SEC Form 11-K filed by Costco Wholesale Corporation

6/20/24 4:36:24 PM ET

$COST

Department/Specialty Retail Stores

Consumer Discretionary

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11-K 1 a202311-k.htm 11-K Document

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

———————————————————

FORM 11-K

———————————————————


☒			ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023


☐			TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to _____


Commission File Number 0-20355

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Costco 401(k) Retirement Plan

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

———————————————————

Costco Wholesale Corporation

———————————————————

999 Lake Drive

Issaquah, Washington 98027

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COSTCO 401(k) RETIREMENT PLAN

Table of Contents


			Page
Report of Independent Registered Public Accounting Firm			1
Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2023 and 2022			2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2023			3
Notes to Financial Statements			4
Supplementary Information:
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2023			10
Signatures			24
Exhibits:
23.1 - Consent of Independent Registered Public Accounting Firm

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Plan Participants and Plan Administrator of

Costco 401(k) Retirement Plan

Issaquah, Washington

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Costco 401(k) Retirement Plan (the "Plan") as of December 31, 2023 and 2022, the related statement of changes in net assets available for benefits for the year ended December 31, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2023 and 2022, and the changes in net assets available for benefits for the year ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2023, has been subjected to audit procedures performed in conjunction with the audit of Costco 401(k) Retirement Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information presented in the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ Crowe LLP

We have served as the Plan's auditor since 2023.

Oak Brook, Illinois

June 20, 2024

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COSTCO 401(k) RETIREMENT PLAN

Statements of Net Assets Available for Benefits

December 31, 2023 and 2022

(in thousands)


				2023		2022
Assets:
	Investments at fair value			$	30,435,735	$	23,048,193




	Investments at contract value:
		Fully benefit-responsive investment contracts		1,780,521		1,849,278
			Total investments	32,216,256		24,897,471
	Receivables:
		Notes receivable from participants		559,994		514,605
		Employee contributions		43,139		—
		Employer contributions		563,469		499,820
			Total receivables	1,166,602		1,014,425
	Non-interest bearing cash			1,988		1,066
Net assets available for benefits				$	33,384,846	$	25,912,962

See accompanying notes to financial statements.

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COSTCO 401(k) RETIREMENT PLAN

Statement of Changes in Net Assets Available for Benefits

Year Ended December 31, 2023

(in thousands)


			2023
Net investment income:
	Net appreciation of investments		$	7,325,457
	Interest		51,483
	Dividends		166,802
		Total net investment income	7,543,742
Interest on notes receivable from participants			31,413
Contributions to the Plan:
	Employee		1,043,954
	Employer		644,916
		Total contributions	1,688,870
Distributions to participants and other			(1,792,141)
		Increase in net assets	7,471,884
Net assets available for benefits, beginning of year			25,912,962
Net assets available for benefits, end of year			$	33,384,846

See accompanying notes to financial statements.

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COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements

December 31, 2023 and 2022

(1)Plan Description

The following description of the Costco 401(k) Retirement Plan (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan. To participate in the Plan, an individual must be at least 18 years of age and an employee of Costco Wholesale Corporation (the Company or Costco) or certain subsidiaries.

The Plan is a defined contribution plan for the benefit of eligible employees, established by the Company under Section 401(a) of the Internal Revenue Code (IRC). It includes a qualified cash or deferred arrangement as described in Section 401(k). The Plan is also subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.

(a)Employee Contributions

The Plan allows certain employees to make compensation deferral contributions after completing 90 days of service within 12-consecutive months. Eligible employees may contribute from 1% to 50% of their compensation, subject to certain limitations set by the IRC and the Plan. Eligible employees may also contribute amounts representing certain distributions from other retirement plans (rollover contributions).

All newly-eligible participants entering the Plan are automatically enrolled at a salary contribution rate of 4%. On an active participant’s employment anniversary date and each anniversary date thereafter the percentage deferred into the Plan automatically increases by one percentage point, to a maximum of 20%. Employees may opt out of automatic enrollment and increases. Contributions are subject to regulatory requirements.

(b)Employer Contributions

Company contributions are invested in accordance with selections made by participants. If no selection has been made, the contribution defaults to the Retirement Trust Fund corresponding to the participant's age. Employer contributions are allocated based on an employee’s classification as either: covered by the collective bargaining agreements with the International Brotherhood of Teamsters; or other eligible employment.

(1) Covered by the Teamsters Agreements

Eligible employees who have completed one year of service (12 consecutive months) are eligible for an annual employer contribution beginning on the next Plan entry date. Plan entry dates for the employer contribution are January 1 and July 1. The annual employer contribution is allocated only to the accounts of eligible Plan participants who are employed on the last day of the applicable Plan year. The allocation rate varies, based on years of service, ranging from $0.05 to $0.47 per straight-time hour worked during the Plan year, up to a maximum of 2,080 hours. This annual contribution was $6.4 million for the year ended December 31, 2023, and was deposited into the Plan and allocated to participant accounts in March 2024.

(2) Other eligible employment

The Company matches the lesser of 50% of each employee’s contribution or $500 per year. In addition, eligible employees who have completed one year of service (12 consecutive months) are eligible for an annual discretionary employer contribution beginning on the next Plan entry date. Plan entry dates for the discretionary contribution are January 1 and July 1. The discretionary contribution is allocated only to the accounts of eligible Plan participants who are employed on the last day of the applicable Plan year. The allocation rate varies, based on years of service, ranging from 4% to 9% of the participant's compensation. This discretionary

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COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2023 and 2022

contribution was $556.8 million for the year ended December 31, 2023, and was deposited into the Plan and allocated to participant accounts in March 2024.

(c)Participants’ Accounts

Each participant’s account is credited or debited with the participant’s contributions, the Company’s contributions, earnings and losses, fees, expenses, and changes in underlying account assets. The benefit to which a participant is entitled is the vested account balance.

(d)Vesting

Participants are immediately vested in their deferral contributions and in certain other contributions as defined in the Plan document, adjusted for investment experience, fees and expenses. Vesting in any form of employer contribution is based on the following schedule:


Years of service																								Percentage vested
Under 2 years																								0%
2 years																								20%
3 years																								40%
4 years																								60%
5 years or more																								100%

(e)Forfeitures

If a participant terminates employment, the non-vested portion of the account balance is forfeited. The Plan document provides that forfeited amounts may at the Company's election be used to reduce future employer contributions or to pay administrative expenses. Forfeitures were immaterial during 2023. Unallocated forfeitures were immaterial as of December 31, 2023 and 2022, after consideration of forfeitures used to reduce the employer contributions funded subsequent to each year. Forfeitures are restored to a participant’s account if within five years the participant is re-hired and repays the vested account balance distributed upon termination.

