COSTCO WHOLESALE CORP /NEW, 10-Q filed on 6/6/2024
Quarterly Report
v3.24.1.1.u2
Cover - shares
 8 Months Ended
May 12, 2024
May 29, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date May 12, 2024  
Document Fiscal Year Focus 2024  
Document Transition Report false  
Entity File Number 0-20355  
Entity Registrant Name COSTCO WHOLESALE CORP /NEW  
Entity Incorporation, State or Country Code WA  
Entity Tax Identification Number 91-1223280  
Entity Address, Address Line One 999 Lake Drive  
Entity Address, City or Town Issaquah  
Entity Address, State or Province WA  
Entity Address, Postal Zip Code 98027  
City Area Code 425  
Local Phone Number 313-8100  
Title of 12(b) Security Common Stock, $.005 Par Value  
Trading Symbol COST  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   443,335,024
Amendment Flag false  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000909832  
Current Fiscal Year End Date --09-01  
v3.24.1.1.u2
Condensed Consolidated Statements Of Income - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 8 Months Ended
May 12, 2024
May 07, 2023
May 12, 2024
May 07, 2023
REVENUE        
Total Revenue $ 58,515 $ 53,648 $ 174,756 $ 163,351
OPERATING EXPENSES        
Merchandise costs 51,173 47,175 152,770 143,367
Selling, general and administrative 5,145 4,794 15,743 14,651
Operating income 2,197 1,679 6,243 5,333
OTHER INCOME (EXPENSE)        
Interest expense (41) (36) (120) (104)
Interest income and other, net 128 128 504 295
INCOME BEFORE INCOME TAXES 2,284 1,771 6,627 5,524
Provision for income taxes 603 469 1,614 1,392
NET INCOME $ 1,681 $ 1,302 $ 5,013 $ 4,132
NET INCOME PER COMMON SHARE:        
Basic (in dollars per share) $ 3.79 $ 2.94 $ 11.29 $ 9.31
Diluted (in dollars per share) $ 3.78 $ 2.93 $ 11.27 $ 9.30
Shares used in calculation (000's)        
Basic (shares) 443,892 443,814 443,870 443,843
Diluted (shares) 444,828 444,360 444,662 444,455
Net Sales        
REVENUE        
Total Revenue $ 57,392 $ 52,604 $ 171,440 $ 160,280
Membership fees        
REVENUE        
Total Revenue $ 1,123 $ 1,044 $ 3,316 $ 3,071
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Condensed Consolidated Statements Of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 8 Months Ended
May 12, 2024
May 07, 2023
May 12, 2024
May 07, 2023
Statement of Comprehensive Income [Abstract]        
NET INCOME $ 1,681 $ 1,302 $ 5,013 $ 4,132
Foreign-currency translation adjustment and other, net (80) (8) (117) 149
COMPREHENSIVE INCOME $ 1,601 $ 1,294 $ 4,896 $ 4,281
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Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
May 12, 2024
Sep. 03, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 10,404 $ 13,700
Short-term investments 1,095 1,534
Receivables, net 2,583 2,285
Merchandise inventories 17,430 16,651
Other current assets 1,776 1,709
Total current assets 33,288 35,879
OTHER ASSETS    
Property and equipment, net 28,062 26,684
Operating lease right-of-use assets 2,643 2,713
Other long-term assets 3,918 3,718
TOTAL ASSETS 67,911 68,994
CURRENT LIABILITIES    
Accounts payable 18,844 17,483
Accrued salaries and benefits 4,365 4,278
Accrued member rewards 2,339 2,150
Deferred membership fees 2,553 2,337
Current portion of long-term debt [1] 1,077 1,081
Other current liabilities 6,183 6,254
Total current liabilities 35,361 33,583
OTHER LIABILITIES    
Long-term debt, excluding current portion 5,834 5,377
Long-term operating lease liabilities 2,386 2,426
Other long-term liabilities 2,559 2,550
TOTAL LIABILITIES 46,140 43,936
EQUITY    
Preferred stock $0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock $0.005 par value; 900,000,000 shares authorized; 443,374,000 and 442,793,000 shares issued and outstanding 2 2
Additional paid-in capital 7,702 7,340
Accumulated other comprehensive loss (1,922) (1,805)
Retained earnings 15,989 19,521
TOTAL EQUITY 21,771 25,058
TOTAL LIABILITIES AND EQUITY $ 67,911 $ 68,994
[1] Net of unamortized debt discounts and issuance costs
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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
May 12, 2024
Sep. 03, 2023
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.005 $ 0.005
Preferred stock, shares authorized 100,000,000 100,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value (in dollars per share) $ 0.005 $ 0.005
Common stock, shares authorized 900,000,000 900,000,000
Common Stock, Shares, Issued 443,374,000 442,793,000
Common Stock, Shares, Outstanding 443,374,000 442,793,000
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Consolidated Statement of Stockholders' Equity Statement - USD ($)
shares in Thousands, $ in Millions
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
AOCI Attributable to Parent [Member]
Retained Earnings [Member]
Parent [Member]
Noncontrolling Interest [Member]
Common Stock at beginning of period (shares) at Aug. 28, 2022   442,664          
Equity at beginning of period at Aug. 28, 2022   $ 2 $ 6,884 $ (1,829) $ 15,585 $ 20,642  
Equity at beginning of period including noncontrolling interest at Aug. 28, 2022 $ 20,647           $ 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
NET INCOME 4,132       4,132 4,132  
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 4,132           0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax 149     149   149 0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 645   645     645  
Stock Issued During Period, Shares, Restricted Stock Award, Gross   1,466          
Stock Issued During Period, Value, Stock Options Exercised $ (302)   (302)     (302)  
Stock Repurchased and Retired During Period, Shares (908) (908)          
Stock Repurchased and Retired During Period, Value $ (447)   (16)   (431) (447)  
Cash dividends declared (1,251)       (1,251) (1,251)  
Common Stock at end of period (shares) at May. 07, 2023   443,222          
Equity at end of period at May. 07, 2023   $ 2 7,211 (1,680) 18,035 23,568  
Equity at end of period including noncontrolling interest at May. 07, 2023 23,573           5
Common Stock at beginning of period (shares) at Feb. 12, 2023   443,550          
Equity at beginning of period at Feb. 12, 2023   $ 2 7,123 (1,672) 17,341 22,794  
Equity at beginning of period including noncontrolling interest at Feb. 12, 2023 22,799           5
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
NET INCOME 1,302       1,302 1,302  
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 1,302           0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax (8)     (8)   (8) 0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 94   94     94  
Stock Issued During Period, Shares, Restricted Stock Award, Gross   1          
Stock Issued During Period, Value, Stock Options Exercised $ 0   0     0  
Stock Repurchased and Retired During Period, Shares (329) (329)          
Stock Repurchased and Retired During Period, Value $ (162)   (6)   (156) (162)  
Cash dividends declared (452)       (452) (452)  
Common Stock at end of period (shares) at May. 07, 2023   443,222          
Equity at end of period at May. 07, 2023   $ 2 7,211 (1,680) 18,035 23,568  
Equity at end of period including noncontrolling interest at May. 07, 2023 $ 23,573           5
Common Stock at beginning of period (shares) at Sep. 03, 2023 442,793 442,793          
Equity at beginning of period at Sep. 03, 2023 $ 25,058 $ 2 7,340 (1,805) 19,521 25,058  
Equity at beginning of period including noncontrolling interest at Sep. 03, 2023 25,058           0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
