What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2025-10-27 compared with 2024-10-28 · 183 added, 163 removed, 822 unchanged (30% of the section changed)

20 unchanged sentences

Ernst & Young LLP’s attestation report on the Company’s internal control over financial reporting as of August 30, 2025, is included in this Annual Report on Form 10-K.

Report of Independent Reg istered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of AutoZone, Inc.

49 unchanged sentences

At August 30, 2025, the Company’s self-insurance reserve estimate was $268.8 million.

As more fully described in Note A of the consolidated financial statements, the Company retains a significant portion of the risks associated with workers’ compensation, general liability, product liability, property and vehicle insurance.

Accordingly, the Company utilizes various methods, including analyses of historical trends and actuarial methods, to estimate the costs of these risks.

Auditing the self-insurance reserve is complex and required the involvement of specialists due to the judgmental nature of estimating the costs to settle reported claims and claims incurred but not yet reported.

There are a number of factors and/or assumptions (e.g., severity, duration and frequency of claims, projected inflation of related factors, and the risk-free rate) used in the measurement process which have a significant effect on the estimated self-insurance reserve.

As more fully described in Note A of the consolidated financial statements, the Company retains a significant portion of the risks associated with workers’ compensation, general and product liability, property and vehicle insurance.

The self-insurance reserves are accrued based upon discounted estimates of the liability for claims incurred and for events that have occurred but have not been reported using certain third-party actuarial projections and the Company’s claim loss experience.

How We Addressed the Matter in Our Audit

We evaluated the design and tested the operating effectiveness of the Company’s controls over the self-insurance reserve process.

For example, we tested controls over management’s review of the self-insurance reserve calculations, the significant actuarial assumptions and the data inputs provided to the actuary.

To evaluate the self-insurance reserve, our audit procedures included, among others, assessing the methodologies used, evaluating the significant actuarial assumptions discussed above and testing the completeness and the accuracy of the underlying claims data used by the Company.

We compared the actuarial assumptions used by management to historical trends and evaluated the change in the self-insurance reserve from the prior year due to changes in these assumptions.

In addition, we involved our actuarial specialists to assist in assessing the valuation methodologies and significant assumptions used in the valuation analysis, we evaluated management’s methodology for determining the risk-free interest rate utilized in measuring the net present value of the long-term portion of the self-insurance reserve, we compared the significant assumptions used by management to industry accepted actuarial assumptions and we compared the Company’s reserve to a range developed by our actuarial specialists based on assumptions developed by the specialists.

Auditing the insurance reserve was complex and judgmental due to the actuarial valuation methods and assumptions related to the loss development factors and loss trends.

We obtained an understanding, evaluated the design and tested the operating effectiveness of controls that address the valuation of the self-insurance reserve.

This included management’s review of the actuarial valuation methods and the assumptions related to the loss development factors and loss trends.

To test the valuation of the Company’s self-insurance reserve, we performed audit procedures that included, among others, assessing the appropriateness of the actuarial valuation methods and testing the significant assumptions discussed above.

We also developed an independent range of reserves for comparison to the Company’s recorded amounts, using standard actuarial methods.

We involved our actuarial specialists to assist with our audit procedures.

/s/ Ernst & Young LLP

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(in thousands)

Other comprehensive (loss) income:

Other comprehensive income (loss):

Foreign currency translation adjustments

Unrealized gains (losses) on marketable debt securities, net of taxes

Unrealized gains on marketable debt securities, net of taxes

Net derivative activities, net of taxes

Total other comprehensive (loss) income

Total other comprehensive income (loss)

Comprehensive income

46 unchanged sentences

( 1,584,742 )

( 2,684,961 )

Total stockholders’ deficit

9 unchanged sentences

Depreciation and amortization of property and equipment

Other non-cash (income) charges

Other non-cash charges (income)

Amortization of debt origination fees

4 unchanged sentences

Merchandise inventories

( 1,005,686 )

Accounts payable and accrued expenses

3 unchanged sentences

( 1,327,257 )

( 1,072,696 )

Purchase of marketable debt securities

3 unchanged sentences

( 1,400,430 )

( 1,286,506 )

Cash flows from financing activities:

Net (payments of)/proceeds from commercial paper

Net proceeds from (payments of) commercial paper

Proceeds from issuance of debt

11 unchanged sentences

Effect of exchange rate changes on cash

Net increase (decrease) in cash and cash equivalents

Net (decrease) increase in cash and cash equivalents

Cash and cash equivalents at beginning of period

13 unchanged sentences

( 3,262,769 )

( 3,538,913 )

Total other comprehensive income

10 unchanged sentences

( 4,349,894 )

Total other comprehensive income

Total other comprehensive loss

Purchase of 1,149 shares of treasury stock

9 unchanged sentences

( 4,749,614 )

Total other comprehensive loss

Total other comprehensive income

Purchase of 447 shares of treasury stock

8 unchanged sentences

( 3,414,313 )

( 4,749,614 )

See Notes to Consolidated Financial Statements.

2 unchanged sentences

AutoZone, Inc.

(“AutoZone” or the “Company”) is the leading retailer and distributor of automotive replacement parts and accessories in the Americas.

(“AutoZone” or the “Company”) is a leading retailer and distributor of automotive replacement parts and accessories in the Americas.

At the end of fiscal 2025, the Company operated 6,627 stores in the U.S., 883 stores in Mexico and 147 stores in Brazil.

6 unchanged sentences

The Company’s fiscal year consists of 52 or 53 weeks ending on the last Saturday in August.

Fiscal 2024 represented 53 weeks.

Fiscal 2025 and 2023 represented 52 weeks.

Fiscal 2024 represented 53 weeks.

Basis of Presentation:

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The deferral method is used to account for the tax attributes of these investments.

The Company considers its investment in these tax credit funds as investments in variable interest entities (“VIEs”).

The Company considers its investments in these tax credit funds as investments in variable interest entities (“VIEs”).

The Company evaluates the investment in any VIE to determine whether it is the primary beneficiary.