(f)Investment Options

Participants may direct funds in their account to the Plan's available options. Participants may transfer amounts between investment options daily, subject to certain trading restrictions. Before 2016, participants could invest 100% of their account in Costco stock; starting January 2016, the Plan has a 50% limit on investment in Costco stock, applied prospectively.

Amounts may be temporarily invested in a cash account prior to investment in the Plan’s investment accounts. See Notes 2, 3 and 4 for additional information regarding the Plan's investments.

(g)Distributions

Upon termination of employment, total disability, reaching age 59-1/2 or death, a participant (or participant's beneficiary in the case of death) can request a full, partial or, in certain circumstances, installment or rollover distribution for the vested portion of the account. Participants are also eligible to withdraw a portion of the salary-deferral contribution account in the event of certain financial hardships.

Dividends on the Company's stock are reinvested in the participant’s Company stock account unless a distribution is requested by the participant. These dividends are reported on a gross basis, with total dividends reported as "Dividends" and the amounts distributed reported as "Distributions to participants and other" in the statement of changes in net assets available for benefits.

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COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2023 and 2022

(h)Notes Receivable from Participants

A participant may borrow between $1,000 up to the lesser of $50,000 or 45% of their vested account balance, reduced by the highest outstanding balance in the previous 12 months minus the outstanding balance of all loans on the date on which the loan is made, provided this amount is available in the participant's pre-tax and rollover accounts. Loans are repaid through payroll deductions over a period ranging up to four years or, if for the purchase of a principal residence, up to 15 years. The bi-weekly re-payment amount cannot exceed 25% of the participant's net pay. The interest rate is determined by the Plan Administrator from time-to-time and is comparable to rates charged by commercial lenders. At December 31, 2023, interest rates on loans outstanding ranged from 4.25% to 10.50%, with various maturities through December 2038. Participant accounts with loans are charged an application fee at initiation and an annual maintenance fee.

(i)Trustee, Recordkeeper, and Plan Administrator

Effective October 1, 2023, the Company elected to change the trustee of the Plan from T. Rowe Price Trust Company to Northern Trust Company. T. Rowe Price Retirement Services Inc. was retained as the recordkeeper for the Plan. The Costco Benefits Committee is the Plan Administrator.

(j)Administrative and Investment Expenses

Certain administrative expenses, including investment management and transaction fees, are paid by the Plan, subject to subparagraph (e) above. All other administrative expenses are paid by the Company.

(2)Summary of Significant Accounting Policies

(a)Basis of Accounting

The financial statements of the Plan are prepared under the accrual method of accounting. As required under U.S. generally accepted accounting principles (U.S. GAAP), fully benefit-responsive investment contracts (FBRIC) are reported at contract value (see Note 3), while all other investments in the Plan are reported at fair value (see Note 4). A FBRIC is a contract with a financial institution or an insurance company that provides for a stated return on principal invested over a specified period and permits withdrawals at contract value for benefit payments, loans, or transfers to other investment options offered to the participant by the Plan. Contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan.

(b)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 income and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

(c)Investment Valuation and Income Recognition

The Plan invests in the Company’s common stock, common commingled trust funds and other exchange-traded equity securities held in separately managed accounts, as well as registered investment companies and the FBRIC.

Investments, other than the FBRIC, are reported at fair value. If available, quoted market prices are used to value investments. The FBRIC consists of the Capital Preservation Portfolio (CPP), which is invested in synthetic guaranteed investment contracts and is recorded at contract value. Contract value

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COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2023 and 2022

represents contributions made under each contract, plus earnings, less participant withdrawals and administrative expenses.

There are no reserves against contract value for credit risk of the contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer, but not less than zero. Such interest rates are reviewed on a quarterly basis for resetting. Certain events may limit the ability of the Plan to transact at contract value with the issuer. Events may include, but are not limited to, Plan termination, bankruptcy of the Company, or defunction of the trustee. In addition, certain events allow the issuer to terminate the contract and settle at an amount different from contract value. Examples of such events include: (1) an uncured violation of the Plan’s investment guidelines, (2) a breach of material obligation under the contract, (3) a material misrepresentation, or (4) a material amendment to the agreements without the consent of the issuer. The Plan Administrator believes at this time that any events that would limit the Plan’s ability to transact at contract value with participants or that allow the issuer to terminate the contract with the Plan are not probable.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation or depreciation of investments includes the change in the fair value of assets from one period to the next, plus realized gains and losses.

Investment securities are exposed to various risks, such as interest rate, credit, and overall market volatility. Changes in the values of investment securities could occur, and those changes could materially affect the amounts reported in the statements of net assets available for benefits and participant account balances.

(d)Notes Receivable from Participants

Participant loans are classified as notes receivable from participants, which are segregated from Plan investments and measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent notes receivable are reclassified as distributions based upon the terms of the Plan document.

(e)Distribution of Benefits

Distributions of benefits are recorded when paid.

(f) Subsequent Events

The Plan monitors significant events occurring after the statement of net assets available for benefits date and prior to the issuance of the financial statements to determine the impacts, if any, on the financial statements to be issued. The Plan has evaluated subsequent events through the date which the financial statements are issued.

(3)Fully Benefit-Responsive Investment Contract

The CPP is invested in synthetic guaranteed investment contracts, which consist of a portfolio of underlying assets owned by the Plan and wrap contracts issued by an insurance company and a financial institution. The issuers of the wrap contracts provide for unscheduled withdrawals from the contracts at contract value, regardless of the value of the underlying assets, in order to fund routine withdrawals.

(4)Fair Value Measurement

U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by

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COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2023 and 2022

applying a fair value hierarchy, which requires maximizing the use of observable inputs. The three levels of inputs are:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Significant unobservable inputs that are not corroborated by market data.

The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Valuation techniques utilized during the reporting period were not changed from previous practice. The following is a description of the valuation methodologies used for assets measured at fair value.

Common stock, underlying securities in separately managed accounts, and registered investment company funds: These investments are deemed to be actively traded and are valued at the closing price reported in the active market in which the individual securities are traded. These assets are valued using Level 1 inputs. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. Separately managed accounts largely consist of common stock and a collective trust as of December 31, 2023, and 2022.

