Advance Auto Parts (AAP) 10-Q 2 Jun 10 2010 Q1 Quarterly report Financial data

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (USD $)
In Thousands	3 Months Ended Apr. 24, 2010	Jan. 02, 2010
Current assets:
Cash and cash equivalents	$133,286	$100,018
Receivables, net	110,471	92,560
Inventories, net	1,745,555	1,631,867
Other current assets	33,984	63,173
Total current assets	2,023,296	1,887,618
Property and equipment, net of accumulated depreciation of $925,389 and $914,045	1,095,935	1,100,338
Assets held for sale	1,552	1,492
Goodwill	34,387	34,387
Intangible assets, net	26,085	26,419
Other assets, net	21,553	22,709
Assets, Total	3,202,808	3,072,963
Current liabilities:
Current portion of long-term debt	1,293	1,344
Financed vendor accounts payable	17,557	32,092
Accounts payable	1,185,782	966,274
Accrued expenses	424,961	393,060
Other current liabilities	68,122	73,257
Total current liabilities	1,697,715	1,466,027
Long-term debt	277,695	202,927
Other long-term liabilities	118,015	121,644
Commitments and contingencies
Stockholders' equity:
Preferred stock, nonvoting, $0.0001 par value, 10,000 shares authorized; no shares issued or outstanding	0	0
Common stock, voting, $0.0001 par value, 200,000 shares authorized; 104,435 shares issued and 86,852 outstanding at April 24, 2010 and 104,251 shares issued and 93,623 outstanding at January 2, 2010	10	10
Additional paid-in capital	404,803	392,962
Treasury stock, at cost, 17,583 and 10,628 shares	(680,583)	(391,176)
Accumulated other comprehensive loss	(6,230)	(6,699)
Retained earnings	1,391,383	1,287,268
Total stockholders' equity	1,109,383	1,282,365
Liabilities and Stockholders' Equity, Total	$3,202,808	$3,072,963

Parenthetical Data to the Conde

Parenthetical Data to the Condensed Consolidated Balance Sheets (USD $)
In Thousands, except Share data	Apr. 24, 2010	Jan. 02, 2010
Assets
Accumulated depreciation	$925,389	$914,045
Stockholders' equity:
Preferred stock, nonvoting, par value	0.0001	0.0001
Preferred stock, nonvoting, shares authorized	10,000	10,000
Preferred stock, nonvoting, shares issued	0	0
Preferred stock, nonvoting, shares outstanding	0	0
Common stock, voting, par value	0.0001	0.0001
Common stock, voting, shares authorized	200,000	200,000
Common stock, voting, shares issued	104,435	104,251
Common stock, voting, shares outstanding	86,852	93,623
Treasury stock, shares	17,583	10,628

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (USD $)
In Thousands, except Share data	3 Months Ended Apr. 24, 2010	3 Months Ended Apr. 25, 2009
Income Statement [Abstract]
Net sales	$1,830,606	$1,683,636
Cost of sales, including purchasing and warehousing costs	919,829	861,648
Gross profit	910,777	821,988
Selling, general and administrative expenses	728,605	664,406
Operating income	182,172	157,582
Other, net:
Interest expense	(5,956)	(7,611)
Other income (expense), net	524	(104)
Total other, net	(5,432)	(7,715)
Income before provision for income taxes	176,740	149,867
Provision for income taxes	67,309	56,282
Net income	$109,431	$93,585
Basic earnings per share	1.2	0.99
Diluted earnings per share	1.19	0.98
Average common shares outstanding	90,712	94,473
Average common shares outstanding - assuming dilution	91,473	94,889

