AutoZone (AZO) 10-Q 7 Jun 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	8 Months Ended
	May 04, 2019	May 31, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 4, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	AUTOZONE INC
Entity Central Index Key	0000866787
Current Fiscal Year End Date	--08-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	AZO
Entity Common Stock, Shares Outstanding		24,528,705
Entity Emerging Growth Company	false
Entity Small Business	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May 04, 2019	Aug. 25, 2018
Current assets:
Cash and cash equivalents	$ 174,058	$ 217,824
Accounts receivable	281,610	258,136
Merchandise inventories	4,325,659	3,943,670
Other current assets	190,013	216,239
Total current assets	4,971,340	4,635,869
Property and equipment:
Property and equipment	7,556,743	7,291,623
Less: Accumulated depreciation and amortization	(3,231,813)	(3,073,223)
Property and equipment, net	4,324,930	4,218,400
Goodwill	302,645	302,645
Deferred income taxes	35,150	34,620
Other long-term assets	139,675	155,446
Other long-term assets, total	477,470	492,711
Assets	9,773,740	9,346,980
Current liabilities:
Accounts payable	4,693,094	4,409,372
Accrued expenses and other	595,618	606,894
Income taxes payable	28,177	12,415
Total current liabilities	5,316,889	5,028,681
Long-term debt	5,151,917	5,005,930
Deferred income taxes	301,080	285,204
Other long-term liabilities	593,367	547,520
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; 25,385 shares issued and 24,611 shares outstanding as of May 4, 2019; 27,530 shares issued and 25,742 shares outstanding as of August 25, 2018	254	275
Additional paid-in capital	1,229,524	1,155,426
Retained deficit	(1,870,576)	(1,208,824)
Accumulated other comprehensive loss	(236,612)	(235,805)
Treasury stock, at cost	(712,103)	(1,231,427)
Total stockholders' deficit	(1,589,513)	(1,520,355)
Liabilities and Stockholders' Deficit	$ 9,773,740	$ 9,346,980

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	May 04, 2019	Aug. 25, 2018
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	25,385,000	27,530,000
Common stock, shares outstanding	24,611,000	25,742,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		8 Months Ended
	May 04, 2019	May 05, 2018	May 04, 2019	May 05, 2018
Income Statement [Abstract]
Net sales	$ 2,783,006	$ 2,660,152	$ 7,875,307	$ 7,662,309
Cost of sales, including warehouse and delivery expenses	1,290,986	1,237,178	3,640,706	3,596,442
Gross profit	1,492,020	1,422,974	4,234,601	4,065,867
Operating, selling, general and administrative expenses	944,497	877,209	2,799,239	2,846,250
Operating profit	547,523	545,765	1,435,362	1,219,617
Interest expense, net	43,239	41,958	123,608	120,186
Income before income taxes	504,284	503,807	1,311,754	1,099,431
Income taxes	98,335	137,086	259,762	162,177
Net income	$ 405,949	$ 366,721	$ 1,051,992	$ 937,254
Weighted average shares for basic earnings per share	24,836	26,926	25,210	27,306
Effect of dilutive stock equivalents	558	403	501	463
Weighted average shares for diluted earnings per share	25,394	27,329	25,711	27,769
Basic earnings per share	$ 16.35	$ 13.62	$ 41.73	$ 34.32
Diluted earnings per share	$ 15.99	$ 13.42	$ 40.92	$ 33.75

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		8 Months Ended
		May 04, 2019	May 05, 2018	May 04, 2019	May 05, 2018
Statement of Comprehensive Income [Abstract]
Net income		$ 405,949	$ 366,721	$ 1,051,992	$ 937,254
Other comprehensive income (loss):
Pension liability adjustments, net of taxes	[1]		1,847		5,524
Foreign currency translation adjustments		(1,409)	(10,674)	(2,650)	(46,384)
Unrealized gains (losses) on marketable debt securities, net of taxes	[2]	246	(318)	677	(892)
Net derivative activities, net of taxes	[3]	388	390	1,166	1,170
Total other comprehensive loss		(775)	(8,755)	(807)	(40,582)
Comprehensive income		$ 405,174	$ 357,966	$ 1,051,185	$ 896,672
[1]	Pension liability adjustments in fiscal 2018 are presented net of taxes of $631 for the twelve weeks ended and $1,909 for the thirty-six weeks ended.
[2]	Unrealized gains (losses) on marketable debt securities are presented net of taxes of $65 in fiscal 2019 and $154 in fiscal 2018 for the twelve weeks ended and $180 in fiscal 2019 and $463 in fiscal 2018 for the thirty-six weeks ended.
[3]	Net derivative activities are presented net of taxes of $120 in fiscal 2019 and $119 in fiscal 2018 for the twelve weeks ended and $360 for fiscal 2019 and $356 in fiscal 2018 for the thirty-six weeks ended.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		8 Months Ended
	May 04, 2019	May 05, 2018	May 04, 2019	May 05, 2018
Statement of Comprehensive Income [Abstract]
Pension liability adjustments, taxes		$ 631		$ 1,909
Unrealized gains (losses) on marketable debt securities, net of taxes	$ 65	154	$ 180	463
Net derivative activities, taxes	$ 120	$ 119	$ 360	$ 356

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	8 Months Ended
	May 04, 2019	May 05, 2018
Cash flows from operating activities:
Net income	$ 1,051,992	$ 937,254
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment and intangibles	251,118	237,091
Amortization of debt origination fees	5,506	5,858
Deferred income taxes	17,111	(135,972)
Share-based compensation expense	31,529	29,559
Asset impairments		193,162
Changes in operating assets and liabilities:
Accounts receivable	(21,616)	4,254
Merchandise inventories	(384,883)	(255,112)
Accounts payable and accrued expenses	259,629	173,355
Income taxes payable	10,585	18,500
Other, net	65,664	48,407
Net cash provided by operating activities	1,286,635	1,256,356
Cash flows from investing activities:
Capital expenditures	(313,847)	(327,148)
Purchase of marketable debt securities	(38,855)	(90,192)
Proceeds from sale of marketable debt securities	61,052	79,514
Proceeds from disposal of capital assets and other, net	6,358	35,166
Net cash used in investing activities	(285,292)	(302,660)
Cash flows from financing activities:
Net payments of commercial paper	(348,500)	(129,600)
Proceeds from issuance of debt	750,000
Repayment of debt	(250,000)
Net proceeds from sale of common stock	164,927	69,694
Purchase of treasury stock	(1,313,116)	(927,155)
Payments of capital lease obligations	(38,428)	(36,866)
Other, net	(8,360)	(1,247)
Net cash used in financing activities	(1,043,477)	(1,025,174)
Effect of exchange rate changes on cash	(1,632)	(3,406)
Decrease in cash and cash equivalents	(43,766)	(74,884)
Cash and cash equivalents at beginning of period	217,824	293,270
Cash and cash equivalents at end of period	$ 174,058	$ 218,386

