AutoZone (AZO) 10-Q 20 Dec 19 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Nov. 23, 2019	Dec. 13, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 23, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	AUTOZONE INC
Entity Central Index Key	0000866787
Current Fiscal Year End Date	--08-29
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Trading Symbol	AZO
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Address, State or Province	TN
Entity Common Stock, Shares Outstanding		23,592,711
City Area Code	901
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	1-10714
Local Phone Number	495-6500
Entity Address, Postal Zip Code	38103
Entity Tax Identification Number	62-1482048
Entity Address, Address Line One	123 South Front Street
Entity Address, City or Town	Memphis
Entity Incorporation, State or Country Code	NV

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Nov. 23, 2019	Aug. 31, 2019
Current assets:
Cash and cash equivalents	$ 158,089	$ 176,300
Accounts receivable	333,246	308,995
Merchandise inventories	4,463,124	4,319,113
Other current assets	202,516	224,277
Total current assets	5,156,975	5,028,685
Property and equipment:
Property and equipment	7,844,304	7,713,196
Less: Accumulated depreciation and amortization	(3,393,648)	(3,314,445)
Property and equipment, net	4,450,656	4,398,751
Operating lease right-of-use assets	2,585,105	0
Goodwill	302,645	302,645
Deferred income taxes	27,365	26,861
Other long-term assets	177,710	138,971
Other long-term assets, total	3,092,825	468,477
Assets	12,700,456	9,895,913
Current liabilities:
Accounts payable	4,922,148	4,864,912
Current portion of operating lease liabilities	232,549	0
Accrued expenses and other	618,654	621,932
Income taxes payable	94,885	25,297
Total current liabilities	5,868,236	5,512,141
Long-term debt	5,287,324	5,206,344
Operating lease liabilities, less current portion	2,506,829	0
Deferred income taxes	315,602	311,980
Other long-term liabilities	498,555	579,299
Stockholders' deficit:
Preferred stock, authorized 1,000 shares; no shares issued	0	0
Common stock, par value $.01 per share, authorized 200,000 shares; 25,465 shares issued and 23,655 shares outstanding as of November 23, 2019; 25,445 shares issued and 24,038 shares outstanding as of August 31, 2019	254	254
Additional paid-in capital	1,282,629	1,264,448
Retained deficit	(955,009)	(1,305,347)
Accumulated other comprehensive loss	(250,081)	(269,322)
Treasury stock, at cost	(1,853,883)	(1,403,884)
Total stockholders' deficit	(1,776,090)	(1,713,851)
Liabilities and Stockholders' Deficit	$ 12,700,456	$ 9,895,913

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Nov. 23, 2019	Aug. 31, 2019
Common Stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	25,465,000	25,445,000
Common stock, shares outstanding	23,655,000	24,038,000
Preferred Stock [Member]
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 23, 2019	Nov. 17, 2018
Income Statement [Abstract]
Net sales	$ 2,793,038	$ 2,641,733
Cost of sales, including warehouse and delivery expenses	1,291,970	1,224,259
Gross profit	1,501,068	1,417,474
Operating, selling, general and administrative expenses	1,001,045	929,656
Operating profit	500,023	487,818
Interest expense, net	43,743	39,006
Income before income taxes	456,280	448,812
Income tax expense	105,942	97,406
Net income	$ 350,338	$ 351,406
Weighted average shares for basic earnings per share	23,875	25,629
Effect of dilutive stock equivalents	618	468
Weighted average shares for diluted earnings per share	24,493	26,097
Basic earnings per share	$ 14.67	$ 13.71
Diluted earnings per share	$ 14.30	$ 13.47

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		3 Months Ended
		Nov. 23, 2019	Nov. 17, 2018
Statement of Comprehensive Income [Abstract]
Net income		$ 350,338	$ 351,406
Other comprehensive income (loss):
Foreign currency translation adjustments		19,040	(40,573)
Unrealized (losses) on marketable debt securities, net of taxes	[1]	(188)	(77)
Net derivative activities, net of taxes	[2]	389	389
Total other comprehensive income (loss)		19,241	(40,261)
Comprehensive income		$ 369,579	$ 311,145
[1]	Unrealized (losses) on marketable debt securities are presented net of tax benefit of $50 in fiscal 2020 and $20 in fiscal 2019.
[2]	Net derivative activities are presented net of taxes of $120 in both fiscal 2020 and fiscal 2019.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Nov. 23, 2019	Nov. 17, 2018
Unrealized gains (losses) on marketable debt securities, net of taxes	$ 50	$ 20
Net derivative activities, taxes	$ 120	$ 120

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Nov. 23, 2019	Nov. 17, 2018
Cash flows from operating activities:
Net income	$ 350,338	$ 351,406
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment and intangibles	89,750	82,452
Amortization of debt origination fees	2,195	1,864
Deferred income taxes	1,940	7,420
Share-based compensation expense	9,996	10,527
Changes in operating assets and liabilities:
Accounts receivable	(23,246)	(16,338)
Merchandise inventories	(133,206)	(167,454)
Accounts payable and accrued expenses	48,270	67,762
Income taxes payable	69,390	63,774
Other, net	31,675	47,769
Net cash provided by operating activities	447,102	449,182
Cash flows from investing activities:
Capital expenditures	(101,407)	(98,168)
Purchase of marketable debt securities	(35,448)	(7,480)
Proceeds from sale of marketable debt securities	45,765	13,116
Proceeds from disposal of capital assets and other, net	379	633
Net cash used in investing activities	(90,711)	(91,899)
Cash flows from financing activities:
Net proceeds from commercial paper	79,700	149,378
Net proceeds from sale of common stock	8,822	44,671
Purchase of treasury stock	(449,999)	(497,060)
Repayment of principal portion of finance lease liabilities	(14,331)	(12,597)
Net cash used in financing activities	(375,808)	(315,608)
Effect of exchange rate changes on cash	1,206	(7,413)
Net (decrease) increase in cash and cash equivalents	(18,211)	34,262
Cash and cash equivalents at beginning of period	176,300	217,824
Cash and cash equivalents at end of period	$ 158,089	$ 252,086