1_Condensed Consolidated Statem

Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands	3 Months Ended Apr. 24, 2010	3 Months Ended Apr. 25, 2009
Cash flows from operating activities:
Net income	$109,431	$93,585
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	49,683	45,155
Amortization of deferred debt issuance costs	304	111
Share-based compensation	6,674	4,171
Loss on property and equipment, net	1,508	6,351
(Benefit) provision for deferred income taxes	(1,883)	2,180
Excess tax benefit from share-based compensation	(809)	(723)
Net decrease (increase) in:
Receivables, net	(17,911)	9,684
Inventories, net	(113,688)	(58,248)
Other assets	30,043	14,852
Net increase in:
Accounts payable	219,508	118,869
Accrued expenses	51,348	50,296
Other liabilities	3,796	6,439
Net cash provided by operating activities	338,004	292,722
Cash flows from investing activities:
Purchases of property and equipment	(60,675)	(50,216)
Proceeds from sales of property and equipment	93	76
Net cash used in investing activities	(60,582)	(50,140)
Cash flows from financing activities:
Decrease in bank overdrafts	(9,526)	(12,602)
Decrease in financed vendor accounts payable	(14,535)	(41,206)
Dividends paid	(10,903)	(11,378)
Payments on note payable	(232)	(226)
Borrowings under credit facilities	75,000	173,400
Payments on credit facilities	0	(349,900)
Proceeds from the issuance of common stock, primarily exercise of stock options	4,691	11,485
Excess tax benefit from share-based compensation	809	723
Repurchase of common stock	(289,407)	0
Other	(51)	666
Net cash used in financing activities	(244,154)	(229,038)
Net increase in cash and cash equivalents	33,268	13,544
Cash and cash equivalents, beginning of period	100,018	37,358
Cash and cash equivalents, end of period	133,286	50,902
Supplemental cash flow information:
Interest paid	7,831	8,907
Income tax payments, net	16,508	11,070
Non-cash transactions:
Accrued purchases of property and equipment	15,002	18,442
Changes in other comprehensive income	$469	$805

Basis of Presentation

Basis of Presentation
	3 Months Ended Apr. 24, 2010
Notes to Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation: The accompanying condensed consolidated financial statements include the accounts of Advance Auto Parts, Inc. and its wholly owned subsidiaries, or the Company. All significant intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated balance sheets as of April 24, 2010 and January 2, 2010, the condensed consolidated statements of operations for the sixteen week periods ended April 24, 2010 and April 25, 2009, and the condensed consolidated statements of cash flows for the sixteen week periods ended April 24, 2010 and April 25, 2009, have been prepared by the Company. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial position of the Company, the results of its operations and cash flows have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, have been condensed or omitted. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Companys consolidated financial statements for the fiscal year ended January 2, 2010, or Fiscal 2009. The accounting policies followed in the presentation of interim financial results are consistent with those followed on an annual basis. These policies are presented in Note 1 to the consolidated financial statements included in the Companys Annual Report on Form 10-K for Fiscal 2009 (filed with the Securities and Exchange Commission, or SEC, on March 2, 2010). The results of operations for the interim periods are not necessarily indicative of the operating results to be expected for the full fiscal year. Use of Estimates The preparation of financial statements in conformity with 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 revenues and expenses during the reporting period. Actual results could differ materially from those estimates. New Accounting Pronouncements In January 2010, the Financial Accounting Standards Board, or FASB, issued ASU No.2010-06 Fair Value Measurements and Disclosures Improving Disclosures about Fair Value Measurements. ASU 2010-06 requires new disclosures for significant transfers in and out of Level 1 and 2 of the fair value hierarchy and the activity within Level 3 of the fair value hierarchy. The updated guidance also clarifies existing disclosures regarding the level of disaggregation of assets or liabilities and the valuation techniques and inputs used to measure fair value. The updated guidance is effective for interim and annual reporting periods beginning after December15, 2009, with the exception of the new Level 3 activity disclosures, which are effective for interim and annual reporting periods beginning after December15, 2010. The adoption of ASU 2010-06 had no impact on the Companys

Inventories, net

Inventories, net
	3 Months Ended Apr. 24, 2010
Notes to Financial Statements [Abstract]
Inventories, net	2. Inventories, net: Inventories are stated at the lower of cost or market. The Company used the LIFO method of accounting for approximately 95% of inventories at both April 24, 2010 and January 2, 2010. Under LIFO, the Companys cost of sales reflects the costs of the most recently purchased inventories, while the inventory carrying balance represents the costs for inventories purchased in Fiscal 2010 and prior years. The Companys overall costs to acquire inventory for the same or similar products have generally decreased historically due to the Companys significant growth. Additionally, the Companys inventory costs have decreased in recent years as a result of the Companys execution of merchandise strategies and realization of supply chain efficiencies. As a result of utilizing LIFO, the Company recorded a reduction to cost of sales of $18,250 and $10,156 for the sixteen weeks ended April 24, 2010 and April 25, 2009, respectively. An actual valuation of inventory under the LIFO method is performed by the Company at the end of each fiscal year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must be based on managements estimates of expected fiscal year-end inventory levels and costs. Inventory balances at April 24, 2010 and January 2, 2010 were as follows: April 24, January 2, 2010 2010 Inventories at FIFO, net $ 1,630,048 $ 1,534,610 Adjustments to state inventories at LIFO 115,507 97,257 Inventories at LIFO, net $ 1,745,555 $ 1,631,867