The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities.

As of August 31, 2024, the Company held tax credit equity investments that were deemed to be VIEs and determined that it was not the primary beneficiary of the entities, as it did not have the power to direct the activities that most significantly impacted the entity and accounted for this investment using the equity method.

As of August 30, 2025, the Company held tax credit equity investments that were deemed to be VIEs and determined that it was not the primary beneficiary of the entities, as it did not have the power to direct the activities that most significantly impacted the entities and accounted for these investments using the equity method.

The Company’s maximum exposure to losses is generally limited to its net investment, which was $ 60.8 million as of August 30, 2025, and $ 53.9 million as of August 31, 2024 and was included within the Other long-term assets caption in the accompanying Consolidated Balance Sheets.

As of August 31, 2024, the Company had commitments to make certain additional capital contributions to one of its tax credit funds totaling $ 26.3 million.

Use of Estimates:

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The Company’s policy is not to write up inventory in excess of replacement cost.

Due to recent price changes on the Company’s merchandise purchases, primarily driven by fluctuating freight costs, the Company’s LIFO credit reserve balance was $ 19.0 million at August 31, 2024 and $ 59.0 million at August 26, 2023.

Due to recent price changes on the Company’s merchandise purchases, primarily due to inflation driven by tariffs, the Company’s LIFO credit reserve balance was $ 83.0 million at August 30, 2025, and $ 19.0 million at August 31, 2024.

Increases to the Company’s LIFO credit reserve balance are recorded as a non-cash charge to cost of sales and decreases are recorded as a non-cash benefit to cost of sales.

5 unchanged sentences

Property and equipment is stated at cost.

Property consists of land, which includes finance leases – real estate, buildings and improvements, equipment, which includes finance leases – vehicles, and construction in progress.

Property consists of land, which includes finance leases – real estate, buildings and improvements, equipment, which includes finance leases – vehicles, and construction in progress (CIP).

CIP represents costs incurred for the construction of retail store locations, renovations of existing stores, and the development of distribution centers.

Assets recorded as CIP are not depreciated until the assets are placed in service.

Depreciation and amortization are computed principally using the straight-line method over the following estimated useful lives:

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Depreciation and amortization include amortization of assets under finance leases.

Cloud Computing Arrangements:

The Company capitalizes implementation costs associated with its cloud computing arrangements when incurred, consistent with the treatment of costs capitalized for internal use software.

These costs begin amortization once the related software is placed in service and will be amortized over the remaining non-cancellable term of the hosting agreement, plus any renewal periods that are reasonably certain to be exercised, and are recorded within Operating, selling, general and administrative expenses in the Company’s Consolidated Statements of Income, the same line item as the related hosting fees.

No amortization expenses have been recorded in the year ended August 30, 2025, or the comparable prior year periods.

At August 30, 2025, capitalized cloud-based enterprise resource planning (ERP) software implementation costs were $ 1.6 million recorded within Other current assets and $ 29.6 million recorded within Other long-term assets on the Company's Condensed Consolidated Balance Sheets.

No cloud-based software implementation costs were recorded at August 31, 2024.

Cloud computing arrangement implementation costs are classified within operating activities in the Company’s Statements of Cash Flows.

Impairment of Long-Lived Assets:

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The cost in excess of fair value of identifiable net assets of businesses acquired is recorded as goodwill.

Goodwill has not been amortized since fiscal 2001, but an analysis is performed at least annually to compare the fair value of the reporting unit to the carrying amount to determine if any impairment exists.

The Company had approximately $ 302.6 million of goodwill, which is allocated to the Domestic Auto Parts operating segment at August 31, 2024 and August 26, 2023.

In accordance with ASC 350, Intangibles – Goodwill and Other , an analysis is performed at least annually to compare the fair value of the reporting unit to the carrying amount to determine if any impairment exists.

The Company had approximately $ 302.6 million of goodwill at August 30, 2025, and August 31, 2024.

The Company performs its annual impairment assessment in the fourth quarter of each fiscal year, unless circumstances dictate more frequent assessments.

9 unchanged sentences

All of the Company’s interest rate hedge instruments are designated as cash flow hedges.

(Refer to “Note L – Derivative Financial Instruments” for additional disclosures regarding the Company’s derivative instruments and hedging activities.) Cash flows related to these instruments designated as qualifying hedges are reflected in the accompanying Consolidated Statements of Cash Flows in the same categories as the cash flows from the items being hedged.

Cash flows related to these instruments designated as qualifying hedges are reflected in the accompanying Consolidated Statements of Cash Flows in the same categories as the cash flows from the items being hedged.

The resulting gain or loss from such settlement is deferred to Accumulated Other Comprehensive Loss and reclassified to interest expense over the term of the underlying debt.

2 unchanged sentences

The Company accounts for its foreign operations using the local market currency and converts its financial statements from these currencies to U.S.

The cumulative loss on currency translation is recorded as a component of Accumulated Other Comprehensive Loss (Refer to “Note M – Accumulated Other Comprehensive Loss” for additional information regarding the Company’s Accumulated Other Comprehensive Loss.)

The cumulative loss on currency translation is recorded as a component of Accumulated Other Comprehensive Loss (Refer to “Note L – Accumulated Other Comprehensive Loss” for additional information regarding the Company’s Accumulated Other Comprehensive Loss.)

Self-Insurance Reserves:

The Company retains a significant portion of the risks associated with workers’ compensation, general liability, product liability, property and vehicle insurance.

The Company retains a significant portion of the risks associated with workers’ compensation, general and product liability, property and vehicle insurance.

The Company obtains third party insurance to limit the exposure related to certain of these risks.

5 unchanged sentences

The Company’s liabilities for workers’ compensation, general and product liability, property and vehicle claims do not have scheduled maturities;

however, the timing of future payments is predictable based on historical patterns and

is relied upon in determining the current portion of these liabilities.

