844

EXHIBIT H.3 Costco: Statement of Shareholders’ Equity

$ million
Historical Forecast
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Equity, beginning of year 12,303 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

Net income 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
Foreign-currency translation adjustment (1,045) 22 85 (185) (237) — — — — — — — — — —
Comprehensive income 1,332 2,372 2,764 2,949 3,422 3,888 4,233 4,638 4,903 5,163 5,418 5,675 5,925 6,167 6,409

Stock-based compensation 394 459 518 547 598 655 699 744 789 833 877 919 961 1,001 1,041
Stock options exercised 69 — — — — — — — — — — — — — —
Release of vested restricted stock units (122) (146) (165) (217) (272) (298) (318) (339) (359) (379) (399) (418) (437) (455) (473)
Repurchases of common stock (494) (477) (473) (322) (247) (2,128) (2,315) (2,463) (2,577) (2,744) (1,649) (1,782) (1,942) (2,104) (2,236)
Cash dividends declared (2,865) (746) (3,945) (936) (1,057) (2,505) (2,728) (2,989) (3,160) (3,327) (3,491) (3,657) (3,818) (3,974) (4,130)
Equity, end of year 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