Common commingled trust funds: The valuation techniques used to measure the fair value of common commingled trust funds are based on quoted market prices, such as quoted net asset values (NAV) published by the fund as supported in an active market. Plan participant transactions of investment or withdrawals may occur on a daily basis in these trusts. These assets are valued using Level 1 inputs.

The tables below present information regarding investments that are measured at fair value on a recurring basis and indicate the level within the hierarchy reflecting the valuation techniques utilized to determine fair value as of December 31, 2023, and 2022.


December 31, 2023:	Level 1 (in 000's)
Investments, at fair value:
Costco Wholesale Corporation common stock	$	15,977,459
Common commingled trust funds	10,080,126
Separately managed accounts	2,491,563
Registered investment company funds	1,886,587
Total investments in fair value hierarchy	$	30,435,735


December 31, 2022:	Level 1 (in 000's)
Investments, at fair value:
Costco Wholesale Corporation common stock	$	11,486,680
Common commingled trust funds	7,865,744
Separately managed accounts	2,171,053
Registered investment company funds	1,524,716
Total investments in fair value hierarchy	$	23,048,193

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COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2023 and 2022

(5)Plan Termination

Although it has no present intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to ERISA and the requirements of the collective bargaining agreements with the Teamsters. In the event of termination, participants will become 100% vested in their accounts.

(6)Tax Status

In a determination letter dated June 9, 2017, the Internal Revenue Service informed the Company that the Plan is designed in accordance with applicable sections of the IRC. The Plan has since been restated and amended. The Plan Administrator believes that the Plan is designed and is being operated in compliance with the IRC.

U.S. GAAP requires the Plan Administrator to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has concluded that as of December 31, 2023, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; there are currently no audits in progress.

(7)Party-in-Interest and Related Party Transactions

Certain Plan investments are shares of registered investment companies, fully benefit-responsive investment contracts, and common commingled trust funds managed by Northern Trust Company and T. Rowe Price Trust Company. Northern Trust Company and T. Rowe Price Retirement Services Inc. are the trustee and recordkeeper as defined by the Plan, therefore these transactions qualify as exempt party-in-interest transactions.

As the Plan sponsor, the Company is a party-in-interest with respect to the Plan. At December 31, 2023 and 2022, the Plan held 24,205,000 and 25,162,000 shares of Costco common stock. During 2023, 643,000 shares were purchased and 1,600,000 shares were sold.

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COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

EIN: 91-1223280 Plan #: 002

December 31, 2023

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

Registered investment company and common commingled trust funds:

Capital Group

New Perspective Trust U3

477,065

PIMCO

Income Institutional

499,987

* T. Rowe Price

Retirement Balanced Trust J

30,408

* T. Rowe Price

TRP Ret 2005 Active Trust J

21,782

* T. Rowe Price

TRP Ret 2010 Active Trust J

36,126

* T. Rowe Price

TRP Ret 2015 Active Trust J

116,016

* T. Rowe Price

TRP Ret 2020 Active Trust J

372,140

* T. Rowe Price

TRP Ret 2025 Active Trust J

786,144

* T. Rowe Price

TRP Ret 2030 Active Trust J

1,096,452

* T. Rowe Price

TRP Ret 2035 Active Trust J

1,044,923

* T. Rowe Price

TRP Ret 2040 Active Trust J

1,208,119

* T. Rowe Price

TRP Ret 2045 Active Trust J

1,366,606

* T. Rowe Price

TRP Ret 2050 Active Trust J

929,047

* T. Rowe Price

TRP Ret 2055 Active Trust J

1,110,512

* T. Rowe Price

TRP Ret 2060 Active Trust J

537,565

* T. Rowe Price

TRP Ret 2065 Active Trust J

95,198

* T. Rowe Price

TRP Ret 2020 Active Trust-Income J

6,289

Vanguard

Extended Market Index Institutional

74,151

Vanguard

Total International Stock Index Institutional

74,258

Vanguard

Total Bond Market Index Fund Institutional

122,703

Vanguard

Institutional Index, Plus

1,115,488

Wellington

CIF II Growth S5

845,734

Total registered investment company and common commingled trust funds

11,966,713

Separately managed accounts:

Mid-Cap Growth Portfolio:

Acadia Healthcare Company Inc.

Common Stock

14,555

Agilent Technologies Inc.

Common Stock

31,406

Agilon Health Inc.

Common Stock

2,646

Alnylam Pharmaceuticals Inc.

Common Stock

14,560

Amphenol Corp. - Class A

Common Stock

12,050

Apellis Pharmaceuticals Inc.

Common Stock

3,583

Assurant Inc.

Common Stock

15,340

Atlassian Corp. - Class A

Common Stock

6,791

Avantor Inc.

Common Stock

20,726

Avery Dennison Corp.

Common Stock

18,103

Ball Corp.

Common Stock

23,532

Bath & Body Works Inc.

Common Stock

11,047

Bill Holdings Inc.

Common Stock

1,829

Biogen Inc.

Common Stock

10,591

Boston Beer Company Inc. - Class A

Common Stock

3,878

Bright Horizons Family Solutions Inc.

Common Stock

4,158

Broadridge Financial Solutions Inc.

Common Stock

12,062

Bruker Corp.

Common Stock

18,115

Burlington Stores Inc.

Common Stock

16,600

BWX Technologies Inc.

Common Stock

6,136

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COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2023

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

Caesars Entertainment Inc.

Common Stock

6,316

Casey's General Stores Inc.

Common Stock

11,218

Catalent Inc.

Common Stock

9,447

Cboe Global Markets Inc.

Common Stock

2,371

CCC Intelligent Solutions Holdings Inc.

Common Stock

8,889

Cheniere Energy Inc.

Common Stock

18,047

Chesapeake Energy Corp.

Common Stock

3,464

Chipotle Mexican Grill Inc.

Common Stock

5,479

Clear Secure Inc. - Class A

Common Stock

1,504

Cognex Corp.

Common Stock

4,550

Cooper Companies Inc.

Common Stock

14,356

Corpay Inc.

Common Stock

11,482

Costar Group Inc.

Common Stock

12,728

Coterra Energy Inc.

Common Stock

6,583

Crowdstrike Holdings Inc. - Class A

Common Stock

25,772

Dentsply Sirona Inc.

Common Stock

5,923

Dollar General Corp.

Common Stock

3,365

Dollar Tree Inc.

Common Stock

15,429

Domino's Pizza Inc.

Common Stock

22,020

Enovis Corp.

Common Stock

8,020

EQT Corp.

Common Stock

11,694

Equifax Inc.

Common Stock

20,440

Esab Corp.