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. 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
Cumulative effect of adoption of ASU 2014-09 at Aug. 25, 2018	(6,773)	$ 0	0	(6,773)	0	0
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	351,406	$ 0	0	351,406	0	0
Total other comprehensive gain (loss)	(40,261)	0	0	0	(40,261)	0
Purchase of treasury stock	(497,060)	0	0	0	0	(497,060)
Issuance of common stock under stock options and stock purchase plans	44,926	$ 2	44,924	0	0	0
Issuance of common stock under stock options and stock purchase plans, Shares		128,000
Share-based compensation expense	9,501	$ 0	9,501	0	0	0
Share-based compensation expense, Shares		0
Balance at Nov. 17, 2018	(1,658,616)	$ 277	1,209,851	(864,191)	(276,066)	(1,728,487)
Balance, shares at Nov. 17, 2018		27,658,000
Balance at Aug. 31, 2019	(1,713,851)	$ 254	1,264,448	(1,305,347)	(269,322)	(1,403,884)
Balance, Shares at Aug. 31, 2019		25,445,000
Net income	350,338	$ 0	0	350,338	0	0
Total other comprehensive gain (loss)	19,241	0	0	0	19,241	0
Purchase of treasury stock	(449,999)	0	0	0	0	(449,999)
Issuance of common stock under stock options and stock purchase plans	8,822	$ 0	8,822	0	0	0
Issuance of common stock under stock options and stock purchase plans, Shares		20,000
Share-based compensation expense	9,359	$ 0	9,359	0	0	0
Share-based compensation expense, Shares		0
Balance at Nov. 23, 2019	$ (1,776,090)	$ 254	$ 1,282,629	$ (955,009)	$ (250,081)	$ (1,853,883)
Balance, shares at Nov. 23, 2019		25,465,000

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (Parenthetical) - shares shares in Thousands	3 Months Ended		263 Months Ended
	Nov. 23, 2019	Nov. 17, 2018	Nov. 23, 2019
Statement of Stockholders' Equity [Abstract]
Purchase of treasury stock, shares	403	654	147,300

General

General	3 Months Ended
	Nov. 23, 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 (“U.S.”) generally​​​​​​​ accepted ​​​​​​​​​​​​​​accounting principles (“U.S. GAAP”) for interim financial information and are presented in accordance with the requirements of Form 10-Q S-X 10-K Operating results for the twelve weeks ended November 23, 2019 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 29, 2020. 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 2020 has 16 weeks and the fourth quarter of fiscal 2019 had 17 weeks. Recently Adopted Accounting Pronouncements: In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) 2016-02 two-fold right-of-use 2016-02 T , 2019 , using the modified retrospective transition method. Under this method, existing leases were recorded at the adoption date, comparative periods were not restated and prior period amounts were not adjusted and continue to be reported under the accounting standards in effect for the prior periods. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the carry forward of prior lease identification under Accounting Standards Codification (“ASC”) Topic 840 . The Company made the accounting policy election for short-term leases resulting in lease payments being recorded as an expense on a straight-line basis over the lease term. The Company also elected the practical expedient to not separate lease components from the non-lease to determine the reasonably certain lease term for existing leases operating lease - -u September 1, . Existing prepaid and deferred rent were netted and right-of-use There was no adjustment to the opening balance of retained earnings upon adoption. The standard did not have a material impact on the Company’s Condensed Consolidated Statements of Income, Condensed Consolidated Statement of Cash Flows or covenant compliance under its existing credit agreement. Refer to “Note L- Leases”. In June 2018 , the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting 2018-07 its , 2019 . The Company determined that the provisions of ASU 2018-07 Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheet or Condensed Consolidated Statement of Cash Flows. Recently Issued Accounting Pronouncements: 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 internal-use 2018-15 , 2019 , including interim periods within those fiscal years. Early adoption is permitted. The Company will adopt this standard beginning with its , 2020 . The Company is currently evaluating the new guidance to determine the impact the adoption will have on its Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheet or Condensed Consolidated Statement of Cash Flows. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2018-19, Codific a 2016-13 investments in leases, financial receivables, debt securities, and other instruments, which will result in earlier recognition of credit losses . Further, the new credit loss model will affect how entities estimate their allowance for loss receivables ​​​​​​​that are current with respect to their payment ​​​​​​​terms. ASU 2016-13

Share-Based Payments

Share-Based Payments	3 Months Ended
	Nov. 23, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Payments	Note B – Share-Based Payments AutoZone maintains several equity incentive plans, which provide equity-based compensation to non-employee Stock Options The Company made stock option grants of 188,324 shares during the twelve week period ended November 23, 2019 and granted options to purchase 171,293 shares during the comparable prior year period. The Company grants options to purchase common stock to certain of its employees under its plan at prices equal to the market value of the stock on the date of grant. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the award and each vesting date. The weighted aver a , 2019 and November 17, 2018, using the Black-Scholes-Merton multiple-option pricing valuation model, was $252.39 Twelve Weeks Ended November 23, 2019 November 17, 2018 22 % 21 % 1.4 % 3.1 % 5.5 5.6 10 % 10 % 0 % 0 % During the twelve week period ended November 23, 2019, 18,407 stock options were exercised at a weighted average exercise price of $568.16. In the comparable prior year period, 129,559 stock options were exercised at a weighted average exercise price of $359.94. Restricted Stock Units The Company made restricted stock unit grants of 7,008 shares to eligible employees during the twelve week period ended November 23, 2019 and 10,474 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 during the t welve week period ended November 23, 2019, was Transactions related to restricted stock units for the twelve weeks ended November 23, 2019 were s Number of Shares Weighted - 10,049 $ 773.61 7,008 1,060.81 (2,456 ) 772.80 (66 ) 772.80 14,535 $ 912.23 Total share-based compensation expense (a component of Operating, selling, general and administrative expenses) was $10.0 million for the twelve week period ended November 23, 2019, and $10.5 million for the comparable prior year period. For the twelve week period ended November 23, 2019, 107,511 stock options were excluded from the diluted earnings per share computation because they would have been anti-dilutive. For the comparable prior year period, 427,407 anti-dilutive shares were excluded from the dilutive earnings per share computation. See AutoZone’s Annual Report on Form 10-K