Goodwill and Intangible Assets

Goodwill and Intangible Assets
	3 Months Ended Apr. 24, 2010
Notes to Financial Statements [Abstract]
Goodwill and Intangible Assets	3. Goodwill and Intangible Assets: Goodwill The following table reflects the carrying amount of goodwill pertaining to the Companys two segments, and the changes in goodwill carrying amounts, for the sixteen weeks ended April 24, 2010: AAP Segment AI Segment Total Balance at January 2, 2010 $ 16,093 $ 18,294 $ 34,387 Fiscal 2010 activity - - - Balance at April 24, 2010 $ 16,093 $ 18,294 $ 34,387 Intangible Assets Other Than Goodwill The carrying amount and accumulated amortization of acquired intangible assets as of April 24, 2010 and January 2, 2010 are comprised of the following: Acquired intangible assets Subject to Amortization Not Subjectto Amortization CustomerRelationships Other Trademark andTradenames IntangibleAssets, net Gross: Gross carrying amount at January 2, 2010 $ 9,800 $ 885 $ 20,550 $ 31,235 Additions - - - - Gross carrying amount at April 24, 2010 $ 9,800 $ 885 $ 20,550 $ 31,235 Net: Net carrying amount at January 2, 2010 $ 5,543 $ 326 $ 20,550 $ 26,419 Additions - - - - 2010 amortization 295 39 - 334 Net book value at April 24, 2010 $ 5,248 $ 287 $ 20,550 $ 26,085 Amortization expense for the sixteen week periods ended April 24, 2010 and April 25, 2009 was $334 and $372, respectively. Future Amortization Expense The table below shows expected amortization expense for the next five years for acquired intangible assets recorded as of April 24, 2010: Fiscal Year Amount Remainder of 2010 $ 720 2011 967 2012 967 2013 967 2014 967

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities
	3 Months Ended Apr. 24, 2010
Notes to Financial Statements [Abstract]
Derivative Instruments and Hedging Activities	4. Derivative Instruments and Hedging Activities: The Companys accounting policy for derivative financial instruments is based on whether the instruments meet the criteria for designation as cash flow or fair value hedges. The Company has historically entered interest rate swaps to manage interest rate risk and has designated the swaps as cash flow hedges. The interest rate swaps are recorded at fair value on the balance sheet. As of April 24, 2010, the Company had interest rate swaps on an aggregate of $275,000 at rates ranging from 4.01% to 4.98%. The Company formally documents its hedge relationships (including identifying the hedge instruments and hedged items) and its risk-management objectives and strategies for entering into hedge transactions. At hedge inception, and at least quarterly thereafter, the Company assesses whether derivatives used to hedge transactions are highly effective in offsetting changes in the cash flow of the hedged item. The Company measures the effectiveness of the derivative financial instruments by comparing the present value of the cumulative change in the expected future interest to be paid or received on the variable leg of the instruments against the expected future interest payments on the corresponding variable rate debt. In addition, the Company compares the critical terms, including notional amounts, underlying indices and reset dates of the derivative financial instruments with the respective variable rate debt to ensure all terms agree. To the extent the instruments are considered to be effective, changes in fair value are recorded as a component of other comprehensive income or loss. To the extent there is any hedge ineffectiveness, any changes in fair value relating to the ineffective portion are immediately recognized in earnings as interest expense. When it is determined that a derivative ceases to be a highly effective hedge, the Company discontinues hedge accounting, and subsequent changes in the fair value of the hedge instrument are recognized in earnings. As of April 24, 2010, the Companys interest rate swaps were no longer subject to hedge accounting as a result of the Companys variable rate interest payments no longer being probable following a decision made by the Company to issue fixed rate notes, which occurred on April 29, 2010 as further explained in the Companys subsequent event footnote. Accordingly, the Company will record subsequent changes in the fair value of the interest rate swaps through earnings and will amortize the unrecognized loss in accumulated other comprehensive loss as of April 24, 2010 over the remaining life of the swaps which mature in October 2011. The table below presents the fair value of the Companys derivative financial instruments as well as their classification on the condensed consolidated balance sheet as of April 24, 2010 and January 2, 2010: Liability Derivatives Balance SheetLocation Fair Value as ofApril 24, 2010 Fair Value as ofJanuary 2, 2010 Derivatives designated as hedging instruments: Interest rate swaps Accrued expenses $ 11,007 $ 10,700 Interest rate swaps Other long-term liabilities