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock [Member]
Balance at Aug. 26, 2017	$ (1,428,377)	$ 287	$ 1,086,671	$ (1,642,387)	$ (254,557)	$ (618,391)
Balance, Shares at Aug. 26, 2017		28,735,000
Net income	937,254			937,254
Total other comprehensive income	(40,582)				(40,582)
Retirement of treasury shares, value		$ (15)	(60,500)	(918,462)		978,977
Retirement of treasury shares, Shares		(1,512,000)
Purchase of treasury stock	(927,155)					(927,155)
Issuance of common stock under stock options and stock purchase plans	69,890	$ 3	69,887
Issuance of common stock under stock options and stock purchase plans, Shares		253,000
Share-based compensation expense	27,367		27,367
Balance at May. 05, 2018	(1,361,603)	$ 275	1,123,425	(1,623,595)	(295,139)	(566,569)
Balance, Shares at May. 05, 2018		27,476,000
Balance at Feb. 10, 2018	(1,330,547)	$ 275	1,112,747	(1,990,316)	(286,384)	(166,869)
Balance, Shares at Feb. 10, 2018		27,465,000
Net income	366,721			366,721
Total other comprehensive income	(8,755)				(8,755)
Purchase of treasury stock	(399,700)					(399,700)
Issuance of common stock under stock options and stock purchase plans	3,778		3,778
Issuance of common stock under stock options and stock purchase plans, Shares		11,000
Share-based compensation expense	6,900		6,900
Balance at May. 05, 2018	(1,361,603)	$ 275	1,123,425	(1,623,595)	(295,139)	(566,569)
Balance, Shares at May. 05, 2018		27,476,000
Balance at Aug. 25, 2018	$ (1,520,355)	$ 275	1,155,426	(1,208,824)	(235,805)	(1,231,427)
Balance, Shares at Aug. 25, 2018	27,530,000	27,530,000
Cumulative effect of adoption of ASU 2014-09 at Aug. 25, 2018	$ (6,773)			(6,773)
Balance at August 25, 2018, as adjusted at Aug. 25, 2018	(1,527,128)	$ 275	1,155,426	(1,215,597)	(235,805)	(1,231,427)
Balance at August 25, 2018, as adjusted, shares at Aug. 25, 2018		27,530,000
Net income	1,051,992			1,051,992
Total other comprehensive income	(807)				(807)
Retirement of treasury shares, value		$ (26)	(125,443)	(1,706,971)		1,832,440
Retirement of treasury shares, Shares		(2,563,000)
Purchase of treasury stock	(1,313,116)					(1,313,116)
Issuance of common stock under stock options and stock purchase plans	171,294	$ 5	171,289
Issuance of common stock under stock options and stock purchase plans, Shares		418,000
Share-based compensation expense	28,252		28,252
Balance at May. 04, 2019	$ (1,589,513)	$ 254	1,229,524	(1,870,576)	(236,612)	(712,103)
Balance, Shares at May. 04, 2019	25,385,000	25,385,000
Balance at Feb. 09, 2019	$ (1,594,362)	$ 253	1,163,831	(2,276,525)	(235,837)	(246,084)
Balance, Shares at Feb. 09, 2019		25,259,000
Net income	405,949			405,949
Total other comprehensive income	(775)				(775)
Purchase of treasury stock	(466,019)					(466,019)
Issuance of common stock under stock options and stock purchase plans	57,348	$ 1	57,347
Issuance of common stock under stock options and stock purchase plans, Shares		126,000
Share-based compensation expense	8,346		8,346
Balance at May. 04, 2019	$ (1,589,513)	$ 254	$ 1,229,524	$ (1,870,576)	$ (236,612)	$ (712,103)
Balance, Shares at May. 04, 2019	25,385,000	25,385,000

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Deficit (Parenthetical) - shares shares in Thousands	3 Months Ended		8 Months Ended		256 Months Ended
	May 04, 2019	May 05, 2018	May 04, 2019	May 05, 2018	May 04, 2019
Statement of Stockholders' Equity [Abstract]
Purchase of treasury stock, shares	472	599	1,548	1,424	146,200

General

General	8 Months Ended
	May 04, 2019
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 United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and are presented in accordance with the requirements of Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission’s (the “SEC”) rules and regulations. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. For further information, refer to the consolidated financial statements and related notes included in the AutoZone, Inc. (“AutoZone” or the “Company”) Annual Report on Form 10-K for the year ended August 25, 2018. Operating results for the twelve and thirty-six weeks ended May 4 , 2019 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 31 , 2019 . Each of the first three quarters of AutoZone’s fiscal year consists of 12 weeks, and the fourth quarter consists of 16 or 17 weeks. The fourth quarter of fiscal 2019 has 17 weeks and fiscal 2018 had 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. Recently Adopted Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) . This ASU, along with subsequent ASUs issued to clarify certain provisions of ASU 2014-09, is a comprehensive new revenue recognition model that expands disclosure requirements and requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration a company expects to receive in exchange for those 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. Companies that transition to this new standard may either retrospectively restate each prior reporting period or follow the modified retrospective method, which reflects the cumulative effect of initially applying the updates with an adjustment to retained earnings at the date of adoption. The Company adopted this standard using the modified retrospective approach with its first quarter ended November 17, 2018. Results for the twelve and thirty-six weeks ended May 4, 2019 were presented under ASU 2014-09, while prior period amounts were not adjusted and continue to be reported under the accounting standards in effect for the prior periods. The cumulative effect of the adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial condition, results of operations, cash flows, business processes, controls or systems. Refer to “Note M – Revenue Recognition.” In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory . ASU 2016-16 requires that an entity recognize the income tax consequences of an intra-entity transfer of assets other than inventory when the transfer occurs. The guidance must be applied using the modified retrospective approach. The Company adopted this standard with its first quarter ended November 17, 2018 and evaluated the effects from this adoption. The Company determined the provision of ASU 2016-16 did not have an impact on the Company’s consolidated financial statements. On August 17, 2018, the SEC adopted a final rule that eliminates or amends certain disclosure requirements that were deemed redundant and outdated in light of changes in SEC requirements, U.S. GAAP or changes in technology or the business environment. The rule also requires registrants to include in their interim financial statements a reconciliation of changes in stockholders’ equity in the notes or as a separate statement. The analysis should reconcile the beginning balance to the ending balance of each caption in shareholders’ equity for each period for which an income statement is required to be filed. The final rule became effective November 5, 2018. The Company has provided a reconciliation for the quarterly period as well as the comparable prior period in its Form 10-Q beginning with its first quarter ended November 17, 2018. The eliminated or amended disclosures did not have a material impact on the Company’s unaudited Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements: In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires a two-fold approach for lessee accounting, under which a lessee will account for leases as finance leases or operating leases. For all leases with terms greater than 12 months, both lease classifications will result in the lessee recognizing a right-of-use asset and a corresponding lease liability on its balance sheet, with differing methodology for income statement recognition. This guidance also requires certain quantitative and qualitative disclosures about leasing arrangements. The amendment will be effective for the Company at the beginning of its fiscal 2020 year, and early adoption is permitted. As originally issued, this guidance required a modified retrospective approach for all leases existing or entered into after the beginning of the earliest comparative period in the consolidated financial statements. In July 2018, the FASB issued additional guidance, which allows companies to record the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption, which the Company intends to apply, as an alternative to the modified retrospective approach. The Company intends to elect transition practical expedients under which the Company will not be required to reassess (i) whether expired or existing contracts are or contain leases as defined by the new standard, (ii) the classification of such leases, and (iii) whether previously capitalized initial direct costs would qualify for capitalization under the new standard. The Company established a cross-functional implementation team to evaluate and identify the impact of ASU 2016-02 on the Company’s consolidated financial position, results of operations and cash flows. The implementation team has completed its internal evaluation of existing contractual arrangements, has successfully tested computations in the Company’s lease administration system, and has developed a process to compute the discount rate as required by the new standard. The Company is currently in the process of identifying changes to its business processes and controls to support the adoption of the new standard. The team is continuing to understand the full analysis of the adoption, but has not concluded the assessment of the impact at this time. The Company anticipates the adoption of this new standard to result in a significant increase in lease-related assets and liabilities on the Company’s Consolidated Balance Sheets. The impact on the Company’s Consolidated Statements of Income is currently being evaluated. As the impact of this standard is non-cash in nature, the Company does not anticipate its adoption to have an impact on the Company’s Consolidated Statement of Cash Flows. In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . ASU 2018-07 aims to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The amendment will be effective for the Company at the beginning of its fiscal 2020 year, and early adoption is permitted. The Company does not expect the provisions of ASU 2018-07 to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact the adoption of this guidance will have on the Company’s results of operations, cash flows and financial condition. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments Credit Losses. Leases (Topic 842)