NET INCOME 5,013       5,013 5,013  
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 5,013           0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax (117)     (117)   (117) 0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 689   689     689  
Stock Issued During Period, Shares, Restricted Stock Award, Gross   1,330          
Stock Issued During Period, Value, Stock Options Exercised $ (313)   (313)     (313)  
Stock Repurchased and Retired During Period, Shares (749) (749)          
Stock Repurchased and Retired During Period, Value $ (484)   (14)   (470) (484)  
Cash dividends declared $ (8,075)       (8,075) (8,075)  
Common Stock at end of period (shares) at May. 12, 2024 443,374 443,374          
Equity at end of period at May. 12, 2024 $ 21,771 $ 2 7,702 (1,922) 15,989 21,771  
Equity at end of period including noncontrolling interest at May. 12, 2024 21,771           0
Common Stock at beginning of period (shares) at Feb. 18, 2024   443,549          
Equity at beginning of period at Feb. 18, 2024   $ 2 7,620 (1,842) 14,980 20,760  
Equity at beginning of period including noncontrolling interest at Feb. 18, 2024 20,760           0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
NET INCOME 1,681       1,681 1,681  
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 1,681           0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax (80)     (80)   (80) 0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 107   107     107  
Stock Issued During Period, Shares, Restricted Stock Award, Gross   46          
Stock Issued During Period, Value, Stock Options Exercised $ (21)   (21)     (21)  
Stock Repurchased and Retired During Period, Shares (221) (221)          
Stock Repurchased and Retired During Period, Value $ (162)   (4)   (158) (162)  
Cash dividends declared $ (514)       (514) (514)  
Common Stock at end of period (shares) at May. 12, 2024 443,374 443,374          
Equity at end of period at May. 12, 2024 $ 21,771 $ 2 $ 7,702 $ (1,922) $ 15,989 $ 21,771  
Equity at end of period including noncontrolling interest at May. 12, 2024 $ 21,771           $ 0
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Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 8 Months Ended
May 12, 2024
May 07, 2023
Adjustments to reconcile net income to net cash provided by operating activities:    
NET INCOME $ 5,013 $ 4,132
Depreciation and amortization 1,531 1,389
Non-cash lease expense 220 300
Stock-based compensation 686 643
Impairment of assets and other non-cash operating activities, net (35) 441
Changes in operating assets and liabilities:    
Merchandise inventories (831) 1,596
Accounts payable 1,380 (872)
Other operating assets and liabilities, net 417 (286)
Net cash provided by operating activities 8,381 7,343
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of short-term investments (1,007) (947)
Maturities of short-term investments 1,441 594
Additions to property and equipment (3,133) (2,767)
Other investing activities, net (7) (27)
Net cash used in investing activities (2,706) (3,147)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repayments of short-term borrowings (637) (698)
Proceeds from short-term borrowings 628 667
Repayments of long-term debt 0 (75)
Proceeds from issuance of long-term debt 498 0
Tax withholdings on stock-based awards (313) (302)
Repurchases of common stock (484) (446)
Cash dividend payments (8,527) (799)
Financing lease payments (112) (204)
Other financing activities, net (1) (93)
Net cash used in financing activities (8,948) (1,950)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (23) 44
Net change in cash and cash equivalents (3,296) 2,290
CASH AND CASH EQUIVALENTS BEGINNING OF YEAR 13,700 10,203
CASH AND CASH EQUIVALENTS END OF PERIOD 10,404 12,493
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest 90 86
Income taxes, net 1,449 1,443
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:    
Cash dividend declared, but not yet paid 0 452
Financing lease assets obtained in exchange for new or modified leases 173 101
Operating lease assets obtained in exchange for new or modified leases 117 160
Capital Expenditures Incurred but Not yet Paid $ 181 $ 114
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Summary of Significant Accounting Policies
 8 Months Ended
May 12, 2024
Accounting Policies [Abstract]  
Summary of Significant Policies
Note 1—Summary of Significant Accounting Policies
Description of Business
Costco Wholesale Corporation (Costco or the Company), a Washington corporation, and its subsidiaries operate membership warehouses based on the concept that offering members low prices on a limited selection of nationally-branded and private-label products in a wide range of merchandise categories will produce high sales volumes and rapid inventory turnover. At May 12, 2024, Costco operated 876 warehouses worldwide: 604 in the United States (U.S.) located in 47 states, Washington, D.C., and Puerto Rico, 108 in Canada, 40 in Mexico, 33 in Japan, 29 in the United Kingdom (U.K.), 18 in Korea, 15 in Australia,14 in Taiwan, six in China, four in Spain, two in France, and one each in Iceland, New Zealand, and Sweden. The Company operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan, and Australia.
Basis of Presentation
The condensed consolidated financial statements include the accounts of Costco and its wholly-owned subsidiaries. All material inter-company transactions among the Company and its consolidated subsidiaries have been eliminated in consolidation.
These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q for interim financial reporting pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). While these statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (U.S. GAAP) for complete financial statements. Therefore, the interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended September 3, 2023.
Fiscal Year End
The Company operates on a 52/53 week fiscal year basis, with the fiscal year ending on the Sunday closest to August 31. Fiscal 2024 is a 52-week year ending on September 1, 2024. References to the third quarter of 2024 and 2023 relate to the 12-week fiscal quarters ended May 12, 2024, and May 7, 2023. References to the first thirty-six weeks of 2024 and 2023 relate to the 36 weeks ended May 12, 2024, and May 7, 2023.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions take into account historical and forward-looking factors that the Company believes are reasonable. Actual results could differ from those estimates and assumptions.
Reclassification
Reclassifications were made to the condensed consolidated statement of cash flows for the first thirty-six weeks of fiscal 2023 to conform with current year presentation.
Recent Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, which is intended to improve reportable segment disclosure requirements, primarily about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements.
In December 2023, the FASB issued ASU 2023-09, which focuses on income tax disclosures by requiring public business entities, on an annual basis, to disclose specific categories in the rate reconciliation, provide information for reconciling items that meet a quantitative threshold, and certain information about income taxes paid. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis. Retrospective application is permitted.
The Company is evaluating both standards.