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Nov. 23, 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 Level 1 inputs Level 2 inputs that are observable, either directly or indirectly, for the asset or liability. Level 3 inputs Marketable Debt Securities Measured at Fair Value on a Recurring Basis The Company’s marketable debt securities measured at fair value on a recurring basis were as follows: November 23, 2019 (in thousands) Level 1 L Level 3 Fair Value $ 50,015 $ 2,350 $ – $ 52,365 72,075 3,931 – 76,006 $ 122,090 $ 6,281 $ – $ 128,371 August 31, 2019 (in thousands) Level 1 Level 2 Level 3 Fair Value $ 65,344 $ 2,614 $ – $ 67,958 65,573 5,395 – 70,968 $ 130,917 $ 8,009 $ – $ 138,926 At November 23, 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 $52.4 million, which are included within Other current assets, and long-term marketable debt securities of $76.0 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	3 Months Ended
	Nov. 23, 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. available-for-sale November 23, 2019 (in thousands) Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value $ 35,093 $ 34 $ (6 ) $ 35,121 60,901 515 (18 ) 61,398 1,787 1 (14 ) 1,774 30,076 4 (2 ) 30,078 $ $ $ ) $ 128,371 August 31, 2019 (in thousands) Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value $ 36,998 $ 29 $ (19 ) $ 37,008 45,741 763 – 46,504 2,089 2 (15 ) 2,076 53,345 –​​​​​​​ (7 ) 53,338 $ $ 794 $ (41 ) $ 138,926 The debt securities held at November 23, 2019, had effective maturities ranging from less than one year to approximately three years y The Company holds 41 securities that are in an unrealized loss position of approximately $40 thousand Included above in total available - -

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Nov. 23, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Note E – Derivative Financial Instruments At November 23, 2019, the Company had $5.1 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 November 23, 2019 and the comparable prior year period, the Company reclassified $509 thousand of net losses from Accumulated other comprehensive loss to Interest expense. The Company expects to reclassify $2.1 million of net losses from Accumulated other comprehensive loss to Interest expense over the next 12 months.

Merchandise Inventories

Merchandise Inventories	3 Months Ended
	Nov. 23, 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 has been slightly due to recent , 2019 and $404.9 million at August 31 , 2019 .

Financing

Financing	3 Months Ended
	Nov. 23, 2019
Debt Disclosure [Abstract]
Financing	Note G – Financing The Company’s debt consisted of the following : (in thousands) November 23, 2019 August 31, $ 500,000 $ 500,000 250,000 250,000 500,000 500,000 300,000 300,000 500,000 500,000 300,000 300,000 400,000 400,000 400,000 400,000 600,000 600,000 450,000 450,000 1,109,700 1,030,000 5,309,700 5,230,000 22,376 23,656 $ 5,287,324 $ 5,206,344 As of November 23, 2019, the commercial paper borrowings and the $500 million 4.000% Senior Notes due November 2020 are classified as long-term in the accompanying Condensed 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; (iii) 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; (iv) the termination date of the Revolving Credit Agreement was extended from November 18, 2021 until November 18, 2022; and (v) the Company has the option to make one an additional year The fair value of the Company’s debt was estimated at $5.468 billion as of November 23, 2019, and $5.419 billion as of August 31, 2019, 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 greater 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 facilities, covenants include restrictions on liens, a maximum debt to earnings ratio, a minimum fixed charge coverage ratio and a change of control provision that may require acceleration of the repayment obligations under certain circumstances. All of the repayment obligations under its borrowing arrangements may be accelerated and come due prior to the scheduled payment date if covenants are breached or an event of default occurs. As of November 23, 2019, the Company was in compliance with all covenants and expect s

Stock Repurchase Program

Stock Repurchase Program	3 Months Ended
	Nov. 23, 2019
Equity [Abstract]
Stock Repurchase Program	Note H – Stock Repurchase Program From January 1, 1998 to November 23, 2019, the Company has repurchased a total of 147.3 million shares of its common stock at an aggregate cost of $21.873 billion, including 403,107 shares of its common stock at an aggregate cost of $450.0 million during the twelve week period ended November 23, 2019. On October 7, 2019, the Board voted to increase the repurchase b Subsequent to November 23, 2019, the Company has repurchased 101,815​​​​​​​ 120.0​​​​​​​

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Nov. 23, 2019
Equity [Abstract]
Accumulated Other Comprehensive Loss	Note I – Accumulated Other Comprehensive Loss Accumulated other comprehensive loss includes foreign currency translation adjustments, activity for interest rate swaps and treasury rate locks that qualify as cash flow hedges and unrealized gains (losses) on available-for-sale (in thousands) Foreign (2) Net Derivatives Total $ (265,598 ) $ 591 $ (4,315 ) $ (269,322 ) (1) 19,040 (233 ) – 18,807 (1) – 45 (3) 389 (4) 434 $ (246,558 ) $ 403 $ (3,926 ) $ (250,081 ) (in thousands) Foreign (2) Net Derivatives Total $ (228,899 ) $ (873 ) $ (6,033 ) $ (235,805 ) (1) (40,573 ) (77 ) – (40,650 ) c – – 389 (4) 389 $ (269,472 ) $ (950 ) $ (5,644 ) $ (276,066 ) (1) Amounts in parentheses indicate debits to Accumulated other comprehensive loss. (2) Foreign currency is shown net of U.S. tax to account for foreign currency impacts of certain undistributed non-U.S. non-U.S. (3) Represents realized losses on marketable debt securities, net of tax benefit (4) Represents losses on derivatives, net of taxes of $120 in both

Goodwill and Intangibles

Goodwill and Intangibles	3 Months Ended
	Nov. 23, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles	Note J – Goodwill and Intangibles As of November 23, 2019, there were no changes to the carrying amount of goodwill as described in our Annual Report on Form 10-K The carrying amounts of intangible assets are included in Other long-term assets as follows: (in thousands) Estimated Gross Accumulated Net Carrying Amortizing intangible assets: Technology 3-5 $ 870 $ (870 ) $ – Customer relationships 3-10 29,376 (24,722 ) 4,654 Total intangible assets other than goodwill $ 30,246 $ (25,592 ) $ 4,654 Amortization expense of intangible assets was $1.0 million