Share-Based Payments

Share-Based Payments	8 Months Ended
	May 04, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Payments	Note B – Share-Based Payments AutoZone maintains the Amended 2011 Equity Plan, which provides equity-based compensation to non-employee directors and eligible employees for their service to AutoZone, its subsidiaries or affiliates. The Company recognizes compensation expense for share-based payments based on the fair value of the awards at the grant date. Share-based payments include stock option grants, restricted stock grants, restricted stock unit grants 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. Stock Options: The Company made stock option grants of 172,750 shares during the thirty-six week period ended May 4, 2019, and granted options to purchase 284,335 shares during the comparable prior year period. The weighted average fair value of the stock option awards granted during the thirty-six week periods ended May 4, 2019 and May 5, 2018, using the Black-Scholes-Merton multiple-option pricing valuation model, was $208.37 and $129.12 per share, respectively, using the following weighted average key assumptions: Thirty-Six Weeks Ended May 4, 2019 May 5, 2018 Expected price volatility 21 % 20 % Risk-free interest rate 3.0 % 1.9 % Weighted average expected lives (in years) 5.6 5.1 Forfeiture rate 10 % 10 % Dividend yield 0 % 0 % During the thirty-six week period ended May 4, 2019, 408,657 stock options were exercised at a weighted average exercise price of $412.75. In the comparable prior year period, 243,370 stock options were exercised at a weighted average exercise price of $281.72. Restricted Stock Units: The Company made restricted stock unit grants of 10,507 shares to eligible employees during the thirty-six week period ended May 4, 2019 and none in the comparable prior year period. The fair value of the restricted stock unit grants is the closing price of the Company’s common stock on the grant date and the grants vest ratably on an annual basis over a four-year service period. Restricted stock unit awards are payable in shares of common stock on the vesting date. Compensation expense for grants of employee restricted stock units is recognized on a straight-line basis over the four-year service period, less estimated forfeitures, which are consistent with stock option grant forfeiture assumptions. The weighted average fair value per restricted stock unit granted was $773.57. As of May 4, 2019, total unrecognized stock-based compensation expense related to nonvested restricted stock unit awards, net of estimated forfeitures, was approximately $6.2 million, before income taxes, which we expect to recognize over an estimated weighted average period of 3.4 years. Total share-based compensation expense (a component of Operating, selling, general and administrative expenses) was $10.0 million for the twelve week period ended May 4, 2019, and $5.8 million for the comparable prior year period. Total share-based compensation was $31.5 million for the thirty-six week period ended May 4, 2019, and $29.6 million for the comparable prior year period. For the twelve week period ended May 4, 2019, 4,177 stock options were excluded from the diluted earnings per share computation because they would have been anti-dilutive. For the comparable prior year period, 861,595 anti-dilutive shares were excluded from the dilutive earnings per share computation. There were 149,648 anti-dilutive shares excluded from the diluted earnings per share computation for the thirty-six week period ended May 4, 2019, and 850,421 anti-dilutive shares excluded for the comparable prior year period. See AutoZone’s Annual Report on Form 10-K for the year ended August 25, 2018, for a discussion regarding the methodology used in developing AutoZone’s assumptions to determine the fair value of the option awards and a description of AutoZone’s Amended and Restated 2011 Equity Incentive Award Plan, the 2011 Director Compensation Program and the 2014 Director Compensation Plan.

Fair Value Measurements

Fair Value Measurements	8 Months Ended
	May 04, 2019
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 , the Company uses the fair value hierarchy, which prioritizes the inputs used to measure fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are set forth below: Level 1 inputs —unadjusted quoted prices in active markets for identical assets or liabilities that the Company can access at the measurement date. Level 2 inputs —inputs other than quoted market prices included within Level 1 that are observable, either directly or indirectly, for the asset or liability. Level 3 inputs —unobservable inputs for the asset or liability, which are based on the Company’s own assumptions as there is little, if any, observable activity in identical assets or liabilities. 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 4, 2019 (in thousands) Level 1 Level 2 Level 3 Fair Value Other current assets $ 39,068 $ 4,930 $ – $ 43,998 Other long-term assets 61,735 7,602 – 69,337 $ 100,803 $ 12,532 $ – $ 113,335 August 25, 2018 (in thousands) Level 1 Level 2 Level 3 Fair Value Other current assets $ 55,711 $ 3,733 $ – $ 59,444 Other long-term assets 58,973 16,259 – 75,232 $ 114,684 $ 19,992 $ – $ 134,676 At May 4, 2019, the fair value measurement amounts for assets and liabilities recorded in the accompanying Condensed Consolidated Balance Sheets consisted of short-term marketable debt securities of $44.0 million, which are included within Other current assets, and long-term marketable debt securities of $69.3 million, which are included in Other long-term assets. The Company’s marketable debt securities are typically valued at the closing price in the principal active market as of the last business day of the quarter or through the use of other market inputs relating to the securities, including benchmark yields and reported trades. The fair values of the marketable debt securities, by asset class, are described in “Note D – Marketable Debt Securities.” Financial Instruments not Recognized at Fair Value The Company has financial instruments, including cash and cash equivalents, accounts receivable, other current assets and accounts payable. The carrying amounts of these financial instruments approximate fair value because of their short maturities. A discussion of the carrying values and fair values of the Company’s debt is included in “Note G – Financing.”

Marketable Debt Securities

Marketable Debt Securities	8 Months Ended
	May 04, 2019
Investments, Debt and Equity Securities [Abstract]
Marketable Debt Securities	Note D – Marketable Debt Securities The Company’s basis for determining the cost of a security sold is the “Specific Identification Model.” Unrealized gains (losses) on marketable debt securities are recorded in Accumulated other comprehensive loss. The Company’s available-for-sale marketable debt securities consisted of the following: May 4, 2019 (in thousands) Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities $ 40,182 $ – $ (301 ) $ 39,881 Government bonds 42,345 180 (34 ) 42,491 Mortgage-backed securities 2,466 – (44 ) 2,422 Asset-backed securities and other 28,586 – (45 ) 28,541 $ 113,579 $ 180 $ (424 ) $ 113,335 August 25, 2018 (in thousands) Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities $ 50,306 $ – $ (684 ) $ 49,622 Government bonds 28,777 – (173 ) 28,604 Mortgage-backed securities 3,248 – (90 ) 3,158 Asset-backed securities and other 53,445 – (153 ) 53,292 $ 135,776 $ – $ (1,100 ) $ 134,676 The debt securities held at May 4, 2019, 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 debt securities during the thirty-six week period ended May 4, 2019. The Company holds 84 securities that are in an unrealized loss position of approximately $424 thousand at May 4, 2019. 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 debt securities are $87.5 million of marketable debt securities transferred by the Company’s insurance captive to a trust account to secure its obligations to an insurance company related to future workers’ compensation and casualty losses.

Derivative Financial Instrument

Derivative Financial Instruments	8 Months Ended
	May 04, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Note E – Derivative Financial Instruments At May 4, 2019, the Company had $6.3 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 4, 2019 and the comparable prior year period, the Company reclassified $508 thousand of net losses from Accumulated other comprehensive loss to Interest expense. During the thirty-six week period ended May 4, 2019 and the comparable prior year period, the Company reclassified $1.5 million of net losses from Accumulated other comprehensive loss to Interest expense. The Company expects to reclassify $2.2 million of net losses from Accumulated other comprehensive loss to Interest expense over the next 12 months.

Merchandise Inventories

Merchandise Inventories	8 Months Ended
	May 04, 2019
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 (“LIFO”) method for domestic inventories and the weighted average cost method for Mexico and Brazil inventories. Due to price deflation on the Company’s merchandise purchases, the Company has exhausted its LIFO reserve balance. The Company’s policy is not to write up inventory in excess of replacement cost, which is based on average cost. The difference between LIFO cost and replacement cost, which will be reduced upon experiencing price inflation on the Company’s merchandise purchases, was $431.1 million at May 4, 2019 and $452.4 million at August 25, 2018.

Financing

Financing	8 Months Ended
	May 04, 2019
Debt Disclosure [Abstract]
Financing	Note G – Financing The Company’s long-term debt consisted of the following: (in thousands) May 4, 2019 August 25, 2018 1.625% Senior Notes due April 2019, effective interest rate of 1.77% $ — $ 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 3.125% Senior Notes due April 2024, effective interest rate 3.32% 300,000 — 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 3.750% Senior Notes due April 2029, effective interest rate of 3.86% 450,000 — Commercial paper, weighted average interest rate of 2.64% and 2.29% at May 4, 2019 and August 25, 2018, respectively 976,800 1,325,300 Total debt before discounts and debt issuance costs 5,176,800 5,025,300 Less: Discounts and debt issuance costs 24,883 19,370 Long-term debt $ 5,151,917 $ 5,005,930 As of May 4, 2019, the commercial paper borrowings are classified as long-term in the accompanying Consolidated Balance Sheets as the Company has the ability and intent to refinance them on a long-term basis through available capacity in its revolving credit facility. As of May 4, 2019, 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. On April 18, 2019, the Company issued $ 450 million in 3.750% Senior Notes due April 2029 under its shelf registration statement filed with the SEC on April 4, 2019 ( (the “2019 Shelf Registration”). The 2019 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 were used to repay a portion of the outstanding commercial paper borrowings, the $250 million in 1.625% Senior Notes due in April 2019 and for other general corporate purposes. 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 Under the Revolving Credit Agreement, 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 Agreement, depending upon the Company’s senior, unsecured, (non-credit enhanced) long-term debt ratings. Interest accrues on base rate loans as defined in the Revolving Credit Agreement. 3.3 The fair value of the Company’s debt was estimated at $5.190 billion as of May 4, 2019, and $4.948 billion as of August 25, 2018, 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 $37.9 million at May 4, 2019, and less than the carrying value of debt by $57.5 million at August 25, 2018, which reflects their face amount, adjusted for any unamortized debt issuance costs and discounts. 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 the Company experiences a change in control (as defined in the agreements). The Company’s borrowings under its senior notes contain minimal covenants, primarily restrictions on liens. Under its revolving credit facility, 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 its 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 4, 2019, the Company was in compliance with all covenants and expects to remain in compliance with all covenants under its borrowing arrangements.