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Investments
 8 Months Ended
May 12, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments
Note 2—Investments
The Company's investments were as follows:
May 12, 2024:Cost
Basis		Unrealized
Losses, Net		Recorded
Basis
Available-for-sale:
Government and agency securities$687 $(17)$670 
Held-to-maturity:
Certificates of deposit425 — 425 
Total short-term investments$1,112 $(17)$1,095 
September 3, 2023:Cost
Basis		Unrealized
Losses, Net		Recorded
Basis
Available-for-sale:
Government and agency securities$650 $(17)$633 
Held-to-maturity:
Certificates of deposit901 — 901 
Total short-term investments$1,551 $(17)$1,534 
Gross unrealized holding gains and losses on available-for-sale securities were not material for the periods ended May 12, 2024, or September 3, 2023. At those dates, there were no available-for-sale securities in a material continuous unrealized-loss position. There were no sales of available-for-sale securities during the first thirty-six weeks of 2024 or 2023.
The maturities of available-for-sale and held-to-maturity securities at May 12, 2024, are as follows:
 Available-For-SaleHeld-To-Maturity
 Cost BasisFair Value
Due in one year or less$134 $133 $425 
Due after one year through five years389 381 — 
Due after five years164 156 — 
Total$687 $670 $425 
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Fair Value Measurement
 8 Months Ended
May 12, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement
Note 3—Fair Value Measurement
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The table below presents information regarding the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis and indicates the level within the hierarchy reflecting the valuation techniques utilized.
Level 2
May 12,
2024		September 3,
2023
Investment in government and agency securities$670 $633 
Forward foreign-exchange contracts, in asset position(1)
15 18 
Forward foreign-exchange contracts, in (liability) position(1)
(3)(7)
Total$682 $644 
 _______________
(1)The asset and liability values are included in other current assets and other current liabilities, respectively, in the accompanying condensed consolidated balance sheets.
At May 12, 2024, and September 3, 2023, the Company did not hold any Level 1 or 3 financial assets or liabilities that were measured at fair value on a recurring basis. There were no transfers between levels during the first thirty-six weeks of 2024 or 2023.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Assets and liabilities recognized and disclosed at fair value on a nonrecurring basis include items such as financial assets measured at amortized cost and long-lived nonfinancial assets. These assets are measured at fair value if determined to be impaired. There were no material fair value adjustments to these items during the first thirty-six weeks of 2024. During the first and third quarter of 2023, the Company recognized in merchandise costs charges of $93 and $298, primarily related to the impairment of certain leased assets associated with charter shipping activities, now discontinued.
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Debt
 8 Months Ended
May 12, 2024
Debt Disclosure [Abstract]  
Debt
Note 4—Debt
The carrying value of the Company’s long-term debt consisted of the following:
May 12,
2024		September 3,
2023
2.750% Senior Notes due May 2024
$1,000 $1,000 
3.000% Senior Notes due May 2027
1,000 1,000 
1.375% Senior Notes due June 2027
1,250 1,250 
1.600% Senior Notes due April 2030
1,750 1,750 
1.750% Senior Notes due April 2032
1,000 1,000 
Other long-term debt933 484 
Total long-term debt
6,933 6,484 
Less unamortized debt discounts and issuance costs
22 26 
Less current portion(1)
1,077 1,081 
Long-term debt, excluding current portion
$5,834 $5,377 
 _______________
(1)Net of unamortized debt discounts and issuance costs.
The fair value of the Senior Notes is estimated using Level 2 inputs. Other long-term debt consists of Guaranteed Senior Notes issued by the Company's Japan subsidiary, valued using Level 3 inputs. In November 2023, the Company's Japan subsidiary issued four Guaranteed Senior Notes, totaling approximately $500, at fixed interest rates ranging from 1.400% to 2.120%. Interest is payable semi-annually, and maturity dates range from November 7, 2033, to November 7, 2043. The fair value of the Company's long-term debt, including the current portion, was approximately $6,252 and $5,738 at May 12, 2024, and September 3, 2023.
Subsequent to the end of the quarter on May 18, 2024, the Company paid the outstanding principal balance and interest on the 2.750% Senior Notes using cash and cash equivalents and short-term investments.
v3.24.1.1.u2
Equity
 3 Months Ended
May 12, 2024
Equity [Abstract]  
Stockholders' equity
Note 5—Equity
Dividends
A quarterly cash dividend of $1.16 per share was declared on April 10, 2024, and paid on May 10, 2024. The dividend was $1.02 per share in the third quarter of 2023. On January 12, 2024, an aggregate payment of approximately $6,655 was made in connection with a special dividend of $15.00 per share, declared on December 13, 2023.
Stock Repurchase Programs
The Company's stock repurchase program is conducted under a $4,000 authorization by the Board of Directors, which expires in January 2027. At May 12, 2024, the remaining amount available under the program was $3,079. The following table summarizes the repurchase activity:
Shares Repurchased (000s)Average Price per ShareTotal Cost
Third quarter of 2024221 $733.23 $162 
First thirty-six weeks of 2024749 $646.07 $484 
Third quarter of 2023329 $492.71 $162 
First thirty-six weeks of 2023908 $492.30 $447 
These amounts may differ from the accompanying condensed consolidated statements of cash flows due to changes in unsettled stock repurchases at the end of each quarter. Purchases are made from time to time, as conditions warrant, in the open market or in block purchases and pursuant to plans under SEC Rule 10b5-1.
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Stock-Based Compensation Plans
 8 Months Ended
May 12, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Plans
Note 6—Stock-Based Compensation
The 2019 Incentive Plan authorized the issuance of up to a maximum of 15,885,000 RSUs. To preserve the value of outstanding awards, the number of RSUs that may be granted under this Plan is subject to adjustments from changes in capital structure. The Company issues new shares of common stock upon vesting of RSUs. Shares for vested RSUs are generally delivered to participants annually, net of shares withheld for taxes.
As required by the 2019 Incentive Plan, in conjunction with the 2024 special dividend, the number of shares subject to outstanding RSUs was increased on the dividend record date to preserve their value. They were adjusted by multiplying the number of outstanding shares by a factor of 1.018, representing the ratio of the Nasdaq closing price of $674.62 on December 26, 2023, which was the last trading day immediately prior to the ex-dividend date, to the Nasdaq opening price of $662.70 on the ex-dividend date, December 27, 2023. The outstanding RSUs increased by approximately 52,000. The adjustment did not result in additional stock-based compensation expense, as the fair value of the awards did not
change. As further required by the 2019 Incentive Plan, the maximum number of shares issuable under the plan was proportionally adjusted, which resulted in an additional 128,000 RSU shares available to be granted.
Summary of Restricted Stock Unit Activity
At May 12, 2024, 7,255,000 shares were available to be granted as RSUs, and the following awards, adjusted for the effects of the special dividend, were outstanding:
•2,665,000 time-based RSUs, which vest upon continued employment over specified periods and accelerate upon achievement of a long-service term;
•70,000 performance-based RSUs granted to executive officers of the Company, for which the performance targets have been met. The awards vest upon continued employment over specified periods of time and upon achievement of a long-service term; and
•95,000 performance-based RSUs granted to executive officers of the Company, subject to achievement of performance targets for 2024, as determined by the Compensation Committee of the Board of Directors after the end of the fiscal year. These awards are included in the table below. The Company recognized compensation expense for these awards in the third quarter of 2024, as it is currently deemed probable that the targets will be achieved.