Litigation

Litigation	3 Months Ended
	Nov. 23, 2019
Commitments and Contingencies Disclosure [Abstract]
Litigation	Note K – Litigation The Company is involved in various 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. W hile

Leases

Leases	3 Months Ended
	Nov. 23, 2019
Leases [Abstract]
Leases	Note L – Leases The Company adopted ASU 2016-02, Leases (Topic 842) non-lease non-lease non-lease right-of-use The Company’s leases primarily relate to its retail stores, distribution centers and vehicles under various non-callable The leases have varying terms and expire at various dates through 2040. Retail leases typically have initial terms of between one and 20 years, with one to six optional renewal periods of one to five years each. Our finance leases for vehicles have a stated borrowing rate which we use in determining the present value of the lease payments over the lease term. Substantially all our operating leases and finance leases for real estate do not provide a stated borrowing rate. Accordingly, we use the Company’s incremental borrowing rate at commencement or modification date in determining the present value of lease payments over the lease term. For operating leases that commenced prior to the date of adoption of the new standard, the Company used the incremental borrowing rate that corresponded to the remaining lease term as of the date of adoption. Lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheet are as follows: (in thousands) Classification November 23, 2019 Operating lease right-of-use $ 2,585,105 (1) Property and equipment, less accumulated depreciation and 284,383 $ 2,869,488 Current portion of operating lease liab i $ 232,549 Accrued expenses and other 57,808 Operating lease liabilities, less current portion 2,506,829 Other long-term liabilities 137,856 $ 2,935,042 (1) Finance lease assets are net of accumulated amortization of $85,107. Lease costs for finance and operating leases for the twelve-week period ended November ​​​​​​​23, 2019 are as follows: (in thousands) Statement of Income Location Twelve Weeks Ended November 23, 2019 Finance lease cost: Amortization of lease assets Depreciation and amortization $ 12,656 Interest on lease liabilities Interest expense, net 1,385 Operating lease cost (1) Selling, general and administrative expenses 81,799 Total lease cost $ 95,840 (1) Includes short-term leases, variable lease costs and sublease income, which are immaterial. The future rental payments, inclusive of renewal options that have been included in defining the expected lease term, of our operating and finance lease obligations as of November 23, 2019 having initial or remaining lease terms in excess of one year are as follows: (in thousands) Finance Operating Total 2020 $ 44,456 $ 238,345 $ 282,801 2021 55,841 318,198 374,039 2022 43,890 304,855 348,745 2023 30,643 285,161 315,804 2024 9,512 261,818 271,330 Thereafter 25,914 2,201,994 2,227,908 Total lease payments 210,256 3,610,371 3,820,627 Less: Interest (14,592 ) (870,993 ) (885,585 ) Present value of lease liabilities $ 195,664 $ 2,739,378 $ Prior Period Disclosures As a result of the adoption of ASU 2016-02, Leases (Topic 842), non-cancelable 10-K (in thousands) Operating Capital 2020 $ 315,424 $ 56,246 2021 302,056 51,679 2022 281,287 39,094 2023 252,868 28,401 2024 221,213 7,300 Thereafter 824,244 – Total minimum payments required $ 2,197,092 182,720 Less: Interest (2,815 ) Present value of minimum capital lease payments $ 179,905 The following table summarizes the Company’s lease term and discount rate assumptions: ve Weeks E nded 29 vehicles 4 15 Weighted-average discount rate: 3.20% vehicles 2.70% 3.56% The following table summarizes the other information related to the Company’s lease liabilities: (in thousands) Twelve Weeks Ended November 23, 2019 Cash paid for amounts included in the measurement of lease liabilities – operating cash flows from operating leases $ 50,526 Leased assets obtained in exchange for new finance lease liabilities 18,297 Leased assets obtained in exchange for new operating lease liabilities 19,656 As of November 23, 2019, the Company has entered into additional leases which have not yet commenced and are therefore not part of the right-of-use

Segment Reporting

Segment Reporting	3 Months Ended
	Nov. 23, 2019
Segment Reporting [Abstract]
Segment Reporting	Note M – Segment Reporting The Company’s operating segments (Do m one Store s 10-K The Auto Parts Stores s stores in the U.S., 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 product s . The Other category reflects business activities of t wo , E-commerce, . The Company evaluates its reportable segment primarily on the basis of net sales and segment profit, which is defined as gross profit. Segment results for the periods presented were as follows: Twelve Weeks Ended November 23, November 17, Stores $ 2,743,239 $ 2,593,440 49,799 48,293 $ 2,793,038 $ 2,641,733 Stores $ 1,466,161 $ 1,383,564 34,907 33,910 1,501,068 1,417,474 (1,001,045 ) (929,656 ) (43,743 ) (39,006 ) $ 456,280 $ 448,812

General (Policies)

General (Policies)	3 Months Ended
	Nov. 23, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Period	Operating results for the twelve weeks ended November 23, 2019 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 29, 2020. 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 2020 has 16 weeks and the fourth quarter of fiscal 2019 had 17 weeks.
Recently Adopted and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements: In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) 2016-02 two-fold right-of-use 2016-02 T , 2019 , using the modified retrospective transition method. Under this method, existing leases were recorded at the adoption date, comparative periods were not restated and prior period amounts were not adjusted and continue to be reported under the accounting standards in effect for the prior periods. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the carry forward of prior lease identification under Accounting Standards Codification (“ASC”) Topic 840 . The Company made the accounting policy election for short-term leases resulting in lease payments being recorded as an expense on a straight-line basis over the lease term. The Company also elected the practical expedient to not separate lease components from the non-lease to determine the reasonably certain lease term for existing leases operating lease - -u September 1, . Existing prepaid and deferred rent were netted and right-of-use There was no adjustment to the opening balance of retained earnings upon adoption. The standard did not have a material impact on the Company’s Condensed Consolidated Statements of Income, Condensed Consolidated Statement of Cash Flows or covenant compliance under its existing credit agreement. Refer to “Note L- Leases”. In June 2018 , the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting 2018-07 its , 2019 . The Company determined that the provisions of ASU 2018-07 Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheet or Condensed Consolidated Statement of Cash Flows. Recently Issued Accounting Pronouncements: 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 internal-use 2018-15 , 2019 , including interim periods within those fiscal years. Early adoption is permitted. The Company will adopt this standard beginning with its , 2020 . The Company is currently evaluating the new guidance to determine the impact the adoption will have on its Condensed Consolidated Statements of Income, Condensed Consolidated Balance Sheet or Condensed Consolidated Statement of Cash Flows. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2018-19, Codific a 2016-13 investments in leases, financial receivables, debt securities, and other instruments, which will result in earlier recognition of credit losses . Further, the new credit loss model will affect how entities estimate their allowance for loss receivables ​​​​​​​that are current with respect to their payment ​​​​​​​terms. ASU 2016-13

