Term | '8 years 1 month 21 days |
Outstanding, Aggregate Intrinsic Value | $495,611 |
Exercisable, Aggregate Intrinsic Value | 358,902 |
Expected to vest, Aggregate Intrinsic Value | $124,403 |
Accrued_Expenses_and_Other_Acc
Accrued Expenses and Other - Accrued Expenses (Detail) (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Income and Expenses [Abstract] | ' | ' |
Medical and casualty insurance claims (current portion) | $74,010 | $66,133 |
Accrued compensation, related payroll taxes and benefits | 159,315 | 137,165 |
Property, sales, and other taxes | 77,332 | 90,944 |
Accrued interest | 32,923 | 40,442 |
Accrued gift cards | 30,842 | 32,160 |
Accrued sales and warranty returns | 17,322 | 14,171 |
Capital lease obligations | 36,505 | 32,246 |
Other | 53,645 | 54,570 |
Total | $481,894 | $467,831 |
Accrued_Expenses_and_Other_Add
Accrued Expenses and Other - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Aug. 30, 2014 |
Workers' Compensation and Property [Member] | ' |
Loss Contingencies [Line Items] | ' |
Maximum limits per claim for self-insured plan, per annum | $1.50 |
Employee Health [Member] | ' |
Loss Contingencies [Line Items] | ' |
Maximum limits per claim for self-insured plan, per annum | 0.7 |
General, Products Liability, and Vehicle [Member] | ' |
Loss Contingencies [Line Items] | ' |
Maximum limits per claim for self-insured plan, per annum | $1 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income from Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic | $1,550,203 | $1,486,386 | $1,373,142 |
International | 112,511 | 101,297 | 79,844 |
Income before income taxes | $1,662,714 | $1,587,683 | $1,452,986 |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Current: | ' | ' | ' |
Federal | $516,983 | $466,803 | $424,895 |
State | 54,481 | 46,494 | 47,386 |
International | 36,204 | 38,202 | 24,775 |
Total | 607,668 | 551,499 | 497,056 |
Deferred: | ' | ' | ' |
Federal | -762 | 16,816 | 33,679 |
State | -7,752 | 3,139 | -2,822 |
International | -6,184 | -251 | -5,300 |
Total | -14,698 | 19,704 | 25,557 |
Income tax expense | $592,970 | $571,203 | $522,613 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Provision for Income Taxes (Detail) | 12 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal tax at statutory U.S. income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net | 1.80% | 2.00% | 2.00% |
Other | -1.10% | -1.00% | -1.00% |
Effective tax rate | 35.70% | 36.00% | 36.00% |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Provision for Income Taxes (Parenthetical) (Detail) | 12 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Income_Taxes_Significant_Compo
Income Taxes - Significant Components of Company's Deferred Tax Assets and Liabilities (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 |
Deferred tax assets: | ' | ' |
Net operating loss and credit carryforwards | $40,507 | $41,785 |
Insurance reserves | 16,354 | 16,237 |
Accrued benefits | 79,932 | 67,350 |
Pension | 21,493 | 18,004 |
Other | 43,078 | 45,597 |
Total deferred tax assets | 201,364 | 188,973 |
Less: Valuation allowances | -10,604 | -11,593 |
Net deferred tax assets | 190,760 | 177,380 |
Deferred tax liabilities: | ' | ' |
Property and equipment | -59,016 | -84,512 |
Inventory | -273,005 | -262,653 |
Other | -36,785 | -27,341 |
Total deferred tax liabilities | -368,806 | -374,506 |
Net deferred tax liability | ($178,046) | ($197,126) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
Aug. 30, 2014 | Aug. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Deferred taxes are not provided for temporary differences | $345,000,000 | $260,000,000 |
Deferred tax assets from net operating loss carryforwards | 11,200,000 | 8,700,000 |
Future taxable income | 87,600,000 | 75,500,000 |
Expiration date of NOLs start year | '2016 | ' |
Expiration date of NOLs end year | '2033 | ' |
Deferred tax assets for income tax credit carryforwards | 29,300,000 | 33,100,000 |
Expiration date of tax credit carryforwards start year | '2015 | ' |
Expiration date of tax credit carryforwards end year | '2026 | ' |
Operating loss carryforwards expiration period description | 'Fiscal 2016 through 2033 | ' |
Other tax credit carryforwards expiration period description | 'Fiscal 2015 through 2026 | ' |
Valuation allowances on deferred tax assets | 10,604,000 | 11,593,000 |
Unrecognized tax benefits , if recognized would reduce effective tax rate, amount | 19,100,000 | 20,100,000 |
Accrued for payment of interest and penalties associated with unrecognized tax benefits | 4,300,000 | 4,700,000 |
Amount of unrecognized tax benefits that could be reduced over next twelve months | $400,000 | ' |
Income_Taxes_Reconciliation_of2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Beginning balance | $30,643 | $27,715 |
Additions based on tax positions related to the current year | 7,857 | 7,015 |
Additions for tax positions of prior years | 2,114 | 2,758 |
Reductions for tax positions of prior years | -1,355 | -470 |
Reductions due to settlements | -2,074 | -3,019 |
Reductions due to statute of limitations | -4,057 | -3,356 |
Ending balance | $33,128 | $30,643 |
Fair_Value_Measurements_Compan
Fair Value Measurements - Company's Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other current assets | $10,400 | $16,410 |
