Document and Entity Information
Document and Entity Information - shares | 8 Months Ended | |
May 05, 2018 | Jun. 01, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | May 5, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | AZO | |
Entity Registrant Name | AUTOZONE INC | |
Entity Central Index Key | 866,787 | |
Current Fiscal Year End Date | --08-25 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 26,436,100 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | May 05, 2018 | Aug. 26, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 218,386 | $ 293,270 |
Accounts receivable | 261,299 | 280,733 |
Merchandise inventories | 4,005,820 | 3,882,086 |
Other current assets | 185,772 | 155,166 |
Total current assets | 4,671,277 | 4,611,255 |
Property and equipment: | ||
Property and equipment | 7,124,603 | 6,873,193 |
Less: Accumulated depreciation and amortization | (3,001,637) | (2,842,175) |
Property and equipment, net | 4,122,966 | 4,031,018 |
Goodwill | 302,645 | 391,887 |
Deferred income taxes | 33,784 | 35,308 |
Other long-term assets | 171,097 | 190,313 |
Other long-term assets, total | 507,526 | 617,508 |
Assets | 9,301,769 | 9,259,781 |
Current liabilities: | ||
Accounts payable | 4,296,677 | 4,168,940 |
Accrued expenses and other | 566,881 | 563,350 |
Income taxes payable | 54,778 | 34,011 |
Total current liabilities | 4,918,336 | 4,766,301 |
Long-term debt | 4,954,697 | 5,081,238 |
Deferred income taxes | 238,023 | 371,111 |
Other long-term liabilities | 552,316 | 469,508 |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Preferred stock, authorized 1,000 shares; no shares issued | ||
Common stock, par value $.01 per share, authorized 200,000 shares; 27,476 shares issued and 26,662 shares outstanding as of May 5, 2018; 28,735 shares issued and 27,833 shares outstanding as of August 26, 2017 | 275 | 287 |
Additional paid-in capital | 1,123,425 | 1,086,671 |
Retained deficit | (1,623,595) | (1,642,387) |
Accumulated other comprehensive loss | (295,139) | (254,557) |
Treasury stock, at cost | (566,569) | (618,391) |
Total stockholders' deficit | (1,361,603) | (1,428,377) |
Liabilities and Stockholders' Deficit | $ 9,301,769 | $ 9,259,781 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | May 05, 2018 | Aug. 26, 2017 |
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 | 27,476,000 | 28,735,000 |
Common stock, shares outstanding | 26,662,000 | 27,833,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 8 Months Ended | ||
May 05, 2018 | May 06, 2017 | May 05, 2018 | May 06, 2017 | |
Income Statement [Abstract] | ||||
Net sales | $ 2,660,152 | $ 2,619,007 | $ 7,662,309 | $ 7,376,071 |
Cost of sales, including warehouse and delivery expenses | 1,237,178 | 1,240,589 | 3,596,442 | 3,490,575 |
Gross profit | 1,422,974 | 1,378,418 | 4,065,867 | 3,885,496 |
Operating, selling, general and administrative expenses | 877,209 | 848,848 | 2,846,250 | 2,513,054 |
Operating profit | 545,765 | 529,570 | 1,219,617 | 1,372,442 |
Interest expense, net | 41,958 | 35,675 | 120,186 | 103,180 |
Income before income taxes | 503,807 | 493,895 | 1,099,431 | 1,269,262 |
Income taxes | 137,086 | 162,195 | 162,177 | 422,293 |
Net income | $ 366,721 | $ 331,700 | $ 937,254 | $ 846,969 |
Weighted average shares for basic earnings per share | 26,926 | 28,358 | 27,306 | 28,638 |
Effect of dilutive stock equivalents | 403 | 647 | 463 | 711 |
Weighted average shares for diluted earnings per share | 27,329 | 29,005 | 27,769 | 29,349 |
Basic earnings per share | $ 13.62 | $ 11.70 | $ 34.32 | $ 29.57 |
Diluted earnings per share | $ 13.42 | $ 11.44 | $ 33.75 | $ 28.86 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | |||
May 05, 2018 | May 06, 2017 | May 05, 2018 | May 06, 2017 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 366,721 | $ 331,700 | $ 937,254 | $ 846,969 | |
Other comprehensive loss: | |||||
Pension liability adjustments, net of taxes | [1] | 1,847 | 1,953 | 5,524 | 5,722 |
Foreign currency translation adjustments | (10,674) | 33,539 | (46,384) | (9,394) | |
Unrealized (losses) gains on marketable securities, net of taxes | [2] | (318) | 22 | (892) | (253) |
Net derivative activities, net of taxes | [3] | 390 | 321 | 1,170 | 972 |
Total other comprehensive (loss) income | (8,755) | 35,835 | (40,582) | (2,953) | |
Comprehensive income | $ 357,966 | $ 367,535 | $ 896,672 | $ 844,016 | |
[1] | Pension liability adjustments are presented net of taxes of $631 in fiscal 2018 and $1,248 in fiscal 2017 for the twelve weeks ended and $1,909 in fiscal 2018 and $3,883 in fiscal 2017 for the thirty-six weeks ended. | ||||
[2] | Unrealized (losses) gains on marketable securities are presented net of taxes of $154 in fiscal 2018 and ($11) in fiscal 2017 for the twelve weeks ended and $463 in fiscal 2018 and $135 in fiscal 2017 for the thirty-six weeks ended. | ||||
[3] | Net derivative activities are presented net of taxes of $119 in fiscal 2018 and $188 in fiscal 2017 for the twelve weeks ended and $356 in fiscal 2018 and $555 in fiscal 2017 for the thirty-six weeks ended. |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | ||
May 05, 2018 | May 06, 2017 | May 05, 2018 | May 06, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Pension liability adjustments, taxes | $ 631 | $ 1,248 | $ 1,909 | $ 3,883 |
Unrealized (losses ) gains on marketable securities, taxes | 154 | (11) | 463 | 135 |
Net derivative activities, taxes | $ 119 | $ 188 | $ 356 | $ 555 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 8 Months Ended | |
May 05, 2018 | May 06, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 937,254 | $ 846,969 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of property and equipment and intangibles | 237,091 | 219,988 |
Amortization of debt origination fees | 5,858 | 5,802 |
Deferred income taxes | (135,972) | 7,809 |
Share-based compensation expense | 29,559 | 29,343 |
Asset impairment | 193,162 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 4,254 | 10,835 |
Merchandise inventories | (255,112) | (233,628) |
Accounts payable and accrued expenses | 173,355 | 15,012 |
Income taxes payable | 18,500 | 93,478 |
Other, net | 48,407 | 13,622 |
Net cash provided by operating activities | 1,256,356 | 1,009,230 |
Cash flows from investing activities: | ||
Capital expenditures | (327,148) | (357,934) |
Purchase of marketable securities | (90,192) | (68,016) |
Proceeds from sale of marketable securities | 79,514 | 65,649 |
Proceeds from sale of assets and other, net | 35,166 | 1,068 |
Net cash used in investing activities | (302,660) | (359,233) |
Cash flows from financing activities: | ||
Net (payments) proceeds from commercial paper | (129,600) | 30,700 |
Proceeds from issuance of debt | 600,000 | |
Repayment of debt | (400,000) | |
Net proceeds from sale of common stock | 69,694 | 43,283 |
Purchase of treasury stock | (927,155) | (844,183) |
Payments of capital lease obligations | (36,866) | (34,286) |
Other, net | (1,247) | (7,359) |
Net cash used in financing activities | (1,025,174) | (611,845) |
Effect of exchange rate changes on cash | (3,406) | (745) |
Net (decrease) increase in cash and cash equivalents | (74,884) | 37,407 |
Cash and cash equivalents at beginning of period | 293,270 | 189,734 |
Cash and cash equivalents at end of period | $ 218,386 | $ 227,141 |
General
General | 8 Months Ended |
May 05, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | Note A – General The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and are presented in accordance with the requirements of Form 10-Q S-X 10-K Operating results for the twelve and thirty-six Recently Adopted Accounting Pronouncements: In March 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2018-05, Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 2018-05 one-year Recently Issued Accounting Pronouncements: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. 2014-09, In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). 2016-02 right-of-use 2016-02 non-cash In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory 2016-16 2016-16 In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business 2017-01 2017-01 In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2018-02 2018-02 |
Share-Based Payments
Share-Based Payments | 8 Months Ended |