Accordingly, the Company reflects the net present value of the obligations it determines to be long-term using the risk-free interest rate as of the balance sheet date.

however, the timing of future payments is predictable based on historical patterns and is relied upon in determining the current portion of these liabilities.

Accordingly, the Company reflects the net present value of the obligations it determines to be long-term using the risk-free interest rate as of the balance sheet dates.

The Company leases certain real estate and vehicles under various non-callable leases.

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The carrying amounts of these financial instruments approximate fair value because of their short maturities.

(Refer to “Note I – Financing” for a discussion of the carrying values and fair values of the Company’s debt, “Note C – Marketable Debt Securities” for additional disclosures related to marketable debt securities and “Note L – Derivative Financial Instruments” for additional information regarding derivatives.)

(Refer to “Note I – Financing” for a discussion of the carrying values and fair values of the Company’s debt and “Note C – Marketable Debt Securities” for additional disclosures related to marketable debt securities.)

Income Taxes:

9 unchanged sentences

The Company classifies interest related to income tax liabilities, and if applicable, penalties, as a component of Income tax expense.

The income tax liabilities and accrued interest and penalties are expected to be payable within one year of the balance sheet date are presented within the Accrued expenses and other caption in the accompanying Consolidated Balance Sheets.

The income tax liabilities and accrued interest and penalties that are expected to be payable within one year of the balance sheet date are presented within the Accrued expenses and other caption in the accompanying Consolidated Balance Sheets.

The remaining portion of the income tax liabilities and accrued interest and penalties are presented within the Other long-term liabilities caption in the accompanying Consolidated Balance Sheets because payment of cash is not anticipated within one year of the balance sheet date.

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Revenue related to unfulfilled performance obligations as of August 30, 2025, and August 31, 2024 is not significant.

(Refer to “Note Q – Segment Reporting” for additional information related to revenue recognized during the period.)

(Refer to “Note P – Segment Reporting” for additional information related to revenue recognized during the period.)

Vendor Allowances and Advertising Costs:

1 unchanged sentence

Monies received from vendors include rebates, allowances and promotional funds.

based on changes in market conditions, vendor marketing strategies and changes in the profitability or sell-through of the related merchandise.

The amounts to be received are subject to the terms of the vendor agreements, which generally do not state an expiration date, but are subject to ongoing negotiations that may be impacted in the future based on changes in market conditions, vendor marketing strategies and changes in the profitability or sell-through of the related merchandise.

Rebates and other miscellaneous incentives are earned based on purchases or product sales and are accrued ratably over the purchase or sale of the related product.

10 unchanged sentences

o Vendor allowances that are not reimbursements for specific, incremental and identifiable costs

● Costs associated with operating the Company’s supply chain, including payroll and benefits, warehouse occupancy, transportation and depreciation;

● Costs associated with operating the Company’s supply chain, including payroll and benefits, warehouse and delivery expenses, transportation, depreciation and amortization;

● Inventory shrinkage

19 unchanged sentences

Diluted earnings per share is based on the weighted average outstanding common shares adjusted for the effect of common stock equivalents, which are primarily stock options.

There were 118,771 , 140,071 and 142,887 stock

options excluded for the year ended August 31, 2024, August 26, 2023 and August 27, 2022, respectively, because they would have been anti-dilutive.

There were 115,475 , 118,771 and 140,071 stock options excluded for the year ended August 30, 2025, August 31, 2024 and August 26, 2023, respectively, because they would have been anti-dilutive.

Share-Based Payments:

1 unchanged sentence

The Company recognizes compensation expense for its share-based payments over the requisite service period based on the fair value of the awards.

The Company uses the Black-Scholes option pricing model to calculate the fair value of stock options.

The Company uses the Black-Scholes-Merton multiple-option pricing model to calculate the fair value of stock options.

The value of restricted stock is based on the stock price of the award on the grant date.

(Refer to “Note O – Share-Based Payments” for further discussion.)

(Refer to “Note N – Share-Based Plans” for further discussion.)

Risk and Uncertainties:

2 unchanged sentences

Recently Adopted Accounting Pronouncements

In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50) .

This ASU requires buyers in a supplier finance program to disclose sufficient qualitative and quantitative information about the program to allow a reader of the financial statements to understand the program’s nature, activity during the period, changes from period to period and the program’s potential magnitude.

This ASU is effective for all companies for fiscal years beginning after December 15, 2022, including interim periods within those years, and requires retrospective adoption.

The Company adopted this standard on a retrospective basis beginning with its first quarter ended November 18, 2023.

The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Refer to “Note F – Supplier Financing Programs.”

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) .

4 unchanged sentences

Early adoption is permitted.

The Company will adopt this standard with our fiscal 2025 annual filing.

The Company is currently evaluating these new disclosure requirements and the impact of adoption.

The Company adopted this standard in the fourth quarter ended August 30, 2025.

The adoption of this guidance resulted in incremental disclosures in the Company’s financial statements, but did not have any impact on its consolidated financial statements.

(Refer to “Note P – Segment Reporting” for additional information.)

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) .

4 unchanged sentences

The Company will adopt this standard with our fiscal 2026 annual filing.

The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) .

This ASU requires disclosure in the notes to the financial statements, at each interim and annual reporting period, of specified information about certain costs and expenses including purchases of inventory, employee compensation, depreciation and intangible asset amortization included in each relevant expense caption.

Also required is a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated.

This ASU is effective for all public entities for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted.

This ASU should be applied either prospectively to financial statements issued after the effective date of this update or retrospectively to all prior periods presented in the financial statements.

The Company will adopt this standard with its fiscal 2028 annual filing.

The Company is currently evaluating these new disclosure requirements and the impact of adoption.

Note B – Fair Value Measurements

The Company defines fair value as the price received to transfer an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

In accordance with ASC 820, Fair Value Measurements and Disclosures , the Company uses the fair value hierarchy, which prioritizes the inputs used to

measure fair value.

In accordance with ASC 820, Fair Value Measurements and Disclosures , the Company uses the fair value hierarchy, which prioritizes the inputs used to measure fair value.