Other long-term assets | 74,855 | 65,751 |
Total | 85,255 | 82,161 |
Contingent consideration | ' | -242 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other current assets | 9,801 | 16,386 |
Other long-term assets | 53,133 | 49,011 |
Total | 62,934 | 65,397 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other current assets | 599 | 24 |
Other long-term assets | 21,722 | 16,740 |
Total | 22,321 | 16,764 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | ' | ($242) |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||
Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Dec. 19, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Dec. 19, 2012 | Aug. 31, 2013 | Dec. 19, 2012 | Dec. 19, 2012 | Dec. 19, 2012 | Aug. 30, 2014 | Aug. 31, 2013 | |
Accrued Expenses and Other [Member] | Other Long Term Liabilities [Member] | AutoAnything [Member] | AutoAnything [Member] | AutoAnything [Member] | AutoAnything [Member] | AutoAnything [Member] | AutoAnything [Member] | AutoAnything [Member] | AutoAnything [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | ||
Trade Name [Member] | Maximum [Member] | First Year [Member] | Second Year [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,400,000 | $16,410,000 |
Long-term marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,855,000 | 65,751,000 |
Acquisition of assets and liabilities | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' |
Initial cash payment | ' | ' | ' | 115,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Holdback payment for working capital true-ups | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent payments, total | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | 30,000,000 | 10,000,000 | 30,000,000 | ' | ' |
Contingent consideration adjusted to reflect fair value | ' | 100,000 | 100,000 | ' | 200,000 | 200,000 | 22,700,000 | ' | ' | ' | ' | ' | ' |
Decrease in contingent consideration liability | ' | ' | ' | ' | 23,300,000 | 23,300,000 | ' | ' | ' | ' | ' | ' | ' |
Goodwill impairment charge | 18,300,000 | ' | ' | ' | ' | 18,300,000 | ' | ' | ' | ' | ' | ' | ' |
Impairment charge | ' | ' | ' | ' | ' | ' | ' | $4,100,000 | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Change
Fair Value Measurements - Change in Contingent Consideration Liability at Fair Value on Recurring Basis (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Fair value - beginning of period | ($242) | $0 |
Fair value of contingent consideration issued during the period | 0 | -22,678 |
Change in fair value | 242 | 22,436 |
Fair value - end of period | $0 | ($242) |
Marketable_Securities_Availabl
Marketable Securities - Available-for-Sale Marketable Securities (Detail) (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-For-Sale Marketable Securities, Amortized Cost Basis | $85,138 | $82,198 |
Available-For-Sale Marketable Securities, Gross Unrealized Gains | 210 | 240 |
Available-For-Sale Marketable Securities, Gross Unrealized Losses | -93 | -277 |
Available-For-Sale Marketable Securities, Fair Value | 85,255 | 82,161 |
Corporate Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-For-Sale Marketable Securities, Amortized Cost Basis | 37,265 | 27,803 |
Available-For-Sale Marketable Securities, Gross Unrealized Gains | 137 | 148 |
Available-For-Sale Marketable Securities, Gross Unrealized Losses | -15 | -67 |
Available-For-Sale Marketable Securities, Fair Value | 37,387 | 27,884 |
Government Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-For-Sale Marketable Securities, Amortized Cost Basis | 16,822 | 21,372 |
Available-For-Sale Marketable Securities, Gross Unrealized Gains | 16 | 18 |
Available-For-Sale Marketable Securities, Gross Unrealized Losses | -1 | -67 |
Available-For-Sale Marketable Securities, Fair Value | 16,837 | 21,323 |
Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-For-Sale Marketable Securities, Amortized Cost Basis | 8,791 | 7,198 |
Available-For-Sale Marketable Securities, Gross Unrealized Gains | 22 | 24 |
Available-For-Sale Marketable Securities, Gross Unrealized Losses | -77 | -138 |
Available-For-Sale Marketable Securities, Fair Value | 8,736 | 7,084 |
Asset-Backed Securities and Other [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-For-Sale Marketable Securities, Amortized Cost Basis | 22,260 | 25,825 |
Available-For-Sale Marketable Securities, Gross Unrealized Gains | 35 | 50 |
Available-For-Sale Marketable Securities, Gross Unrealized Losses | ' | -5 |
Available-For-Sale Marketable Securities, Fair Value | $22,295 | $25,870 |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Feb. 15, 2014 | Aug. 30, 2014 | 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 | ' | 29 | ' |
Available-For-Sale Marketable Securities, Gross Unrealized Losses | ' | $93,000 | $277,000 |
Marketable securities transferred | $28,200,000 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | ($120,788) | ($152,013) |
Other comprehensive (loss) income before reclassifications | -12,351 | 21,691 |
Amounts reclassified from Accumulated other comprehensive loss | 4,236 | 9,534 |
Ending Balance | -128,903 | -120,788 |
Pension Liability [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | -50,861 | -93,967 |