May 05, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payments | Note B – Share-Based Payments AutoZone recognizes compensation expense for share-based payments based on the fair value of the awards at the grant date. Share-based payments include stock option grants, restricted stock grants, restricted stock unit grants and the discount on shares sold to employees under share purchase plans. Additionally, directors’ fees are paid in restricted stock units with value equivalent to the value of shares of common stock as of the grant date. The change in fair value of liability-based stock awards is also recognized in share-based compensation expense. Total share-based compensation expense (a component of Operating, selling, general and administrative expenses) was $5.8 million for the twelve week period ended May 5, 2018, and $8.6 million for the comparable prior year period. Share-based compensation expense was $29.6 million for the thirty-six During the thirty-six The Company made stock option grants of 284,335 shares during the thirty-six thirty-six Thirty-Six Weeks Ended May 5, 2018 May 6, 2017 Expected price volatility 20% 18% Risk-free interest rate 1.9% 1.2% Weighted average expected lives (in years) 5.1 5.1 Forfeiture rate 10% 10% Dividend yield 0% 0% See AutoZone’s Annual Report on Form 10-K For the twelve week period ended May 5, 2018, 861,595 stock options were excluded from the diluted earnings per share computation because they would have been anti-dilutive. For the comparable prior year period, 638,051 anti-dilutive shares were excluded from the dilutive earnings per share computation. There were 850,421 anti-dilutive shares excluded from the diluted earnings per share computation for the thirty-six |
Fair Value Measurements
Fair Value Measurements | 8 Months Ended |
May 05, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note C – Fair Value Measurements The Company defines fair value as the price received to transfer an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, Fair Value Measurements and Disclosures Level 1 inputs Level 2 inputs Level 3 inputs Financial Assets & Liabilities Measured at Fair Value on a Recurring Basis The Company’s assets and liabilities measured at fair value on a recurring basis were as follows: May 5, 2018 (in thousands) Level 1 Level 2 Level 3 Fair Value Other current assets $ 25,294 $ 1,601 $ – $ 26,895 Other long-term assets 61,476 21,837 – 83,313 $ 86,770 $ 23,438 $ – $ 110,208 August 26, 2017 (in thousands) Level 1 Level 2 Level 3 Fair Value Other current assets $ 18,453 $ 120 $ – $ 18,573 Other long-term assets 53,319 28,981 – 82,300 $ 71,772 $ 29,101 $ – $ 100,873 At May 5, 2018, the fair value measurement amounts for assets and liabilities recorded in the accompanying Condensed Consolidated Balance Sheets consisted of short-term marketable securities of $26.9 million, which are included within Other current assets, and long-term marketable securities of $83.3 million, which are included in Other long-term assets. The Company’s marketable securities are typically valued at the closing price in the principal active market as of the last business day of the quarter or through the use of other market inputs relating to the securities, including benchmark yields and reported trades. The fair values of the marketable securities, by asset class, are described in “Note D – Marketable Securities.” Non-Financial Non-Recurring Certain non-financial non-recurring non-financial non-financial non-recurring Financial Instruments not Recognized at Fair Value The Company has financial instruments, including cash and cash equivalents, accounts receivable, other current assets and accounts payable. The carrying amounts of these financial instruments approximate fair value because of their short maturities. A discussion of the carrying values and fair values of the Company’s debt is included in “Note H – Financing.” |
Marketable Securities
Marketable Securities | 8 Months Ended |
May 05, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Note D – Marketable Securities The Company’s basis for determining the cost of a security sold is the “Specific Identification Model.” Unrealized gains (losses) on marketable securities are recorded in Accumulated other comprehensive loss. The Company’s available-for-sale May 5, 2018 (in thousands) Amortized Basis Gross Gross Fair Value Corporate securities $ 60,405 $ – $ (849 ) $ 59,556 Government bonds 27,165 1 (195 ) 26,971 Mortgage-backed securities 3,689 – (103 ) 3,586 Asset-backed securities and other 20,304 – (209 ) 20,095 $ 111,563 $ 1 $ (1,356 ) $ 110,208 August 26, 2017 (in thousands) Amortized Basis Gross Gross Fair Value Corporate securities $ 39,917 $ 73 $ (13 ) $ 39,977 Government bonds 31,076 49 (74 ) 31,051 Mortgage-backed securities 4,850 2 (42 ) 4,810 Asset-backed securities and other 25,042 28 (35 ) 25,035 $ 100,885 $ 152 $ (164 ) $ 100,873 The debt securities held at May 5, 2018, had effective maturities ranging from less than one year to approximately three years. The Company did not realize any material gains or losses on its marketable securities during the thirty-six The Company holds 122 securities that are in an unrealized loss position of approximately $1.4 million at May 5, 2018. The Company has the intent and ability to hold these investments until recovery of fair value or maturity, and does not deem the investments to be impaired on an other than temporary basis. In evaluating whether the securities are deemed to be impaired on an other than temporary basis, the Company considers factors such as the duration and severity of the loss position, the credit worthiness of the investee, the term to maturity and the intent and ability to hold the investments until maturity or until recovery of fair value. Included above in total marketable securities are $84.9 million of marketable securities transferred by the Company’s insurance captive to a trust account to secure its obligations to an insurance company related to future workers’ compensation and casualty losses. |
Derivative Financial Instrument
Derivative Financial Instruments | 8 Months Ended |
May 05, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note E – Derivative Financial Instruments At May 5, 2018, the Company had $8.5 million recorded in Accumulated other comprehensive loss related to realized losses associated with terminated interest rate swap and treasury rate lock derivatives which were designated as hedging instruments. Net losses are amortized into Interest expense over the remaining life of the associated debt. During the twelve week period ended May 5, 2018 and the comparable prior year period, the Company reclassified $509 thousand of net losses from Accumulated other comprehensive loss to Interest expense. During the thirty-six |
Merchandise Inventories
Merchandise Inventories | 8 Months Ended |
May 05, 2018 | |
Inventory Disclosure [Abstract] | |
Merchandise Inventories | Note F – Merchandise Inventories Merchandise inventories are stated at the lower of cost or market. Merchandise inventories include related purchasing, storage and handling costs. Inventory cost has been determined using the last-in, first-out |
Pension and Savings Plans
Pension and Savings Plans | 8 Months Ended |
May 05, 2018 | |
Retirement Benefits [Abstract] | |
Pension and Savings Plans | Note G – Pension and Savings Plans The components of net periodic pension expense related to the Company’s pension plans consisted of the following: Twelve Weeks Ended Thirty-Six Weeks Ended (in thousands) May 5, 2018 May 6, 2017 May 5, 2018 May 6, 2017 Interest cost $ 2,390 $ 2,385 $ 7,170 $ 7,155 Expected return on plan assets (4,384 ) (4,628 ) (13,152 ) (13,885 ) Amortization of net loss 2,478 3,201 7,433 9,605 Net periodic pension expense $ 484 $ 958 $ 1,451 $ 2,875 The Company makes contributions in amounts at least equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974, as amended by the Pension Protection Act of 2006. During the thirty-six On December 19, 2017, the Board of Directors approved a resolution to terminate the Company’s pension plans, effective March 15, 2018. Benefit accruals were frozen, and the plans closed to new participants on January 1, 2003. The Company has commenced the plans’ termination process and expects to distribute a portion of the pension plans’ assets as lump sum payments to participants with the remaining balance transferred to an insurance company in the form of an annuity. The total payments distributed as lump sums will depend on the participation rate of eligible participants. The Company expects to record a one-time pre-tax non-cash |
Financing
Financing | 8 Months Ended |
May 05, 2018 | |
Debt Disclosure [Abstract] | |