Common Stock

12,338

Exact Sciences Corp.

Common Stock

4,778

Fair Isaac Corp.

Common Stock

15,687

Five Below Inc.

Common Stock

11,853

Fortinet Inc.

Common Stock

7,257

Fortive Corp.

Common Stock

14,708

Hilton Worldwide Holdings Inc.

Common Stock

25,158

Hologic Inc.

Common Stock

34,373

Howmet Aerospace Inc.

Common Stock

1,437

Idex Corp.

Common Stock

8,128

Ingersoll Rand Inc.

Common Stock

24,390

Intercontinental Exchange Inc.

Common Stock

15,654

Ionis Pharmaceuticals Inc.

Common Stock

10,777

J.B. Hunt Transport Services Inc.

Common Stock

23,210

Karuna Therapeutics Inc.

Common Stock

9,683

Kenvue Inc.

Common Stock

4,351

Keysight Technologies Inc.

Common Stock

18,359

KKR & Co Inc.

Common Stock

19,990

KLA Corp.

Common Stock

9,791

Lattice Semiconductor Corp.

Common Stock

14,160

Liberty Media Corp. - Series C

Common Stock

8,941

Littelfuse Inc.

Common Stock

2,431

Lululemon Athletica Inc.

Common Stock

6,891

Markel Group Inc.

Common Stock

4,819

Marketaxess Holdings Inc.

Common Stock

7,747

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COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2023

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

Martin Marietta Materials

Common Stock

17,834

Marvell Technology Inc.

Common Stock

35,301

Match Group Inc.

Common Stock

4,910

Mettler-Toldeo International Inc.

Common Stock

4,965

MGM Resorts International

Common Stock

7,050

Microchip Technology Inc.

Common Stock

42,663

Mobileye Global Inc. - Class A

Common Stock

1,732

Molina Healthcare Inc.

Common Stock

11,939

MongoDB Inc.

Common Stock

4,490

New York Times Co. - Class A

Common Stock

6,108

O'Reilly Automotive Inc.

Common Stock

1,897

Paylocity Holding Corp.

Common Stock

11,042

Pioneer Natural Resources Co.

Common Stock

2,029

PTC Inc.

Common Stock

20,504

Pure Storage Inc. - Class A

Common Stock

1,606

Quanta Services Inc.

Common Stock

3,836

Quidelortho Corp.

Common Stock

9,524

Range Resources Corp.

Common Stock

5,193

Raymond James Financial Inc.

Common Stock

8,829

Reynolds Consumer Products Inc.

Common Stock

4,681

Roper Technologies Inc.

Common Stock

10,449

Ross Stores Inc.

Common Stock

15,459

RPM International Inc.

Common Stock

6,965

Sarepta Therapeutics Inc.

Common Stock

3,836

Sealed Air Corp.

Common Stock

8,400

Shoals Technologies Group - Class A

Common Stock

1,671

Southwest Airlines Co.

Common Stock

6,550

Teleflex Inc.

Common Stock

29,111

Textron Inc.

Common Stock

24,039

Tractor Supply Co.

Common Stock

3,084

Trade Desk Inc/The - Class A

Common Stock

23,699

Tradeweb Markets Inc. - Class A

Common Stock

14,861

Transunion

Common Stock

9,864

Treehouse Foods Inc.

Common Stock

5,145

Tyler Technologies Inc.

Common Stock

10,143

Ulta Beauty Inc.

Common Stock

7,826

United Rentals Inc.

Common Stock

13,681

Veeva Systems Inc. - Class A

Common Stock

18,564

Veralto Corp.

Common Stock

7,317

Verisk Analytics Inc.

Common Stock

7,535

West Pharmaceutical Services

Common Stock

9,162

Yum! Brands Inc.

Common Stock

14,932

Alcon AG

Foreign Stock

10,949

Argenx SE - ADR

Foreign Stock

7,302

Ascendis Pharma A/S - ADR

Foreign Stock

6,362

Axis Capital Holdings Ltd.

Foreign Stock

3,694

Birkenstock Holding PLC

Foreign Stock

3,084

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2023

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

Crispr Therapeutics AG

Foreign Stock

3,445

NXP Semiconductors N.V.

Foreign Stock

6,909

Spotify Technology SA

Foreign Stock

18,459

TechnipFMC PLC

Foreign Stock

9,931

Waste Connections Inc.

Foreign Stock

4,605

Weatherford International PLC

Foreign Stock

1,543

Caris Life, Series D Convertible

Preferred Stock

462

Databricks, Series H Convertible

Preferred Stock

726

Databricks, Series I Convertible

Preferred Stock

309

Maplebear Dba Instacart, Series E Convertible

Preferred Stock

524

Nuro, Series D Convertible

Preferred Stock

139

Redwood Materials, Series C Convertible

Preferred Stock

768

Sila Nanotechnologies Inc., Series F Convertible

Preferred Stock

692

Cash

*Northern Institutional Treasury Portfolio Premier Shares

Money Market Securities

1,317

*T.Rowe Price Treasury Reserve Fund

Money Market Securities

25,410

Large Cap Value Portfolio:

Adobe Inc.

Common Stock

342

Agilent Technologies Inc.

Common Stock

682

Allstate Corp.

Common Stock

3,811

Alphabet Inc. - Class C

Common Stock

1,878

Ameren Corporation

Common Stock

3,155

American Express Company

Common Stock

5,007

Ametek Inc.

Common Stock

3,842

Amgen Inc.

Common Stock

4,331

Amphenol Corp. - Class A

Common Stock

1,947

Analog Devices Inc.

Common Stock

2,204

Applied Materials Inc.

Common Stock

3,931

Autozone Inc.

Common Stock

3,306

Bank of America Corp.

Common Stock

8,994

Becton, Dickinson and Co.

Common Stock

837

Berkshire Hathaway Inc. - Class B

Common Stock

14,466

Booking Holdings Inc.

Common Stock

4,252

Carrier Global Corporation

Common Stock

2,134

Caterpillar Inc.

Common Stock

325

Cencora Inc.

Common Stock

8,071

Charles Schwab Corporation

Common Stock

4,251

Chevron Corp.

Common Stock

5,312

CME Group Inc.

Common Stock

3,647

Coca-Cola Co/The

Common Stock

2,644

Colgate-Palmolive Company

Common Stock

3,220

Conocophillips

Common Stock

5,733

Constellation Brands Inc. - Class A

Common Stock

4,752

Corebridge Financial Inc.

Common Stock

1,399

Corpay Inc.

Common Stock

1,623

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2023

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

CSX Corp.

