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Costco | 11-K: Annual report of employee stock purchase, savings and similar plans (and amendment thereto)

SEC announcement ·  Jun 21 04:38
Summary by Futu AI
Costco Wholesale Corporation has filed its annual Form 11-K report with the SEC for the fiscal year ended December 31, 2023. The report includes audited financial statements for the Costco 401(k) Retirement Plan, which showed a significant increase in net assets available for benefits, rising from $25.9 billion in 2022 to $33.4 billion in 2023. The Plan experienced a net appreciation of investments amounting to $7.3 billion and total contributions from employees and the employer were $1.7 billion. The Plan's investments are primarily in Costco stock, common commingled trust funds, and other securities, with the Costco stock holding a fair value of approximately $16 billion. The Plan is a defined contribution plan for eligible employees of Costco and its subsidiaries, subject to the provisions of ERISA. The Plan...Show More
Costco Wholesale Corporation has filed its annual Form 11-K report with the SEC for the fiscal year ended December 31, 2023. The report includes audited financial statements for the Costco 401(k) Retirement Plan, which showed a significant increase in net assets available for benefits, rising from $25.9 billion in 2022 to $33.4 billion in 2023. The Plan experienced a net appreciation of investments amounting to $7.3 billion and total contributions from employees and the employer were $1.7 billion. The Plan's investments are primarily in Costco stock, common commingled trust funds, and other securities, with the Costco stock holding a fair value of approximately $16 billion. The Plan is a defined contribution plan for eligible employees of Costco and its subsidiaries, subject to the provisions of ERISA. The Plan allows for employee contributions, employer matching, and discretionary contributions, with various vesting schedules. The independent audit, conducted by Crowe LLP, expressed an unqualified opinion on the financial statements, indicating they are presented fairly in all material respects. The audit report was signed on June 20, 2024, by Patrick J. Callans, Executive Vice President of Costco Wholesale Corporation.

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