Financing | Note H – Financing The Company’s long-term debt consisted of the following: (in thousands) May 5, 2018 August 26, 7.125% Senior Notes due August 2018, effective interest rate of 7.28% $ 250,000 $ 250,000 1.625% Senior Notes due April 2019, effective interest rate of 1.77% 250,000 250,000 4.000% Senior Notes due November 2020, effective interest rate of 4.43% 500,000 500,000 2.500% Senior Notes due April 2021, effective interest rate of 2.62% 250,000 250,000 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 3.250% Senior Notes due April 2025, effective interest rate 3.36% 400,000 400,000 3.125% Senior Notes due April 2026, effective interest rate of 3.28% 400,000 400,000 3.750% Senior Notes due June 2027, effective interest rate of 3.83% 600,000 600,000 Commercial paper, weighted average interest rate of 2.29% and 1.44% at May 5, 2018 and August 26, 2017, respectively 1,025,500 1,155,100 Total debt before discounts and debt issuance costs 4,975,500 5,105,100 Less: Discounts and debt issuance costs 20,803 23,862 Long-term debt $ 4,954,697 $ 5,081,238 As of May 5, 2018, the commercial paper borrowings, the $250 million 7.125% Senior Notes due August 2018, and the $250 million 1.625% Senior Notes due April 2019 were classified as long-term in the accompanying Consolidated Balance Sheets as the Company had the ability and intent to refinance on a long-term basis through available capacity in its revolving credit facility. As of May 5, 2018, the Company had $1.997 billion of availability under its $2.0 billion revolving credit facility, which would allow it to replace these short-term obligations with long-term financing facilities. The Company entered into a Master Extension, New Commitment and Amendment Agreement dated as of November 18, 2017 (the “Extension Amendment”) to the Third Amended and Restated Credit Agreement dated as of November 18, 2016, as amended, modified, extended or restated from time to time (the “Revolving Credit Agreement”). Under the Extension Amendment: (i) the Company’s borrowing capacity under the Revolving Credit Agreement was increased from $1.6 billion to $2.0 billion; (ii) the Company’s option to increase its borrowing capacity under the Revolving Credit Agreement was “refreshed” and the amount of such option remained at $400 million; the maximum borrowing under the Revolving Credit Agreement may, at the Company’s option, subject to lenders approval, be increased from $2.0 billion to $2.4 billion; (iii) the termination date of the Revolving Credit Agreement was extended from November 18, 2021 until November 18, 2022; and (iv) the Company has the option to make one additional written request of the lenders to extend the termination date then in effect for an additional year. Under the revolving credit facility, the Company may borrow funds consisting of Eurodollar loans, base rate loans or a combination of both. 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 On November 18, 2016, the Company amended and restated its existing 364-Day 364-Day (non-credit 364-Day The fair value of the Company’s debt was estimated at $4.893 billion as of May 5, 2018, and $5.171 billion as of August 26, 2017, based on the quoted market prices for the same or similar issues or on the current rates available to the Company for debt of the same terms (Level 2). Such fair value is less than the the carrying value of debt by $61.5 million at May 5, 2018, which reflects their face amount, adjusted for any unamortized debt issuance costs and discounts. At August 26, 2017, the fair value was greater than the carrying value of debt by $90.3 million. All senior notes are subject to an interest rate adjustment if the debt ratings assigned to the senior notes are downgraded (as defined in the agreements). Further, the senior notes contain a provision that repayment of the senior notes may be accelerated if we experience a change in control (as defined in the agreements). Our borrowings under our senior notes contain minimal covenants, primarily restrictions on liens. Under our revolving credit facilities, covenants include restrictions on liens, a maximum debt to earnings ratio, a minimum fixed charge coverage ratio and a change of control provision that may require acceleration of the repayment obligations under certain circumstances. All of the repayment obligations under our borrowing arrangements may be accelerated and come due prior to the applicable scheduled payment date if covenants are breached or an event of default occurs. As of May 5, 2018, we were in compliance with all covenants and expect to remain in compliance with all covenants under our borrowing arrangements. |
Stock Repurchase Program
Stock Repurchase Program | 8 Months Ended |
May 05, 2018 | |
Equity [Abstract] | |
Stock Repurchase Program | Note I – Stock Repurchase Program From January 1, 1998 to May 5, 2018, the Company has repurchased a total of 143.7 million shares of its common stock at an aggregate cost of $18.753 billion, including 1,424,160 shares of its common stock at an aggregate cost of $927.2 million during the thirty-six During the thirty-six paid-in paid-in Subsequent to May 5, 2018, the Company has repurchased 258,761 shares of its common stock at an aggregate cost of $167.5 million. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 8 Months Ended |
May 05, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note J – Accumulated Other Comprehensive Loss Accumulated other comprehensive loss includes certain adjustments to pension liabilities, foreign currency translation adjustments, certain activity for interest rate swaps and treasury rate locks that qualify as cash flow hedges and unrealized gains (losses) on available-for-sale (in thousands) Pension Liability Foreign Currency (3) Net Derivatives Total Balance at February 10, 2018 $ (68,699 ) $ (211,524 ) $ (585 ) $ (5,576 ) $ (286,384 ) Other comprehensive income (loss) before reclassifications (1) – (10,674 ) (301 ) – (10,975 ) Amounts reclassified from Accumulated other comprehensive loss ( 1 ) 1,847 (2) – (17 ) (4) 390 (5) 2,220 Balance at May 5, 2018 $ (66,852 ) $ (222,198 ) $ (903 ) $ (5,186 ) $ (295,139 ) Balance at February 11, 2017 $ (85,121 ) $ (253,945 ) $ (155 ) $ (7,096 ) $ (346,317 ) Other comprehensive income before reclassifications (1) – 33,539 33 – 33,572 Amounts reclassified from Accumulated other comprehensive loss ( 1 ) 1,953 (2) – (11 ) (4) 321 (5) 2,263 Balance at May 6, 2017 $ (83,168 ) $ (220,406 ) $ (133 ) $ (6,775 ) $ (310,482 ) (1) Amounts in parentheses indicate debits to Accumulated other comprehensive loss. (2) Represents amortization of pension liability adjustments, net of taxes of $631 for the twelve weeks ended May 5, 2018 and $1,248 for the twelve weeks ended May 6, 2017, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note G – Pension and Savings Plans” for further discussion. (3) Foreign currency is not shown net of additional U.S. tax as earnings of certain non-U.S. (4) Represents realized losses on marketable securities, net of taxes of $3 for the twelve weeks ended May 5, 2018 and $6 for the twelve weeks ended May 6, 2017, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note D – Marketable Securities” for further discussion. (5) Represents losses on derivatives, net of taxes of $119 for the twelve weeks ended May 5, 2018 and $188 for the twelve weeks ended May 6, 2017, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion. Changes in Accumulated other comprehensive loss for the thirty-six (in thousands) Pension Liability Foreign Currency (3) Net Derivatives Total Balance at August 26, 2017 $ (72,376 ) $ (175,814 ) $ (11 ) $ (6,356 ) $ (254,557 ) Other comprehensive (loss) before reclassifications (1) – (46,384 ) (839 ) – (47,223 ) Amounts reclassified from Accumulated other comprehensive loss ( 1 ) 5,524 (2) – (53 ) (4) 1,170 (5) 6,641 Balance at May 5, 2018 $ (66,852 ) $ (222,198 ) $ (903 ) $ (5,186 ) $ (295,139 ) (in thousands) Pension Liability Foreign (3) Net Derivatives Total Balance at August 27, 2016 $ (88,890 ) $ (211,012 ) $ 120 $ (7,747 ) $ (307,529 ) Other comprehensive (loss) before reclassifications (1) – (9,394 ) (215 ) – (9,609 ) Amounts reclassified from Accumulated other comprehensive loss ( 1 ) 5,722 (2) – (38 ) (4) 972 (5) 6,656 Balance at May 6, 2017 $ (83,168 ) $ (220,406 ) $ (133 ) $ (6,775 ) $ (310,482 ) (1) Amounts in parentheses indicate debits to Accumulated other comprehensive loss. (2) Represents amortization of pension liability adjustments, net of taxes of $1,909 in fiscal 2018 and $3,883 in fiscal 2017, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note G – Pension and Savings Plans” for further discussion. (3) Foreign currency is not shown net of additional U.S. tax as earnings of certain non-U.S. (4) Represents realized losses on marketable securities, net of taxes of $20 in fiscal 2018 and $20 in fiscal 2017, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note D – Marketable Securities” for further discussion. (5) Represents gains and losses on derivatives, net of taxes of $356 in fiscal 2018 and $555 in fiscal 2017, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion. |
Goodwill and Intangibles
Goodwill and Intangibles | 8 Months Ended |
May 05, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | Note K – Goodwill and Intangibles The changes in the carrying amount of goodwill are as follows: (in thousands) Auto Parts Other Total Net balance as of August 26, 2017 $ 326,703 $ 65,184 $ 391,887 Goodwill adjustments (1) (24,058 ) (65,184 ) (89,242 ) Net balance as of May 5, 2018 $ 302,645 $ – $ 302,645 The carrying amounts of intangible assets are included in Other long-term assets as follows: (in thousands) Estimated Gross Accumulated Impairment (1) Net Carrying Amortizing intangible assets: Technology 3-5 years $ 10,570 $ (9,994 ) $ (576 ) $ – Noncompete agreements 5 years 1,300 (1,223 ) (77 ) – Customer relationships 3-10 years 49,676 (28,546 ) (10,057 ) 11,073 $ 61,546 $ (39,763 ) $ (10,710 ) 11,073 Non-amortizing Trade name $ (26,900 ) – Total intangible assets other than goodwill $ 11,073 (1) See “Note L – Sale of Assets” for further discussion Amortization expense of intangible assets for the twelve and thirty-six thirty-six |
Sale of Assets
Sale of Assets | 8 Months Ended |