The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.

13 unchanged sentences

Other long-term assets

At August 31, 2024, the fair value measurement amounts for assets and liabilities recorded in the accompanying Consolidated Balance Sheet consisted of short-term marketable debt securities of $ 38.4 million, which are included within Other current assets and long-term marketable debt securities of $ 83.7 million, which are included within 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 debt securities, including benchmark yields and reported trades.

A discussion on how the Company’s cash flow hedges are valued is included in “Note L – Derivative Financial Instruments,” while the fair values of the marketable debt securities by asset class are described in “Note C – Marketable Debt Securities.”

Additionally, the Company has deferred compensation plan assets which are recorded at fair value on a recurring basis using Level 1 inputs.

These assets consisted of investments in various mutual and money markets funds of which $ 2.7 million is recorded in Other current assets and $ 68.2 million is recorded in Other long-term assets at August 30, 2025, and $ 3.1 million was recorded in Other current assets and $ 62.3 million was recorded in Other long-term assets at August 31, 2024.

The Company’s liability under the plan included $ 2.7 million recorded in Accrued expenses and other and $ 68.2 million recorded in Other long-term liabilities at August 30, 2025, and $ 3.1 million recorded in Accrued expenses and other and $ 62.3 million recorded in Other long-term liabilities at August 31, 2024.

Fair values of the marketable debt securities by asset class are described in “Note C – Marketable Debt Securities.”

Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis

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Asset-backed securities and other

The marketable debt securities held at August 31, 2024, had effective maturities ranging from less than one year to approximately twenty-nine years .

The contractual maturities of the Company’s available for sale marketable debt securities are as follows:

August 30, 2025

(in thousands)

Due within one year

Due after one year through five years

Due after five years through ten years

Due after ten years

The marketable debt securities held at August 30, 2025, had effective maturities ranging from less than one year to approximately twenty-eight years .

At August 30, 2025, the Company held 29 securities that are in an unrealized loss position of approximately $ 0.3 million.

36 unchanged sentences

Total lease payments

( 1,005,268 )

( 1,070,315 )

Present value of lease liabilities

9 unchanged sentences

Operating leases

Cash paid for amounts included in the measurement of operating lease liabilities of $ 362.5 million and $ 335.2 million was reflected in cash flows from operating activities in the consolidated statement of cash flows for fiscal years 2024 and 2023, respectively.

Cash paid for amounts included in the measurement of operating lease liabilities of $ 382.7 million and $ 362.5 million was reflected in Other, net in Net cash provided by operating activities on the Consolidated Statements of Cash Flows for fiscal years 2025 and 2024, respectively.

As of August 30, 2025, 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 $ 58.9 million and $ 26.0 million for real estate and vehicles, respectively, and will commence when the Company obtains possession of the underlying leased asset.

These leases have undiscounted future payments of approximately $ 83.8 million and $ 2.3 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 2026 to fiscal 2027 .

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A reconciliation of the provision for income taxes to the amount computed by applying the federal statutory tax rate to income before income taxes is as follows:

(in thousands)

Federal tax at statutory U.S.

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Share-based compensation

US Tax on Non-U.S.

Tax on Non-U.S.

Income (Subpart F)

US Tax on Non-U.S.

Tax on Non-U.S.

Income (GILTI)

Permanent Differences

Non-US Rate Differences

Rate Differences

Foreign Tax Credits

20 unchanged sentences

Net deferred tax liabilities

At August 30, 2025, and August 31, 2024, the Company had net operating loss (“NOL”) carryforwards available to reduce future taxable income totaling approximately $ 338.6 million ($ 33.2 million tax effected) and $ 309.8 million ($ 37.2 million tax effected), respectively.

Certain NOLs have no expiration date and others will expire, if not utilized, in various years from fiscal 2026 through 2044 .

At August 30, 2025, and August 31, 2024, the Company had deferred tax assets for federal and state income tax credit carryforwards of $ 135.1 million and $ 141.7 million, respectively.

Income tax credit carryforwards will expire, if not utilized, in various years from fiscal 2026 through 2051 .

At August 30, 2025, and August 31, 2024, the Company had a valuation allowance of $ 11.3 million and $ 26.9 million, respectively, on deferred tax assets associated with NOL and tax credit carryforwards for which management has determined it is more likely than not that the deferred tax asset will not be realized.

Management believes it is more likely than not that the remaining deferred tax assets will be fully realized given the extended carryforward periods referenced.

For the year ended August 30, 2025, the Company asserts indefinite reinvestment for basis differences and accumulated earnings through fiscal 2020 with respect to its foreign subsidiaries.

3 unchanged sentences

Determining the amount of unrecognized deferred tax liability related to the outside basis differences in these entities is not practicable.

The Organization for Economic Co-operation and Development has issued Pillar Two model rules introducing a new global minimum tax of 15 % intended to be effective for our tax periods ending August 30, 2025 and forward.

While the U.S.

has not yet adopted the Pillar Two rules, various other governments around the world are enacting similar legislation.

As currently designed, Pillar Two will ultimately apply to our worldwide operations.

There remains uncertainty as to the final Pillar Two model rules.

We are continuing to evaluate the Pillar Two rules and their potential impact on future periods, but we do not expect the rules to have a material impact on our effective tax rate.

At August 31, 2024 and August 26, 2023, the Company had net operating loss (“NOL”) carryforwards totaling approximately $ 309.8 million ($ 37.2 million tax effected) and $ 314.6 million ($ 37.2 million tax effected), respectively.

Certain NOLs have no expiration date and others will expire, if not utilized, in various years from fiscal 2025 through 2043 .

At August 31, 2024 and August 26, 2023, the Company had deferred tax assets for income tax credit carryforwards of $ 141.7 million and $ 7.9 million, respectively.

Income tax credit carryforwards will expire, if not utilized, in various years from fiscal 2025 through 2051 .

Several countries where the Company operates have adopted the Organization for Economic Cooperation and Development ("OECD") framework implementing a 15 % global minimum tax.