Other comprehensive (loss) income before reclassifications | -17,155 | 34,178 |
Amounts reclassified from Accumulated other comprehensive loss | 4,196 | 8,928 |
Ending Balance | -63,820 | -50,861 |
Foreign Currency [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | -62,483 | -50,267 |
Other comprehensive (loss) income before reclassifications | 4,647 | -12,216 |
Amounts reclassified from Accumulated other comprehensive loss | 0 | 0 |
Ending Balance | -57,836 | -62,483 |
Net Unrealized Gain on Securities [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | -25 | 351 |
Other comprehensive (loss) income before reclassifications | 157 | -271 |
Amounts reclassified from Accumulated other comprehensive loss | -56 | -105 |
Ending Balance | 76 | -25 |
Derivatives [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | -7,419 | -8,130 |
Other comprehensive (loss) income before reclassifications | 0 | 0 |
Amounts reclassified from Accumulated other comprehensive loss | 96 | 711 |
Ending Balance | ($7,323) | ($7,419) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Reclassification from accumulated other comprehensive income, pension, taxes | $8,287 | $27,972 | $29,744 |
Reclassification from accumulated other comprehensive income, securities, taxes | 54 | 202 | 69 |
Reclassification from accumulated other comprehensive income, derivatives, taxes | 87 | 440 | 4,800 |
Pension Liability [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Reclassification from accumulated other comprehensive income, pension, taxes | 2,683 | 5,793 | ' |
Net Unrealized Gain on Securities [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Reclassification from accumulated other comprehensive income, securities, taxes | 30 | 56 | ' |
Derivatives [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Reclassification from accumulated other comprehensive income, derivatives, taxes | $87 | $440 | ' |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Loss - Additional Information (Detail) (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Millions, unless otherwise specified | ||
Equity [Abstract] | ' | ' |
Pension actuarial gain (loss) | ($17.20) | $34.20 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||||||||||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | Nov. 17, 2012 | Aug. 25, 2012 | 5-May-12 | Aug. 25, 2012 | 5-May-12 | Aug. 25, 2012 | 5-May-12 | Aug. 25, 2012 | 5-May-12 | |
Treasury Rate Locks [Member] | Treasury Rate Locks [Member] | Treasury Rate Locks [Member] | Treasury Rate Locks [Member] | Treasury Rate Locks [Member] | Treasury Rate Lock, One [Member] | Treasury Rate Lock, One [Member] | Treasury Rate Lock, Two [Member] | Treasury Rate Lock, Two [Member] | ||||
Derivative | Derivative | Loss on Two Expired Treasury Rate Locks [Member] | Loss on Two Expired Treasury Rate Locks [Member] | |||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of treasury rate locks | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' |
Notional amount of cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | $300,000,000 | $100,000,000 | $100,000,000 |
Senior notes issued during period | 400,000,000 | 800,000,000 | 500,000,000 | 300,000,000 | ' | 500,000,000 | ' | ' | ' | ' | ' | ' |
Expiration date of cash flow hedge agreement | ' | ' | ' | ' | 1-Nov-12 | 20-Apr-12 | ' | ' | ' | ' | ' | ' |
Fixed rates of the hedges based on LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | 2.07% | 2.09% | 1.92% | 2.07% |
Derivative instrument, variable interest rate years | ' | ' | ' | ' | '10 years | '10 years | ' | ' | ' | ' | ' | ' |
Losses recognized in OCI upon expiration of swaps | ' | ' | ' | ' | ' | ' | 5,100,000 | 2,800,000 | ' | ' | ' | ' |
Ineffective portion recognized of forward starting swaps | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' |
Derivative description of terms | ' | ' | ' | ' | 'The locks were benchmarked based on the 10-year U.S. treasury notes | 'The locks were benchmarked based on the 10-year U.S. treasury notes | ' | ' | ' | ' | ' | ' |
Derivative losses recorded in Accumulated other comprehensive loss | 11,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net derivative income (losses) amortized into Interest Income (expense) | -182,000 | -1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net derivative loss expected to be reclassified over next 12 months | $182,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing_Schedule_of_Debt_Det
Financing - Schedule of Debt (Detail) (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total debt | $4,343,800 | $4,187,000 |
Less: Short-term borrowings | 180,910 | 173,733 |
Long-term debt Total debt | 4,162,890 | 4,013,267 |
6.500% Senior Notes due January 2014, Effective Interest Rate of 6.63% [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 0 | 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 | 0 |
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 0.27% and 0.29% at August 30, 2014 and August 31, 2013, respectively [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | $893,800 | $637,000 |
Financing_Schedule_of_Debt_Par