Stock Repurchase Program

Stock Repurchase Program	8 Months Ended
	May 04, 2019
Equity [Abstract]
Stock Repurchase Program	Note H – Stock Repurchase Program From January 1, 1998 to May 4, 2019, the Company has repurchased a total of 146.2 million shares of its common stock at an aggregate cost of $20.731 billion, including 1.5 million shares of its common stock at an aggregate cost of $1.313 billion during the thirty-six week period ended May 4, 2019. On March 20, 2019, the Board voted to increase the authorization by $1.0 billion. This raised the total value of shares authorized to be repurchased to $21.9 billion. Considering the cumulative repurchases as of May 4, 2019, the Company had $ 1.169 During the thirty-six week period ended May 4, 2019, the Company retired 2.6 million shares of treasury stock which had previously been repurchased under the Company’s share repurchase program. The retirement increased Retained deficit by $1.707 billion and decreased Additional paid-in capital by $125.4 million. During the comparable prior year period, the Company retired 1.5 million shares of treasury stock, which increased Retained deficit by $918.5 million and decreased Additional paid-in capital by $60.5 million. Subsequent to May 4, 2019, the Company has repurchased shares of its common stock at an aggregate cost of $ million.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	8 Months Ended
	May 04, 2019
Equity [Abstract]
Accumulated Other Comprehensive Loss	Note I – Accumulated Other Comprehensive Loss Accumulated other comprehensive loss includes certain adjustments to pension liabilities, foreign currency translation adjustments, certain activity for interest rate swaps and treasury rate locks that qualify as cash flow hedges and unrealized gains (losses) on available-for-sale securities. Changes in Accumulated other comprehensive loss for the twelve week periods ended May 4, 2019 and May 5, 2018 consisted of the following: (in thousands) Pension ‎ Liability (6) Foreign Currency and Other (3) Net Unrealized Gain (Loss) on Securities Derivatives Total Balance at February 9, 2019 $ – $ (230,140 ) $ (442 ) $ (5,255 ) $ (235,837 ) Other comprehensive (loss) income before reclassifications (1) – (1,409 ) 277 – (1,132 ) Amounts reclassified from Accumulated other comprehensive loss ( 1 ) – – (31 ) (4) 388 (5) 357 Balance at May 4, 2019 $ – $ (231,549 ) $ (196 ) $ (4,867 ) $ (236,612 ) (in thousands) Pension Liability Foreign Currency and Other (3) Net Unrealized Gain (Loss) on Securities Derivatives Total Balance at February 10, 2018 $ (68,699 ) $ (211,524 ) $ (585 ) $ (5,576 ) $ (286,384 ) Other comprehensive (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 ) (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, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. (3) Foreign currency is shown net of U.S. tax to account for foreign currency impacts of certain undistributed non-U.S. subsidiaries earnings. Other foreign currency is not shown net of additional U.S. tax as other basis differences of non-U.S. subsidiaries are intended to be permanently reinvested. (4) Represents realized gains (losses) on marketable debt securities, net of taxes of $8 for the twelve weeks ended May 4, 2019, and $3 for the twelve weeks ended May 5, 2018, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note D – Marketable Debt Securities” for further discussion. (5) Represents gains on derivatives, net of taxes of $120 for the twelve weeks ended May 4, 2019 and $119 for the twelve weeks ended May 5, 2018, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion. (6) On December 19, 2017, the Board approved a resolution to terminate both of the Company’s pension plans, effective March 15, 2018. During the fourth quarter of 2018, the Company completed the termination and no longer has any remaining defined pension benefit obligation. Changes in Accumulated other comprehensive loss for the thirty-six week periods ended May 4, 2019 and May 5, 2018 consisted of the following: (in thousands) Pension ‎ Liability (6) Foreign Currency and Other (3) Net Unrealized Gain (Loss) on Securities Derivatives Total Balance at August 25, 2018 $ – $ (228,899 ) $ (873 ) $ (6,033 ) $ (235,805 ) Other comprehensive (loss) income before reclassifications (1) – (2,650 ) 707 – (1,943 ) Amounts reclassified from Accumulated other comprehensive loss ( 1 ) – – (30 ) (4) 1,166 (5) 1,136 Balance at May 4, 2019 $ – $ (231,549 ) $ (196 ) $ (4,867 ) $ (236,612 ) (in thousands) Pension Liability Foreign Currency and Other (3) Net Unrealized Gain (Loss) on Securities 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 ) (1) Amounts in parentheses indicate debits to Accumulated other comprehensive loss. (2) Represents amortization of pension liability adjustments, net of taxes of $1,909 for the thirty-six weeks ended May 5, 2018, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. (3) Foreign currency is shown net of U.S. tax to account for foreign currency impacts of certain undistributed non-U.S. subsidiaries earnings. Other foreign currency is not shown net of additional U.S. tax as other basis differences of non-U.S. subsidiaries are intended to be permanently reinvested. (4) Represents realized gains (losses) on marketable debt securities, net of taxes of $8 for the thirty-six weeks ended May 4, 2019, and $20 for the thirty-six weeks ended May 5, 2018, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note D – Marketable Debt Securities” for further discussion. (5) Represents gains on derivatives, net of taxes of $360 for the thirty-six weeks ended May 4, 2019 and $356 for the thirty-six weeks ended May 5, 2018, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion. (6) On December 19, 2017, the Board approved a resolution to terminate both of the Company’s pension plans, effective March 15, 2018. During the fourth quarter of 2018, the Company completed the termination and no longer has any remaining defined pension benefit obligation.

Goodwill and Intangibles

Goodwill and Intangibles	8 Months Ended
	May 04, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles	Note J – Goodwill and Intangibles As of May 4, 2019, there were no changes to the carrying amount of goodwill as described in our Annual Report on Form 10-K for the year ended August 25, 2018. The carrying amounts of intangible assets are included in Other long-term assets as follows: (in thousands) Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing intangible assets: Technology 3 5 $ 870 $ (870 ) $ – Customer relationships 3 10 29,376 (22,475 ) 6,901 $ 30,246 $ (23,345 ) 6,901 Total intangible assets other than goodwill $ 6,901 Amortization expense of intangible assets for the twelve and thirty-six week periods ended May 4, 2019 was $1.0 million and $2.9 million, respectively. Amortization expense of intangible assets for the twelve and thirty-six week periods ended May 5, 2018 was $1.0 million and $3.8 million, respectively.

Asset Impairments

Asset Impairments	8 Months Ended
	May 04, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Asset Impairments	Note K – Asset Impairments During the second quarter of fiscal 2018, the Company determined that the approximate fair value less costs to sell two owned businesses, Interamerican Motor Corporation (IMC) and AutoAnything, 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 $93.6 million $99.6 million. During the third quarter of fiscal 2018, the Company completed the IMC and AutoAnything for total consideration that approximated the remaining net book value at the closing date.

Litigation

Litigation	8 Months Ended
	May 04, 2019
Commitments and Contingencies Disclosure [Abstract]
Litigation	Note L – Litigation 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 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.