Common Stock

6,603

Cummins Inc.

Common Stock

3,328

Danaher Corp.

Common Stock

2,977

Deere & Company

Common Stock

1,605

Diamondback Energy Inc.

Common Stock

1,426

Dover Corp.

Common Stock

830

East West Bancorp Inc.

Common Stock

897

Elevance Health Inc.

Common Stock

11,947

EQT Corp.

Common Stock

4,846

Equity Lifestyle Properties

Common Stock

2,369

Extra Space Storage Inc.

Common Stock

1,284

Exxon Mobil Corp.

Common Stock

4,389

Firstenergy Corp.

Common Stock

832

Fiserv Inc.

Common Stock

8,551

Freeport-McMoRan Inc.

Common Stock

3,744

GE Healthcare Technologies Inc.

Common Stock

3,834

General Dynamics Corp.

Common Stock

3,687

General Electric Co.

Common Stock

6,311

Goldman Sachs Group Inc.

Common Stock

4,004

Halliburton Company

Common Stock

4,991

Hartford Financial Service Group Inc.

Common Stock

1,897

HCA Healthcare Inc.

Common Stock

3,439

Hilton Worldwide Holdings Inc.

Common Stock

1,274

Home Depot Inc.

Common Stock

2,223

Humana Inc.

Common Stock

1,759

IDEX Corp.

Common Stock

2,431

Intel Corp.

Common Stock

3,065

Johnson & Johnson

Common Stock

5,283

JPMorgan Chase & Co.

Common Stock

13,105

Kenvue Inc.

Common Stock

7,075

Kinder Morgan Inc.

Common Stock

2,956

Kraft Heinz Co/The

Common Stock

1,170

L3Harris Technologies Inc.

Common Stock

3,717

Lam Research Corp.

Common Stock

3,885

Martin Marietta Materials Inc.

Common Stock

1,234

McDonald's Corp.

Common Stock

3,886

Medtronic PLC

Common Stock

2,309

Merck & Co. Inc.

Common Stock

4,951

Metlife Inc.

Common Stock

5,142

Micron Technologies Inc.

Common Stock

3,544

Mircrosoft Corp.

Common Stock

1,807

Mondelez International Inc. - Class A

Common Stock

7,032

NextEra Energy Inc.

Common Stock

4,551

Norfolk Southern Corp.

Common Stock

2,531

Northrop Grumman Corp.

Common Stock

1,492

Norwegian Cruise Line Holdings Ltd.

Common Stock

1,004

NOV Inc.

Common Stock

460

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2023

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

NRG Energy Inc.

Common Stock

925

PepsiCo Inc.

Common Stock

2,236

Philip Morris International Inc.

Common Stock

6,475

Pioneer Natural Resources Company

Common Stock

607

PNC Financial Services Group Inc.

Common Stock

3,299

Proctor & Gamble Co/The

Common Stock

6,484

Progressive Corp.

Common Stock

3,975

Prolongis Inc.

Common Stock

2,461

Public Storage

Common Stock

3,903

Qualcomm Inc.

Common Stock

4,251

Range Resources Corp.

Common Stock

3,880

Regeneron Pharmaceuticals Inc.

Common Stock

131

Salesforce Inc.

Common Stock

1,973

Schlumberger Ltd.

Common Stock

4,124

Service Corporation International

Common Stock

1,588

Southern Co/The

Common Stock

2,207

TE Connectivity Ltd.

Common Stock

2,787

Tenet Healthcare Corp.

Common Stock

2,205

Texas Instruments Corp.

Common Stock

6,331

Thermo Fisher Scientific Inc.

Common Stock

3,064

T-Mobile US Inc.

Common Stock

4,392

Tractor Supply Company

Common Stock

1,139

Travelers Cos Inc/The

Common Stock

5,122

Ulta Beauty Inc.

Common Stock

2,552

Union Pacific Corp.

Common Stock

5,699

UnitedHealth Group Inc.

Common Stock

1,625

Veralto Corp.

Common Stock

1,348

Visa Inc. - Class A

Common Stock

1,432

Walmart Inc.

Common Stock

5,841

Wells Fargo & Co.

Common Stock

6,438

Wabtec Corp.

Common Stock

4,825

Weyerhaeuser Co.

Common Stock

2,672

Williams Companies Inc.

Common Stock

1,339

Astrazeneca PLC - Sponsored ADR

Foreign Stock

4,050

Chubb Ltd.

Foreign Stock

2,704

Franco-Nevada Corp.

Foreign Stock

1,352

Linde PLC

Foreign Stock

4,312

Nutrien Ltd.

Foreign Stock

1,272

NXP Semiconductors NV

Foreign Stock

5,362

Siemens AG

Foreign Stock

3,125

Southern Copper Corp.

Foreign Stock

1,069

Wheaton Precious Metals Corp.

Foreign Stock

1,919

Cash

*Northern Institutional Treasury Portfolio

Money Market Securities

1,004

*T. Rowe Price Government Reserve Fund

Money Market Securities

7,096

Small-Cap Core Portfolio:

10X Genomics Inc. - Class A

Common Stock

1,651

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2023

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

AAON Inc.

Common Stock

1,550

Agilysys Inc.

Common Stock

1,810

Agios Pharmaceuticals Inc.

Common Stock

533

Alignment Healthcare Inc.

Common Stock

1,395

Allegiant Travel Co.

Common Stock

1,265

Allegro Microsystems Inc.

Common Stock

1,295

Altair Engineering Inc. - Class A

Common Stock

2,010

Amplitude Inc. - Class A

Common Stock

1,990

Apellis Pharmaceuticals Inc.

Common Stock

3,605

Arcellx Inc.

Common Stock

1,159

Arcosa Inc.

Common Stock

1,462

ASGN Inc.

Common Stock

990

Assurant Inc.

Common Stock

3,728

Avid Bioservices Inc.

Common Stock

725

Azenta Inc.

Common Stock

536

AZZ Inc.

Common Stock

3,506

BankUnited Inc.

Common Stock

1,782

Beacon Roofing Supply Inc.

Common Stock

3,040

Bellring Brands Inc.

Common Stock

5,219

BJ's Restaurants Inc.

Common Stock

2,185

Blue Foundry Bancorp.

Common Stock

365

Blueprint Medicines Corp.

Common Stock

2,398

Booz Allen Hamilton Holdings

Common Stock

1,102

Boston Beer Company Inc. - Class A

Common Stock

3,336

Braze Inc. - Class A

Common Stock

764

BridgeBio Pharma Inc.