Financing - Schedule of Debt (Parenthetical) (Detail) | Aug. 30, 2014 | Aug. 31, 2013 | Jan. 14, 2014 | Aug. 30, 2014 | Aug. 31, 2013 | Jan. 14, 2014 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | Jan. 14, 2014 | Aug. 30, 2014 | Aug. 31, 2013 | Jan. 14, 2014 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | Nov. 13, 2012 | Aug. 30, 2014 | Aug. 31, 2013 | Nov. 13, 2012 | Apr. 29, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | Apr. 29, 2013 |
Commercial paper, weighted average interest rate of 0.27% and 0.29% at August 30, 2014 and August 31, 2013, respectively [Member] | Commercial paper, weighted average interest rate of 0.27% and 0.29% at August 30, 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] | 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] | 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] | 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] | 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 | ' | ' | '2014-01 | '2014-01 | '2014-01 | ' | '2015-01 | '2015-01 | '2015-11 | '2015-11 | '2016-06 | '2016-06 | '2017-01 | '2017-01 | '2017-01 | ' | '2018-08 | '2018-08 | '2020-11 | '2020-11 | '2022-04 | '2022-04 | '2023-01 | '2023-01 | '2023-01 | ' | '2023-07 | '2023-07 | '2023-07 | ' |
Weighted average interest rate of commercial paper | 0.27% | 0.29% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing_Additional_Informati
Financing - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | Dec. 31, 2013 | Aug. 30, 2014 | Dec. 31, 2013 | Aug. 30, 2014 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Dec. 31, 2013 | Jan. 14, 2014 | Aug. 30, 2014 | Aug. 31, 2013 | Jan. 14, 2014 | Jan. 14, 2014 | Aug. 30, 2014 | Aug. 31, 2013 | Jan. 14, 2014 | Apr. 29, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | Apr. 29, 2013 | Apr. 29, 2013 | Apr. 29, 2013 | Nov. 13, 2012 | Aug. 30, 2014 | Aug. 31, 2013 | Nov. 13, 2012 | Nov. 13, 2012 | Nov. 13, 2012 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | |
Capital Leases [Member] | Capital Leases [Member] | Other Letters Of Credit [Member] | Commercial paper, weighted average interest rate of 0.27% and 0.29% at August 30, 2014 and August 31, 2013, respectively [Member] | Commercial paper, weighted average interest rate of 0.27% and 0.29% at August 30, 2014 and August 31, 2013, respectively [Member] | Letters of Credit [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] | 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] | 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] | 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] | 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] | 2.875% Senior Notes due January 2023, Effective Interest Rate of 3.21% [Member] | 5.875% Senior Notes due October 2012 [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] | 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] | |||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | $4,343,800,000 | $4,187,000,000 | ' | ' | ' | ' | ' | $893,800,000 | $637,000,000 | ' | ' | ' | $400,000,000 | $0 | ' | ' | $0 | $500,000,000 | ' | ' | $500,000,000 | $500,000,000 | ' | ' | ' | ' | $300,000,000 | $300,000,000 | ' | ' | ' | $500,000,000 | $500,000,000 | $250,000,000 | $250,000,000 |
Senior notes non current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 319,100,000 | ' | ' | ' |
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% | 7.13% | 7.13% |
Debt instrument, due date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2017-01 | '2017-01 | '2017-01 | ' | '2014-01 | '2014-01 | '2014-01 | ' | '2023-07 | '2023-07 | '2023-07 | ' | '2013-06 | ' | '2023-01 | '2023-01 | '2023-01 | ' | '2012-10 | ' | '2015-01 | '2015-01 | '2018-08 | '2018-08 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit facility, maximum borrowing capacity | ' | ' | ' | 1,500,000,000 | ' | 175,000,000 | ' | ' | ' | 100,000,000 | 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. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility covenant terms | 'The revolving credit facility agreement requires that the Companybs consolidated interest coverage ratio as of the last day of each quarter shall be no less than 2.50:1. This ratio is defined as the ratio of (i) consolidated earnings before interest, taxes and rents to (ii) consolidated interest expense plus consolidated rents. The Companybs consolidated interest coverage ratio as of August 30, 2014 was 4.95:1. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt covenant interest coverage ratio | 4.95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum debt covenant interest coverage ratio to be maintained quarterly | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit outstanding | ' | ' | ' | ' | ' | ' | 31,400,000 | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit facility expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'June 2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of debt | 400,000,000 | 800,000,000 | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt repayment using commercial papers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' |
Debt issuance date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2009-07 | ' | '2008-08 | ' |
Fair value of the Company's debt | 4,480,000,000 | 4,259,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess (shortfall) of fair value of debt over (from) carrying value | $136,600,000 | $72,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing_Scheduled_Maturities