Share-Based Payments (Tables)

Share-Based Payments (Tables)	3 Months Ended
	Nov. 23, 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 aver a , 2019 and November 17, 2018, using the Black-Scholes-Merton multiple-option pricing valuation model, was $252.39 Twelve Weeks Ended November 23, 2019 November 17, 2018 22 % 21 % 1.4 % 3.1 % 5.5 5.6 10 % 10 % 0 % 0 %
Schedule of Nonvested Restricted Stock Units Activity	Transactions related to restricted stock units for the twelve weeks ended November 23, 2019 were s Number of Shares Weighted - 10,049 $ 773.61 7,008 1,060.81 (2,456 ) 772.80 (66 ) 772.80 14,535 $ 912.23

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Nov. 23, 2019
Fair Value Disclosures [Abstract]
Company's marketable debt securities measured at Fair Value on Recurring Basis	The Company’s marketable debt securities measured at fair value on a recurring basis were as follows: November 23, 2019 (in thousands) Level 1 L Level 3 Fair Value $ 50,015 $ 2,350 $ – $ 52,365 72,075 3,931 – 76,006 $ 122,090 $ 6,281 $ – $ 128,371 August 31, 2019 (in thousands) Level 1 Level 2 Level 3 Fair Value $ 65,344 $ 2,614 $ – $ 67,958 65,573 5,395 – 70,968 $ 130,917 $ 8,009 $ – $ 138,926

Marketable Debt Securities (Tab

Marketable Debt Securities (Tables)	3 Months Ended
	Nov. 23, 2019
Investments, Debt and Equity Securities [Abstract]
Available-for-Sale Marketable Securities	The Company’s available-for-sale November 23, 2019 (in thousands) Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value $ 35,093 $ 34 $ (6 ) $ 35,121 60,901 515 (18 ) 61,398 1,787 1 (14 ) 1,774 30,076 4 (2 ) 30,078 $ $ $ ) $ 128,371 August 31, 2019 (in thousands) Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Fair Value $ 36,998 $ 29 $ (19 ) $ 37,008 45,741 763 – 46,504 2,089 2 (15 ) 2,076 53,345 –​​​​​​​ (7 ) 53,338 $ $ 794 $ (41 ) $ 138,926

Financing (Tables)

Financing (Tables)	3 Months Ended
	Nov. 23, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s debt consisted of the following : (in thousands) November 23, 2019 August 31, $ 500,000 $ 500,000 250,000 250,000 500,000 500,000 300,000 300,000 500,000 500,000 300,000 300,000 400,000 400,000 400,000 400,000 600,000 600,000 450,000 450,000 1,109,700 1,030,000 5,309,700 5,230,000 22,376 23,656 $ 5,287,324 $ 5,206,344

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Nov. 23, 2019
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss	Changes in Accumulated other comprehensive loss for the twelve week periods ended November 23, 2019 and November 17, 2018 consisted of the following: (in thousands) Foreign (2) Net Derivatives Total $ (265,598 ) $ 591 $ (4,315 ) $ (269,322 ) (1) 19,040 (233 ) – 18,807 (1) – 45 (3) 389 (4) 434 $ (246,558 ) $ 403 $ (3,926 ) $ (250,081 ) (in thousands) Foreign (2) Net Derivatives Total $ (228,899 ) $ (873 ) $ (6,033 ) $ (235,805 ) (1) (40,573 ) (77 ) – (40,650 ) c – – 389 (4) 389 $ (269,472 ) $ (950 ) $ (5,644 ) $ (276,066 ) (1) Amounts in parentheses indicate debits to Accumulated other comprehensive loss. (2) Foreign currency is shown net of U.S. tax to account for foreign currency impacts of certain undistributed non-U.S. non-U.S. (3) Represents realized losses on marketable debt securities, net of tax benefit (4) Represents losses on derivatives, net of taxes of $120 in both

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	3 Months Ended
	Nov. 23, 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 Gross Accumulated Net Carrying Amortizing intangible assets: Technology 3-5 $ 870 $ (870 ) $ – Customer relationships 3-10 29,376 (24,722 ) 4,654 Total intangible assets other than goodwill $ 30,246 $ (25,592 ) $ 4,654

Leases (Tables)