This OECD framework, commonly referred to as Pillar Two, did not have a material impact on the Company’s income tax provision for the year ended August 30, 2025.

Pursuant to provisions under the Inflation Reduction Act, enacted in August of 2022, the Company purchased transferable federal tax credits during fiscal year 2025 from various counterparties.

1 unchanged sentence

Receivables associated with transferable federal tax credits are recorded (netted) within taxes payable and deferred tax liabilities.

At August 31, 2024 and August 26, 2023, the Company had a valuation allowance of $ 26.9 million and $ 24.9 million, respectively, on deferred tax assets associated with NOL and tax credit carryforwards for which management has determined it is more likely than not that the deferred tax asset will not be realized.

Management believes it is more likely than not that the remaining deferred tax assets will be fully realized given the extended carryforward periods referenced.

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was signed into law.

The OBBBA creates new provisions that are applicable to the Company, including 100% bonus depreciation for qualifying assets placed in service after January 19, 2025, and full expensing of domestic research and experimental expenditures incurred in taxable years beginning after December 31, 2024.

The Company does not expect any material impact from these provisions.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

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Ending balance

Included in the August 31, 2024 and the August 26, 2023 balances are $ 32.1 million and $ 37.0 million, respectively, of unrecognized tax benefits that, if recognized, would reduce the Company’s effective tax rate.

Included in the August 30, 2025, and August 31, 2024, balances are $ 17.5 million and $ 32.1 million, respectively, of unrecognized tax benefits that, if recognized, would reduce the Company’s effective tax rate.

The balances above also include amounts of $ 4.3 million and $ 3.8 million for August 30, 2025, and August 31, 2024, respectively, that are accounted for as reductions to deferred tax assets for NOL carryforwards and tax credit carryforwards.

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Supplier participation is optional and our obligations to our suppliers, including the amount and dates due, are not impacted by our suppliers’ decision to enter into an agreement with a third-party financial institution.

As of August 31, 2024 and August 26, 2023, the Company had supplier obligations outstanding that had been confirmed under these arrangements of $ 4.9 billion and $ 4.8 billion, respectively, which are included in Accounts payable and $ 226.7 million and $ 224.8 million, respectively, which are included in Other long-term liabilities in the Condensed Consolidated Balance Sheets.

As of August 30, 2025, and August 31, 2024, the Company had supplier obligations outstanding that had been confirmed under these arrangements of $ 5.4 billion and $ 4.9 billion, respectively, which are included in Accounts payable and $ 264.9 million and $ 226.7 million, respectively, which are included in Other long-term liabilities in the Consolidated Balance Sheets.

Changes in the Company’s supplier obligations are as follows:

Fiscal Year Ended

(in thousands)

August 30, 2025

Confirmed obligations outstanding at the beginning of the year

Obligations confirmed during the year

Confirmed obligations paid during the year

( 4,943,761 )

Confirmed obligations outstanding at the end of the year

Note G – Accrued Expenses and Other

8 unchanged sentences

Accrued sales and warranty returns

The Company retains a significant portion of the insurance risks associated with workers’ compensation, general, product liability, property and vehicle insurance.

The Company retains a significant portion of the insurance risks associated with workers’ compensation, general and product liability, property and vehicle insurance.

A portion of these self-insured losses is managed through a wholly owned insurance captive.

10 unchanged sentences

3.125 % Senior Notes due April 2026 , effective interest rate 3.28 %

5.050 % Senior Notes due July 2026 , effective interest rate 5.09 %

5 unchanged sentences

4.000 % Senior Notes due April 2030 , effective interest rate 4.09 %

5.125 % Senior Notes due June 2030 , effective interest rate 5.14 %

1.650 % Senior Notes due January 2031 , effective interest rate 2.19 %

8 unchanged sentences

Long-term debt

On November 15, 2021, the Company amended and restated its existing revolving credit facility (the “Revolving Credit Agreement”) pursuant to which the Company’s borrowing capacity was increased from $ 2.0 billion to $ 2.25 billion and the maximum borrowing under the Revolving Credit Agreement may, at the Company’s option, subject to lenders approval, be increased from $ 2.25 billion to $ 3.25 billion.

On November 15, 2022, the Company amended the Revolving Credit Agreement, extending the termination date by one year .

As amended, the Revolving Credit Agreement will terminate, and all amounts borrowed will be due and payable, on November 15, 2027 , but the Company may make one additional request to extend the termination date for an additional period of one year .

The Company maintains a revolving credit facility (as amended from time to time, the “Revolving Credit Agreement”) with a borrowing capacity of $ 2.25 billion.

The maximum borrowing under the Revolving Credit Agreement may, at the Company’s option, subject to the lenders’ approval, be increased from $ 2.25 billion to $ 3.25 billion.

On November 15, 2024, the Company amended the Revolving Credit Agreement to extend the termination date by one year .

As amended, the Revolving Credit Agreement will terminate, and all amounts borrowed will be due and payable, on November 15, 2028 .

Revolving borrowings under the Revolving Credit Agreement may be base rate loans, SOFR loans, or a combination of both, at AutoZone’s election.

The Revolving Credit Agreement includes (i) a $ 75 million sublimit for swingline loans, (ii) a $ 50 million individual issuer letter of credit sublimit and (iii) a $ 250 million aggregate sublimit for all letters of credit.

Under the Company’s Revolving Credit Agreement, 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.

Covenants under the Company’s Revolving Credit Agreement 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.

As of August 30, 2025, the Company had no outstanding borrowings and $ 1.7 million of outstanding letters of credit under the Revolving Credit Agreement.

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The Company’s consolidated interest coverage ratio as of August 30, 2025, was 5.1 :1.

As of August 31, 2024, the $ 580 million of commercial paper borrowings, the $ 400 million 3.250 % Senior Notes due April 2025 and the $ 500 million 3.625 % Senior Notes due April 2025 were classified as long-term in the accompanying Consolidated Balance Sheets as the Company currently has the ability and intent to refinance them on a long-term basis through available capacity in its Revolving Credit Agreement.