Financing - Scheduled Maturities of Debt (Detail) (USD $) | Aug. 30, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2015 | $1,393,800 |
2016 | 500,000 |
2017 | 400,000 |
2018 | 250,000 |
2019 | 0 |
Thereafter | 1,800,000 |
Long-term debt | $4,343,800 |
Interest_Expense_Net_Interest_
Interest Expense - Net Interest Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Other Income and Expenses [Abstract] | ' | ' | ' |
Interest expense | $170,400 | $188,324 | $178,547 |
Interest income | -1,850 | -1,606 | -1,397 |
Capitalized interest | -1,041 | -1,303 | -1,245 |
Net Interest Expense | $167,509 | $185,415 | $175,905 |
Stock_Repurchase_Program_Addit
Stock Repurchase Program - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 200 Months Ended | 2 Months Ended | 12 Months Ended | |||||||
Jun. 17, 2014 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 30, 2014 | Oct. 27, 2014 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | |
January 1998 To August 30,2014 [Member] | Subsequent Event [Member] | Retained Deficit [Member] | Retained Deficit [Member] | Retained Deficit [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | |||||
Stock Repurchase Program [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase authorized amended value | $14,150,000,000 | $14,900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchased cumulative, shares | ' | ' | ' | ' | 136,900,000 | 374,601 | ' | ' | ' | ' | ' | ' |
Purchase of treasury stock | ' | 1,099,212,000 | 1,387,315,000 | 1,362,869,000 | 14,031,000,000 | 190,900,000 | ' | ' | ' | ' | ' | ' |
Share of treasury stock retired | ' | 3,200,000 | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock retired, cost method | ' | ' | ' | ' | ' | ' | ($1,219,931,000) | ($1,362,218,000) | ($1,319,572,000) | ($73,995,000) | ($75,743,000) | ($72,512,000) |
Stock_Repurchase_Program_Summa
Stock Repurchase Program - Summarize Company's Share Repurchase Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Equity [Abstract] | ' | ' | ' |
Amount | $1,099,212 | $1,387,315 | $1,362,869 |
Shares | 2,232 | 3,511 | 3,795 |
Pension_and_Savings_Plans_Addi
Pension and Savings Plans - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 29, 2015 | |
Hedge_Fund_Manager | Scenario, Forecast [Member] | |||
Hedge_Strategies | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' |
Consecutive years of highest compensation used to determine defined benefit pension plan benefits | '5 years | ' | ' | ' |
Pension plan asset constituted in alternate investment strategies | 1.00% | ' | ' | ' |
Hedge fund managers diversified over hedge strategies | 9 | ' | ' | ' |
Different hedge strategies | 4 | ' | ' | ' |
Cash contribution in asset allocation | $12,600,000 | $11,000,000 | ' | ' |
Expected long-term rate of return on plan assets | 7.50% | 7.50% | 7.50% | 7.00% |
Plan benefit service cost | 0 | ' | ' | ' |
Annual contributions by the Company to pension plans | 16,910,000 | 16,909,000 | 15,423,000 | ' |
Expected contributions to the plans by the Company in fiscal 2015 | 2,600,000 | ' | ' | ' |
Percentage of company matching retirement savings plan contributions that vest immediately | 100.00% | ' | ' | ' |
Percentage of savings option up to qualified earnings | 25.00% | ' | ' | ' |
Annual contribution by employer towards 401(k) Plan | $15,600,000 | $14,100,000 | $14,400,000 | ' |
Pension_and_Savings_Plans_Weig
Pension and Savings Plans - Weighted Average Asset Allocation for Pension Plan Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Asset allocation fair value | $243,407 | $208,120 | $181,409 |
Asset allocation actual | 100.00% | 100.00% | ' |
Asset allocation target | 100.00% | 100.00% | ' |
U.S. Equities [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Asset allocation fair value | 70,021 | 57,931 | ' |
Asset allocation actual | 28.80% | 27.90% | ' |
Asset allocation target | 25.80% | 30.00% | ' |
International Equities [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Asset allocation fair value | 45,521 | 38,145 | ' |
Asset allocation actual | 18.70% | 18.30% | ' |
Asset allocation target | 17.20% | 20.00% | ' |
Emerging Equities [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Asset allocation fair value | 24,187 | 19,030 | ' |
Asset allocation actual | 9.90% | 9.10% | ' |
Asset allocation target | 8.50% | 10.00% | ' |
High Yield Securities [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Asset allocation fair value | 22,647 | 19,858 | ' |
Asset allocation actual | 9.30% | 9.50% | ' |
Asset allocation target | 8.50% | 10.00% | ' |
Alternative Investments [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Asset allocation fair value | 803 | 1,226 | ' |
Asset allocation actual | 0.30% | 0.60% | ' |
Fixed Income Securities [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Asset allocation fair value | 67,652 | 59,500 | ' |
Asset allocation actual | 27.80% | 28.60% | ' |
Asset allocation target | 40.00% | 30.00% | ' |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Asset allocation fair value | 12,576 | 12,430 | ' |
Asset allocation actual | 5.20% | 6.00% | ' |
Level 2 [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Asset allocation fair value | 242,604 | 206,894 | ' |