Revenue Recognition

Revenue Recognition	8 Months Ended
	May 04, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Note M – Revenue Recognition The Company adopted ASU 2014-09, Revenue from Contracts with Customers using the modified retrospective method beginning with our first quarter ending November 17, 2018. The cumulative effect of initially applying ASU 2014-09 resulted in an increase to the opening retained deficit balance of $6.8 million, net of taxes at August 26, 2018, and a related adjustment to accounts receivable, other current assets, other long-term assets, other current liabilities and deferred income taxes as of that date. Revenue for periods prior to August 26, 2018 were not adjusted and continue to be reported under the accounting standards in effect for the prior periods. The Company’s primary source of revenue is derived from the sale of automotive aftermarket parts and merchandise to its retail and commercial customers. Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied, in an amount representing the consideration the Company expects to receive in exchange for selling products to its customers. Sales are recorded net of variable consideration in the period incurred, including discounts, sales incentives and rebates, sales taxes and estimated sales returns. Sales returns are based on historical return rates. The Company may enter into contracts that include multiple combinations of products and services, which are accounted for as separate performance obligations and do not require significant judgment. The Company’s performance obligations are typically satisfied when the customer takes possession of the merchandise. Revenue from retail customers is recognized when the customer leaves our store with the purchased products, typically at the point of sale or for E-commerce orders when the product is shipped. Revenue from commercial customers is recognized upon delivery, typically same-day. Payment from retail customers is at the point of sale and payment terms for commercial customers are based on the Company’s pre-established credit requirements and generally range from 1 to 30 days. Discounts, sales incentives and rebates are treated as separate performance obligations, and revenue allocated to these performance obligations is recognized as the obligations to the customer are satisfied. Additionally, the Company estimates and records gift card breakage as redemptions occur. The Company offers diagnostic and repair information software used in the automotive repair industry through ALLDATA. This revenue is recognized as services are provided. Revenue from these services are recognized over the life of the contract. 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 for merchandise sold under warranty not covered by vendors are estimated and recorded at the time of sale based on the historical return rate for each individual product line. Differences between vendor allowances received, in lieu of warranty obligations and estimated warranty expense for the vendor’s products, are recorded as an adjustment to cost of sales. There were no material contract assets, contract liabilities or deferred contract costs recorded on the Condensed Consolidated Balance Sheet as of May 4, 2019. Revenue related to unfulfilled performance obligations as of May 4, 2019 is not significant. Refer to “Note N – Segment Reporting” for additional information related to revenue recognized during the period.

Segment Reporting

Segment Reporting	8 Months Ended
	May 04, 2019
Segment Reporting [Abstract]
Segment Reporting	Note N – Segment Reporting The Company’s operating segments (Domestic Auto Parts, Mexico and Brazil; and IMC 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 for the year ended August 25, 2018. The Auto Parts Locations segment is a retailer and distributor of automotive parts and accessories through the Company’s 6,287 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; sales through www.autozone.com that are not fulfilled by an AutoZone store; and AutoAnything, which includes direct sales to customers through www.autoanything.com, prior to the Company’s sale of substantially all of AutoAnything’s assets on February 26, 2018. The Company evaluates its reportable segment primarily on the basis of net sales and segment profit, which is defined as gross profit. Segment results for the periods presented were as follows: Twelve Weeks Ended Thirty-Six Weeks Ended (in thousands) May 4, 2019 May 5, 2018 May 4, 2019 May 5, 2018 Net Sales Auto Parts Locations $ 2,731,900 $ 2,610,485 $ 7,728,173 $ 7,452,186 Other 51,106 49,667 147,134 210,123 Total $ 2,783,006 $ 2,660,152 $ 7,875,307 $ 7,662,309 Segment Profit Auto Parts Locations $ 1,457,608 $ 1,387,497 $ 4,132,358 $ 3,942,949 Other 34,412 35,477 102,243 122,918 Gross profit 1,492,020 1,422,974 4,234,601 4,065,867 Operating, selling, general and administrative expenses (944,497 ) (877,209 ) (2,799,239 ) (2,846,250 ) Interest expense, net (43,239 ) (41,958 ) (123,608 ) (120,186 ) Income before income taxes $ 504,284 $ 503,807 $ 1,311,754 $ 1,099,431

Income Taxes

Income Taxes	8 Months Ended
	May 04, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note O – Income Taxes The Company’s effective income tax rate was 19.5% $13.1 27.2% The Company’s effective income tax rate on pretax income for the thirty-six weeks ended May 4, 2019, was 19.8% and 14.8% for the comparable prior year period. The increase in the tax rate was primarily due to the one-time benefits recognized in the prior period related to the re-measurement of the Company’s U.S. federal deferred tax liability at the lower rate upon enactment of Tax Cuts and Jobs Act (“Tax Reform”), net of tax expenses related to the mandatory one-time transition tax, which resulted in a net tax benefit of $111.9 million. The tax benefit of stock option exercises was $38.2 million for the thirty-six weeks ended May 4, 2019 and $27.2 million for the comparable prior period.

General (Policies)

General (Policies)	8 Months Ended
	May 04, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Period	Operating results for the twelve and thirty-six weeks ended May 4 , 2019 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 31 , 2019 . Each of the first three quarters of AutoZone’s fiscal year consists of 12 weeks, and the fourth quarter consists of 16 or 17 weeks. The fourth quarter of fiscal 2019 has 17 weeks and fiscal 2018 had 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.
Recently Adopted and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) . This ASU, along with subsequent ASUs issued to clarify certain provisions of ASU 2014-09, is a comprehensive new revenue recognition model that expands disclosure requirements and requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration a company expects to receive in exchange for those 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. Companies that transition to this new standard may either retrospectively restate each prior reporting period or follow the modified retrospective method, which reflects the cumulative effect of initially applying the updates with an adjustment to retained earnings at the date of adoption. The Company adopted this standard using the modified retrospective approach with its first quarter ended November 17, 2018. Results for the twelve and thirty-six weeks ended May 4, 2019 were presented under ASU 2014-09, while prior period amounts were not adjusted and continue to be reported under the accounting standards in effect for the prior periods. The cumulative effect of the adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial condition, results of operations, cash flows, business processes, controls or systems. Refer to “Note M – Revenue Recognition.” In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory . ASU 2016-16 requires that an entity recognize the income tax consequences of an intra-entity transfer of assets other than inventory when the transfer occurs. The guidance must be applied using the modified retrospective approach. The Company adopted this standard with its first quarter ended November 17, 2018 and evaluated the effects from this adoption. The Company determined the provision of ASU 2016-16 did not have an impact on the Company’s consolidated financial statements. On August 17, 2018, the SEC adopted a final rule that eliminates or amends certain disclosure requirements that were deemed redundant and outdated in light of changes in SEC requirements, U.S. GAAP or changes in technology or the business environment. The rule also requires registrants to include in their interim financial statements a reconciliation of changes in stockholders’ equity in the notes or as a separate statement. The analysis should reconcile the beginning balance to the ending balance of each caption in shareholders’ equity for each period for which an income statement is required to be filed. The final rule became effective November 5, 2018. The Company has provided a reconciliation for the quarterly period as well as the comparable prior period in its Form 10-Q beginning with its first quarter ended November 17, 2018. The eliminated or amended disclosures did not have a material impact on the Company’s unaudited Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements: In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires a two-fold approach for lessee accounting, under which a lessee will account for leases as finance leases or operating leases. For all leases with terms greater than 12 months, both lease classifications will result in the lessee recognizing a right-of-use asset and a corresponding lease liability on its balance sheet, with differing methodology for income statement recognition. This guidance also requires certain quantitative and qualitative disclosures about leasing arrangements. The amendment will be effective for the Company at the beginning of its fiscal 2020 year, and early adoption is permitted. As originally issued, this guidance required a modified retrospective approach for all leases existing or entered into after the beginning of the earliest comparative period in the consolidated financial statements. In July 2018, the FASB issued additional guidance, which allows companies to record the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption, which the Company intends to apply, as an alternative to the modified retrospective approach. The Company intends to elect transition practical expedients under which the Company will not be required to reassess (i) whether expired or existing contracts are or contain leases as defined by the new standard, (ii) the classification of such leases, and (iii) whether previously capitalized initial direct costs would qualify for capitalization under the new standard. The Company established a cross-functional implementation team to evaluate and identify the impact of ASU 2016-02 on the Company’s consolidated financial position, results of operations and cash flows. The implementation team has completed its internal evaluation of existing contractual arrangements, has successfully tested computations in the Company’s lease administration system, and has developed a process to compute the discount rate as required by the new standard. The Company is currently in the process of identifying changes to its business processes and controls to support the adoption of the new standard. The team is continuing to understand the full analysis of the adoption, but has not concluded the assessment of the impact at this time. The Company anticipates the adoption of this new standard to result in a significant increase in lease-related assets and liabilities on the Company’s Consolidated Balance Sheets. The impact on the Company’s Consolidated Statements of Income is currently being evaluated. As the impact of this standard is non-cash in nature, the Company does not anticipate its adoption to have an impact on the Company’s Consolidated Statement of Cash Flows. In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . ASU 2018-07 aims to simplify the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. The amendment will be effective for the Company at the beginning of its fiscal 2020 year, and early adoption is permitted. The Company does not expect the provisions of ASU 2018-07 to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact the adoption of this guidance will have on the Company’s results of operations, cash flows and financial condition. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments Credit Losses. Leases (Topic 842)

Share-Based Payments (Tables)