Fair Value Measurements

Fair Value Measurements
	3 Months Ended Apr. 24, 2010
Notes to Financial Statements [Abstract]
Fair Value Measurements	5. Fair Value Measurements: The Companys financial assets and liabilities measured at fair value are grouped in three levels. The levels prioritize the inputs used to measure the fair value of these assets or liabilities. These levels are: Level 1 Unadjusted quoted prices that are available in active markets for identical assets or liabilities at the measurement date. Level 2 Inputs other than quoted prices that are observable for assets and liabilities at the measurement date, either directly or indirectly. These inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are less active, and inputs other than quoted prices that are observable for the asset or liability or corroborated by other observable market data. Level 3 Unobservable inputs for assets or liabilities that are not able to be corroborated by observable market data and reflect the use of a reporting entitys own assumptions.These values are generally determined using pricing models for which the assumptions utilize managements estimates of market participant assumptions. Assets and Liabilities Measured at Fair Value on a Recurring Basis The fair value hierarchy requires the use of observable market data when available. In instances where inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The following table sets forth the Companys financial liabilities that were measured at fair value on a recurring basis as of April 24, 2010 and January 2, 2010: Fair Value Measurements at Reporting Date Using Level 1 Level 2 Level 3 Fair Value Quoted Prices inActive Markets forIdentical Assets Significant OtherObservable Inputs SignificantUnobservableInputs As of April 24, 2010 Interest rate swaps $ 15,715 $ - $ 15,715 $ - As of January 2, 2010 Interest rate swaps $ 17,344 $ - $ 17,344 $ - The fair values of our interest rate swaps represent the estimated amounts that the Company would receive or pay to terminate the agreements taking into consideration the difference between the contract rate of interest and rates currently quoted for agreements of similar terms and maturities (based on the forward yield curve). The carrying amount of the Companys cash and cash equivalents, accounts receivable, bank overdrafts, financed vendor accounts payable, accounts payable, accrued expenses and current portion of long term debt approximate their fair values due to the relatively short term nature of these instruments. As of April 24, 2010, the fair value of the Companys long-term debt with a carrying value of $277,695, was approximately $273,000, and was based on similar long-term debt issues available to the Company as of that da