Level 2 [Member] | U.S. Equities [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Asset allocation fair value | 70,021 | 57,931 | ' |
Level 2 [Member] | International Equities [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Asset allocation fair value | 45,521 | 38,145 | ' |
Level 2 [Member] | Emerging Equities [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Asset allocation fair value | 24,187 | 19,030 | ' |
Level 2 [Member] | High Yield Securities [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Asset allocation fair value | 22,647 | 19,858 | ' |
Level 2 [Member] | Fixed Income Securities [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Asset allocation fair value | 67,652 | 59,500 | ' |
Level 2 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Asset allocation fair value | 12,576 | 12,430 | ' |
Level 3 [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Asset allocation fair value | 803 | 1,226 | ' |
Level 3 [Member] | Alternative Investments [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Asset allocation fair value | $803 | $1,226 | ' |
Pension_and_Savings_Plans_Chan
Pension and Savings Plans - Change in Fair Value of Level 3 Assets (Detail) (USD $) | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | Aug. 30, 2014 |
In Thousands, unless otherwise specified | Level 3 [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' |
Beginning balance | $243,407 | $208,120 | $181,409 | $1,226 |
Actual return on plan assets: | ' | ' | ' | ' |
Assets held | ' | ' | ' | -25 |
Assets sold during the year | ' | ' | ' | -11 |
Sales and settlements | ' | ' | ' | -387 |
Ending balance | $243,407 | $208,120 | $181,409 | $803 |
Pension_and_Savings_Plans_Plan
Pension and Savings Plans - Plan's Funded Status and Amounts Recognized in Company's Consolidated Balance Sheets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Change in Projected Benefit Obligation: | ' | ' | ' |
Projected benefit obligation at beginning of year | $256,780 | $305,206 | ' |
Interest cost | 13,070 | 11,746 | 12,214 |
Actuarial losses (gains) | 38,659 | -53,756 | ' |
Benefits paid | -7,543 | -6,416 | ' |
Benefit obligations at end of year | 300,966 | 256,780 | 305,206 |
Change in Plan Assets: | ' | ' | ' |
Beginning balance | 208,120 | 181,409 | ' |
Actual return on plan assets | 25,920 | 16,218 | ' |
Employer contributions | 16,910 | 16,909 | 15,423 |
Benefits paid | -7,543 | -6,416 | ' |
Ending balance | 243,407 | 208,120 | 181,409 |
Amount Recognized in the Statement of Financial Position: | ' | ' | ' |
Current liabilities | -192 | -124 | ' |
Long-term liabilities | -57,367 | -48,536 | ' |
Net amount recognized | -57,559 | -48,660 | ' |
Amount Recognized in Accumulated Other Comprehensive Loss and not yet reflected in Net Periodic Benefit Cost: | ' | ' | ' |
Net actuarial loss | -104,847 | -83,601 | ' |
Accumulated other comprehensive loss | -104,847 | -83,601 | ' |
Amount Recognized in Accumulated Other Comprehensive Loss and not yet reflected in Net Periodic Benefit Cost and expected to be amortized in next year's Net Periodic Benefit Cost: | ' | ' | ' |
Net actuarial loss | -8,941 | -6,879 | ' |
Amount recognized | ($8,941) | ($6,879) | ' |
Pension_and_Savings_Plans_Net_
Pension and Savings Plans - Net Periodic Benefit Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Interest cost | $13,070 | $11,746 | $12,214 |
Expected return on plan assets | -15,386 | -13,617 | -11,718 |
Recognized net actuarial losses | 6,879 | 14,721 | 9,795 |
Net periodic benefit expense | $4,563 | $12,850 | $10,291 |
Pension_and_Savings_Plans_Actu
Pension and Savings Plans - Actuarial Assumptions Used in Determining Projected Benefit Obligation (Detail) | 12 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Weighted average discount rate | 4.28% | 5.19% | 3.90% |
Expected long-term rate of return on plan assets | 7.50% | 7.50% | 7.50% |
Pension_and_Savings_Plans_Bene
Pension and Savings Plans - Benefit Payments are Expected to be Paid as Follows (Detail) (USD $) | Aug. 30, 2014 |
In Thousands, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | ' |
2015 | $16,979 |
2016 | 10,085 |
2017 | 10,789 |
2018 | 11,510 |
2019 | 12,125 |
2020 - 2024 | $69,765 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | Dec. 19, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | 4-May-13 | Dec. 19, 2012 |
AutoAnything [Member] | AutoAnything [Member] | AutoAnything [Member] | AutoAnything [Member] | AutoAnything [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of assets and liabilities | ' | ' | ' | ' | ' | ' | ' | $150,000,000 |
Initial cash payment | ' | ' | ' | 115,000,000 | ' | ' | ' | ' |
Holdback payment for working capital true-ups | ' | ' | ' | 5,000,000 | ' | ' | ' | ' |
Repayment of holdback payment for working capital true-ups | ' | ' | ' | ' | ' | ' | 1,100,000 | ' |
Contingent payments, total | ' | ' | ' | ' | ' | ' | ' | 30,000,000 |
Purchase price allocation, goodwill | 367,829,000 | 367,829,000 | 302,645,000 | ' | ' | ' | ' | 83,400,000 |
Purchase price allocation, intangible assets | ' | ' | ' | ' | ' | ' | ' | 58,700,000 |
Contingent consideration adjusted to reflect fair value | ' | ' | ' | ' | 200,000 | 200,000 | ' | 22,700,000 |
Decrease in contingent consideration liability | ' | ' | ' | ' | $23,300,000 | $23,300,000 | ' | ' |