The following table summarizes RSU transactions during the first thirty-six weeks of 2024:
Number of
Units (in 000s)		Weighted-Average
Grant Date Fair Value
Outstanding at September 3, 20233,045 $405.63 
Granted1,677 547.26 
Vested and delivered(1,887)431.68 
Forfeited(57)456.30 
Special dividend52 N/A
Outstanding at May 12, 20242,830 $463.09 
The remaining unrecognized compensation cost related to RSUs unvested at May 12, 2024, was $990, and the weighted-average period over which this cost will be recognized is 1.7 years.
Summary of Stock-Based Compensation
The following table summarizes stock-based compensation expense and the related tax benefits:
12 Weeks Ended36 Weeks Ended
May 12,
2024		May 7,
2023		May 12,
2024		May 7,
2023
Stock-based compensation expense
$106 $94 $686 $643 
Less recognized income tax benefits24 21 144 134 
Stock-based compensation expense, net$82 $73 $542 $509 
v3.24.1.1.u2
Net Income per Common and Common Equivalent Share
 8 Months Ended
May 12, 2024
Earnings Per Share [Abstract]  
Net Income Per Common and Common Equivalent Share
Note 7—Net Income per Common and Common Equivalent Share
The following table shows the amounts used in computing net income per share and the weighted average number of shares of basic and of potentially dilutive common shares outstanding (shares in 000s):
12 Weeks Ended36 Weeks Ended
May 12,
2024		May 7,
2023		May 12,
2024		May 7,
2023
Net income
$1,681 $1,302 $5,013 $4,132 
Weighted average basic shares
443,892 443,814 443,870 443,843 
RSUs936 546 792 612 
Weighted average diluted shares
444,828 444,360 444,662 444,455 
Basic earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated based on the dilutive effect of RSUs using the treasury stock method.
v3.24.1.1.u2
Commitments and Contingencies
 8 Months Ended
May 12, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 8—Commitments and Contingencies
Legal Proceedings
The Company is involved in many claims, proceedings and litigations arising from its business and property ownership. In accordance with applicable accounting guidance, the Company establishes an accrual for legal proceedings if and when those matters present loss contingencies that are both probable and reasonably estimable. There may be losses in excess of amounts accrued. The Company monitors those matters for developments that would affect the likelihood of a loss (taking into account where applicable indemnification arrangements concerning suppliers and insurers) and the accrued amount, if any, thereof, and adjusts the amount as appropriate. The Company has recorded immaterial accruals with respect to certain matters described below, in addition to other immaterial accruals for matters not described below. If the loss contingency at issue is not both probable and reasonably estimable, the Company does not establish an accrual, but monitors for developments that make the contingency both probable and reasonably estimable. In each case, there is a reasonable possibility that a loss may be incurred, including a loss in excess of the applicable accrual. For matters where no accrual has been recorded, the possible loss or range of loss (including any loss in excess of the accrual) cannot, in the Company's view, be reasonably estimated because, among other things: the remedies or penalties sought are indeterminate or unspecified; the legal and/or factual theories are not well developed; and/or the matters involve complex or novel legal theories or a large number of parties.
In November 2023, a former employee filed a class action against the Company alleging claims under California law for failure to pay minimum wage, failure to pay overtime, failure to provide meal and rest breaks, failure to provide accurate wage statements, failure to reimburse expenses, failure to pay wages when due, and failure to pay sick pay. Martin Reyes v. Costco Wholesale Corporation, Sacramento County Superior Court (Case No. 23cv011351), removed to federal court, Case No. 2:24-cv-00300 (E.D. Cal.). An amended complaint was filed, which the Company has moved to dismiss. In January 2024, the same plaintiff filed a related Private Attorneys General Act (PAGA) representative action, seeking civil penalties and asserting the same alleged underlying Labor Code violations and an additional suitable seating claim. In May 2024, the plaintiff filed an amended PAGA complaint, as to which the Company has not responded.
In October 2023, current and former employees filed suit against the Company asserting collective and class claims on behalf of all “Junior Managers” under the Fair Labor Standards Act and New York Labor Law, for failure to pay overtime compensation and for inaccurate wage statements under New York law. Lock et al. v. Costco Wholesale Corp. (Case No. 2:23-cv-07904; E.D.N.Y.). On February 1, 2024, the
Company served a motion to dismiss the inaccurate wage-statement claim. On April 5, 2024, plaintiffs filed a motion for conditional certification under the Act, which the Company has opposed.
In October 2023, a current employee filed suit against the Company asserting collective and class claims on behalf of all “supervisors” employed in New Jersey, under the Fair Labor Standards Act and New Jersey Wage and Hour Law for failure to pay all hours worked. Shah v. Costco Wholesale Corp. (Case No. 2:23-cv-21286; D.N.J.). On December 26, 2023, the Company filed its answer, denying all claims.
In July 2021, a former temporary staffing employee filed a class action against the Company and a staffing company, alleging violations of the California Labor Code regarding payment of wages, meal and rest periods, wage statements, the timeliness of wages and final wages, and for unfair business practices. Dimas v. Costco Wholesale Corp. (Case No. STK-CV-UOE-2021-0006024; San Joaquin Superior Court). The Company has moved to compel arbitration of the plaintiff's individual claims and to dismiss the class action complaint. On September 7, 2021, the same plaintiff filed a separate representative action under the California Private Attorneys General Act, asserting the same Labor Code violations and seeking civil penalties and attorneys' fees. The case has been stayed pending arbitration of the plaintiff's individual claims.
In May 2022, an employee filed an action under the California Private Attorneys General Act against the Company, alleging claims under the California Labor Code regarding the payment of wages, meal and rest periods, the timeliness of wages and final wages, wage statements, accurate records and business expenses. Gonzalez v. Costco Wholesale Corp. (Case No. 22AHCV00255; Los Angeles Superior Court). The Company filed an answer denying the allegations. On October 31, 2023, a settlement was reached for an immaterial amount. A hearing on preliminary approval of the settlement is scheduled for June 2024.
Beginning in December 2017, the United States Judicial Panel on Multidistrict Litigation consolidated numerous cases concerning the impacts of opioid abuses filed against various defendants by counties, cities, hospitals, Native American tribes, third-party payors, and others. In re National Prescription Opiate Litigation (MDL No. 2804) (N.D. Ohio). Included are cases filed against the Company by counties and cities in Michigan, New Jersey, Oregon, Virginia and South Carolina, a third-party payor in Ohio, and a hospital in Texas, class actions filed on behalf of infants born with opioid-related medical conditions in 40 states, and class actions and individual actions filed on behalf of individuals seeking to recover alleged increased insurance costs associated with opioid abuse in 43 states and American Samoa. Claims against the Company filed in federal court outside the MDL have been asserted by certain counties and cities in Florida and Georgia; claims filed by certain cities and counties in New York are pending in state court. Claims against the Company in state courts in New Jersey, Oklahoma, Utah, and Arizona have been dismissed. The Company is defending all of the pending matters.