Long-term Debt

Long-term Debt
	3 Months Ended Apr. 24, 2010
Notes to Financial Statements [Abstract]
Long-term Debt	6. Long-term Debt: Long-term debt consists of the following: April 24, 2010 January 2, 2010 Revolving facility at variable interest rates (1.06% at April 24, 2010) due October 2011 $ 75,000 $ - Term loan at variable interest rates (1.31% at both April 24, 2010 and January 2, 2010) due October 2011 200,000 200,000 Other 3,988 4,271 278,988 204,271 Less: Current portion of long-term debt (1,293 ) (1,344 ) Long-term debt, excluding current portion $ 277,695 $ 202,927 Bank Debt The Company has a $750,000 unsecured five-year revolving credit facility with the Companys wholly-owned subsidiary, Advance Stores Company, Incorporated, or Stores, serving as the borrower. The revolving credit facility also provides for the issuance of letters of credit with a sub limit of $300,000, and swingline loans in an amount not to exceed $50,000. The Company may request, subject to agreement by one or more lenders, that the total revolving commitment be increased by an amount not exceeding $250,000 (up to a total commitment of $1,000,000) during the term of the credit agreement. Voluntary prepayments and voluntary reductions oftherevolving balancearepermitted in whole or in part, at the Companys option, in minimum principal amounts as specified in the revolving credit facility. The revolving credit facility matures on October 5, 2011. As of April 24,2010,the Companyhad $75,000 outstanding under its revolving credit facility, and letters of credit outstanding of $103,980, which reduced the availability under the revolving credit facility to $571,020. (The letters of credit generally have a term of one year or less.) A commitment fee is charged on the unused portion of the revolver, payable in arrears. The current commitment fee rate is 0.150% per annum. As of April 24, 2010, the Company had $200,000 outstanding under its unsecuredfour-year term loan. The Company entered into the term loan in Fiscal 2007 with Stores serving as borrower.The term loanmatures on October 5, 2011. The interest rate on borrowings under the revolving credit facility is based, at the Companys option, on an adjusted LIBOR rate, plus a margin, or an alternate base rate, plus a margin. The current margin is 0.75% and 0.0% per annum for the adjusted LIBOR and alternate base rate borrowings, respectively. The Company has elected to use the 90-day adjusted LIBOR rate and has the ability and intent to continue to use this rate on its hedged borrowings. Under the terms of the revolving credit facility, the interest rate and commitment fee are based on the Companys credit rating. The interest rate on the termloanis based, at the Companys option, on an adjusted LIBOR rate, plus a margin, or an alternate base rate, plus a margin.The current margin is 1.0% and 0.0% per annum for the adjusted LIBOR and alternate base rate borrowings, respectively. The Company has elected to use the 90-day adjusted LIBOR rate and has the ability and intent to continue to use this rate on its hedged borrowings. Under the terms of theterm loan, the interest rate is based on the Companys credit rating. Other As of April 24, 2010, th

Warranty Liabilities

Warranty Liabilities
	3 Months Ended Apr. 24, 2010
Notes to Financial Statements [Abstract]
Warranty Liabilities	9. Warranty Liabilities: The following table presents changes in the Companys warranty reserves: April 24, 2010 January 2, 2010 Warranty reserve, beginning of period $ 30,387 $ 28,662 Additions to warranty reserves 15,713 36,440 Reserves utilized (15,655 ) (34,715 ) Warranty reserve, end of period $ 30,445 $ 30,387

Stock Repurchase Program

Stock Repurchase Program
	3 Months Ended Apr. 24, 2010
Notes to Financial Statements [Abstract]
Stock Repurchase Program	7. Stock Repurchase Program: The Companys stock repurchase program allows it to repurchase its common stock on the open market or in privately negotiated transactions from time to time in accordance with the requirements of the Securities and Exchange Commission. During the sixteen weeks ended April 24, 2010, the Company repurchased 6,912 shares of its common stock at an aggregate cost of $287,666, or an average price of $41.62 per share, under its $500,000 stock repurchase program, authorized by its Board of Directors on February 16, 2010, leaving $212,334 remaining under this program. The new $500,000 stock repurchase program cancelled and replaced the remaining portion of its previous $250,000 stock repurchase program, which was authorized on May 15, 2008. Additionally, the Company repurchased 43 shares of its common stock at an aggregate cost of $1,741 in connection with the net settlement of shares issued as a result of the vesting of restricted stock during the sixteen weeks ended April 24, 2010. No shares were repurchased during the sixteen weeks ended April 25, 2009.

Earnings per Share

Earnings per Share
	3 Months Ended Apr. 24, 2010
Notes to Financial Statements [Abstract]
Earnings per Share	8. Earnings per Share: Certain of the Companys shares granted to employees in the form of restricted stock are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For the sixteen week periods ended April 24, 2010 and April 25, 2009, earnings of $532 and $498, respectively, were allocated to the participating securities. Diluted earnings per share of common stock reflect the weighted-average number of shares of common stock outstanding, outstanding deferred stock units and the impact of outstanding stock options and stock appreciation rights (collectively share-based awards). Diluted earnings per share are calculated by including the effect of dilutive securities. Share-based awards to purchase approximately 67 and 2,655 shares of common stock that had an exercise price in excess of the average market price of the common stock during the sixteen week periods ended April 24, 2010 and April 25, 2009, respectively, were not included in the calculation of diluted earnings per share because they are anti-dilutive. The following table illustrates the computation of basic and diluted earnings per share for the sixteen week periods ended April 24, 2010 and April 25, 2009, respectively: Sixteen Weeks Ended April 24, April 25, 2010 2009 Numerator Net income applicable to common shares $ 109,431 $ 93,585 Participating securities' share in earnings (532 ) (498 ) Net income applicable to common shares $ 108,899 $ 93,087 Denominator Basic weighted average common shares 90,712 94,473 Dilutive impact of share based awards 761 416 Diluted weighted average common shares 91,473 94,889 Basic earnings per common share Net income applicable to common stockholders $ 1.20 $ 0.99 Diluted earnings per common share Net income applicable to common stockholders $ 1.19 $ 0.98 For the sixteen week period ended April 24, 2010, the Company issued 191 shares of common stock as a result of the exercise by employees of vested share-based awards previously granted under the Companys 2004 Long-Term Incentive Plan and the purchase of shares of common stock by employees under the Companys Employee Stock Purchase Plan.

