Document_and_Entity_Informatio
Document and Entity Information Document Document (USD $) | 9 Months Ended | ||
Oct. 05, 2013 | Nov. 07, 2013 | Jul. 13, 2012 | |
Entity Registrant Name | 'Advance Auto Parts Inc | ' | ' |
Entity Central Index Key | '0001158449 | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 5-Oct-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 72,832,095 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'No | ' | ' |
Entity Public Float | ' | ' | $5,217,268,445 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Oct. 05, 2013 | Dec. 29, 2012 | Oct. 06, 2012 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $567,301 | $598,111 | $479,383 |
Receivables, net | 278,977 | 229,866 | 204,555 |
Inventories, net | 2,463,978 | 2,308,609 | 2,193,369 |
Other current assets | 68,435 | 47,614 | 70,582 |
Total current assets | 3,378,691 | 3,184,200 | 2,947,889 |
Property and equipment, net of accumulated depreciation | 1,278,655 | 1,291,759 | 1,270,432 |
Assets held for sale | 2,064 | 788 | 788 |
Goodwill | 199,835 | 76,389 | 76,389 |
Intangible assets, net | 53,963 | 28,845 | 28,649 |
Other assets, net | 31,491 | 31,833 | 33,059 |
Assets, Total | 4,944,699 | 4,613,814 | 4,357,206 |
Current liabilities: | ' | ' | ' |
Current portion of long-term debt | 1,030 | 627 | 699 |
Accounts payable | 2,057,615 | 2,029,814 | 1,825,162 |
Accrued expenses | 429,171 | 379,639 | 413,950 |
Other Liabilities, Current | 148,528 | 149,558 | 141,043 |
Total current liabilities | 2,636,344 | 2,559,638 | 2,380,854 |
Long-term debt | 604,027 | 604,461 | 599,550 |
Other Liabilities, Noncurrent | 236,480 | 239,021 | 229,324 |
Commitments and Contingencies | ' | ' | ' |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' | ' |
Preferred stock, nonvoting, $0.0001 par value | 0 | 0 | 0 |
Common stock, voting, $0.0001 par value | 7 | 7 | 7 |
Additional paid-in capital | 524,741 | 520,215 | 515,730 |
Treasury stock, at cost | -105,732 | -27,095 | -25,193 |
Accumulated other comprehensive income (loss) | 4,608 | 2,667 | 2,683 |
Retained earnings | 1,044,224 | 714,900 | 654,251 |
Total stockholders' equity | 1,467,848 | 1,210,694 | 1,147,478 |
Liabilities and Stockholders' Equity, Total | $4,944,699 | $4,613,814 | $4,357,206 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Oct. 05, 2013 | Dec. 29, 2012 | Oct. 06, 2012 |
In Thousands, except Per Share data, unless otherwise specified | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1,231,119 | $1,102,147 | $1,075,753 |
Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 | $0.00 |
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | $0.00 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 05, 2013 | Oct. 06, 2012 | Oct. 05, 2013 | Oct. 06, 2012 |
Net sales | $1,520,144 | $1,457,527 | $5,085,001 | $4,875,802 |
Cost of sales, including purchasing and warehousing costs | 757,204 | 732,177 | 2,534,632 | 2,440,921 |
Gross profit | 762,940 | 725,350 | 2,550,369 | 2,434,881 |
Selling, general and administrative expenses | 592,216 | 574,990 | 1,980,895 | 1,890,762 |
Operating income | 170,724 | 150,360 | 569,474 | 544,119 |
Interest expense | -7,948 | -8,048 | -26,632 | -25,849 |
Other income (expense), net | 366 | 312 | 1,689 | 759 |
Total other, net | -7,582 | -7,736 | -24,943 | -25,090 |
Income before provision for income taxes | 163,142 | 142,624 | 544,531 | 519,029 |
Provision for income taxes | 59,312 | 53,121 | 202,040 | 196,414 |
Net income | $103,830 | $89,503 | $342,491 | $322,615 |
Basic earnings per share | $1.42 | $1.22 | $4.68 | $4.41 |
Diluted earnings per share | $1.42 | $1.21 | $4.65 | $4.34 |
Dividends declared per common share | $0.06 | $0.06 | $0.18 | $0.18 |
Average common shares outstanding | 72,747 | 73,166 | 72,981 | 73,052 |
Average common shares outstanding - assuming dilution | 73,128 | 73,992 | 73,463 | 74,107 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Oct. 06, 2012 | Oct. 05, 2013 | Oct. 06, 2012 |
Net income | $103,830 | $89,503 | $342,491 | $322,615 |
Changes in net unrecognized other postretirement benefit costs, net of tax | -141 | -113 | -386 | -375 |
Defined Benefit Plan, Plan Amendments | 0 | 0 | 2,327 | 0 |
Unrealized gain on hedge arrangement, net of tax | 0 | 0 | 0 | 254 |