May 05, 2018 | |
Property, Plant and Equipment [Abstract] | |
Sale of Assets | Note L – Sale of Assets As previously announced, the Company entered into asset purchase agreements to sell substantially all of the assets, net of assumed liabilities related to its IMC and AutoAnything businesses. During the second quarter of fiscal 2018, the Company determined that the approximate fair value less costs to sell these businesses was significantly lower than the carrying value of the net assets based on recent offers received and, therefore, recorded impairment charges totaling $193.2 million within Operating, selling, general and administrative expenses in its Condensed Consolidated Statements of Income. The Company recorded an impairment charge of $93.6 million for its IMC business, which is reflected as a component of Auto Parts Locations in our segment reporting. Impairment charges for AutoAnything, which is reflected as a component of the Other category in our segment reporting, totaled $99.6 million. During the third quarter of fiscal 2018, the Company completed the IMC and AutoAnything sales for total consideration that approximated the remaining net book value at the closing date. On February 26, 2018, the Company completed its transaction to sell substantially all of the assets, net of assumed liabilities related to its AutoAnything operations. On April 4, 2018, the Company completed its transaction to sell substantially all of the assets, net of assumed liabilities related to IMC. |
Litigation
Litigation | 8 Months Ended |
May 05, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Note M – Litigation Arising out of an April 2016 letter from the California Air Resources Board (“CARB”), one of the Company’s formerly-owned subsidiaries was sued in March 2018 by CARB seeking penalties, among other relief, for alleged violations of the California Health and Safety Code, Title 13 of the California Code of Regulations and the California Vehicle Code related to the sale and advertisement of certain aftermarket motor vehicle pollution control parts in the State of California. On February 26, 2018, the Company completed its transaction to sell substantially all of the assets, net of assumed liabilities related to its AutoAnything operations. As part of the sale, the Company retained the liability related to this lawsuit. The Company is cooperating fully with the lawsuit and cannot predict the ultimate outcome of these efforts. The Company does not believe that any resolution of the matter will have a material adverse effect on its consolidated financial position, results of operations or cash flows. The Company is involved in various other legal proceedings incidental to the conduct of its business, including, but not limited to, 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 its consolidated financial condition, results of operations or cash flows. |
Segment Reporting
Segment Reporting | 8 Months Ended |
May 05, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note N – Segment Reporting The Company’s operating segments (Domestic Auto Parts, Mexico and Brazil; and IMC results through April 4, 2018) are aggregated as one reportable segment: Auto Parts Locations. The criteria the Company used to identify the reportable segment are primarily the nature of the products the Company sells and the operating results that are regularly reviewed by the Company’s chief operating decision maker to make decisions about the resources to be allocated to the business units and to assess performance. The accounting policies of the Company’s reportable segment are the same as those described in Note A in its Annual Report on Form 10-K The Auto Parts Locations segment is a retailer and distributor of automotive parts and accessories through the Company’s 6,092 locations in the U.S., Puerto Rico, Mexico and Brazil. Each location 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 The Other category reflects business activities of two operating segments that are not separately reportable due to the materiality of these operating segments. The operating segments include ALLDATA, which produces, sells and maintains diagnostic and repair information software used in the automotive repair industry; and E-commerce, The Company evaluates its reportable segment primarily on the basis of net sales and segment profit, which is defined as gross profit. Segment results for the periods presented were as follows: Twelve Weeks Ended Thirty-Six (in thousands) May 5, 2018 May 6, 2017 May 5, 2018 May 6, 2017 Net Sales Auto Parts Locations $ 2,610,485 $ 2,530,689 $ 7,452,186 $ 7,125,812 Other 49,667 88,318 210,123 250,259 Total $ 2,660,152 $ 2,619,007 $ 7,662,309 $ 7,376,071 Segment Profit Auto Parts Locations $ 1,387,497 $ 1,332,086 $ 3,942,949 $ 3,750,776 Other 35,477 46,332 122,918 134,720 Gross profit 1,422,974 1,378,418 4,065,867 3,885,496 Operating, selling, general and administrative expenses (1) (877,209 ) (848,848 ) (2,846,250 ) (2,513,054 ) Interest expense, net (41,958 ) (35,675 ) (120,186 ) (103,180 ) Income before income taxes $ 503,807 $ 493,895 $ 1,099,431 $ 1,269,262 (1) Includes impairment charges of $193.2 million for the thirty-six |
Income Taxes
Income Taxes | 8 Months Ended |
May 05, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note O – Income Taxes The Company’s effective income tax rate was 27.2% of pretax income for the twelve weeks ended May 5, 2018. The effective tax rate was higher than the U.S. statutory federal rate primarily due to domestic state income taxes. The Company’s effective income tax rate was 14.8% of pretax income for the thirty-six At the end of each interim period, the Company estimates its effective tax rate and applies that rate to its ordinary quarterly earnings. The tax expense or benefit related to significant, unusual, or extraordinary items that will be separately reported or reported net of their related tax effect are individually computed and recognized in the interim period in which those items occur. In addition, the effects of changes in enacted tax laws or rates or tax statutes are recognized in the interim period in which the change occurs. On December 22, 2017, Tax Reform was enacted by the U.S. government. Tax Reform contains several key provisions that affected the Company. The enacted provisions include a mandatory one-time The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of GAAP in situations where a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of Tax Reform. To the extent that a company’s accounting for certain income tax effects of Tax Reform is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of Tax Reform. The ultimate impact may differ from provisional amounts recorded, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, and additional regulatory guidance that may be issued. The accounting is expected to be completed within one year from the enactment date of Tax Reform. The Company recorded a provisional income tax benefit of $136.7 million in its consolidated financial statements for its second quarter ended February 10, 2018 for the re-measurement In addition, during the second quarter ended February 10, 2018, upon enactment of Tax Reform, the Company was able to determine a reasonable estimate for the mandatory one-time one-time Per GAAP, foreign withholding taxes are not included when foreign earnings are indefinitely reinvested. The Company regularly reviews and assesses whether there are any changes to its indefinite reinvestment assertion. Through the second quarter ended February 10, 2018, the Company had determined that the undistributed earnings for all of its foreign subsidiaries were indefinitely reinvested. During the current quarter ended May 5, 2018, the Company made the determination that the undistributed earnings of certain foreign subsidiaries were no longer indefinitely reinvested while also maintaining its indefinite reinvestment assertion for other foreign subsidiaries. As a result, the Company has analyzed and included foreign withholding taxes on undistributed earnings where applicable, which has no significant impact on the Company’s consolidated results. As of May 5, 2018, the Company has estimated the following obligations with respect to the mandatory deemed repatriation of the Company’s foreign subsidiaries. The estimate may change, possibly materially, due to among other things, further refinement of the Company’s calculations, changes in interpretations and assumptions the Company has made, guidance that may be issued and actions the Company may take as a result of Tax Reform. (in thousands) Scheduled Payments 2018 $ 3,372 2019 1,918 2020 1,918 2021 1,918 2022 1,918 2023 3,597 2024 4,795 2025 5,994 Total One-Time $ 25,430 |
General (Policies)
General (Policies) | 8 Months Ended |
May 05, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal Period | Operating results for the twelve and thirty-six |