Leases (Tables)	3 Months Ended
	Nov. 23, 2019
Leases [Abstract]
Balance Sheet Information Related To Leases	Lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheet are as follows: (in thousands) Classification November 23, 2019 Operating lease right-of-use $ 2,585,105 (1) Property and equipment, less accumulated depreciation and 284,383 $ 2,869,488 Current portion of operating lease liab i $ 232,549 Accrued expenses and other 57,808 Operating lease liabilities, less current portion 2,506,829 Other long-term liabilities 137,856 $ 2,935,042 (1) Finance lease assets are net of accumulated amortization of $85,107.
Lease Cost	Lease costs for finance and operating leases for the twelve-week period ended November ​​​​​​​23, 2019 are as follows: (in thousands) Statement of Income Location Twelve Weeks Ended November 23, 2019 Finance lease cost: Amortization of lease assets Depreciation and amortization $ 12,656 Interest on lease liabilities Interest expense, net 1,385 Operating lease cost (1) Selling, general and administrative expenses 81,799 Total lease cost $ 95,840 (1) Includes short-term leases, variable lease costs and sublease income, which are immaterial.
Summary Of The Future Maturities Of The Company's Lease Liabilities	The future rental payments, inclusive of renewal options that have been included in defining the expected lease term, of our operating and finance lease obligations as of November 23, 2019 having initial or remaining lease terms in excess of one year are as follows: (in thousands) Finance Operating Total 2020 $ 44,456 $ 238,345 $ 282,801 2021 55,841 318,198 374,039 2022 43,890 304,855 348,745 2023 30,643 285,161 315,804 2024 9,512 261,818 271,330 Thereafter 25,914 2,201,994 2,227,908 Total lease payments 210,256 3,610,371 3,820,627 Less: Interest (14,592 ) (870,993 ) (885,585 ) Present value of lease liabilities $ 195,664 $ 2,739,378 $
Future Minimum Annual Rental Commitments Under Non-Cancelable Operating Leases and Capital Leases	Future minimum annual rental commitments under non-cancelable operating leases and capital leases were as follows as of August 31, 2019: (in thousands) Operating Capital 2020 $ 315,424 $ 56,246 2021 302,056 51,679 2022 281,287 39,094 2023 252,868 28,401 2024 221,213 7,300 Thereafter 824,244 – Total minimum payments required $ 2,197,092 182,720 Less: Interest (2,815 ) Present value of minimum capital lease payments $ 179,905
Information On Lease Term And Discount Rate	The following table summarizes the Company’s lease term and discount rate assumptions: ve Weeks E nded 29 vehicles 4 15 Weighted-average discount rate: 3.20% vehicles 2.70% 3.56%
Other Information Related To Lease Liabilities	The following table summarizes the other information related to the Company’s lease liabilities: (in thousands) Twelve Weeks Ended November 23, 2019 Cash paid for amounts included in the measurement of lease liabilities – operating cash flows from operating leases $ 50,526 Leased assets obtained in exchange for new finance lease liabilities 18,297 Leased assets obtained in exchange for new operating lease liabilities 19,656

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Nov. 23, 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 November 23, November 17, Stores $ 2,743,239 $ 2,593,440 49,799 48,293 $ 2,793,038 $ 2,641,733 Stores $ 1,466,161 $ 1,383,564 34,907 33,910 1,501,068 1,417,474 (1,001,045 ) (929,656 ) (43,743 ) (39,006 ) $ 456,280 $ 448,812

General - Additional Informatio

General - Additional Information (Detail) - USD ($) $ in Thousands	Nov. 23, 2019	Sep. 01, 2019	Aug. 31, 2019
Lease Right Of Use Assets	$ 2,585,105		$ 0
Lease Liabilities	$ 2,739,378
Accounting Standards Update 2016-02 [Member]
Lease Right Of Use Assets		$ 2,500,000
Lease Liabilities		$ 2,700,000

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)	3 Months Ended
	Nov. 23, 2019	Nov. 17, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected price volatility	22.00%	21.00%
Risk-free interest rates	1.40%	3.10%
Weighted average expected lives (in years)	5 years 6 months	5 years 7 months 6 days
Forfeiture rate	10.00%	10.00%
Dividend yield	0.00%	0.00%

Share-Based Payments - Schedule

Share-Based Payments - Schedule of Nonvested Restricted Stock Units Activity (Detail)	3 Months Ended
	Nov. 23, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested, Beginning balance, Number of Shares | shares	10,049
Granted, Number of Shares | shares	7,008
Vested, Number of Shares | shares	(2,456)
Canceled or forfeited, Number of Shares | shares	(66)
Nonvested, Ending balance, Number of Shares | shares	14,535
Nonvested, Beginning balance, Weighted Average Exercise Price | $ / shares	$ 773.61
Granted, Weighted Average Exercise Price | $ / shares	1,060.81
Vested, Weighted Average Exercise Price | $ / shares	772.80
Canceled or forfeited, Weighted Average Exercise Price | $ / shares	772.80
Nonvested, Ending balance, Weighted Average Exercise Price | $ / shares	$ 912.23

Share-Based Payments - Addition

Share-Based Payments - Additional Information (Detail) - USD ($)	3 Months Ended
	Nov. 23, 2019	Nov. 17, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of options granted	$ 252.39	$ 208.31
Stock options granted	188,324	171,293
Stock options exercised - Shares	18,407	129,559
Stock options exercised - Weighted average exercise price	$ 568.16	$ 359.94
Restricted stock units granted	7,008
share-based compensation expense	$ 10,000	$ 10,500
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	$ 1,060.81
Restricted stock units granted	7,008	10,474
Non vested restricted stock unit award	$ 11,700,000
Estimated weighted average period	3 years 3 months 18 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	107,511	427,407

Fair Value Measurements - Compa

Fair Value Measurements - Company's marketable debt securities measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Nov. 23, 2019	Aug. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 128,371	$ 138,926
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	52,365	67,958
Other long-term assets	76,006	70,968
Total	128,371	138,926
Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	50,015	65,344
Other long-term assets	72,075	65,573
Total	122,090	130,917
Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets	2,350	2,614
Other long-term assets	3,931	5,395
Total	$ 6,281	$ 8,009

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Nov. 23, 2019	Aug. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term marketable debt securities	$ 52,365	$ 67,958
Long-term marketable debt securities	$ 76,006	$ 70,968

Marketable Debt Securities - Av

Marketable Debt Securities - Available-for-Sale Marketable Securities (Detail) - USD ($) $ in Thousands	Nov. 23, 2019	Aug. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	$ 127,857	$ 138,173
Available-For-Sale Marketable Securities, Gross Unrealized Gains	554	794
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(40)	(41)
Available-For-Sale Marketable Securities, Fair Value	128,371	138,926
Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	35,093	36,998
Available-For-Sale Marketable Securities, Gross Unrealized Gains	34	29
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(6)	(19)
Available-For-Sale Marketable Securities, Fair Value	35,121	37,008
Government Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	60,901	45,741
Available-For-Sale Marketable Securities, Gross Unrealized Gains	515	763
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(18)	0
Available-For-Sale Marketable Securities, Fair Value	61,398	46,504
Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	1,787	2,089
Available-For-Sale Marketable Securities, Gross Unrealized Gains	1	2
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(14)	(15)
Available-For-Sale Marketable Securities, Fair Value	1,774	2,076
Asset-Backed Securities and Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-For-Sale Marketable Securities, Amortized Cost Basis	30,076	53,345
Available-For-Sale Marketable Securities, Gross Unrealized Gains	4	0
Available-For-Sale Marketable Securities, Gross Unrealized Losses	(2)	(7)
Available-For-Sale Marketable Securities, Fair Value	$ 30,078	$ 53,338