Goodwill_and_Intangibles_Sched
Goodwill and Intangibles - Schedule of Changes in Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning balance | $367,829 | $302,645 |
Goodwill added through acquisition | ' | 83,440 |
Goodwill adjustments | 0 | -18,256 |
Goodwill, Ending balance | 367,829 | 367,829 |
Auto Parts Stores [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning balance | 302,645 | 302,645 |
Goodwill added through acquisition | ' | 0 |
Goodwill adjustments | 0 | 0 |
Goodwill, Ending balance | 302,645 | 302,645 |
Other [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning balance | 65,184 | 0 |
Goodwill added through acquisition | ' | 83,440 |
Goodwill adjustments | 0 | -18,256 |
Goodwill, Ending balance | $65,184 | $65,184 |
Goodwill_and_Intangibles_Sched1
Goodwill and Intangibles - Schedule of Changes in Carrying Amount of Goodwill (Parenthetical) (Detail) (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Millions, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Accumulated goodwill impairment | $18.30 | $18.30 |
Goodwill_and_Intangibles_Addit
Goodwill and Intangibles - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Goodwill impairment charge | $18,300,000 | ' | ' | ' |
Purchase of intangible assets | ' | 11,112,000 | 0 | 0 |
Amortization expense of intangible assets | ' | 7,100,000 | 2,900,000 | ' |
Customer Relationship and Technology Assets [Member] | ' | ' | ' | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Purchase of intangible assets | ' | 30,200,000 | ' | ' |
AutoAnything [Member] | ' | ' | ' | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Goodwill impairment charge | 18,300,000 | ' | ' | ' |
AutoAnything [Member] | Trade Name [Member] | ' | ' | ' | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Impairment charge | 4,100,000 | ' | ' | ' |
Accumulated impairment | $4,100,000 | $4,100,000 | $4,100,000 | ' |
Goodwill_and_Intangibles_Sched2
Goodwill and Intangibles - Schedule of Carrying Amounts of Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 30, 2014 | Aug. 31, 2013 |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Finite Lived, Gross Carrying Amount | $60,246 | $30,000 |
Finite Lived, Accumulated Amortization | -9,978 | -2,884 |
Finite Lived, Net Carrying Amount | 50,268 | 27,116 |
Total intangible assets other than goodwill, Net Carrying Amount | 74,868 | 51,716 |
Minimum [Member] | ' | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Life | '3 years | ' |
Technology [Member] | ' | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Life | '5 years | '5 years |
Finite Lived, Gross Carrying Amount | 10,570 | 9,700 |
Finite Lived, Accumulated Amortization | -3,528 | -1,365 |
Finite Lived, Net Carrying Amount | 7,042 | 8,335 |
Technology [Member] | Minimum [Member] | ' | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Life | '3 years | ' |
Noncompete Agreements [Member] | ' | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Life | '5 years | '5 years |
Finite Lived, Gross Carrying Amount | 1,300 | 1,300 |
Finite Lived, Accumulated Amortization | -443 | -183 |
Finite Lived, Net Carrying Amount | 857 | 1,117 |
Customer Relationships [Member] | ' | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Life | '10 years | '10 years |
Finite Lived, Gross Carrying Amount | 48,376 | 19,000 |
Finite Lived, Accumulated Amortization | -6,007 | -1,336 |
Finite Lived, Net Carrying Amount | 42,369 | 17,664 |
Customer Relationships [Member] | Minimum [Member] | ' | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Life | '3 years | ' |
Trade Name [Member] | ' | ' |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ' | ' |
Non-amortizing intangible asset - Trade name, Net Carrying Amount | $24,600 | $24,600 |
Goodwill_and_Intangibles_Sched3
Goodwill and Intangibles - Schedule of Future Amortization Expense for Finite Lived Intangible Assets (Detail) (USD $) | Aug. 30, 2014 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
2015 | $8,618 | ' |
2016 | 8,618 | ' |
2017 | 8,353 | ' |
2018 | 6,725 | ' |
2019 | 6,073 | ' |
Thereafter | 11,881 | ' |
Finite Lived, Net Carrying Amount | $50,268 | $27,116 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 | |
Leases [Line Items] | ' | ' | ' |
Rental expense | $253,800,000 | $246,300,000 | $229,400,000 |
Capital lease assets | 121,200,000 | 107,500,000 | ' |
Capital lease, accumulated amortization | 53,600,000 | 44,800,000 | ' |
Capital lease obligations | 119,600,000 | 106,200,000 | ' |
Current portion of capital lease obligations | 36,505,000 | 32,246,000 | ' |
Deferred rent | 104,600,000 | 96,500,000 | ' |
Remaining aggregate rental obligation | 2,035,259,000 | ' | ' |
Sublease in Connection with Sale of TruckPro Business [Member] | ' | ' | ' |
Leases [Line Items] | ' | ' | ' |
Initial term of subleased properties in connection with sale of TruckPro business | 'Not less than 20 years | ' | ' |
Remaining aggregate rental obligation | $13,900,000 | ' | ' |
Leases_Future_Minimum_Annual_R
Leases - Future Minimum Annual Rental Commitments Under Non-Cancelable Operating Leases and Capital Leases (Detail) (USD $) | Aug. 30, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2015 | $244,535 |
2016 | 236,869 |
2017 | 221,171 |
2018 | 204,744 |
2019 | 185,442 |
Thereafter | 942,498 |