Share-Based Payments (Tables)	8 Months Ended
	May 04, 2019
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 week periods ended May 4, 2019 and May 5, 2018, using the Black-Scholes-Merton multiple-option pricing valuation model, was $208.37 and $129.12 per share, respectively, using the following weighted average key assumptions: Thirty-Six Weeks Ended May 4, 2019 May 5, 2018 Expected price volatility 21 % 20 % Risk-free interest rate 3.0 % 1.9 % Weighted average expected lives (in years) 5.6 5.1 Forfeiture rate 10 % 10 % Dividend yield 0 % 0 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	8 Months Ended
	May 04, 2019
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 4, 2019 (in thousands) Level 1 Level 2 Level 3 Fair Value Other current assets $ 39,068 $ 4,930 $ – $ 43,998 Other long-term assets 61,735 7,602 – 69,337 $ 100,803 $ 12,532 $ – $ 113,335 August 25, 2018 (in thousands) Level 1 Level 2 Level 3 Fair Value Other current assets $ 55,711 $ 3,733 $ – $ 59,444 Other long-term assets 58,973 16,259 – 75,232 $ 114,684 $ 19,992 $ – $ 134,676

Marketable Debt Securities (Tab

Marketable Debt Securities (Tables)	8 Months Ended
	May 04, 2019
Investments, Debt and Equity Securities [Abstract]
Available-for-Sale Marketable Securities	The Company’s available-for-sale marketable debt securities consisted of the following: May 4, 2019 (in thousands) Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities $ 40,182 $ – $ (301 ) $ 39,881 Government bonds 42,345 180 (34 ) 42,491 Mortgage-backed securities 2,466 – (44 ) 2,422 Asset-backed securities and other 28,586 – (45 ) 28,541 $ 113,579 $ 180 $ (424 ) $ 113,335 August 25, 2018 (in thousands) Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities $ 50,306 $ – $ (684 ) $ 49,622 Government bonds 28,777 – (173 ) 28,604 Mortgage-backed securities 3,248 – (90 ) 3,158 Asset-backed securities and other 53,445 – (153 ) 53,292 $ 135,776 $ – $ (1,100 ) $ 134,676

Financing (Tables)

Financing (Tables)	8 Months Ended
	May 04, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s long-term debt consisted of the following: (in thousands) May 4, 2019 August 25, 2018 1.625% Senior Notes due April 2019, effective interest rate of 1.77% $ — $ 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 3.125% Senior Notes due April 2024, effective interest rate 3.32% 300,000 — 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 3.750% Senior Notes due April 2029, effective interest rate of 3.86% 450,000 — Commercial paper, weighted average interest rate of 2.64% and 2.29% at May 4, 2019 and August 25, 2018, respectively 976,800 1,325,300 Total debt before discounts and debt issuance costs 5,176,800 5,025,300 Less: Discounts and debt issuance costs 24,883 19,370 Long-term debt $ 5,151,917 $ 5,005,930

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	8 Months Ended
	May 04, 2019
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss	Changes in Accumulated other comprehensive loss for the twelve week periods ended May 4, 2019 and May 5, 2018 consisted of the following: (in thousands) Pension ‎ Liability (6) Foreign Currency and Other (3) Net Unrealized Gain (Loss) on Securities Derivatives Total Balance at February 9, 2019 $ – $ (230,140 ) $ (442 ) $ (5,255 ) $ (235,837 ) Other comprehensive (loss) income before reclassifications (1) – (1,409 ) 277 – (1,132 ) Amounts reclassified from Accumulated other comprehensive loss ( 1 ) – – (31 ) (4) 388 (5) 357 Balance at May 4, 2019 $ – $ (231,549 ) $ (196 ) $ (4,867 ) $ (236,612 ) (in thousands) Pension Liability Foreign Currency and Other (3) Net Unrealized Gain (Loss) on Securities Derivatives Total Balance at February 10, 2018 $ (68,699 ) $ (211,524 ) $ (585 ) $ (5,576 ) $ (286,384 ) Other comprehensive (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 ) (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, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. (3) Foreign currency is shown net of U.S. tax to account for foreign currency impacts of certain undistributed non-U.S. subsidiaries earnings. Other foreign currency is not shown net of additional U.S. tax as other basis differences of non-U.S. subsidiaries are intended to be permanently reinvested. (4) Represents realized gains (losses) on marketable debt securities, net of taxes of $8 for the twelve weeks ended May 4, 2019, and $3 for the twelve weeks ended May 5, 2018, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note D – Marketable Debt Securities” for further discussion. (5) Represents gains on derivatives, net of taxes of $120 for the twelve weeks ended May 4, 2019 and $119 for the twelve weeks ended May 5, 2018, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion. (6) On December 19, 2017, the Board approved a resolution to terminate both of the Company’s pension plans, effective March 15, 2018. During the fourth quarter of 2018, the Company completed the termination and no longer has any remaining defined pension benefit obligation. Changes in Accumulated other comprehensive loss for the thirty-six week periods ended May 4, 2019 and May 5, 2018 consisted of the following: (in thousands) Pension ‎ Liability (6) Foreign Currency and Other (3) Net Unrealized Gain (Loss) on Securities Derivatives Total Balance at August 25, 2018 $ – $ (228,899 ) $ (873 ) $ (6,033 ) $ (235,805 ) Other comprehensive (loss) income before reclassifications (1) – (2,650 ) 707 – (1,943 ) Amounts reclassified from Accumulated other comprehensive loss ( 1 ) – – (30 ) (4) 1,166 (5) 1,136 Balance at May 4, 2019 $ – $ (231,549 ) $ (196 ) $ (4,867 ) $ (236,612 ) (in thousands) Pension Liability Foreign Currency and Other (3) Net Unrealized Gain (Loss) on Securities 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 ) (1) Amounts in parentheses indicate debits to Accumulated other comprehensive loss. (2) Represents amortization of pension liability adjustments, net of taxes of $1,909 for the thirty-six weeks ended May 5, 2018, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. (3) Foreign currency is shown net of U.S. tax to account for foreign currency impacts of certain undistributed non-U.S. subsidiaries earnings. Other foreign currency is not shown net of additional U.S. tax as other basis differences of non-U.S. subsidiaries are intended to be permanently reinvested. (4) Represents realized gains (losses) on marketable debt securities, net of taxes of $8 for the thirty-six weeks ended May 4, 2019, and $20 for the thirty-six weeks ended May 5, 2018, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note D – Marketable Debt Securities” for further discussion. (5) Represents gains on derivatives, net of taxes of $360 for the thirty-six weeks ended May 4, 2019 and $356 for the thirty-six weeks ended May 5, 2018, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion. (6) On December 19, 2017, the Board approved a resolution to terminate both of the Company’s pension plans, effective March 15, 2018. During the fourth quarter of 2018, the Company completed the termination and no longer has any remaining defined pension benefit obligation.

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	8 Months Ended
	May 04, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
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 Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizing intangible assets: Technology 3 5 $ 870 $ (870 ) $ – Customer relationships 3 10 29,376 (22,475 ) 6,901 $ 30,246 $ (23,345 ) 6,901 Total intangible assets other than goodwill $ 6,901

Segment Reporting (Tables)

Segment Reporting (Tables)	8 Months Ended
	May 04, 2019
Segment Reporting [Abstract]
Segment Results	The Company evaluates its reportable segment primarily on the basis of net sales and segment profit, which is defined as gross profit. Segment results for the periods presented were as follows: Twelve Weeks Ended Thirty-Six Weeks Ended (in thousands) May 4, 2019 May 5, 2018 May 4, 2019 May 5, 2018 Net Sales Auto Parts Locations $ 2,731,900 $ 2,610,485 $ 7,728,173 $ 7,452,186 Other 51,106 49,667 147,134 210,123 Total $ 2,783,006 $ 2,660,152 $ 7,875,307 $ 7,662,309 Segment Profit Auto Parts Locations $ 1,457,608 $ 1,387,497 $ 4,132,358 $ 3,942,949 Other 34,412 35,477 102,243 122,918 Gross profit 1,492,020 1,422,974 4,234,601 4,065,867 Operating, selling, general and administrative expenses (944,497 ) (877,209 ) (2,799,239 ) (2,846,250 ) Interest expense, net (43,239 ) (41,958 ) (123,608 ) (120,186 ) Income before income taxes $ 504,284 $ 503,807 $ 1,311,754 $ 1,099,431