Other comprehensive income (loss) | -141 | -113 | 1,941 | -121 |
Comprehensive income | 103,689 | 89,390 | 344,432 | 322,494 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Other comprehensive income (loss) | ' | ' | $1,941 | ($121) |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Oct. 06, 2012 | Oct. 05, 2013 | Oct. 06, 2012 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized (Gain) Loss Arising During Period, Tax | $91 | $73 | $248 | $242 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $0 | $0 | $0 | $163 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock, at cost [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
In Thousands | |||||||
Balance at Dec. 31, 2011 | $847,914 | $0 | $11 | $500,237 | ($1,644,767) | $2,804 | $1,989,629 |
Balance (in shares) at Dec. 31, 2011 | ' | 0 | 106,537 | ' | 33,738 | ' | ' |
Net income | 322,615 | ' | ' | ' | ' | ' | 322,615 |
Other Comprehensive Income (Loss), Net of Tax | -121 | ' | ' | ' | ' | -121 | ' |
Issuance of shares upon the execise of stock options | 5,328 | ' | ' | 5,328 | ' | ' | ' |
Issuance of shares upon the execise of stock options (in shares) | ' | ' | 860 | ' | ' | ' | ' |
Tax withholdings related to the exercise of stock appreciation rights | -25,627 | ' | ' | -25,627 | ' | ' | ' |
Tax benefit from share-based compensation | 21,806 | ' | ' | 21,806 | ' | ' | ' |
Issuance of restricted stock, net of forfeitures | 0 | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock, net of forfeitures (in shares) | ' | ' | 4 | ' | ' | ' | ' |
Amortization of restricted stock balance | 4,965 | ' | ' | 4,965 | ' | ' | ' |
Share-based compensation | 7,167 | ' | ' | 7,167 | ' | ' | ' |
Stock issued under employee stock purchase plan | 1,819 | ' | ' | 1,819 | ' | ' | ' |
Stock issued under employee stock purchase plan (in shares) | ' | ' | 26 | ' | ' | ' | ' |
Treasury stock purchased | -25,193 | ' | ' | ' | -25,193 | ' | ' |
Treasury stock purchased (in shares) | ' | ' | ' | ' | 323 | ' | ' |
Treasury stock retired, amount | 0 | ' | -4 | ' | 1,644,767 | ' | -1,644,763 |
Treasury stock retired | ' | ' | -33,738 | ' | -33,738 | ' | ' |
Cash dividends | -13,230 | ' | ' | ' | ' | ' | -13,230 |
Other | 35 | ' | ' | 35 | ' | ' | ' |
Balance at Oct. 06, 2012 | 1,147,478 | 0 | 7 | 515,730 | -25,193 | 2,683 | 654,251 |
Balance (in shares) at Oct. 06, 2012 | ' | 0 | 73,689 | ' | 323 | ' | ' |
Balance at Dec. 29, 2012 | 1,210,694 | 0 | 7 | 520,215 | -27,095 | 2,667 | 714,900 |
Balance (in shares) at Dec. 29, 2012 | ' | 0 | 73,731 | ' | 348 | ' | ' |
Net income | 342,491 | ' | ' | ' | ' | ' | 342,491 |
Other Comprehensive Income (Loss), Net of Tax | 1,941 | ' | ' | ' | ' | 1,941 | ' |
Issuance of shares upon the execise of stock options | 1,903 | ' | ' | 1,903 | ' | ' | ' |
Issuance of shares upon the execise of stock options (in shares) | ' | ' | 438 | ' | ' | ' | ' |
Tax withholdings related to the exercise of stock appreciation rights | -20,572 | ' | ' | -20,572 | ' | ' | ' |
Tax benefit from share-based compensation | 14,979 | ' | ' | 14,979 | ' | ' | ' |
Issuance of restricted stock, net of forfeitures | 0 | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock, net of forfeitures (in shares) | ' | ' | -10 | ' | ' | ' | ' |
Amortization of restricted stock balance | 3,009 | ' | ' | 3,009 | ' | ' | ' |
Share-based compensation | 3,501 | ' | ' | 3,501 | ' | ' | ' |
Stock issued under employee stock purchase plan | 1,679 | ' | ' | 1,679 | ' | ' | ' |
Stock issued under employee stock purchase plan (in shares) | ' | ' | 23 | ' | ' | ' | ' |
Treasury stock purchased | -78,637 | ' | ' | ' | -78,637 | ' | ' |
Treasury stock purchased (in shares) | ' | ' | ' | ' | 1,015 | ' | ' |
Cash dividends | -13,167 | ' | ' | ' | ' | ' | -13,167 |
Other | 27 | ' | ' | 27 | ' | ' | ' |
Balance at Oct. 05, 2013 | $1,467,848 | $0 | $7 | $524,741 | ($105,732) | $4,608 | $1,044,224 |
Balance (in shares) at Oct. 05, 2013 | ' | 0 | 74,182 | ' | 1,363 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 05, 2013 | Oct. 06, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $342,491 | $322,615 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 160,059 | 143,767 |
Share-based compensation | 6,510 | 12,132 |
Loss on property and equipment, net | 402 | 1,911 |
