EXHIBIT H.

11 Costco: Balance Sheet Forecast Ratios

Working capital in days; all other accounts in %

852
Historical Forecast
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Forecast Ratio
Working capital
Operating cash 20.2 14.5 16.3 18.7 22.6 7.3 7.3 7.3 7.3 7.3 7.3 7.3 7.3 7.3 7.3 Days in revenues
Receivables, net 3.8 3.8 4.1 4.3 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 Days in merchandise cost
Merchandise inventories 32.2 31.8 32.1 32.7 31.3 31.3 31.3 31.3 31.3 31.3 31.3 31.3 31.3 31.3 31.3 Days in revenues
Other current assets 0.7 0.8 0.8 0.8 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 Days in revenues

Accounts payable 32.5 27.0 31.3 33.3 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 Days in merchandise cost
Accrued salaries and benefits 7.8 8.1 7.6 7.7 7.6 7.6 7.6 7.6 7.6 7.6 7.6 7.6 7.6 7.6 7.6 Days in revenues
Accrued member rewards 2.6 2.7 2.7 2.7 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8 Days in revenues
Deferred membership fees 4.0 4.2 4.2 4.2 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.1 Days in revenues
Other current liabilities 5.3 6.1 7.4 7.5 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 Days in revenues

Long-term assets and liabilities

Property, plant, and equipment 13.3 14.4 14.1 13.9 13.7 13.7 13.7 13.7 13.7 13.7 13.7 13.7 13.7 13.7 13.7 % of revenues
Capitalized operating leases 1.9 2.0 2.0 1.8 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 % of revenues
Other assets 0.5 0.6 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 % of revenues
Other liabilities 0.4 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 % of revenues

Debt and capital leases1

Current portion of long-term debt 19.9 19.9 1.2 1.3 23.5 13.2 13.2 12.0 10.7 12.3 14.1 12.6 12.5 12.4 12.4 % of total debt
Current portion of capital leases 0.2 0.2 0.1 0.1 0.4 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 % of total debt
Long-term debt 75.5 73.4 93.4 93.0 70.7 81.2 81.0 82.3 83.5 82.0 80.1 81.7 81.8 81.9 81.8 % of total debt
Capital leases 4.4 6.6 5.3 5.6 5.5 5.5 5.7 5.5 5.5 5.5 5.5 5.6 5.5 5.5 5.5 % of total debt
Debt and capital leases 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Equity accounts2
Stock-based compensation 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 % of revenues
Stock options exercised 0.1 — — — — — — — — — — — — — — % of revenues
Release of vested restricted stock units 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 % of revenues
Dividends 120.5 31.7 147.3 29.9 28.9 64.4 64.4 64.4 64.4 64.4 64.4 64.4 64.4 64.4 64.4 % of net income

1 The sum of debt and debt equivalents, inclusive of leases, is forecast as a fixed percentage of projected enterprise value, using a target debt-to-value ratio. Total debt is split between debt and capital leases and between current and long-term, based
on a 5-year historical average.
2 Excess cash is paid out over 5 years. Remaining cash flow is used to repurchase shares.