Common Stock

1,029

Bright Horizons Family Solutions

Common Stock

3,280

Bruker Corp.

Common Stock

3,689

Burlington Stores Inc.

Common Stock

5,319

Cabaletta Bio Inc.

Common Stock

543

Cadence Bank

Common Stock

2,324

Cadre Holdings Inc.

Common Stock

863

Caleres Inc.

Common Stock

1,563

California Water Services Group

Common Stock

2,033

Capitol Federal Financial Inc.

Common Stock

1,072

Casella Waste Systems Inc. - Class A

Common Stock

2,580

Catalent Inc.

Common Stock

1,793

Cava Group Inc.

Common Stock

2,144

Cboe Global Markets Inc.

Common Stock

3,987

Certara Inc.

Common Stock

1,096

ChampionX Corp.

Common Stock

2,374

Checkr Inc.

Common Stock

137

Chesapeake Utilities Corp.

Common Stock

3,905

Chuy's Holdings Inc.

Common Stock

1,523

Clear Secure Inc. - Class A

Common Stock

1,672

Coca-Cola Consolidated Inc.

Common Stock

Cognex Corp.

Common Stock

526

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2023

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

Columbia Banking Systems Inc.

Common Stock

2,399

Community Healthcare Trust Inc.

Common Stock

Crane Co.

Common Stock

1,794

CRB Group Inc.

Common Stock

Crinetics Pharmaceuticals Inc.

Common Stock

1,545

Crossfirst Bankshares Inc.

Common Stock

982

CSW Industrials Inc.

Common Stock

3,164

CTS Corp.

Common Stock

1,908

Cubesmart

Common Stock

3,441

Cytokinetics Inc.

Common Stock

3,312

Diamondback Energy Inc.

Common Stock

4,805

Digitalbridge Group Inc.

Common Stock

1,478

Dime Community Bancshares Inc.

Common Stock

1,428

Dogwood State Bank, Non-Voting

Common Stock

233

Dogwood State Bank, Voting

Common Stock

114

Doubleverify Holdings Inc.

Common Stock

4,072

DT Midstream Inc.

Common Stock

1,767

Duolingo Inc.

Common Stock

2,467

Dutch Bros Inc. - Class A

Common Stock

2,023

East West Bancorp Inc.

Common Stock

3,642

Eastern Bankshares Inc.

Common Stock

1,293

Eastgroup Properties Inc.

Common Stock

5,652

Elanco Animal Health Inc.

Common Stock

1,705

Element Solutions Inc.

Common Stock

6,017

Encore Capital Group Inc.

Common Stock

1,417

Enerpac Tool Group Corp.

Common Stock

2,637

Enpro Inc.

Common Stock

1,973

Entegris Inc.

Common Stock

4,539

Envestnet Inc.

Common Stock

1,618

Equity Bancshares Inc. - Class A

Common Stock

1,216

Esab Corp.

Common Stock

1,934

Esco Technologies Inc.

Common Stock

2,271

Expro Group Holdings NV

Common Stock

1,195

Eyepoint Pharmaceuticals Inc.

Common Stock

468

FB Financial Corp.

Common Stock

1,904

Federal Signal Corp.

Common Stock

4,641

First American Financial Corp.

Common Stock

2,704

First Bancshares Inc/Ms

Common Stock

1,481

Five Below Inc.

Common Stock

1,777

Five Star Bancorp

Common Stock

921

Five9 Inc.

Common Stock

2,608

Floor & Décor Holdings Inc. - Class A

Common Stock

784

Graco Inc.

Common Stock

2,530

Grasshopper Bancorp, Voting

Common Stock

Guardant Health Inc.

Common Stock

702

H.B. Fuller Company

Common Stock

1,422

Haemonetics Corporation

Common Stock

2,042

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2023

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

Hanover Insurance Group Inc/The

Common Stock

2,664

HarborOne Bancorp Inc.

Common Stock

372

Haul Hub, Series C Convertible

Common Stock

Haynes International Inc.

Common Stock

2,171

Healthcare Realty Trust Inc.

Common Stock

1,036

Helios Technologies Inc.

Common Stock

1,499

Heritage Commerce Corp.

Common Stock

702

Hillevax Inc.

Common Stock

261

Home Bancshares Inc.

Common Stock

1,507

Icosavax Inc.

Common Stock

687

ICU Medical Inc.

Common Stock

1,240

Idacorp Inc.

Common Stock

2,955

Independence Realty Trust Inc.

Common Stock

1,891

Ingersoll Rand Inc.

Common Stock

6,663

Insmed Inc.

Common Stock

2,766

Installed Building Products Inc.

Common Stock

1,519

Intapp Inc.

Common Stock

1,533

Ionis Pharmaceuticals Inc.

Common Stock

2,143

Jack in the Box Inc.

Common Stock

1,118

John Bean Technologies Corp.

Common Stock

2,320

Karuna Therapeutics Inc.

Common Stock

4,302

Kearny Financial Corp/Md

Common Stock

672

Kimbell Royalty Partners, LP

Common Stock

898

Kohls Corp.

Common Stock

1,049

Kymera Therapeutics Inc.

Common Stock

345

Landstar System Inc.

Common Stock

1,941

Lattice Semiconductor Corp.

Common Stock

3,870

LegalZoom.com Inc.

Common Stock

974

Leonardo DRS Inc.

Common Stock

1,601

Liberty Energy Inc.

Common Stock

2,573

Liberty Media Corp., Series C

Common Stock

2,122

Littelfuse Inc.

Common Stock

2,653

Live Oak Bancshares Inc.

Common Stock

2,756

MACOM Technology Solutions Holdings Inc.

Common Stock

3,288

MacroGenics Inc.

Common Stock

733

Magnolia Oil & Gas Corp. - Class A

Common Stock

2,451

Manhattan Associates Inc.

Common Stock

1,820

Masimo Corp.

Common Stock

3,467

Matador Resources Co.

Common Stock

1,398

MGE Energy Inc.

Common Stock

1,258

Mirion Technologies Inc. - Class A

Common Stock

3,103

Model N Inc.

Common Stock

756

Molina Healthcare Inc.

Common Stock

4,634

Monro Inc.

Common Stock

1,610

Mueller Water Products Inc.

Common Stock

2,182

Napco Security Technologies

Common Stock

1,435

Neogen Corp.

Common Stock

2,399

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2023

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

Neogenomics Inc.

Common Stock

2,605

NOV Inc.

Common Stock

1,548

NV5 Global Inc.

Common Stock

633

OGE Energy Corp.