Recently Adopted and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements: In March 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2018-05, Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 2018-05 one-year Recently Issued Accounting Pronouncements: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. 2014-09, In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). 2016-02 right-of-use 2016-02 non-cash In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory 2016-16 2016-16 In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business 2017-01 2017-01 In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2018-02 2018-02 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 8 Months Ended |
May 05, 2018 | |
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 weighted average fair value of the stock option awards granted during the thirty-six Thirty-Six Weeks Ended May 5, 2018 May 6, 2017 Expected price volatility 20% 18% Risk-free interest rate 1.9% 1.2% Weighted average expected lives (in years) 5.1 5.1 Forfeiture rate 10% 10% Dividend yield 0% 0% |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 8 Months Ended |
May 05, 2018 | |
Fair Value Disclosures [Abstract] | |
Company's Assets and Liabilities Measured at Fair Value on Recurring Basis | The Company’s assets and liabilities measured at fair value on a recurring basis were as follows: May 5, 2018 (in thousands) Level 1 Level 2 Level 3 Fair Value Other current assets $ 25,294 $ 1,601 $ – $ 26,895 Other long-term assets 61,476 21,837 – 83,313 $ 86,770 $ 23,438 $ – $ 110,208 August 26, 2017 (in thousands) Level 1 Level 2 Level 3 Fair Value Other current assets $ 18,453 $ 120 $ – $ 18,573 Other long-term assets 53,319 28,981 – 82,300 $ 71,772 $ 29,101 $ – $ 100,873 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 8 Months Ended |
May 05, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-Sale Marketable Securities | The Company’s available-for-sale May 5, 2018 (in thousands) Amortized Basis Gross Gross Fair Value Corporate securities $ 60,405 $ – $ (849 ) $ 59,556 Government bonds 27,165 1 (195 ) 26,971 Mortgage-backed securities 3,689 – (103 ) 3,586 Asset-backed securities and other 20,304 – (209 ) 20,095 $ 111,563 $ 1 $ (1,356 ) $ 110,208 August 26, 2017 (in thousands) Amortized Basis Gross Gross Fair Value Corporate securities $ 39,917 $ 73 $ (13 ) $ 39,977 Government bonds 31,076 49 (74 ) 31,051 Mortgage-backed securities 4,850 2 (42 ) 4,810 Asset-backed securities and other 25,042 28 (35 ) 25,035 $ 100,885 $ 152 $ (164 ) $ 100,873 |
Pension and Savings Plans (Tabl
Pension and Savings Plans (Tables) | 8 Months Ended |
May 05, 2018 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Expense | The components of net periodic pension expense related to the Company’s pension plans consisted of the following: Twelve Weeks Ended Thirty-Six Weeks Ended (in thousands) May 5, 2018 May 6, 2017 May 5, 2018 May 6, 2017 Interest cost $ 2,390 $ 2,385 $ 7,170 $ 7,155 Expected return on plan assets (4,384 ) (4,628 ) (13,152 ) (13,885 ) Amortization of net loss 2,478 3,201 7,433 9,605 Net periodic pension expense $ 484 $ 958 $ 1,451 $ 2,875 |
Financing (Tables)
Financing (Tables) | 8 Months Ended |
May 05, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company’s long-term debt consisted of the following: (in thousands) May 5, 2018 August 26, 7.125% Senior Notes due August 2018, effective interest rate of 7.28% $ 250,000 $ 250,000 1.625% Senior Notes due April 2019, effective interest rate of 1.77% 250,000 250,000 4.000% Senior Notes due November 2020, effective interest rate of 4.43% 500,000 500,000 2.500% Senior Notes due April 2021, effective interest rate of 2.62% 250,000 250,000 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 3.250% Senior Notes due April 2025, effective interest rate 3.36% 400,000 400,000 3.125% Senior Notes due April 2026, effective interest rate of 3.28% 400,000 400,000 3.750% Senior Notes due June 2027, effective interest rate of 3.83% 600,000 600,000 Commercial paper, weighted average interest rate of 2.29% and 1.44% at May 5, 2018 and August 26, 2017, respectively 1,025,500 1,155,100 Total debt before discounts and debt issuance costs 4,975,500 5,105,100 Less: Discounts and debt issuance costs 20,803 23,862 Long-term debt $ 4,954,697 $ 5,081,238 |
Accumulated Other Comprehensi29
Accumulated Other Comprehensive Loss (Tables) | 8 Months Ended |
May 05, 2018 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | Changes in Accumulated other comprehensive loss for the twelve week periods ended May 5, 2018 and May 6, 2017 consisted of the following: (in thousands) Pension Liability Foreign Currency (3) Net Derivatives Total Balance at February 10, 2018 $ (68,699 ) $ (211,524 ) $ (585 ) $ (5,576 ) $ (286,384 ) Other comprehensive income (loss) before reclassifications (1) – (10,674 ) (301 ) – (10,975 ) Amounts reclassified from Accumulated other comprehensive loss ( 1 ) 1,847 (2) – (17 ) (4) 390 (5) 2,220 Balance at May 5, 2018 $ (66,852 ) $ (222,198 ) $ (903 ) $ (5,186 ) $ (295,139 ) Balance at February 11, 2017 $ (85,121 ) $ (253,945 ) $ (155 ) $ (7,096 ) $ (346,317 ) Other comprehensive income before reclassifications (1) – 33,539 33 – 33,572 Amounts reclassified from Accumulated other comprehensive loss ( 1 ) 1,953 (2) – (11 ) (4) 321 (5) 2,263 Balance at May 6, 2017 $ (83,168 ) $ (220,406 ) $ (133 ) $ (6,775 ) $ (310,482 ) (1) Amounts in parentheses indicate debits to Accumulated other comprehensive loss. (2) Represents amortization of pension liability adjustments, net of taxes of $631 for the twelve weeks ended May 5, 2018 and $1,248 for the twelve weeks ended May 6, 2017, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note G – Pension and Savings Plans” for further discussion. (3) Foreign currency is not shown net of additional U.S. tax as earnings of certain non-U.S. (4) Represents realized losses on marketable securities, net of taxes of $3 for the twelve weeks ended May 5, 2018 and $6 for the twelve weeks ended May 6, 2017, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note D – Marketable Securities” for further discussion. (5) Represents losses on derivatives, net of taxes of $119 for the twelve weeks ended May 5, 2018 and $188 for the twelve weeks ended May 6, 2017, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion. Changes in Accumulated other comprehensive loss for the thirty-six (in thousands) Pension Liability Foreign Currency (3) Net Derivatives Total Balance at August 26, 2017 $ (72,376 ) $ (175,814 ) $ (11 ) $ (6,356 ) $ (254,557 ) Other comprehensive (loss) before reclassifications (1) – (46,384 ) (839 ) – (47,223 ) Amounts reclassified from Accumulated other comprehensive loss ( 1 ) 5,524 (2) – (53 ) (4) 1,170 (5) 6,641 Balance at May 5, 2018 $ (66,852 ) $ (222,198 ) $ (903 ) $ (5,186 ) $ (295,139 ) (in thousands) Pension Liability Foreign (3) Net Derivatives Total Balance at August 27, 2016 $ (88,890 ) $ (211,012 ) $ 120 $ (7,747 ) $ (307,529 ) Other comprehensive (loss) before reclassifications (1) – (9,394 ) (215 ) – (9,609 ) Amounts reclassified from Accumulated other comprehensive loss ( 1 ) 5,722 (2) – (38 ) (4) 972 (5) 6,656 Balance at May 6, 2017 $ (83,168 ) $ (220,406 ) $ (133 ) $ (6,775 ) $ (310,482 ) (1) Amounts in parentheses indicate debits to Accumulated other comprehensive loss. (2) Represents amortization of pension liability adjustments, net of taxes of $1,909 in fiscal 2018 and $3,883 in fiscal 2017, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note G – Pension and Savings Plans” for further discussion. (3) Foreign currency is not shown net of additional U.S. tax as earnings of certain non-U.S. (4) Represents realized losses on marketable securities, net of taxes of $20 in fiscal 2018 and $20 in fiscal 2017, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note D – Marketable Securities” for further discussion. (5) Represents gains and losses on derivatives, net of taxes of $356 in fiscal 2018 and $555 in fiscal 2017, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion. |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 8 Months Ended |
May 05, 2018 | |
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 Net balance as of August 26, 2017 $ 326,703 $ 65,184 $ 391,887 Goodwill adjustments (1) (24,058 ) (65,184 ) (89,242 ) Net balance as of May 5, 2018 $ 302,645 $ – $ 302,645 |
Schedule of Carrying Amounts of Intangible Assets | The carrying amounts of intangible assets are included in Other long-term assets as follows: (in thousands) Estimated Gross Accumulated Impairment (1) Net Carrying Amortizing intangible assets: Technology 3-5 years $ 10,570 $ (9,994 ) $ (576 ) $ – Noncompete agreements 5 years 1,300 (1,223 ) (77 ) – Customer relationships 3-10 years 49,676 (28,546 ) (10,057 ) 11,073 $ 61,546 $ (39,763 ) $ (10,710 ) 11,073 Non-amortizing Trade name $ (26,900 ) – Total intangible assets other than goodwill $ 11,073 (1) See “Note L – Sale of Assets” for further discussion |
Segment Reporting (Tables)
Segment Reporting (Tables) | 8 Months Ended |
May 05, 2018 | |
Segment Reporting [Abstract] | |