Total minimum payments required | 2,035,259 |
2015 | 36,505 |
2016 | 36,093 |
2017 | 27,896 |
2018 | 16,318 |
2019 | 6,013 |
Thereafter | 0 |
Total minimum payments required | 122,825 |
Less: Interest | -3,222 |
Present value of minimum capital lease payments | $119,603 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Aug. 30, 2014 |
Loss Contingencies [Line Items] | ' |
Commitment for construction | $36.30 |
Surety bonds | 28.1 |
The period of time before expiration of standby letters of credit and surety bonds | 'Less than one year |
Standby Letters of Credit [Member] | ' |
Loss Contingencies [Line Items] | ' |
Outstanding standby letters of credit | $135.90 |
Litigation_Additional_Informat
Litigation - Additional Information (Detail) | 12 Months Ended |
Aug. 30, 2014 | |
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. |
Received a subpoena from the District Attorney of the County of Alameda | 'In July 2014, the Company received a subpoena from the District Attorney of the County of Alameda, along with other environmental prosecutorial offices in the state of California, seeking documents and information related to the handling, storage and disposal of hazardous waste. The Company is cooperating fully with the request and cannot predict the ultimate outcome of these efforts. |
Reimbursable remediation costs | 75.00% |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Aug. 30, 2014 | |
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 | 5,391 |
Segment_Reporting_Segment_Resu
Segment Reporting - Segment Results (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | 10-May-14 | Feb. 15, 2014 | Nov. 23, 2013 | 4-May-13 | Feb. 09, 2013 | Nov. 17, 2012 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $2,341,545 | $1,990,494 | $2,093,578 | $2,205,878 | $1,855,198 | $1,991,040 | $3,049,696 | $3,095,414 | $9,475,313 | $9,147,530 | $8,603,863 |
Gross profit | 1,216,958 | 1,037,035 | 1,085,697 | 1,142,713 | 961,981 | 1,031,866 | 1,595,216 | 1,604,376 | 4,934,907 | 4,740,935 | 4,432,036 |
Operating, selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -3,104,684 | -2,967,837 | -2,803,145 |
Assets | ' | ' | ' | ' | ' | ' | 7,517,858 | 6,892,089 | 7,517,858 | 6,892,089 | 6,265,639 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -167,509 | -185,415 | -175,905 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 438,116 | 414,451 | 378,054 |
Income before income taxes | 442,790 | 297,854 | 341,295 | 413,939 | 276,248 | 322,172 | 580,775 | 575,324 | 1,662,714 | 1,587,683 | 1,452,986 |
Auto Parts Stores [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 9,132,169 | 8,858,723 | 8,422,559 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 4,744,501 | 4,568,190 | 4,292,474 |
Assets | ' | ' | ' | ' | ' | ' | 7,300,360 | 6,719,885 | 7,300,360 | 6,719,885 | 6,214,688 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 423,951 | 402,028 | 364,361 |
Auto Parts Stores [Member] | Failure [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,274,528 | 4,214,642 | 3,793,963 |
Auto Parts Stores [Member] | Maintenance Items [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,362,969 | 3,224,229 | 3,196,807 |
Auto Parts Stores [Member] | Discretionary [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,494,672 | 1,419,852 | 1,431,789 |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 343,144 | 288,807 | 181,304 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 190,406 | 172,745 | 139,562 |
Assets | ' | ' | ' | ' | ' | ' | 217,498 | 172,204 | 217,498 | 172,204 | 50,951 |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $14,165 | $12,423 | $13,693 |
Quarterly_Summary_Quarterly_Su
Quarterly Summary - Quarterly Summary (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | 10-May-14 | Feb. 15, 2014 | Nov. 23, 2013 | 4-May-13 | Feb. 09, 2013 | Nov. 17, 2012 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 30, 2014 | Aug. 31, 2013 | Aug. 25, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $2,341,545 | $1,990,494 | $2,093,578 | $2,205,878 | $1,855,198 | $1,991,040 | $3,049,696 | $3,095,414 | $9,475,313 | $9,147,530 | $8,603,863 |
Gross profit | 1,216,958 | 1,037,035 | 1,085,697 | 1,142,713 | 961,981 | 1,031,866 | 1,595,216 | 1,604,376 | 4,934,907 | 4,740,935 | 4,432,036 |
Operating profit | 478,952 | 337,344 | 383,726 | 456,030 | 317,571 | 363,276 | 630,201 | 636,220 | 1,830,223 | 1,773,098 | 1,628,891 |
Income before income taxes | 442,790 | 297,854 | 341,295 | 413,939 | 276,248 | 322,172 | 580,775 | 575,324 | 1,662,714 | 1,587,683 | 1,452,986 |
Net income | $285,157 | $192,830 | $218,087 | $265,583 | $176,247 | $203,452 | $373,671 | $371,199 | $1,069,744 | $1,016,480 | $930,373 |
Basic earnings per share | $8.62 | $5.73 | $6.39 | $7.39 | $4.86 | $5.52 | $11.50 | $10.59 | $32.16 | $28.28 | $24.04 |
Diluted earnings per share | $8.46 | $5.63 | $6.29 | $7.27 | $4.78 | $5.41 | $11.28 | $10.42 | $31.57 | $27.79 | $23.48 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Interamerican Motor Corporation [Member], Subsequent Event [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Sep. 27, 2014 |
Branches | |
Interamerican Motor Corporation [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Number of operating branches | 17 |
Payment for acquisition | $80 |