Common Stock

1,756

Ollie's Bargain Outlet Holdings Inc.

Common Stock

2,905

One Gas Inc.

Common Stock

948

Onto Innovation Inc.

Common Stock

4,467

Origin Bancorp Inc.

Common Stock

2,042

Outset Medical Inc.

Common Stock

443

P10 Inc. - Class A

Common Stock

1,447

Pacific Biosciences of California Inc.

Common Stock

1,770

Pacific Premier Bancorp Inc.

Common Stock

1,513

Papa John's International Inc.

Common Stock

4,547

PAR Technology Corp/Del

Common Stock

4,535

Parsons Corp.

Common Stock

3,757

Pax Labs - Class A

Common Stock

Paycor HCM Inc.

Common Stock

2,388

Pennymac Financial Services

Common Stock

5,245

Penumbra Inc.

Common Stock

444

Pinnacle Financial Partners

Common Stock

3,046

Post Holdings Inc.

Common Stock

2,457

Power Integrations Inc.

Common Stock

1,152

PRA Group Inc.

Common Stock

996

Privia Health Group Inc.

Common Stock

2,787

Procept Biorobotics Corp.

Common Stock

3,520

Prosperity Bancshares Inc.

Common Stock

437

Quaker Chemical Corporation

Common Stock

2,892

Quidelortho Corp.

Common Stock

2,635

Range Resources Corp.

Common Stock

3,891

Rapt Therapeutics Inc.

Common Stock

672

RBC Bearings Inc.

Common Stock

4,947

Red Rock Resorts Inc. - Class A

Common Stock

1,693

Repligen Corp.

Common Stock

1,475

Rexford Industrial Realty Inc.

Common Stock

3,121

Common Stock

1,008

Rivian Automotive Inc.

Common Stock

1,811

RLI Corp.

Common Stock

545

Royal Gold Inc.

Common Stock

1,305

Rush Enterprises Inc. - Class A

Common Stock

2,189

Rxsight Inc.

Common Stock

756

Saia Inc.

Common Stock

4,921

Savers Value Village Inc.

Common Stock

571

Selective Insurance Group Inc.

Common Stock

5,218

Service Titan Inc.

Common Stock

Simply Good Foods Co/The

Common Stock

1,239

Siteone Landscape Supply Inc.

Common Stock

3,981

Skechers U.S.A. Inc. - Class A

Common Stock

1,745

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2023

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

Skyline Champion Corp.

Common Stock

2,801

SM Energy Co.

Common Stock

1,018

Sotera Health Co.

Common Stock

1,342

SouthState Corp.

Common Stock

3,152

Southwest Gas Holdings Inc.

Common Stock

2,306

Southwestern Energy Co.

Common Stock

3,142

SPX Technologies Inc.

Common Stock

4,082

Stepstone Group Inc. - Class A

Common Stock

1,644

Stericycle Inc.

Common Stock

1,982

Strategic Education Inc.

Common Stock

2,790

Structure Therapeutics Inc. - ADR

Common Stock

999

Syndax Pharmaceuticals Inc.

Common Stock

593

Teledyne Technologies Inc.

Common Stock

4,410

Terreno Realty Corp.

Common Stock

1,469

Tetra Tech Inc.

Common Stock

1,784

Texas Capital Bancshares Inc.

Common Stock

1,598

Themis Sol (Clio), Series E Convertible

Common Stock

356

Themis Solutions Inc.

Common Stock

125

Thermon Group Holdings Inc.

Common Stock

887

Toast Inc. - Class A

Common Stock

1,429

Toro Co.

Common Stock

1,790

Transcat Inc.

Common Stock

440

Treehouse Foods Inc.

Common Stock

786

U.S. Physical Therapy Inc.

Common Stock

1,619

UTZ Brands Inc. - Class A

Common Stock

1,549

Vaxcyte Inc.

Common Stock

1,721

Veritex Holdings Inc.

Common Stock

1,297

Verve Therapeutics Inc.

Common Stock

603

Vimeo Inc.

Common Stock

1,075

Vontier Corp.

Common Stock

2,162

VSE Corp.

Common Stock

1,751

Warby Parker Inc. - Class A

Common Stock

1,819

Western Alliance Bancorporation

Common Stock

2,158

White Mountains Insurance Group Ltd.

Common Stock

1,775

Willscot Mobile Mini Holdings Corp.

Common Stock

1,845

Workiva Inc. - Class A

Common Stock

3,341

Wyndham Hotels & Resorts Inc.

Common Stock

2,020

Zentalis Pharmaceuticals Inc.

Common Stock

432

Zurn Elkay Water Solutions Corp.

Common Stock

2,101

Argenx SE - ADR

Foreign Stock

2,616

Ascendis Pharma A/S - ADR

Foreign Stock

3,476

ATS Corp.

Foreign Stock

523

Axis Capital Holdings Inc.

Foreign Stock

3,590

Bombardier Inc.

Foreign Stock

782

Clarivate PLC

Foreign Stock

1,683

Colliers International Group Inc.

Foreign Stock

1,987

Constellium SE

Foreign Stock

3,707

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2023

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

Crispr Therapeutics AG

Foreign Stock

971

Descartes Systems Group/The

Foreign Stock

3,943

Ero Copper Corp.

Foreign Stock

1,269

Firstservice Corp.

Foreign Stock

5,257

Flagship Communities REIT UT

Foreign Stock

541

Immatics NV

Foreign Stock

431

Immunocore Holdings PLC - ADR

Foreign Stock

649

MoonLake Immunotherapeutics

Foreign Stock

1,307

MorphoSys AG - ADR

Foreign Stock

1,001

Novanta Inc.

Foreign Stock

2,249

Popular Inc.

Foreign Stock

1,591

Rentokil Initial PLC

Foreign Stock

2,093

Spirax Sarco Engineering - ADR

Foreign Stock

1,440

TechnipFMC PLC

Foreign Stock

2,117

TMX Group Ltd.

Foreign Stock

1,899

Tricon Residential Inc.

Foreign Stock

1,885

Weatherford International PLC

Foreign Stock

2,415

West Fraser Timber Co. Ltd.

Foreign Stock

1,127

Xenon Pharmaceuticals Inc.