Segment Results | The Company evaluates its reportable segment primarily on the basis of net sales and segment profit, which is defined as gross profit. Segment results for the periods presented were as follows: Twelve Weeks Ended Thirty-Six (in thousands) May 5, 2018 May 6, 2017 May 5, 2018 May 6, 2017 Net Sales Auto Parts Locations $ 2,610,485 $ 2,530,689 $ 7,452,186 $ 7,125,812 Other 49,667 88,318 210,123 250,259 Total $ 2,660,152 $ 2,619,007 $ 7,662,309 $ 7,376,071 Segment Profit Auto Parts Locations $ 1,387,497 $ 1,332,086 $ 3,942,949 $ 3,750,776 Other 35,477 46,332 122,918 134,720 Gross profit 1,422,974 1,378,418 4,065,867 3,885,496 Operating, selling, general and administrative expenses (1) (877,209 ) (848,848 ) (2,846,250 ) (2,513,054 ) Interest expense, net (41,958 ) (35,675 ) (120,186 ) (103,180 ) Income before income taxes $ 503,807 $ 493,895 $ 1,099,431 $ 1,269,262 (1) Includes impairment charges of $193.2 million for the thirty-six |
Income Taxes (Tables)
Income Taxes (Tables) | 8 Months Ended |
May 05, 2018 | |
Income Tax Disclosure [Abstract] | |
Estimated Future Tax Payment Obligation | The estimate may change, possibly materially, due to among other things, further refinement of the Company’s calculations, changes in interpretations and assumptions the Company has made, guidance that may be issued and actions the Company may take as a result of Tax Reform. (in thousands) Scheduled Payments 2018 $ 3,372 2019 1,918 2020 1,918 2021 1,918 2022 1,918 2023 3,597 2024 4,795 2025 5,994 Total One-Time $ 25,430 |
General - Additional Informatio
General - Additional Information (Detail) | 8 Months Ended |
May 05, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of reporting periods | Operating results for the twelve and thirty-six weeks ended May 5, 2018 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 25, 2018. Each of the first three quarters of AutoZone’s fiscal year consists of 12 weeks, and the fourth quarter consists of 16 or 17 weeks. The fourth quarters for fiscal 2018 and 2017 each have 16 weeks. Additionally, the Company’s business is somewhat seasonal in nature, with the highest sales generally occurring during the months of February through September and the lowest sales generally occurring in the months of December and January. |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 8 Months Ended | ||
May 05, 2018 | May 06, 2017 | May 05, 2018 | May 06, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense related to stock options and share purchase plans | $ 5,800 | $ 8,600 | $ 29,559 | $ 29,343 |
Stock options exercised - Shares | 243,370 | 164,457 | ||
Stock options exercised - Weighted average exercise price | $ 281.72 | $ 263.95 | ||
Weighted average grant date fair value of options granted | $ 129.12 | $ 139.80 | ||
Stock options granted | 284,335 | 290,805 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Anti-dilutive shares excluded from the computation of earnings per share | 861,595 | 638,051 | 850,421 | 615,764 |
Share-Based Payments - Weighted
Share-Based Payments - Weighted Average for Key Assumptions Used in Determining Fair Value of Options Granted and Related Share-Based Compensation Expense (Detail) | 8 Months Ended | |
May 05, 2018 | May 06, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected price volatility | 20.00% | 18.00% |
Risk-free interest rate | 1.90% | 1.20% |
Weighted average expected lives (in years) | 5 years 1 month 6 days | 5 years 1 month 6 days |
Forfeiture rate | 10.00% | 10.00% |
Dividend yield | 0.00% | 0.00% |
Fair Value Measurements - Compa
Fair Value Measurements - Company's Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | May 05, 2018 | Aug. 26, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 110,208 | $ 100,873 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other current assets | 26,895 | 18,573 |
Other long-term assets | 83,313 | 82,300 |
Total | 110,208 | 100,873 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other current assets | 25,294 | 18,453 |
Other long-term assets | 61,476 | 53,319 |
Total | 86,770 | 71,772 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other current assets | 1,601 | 120 |
Other long-term assets | 21,837 | 28,981 |
Total | $ 23,438 | $ 29,101 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | May 05, 2018 | Aug. 26, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term marketable securities | $ 26,895 | $ 18,573 |
Long-term marketable securities | $ 83,313 | $ 82,300 |
Marketable Securities - Availab
Marketable Securities - Available-for-Sale Marketable Securities (Detail) - USD ($) $ in Thousands | May 05, 2018 | Aug. 26, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-For-Sale Marketable Securities, Amortized Cost Basis | $ 111,563 | $ 100,885 |
Available-For-Sale Marketable Securities, Gross Unrealized Gains | 1 | 152 |
Available-For-Sale Marketable Securities, Gross Unrealized Losses | (1,356) | (164) |
Available-For-Sale Marketable Securities, Fair Value | 110,208 | 100,873 |
Corporate Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-For-Sale Marketable Securities, Amortized Cost Basis | 60,405 | 39,917 |
Available-For-Sale Marketable Securities, Gross Unrealized Gains | 73 | |
Available-For-Sale Marketable Securities, Gross Unrealized Losses | (849) | (13) |
Available-For-Sale Marketable Securities, Fair Value | 59,556 | 39,977 |
Government Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-For-Sale Marketable Securities, Amortized Cost Basis | 27,165 | 31,076 |
Available-For-Sale Marketable Securities, Gross Unrealized Gains | 1 | 49 |
Available-For-Sale Marketable Securities, Gross Unrealized Losses | (195) | (74) |
Available-For-Sale Marketable Securities, Fair Value | 26,971 | 31,051 |
Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-For-Sale Marketable Securities, Amortized Cost Basis | 3,689 | 4,850 |
Available-For-Sale Marketable Securities, Gross Unrealized Gains | 2 | |
Available-For-Sale Marketable Securities, Gross Unrealized Losses | (103) | (42) |
Available-For-Sale Marketable Securities, Fair Value | 3,586 | 4,810 |
Asset-Backed Securities and Other [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-For-Sale Marketable Securities, Amortized Cost Basis | 20,304 | 25,042 |
Available-For-Sale Marketable Securities, Gross Unrealized Gains | 28 | |
Available-For-Sale Marketable Securities, Gross Unrealized Losses | (209) | (35) |
Available-For-Sale Marketable Securities, Fair Value | $ 20,095 | $ 25,035 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) $ in Thousands | 8 Months Ended | |
May 05, 2018USD ($)Securities | Aug. 26, 2017USD ($) | |
Investments, Debt and Equity Securities [Abstract] | ||
Available for sale securities debt maturity period range | Less than one year to approximately three years | |
Number of securities available for sale loss position | Securities | 122 | |
Available-For-Sale Marketable Securities, Gross Unrealized Losses | $ 1,356 | $ 164 |
Marketable securities transferred | $ 84,900 |
Derivative Financial Instrume40
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | ||
May 05, 2018 | May 06, 2017 | May 05, 2018 | May 06, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Derivative losses recorded in Accumulated other comprehensive loss | $ 8,500 | $ 8,500 | ||
Net derivative losses amortized into Interest expense | 509 | $ 509 | 1,500 | $ 1,500 |
Net derivative loss expected to be reclassified over next 12 months | $ 2,200 | $ 2,200 |
Merchandise Inventories - Addit
Merchandise Inventories - Additional Information (Detail) - USD ($) $ in Millions | May 05, 2018 | Aug. 26, 2017 |
Inventory Disclosure [Abstract] | ||
Unrecorded adjustment for LIFO value in excess of replacement value | $ 444.4 | $ 414.9 |
Pension and Savings Plans - Net
Pension and Savings Plans - Net Periodic Benefit Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | ||
May 05, 2018 | May 06, 2017 | May 05, 2018 | May 06, 2017 | |
Retirement Benefits [Abstract] | ||||
Interest cost | $ 2,390 | $ 2,385 | $ 7,170 | $ 7,155 |
Expected return on plan assets | (4,384) | (4,628) | (13,152) | (13,885) |
Amortization of net loss | 2,478 | 3,201 | 7,433 | 9,605 |
Net periodic pension expense | $ 484 | $ 958 | $ 1,451 | $ 2,875 |
Pension and Savings Plans - Add
Pension and Savings Plans - Additional Information (Detail) - USD ($) | May 05, 2018 | Dec. 19, 2017 |
Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash contribution required to fully fund plan's liabilities at termination | $ 20,000,000 | |
Benefit pension plan, contributions | $ 130,000,000 | |
Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash contribution required to fully fund plan's liabilities at termination | $ 30,000,000 | |
Benefit pension plan, contributions | $ 140,000,000 |
Financing - Schedule of Debt (D
Financing - Schedule of Debt (Detail) - USD ($) $ in Thousands | May 05, 2018 | Aug. 26, 2017 |
Debt Instrument [Line Items] | ||
Commercial paper | $ 1,025,500 | $ 1,155,100 |
Total debt before discounts and debt issuance costs | 4,975,500 | 5,105,100 |
Less: Discounts and debt issuance costs | 20,803 | 23,862 |
Long-term debt | 4,954,697 | 5,081,238 |
7.125% Senior Notes due August 2018, effective interest rate of 7.28% [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 250,000 | 250,000 |