Marketable Debt Securities - Ad

Marketable Debt Securities - Additional Information (Detail) $ in Thousands	3 Months Ended
	Nov. 23, 2019USD ($)Securities	Aug. 31, 2019USD ($)
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	41
Available-For-Sale Marketable Securities, Gross Unrealized Losses	$ 40	$ 41
Marketable securities transferred	$ 29,200

Derivative Financial Instrume_2

Derivative Financial Instruments - Additional Information (Detail) $ in Thousands	3 Months Ended
	Nov. 23, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative losses recorded in Accumulated other comprehensive loss	$ 5,100
Net derivative losses amortized into Interest expense	509
Net derivative loss expected to be reclassified over next 12 months	$ 2,100

Merchandise Inventories - Addit

Merchandise Inventories - Additional Information (Detail) - USD ($) $ in Millions	Nov. 23, 2019	Aug. 31, 2019
Inventory Disclosure [Abstract]
Unrecorded adjustment for LIFO value in excess of replacement value	$ 374.8	$ 404.9

Financing - Schedule of Debt (D

Financing - Schedule of Debt (Detail) - USD ($) $ in Thousands	Nov. 23, 2019	Aug. 31, 2019
Debt Instrument [Line Items]
Commercial paper	$ 1,109,700	$ 1,030,000
Total debt before discounts and debt issuance costs	5,309,700	5,230,000
Less: Discounts and debt issuance costs	22,376	23,656
Long-term debt	5,287,324	5,206,344
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)	3 Months Ended	12 Months Ended
	Nov. 23, 2019	Aug. 31, 2019
Commercial paper, weighted average interest rate of 1.76% and 2.28% at November 23, 2019 and August 31, 2019, respectively [Member]
Debt Instrument [Line Items]
Weighted average interest rate of commercial paper	1.76%	2.28%
4.000% Senior Notes due November 2020, effective interest rate of 4.43% [Member]
Debt Instrument [Line Items]
Stated interest rate percentage	4.00%	4.00%
Effective interest rate	4.43%	4.43%
Debt instrument maturity, month and year	2020-11	2020-11
2.500% Senior Notes due April 2021, effective interest rate of 2.62% [Member]
Debt Instrument [Line Items]
Stated interest rate percentage	2.50%	2.50%
Effective interest rate	2.62%	2.62%
Debt instrument maturity, month and year	2021-04	2021-04
3.700% Senior Notes due April 2022, effective interest rate of 3.85% [Member]
Debt Instrument [Line Items]
Stated interest rate percentage	3.70%	3.70%
Effective interest rate	3.85%	3.85%
Debt instrument maturity, month and year	2022-04	2022-04
2.875% Senior Notes due January 2023, effective interest rate of 3.21% [Member]
Debt Instrument [Line Items]
Stated interest rate percentage	2.875%	2.875%
Effective interest rate	3.21%	3.21%
Debt instrument maturity, month and year	2023-01	2023-01
3.125% Senior Notes due July 2023, effective interest rate of 3.26% [Member]
Debt Instrument [Line Items]
Stated interest rate percentage	3.125%	3.125%
Effective interest rate	3.26%	3.26%
Debt instrument maturity, month and year	2023-07	2023-07
3.125% 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%	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%	3.25%
Effective interest rate	3.36%	3.36%
Debt instrument maturity, month and year	2025-04	2025-04
3.125% Senior Notes due April 2026, effective interest rate of 3.28% [Member]
Debt Instrument [Line Items]
Stated interest rate percentage	3.125%	3.125%
Effective interest rate	3.28%	3.28%
Debt instrument maturity, month and year	2026-04	2026-04
3.750% Senior Notes due June 2027, effective interest rate of 3.83% [Member]
Debt Instrument [Line Items]
Stated interest rate percentage	3.75%	3.75%
Effective interest rate	3.83%	3.83%
Debt instrument maturity, month and year	2027-06	2027-06
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%	3.86%
Debt instrument maturity, month and year	2029-04	2029-04

Financing - Additional Informat

Financing - Additional Information (Detail) - USD ($)	3 Months Ended
	Nov. 23, 2019	Aug. 31, 2019
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	5,468,000,000	$ 5,419,000,000
Excess (shortfall) of fair value of debt over (from) carrying value	180,600,000	212,700,000
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	$ 3,200,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Remaining borrowing capacity under revolving credit facility	2,000,000,000
4.000% Senior Notes due November 2020, effective interest rate of 4.43% [Member]
Debt Instrument [Line Items]
Long-term debt	$ 500,000,000	$ 500,000,000
Stated interest rate percentage	4.00%	4.00%

Stock Repurchase Program - Addi

Stock Repurchase Program - Additional Information (Detail) - USD ($) shares in Thousands	Oct. 07, 2019	Dec. 13, 2019	Nov. 23, 2019	Nov. 17, 2018	Nov. 23, 2019
Equity, Class of Treasury Stock [Line Items]
Stock repurchased cumulative, shares			403	654	147,300
Purchase of treasury stock			$ 449,999,000	$ 497,060,000	$ 21,873,000,000
Increase in authorization of stock repurchase, value	$ 1,250,000,000
Stock repurchase authorized	$ 23,150,000,000
Remaining value authorized for share repurchases			$ 1,277,000		$ 1,277,000
Subsequent Events [Member]
Equity, Class of Treasury Stock [Line Items]
Stock repurchased cumulative, shares		101,815
Purchase of treasury stock		$ 120,000,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 23, 2019	Nov. 17, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ (1,713,851)	$ (1,520,355)
Balance	(1,776,090)	(1,658,616)
Foreign Currency and Other [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(265,598)	(228,899)
Other comprehensive income (loss) before reclassifications	19,040	(40,573)
Balance	(246,558)	(269,472)
Net Unrealized Gain (Loss) on Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	591	(873)
Other comprehensive income (loss) before reclassifications	(233)	(77)
Amounts reclassified from Accumulated other comprehensive income (loss)	45	0
Balance	403	(950)
Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(4,315)	(6,033)
Amounts reclassified from Accumulated other comprehensive income (loss)	389	389
Balance	(3,926)	(5,644)
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(269,322)	(235,805)
Other comprehensive income (loss) before reclassifications	18,807	(40,650)
Amounts reclassified from Accumulated other comprehensive income (loss)	434	389
Balance	$ (250,081)	$ (276,066)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 23, 2019	Nov. 17, 2018
Net Unrealized Gain (Loss) on Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains (losses) on marketable securities, taxes	$ 12
Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net derivative activities, taxes	$ 120	$ 120