As of August 31, 2024, the Company had $ 2.2 billion of availability under its Revolving Credit Agreement, without giving effect to commercial paper borrowings, which would allow the Company to replace these short-term obligations with a long-term financing facility.

As of August 30, 2025, the $ 748.6 million of commercial paper borrowings, the $ 400 million 3.125 % Senior Notes due April 2026 and the $ 450 million 5.050 % Senior Notes due July 2026 were classified as long-term in the accompanying Consolidated Balance Sheets as the Company currently has the ability and intent to refinance them

on a long-term basis through available capacity in its Revolving Credit Agreement.

As of August 30, 2025, the Company had $ 2.2 billion of availability under its Revolving Credit Agreement, which would allow the Company to replace these short-term obligations with a long-term financing facility.

On April 15, 2025, the Company repaid its outstanding $ 400 million 3.250 % Senior Notes due April 2025 and its $ 500 million 3.625 % Senior Notes due April 2025.

On April 18, 2024, the Company repaid its outstanding $ 300 million 3.125 % Senior Notes due April 2024.

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On January 17, 2023, the Company repaid its outstanding $ 300 million 2.875 % Senior Notes due January 2023.

On January 18, 2022, the Company repaid the $ 500 million 3.700 % Senior Notes due April 2022, which were callable at par in January 2022.

On June 28, 2024, the Company issued $ 600 million in 5.100 % Senior Notes due July 2029 and $ 700 million 5.400 % Senior Notes due July 2034 under the automatic shelf registration statement on Form S-3, filed with the SEC on July 19, 2022 (File No.

On April 14, 2025, the Company issued $ 500 million 5.125 % Senior Notes due June 2030, under the automatic shelf registration statement on Form S-3, filed with the SEC on July 19, 2022 (File No.

333-266209) (the “2022 Shelf Registration Statement”).

The 2022 Shelf Registration Statement allows us to sell an indeterminate amount in debt securities to fund general corporate purposes, including repaying, redeeming or repurchasing outstanding debt and for working capital, capital expenditures, new store or distribution center openings, stock repurchases and acquisitions.

Proceeds from the debt issuance were used to repay a portion of our outstanding commercial paper borrowings and for other general corporate purposes.

The 2022 Shelf Registration Statement allowed the Company to sell an indeterminate amount in debt securities to fund general corporate purposes, including repaying, redeeming or repurchasing outstanding debt and for working capital, capital expenditures, new store or distribution center openings, stock repurchases and acquisitions.

Proceeds from the debt issuance were for general corporate purposes.

On June 28, 2024, the Company issued $ 600 million in 5.100 % Senior Notes due July 2029 and $ 700 million 5.400 % Senior Notes due July 2034 under the 2022 Shelf Registration Statement.

Proceeds from the debt issuance were used to repay a portion of the Company’s outstanding commercial paper borrowings and for other general corporate purposes.

On October 25, 2023, the Company issued $ 500 million in 6.250 % Senior Notes due November 2028 and $ 500 million 6.550 % Senior Notes due November 2033 under the 2022 Shelf Registration Statement.

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Proceeds from the debt issuance were used to repay a portion of the Company’s outstanding commercial paper borrowings and for other general corporate purposes.

On August 1, 2022, the Company issued $ 750 million in 4.750 % Senior Notes due August 2032 under the 2022 Shelf Registration Statement.

Proceeds from the debt issuance were used to repay a portion of the outstanding commercial paper borrowings and for other general corporate purposes.

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).

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Interest for Senior Notes is paid on a semi-annual basis.

The Company also maintains a letter of credit facility that allows it to request the participating bank to issue letters of credit on its behalf up to an aggregate amount of $ 25 million.

The letter of credit facility is in addition to the letters of credit that may be issued under the Revolving Credit Agreement and expired in June 2022.

On May 16, 2022, the Company amended and restated the letter of credit facility to, among other things, extend the facility

through June 2025.

As of August 31, 2024, the Company had no letters of credit outstanding under the letter of credit facility.

In addition to the outstanding letters of credit issued under the committed facility discussed above, the Company had $ 141.6 million in letters of credit outstanding as of August 31, 2024.

The Company also maintained a letter of credit facility that allowed it to request the participating bank to issue letters of credit on its behalf up to an aggregate amount of $ 25 million.

The letter of credit facility was in addition to the letters of credit that may be issued under the Revolving Credit Agreement.

As of August 31, 2024, the Company had no letters of credit outstanding under the letter of credit facility which was terminated in September 2024.

In addition to the outstanding letters of credit issued under the Revolving Credit Agreement discussed above, the Company had $ 149.1 million in letters of credit outstanding as of August 30, 2025.

These letters of credit have various maturity dates and were issued on an uncommitted basis.

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The fair value of the Company’s debt was estimated at $ 8.9 billion as of August 30, 2025, and $ 9.0 billion as of August 31, 2024, based on the quoted market prices for the same or similar issues or on the current rates available to the Company for debt of the same terms (Level 2).

Such fair value is greater than the carrying value of debt by $ 3.5 million and less than the carrying value of debt by $ 406.6 million at August 31, 2024 and August 26, 2023, respectively.

Such fair value is greater than the carrying value of debt by $ 94.4 million and $ 3.5 million at August 30, 2025, and August 31, 2024, respectively.

This amount reflects face amount, adjusted for any unamortized debt issuance costs and discounts.

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During 1998, the Company announced a program permitting the Company to repurchase a portion of its outstanding shares not to exceed a dollar maximum established by the Company’s Board of Directors.

The Board voted to increase the repurchase authorization by $ 2.0 billion on December 20, 2023 and $ 1.5 billion on June 19, 2024, bringing the total authorization to $ 39.2 billion.

Previously, the Board voted to increase the authorization by $ 4.5 billion in fiscal 2023 and $ 5.0 billion in fiscal 2022.