Members of the Board of Directors, six corporate officers and the Company were defendants in a shareholder derivative action filed in June 2022 related to chicken welfare and alleged breaches of fiduciary duties. Smith, et ano. v. Vachris, et al., Superior Court of the State of Washington, County of King, No, 22-2-08937-7SEA. The complaint sought from the individual defendants' damages, injunctive relief, costs, and attorneys' fees. On March 28, 2023, the court granted the defendants' motion to dismiss the action. The plaintiffs subsequently made a demand that the Board of Directors take various actions, including among other things, pursuing claims against directors and officers of the type asserted in the litigation. A demand review committee of the Board was appointed to make a recommendation to the Board as to the demand. On April 10, 2024, the committee recommended to the Board that the demand be refused. The Board accepted the recommendation and unanimously determined to refuse the demand.
In October 2021 the Company received a notice that the Quebec Health Insurance Board had commenced an inquiry to determine whether the Company had given or received improper payments for drugs that are covered by the province's prescription drug program from drug wholesalers, generic drug manufacturers or the independent pharmacist who owns and operates the pharmacies located in the Company's Quebec locations. The inquiry covers a period beginning January 1, 2017.
The Company is a named defendant in four bodily injury actions relating to its sale of Real Water, an alkalized water previously sold at the Company and other retailers. Kaveh et al. v. Costco Wholesale Corp. et al., Case No. A23-864391-B, District Court, Clark County, NV Wei, et al. v. Costco Wholesale Corp. et al. Case No. A-22-856147-B, District Court, Clark County, NV Henry et al. v. Costco Wholesale Corp. et al., Case No. A21844176-B, District Court, Clark County, NV Lampman et al. vs. Costco Wholesale Corp. et al. Case No. A-23-868638-C, District Court, Clark County, NV. The plaintiffs allegedly sustained liver or other bodily damage as a result of consuming the product, and seek compensatory and punitive damages from all defendants, which include the manufacturer, distributors, testing equipment makers and retailers. The case is set for trial March 17, 2025. Wei and Henry have been consolidated with Brown et al. vs. AffinityLifestyles.com, Inc., et al., Case No. A-21-831776-B, District Court, Clark County, NV. The Company is not a named defendant in Brown. Wei/Henry/Brown is set for trial starting October 7, 2024. Lampman does not have a trial date.
In February 2023, Go Green Norcal, LLC filed an arbitration demand against the Company. The demand alleged a breach of a supply agreement and sought unspecified damages and cancellation of a loan from the Company. In March 2023, the Company filed its answer, denying any breach by the Company, along with counterclaims against Go Green and an affiliate for breach of contract, negligent misrepresentation, and an accounting. An award to the plaintiffs of an immaterial amount was paid in February 2024.
Between September 25, 2023, and October 31, 2023, five class action suits were filed against the Company alleging various privacy law violations stemming from pixel trackers on Costco.com: Birdwell v. Costco Wholesale Corp., Case No. T23-1405, Contra Costa County Superior Court; and Scott v. Costco Wholesale Corp., Case No. 2:23-cv-08808 (C.D. Cal.), now consolidated with R.S. v. Costco Wholesale Corp., Case No. 2:23-cv-01628 (W.D. Wash.); Groves, et ano. v. Costco Wholesale Corp., Case No. 2:23-cv-01662 (W.D. Wash.), and Castillo v. Costco Wholesale Corp., under Case No. 2:34-cv-01548 (W.D. Wash.). The Castillo plaintiffs filed a consolidated complaint on January 26, 2024, which seeks damages, equitable relief and attorneys’ fees under various statutes, including the Washington Consumer Protection Act, Washington Privacy Act, Washington Uniform Health Care Information Act, Electronic Communications Privacy Act, California Invasion of Privacy Act, and California Confidentiality of Medical Information Act. The consolidated complaint also alleges breach of implied contract, invasion of privacy, conversion, and unjust enrichment. The Company filed a motion to dismiss the Castillo complaint on March 11, 2024. In Birdwell, the Company filed a motion to dismiss and demurrer on January 22, 2024. On May 5, 2024, the Birdwell Court granted the demurrer with leave to amend and requested additional briefing on whether the case should be stayed in favor of Castillo. On May 16, 2024, the parties stipulated to stay Birdwell pending resolution of Castillo. On January 2, 2024, the Company received a related civil investigative demand from the Washington Attorney General's Office. On January 3, 2024, the Company received a related pre-litigation letter from the Los Angeles Office of the County Counsel. The Company is in the process of responding to both.
In January 2023 the Company received a Civil Investigative Demand from the U.S. Attorney's Office, Western District of Washington, requesting documents. The government is conducting a False Claims Act investigation concerning whether the Company presented or caused to be presented to the federal government for payment false claims relating to prescription medications.
In May 2024 the Company received a Notice of Intent to File Administrative Complaint for Violations of the Federal Insecticide, Fungicide and Rodenticide Act (FIFRA) from the U.S. Environmental Protection Agency. The EPA is seeking administrative fines for importation, sale and distribution of misbranded devices and unregistered products the government asserts are pesticides under FIFRA.
The Company does not believe that any pending claim, proceeding or litigation, either alone or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows; it is possible that an unfavorable outcome of some or all of the matters, however unlikely, could result in a charge that might be material to the results of an individual fiscal quarter or year.
v3.24.1.1.u2
Segment Reporting
 8 Months Ended
May 12, 2024
Segment Reporting [Abstract]  
Segment Reporting
Note 9—Segment Reporting
The Company is principally engaged in the operation of membership warehouses through wholly owned subsidiaries in the U.S., Canada, Mexico, Japan, the U.K., Korea, Australia, Taiwan, China, Spain, France, Iceland, New Zealand, and Sweden. Reportable segments are largely based on management’s organization of the operating segments for operational decisions and assessments of financial performance, which consider geographic locations. The material accounting policies of the segments are as described in the notes to the consolidated financial statements included in the Company's Annual Report filed on Form 10-K for the fiscal year ended September 3, 2023, and Note 1 above. Inter-segment net sales and expenses have been eliminated in calculating total revenue and operating income.