Postretirement Plan

Postretirement Plan
	3 Months Ended Apr. 24, 2010
Notes to Financial Statements [Abstract]
Postretirement Plan	10. Postretirement Plan: The Company provides certain health and life insurance benefits for eligible retired Team Members through a postretirement plan, or Plan. These benefits are subject to deductibles, co-payment provisions and other limitations. The Plan has no assets and is funded on a cash basis as benefits are paid. The Companys postretirement liability is calculated annually by a third-party actuary. The discount rate utilized at January 2, 2010 was 5.00%, and remained unchanged through the sixteen weeks ended April 24, 2010. The Company expects Fiscal 2010 plan contributions to completely offset benefits paid, consistent with Fiscal 2009. The Companys net periodic postretirement benefit cost includes the amortization of a reduction in unrecognized prior service costs as a result of a plan amendment in Fiscal 2004. The components of net periodic postretirement benefit cost for the sixteen weeks ended April 24, 2010, and April 25, 2009, respectively, was as follows: Sixteen Weeks Ended April 24, April 25, 2010 2009 Interest cost $ 103 $ 140 Amortization of negative prior service cost (179 ) (179 ) Amortization of unrecognized net gain (31 ) (29 ) Net periodic postretirement benefit cost $ (107 ) $ (68 )

Comprehensive Income

Comprehensive Income
	3 Months Ended Apr. 24, 2010
Notes to Financial Statements [Abstract]
Comprehensive Income	11. Comprehensive Income: The Company includes in comprehensive income the changes in fair value of the Companys interest rate swaps and changes in net unrecognized other postretirement benefit costs. Comprehensive income for the sixteen weeks ended April 24, 2010 and April 25, 2009 was as follows: Sixteen Weeks Ended April 24, 2010 April 25, 2009 Net income $ 109,431 $ 93,585 Unrealized gain on hedge arrangements, net of tax 597 932 Changes in net unrecognized other postretirement benefit cost, net of tax (128 ) (127 ) Comprehensive income $ 109,900 $ 94,390

Segment and Related Information

Segment and Related Information
	3 Months Ended Apr. 24, 2010
Notes to Financial Statements [Abstract]
Segment and Related Information	12. Segment and Related Information: The Company has the following two reportable segments: Advance Auto Parts, or AAP, and Autopart International, or AI. The AAP segment is comprised of 3,295 stores as of April 24, 2010 which operated in the United States, Puerto Rico and the Virgin Islands under the trade names Advance Auto Parts, Advance Discount Auto Parts and Western Auto. These stores offer a broad selection of brand name and proprietary automotive replacement parts, accessories and maintenance items for domestic and imported cars and light trucks. The AI segment consists solely of the operations of Autopart International, which operates as an independent, wholly-owned subsidiary and operates stores under the Autopart International trade name. AI mainly serves the Commercial market from its 167 stores as of April 24, 2010 located primarily throughout the Northeast and Mid-Atlantic regions. In addition, its North American Sales Division services warehouse distributors and jobbers throughout North America. The Company evaluates each of its segments financial performance based on net sales and operating profit for purposes of allocating resources and assessing performance. The accounting policies of the reportable segments are the same as those used by the Company. The following table summarizes financial information for each of the Company's business segments for the sixteen weeks ended April 24, 2010 and April 25, 2009, respectively. Sixteen Week Periods Ended April 24, April 25, 2010 2009 Net sales AAP $ 1,765,569 $ 1,627,817 AI 68,828 57,813 Eliminations (1) (3,791 ) (1,994 ) Total net sales $ 1,830,606 $ 1,683,636 Income before provision for income taxes AAP $ 175,887 $ 148,508 AI 853 1,359 Total income before provision for income taxes $ 176,740 $ 149,867 Provision for income taxes AAP $ 67,000 $ 55,789 AI 309 493 Total provision for income taxes $ 67,309 $ 56,282 Segment assets AAP $ 3,015,969 $ 2,833,437 AI 186,839 168,291 Total segment assets $ 3,202,808 $ 3,001,728 (1) For the sixteen weeks ended April 24, 2010, eliminations represent net sales of $1,871 from AAP to AI and $1,920 from AI to AAP. For the sixteen weeks ended April 25, 2009, eliminations represent net sales of $859 from AAP to AI and $1,135 from AI to AAP.