General - Additional Informatio

General - Additional Information (Detail)	8 Months Ended
	May 04, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of reporting periods	Operating results for the twelve and thirty-six weeks ended May 4, 2019 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 31, 2019. Each of the first three quarters of AutoZone’s fiscal year consists of 12 weeks, and the fourth quarter consists of 16 or 17 weeks. The fourth quarter of fiscal 2019 has 17 weeks and fiscal 2018 had 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 Millions	3 Months Ended		8 Months Ended
	May 04, 2019	May 05, 2018	May 04, 2019	May 05, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of options granted			$ 208.37	$ 129.12
Stock options granted			172,750	284,335
Stock options exercised - Shares			408,657	243,370
Stock options exercised - Weighted average exercise price			$ 412.75	$ 281.72
share-based compensation expense	$ 10	$ 5.8	$ 31.5	$ 29.6
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of options granted			$ 773.57
Restricted stock units granted			10,507
Non vested restricted stock unit award	$ 6.2		$ 6.2
Estimated weighted average period			3 years 4 months 24 days
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	4,177	861,595	149,648	850,421

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 04, 2019	May 05, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected price volatility	21.00%	20.00%
Risk-free interest rate	3.00%	1.90%
Weighted average expected lives (in years)	5 years 7 months 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 04, 2019	Aug. 25, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 113,335	$ 134,676
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	43,998	59,444
Other long-term assets	69,337	75,232
Total	113,335	134,676
Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	39,068	55,711
Other long-term assets	61,735	58,973
Total	100,803	114,684
Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	4,930	3,733
Other long-term assets	7,602	16,259
Total	$ 12,532	$ 19,992

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	May 04, 2019	Aug. 25, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable debt securities	$ 43,998	$ 59,444
Long-term marketable debt securities	$ 69,337	$ 75,232

Marketable Debt Securities - Av

Marketable Debt Securities - Available-for-Sale Marketable Securities (Detail) - USD ($) $ in Thousands	May 04, 2019	Aug. 25, 2018
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	$ 113,579	$ 135,776
Available-For-Sale Marketable Securities, Gross Unrealized Gains	180
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(424)	(1,100)
Available-For-Sale Marketable Securities, Fair Value	113,335	134,676
Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	40,182	50,306
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(301)	(684)
Available-For-Sale Marketable Securities, Fair Value	39,881	49,622
Government Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	42,345	28,777
Available-For-Sale Marketable Securities, Gross Unrealized Gains	180
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(34)	(173)
Available-For-Sale Marketable Securities, Fair Value	42,491	28,604
Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	2,466	3,248
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(44)	(90)
Available-For-Sale Marketable Securities, Fair Value	2,422	3,158
Asset-Backed Securities and Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	28,586	53,445
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(45)	(153)
Available-For-Sale Marketable Securities, Fair Value	$ 28,541	$ 53,292

Marketable Debt Securities - Ad

Marketable Debt Securities - Additional Information (Detail) $ in Thousands	8 Months Ended
	May 04, 2019USD ($)Securities	Aug. 25, 2018USD ($)
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	84
Available-For-Sale Marketable Securities, Gross Unrealized Losses	$ 424	$ 1,100
Marketable securities transferred	$ 87,500

Derivative Financial Instrume_2

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		8 Months Ended
	May 04, 2019	May 05, 2018	May 04, 2019	May 05, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative losses recorded in Accumulated other comprehensive loss	$ 6,300		$ 6,300
Net derivative losses amortized into Interest expense	508	$ 508	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 04, 2019	Aug. 25, 2018
Inventory Disclosure [Abstract]
Unrecorded adjustment for LIFO value in excess of replacement value	$ 431.1	$ 452.4

Financing - Schedule of Debt (D

Financing - Schedule of Debt (Detail) - USD ($) $ in Thousands	May 04, 2019	Apr. 18, 2019	Aug. 25, 2018
Debt Instrument [Line Items]
Commercial paper	$ 976,800		$ 1,325,300
Total debt before discounts and debt issuance costs	5,176,800		5,025,300
Less: Discounts and debt issuance costs	24,883		19,370
Long-term debt	5,151,917		5,005,930
1.625% Senior Notes due April 2019, effective interest rate of 1.77% [Member]
Debt Instrument [Line Items]
Senior notes	0	$ 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
3.125% Senior Notes due April 2024, effective interest rate 3.32% [Member]
Debt Instrument [Line Items]
Senior notes	300,000	300,000
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
3.750% Senior Notes due April 2029, effective interest rate of 3.86% [Member]
Debt Instrument [Line Items]
Senior notes	$ 450,000	$ 450,000

Financing - Schedule of Debt (P

Financing - Schedule of Debt (Parenthetical) (Detail)	1 Months Ended	8 Months Ended
	Apr. 18, 2019	May 04, 2019	Aug. 25, 2018
Commercial paper, weighted average interest rate of 2.64% and 2.29% at May 4, 2019 and August 25, 2018, respectively
Debt Instrument [Line Items]
Weighted average interest rate of commercial paper		2.64%	2.29%
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%
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%
Effective interest rate		4.43%
Debt instrument maturity, month and year		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%
Effective interest rate		2.62%
Debt instrument maturity, month and year		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%
Effective interest rate		3.85%
Debt instrument maturity, month and year		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%
Effective interest rate		3.21%
Debt instrument maturity, month and year		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%
Effective interest rate		3.26%
Debt instrument maturity, month and year		2023-07
3.125% Senior Notes due April 2024, effective interest rate 3.32% [Member]
Debt Instrument [Line Items]
Stated interest rate percentage	3.125%	3.125%
Effective interest rate		3.32%
Debt instrument maturity, month and year	2024-04	2024-04
3.250% Senior Notes due April 2025, effective interest rate 3.36% [Member]
Debt Instrument [Line Items]
Stated interest rate percentage		3.25%
Effective interest rate		3.36%
Debt instrument maturity, month and year		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%
Effective interest rate		3.28%
Debt instrument maturity, month and year		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%
Effective interest rate		3.83%
Debt instrument maturity, month and year		2027-06
3.750% Senior Notes due April 2029, effective interest rate of 3.86% [Member]
Debt Instrument [Line Items]
Stated interest rate percentage	3.75%	3.75%
Effective interest rate		3.86%
Debt instrument maturity, month and year	2029-04	2029-04

Financing - Additional Informat

Financing - Additional Information (Detail) - USD ($)	1 Months Ended	8 Months Ended
	Apr. 18, 2019	May 04, 2019	Aug. 25, 2018
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		5,190,000,000	$ 4,948,000,000
Excess (shortfall) of fair value of debt over (from) carrying value		37,900,000	57,500,000
Third Amended and Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Amount available under credit facility		1,600,000,000
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 Agreement, 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 Agreement, depending upon the Company’s senior, unsecured, (non-credit enhanced) long-term debt ratings. Interest accrues on base rate loans as defined in the Revolving Credit Agreement.
Extended expiration of credit facility		1 year
Letters of credit, outstanding		$ 3,300,000
1.625% Senior Notes due April 2019, effective interest rate of 1.77% [Member]
Debt Instrument [Line Items]
Long-term debt	$ 250,000,000	$ 0	250,000,000
Stated interest rate percentage	1.625%	1.625%
Debt instrument maturity, month and year	2019-04	2019-04
3.125% Senior Notes due April 2024, effective interest rate 3.32% [Member]
Debt Instrument [Line Items]
Long-term debt	$ 300,000,000	$ 300,000,000
Stated interest rate percentage	3.125%	3.125%
Debt instrument maturity, month and year	2024-04	2024-04
3.750% Senior Notes due April 2029, effective interest rate of 3.86% [Member]
Debt Instrument [Line Items]
Long-term debt	$ 450,000,000	$ 450,000,000
Stated interest rate percentage	3.75%	3.75%
Debt instrument maturity, month and year	2029-04	2029-04