Foreign Stock

666

1661 Inc. D/B/A/ Goat, Series F Convertible

Preferred Stock

107

ABL Space Systems, Series B

Preferred Stock

236

Caris Life Sciences, Series C Convertible

Preferred Stock

283

Caris Life Sciences, Series D Convertible

Preferred Stock

5,428

Caris Life Sciences, Series D Convertible

Preferred Stock

190

Cellink Inc., Series D Convertible

Preferred Stock

Checker Inc., Series C Convertible

Preferred Stock

187

Checker Inc., Series D Convertible

Preferred Stock

292

Cleerly, Series C Convertible

Preferred Stock

193

CRB Group, Series D Convertible

Preferred Stock

337

Dogwood State Bank

Preferred Stock

Epirus Inc., Series C-2 Convertible

Preferred Stock

534

Farmers Business Network Inc.

Preferred Stock

157

Flexe, Series C Convertible

Preferred Stock

155

Flexe, Series D Convertible

Preferred Stock

Haul Hub, Series B Convertible

Preferred Stock

102

Honor Technology Inc. - Series D

Preferred Stock

205

Inscripta Inc. - Series E

Preferred Stock

Kardium Inc., Series D-6 Convertible

Preferred Stock

218

KoBold Metals Co., Series B-1

Preferred Stock

489

Leap Therapeutics Inc.

Preferred Stock

National Resilence, Series B Convertible

Preferred Stock

1,454

National Resilence, Series C Convertible

Preferred Stock

839

Nuro Inc., Series C

Preferred Stock

175

Nuro Inc., Series D

Preferred Stock

Redwood Materials Inc., Series C

Preferred Stock

375

SecurityScorecard Inc., Series E Convertible

Preferred Stock

276

Seismic Software Inc.

Preferred Stock

446

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2023

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

ServiceTitan Inc., Series A-1 Convertible

Preferred Stock

ServiceTitan Inc., Series D Convertible

Preferred Stock

583

ServiceTitan Inc., Series F Convertible

Preferred Stock

Sila Nanotechnologies Inc., Series F

Preferred Stock

230

Socure Inc.

Preferred Stock

Socure Inc., Series A Convertible

Preferred Stock

Socure Inc., Series A-1 Convertible

Preferred Stock

Socure Inc., Series B Convertible

Preferred Stock

Socure Inc., Series E Convertible

Preferred Stock

Themis Sol (Clio), Series AA Convertible

Preferred Stock

Themis Sol (Clio), Series AB Convertible

Preferred Stock

Themis Sol (Clio), Series B Convertible

Preferred Stock

Cash

281

*Northern Institutional Treasury Portfolio Premier Shares

Money Market Securities

722

*T.Rowe Price Treasury Reserve Fund

Money Market Securities

4,517

Grasshopper Bancorp Inc.

Warrants

Scholar Rock

Warrants

International Equity Portfolio:

Capital Group International All Country Equity Trust

Common Trust

188,650

*Northern Institutional Treasury Portfolio Premier Shares

Money Market Securities

Total separately managed accounts

2,491,563

Fully Benefit-Responsive Contracts:

Capital Preservation Portfolio:

* T. Rowe Price Cash Reserve Trust

Common Trust

21,002

* Northern Institutional Treasury Portfolio Premier Shares

Common Trust

31,468

* T. Rowe Price Short Term Common Trust:

American General Life Insurance Company

Collective Trust Fund

62,038

Lincoln National Life Insurance

Collective Trust Fund

70,526

Massachusetts Mutual Life Insurance Company

Collective Trust Fund

75,950

Met Tower Life Insurance

Collective Trust Fund

69,220

Monumental Life(Transamerica)

Collective Trust Fund

63,653

New York Life

Collective Trust Fund

75,947

Pacific Life Insurance Company

Collective Trust Fund

75,191

Prudential Insurance Company of America

Collective Trust Fund

75,195

Royal Bank of Canada

Collective Trust Fund

62,922

State Street Bank & Trust Company

Collective Trust Fund

64,403

* T. Rowe Price Intermediate Term Common Trust:

American General Life Insurance Company

Collective Trust Fund

56,445

Lincoln National Life Insurance

Collective Trust Fund

64,169

Massachusetts Mutual Life Insurance Company

Collective Trust Fund

94,640

Met Tower Life Insurance

Collective Trust Fund

119,313

Monumental Life(Transamerica)

Collective Trust Fund

57,915

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2023

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

New York Life

Collective Trust Fund

94,637

Pacific Life Insurance Company

Collective Trust Fund

93,694

Prudential Insurance Company of America

Collective Trust Fund

93,699

Royal Bank of Canada

Collective Trust Fund

57,250

State Street Bank & Trust Company

Collective Trust Fund

111,011

* T. Rowe Price Managed Bond Trust:

American General Life Insurance Company

Collective Trust Fund

14,674

Lincoln National Life Insurance

Collective Trust Fund

16,682

Massachusetts Mutual Life Insurance Company

Collective Trust Fund

21,106

Met Tower Life Insurance

Collective Trust Fund

23,278

Monumental Life(Transamerica)

Collective Trust Fund

15,056

New York Life

Collective Trust Fund

21,105

Pacific Life Insurance Company

Collective Trust Fund

20,895

Prudential Insurance Company of America

Collective Trust Fund

20,896

Royal Bank of Canada

Collective Trust Fund

14,883

State Street Bank & Trust Company

Collective Trust Fund

21,658

Total fully benefit-responsive contracts

1,780,521

* Costco Wholesale Corporation

Common stock

15,977,459

Total investments

32,216,256

* Participant loans

Interest rates of 4.25% to 10.50% maturing through 2038

559,994

Total

32,776,250

_________________________

* Indicates a party-in-interest

** Information is not required as investments are participant directed

See accompanying report of independent registered public accounting firm.

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


		COSTCO 401(k) RETIREMENT PLAN

June 20, 2024	By:	/s/ PATRICK J. CALLANS
Date		Patrick J. Callans Executive Vice President Costco Wholesale Corporation

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Date	Price Target	Rating	Analyst
10/22/2024	$1016.00	Outperform	Bernstein
10/10/2024	$955.00 → $980.00	Outperform	Oppenheimer
9/27/2024	$925.00 → $1000.00	Outperform	Telsey Advisory Group
9/24/2024	$873.00	Buy → Hold	Truist
9/10/2024	$860.00 → $890.00	Buy → Neutral	Redburn Atlantic
9/9/2024	$855.00 → $950.00	Overweight	Morgan Stanley
8/8/2024	$925.00	Accumulate → Buy	Gordon Haskett
7/11/2024	$900.00 → $925.00	Outperform	Telsey Advisory Group

SEC Form 11-K filed by Costco Wholesale Corporation

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SEC Form SC 13G/A filed by Costco Wholesale Corporation (Amendment)

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