The Company has $ 2.2 billion remaining under the Board’s authorization to repurchase its common stock.

The Board voted to increase the repurchase authorization by $ 1.5 billion on June 19, 2024, bringing the total authorization to $ 39.2 billion.

Considering cumulative repurchases as of August 30, 2025, the Company had $ 632.3 million remaining under the Board’s authorization to repurchase its common stock.

The Company’s share repurchase activity consisted of the following:

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During the comparable prior year period, the Company retired 1.7 million shares of treasury stock, which increased Retained deficit by $ 4.1 billion and decreased Additional paid-in capital by $ 142.4 million.

On October 8, 2025, the Board of Directors voted to authorize the repurchase of an additional $ 1.5 billion of the Company’s common stock in connection with its ongoing share repurchase program.

Since the inception of the repurchase program in 1998, the Board has authorized $ 40.7 billion in share repurchases.

Subsequent to August 30, 2025, and through October 20, 2025, the Company has repurchased 51,543 shares of common stock at an aggregate cost of $ 215.6 million.

Considering the cumulative repurchases through October 21, 2024, the Company has $ 2.0 billion remaining under the Board’s authorization to repurchase its common stock.

Note L – Derivative Financial Instruments

The Company periodically uses derivatives to hedge exposures to interest rates.

The Company does not hold or issue financial instruments for trading purposes.

For transactions that meet the hedge accounting criteria, the Company formally designates and documents the instrument as a hedge at inception and quarterly thereafter assesses the hedges to ensure they are effective in offsetting changes in the cash flows of the underlying exposures.

Derivatives are recorded in the Company’s Consolidated Balance Sheet at fair value, determined using available market information or other appropriate valuation methodologies.

In accordance with ASC Topic 815, Derivatives and Hedging , to the extent our derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in Accumulated Other Comprehensive Loss, net of tax.

At August 31, 2024, the Company had $ 10.6 million (excluding the impact of deferred taxes) recorded in Accumulated Other Comprehensive Loss related to net 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 fiscal 2024 and 2023, the Company reclassified $ 2.3 million and $ 2.8 million of net losses from Accumulated Other Comprehensive Loss to Interest expense, respectively.

The Company expects to reclassify $ 2.3 million of net losses from Accumulated Other Comprehensive Loss to Interest expense over the next 12 months.

Note M – Accumulated Other Comprehensive Loss

Considering the cumulative repurchases and the increase in authorization subsequent to August 30, 2025, and through October 20, 2025, the Company has $ 1.9 billion remaining under the Board’s authorization to repurchase its common stock.

Note L – Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss includes certain adjustments to foreign currency translation adjustments, certain activity for interest rate swaps and treasury rate locks that qualify as cash flow hedges and unrealized gains (losses) on available-for-sale marketable debt securities.

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Balance at August 26, 2023

Other Comprehensive Income before reclassifications

Other Comprehensive (Loss) Income before reclassifications

Amounts reclassified from Accumulated Other Comprehensive Loss (2)

Balance at August 31, 2024

Other Comprehensive (Loss) Income before reclassifications

Other Comprehensive Income before reclassifications

Amounts reclassified from Accumulated Other Comprehensive Loss (2)

Balance at August 30, 2025

(1) Foreign currency is shown net of U.S.

(1) Foreign currency, which primarily relates to our operations in Mexico, is shown net of U.S.

tax to account for foreign currency impacts of certain undistributed non-U.S.

subsidiaries earnings.

Other foreign currency is not shown net of additional U.S.

tax as other basis differences of non-U.S.

subsidiaries are intended to be permanently reinvested.

(2) Amounts shown are net of taxes/tax benefits.

Note N – 401(k) Savings Plan

Note M – Retirement Savings Plans

The Company has a 401(k) plan that covers all domestic employees who meet the plan’s participation requirements.

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The Company made matching contributions to employee accounts in connection with the 401(k) plan of $ 42.7 million in fiscal 2025, $ 39.0 million in fiscal 2024 and $ 37.3 million in fiscal 2023.

Note O – Share-Based Plans

The Company also has a non-qualified executive deferred compensation plan which allows certain qualifying employees to defer a portion of their annual base salary and their annual incentive bonus.

This plan provides for matching contributions similar to the 401(k) plan.

Note N – Share-Based Plans

The Company has several active and inactive equity incentive plans under which the Company has been authorized to grant share-based awards to key employees and non-employee directors.

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2011 Equity Incentive Award Plan (the “Amended 2011 Equity Plan”).

The Amended 2011 Equity Plan imposes a maximum limit on the compensation, measured as the sum of any cash compensation and the aggregate grant date fair value of

awards granted under the Amended 2011 Equity Plan, which may be paid to non-employee directors for such service during any calendar year.

The Amended 2011 Equity Plan also applies a ten-year term on the Amended 2011 Equity Plan through December 16, 2025 and extends the Company’s ability to grant incentive stock options under the Amended 2011 Equity Plan through October 7, 2025.

The Amended 2011 Equity Plan imposes a maximum limit on the compensation, measured as the sum of any cash compensation and the aggregate grant date fair value of awards granted under the Amended 2011 Equity Plan, which may be paid to non-employee directors for such service during any calendar year.

The Amended 2011 Equity Plan also applies a ten-year term on the Amended 2011 Equity Plan through December 16, 2025, and extended the Company’s ability to grant incentive stock options under the Amended 2011 Equity Plan through October 7, 2025.

AutoZone, Inc.

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Stock Options

The Company grants options to purchase common stock to certain of its employees under the 2020 Omnibus Plan at prices equal to the market value of the stock on the date of grant.

The Company grants options to purchase common stock to certain of its employees under the 2020 Omnibus Plan at prices equal to or above the market value of the stock on the date of grant.

Options have a term of ten years from grant date.

Option-vesting periods range from four to five years , with the vast majority of options vesting ratably over four years .

Option-vesting periods range from four to five years , with the majority of options vesting ratably over four years .