The following table provides information for the Company's reportable segments:
United StatesCanadaOther
International		Total
12 Weeks Ended May 12, 2024
Total revenue$42,449 $8,014 $8,052 $58,515 
Operating income1,476 394 327 2,197 
12 Weeks Ended May 7, 2023
Total revenue$39,049 $7,268 $7,331 $53,648 
Operating income1,027 327 325 1,679 
36 Weeks Ended May 12, 2024
Total revenue$126,234 $23,789 $24,733 $174,756 
Operating income4,128 1,109 1,006 6,243 
36 Weeks Ended May 7, 2023
Total revenue$119,339 $21,923 $22,089 $163,351 
Operating income3,558 899 876 5,333 
53 Weeks Ended September 3, 2023
Total revenue$176,630 $33,056 $32,604 $242,290 
Operating income5,392 1,448 1,274 8,114 
Disaggregated Revenue
The following table summarizes net sales by merchandise category; sales from e-commerce sites and business centers have been allocated to the applicable merchandise categories:
12 Weeks Ended36 Weeks Ended
May 12,
2024		May 7,
2023		May 12,
2024		May 7,
2023
Foods and Sundries$23,065 $21,298 $69,764 $64,672 
Non-Foods14,518 13,087 44,301 41,860 
Fresh Foods7,888 7,194 23,212 21,287 
Warehouse Ancillary and Other Businesses11,921 11,025 34,163 32,461 
Total net sales
$57,392 $52,604 $171,440 $160,280 
v3.24.1.1.u2
Summary of Significant Accounting Policies (Policies)
 8 Months Ended
May 12, 2024
Accounting Policies [Abstract]  
Basis of Accounting, Policy
Basis of Presentation
The condensed consolidated financial statements include the accounts of Costco and its wholly-owned subsidiaries. All material inter-company transactions among the Company and its consolidated subsidiaries have been eliminated in consolidation.
These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q for interim financial reporting pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). While these statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (U.S. GAAP) for complete financial statements. Therefore, the interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended September 3, 2023.
Fiscal Period, Policy
Fiscal Year End
The Company operates on a 52/53 week fiscal year basis, with the fiscal year ending on the Sunday closest to August 31. Fiscal 2024 is a 52-week year ending on September 1, 2024. References to the third quarter of 2024 and 2023 relate to the 12-week fiscal quarters ended May 12, 2024, and May 7, 2023. References to the first thirty-six weeks of 2024 and 2023 relate to the 36 weeks ended May 12, 2024, and May 7, 2023.
Use of Estimates, Policy
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions take into account historical and forward-looking factors that the Company believes are reasonable. Actual results could differ from those estimates and assumptions.
Reclassification, Policy
Reclassification
Reclassifications were made to the condensed consolidated statement of cash flows for the first thirty-six weeks of fiscal 2023 to conform with current year presentation.
Recent Accounting Pronouncements Not Yet Adopted, Policy
Recent Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, which is intended to improve reportable segment disclosure requirements, primarily about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements.
In December 2023, the FASB issued ASU 2023-09, which focuses on income tax disclosures by requiring public business entities, on an annual basis, to disclose specific categories in the rate reconciliation, provide information for reconciling items that meet a quantitative threshold, and certain information about income taxes paid. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis. Retrospective application is permitted.
The Company is evaluating both standards.
v3.24.1.1.u2
Investments (Tables)
 8 Months Ended
May 12, 2024
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale and Held-to-maturity Investments
The Company's investments were as follows:
May 12, 2024:Cost
Basis		Unrealized
Losses, Net		Recorded
Basis
Available-for-sale:
Government and agency securities$687 $(17)$670 
Held-to-maturity:
Certificates of deposit425 — 425 
Total short-term investments$1,112 $(17)$1,095 
September 3, 2023:Cost
Basis		Unrealized
Losses, Net		Recorded
Basis
Available-for-sale:
Government and agency securities$650 $(17)$633 
Held-to-maturity:
Certificates of deposit901 — 901 
Total short-term investments$1,551 $(17)$1,534 
Maturities of Available-for-sale and Held-to-maturity Securities
The maturities of available-for-sale and held-to-maturity securities at May 12, 2024, are as follows:
 Available-For-SaleHeld-To-Maturity
 Cost BasisFair Value
Due in one year or less$134 $133 $425 
Due after one year through five years389 381 — 
Due after five years164 156 — 
Total$687 $670 $425 
v3.24.1.1.u2
Fair Value Measurement (Tables)
 8 Months Ended
May 12, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis
The table below presents information regarding the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis and indicates the level within the hierarchy reflecting the valuation techniques utilized.
Level 2
May 12,
2024		September 3,
2023
Investment in government and agency securities$670 $633 
Forward foreign-exchange contracts, in asset position(1)
15 18 
Forward foreign-exchange contracts, in (liability) position(1)
(3)(7)
Total$682 $644 
 _______________
(1)The asset and liability values are included in other current assets and other current liabilities, respectively, in the accompanying condensed consolidated balance sheets.
v3.24.1.1.u2
Debt (Tables)
 8 Months Ended
May 12, 2024
Debt Disclosure [Abstract]  
Carrying Value and Estimated Fair Value of Company's Long-term Debt
The carrying value of the Company’s long-term debt consisted of the following:
May 12,
2024		September 3,
2023
2.750% Senior Notes due May 2024
$1,000 $1,000 
3.000% Senior Notes due May 2027
1,000 1,000 
1.375% Senior Notes due June 2027
1,250 1,250 
1.600% Senior Notes due April 2030
1,750 1,750 
1.750% Senior Notes due April 2032
1,000 1,000 
Other long-term debt933 484 
Total long-term debt
6,933 6,484 
Less unamortized debt discounts and issuance costs
22 26 
Less current portion(1)
1,077 1,081 
Long-term debt, excluding current portion
$5,834 $5,377 
 _______________
(1)Net of unamortized debt discounts and issuance costs.
