XML 37 R21.htm IDEA: XBRL DOCUMENT
v3.21.2

Leases | 12 Months Ended
--- | ---
Aug. 28, 2021
Leases. |
Leases | ​ ​ Note M – Leases Lease-related assets and liabilities recorded on the Consolidated Balance Sheets are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | ​ | ​
(in thousands) |  | Classification |  | August 28, 2021 | ​ | August 29, 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets: |  |  |  | ​ |  | ​ | ​ | ​
Operating |  | Operating lease right-of-use assets | ​ | $ | 2,718,712 | ​ | $ | 2,581,677
Finance |  | Property and equipment | ​ |  | 383,736 | ​ |  | 327,006
Total lease assets |  |  | ​ | $ | 3,102,448 | ​ | $ | 2,908,683
Liabilities: |  |  | ​ |  |  | ​ |  | ​
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating |  | Current portion of operating lease liabilities | ​ | $ | 236,568 | ​ | $ | 223,846
Finance |  | Accrued expenses and other | ​ |  | 89,932 | ​ |  | 67,498
Noncurrent: |  |  | ​ |  |  | ​ |  | ​
Operating |  | Operating lease liabilities, less current portion | ​ |  | 2,632,842 | ​ |  | 2,501,560
Finance |  | Other long-term liabilities | ​ |  | 186,122 | ​ |  | 155,855
Total lease liabilities |  |  | ​ | $ | 3,145,464 | ​ | $ | 2,948,759
​ Accumulated amortization related to finance lease assets was $107.0 million as of August 28, 2021 and $107.3 million as of August 29, 2020. Lease costs for finance and operating leases for the 52 weeks ended August 28, 2021 and August 29, 2020 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | For the year ended
(in thousands) | ​ | Statement of Income Location | ​ |  | August 28, 2021 | ​ | August 29, 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease cost: |  |  |  | ​ | ​ |  | ​ | ​ |
Amortization of lease assets |  | Depreciation and amortization | ​ | ​ | $ | 53,377 | ​ | $ | 55,920
Interest on lease liabilities |  | Interest expense, net | ​ | ​ |  | 2,957 | ​ |  | 4,355
Operating lease cost(1) |  | Selling, general and administrative expenses | ​ | ​ |  | 371,109 | ​ |  | 355,230
Total lease cost | ​ | ​ | ​ | ​ | $ | 427,443 | ​ | $ | 415,505
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(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 August 28, 2021 having initial or remaining lease terms in excess of one year are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Finance |  | Operating |  | ​
(in thousands) | ​ | Leases | ​ | Leases | ​ | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2022 | ​ | $ | 91,228 | ​ | $ | 323,245 | ​ | $ | 414,473
2023 | ​ |  | 56,534 | ​ |  | 346,367 | ​ |  | 402,901
2024 | ​ |  | 50,435 | ​ |  | 325,775 | ​ |  | 376,210
2025 | ​ |  | 39,628 | ​ |  | 300,916 | ​ |  | 340,544
2026 | ​ |  | 18,294 | ​ |  | 272,157 | ​ |  | 290,451
Thereafter | ​ |  | 48,380 | ​ |  | 2,114,538 | ​ |  | 2,162,918
Total lease payments | ​ | ​ | 304,499 | ​ | ​ | 3,682,998 | ​ |  | 3,987,497
Less: Interest | ​ |  | (28,445) | ​ |  | (813,588) | ​ |  | (842,033)
Present value of lease liabilities | ​ | $ | 276,054 | ​ | $ | 2,869,410 | ​ | $ | 3,145,464
​ The following table summarizes the Company’s lease term and discount rate assumptions: ​
​ | ​ | ​ | ​
​ |  | ​ |
​ | ​ | August 28, 2021 | ​
​ | ​ | ​ | ​
Weighted-average remaining lease term in years, inclusive of renewal options that are reasonably certain to be exercised: |  |  | ​
Finance leases – real estate |  | 25 | ​
Finance leases – vehicles |  | 4 | ​
Operating leases |  | 15 | ​
Weighted-average discount rate: |  |  | ​
Finance leases – real estate |  | 3.75 | %
Finance leases – vehicles |  | 1.37 | %
Operating leases |  | 3.44 | %
​ Cash paid for amounts included in the measurement of operating lease liabilities of $300.6 million and $352.9 million was reflected in cash flows from operating activities in the consolidated statement of cash flows for fiscal years 2021 and 2020, respectively. As of August 28, 2021, the Company has entered into additional leases which have not yet commenced and are therefore not part of the right-of-use asset and liability. These leases have undiscounted future payments of approximately $40.1 million and $69.2 million for real estate and vehicles, respectively, and will commence when the Company obtains possession of the underlying leased asset. Commencement dates are expected to be from fiscal 2022 to fiscal 2023.

X
- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References No definition available. + Details
Name: | azo_LeaseOfLesseeDisclosureTextBlock
Namespace Prefix: | azo_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration