842
EXHIBIT H.1  Costco: Income Statement
$ million
Historical
Forecast
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
CV2
Merchandise sales
113,666
116,073
126,172
138,434
149,351
163,570
174,630
185,926
197,112
208,140
218,970
229,565
239,896
249,937
259,934
270,331
Membership fees
2,533
2,646
2,853
3,142
3,352
3,671
3,919
4,173
4,424
4,671
4,915
5,152
5,384
5,610
5,834
6,067
Revenues
116,199
118,719
129,025
141,576
152,703
167,241
178,549
190,099
201,536
212,811
223,884
234,718
245,281
255,546
265,768
276,399
Merchandise costs
(101,065) (102,901) (111,882) (123,152) (132,886)
(145,370) (155,021) (164,859) (174,777) (184,555) (194,158) (203,553) (212,713) (221,616) (230,481) (239,700)
Selling and general
(10,318)
(10,813)
(11,580)
(12,439)
(13,502)
(14,787)
(15,787)
(16,809)
(17,820)
(18,817)
(19,796)
(20,754)
(21,688)
(22,595)
(23,499)
(24,439)
Depreciation1
(1,127)
(1,255)
(1,370)
(1,437)
(1,492)
(1,584)
(1,734)
(1,852)
(1,971)
(2,090)
(2,207)
(2,322)
(2,434)
(2,544)
(2,650)
(2,756)
Preopening expenses
(65)
(78)
(82)
(68)
(86)
(94)
(101)
(107)
(114)
(120)
(126)
(132)
(138)
(144)
(150)
(156)
Operating income
3,624
3,672
4,111
4,480
4,737
5,406
5,906
6,473
6,854
7,229
7,597
7,957
8,307
8,647
8,988
9,348
Interest expense
(124)
(133)
(134)
(159)
(150)
(277)
(302)
(315)
(327)
(340)
(354)
(368)
(382)
(397)
(413)
(429)
Interest income
50
41
50
75
126
64
51
38
26
13
—
—
—
—
—
—
Other income
54
39
12
46
52
—
—
—
—
—
—
—
—
—
—
—
Earnings before taxes
3,604
3,619
4,039
4,442
4,765
5,192
5,655
6,197
6,552
6,902
7,244
7,589
7,925
8,250
8,575
8,918
Provision for income taxes
(1,195)
(1,243)
(1,325)
(1,263)
(1,061)
(1,255)
(1,369)
(1,503)
(1,590)
(1,676)
(1,760)
(1,845)
(1,928)
(2,008)
(2,088)
(2,172)
Net income, consolidated
2,409
2,376
2,714
3,179
3,704
3,937
4,286
4,694
4,962
5,226
5,484
5,744
5,997
6,242
6,488
6,746
Noncontrolling interests
(32)
(26)
(35)
(45)
(45)
(49)
(53)
(56)
(59)
(63)
(66)
(69)
(72)
(75)
(78)
(81)
Net income, Costco
2,377
2,350
2,679
3,134
3,659
3,888
4,233
4,638
4,903
5,163
5,418
5,675
5,925
6,167
6,409
6,665
1 Aggregated in selling, general, and administrative expenses in original filings.
2 Continuing-value forecast.

843
EXHIBIT H.2  Costco: Balance Sheet
$ million
Historical
Forecast
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
Assets
Cash and cash equivalents1
6,419
4,729
5,779
7,259
9,444
8,457
7,405
6,358
5,309
4,256
4,478
4,694
4,906
5,111
5,315
Receivables, net
1,224
1,252
1,432
1,669
1,535
1,681
1,795
1,911
2,026
2,139
2,251
2,359
2,466
2,569
2,672
Merchandise inventories
8,908
8,969
9,834
11,040
11,395
12,466
13,293
14,137
14,987
15,826
16,649
17,455
18,240
19,004
19,764
Deferred income taxes2
521
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Other current assets
227
268
272
321
1,111
1,217
1,299
1,383
1,466
1,548
1,629
1,708
1,785
1,859
1,934
Total current assets
17,299
15,218
17,317
20,289
23,485
23,820
23,792
23,789
23,788
23,769
25,006
26,216
27,396
28,543
29,684
Property, plant, and equipment
15,401
17,043
18,161
19,681
20,890
22,879
24,426
26,006
27,570
29,113
30,628
32,110
33,555
34,959
36,357
Deferred income taxes2
109
202
254
316
398
513
640
797
868
1,002
1,241
1,410
1,587
1,770
1,956
Other assets
631
700
615
544
627
687
733
781
828
874
919
964
1,007
1,049
1,091
Total assets
33,440
33,163
36,347
40,830
45,400
47,899
49,591
51,372
53,053
54,758
57,794
60,700
63,544
66,321
69,089
Liabilities and shareholders’ equity
Accounts payable
9,011
7,612
9,608
11,237
11,679
12,776
13,624
14,489
15,361
16,220
17,064
17,890
18,695
19,477
20,256
Accrued salaries and benefits
2,468
2,629
2,703
2,994
3,176
3,478
3,714
3,954
4,192
4,426
4,656
4,882
5,101
5,315
5,528
Accrued member rewards
813
869
961
1,057
1,180
1,292
1,380
1,469
1,557
1,644
1,730
1,814
1,895
1,975
2,054
Deferred membership fees
1,269
1,362
1,498
1,624
1,711
1,874
2,001
2,130
2,258
2,384
2,509
2,630
2,748
2,863
2,978
Current portion of long-term debt
1,283
1,100
86
90
1,699
1,038
1,082
1,028
953
1,137
1,357
1,256
1,296
1,335
1,395
Current portion of capital leases3
10
10
7
7
26
14
15
16
18
20
19
20
21
22
23
Other current liabilities
1,686
1,993
2,632
2,917
3,766
4,125
4,403
4,688
4,970
5,248
5,521
5,789
6,049
6,302
6,554
Total current liabilities
16,540
15,575
17,495
19,926
23,237
24,597
26,218
27,774
29,309
31,081
32,857
34,279
35,805
37,290
38,788
Long-term debt
4,864
4,061
6,573
6,487
5,124
6,408
6,661
7,038
7,430
7,576
7,697
8,154
8,488
8,837
9,185
Capital leases3
286
364
373
390
395
432
467
470
493
511
532
555
574
598
622
Deferred income taxes2
462
297
312
317
543
700
873
1,087
1,184
1,367
1,693
1,924
2,165
2,415
2,669
Other liabilities
445
534
515
607
517
566
605
644
682
721
758
795
830
865
900
Total liabilities
22,597
20,831
25,268
27,727
29,816
32,704
34,824
37,013
39,098
41,256
43,537
45,706
47,863
50,005
52,163
Costco shareholders’ equity
10,617
12,079
10,778
12,799
15,243
14,854
14,425
14,018
13,615
13,161
13,916
14,652
15,340
15,975
16,585
Noncontrolling interests
226
253
301
304
341
341
341
341
341
341
341
341
341
341
341
Total shareholders’ equity
10,843
12,332
11,079
13,103
15,584
15,195
14,766
14,359
13,956
13,502
14,257
14,993
15,681
16,316
16,926
Liabilities and shareholders’ equity
33,440
33,163
36,347
40,830
45,400
47,899
49,591
51,372
53,053
54,758
57,794
60,700
63,544
66,321
69,089
1 Includes short-term investments.
2 Deferred taxes are aggregated in other current assets, other assets, and other liabilities in original filings.
3 Capital leases are aggregated in other current liabilities and other liabilities in original filings.