v3.24.1.1.u2
Equity (Tables)
 8 Months Ended
May 12, 2024
Equity [Abstract]  
Stock Repurchased During Period The following table summarizes the repurchase activity:
Shares Repurchased (000s)Average Price per ShareTotal Cost
Third quarter of 2024221 $733.23 $162 
First thirty-six weeks of 2024749 $646.07 $484 
Third quarter of 2023329 $492.71 $162 
First thirty-six weeks of 2023908 $492.30 $447 
v3.24.1.1.u2
Stock-Based Compensation Plans (Tables)
 8 Months Ended
May 12, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of RSU Transactions
The following table summarizes RSU transactions during the first thirty-six weeks of 2024:
Number of
Units (in 000s)		Weighted-Average
Grant Date Fair Value
Outstanding at September 3, 20233,045 $405.63 
Granted1,677 547.26 
Vested and delivered(1,887)431.68 
Forfeited(57)456.30 
Special dividend52 N/A
Outstanding at May 12, 20242,830 $463.09 
Summary of Stock-Based Compensation Expense and Related Tax Benefits
The following table summarizes stock-based compensation expense and the related tax benefits:
12 Weeks Ended36 Weeks Ended
May 12,
2024		May 7,
2023		May 12,
2024		May 7,
2023
Stock-based compensation expense
$106 $94 $686 $643 
Less recognized income tax benefits24 21 144 134 
Stock-based compensation expense, net$82 $73 $542 $509 
v3.24.1.1.u2
Net Income per Common and Common Equivalent Share (Tables)
 8 Months Ended
May 12, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table shows the amounts used in computing net income per share and the weighted average number of shares of basic and of potentially dilutive common shares outstanding (shares in 000s):
12 Weeks Ended36 Weeks Ended
May 12,
2024		May 7,
2023		May 12,
2024		May 7,
2023
Net income
$1,681 $1,302 $5,013 $4,132 
Weighted average basic shares
443,892 443,814 443,870 443,843 
RSUs936 546 792 612 
Weighted average diluted shares
444,828 444,360 444,662 444,455 
v3.24.1.1.u2
Segment Reporting (Tables)
 8 Months Ended
May 12, 2024
Segment Reporting [Abstract]  
Segment Reporting Information, by Segment
The following table provides information for the Company's reportable segments:
United StatesCanadaOther
International		Total
12 Weeks Ended May 12, 2024
Total revenue$42,449 $8,014 $8,052 $58,515 
Operating income1,476 394 327 2,197 
12 Weeks Ended May 7, 2023
Total revenue$39,049 $7,268 $7,331 $53,648 
Operating income1,027 327 325 1,679 
36 Weeks Ended May 12, 2024
Total revenue$126,234 $23,789 $24,733 $174,756 
Operating income4,128 1,109 1,006 6,243 
36 Weeks Ended May 7, 2023
Total revenue$119,339 $21,923 $22,089 $163,351 
Operating income3,558 899 876 5,333 
53 Weeks Ended September 3, 2023
Total revenue$176,630 $33,056 $32,604 $242,290 
Operating income5,392 1,448 1,274 8,114 
Disaggregation of Revenue [Table Text Block]
Disaggregated Revenue
The following table summarizes net sales by merchandise category; sales from e-commerce sites and business centers have been allocated to the applicable merchandise categories:
12 Weeks Ended36 Weeks Ended
May 12,
2024		May 7,
2023		May 12,
2024		May 7,
2023
Foods and Sundries$23,065 $21,298 $69,764 $64,672 
Non-Foods14,518 13,087 44,301 41,860 
Fresh Foods7,888 7,194 23,212 21,287 
Warehouse Ancillary and Other Businesses11,921 11,025 34,163 32,461 
Total net sales
$57,392 $52,604 $171,440 $160,280 
v3.24.1.1.u2
Accounting Policies - Additional Information (Detail)
May 12, 2024
warehouse
states
Summary Of Significant Accounting Policies [Line Items]  
Number of warehouses operated 876
UNITED STATES  
Summary Of Significant Accounting Policies [Line Items]  
Number of warehouses operated 604
Number of states in country | states 47
CANADA  
Summary Of Significant Accounting Policies [Line Items]  
Number of warehouses operated 108
MEXICO  
Summary Of Significant Accounting Policies [Line Items]  
Number of warehouses operated 40
JAPAN  
Summary Of Significant Accounting Policies [Line Items]  
Number of warehouses operated 33
UNITED KINGDOM  
Summary Of Significant Accounting Policies [Line Items]  
Number of warehouses operated 29
KOREA  
Summary Of Significant Accounting Policies [Line Items]  
Number of warehouses operated 18
AUSTRALIA  
Summary Of Significant Accounting Policies [Line Items]  
Number of warehouses operated 15
TAIWAN  
Summary Of Significant Accounting Policies [Line Items]  
Number of warehouses operated 14
CHINA  
Summary Of Significant Accounting Policies [Line Items]  
Number of warehouses operated 6
SPAIN  
Summary Of Significant Accounting Policies [Line Items]  
Number of warehouses operated 4
FRANCE  
Summary Of Significant Accounting Policies [Line Items]  
Number of warehouses operated 2
ICELAND  
Summary Of Significant Accounting Policies [Line Items]  
Number of warehouses operated 1
NEW ZEALAND  
Summary Of Significant Accounting Policies [Line Items]  
Number of warehouses operated 1
SWEDEN  
Summary Of Significant Accounting Policies [Line Items]  
Number of warehouses operated 1
v3.24.1.1.u2
Investments - Available-for-sale and Held-to-maturity Investments (Detail) - USD ($)
$ in Millions
May 12, 2024
Sep. 03, 2023
Available-for-sale and Held-to-maturity [Line Items]    
Available-for-sale, cost basis, total $ 687  
Debt Securities, Available-for-sale 670  
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss (17) $ (17)
Held-to-maturity, cost basis 425  
Total investments, cost basis, total 1,112 1,551
Short-term investments 1,095 1,534
Government and Agency Securities    
Available-for-sale and Held-to-maturity [Line Items]    
Available-for-sale, cost basis, total 687 650
Debt Securities, Available-for-sale 670 633
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss (17) (17)
Certificates of deposit    
Available-for-sale and Held-to-maturity [Line Items]    
Held-to-maturity, recorded basis, total 425 901
Held-to-maturity, cost basis $ 425 $ 901
v3.24.1.1.u2
Investments - Maturities of Available-for-sale and Held-to-maturity Securities (Details)
$ in Millions
May 12, 2024
USD ($)
Available-for-sale, Cost Basis  
Due in one year or less $ 134
Due after one year through five years 389
Due after five years 164
Available-for-sale, cost basis, total 687
Available-for-sale, Fair Value  
Due in one year or less 133
Due after one year through five years 381
Due after five years 156
Available-for-sale, recorded basis, total 670
Held-to-maturity  
Due in one year or less 425
Due after one year through five years 0
Due after five years 0
Held-to-maturity, cost basis, total $ 425
v3.24.1.1.u2
Fair Value Measurement - Fair Value of Financial Assets and Financial Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Millions
 3 Months Ended
May 07, 2023
Nov. 20, 2022
May 12, 2024
Sep. 03, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Finance Lease, Impairment Loss $ 298 $ 93    
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Fair value of assets measured on recurring basis     $ 682 $ 644
Government and Agency Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Fair value of assets measured on recurring basis     670 633
Forward Foreign-exchange Contracts | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Fair value of assets measured on recurring basis [1]     15 18
Fair value of liabilities measured on recurring basis [1]     $ (3) $ (7)
[1] The asset and liability values are included in other current assets and other current liabilities, respectively, in the accompanying condensed consolidated balance sheets.