Goodwill and Intangibles - Addi

Goodwill and Intangibles - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Nov. 23, 2019	Nov. 17, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 1	$ 1

Goodwill and Intangibles - Sche

Goodwill and Intangibles - Schedule of Carrying Amounts of Intangible Assets (Detail) $ in Thousands	3 Months Ended
	Nov. 23, 2019USD ($)
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Finite Lived, Gross Carrying Amount	$ 30,246
Finite Lived, Accumulated Amortization	(25,592)
Total intangible assets other than goodwill, Net Carrying Amount	4,654
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	(24,722)
Finite Lived, Net Carrying Amount	$ 4,654
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

Leases - Additional Information

Leases - Additional Information (Detail) $ in Thousands	3 Months Ended
	Nov. 23, 2019USD ($)
Renewal Options And Lease term	The leases have varying terms and expire at various dates through 2040. Retail leases typically have initial terms of between one and 20 years, with one to six optional renewal periods of one to five years each.
Lease Accumulated Amortization	$ 85,107
Additional leases not yet commenced, undiscounted future payments	$ 30,600
Minimum [Member]
Operating lease commencement date	2020
Maximum [Member]
Operating lease commencement date	2022

Lease - Summary of Lease-relate

Lease - Summary of Lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Nov. 23, 2019	Aug. 31, 2019
Assets
Operating lease assets	$ 2,585,105	$ 0
Total lease assets	2,869,488
Current
Operating	232,549	0
Noncurrent
Operating	2,506,829	$ 0
Total lease liabilities	2,935,042
Operating lease right-of-use assets
Assets
Operating lease assets	2,585,105
Property and equipment, less accumulated depreciation and amortization
Assets
Finance lease assets	284,383
Current portion of operating lease liablities
Current
Operating	232,549
Accrued expenses and other
Current
Finance	57,808
Operating lease liabilities, less current portion
Noncurrent
Operating	2,506,829
Other long-term liabilities
Noncurrent
Finance	$ 137,856

Leases - Lease Cost (Detail)

Leases - Lease Cost (Detail) $ in Thousands	3 Months Ended
	Nov. 23, 2019USD ($)
Amortization of lease assets	$ 85,107
Total lease cost	95,840
Depreciation and amortization
Amortization of lease assets	12,656
Interest expense, net
Interest on lease liabilities	1,385
Selling, general and administrative expenses
Operating lease cost	$ 81,799

Leases - Summary Of The Future

Leases - Summary Of The Future Maturities Of The Company's Lease Liabilities (Detail) $ in Thousands	Nov. 23, 2019USD ($)
2020	$ 44,456
2021	55,841
2022	43,890
2023	30,643
2024	9,512
Thereafter	25,914
Total Lease Payments	210,256
Less: Interest	(14,592)
Present value of lease liabilities	195,664
2020	238,345
2021	318,198
2022	304,855
2023	285,161
2024	261,818
Thereafter	2,201,994
Total Lease Payments	3,610,371
Less: Interest	(870,993)
Present value of lease liabilities	2,739,378
2020	282,801
2021	374,039
2022	348,745
2023	315,804
2024	271,330
Thereafter	2,227,908
Total Lease Payments	3,820,627
Less: Interest	(885,585)
Present value of lease liabilities	$ 2,935,042

Leases - Future Minimum Annual

Leases - Future Minimum Annual Rental Commitments Under Non-Cancelable Operating Leases and Capital Leases (Detail) $ in Thousands	Aug. 31, 2019USD ($)
Leases [Abstract]
2020	$ 315,424
2021	302,056
2022	281,287
2023	252,868
2024	221,213
Thereafter	824,244
Total minimum payments required	2,197,092
2020	56,246
2021	51,679
2022	39,094
2023	28,401
2024	7,300
Thereafter	0
Total minimum payments required	182,720
Less: Interest	(2,815)
Present value of minimum capital lease payments	$ 179,905

Leases - Information On Lease T

Leases - Information On Lease Term And Discount Rate (Detail)	3 Months Ended
	Nov. 23, 2019
Weighted-average remaining lease term (years)
Finance leases – real estate	29 years
Finance leases – vehicles	4 years
Operating leases	15 years
Weighted-average discount rate:
Finance leases – real estate	3.20%
Finance leases – vehicles	2.70%
Operating leases	3.56%

Leases - Other Information Rela

Leases - Other Information Related To Lease Liabilities (Detail) $ in Thousands	3 Months Ended
	Nov. 23, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Cash paid for amounts included in the measurement of lease liabilities – operating cash flows from operating leases	$ 50,526
Leased assets obtained in exchange for new finance lease liabilities	18,297
Leased assets obtained in exchange for new operating lease liabilities	$ 19,656

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended
	Nov. 23, 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	6,433

Segment Reporting - Segment Res

Segment Reporting - Segment Results (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 23, 2019	Nov. 17, 2018
Segment Reporting Information [Line Items]
Net sales	$ 2,793,038	$ 2,641,733
Gross profit	1,501,068	1,417,474
Operating, selling, general and administrative expenses	(1,001,045)	(929,656)
Interest expense, net	(43,743)	(39,006)
Income before income taxes	456,280	448,812
Auto Parts Stores [ Member]
Segment Reporting Information [Line Items]
Net sales	2,743,239	2,593,440
Gross profit	1,466,161	1,383,564
Other [Member]
Segment Reporting Information [Line Items]
Net sales	49,799	48,293
Gross profit	$ 34,907	$ 33,910