Options generally have 90 days after the service relationship ends, or one year after death, to exercise all vested options, unless retirement provisions are met.

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Stock Appreciation Rights

At August 31, 2024 and August 26, 2023, the Company had $ 15.3 million and $ 11.8 million, respectively of accrued compensation expense.

At August 30, 2025, and August 31, 2024, the Company had $ 20.2 million and $ 15.3 million, respectively of accrued compensation expense for stock appreciation rights.

There were 4,822 outstanding units issued under the 2003 Comp Plan and prior plans.

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Under the Employee Plan, 4,419 , 5,000 and 5,183 shares were sold to employees in fiscal 2025, 2024 and 2023, respectively.

The Company repurchased 4,886 shares in fiscal 2022 at market value from employees electing to sell their stock.

Purchases under the Executive Plan were 246 , 540 and 689 shares in fiscal 2025, 2024 and 2023, respectively.

Issuances of shares under the Employee Plan are netted against repurchases and such repurchases are not included in share repurchases disclosed in “Note K – Stock Repurchase Program.” At August 30, 2025, 112,922 shares of common stock were reserved for future issuance under the Employee Plan, and 232,180 shares of common stock were reserved for future issuance under the Executive Plan.

Note P – Commitments and Contingencies

Note O – Commitments and Contingencies

Construction commitments, primarily for new stores, totaled approximately $ 130.5 million at August 30, 2025.

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As of August 30, 2025, the Company had commitments to make certain additional capital contributions to these tax credit instruments totaling $ 207.2 million in fiscal 2026.

Note Q – Segment Reporting

The Company’s primary operating segments (Domestic Auto Parts, Mexico and Brazil) are aggregated as one reportable segment:

Auto Parts Stores.

The criteria the Company used to identify the reportable segment are primarily the nature of the products the Company sells and the operating results that are regularly reviewed by the Company’s chief operating decision maker to make decisions about the resources to be allocated to the business units and to assess performance.

The accounting policies of the Company’s reportable segment are the same as those described in “Note A – Significant Accounting Policies.”

The Auto Parts Stores segment is the leading retailer and distributor of automotive parts and accessories through the Company’s 7,353 stores in the U.S., Mexico and Brazil.

Each store carries an extensive product line for cars, sport utility vehicles, vans and light duty trucks, including new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products.

The Other category reflects business activities of two operating segments that are not separately reportable due to the materiality of these operating segments.

The operating segments include ALLDATA, which produces, sells and maintains diagnostic, repair, collision and shop management software used in the automotive repair industry and E-commerce, which includes direct sales to customers through www.autozone.com for sales that are not fulfilled by local stores.

The Company evaluates its reportable segment primarily on the basis of net sales and segment profit, which is defined as gross profit.

The following table shows segment results for the following fiscal years :

Note P – Segment Reporting

The Company is a leading retailer and distributor of automotive parts and accessories through the Company’s 7,657 stores in the Americas.

The Company adopted ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures , during the fourth quarter of fiscal 2025.

The Company determines its segments based on how the business is managed and evaluated.

During the fourth quarter of fiscal 2025, the Company combined all its previously defined operating segments into a single operating and reportable segment to align with how the Company is currently managed and evaluated.

This single operating segment includes all operations which are designed to enable customers to purchase products seamlessly in stores and from our online platforms.

We carry an extensive product line for cars, sport utility vehicles, vans and light duty trucks, including new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products.

The Company’s chief operating decision maker (“CODM”), the Chief Executive Officer, regularly reviews consolidated net income, as well as significant segment expenses included in the table below, to evaluate performance and allocate resources.

The CODM also evaluates consolidated actual results versus forecasts, budgets and prior year results.

The measure of segment assets is reported as “Total assets” on the Consolidated Balance Sheets as of August 30, 2025, and August 31, 2024.

Expenditures for long-lived segment assets are reported as “Capital Expenditures” on the Consolidated Statements of Cash Flows for the fiscal years ended 2025, 2024 and 2023.

Segment information for previous periods has been recast to conform to the current-period presentation.

The following table represents significant expenses that are regularly provided to the CODM for the following fiscal years :

(in thousands)

Auto Parts Stores

Segment Profit

Auto Parts Stores

Operating, selling, general and administrative expenses

( 6,028,344 )

( 5,596,436 )

( 5,201,921 )

Auto Parts Segment

Cost of sales, including warehouse and delivery expenses

Compensation expense (1)

Rent expense (2)

Depreciation & amortization

Advertising expense

Other segment expenses (3)

Interest expense, net

Income before income taxes

Segment Assets:

Auto Parts Stores

Capital Expenditures:

Auto Parts Stores

Auto Parts Stores Sales by Product Grouping:

Income tax expense

Consolidated net income

Auto Parts Segment Sales by Product Grouping:

Maintenance items

Discretionary

Auto Parts Stores net sales

The following table presents the Company’s net sales disaggregated by geographical area:

United States

The Company’s long-lived assets, consisting primarily of property and equipment, net and operating lease right-of-use assets, within the United States were 89 %, 88 % and 91 % in fiscal years 2024, 2023 and 2022, respectively.

No individual country outside of the United States had long-lived assets that were material to the consolidated totals.

Accessories and other

Auto Parts net sales

(1) Compensation expense includes operating, selling, general and administrative expenses for payroll expense, benefits, related taxes, share-based compensation and other employee costs.

(2) Rent expense includes rent and variable operating lease components, related to insurance and common area maintenance included in selling, general and administrative expenses.

Rent expense related to supply chain is included in cost of sales, including warehouse and delivery expenses.

(3) Other segment items include vehicle expense, utilities expense, real estate taxes and insurance expense, service charges and other operating expenses.

The following table presents the Company’s net sales classified by geography:

(in thousands)

In the United States

Outside the United States

The following table presents the Company’s long-lived assets, consisting primarily of property and equipment, less accumulated depreciation and amortization and operating lease right-of-use assets, classified by geography:

(in thousands)

In the United States

Outside the United States

Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data