v3.24.1.1.u2
Debt (Carrying Value and Estimated Fair Value of Company's Long-term Debt) (Details) - USD ($)
$ in Millions
 8 Months Ended
May 12, 2024
Sep. 03, 2023
Debt Instrument [Line Items]    
Long-Term Debt, Gross $ 6,933 $ 6,484
Less unamortized debt discounts and issuance costs 22 26
Current portion of long-term debt [1] 1,077 1,081
Long-term debt, excluding current portion 5,834 5,377
Proceeds from Issuance of Other Long-Term Debt 500  
Long-term Debt, Fair Value $ 6,252 5,738
Minimum [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 1.40%  
Maximum [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 2.12%  
2.75% Senior Notes Due May 2024    
Debt Instrument [Line Items]    
Long-Term Debt, Gross $ 1,000 1,000
Debt instrument, interest rate, stated percentage 2.75%  
3.00% Senior Notes Due May 2027    
Debt Instrument [Line Items]    
Long-Term Debt, Gross $ 1,000 1,000
Debt instrument, interest rate, stated percentage 3.00%  
1.375% Senior Notes Due June 2027    
Debt Instrument [Line Items]    
Long-Term Debt, Gross $ 1,250 1,250
Debt instrument, interest rate, stated percentage 1.375%  
1.60% Senior Notes Due April 2030    
Debt Instrument [Line Items]    
Long-Term Debt, Gross $ 1,750 1,750
Debt instrument, interest rate, stated percentage 1.60%  
1.750% Senior Notes Due April 2032    
Debt Instrument [Line Items]    
Long-Term Debt, Gross $ 1,000 1,000
Debt instrument, interest rate, stated percentage 1.75%  
Other Long-term Debt    
Debt Instrument [Line Items]    
Long-Term Debt, Gross $ 933 $ 484
[1] Net of unamortized debt discounts and issuance costs
v3.24.1.1.u2
Equity - Additional Information - Dividends (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Dec. 13, 2023
May 12, 2024
May 07, 2023
Common Stock [Member]      
Dividends Payable [Line Items]      
Common Stock, Dividends, Per Share, Declared $ 15.00    
Dividend Rate      
Dividends Payable [Line Items]      
Common Stock, Dividends, Per Share, Declared   $ 1.16 $ 1.02
Special Dividend | Common Stock [Member]      
Dividends Payable [Line Items]      
Dividends $ 6,655    
v3.24.1.1.u2
Equity (Stock Repurchased During Period) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 8 Months Ended
May 12, 2024
May 07, 2023
May 12, 2024
May 07, 2023
Equity [Abstract]        
Stock Repurchased and Retired During Period, Shares 221 329 749 908
Average price per share $ 733.23 $ 492.71 $ 646.07 $ 492.30
Total Cost $ (162) $ (162) $ (484) $ (447)
v3.24.1.1.u2
Equity - Additional Information - Stock Repurchase Programs (Details) - USD ($)
$ in Millions
May 12, 2024
Jan. 19, 2023
Equity [Abstract]    
Stock repurchase program, remaining authorized repurchase amount $ 3,079  
Stock Repurchase Program, Authorized Amount   $ 4,000
v3.24.1.1.u2
Stock-Based Compensation Plans - Additional Information (Detail)
$ / shares in Units, shares in Thousands, $ in Millions
 8 Months Ended
May 12, 2024
USD ($)
shares
Dec. 27, 2023
؋ / shares
$ / shares
Dec. 26, 2023
$ / shares
Sep. 03, 2023
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
SpecialCashDividendSharesAdjustmentRatio | ؋ / shares   1.018    
Share Price | $ / shares   $ 662.70 $ 674.62  
Special cash dividend 52      
Mandatory Proportional Adjustment to Shares Available to be Granted 128      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares 2,830     3,045
Restricted Stock Units (RSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares available to be granted 7,255      
Time-based RSUs awards outstanding 2,665      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares 70      
Unrecognized compensation cost | $ $ 990      
Weighted-average recognition period 1 year 8 months 12 days      
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition 1 year 8 months 12 days      
Performance Shares [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Outstanding performance-based RSUs awards granted, subject to achievement of performance targets 95      
Maximum [Member] | Restricted Stock Units (RSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares available to be granted 15,885      
v3.24.1.1.u2
Stock-Based Compensation Plans - Summary of RSU Transactions (Details)
shares in Thousands
 8 Months Ended
May 12, 2024
$ / shares
shares
Number of units  
Outstanding at September 3, 2023 3,045
Granted 1,677
Vested and delivered (1,887)
Forfeited (57)
Special cash dividend 52
Outstanding at May 12, 2024 2,830
Weighted average grant date fair value  
Outstanding at September 3, 2023 | $ / shares $ 405.63
Granted | $ / shares 547.26
Vested and delivered | $ / shares 431.68
Forfeited | $ / shares 456.30
Outstanding at May 12, 2024 | $ / shares $ 463.09
v3.24.1.1.u2
Stock-Based Compensation Plans - Summary of Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 8 Months Ended
May 12, 2024
May 07, 2023
May 12, 2024
May 07, 2023
Stock-based compensation expense before income taxes $ 106 $ 94 $ 686 $ 643
Less recognized income tax benefit 24 21 144 134
Stock-based compensation expense, net of income taxes $ 82 $ 73 $ 542 $ 509
v3.24.1.1.u2
Net Income per Common and Common Equivalent Share - Schedule of Earnings per Share Effect on Net Income and Weighted Average Number of Dilutive Potential Common Stock (Details) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 8 Months Ended
May 12, 2024
May 07, 2023
May 12, 2024
May 07, 2023
Earnings Per Share [Abstract]        
NET INCOME $ 1,681 $ 1,302 $ 5,013 $ 4,132
Weighted average number of common shares used in basic net income per common share 443,892 443,814 443,870 443,843
RSUs 936 546 792 612
Weighted average number of common shares and dilutive potential of common stock used in diluted net income per share 444,828 444,360 444,662 444,455
v3.24.1.1.u2
Segment Reporting Information by Segment (Detail) - USD ($)
$ in Millions
 3 Months Ended 8 Months Ended 12 Months Ended
May 12, 2024
May 07, 2023
May 12, 2024
May 07, 2023
Sep. 03, 2023
Segment Reporting Information [Line Items]          
Total Revenue $ 58,515 $ 53,648 $ 174,756 $ 163,351 $ 242,290
Operating Income 2,197 1,679 6,243 5,333 8,114
Operating Segments [Member] | United States Operations          
Segment Reporting Information [Line Items]          
Total Revenue 42,449 39,049 126,234 119,339 176,630
Operating Income 1,476 1,027 4,128 3,558 5,392
Operating Segments [Member] | Canada Operations          
Segment Reporting Information [Line Items]          
Total Revenue 8,014 7,268 23,789 21,923 33,056
Operating Income 394 327 1,109 899 1,448
Operating Segments [Member] | Other International Operations          
Segment Reporting Information [Line Items]          
Total Revenue 8,052 7,331 24,733 22,089 32,604
Operating Income $ 327 $ 325 $ 1,006 $ 876 $ 1,274
v3.24.1.1.u2
Segment Reporting Segment Reporting Information by Item Category (Details) - USD ($)
$ in Millions
 3 Months Ended 8 Months Ended
May 12, 2024
May 07, 2023
May 12, 2024
May 07, 2023
Disaggregation of Revenue [Line Items]        
Total Revenue $ 58,515 $ 53,648 $ 174,756 $ 163,351
Foods and Sundries [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 23,065 21,298 69,764 64,672
Non-Foods [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 14,518 13,087 44,301 41,860
Fresh Foods [Member]        
Disaggregation of Revenue [Line Items]        
Total Revenue 7,888 7,194 23,212 21,287
Ancillary and Other Businesses        
Disaggregation of Revenue [Line Items]        
Total Revenue 11,921 11,025 34,163 32,461
Net Sales        
Disaggregation of Revenue [Line Items]        
Total Revenue $ 57,392 $ 52,604 $ 171,440 $ 160,280