1.625% Senior Notes due April 2019, effective interest rate of 1.77% [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 250,000 | 250,000 |
4.000% Senior Notes due November 2020, effective interest rate of 4.43% [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000 | 500,000 |
2.500% Senior Notes due April 2021, effective interest rate of 2.62% [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 250,000 | 250,000 |
3.700% Senior Notes due April 2022, effective interest rate of 3.85% [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000 | 500,000 |
2.875% Senior Notes due January 2023, effective interest rate of 3.21% [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 300,000 | 300,000 |
3.125% Senior Notes due July 2023, effective interest rate of 3.26% [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000 | 500,000 |
3.250% Senior Notes due April 2025, effective interest rate 3.36% [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 400,000 | 400,000 |
3.125% Senior Notes due April 2026, effective interest rate of 3.28% [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 400,000 | 400,000 |
3.750% Senior Notes due June 2027, effective interest rate of 3.83% [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 600,000 | $ 600,000 |
Financing - Schedule of Debt (P
Financing - Schedule of Debt (Parenthetical) (Detail) | 8 Months Ended | 12 Months Ended |
May 05, 2018 | Aug. 26, 2017 | |
Commercial paper, weighted average interest rate of 1.44% and 1.44% at November 18, 2017 and August 26, 2017, respectively [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate of commercial paper | 2.29% | 2.29% |
7.125% Senior Notes due August 2018, effective interest rate of 7.28% [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate percentage | 7.125% | 7.125% |
Effective interest rate | 7.28% | 7.28% |
Debt instrument maturity, month and year | 2018-08 | 2018-08 |
1.625% Senior Notes due April 2019, effective interest rate of 1.77% [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate percentage | 1.625% | 1.625% |
Effective interest rate | 1.77% | 1.77% |
Debt instrument maturity, month and year | 2019-04 | 2019-04 |
4.000% Senior Notes due November 2020, effective interest rate of 4.43% [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate percentage | 4.00% | 4.00% |
Effective interest rate | 4.43% | 4.43% |
Debt instrument maturity, month and year | 2020-11 | 2020-11 |
2.500% Senior Notes due April 2021, effective interest rate of 2.62% [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate percentage | 2.50% | 2.50% |
Effective interest rate | 2.62% | 2.62% |
Debt instrument maturity, month and year | 2021-04 | 2021-04 |
3.700% Senior Notes due April 2022, effective interest rate of 3.85% [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate percentage | 3.70% | 3.70% |
Effective interest rate | 3.85% | 3.85% |
Debt instrument maturity, month and year | 2022-04 | 2022-04 |
2.875% Senior Notes due January 2023, effective interest rate of 3.21% [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate percentage | 2.875% | 2.875% |
Effective interest rate | 3.21% | 3.21% |
Debt instrument maturity, month and year | 2023-01 | 2023-01 |
3.125% Senior Notes due July 2023, effective interest rate of 3.26% [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate percentage | 3.125% | 3.125% |
Effective interest rate | 3.26% | 3.26% |
Debt instrument maturity, month and year | 2023-07 | 2023-07 |
3.250% Senior Notes due April 2025, effective interest rate 3.36% [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate percentage | 3.25% | 3.25% |
Effective interest rate | 3.36% | 3.36% |
Debt instrument maturity, month and year | 2025-04 | 2025-04 |
3.125% Senior Notes due April 2026, effective interest rate of 3.28% [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate percentage | 3.125% | 3.125% |
Effective interest rate | 3.28% | 3.28% |
Debt instrument maturity, month and year | 2026-04 | 2026-04 |
3.750% Senior Notes due June 2027, effective interest rate of 3.83% [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate percentage | 3.75% | 3.75% |
Effective interest rate | 3.83% | 3.83% |
Debt instrument maturity, month and year | 2027-06 | 2027-06 |
Financing - Additional Informat
Financing - Additional Information (Detail) - USD ($) | Nov. 18, 2016 | May 05, 2018 | Aug. 26, 2017 |
Debt Instrument [Line Items] | |||
Remaining borrowing capacity under revolving credit facility | $ 1,997,000,000 | ||
Amount available under credit facility | 2,000,000,000 | ||
Fair value of the Company's debt | 4,893,000,000 | $ 5,171,000,000 | |
Excess (shortfall) of fair value of debt over (from) carrying value | 61,500,000 | 90,300,000 | |
Third Amended and Restated Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Amount available under credit facility | $ 1,600,000,000 | ||
New 364-Day Revolving Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Maximum amount available under credit facility | $ 400,000,000 | ||
Credit facility expiration date | Nov. 17, 2017 | ||
Credit Agreement description | The credit facility was available to primarily support commercial paper borrowings and other short-term unsecured bank loans. Under the credit facility, the Company could borrow funds consisting of Eurodollar loans, base rate loans or a combination of both. Interest accrued on Eurodollar loans at a defined Eurodollar rate, defined as LIBOR plus the applicable margin, as defined in the revolving credit facility, depending upon the Company’s senior, unsecured, (non-credit enhanced) long-term debt rating. Interest accrued on base rate loans as defined in the credit facility. The New 364-Day Credit Agreement expired on November 17, 2017, and the Company did not renew this revolving credit facility. | ||
Extended expiration of credit facility | 1 year | ||
Credit facility interest rate description | Interest accrued on Eurodollar loans at a defined Eurodollar rate, defined as LIBOR plus the applicable margin, as defined in the revolving credit facility, depending upon the Company’s senior, unsecured, (non-credit enhanced) long-term debt rating. Interest accrued on base rate loans as defined in the credit facility. | ||
364-Day Revolving Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Maximum amount available under credit facility | $ 500,000,000 | ||
Master Extension Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Amount available under credit facility | $ 2,000,000,000 | ||
Revolving credit agreement, available additional borrowing capacity | 400,000,000 | ||
Maximum amount available under credit facility | $ 2,400,000,000 | ||
Credit facility expiration date | Nov. 18, 2022 | ||
Credit Agreement description | Under the revolving credit facility, the Company may borrow funds consisting of Eurodollar loans, base rate loans or a combination of both. 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 revolving credit facility. | ||
Extended expiration of credit facility | 1 year | ||
Letters of credit, outstanding | $ 3,300,000 | ||
7.125% Senior Notes due August 2018, effective interest rate of 7.28% [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 250,000,000 | $ 250,000,000 | |
Stated interest rate percentage | 7.125% | 7.125% | |
Debt instrument maturity, month and year | 2018-08 | 2018-08 | |
1.625% Senior Notes due April 2019, effective interest rate of 1.77% [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 250,000,000 | $ 250,000,000 | |
Stated interest rate percentage | 1.625% | 1.625% | |
Debt instrument maturity, month and year | 2019-04 | 2019-04 |
Stock Repurchase Program - Addi
Stock Repurchase Program - Additional Information (Detail) - USD ($) | Mar. 20, 2018 | May 06, 2018 | May 05, 2018 | May 06, 2017 | May 05, 2018 |
Stock Repurchase Program [Line Items] | |||||
Stock repurchased cumulative, shares | 1,424,160 | 143,700,000 | |||
Purchase of treasury stock | $ 927,155,000 | $ 844,183,000 | $ 18,753,000,000 | ||
Repurchased shares of common stock at an aggregate cost | 927,200,000 | ||||
Increase in authorization of stock repurchase, value | $ 1,000,000,000 | ||||
Stock repurchase authorized amended value | $ 19,650,000,000 | ||||
Remaining value authorized for share repurchases | $ 896,500,000 | $ 896,500,000 | |||
Share of treasury stock retired | 1,500,000 | 1,800,000 | |||
Subsequent Events [Member] | |||||
Stock Repurchase Program [Line Items] | |||||
Stock repurchased cumulative, shares | 258,761 | ||||
Repurchased shares of common stock at an aggregate cost | $ 167,500,000 | ||||
Retained Deficit [Member] | |||||
Stock Repurchase Program [Line Items] | |||||
Retirement of treasury shares | $ 918,500,000 | $ 1,321,000,000 | |||
Additional Paid-In Capital [Member] | |||||
Stock Repurchase Program [Line Items] | |||||
Retirement of treasury shares | $ 60,500,000 | $ 64,900,000 |
Accumulated Other Comprehensi48
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | ||
May 05, 2018 | May 06, 2017 | May 05, 2018 | May 06, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (1,428,377) | |||