Subsequent Event

Subsequent Event
	3 Months Ended Apr. 24, 2010
Notes to Financial Statements [Abstract]
Subsequent Event	13. Subsequent Event: On April26, 2010, the Company entered into an Underwriting Agreement (the Underwriting Agreement) among the Company, certain subsidiary guarantors of the Company and the underwriter parties thereto pursuant to which the Company agreed to sell $300,000 aggregate principal amount of 5.750% Notes due May1, 2020 (the Notes) to the underwriters at a public offering price of 99.587% of the principal amount per note. The parent company, or Advance, served as the issuer of the Notes with each of Advances domestic subsidiaries serving as a subsidiary guarantor. The Underwriting Agreement contains customary representations, warranties and agreements of the Company and customary conditions to closing, indemnification rights and obligations of the parties. The terms of the Notes are governed by an indenture and supplemental indenture (collectively the Indenture), dated as of April29, 2010, among the Company, the subsidiary guarantors and Wells Fargo Bank, National Association, as Trustee. The net proceeds from the offering of the Notes were approximately $294,300, after deducting underwriting discounts and commissions and estimated offering expenses (collectively deferred financing costs) payable by the Company. The Company will amortize the deferred financing costs over the term of the Notes. The Company used the net proceeds from this offering to repay indebtedness outstanding under its revolving credit facility and term loan as of April 24, 2010.Amounts repaid under the Companys revolving credit facility may be reborrowed from time to time for operational purposes, working capital needs, capital expenditures and other general corporate purposes. The Company intends to use the remaining net proceeds for general corporate purposes. Certain affiliates of the underwriters are lenders under the revolving credit facility and term loan. The Notes bear interest at a rate of 5.750%per year payable semi-annually in arrears on May1 and November1 of each year, commencing on November1, 2010. The Company may redeem some or all of the Notes at any time or from time to time, at the redemption price described in the Indenture. In addition, in the event of a Change of Control Triggering Event (as defined in the Indenture), the Company will be required to offer to repurchase the notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest to the repurchase date. The Notes initially will be fully and unconditionally guaranteed, jointly and severally, on an unsubordinated and unsecured basis by each of the subsidiary guarantors. The Company will be permitted to release guarantees without the consent of holders of the Notes under the circumstances described in the Indenture. The Indenture contains customary provisions for events of default including for (i) failure to pay principal or interest when due and payable, (ii) failure to comply with covenants or agreements in the Indenture or the Notes and failure to cure or obtain a waiver of such default upon notice, (iii) a default under any debt for money borrowed by the Company or any of its subsidiaries that results in acceleration of the maturity of s

Document Information

Document Information
	3 Months Ended Apr. 24, 2010
Document Information [Text Block]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2010-04-24

Entity Information

Entity Information (USD $)
	3 Months Ended Apr. 24, 2010
Entity [Text Block]
Entity Registrant Name	Advance Auto Parts Inc
Entity Central Index Key	0001158449
Current Fiscal Year End Date	--01-01
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	Yes
Entity Current Reporting Status	No
Entity Filer Category	Large Accelerated Filer
Entity Public Float	$4,289,994,618
Entity Common Stock, Shares Outstanding	87,418,084
Document Fiscal Year Focus	2,010
Document Fiscal Period Focus	Q1