Stock Repurchase Program - Addi

Stock Repurchase Program - Additional Information (Detail) - USD ($) shares in Thousands	May 05, 2019	Mar. 20, 2019	May 04, 2019	May 05, 2018	May 04, 2019	May 05, 2018	May 04, 2019
Equity, Class of Treasury Stock [Line Items]
Stock repurchased cumulative, shares			472	599	1,548	1,424	146,200
Purchase of treasury stock					$ 1,313,116,000	$ 927,155,000	$ 20,731,000,000
Increase in authorization of stock repurchase, value		$ 1,000,000,000
Stock repurchase authorized amended value		$ 21,900,000,000
Remaining value authorized for share repurchases			$ 1,169,000,000		1,169,000,000		$ 1,169,000,000
Retained Earnings [Member]
Equity, Class of Treasury Stock [Line Items]
Retirement of treasury shares					(1,706,971,000)	(918,462,000)
Additional Paid-in Capital [Member]
Equity, Class of Treasury Stock [Line Items]
Retirement of treasury shares					$ (125,443,000)	$ (60,500,000)
Common Stock [Member]
Equity, Class of Treasury Stock [Line Items]
Share of treasury stock retired					(2,563)	(1,512)
Retirement of treasury shares					$ (26,000)	$ (15,000)
Subsequent Events [Member]
Equity, Class of Treasury Stock [Line Items]
Stock repurchased cumulative, shares	108,418
Purchase of treasury stock	$ 110,000,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands		3 Months Ended				8 Months Ended
		May 04, 2019		May 05, 2018		May 04, 2019		May 05, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance		$ (1,594,362)		$ (1,330,547)		$ (1,520,355)		$ (1,428,377)
Balance		(1,589,513)		(1,361,603)		(1,589,513)		(1,361,603)
Pension Liability [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance			[1]	(68,699)			[1]	(72,376)
Other comprehensive (loss) income before reclassifications	[1],[2]
Amounts reclassified from Accumulated other comprehensive loss	[2]		[1]	1,847	[3]		[1]	5,524	[4]
Balance			[1]	(66,852)			[1]	(66,852)
Foreign Currency and Other [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	[5]	(230,140)		(211,524)		(228,899)		(175,814)
Other comprehensive (loss) income before reclassifications	[2],[5]	(1,409)		(10,674)		(2,650)		(46,384)
Balance	[5]	(231,549)		(222,198)		(231,549)		(222,198)
Net Unrealized Gain (Loss) on Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance		(442)		(585)		(873)		(11)
Other comprehensive (loss) income before reclassifications	[2]	277		(301)		707		(839)
Amounts reclassified from Accumulated other comprehensive loss	[2]	(31)	[6]	(17)	[6]	(30)	[7]	(53)	[7]
Balance		(196)		(903)		(196)		(903)
Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance		(5,255)		(5,576)		(6,033)		(6,356)
Amounts reclassified from Accumulated other comprehensive loss	[2]	388	[8]	390	[8]	1,166	[9]	1,170	[9]
Balance		(4,867)		(5,186)		(4,867)		(5,186)
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance		(235,837)		(286,384)		(235,805)		(254,557)
Other comprehensive (loss) income before reclassifications	[2]	(1,132)		(10,975)		(1,943)		(47,223)
Amounts reclassified from Accumulated other comprehensive loss	[2]	357		2,220		1,136		6,641
Balance		$ (236,612)		$ (295,139)		$ (236,612)		$ (295,139)
[1]	On December 19, 2017, the Board approved a resolution to terminate both of the Company’s pension plans, effective March 15, 2018. During the fourth quarter of 2018, the Company completed the termination and no longer has any remaining defined pension benefit obligation.
[2]	Amounts in parentheses indicate debits to Accumulated other comprehensive loss.
[3]	Represents amortization of pension liability adjustments, net of taxes of $631 for the twelve weeks ended May 5, 2018, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income.
[4]	Represents amortization of pension liability adjustments, net of taxes of $1,909 for the thirty-six weeks ended May 5, 2018, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income.
[5]	Foreign currency is shown net of U.S. tax to account for foreign currency impacts of certain undistributed non-U.S. subsidiaries earnings. Other foreign currency is not shown net of additional U.S. tax as other basis differences of non-U.S. subsidiaries are intended to be permanently reinvested.
[6]	Represents realized gains (losses) on marketable debt securities, net of taxes of $8 for the twelve weeks ended May 4, 2019, and $3 for the twelve weeks ended May 5, 2018, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note D – Marketable Debt Securities” for further discussion.
[7]	Represents realized gains (losses) on marketable debt securities, net of taxes of $8 for the thirty-six weeks ended May 4, 2019, and $20 for the thirty-six weeks ended May 5, 2018, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note D – Marketable Debt Securities” for further discussion.
[8]	Represents gains on derivatives, net of taxes of $120 for the twelve weeks ended May 4, 2019 and $119 for the twelve weeks ended May 5, 2018, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion.
[9]	Represents gains on derivatives, net of taxes of $360 for the thirty-six weeks ended May 4, 2019 and $356 for the thirty-six weeks ended May 5, 2018, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion.

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		8 Months Ended
	May 04, 2019	May 05, 2018	May 04, 2019	May 05, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pension liability adjustments, taxes		$ 631		$ 1,909
Reclassified from Accumulated Other Comprehensive Income [Member] | Pension Liability [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains (losses) on marketable securities, taxes	$ 8	3	$ 8	20
Reclassified from Accumulated Other Comprehensive Income [Member] | Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net derivative activities, taxes	$ 120	$ 119	$ 360	$ 356

Goodwill and Intangibles - Sche

Goodwill and Intangibles - Schedule of Carrying Amounts of Intangible Assets (Detail) $ in Thousands	8 Months Ended
	May 04, 2019USD ($)
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Finite Lived, Gross Carrying Amount	$ 30,246
Finite Lived, Accumulated Amortization	(23,345)
Finite Lived, Net Carrying Amount	6,901
Total intangible assets other than goodwill, Net Carrying Amount	6,901
Technology [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Finite Lived, Gross Carrying Amount	870
Finite Lived, Accumulated Amortization	$ (870)
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
Customer Relationships [Member]
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Finite Lived, Gross Carrying Amount	$ 29,376
Finite Lived, Accumulated Amortization	(22,475)
Finite Lived, Net Carrying Amount	$ 6,901
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

Goodwill and Intangibles - Addi

Goodwill and Intangibles - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		8 Months Ended
	May 04, 2019	May 05, 2018	May 04, 2019	May 05, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 1	$ 1	$ 2.9	$ 3.8

Asset Impairment - Additional I

Asset Impairment - Additional Information (Detail) - USD ($) $ in Thousands	8 Months Ended
	May 05, 2018	May 04, 2019	Aug. 25, 2018
Asset Impairment Charges [Line Items]
Asset impairment charges	$ 193,162
Assets		$ 9,773,740	$ 9,346,980
Accounts receivable		$ 281,610	$ 258,136
Auto Anything And IMC Businesses [Member]
Asset Impairment Charges [Line Items]
Assets	93,600
Accounts receivable	$ 99,600

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands	Aug. 26, 2018	Aug. 25, 2018
Revenue From Contract With Customer [Line Items]
An increase of retained deficit		$ (6,773)
Accounting Standards Update 2014-09 [Member]
Revenue From Contract With Customer [Line Items]
An increase of retained deficit	$ (6,800)
Accounting Standards Update 2014-09 [Member] | Other Current Liabilities [Member]
Revenue From Contract With Customer [Line Items]
An increase of retained deficit	$ (6,800)

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	8 Months Ended
	May 04, 2019ItemLocation
Segment Reporting [Abstract]
Number of reportable segments | Item	1
Number of automotive parts and accessories locations in the United States, Puerto Rico, Mexico, and Brazil | Location	6,287

Segment Reporting - Segment Res

Segment Reporting - Segment Results (Detail) - USD ($) $ in Thousands	3 Months Ended		8 Months Ended
	May 04, 2019	May 05, 2018	May 04, 2019	May 05, 2018
Segment Reporting Information [Line Items]
Net sales	$ 2,783,006	$ 2,660,152	$ 7,875,307	$ 7,662,309
Gross profit	1,492,020	1,422,974	4,234,601	4,065,867
Operating, selling, general and administrative expenses	(944,497)	(877,209)	(2,799,239)	(2,846,250)
Interest expense, net	(43,239)	(41,958)	(123,608)	(120,186)
Income before income taxes	504,284	503,807	1,311,754	1,099,431
Auto Parts Locations [Member]
Segment Reporting Information [Line Items]
Net sales	2,731,900	2,610,485	7,728,173	7,452,186
Gross profit	1,457,608	1,387,497	4,132,358	3,942,949
Other [Member]
Segment Reporting Information [Line Items]
Net sales	51,106	49,667	147,134	210,123
Gross profit	$ 34,412	$ 35,477	$ 102,243	$ 122,918

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		8 Months Ended
	May 04, 2019	May 05, 2018	May 04, 2019	May 05, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	19.50%	27.20%	19.80%	14.80%
U.S. corporate income tax rate	21.00%	25.90%
Income Tax Expense Benefit From Stock Option Exercises	$ 13.1		$ 38.2	$ 27.2
One-time mandatory transition tax benefit			$ 111.9