Ending Balance | $ (1,361,603) | (1,361,603) | ||
Pension Liability [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (68,699) | $ (85,121) | (72,376) | $ (88,890) |
Amounts reclassified from Accumulated other comprehensive loss | 1,847 | 1,953 | 5,524 | 5,722 |
Ending Balance | (66,852) | (83,168) | (66,852) | (83,168) |
Net Unrealized Gain (Loss) on Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (585) | (155) | (11) | 120 |
Other comprehensive income (loss) before reclassifications | (301) | 33 | (839) | (215) |
Amounts reclassified from Accumulated other comprehensive loss | (17) | (11) | (53) | (38) |
Ending Balance | (903) | (133) | (903) | (133) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (5,576) | (7,096) | (6,356) | (7,747) |
Amounts reclassified from Accumulated other comprehensive loss | 390 | 321 | 1,170 | 972 |
Ending Balance | (5,186) | (6,775) | (5,186) | (6,775) |
Foreign Currency [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (211,524) | (253,945) | (175,814) | (211,012) |
Other comprehensive income (loss) before reclassifications | (10,674) | 33,539 | (46,384) | (9,394) |
Ending Balance | (222,198) | (220,406) | (222,198) | (220,406) |
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (286,384) | (346,317) | (254,557) | (307,529) |
Other comprehensive income (loss) before reclassifications | (10,975) | 33,572 | (47,223) | (9,609) |
Amounts reclassified from Accumulated other comprehensive loss | 2,220 | 2,263 | 6,641 | 6,656 |
Ending Balance | $ (295,139) | $ (310,482) | $ (295,139) | $ (310,482) |
Accumulated Other Comprehensi49
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | ||
May 05, 2018 | May 06, 2017 | May 05, 2018 | May 06, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Pension liability adjustments, taxes | $ 631 | $ 1,248 | $ 1,909 | $ 3,883 |
Unrealized gains (losses) on marketable securities, taxes | 154 | (11) | 463 | 135 |
Net derivative activities, taxes | (119) | (188) | (356) | (555) |
Reclassified from Accumulated Other Comprehensive Income [Member] | Pension Liability [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Pension liability adjustments, taxes | 631 | 1,248 | 1,909 | 3,883 |
Reclassified from Accumulated Other Comprehensive Income [Member] | Net Unrealized Gain (Loss) on Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized gains (losses) on marketable securities, taxes | 3 | 6 | 20 | 20 |
Reclassified from Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net derivative activities, taxes | $ 119 | $ 188 | $ 356 | $ 555 |
Goodwill and Intangibles - Sche
Goodwill and Intangibles - Schedule of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands | 8 Months Ended |
May 05, 2018USD ($) | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | $ 391,887 |
Goodwill adjustments | (89,242) |
Goodwill, Ending balance | 302,645 |
Auto Parts Stores [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | 326,703 |
Goodwill adjustments | (24,058) |
Goodwill, Ending balance | 302,645 |
Other [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | 65,184 |
Goodwill adjustments | $ (65,184) |
Goodwill and Intangibles - Sc51
Goodwill and Intangibles - Schedule of Carrying Amounts of Intangible Assets (Detail) $ in Thousands | 8 Months Ended |
May 05, 2018USD ($) | |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |
Finite Lived, Gross Carrying Amount | $ 61,546 |
Finite Lived, Accumulated Amortization | (39,763) |
Finite Lived, Impairment | (10,710) |
Finite Lived, Net Carrying Amount | 11,073 |
Total intangible assets other than goodwill, Net Carrying Amount | 11,073 |
Technology [Member] | |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |
Finite Lived, Gross Carrying Amount | 10,570 |
Finite Lived, Accumulated Amortization | (9,994) |
Finite Lived, Impairment | $ (576) |
Technology [Member] | Minimum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |
Estimated Useful Life | 3 years |
Technology [Member] | Maximum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |
Estimated Useful Life | 5 years |
Noncompete Agreements [Member] | |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |
Estimated Useful Life | 5 years |
Finite Lived, Gross Carrying Amount | $ 1,300 |
Finite Lived, Accumulated Amortization | (1,223) |
Finite Lived, Impairment | (77) |
Customer Relationships [Member] | |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |
Finite Lived, Gross Carrying Amount | 49,676 |
Finite Lived, Accumulated Amortization | (28,546) |
Finite Lived, Impairment | (10,057) |
Finite Lived, Net Carrying Amount | $ 11,073 |
Customer Relationships [Member] | Minimum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |
Estimated Useful Life | 3 years |
Customer Relationships [Member] | Maximum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |
Estimated Useful Life | 10 years |
Trade Names [Member] | |
Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |
Finite Lived, Impairment | $ (26,900) |
Goodwill and Intangibles - Addi
Goodwill and Intangibles - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | ||
May 05, 2018 | May 06, 2017 | May 05, 2018 | May 06, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense of intangible assets | $ 1 | $ 1.9 | $ 3.8 | $ 5.9 |
Sale of Assets - Additional Inf
Sale of Assets - Additional Information (Detail) - USD ($) $ in Thousands | 8 Months Ended | |
May 05, 2018 | May 06, 2017 | |
Asset Impairment Charges [Line Items] | ||
Asset impairment charges | $ 193,162 | $ 0 |
Auto Anything and IMC Businesses [Member] | ||
Asset Impairment Charges [Line Items] | ||
Asset impairment charges | 193,200 | |
IMC Businesses [Member] | Auto Parts Locations [Member] | ||
Asset Impairment Charges [Line Items] | ||
Asset impairment charges | 93,600 | |
Auto Anything [Member] | Other [Member] | ||
Asset Impairment Charges [Line Items] | ||
Asset impairment charges | $ 99,600 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 8 Months Ended |
May 05, 2018ItemLocation | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Number of reportable segments | 1 |
Number of automotive parts and accessories locations in the United States, Puerto Rico, Mexico, and Brazil | Location | 6,092 |
Segment Reporting - Segment Res
Segment Reporting - Segment Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | ||
May 05, 2018 | May 06, 2017 | May 05, 2018 | May 06, 2017 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,660,152 | $ 2,619,007 | $ 7,662,309 | $ 7,376,071 |
Gross profit | 1,422,974 | 1,378,418 | 4,065,867 | 3,885,496 |
Operating, selling, general and administrative expenses | (877,209) | (848,848) | (2,846,250) | (2,513,054) |
Interest expense, net | (41,958) | (35,675) | (120,186) | (103,180) |
Income before income taxes | 503,807 | 493,895 | 1,099,431 | 1,269,262 |
Auto Parts Locations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,610,485 | 2,530,689 | 7,452,186 | 7,125,812 |
Gross profit | 1,387,497 | 1,332,086 | 3,942,949 | 3,750,776 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 49,667 | 88,318 | 210,123 | 250,259 |
Gross profit | $ 35,477 | $ 46,332 | $ 122,918 | $ 134,720 |
Segment Reporting - Segment R56
Segment Reporting - Segment Results (Parenthetical) (Detail) - USD ($) $ in Thousands | 8 Months Ended | |
May 05, 2018 | May 06, 2017 | |
Segment Reporting Information [Line Items] | ||
Asset impairment charges | $ 193,162 | $ 0 |
Auto Anything and IMC Businesses [Member] | ||
Segment Reporting Information [Line Items] | ||
Asset impairment charges | 193,200 | |
Auto Anything and IMC Businesses [Member] | Selling, General and Administrative Expenses | ||
Segment Reporting Information [Line Items] | ||
Asset impairment charges | $ 193,162 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | May 05, 2018 | Feb. 10, 2018 | May 05, 2018 | Aug. 25, 2018 |
Operating Loss Carryforwards [Line Items] | |||||
Effective tax rate | 27.20% | 14.80% | |||
Tax benefit resulting from tax reforms | $ 103,000 | ||||
Tax benefit resulting from stock option accounting | $ 34,700 | ||||
U.S. corporate income tax rate | 35.00% | 21.00% | |||
Tax cuts and jobs act of 2017, incomplete accounting, provisional income tax expense | $ 136,700 | ||||
One-time mandatory transition tax | $ 24,800 | $ 25,430 | |||
Tax expense due to remeasurement of net U.S. federal deferred tax liability | $ 600 | ||||
Scenario Forecast [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
U.S. corporate income tax rate | 25.90% | ||||
Scenario, Plan [Member] | Minimum [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
U.S. corporate income tax rate | 21.00% |
Income Taxes - Estimated Future
Income Taxes - Estimated Future Tax Payment Obligation (Detail) - USD ($) $ in Thousands | 5 Months Ended | 8 Months Ended |
Feb. 10, 2018 | May 05, 2018 | |
Estimated future tax payment obligations [Abstract] | ||
2,018 | $ 3,372 | |
2,019 | 1,918 | |
2,020 | 1,918 | |
2,021 | 1,918 | |
2,022 | 1,918 | |
2,023 | 3,597 | |
2,024 | 4,795 | |
2,025 | 5,994 | |
Total One-Time Transition Tax Forecasted Obligation Payments | $ 24,800 | $ 25,430 |