Other | 1,226 | 1,214 |
Deferred Income Tax Expense (Benefit) | -3,797 | 18,402 |
Excess tax benefit from share-based compensation | -15,168 | -21,867 |
Increase decrease in Operating Capital | ' | ' |
Receivables, net | -30,529 | -64,171 |
Inventories, net | -110,934 | -148,759 |
Other assets | -14,902 | -14,827 |
Accounts payable | -9,502 | 171,979 |
Accrued expenses | 69,724 | 75,876 |
Other liabilities | 2,887 | 6,510 |
Net cash provided by operating activities | 398,467 | 504,782 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -147,690 | -201,210 |
Business acquisitions, net of cash acquired | -187,211 | -5,332 |
Sale of certain assets of acquired business | 16,798 | 0 |
Proceeds from sales of property and equipment | 723 | 348 |
Net cash used in investing activities | -317,380 | -206,194 |
Cash flows from financing activities: | ' | ' |
Decrease in bank overdrafts | -8,665 | -14,527 |
Issuance of senior unsecured notes | 0 | 299,904 |
Payment of debt related costs | 0 | -2,648 |
Borrowings under credit facilities | 0 | 58,500 |
Payments on credit facilities | 0 | -173,500 |
Dividends paid | -17,563 | -17,586 |
Proceeds from the issuance of common stock, primarily exercise of stock options | 3,609 | 7,182 |
Tax withholdings related to the exercise of stock appreciation rights | -20,572 | -25,627 |
Excess tax benefit from share-based compensation | 15,168 | 21,867 |
Repurchase of common stock | -78,637 | -25,193 |
Contingent payment accrued on acquisition | -4,726 | -4,755 |
Other | -511 | -723 |
Net cash provided by (used in) financing activities | -111,897 | 122,894 |
Net increase (decrease) in cash and cash equivalents | -30,810 | 421,482 |
Cash and cash equivalents, beginning of period | 598,111 | 57,901 |
Cash and cash equivalents, end of period | 567,301 | 479,383 |
Supplemental cash flow information: | ' | ' |
Interest paid | 25,491 | 18,616 |
Income tax payments, net | 172,682 | 107,031 |
Non-cash transactions: | ' | ' |
Accrued purchases of property and equipment | 16,698 | 23,739 |
Treasury Stock, Retired, Cost Method, Amount, Noncash for cash flow | 0 | 1,644,767 |
Net amount accrued related to purchase price of business acquisition | 1,074 | 0 |
Other Comprehensive Income (Loss), Net of Tax | $1,941 | ($121) |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Oct. 05, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation: | |
The accompanying unaudited condensed consolidated financial statements have been prepared by the Company and include the accounts of Advance Auto Parts, Inc., its wholly owned subsidiary, Advance Stores Company, Incorporated ("Stores"), and its subsidiaries (collectively, the "Company"). All intercompany balances and transactions have been eliminated in consolidation. 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 based upon the Securities and Exchange Commission ("SEC") interim reporting guidance. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s consolidated financial statements for the fiscal year ended December 29, 2012, or Fiscal 2012. | |
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 Company’s Annual Report on Form 10-K for Fiscal 2012 (filed with the SEC on February 25, 2013). | |
The results of operations for the interim periods are not necessarily indicative of the operating results to be expected for the full fiscal year. The first quarter of each of the Company's fiscal years contains 16 weeks while the remaining three quarters contain 12 weeks each. | |
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 July 2013, the Financial Accounting Standards Board, or FASB, issued ASU No. 2013-11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” Under ASU 2013-11 an entity is required to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. If a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance affects presentation only and, therefore, it is not expected to have a material impact on the Company's consolidated financial condition, results of operations or cash flows. | |
In February 2013, the FASB issued ASU No. 2013-02 “Comprehensive Income - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” ASU 2013-02 is an amendment adding new disclosure requirements for items reclassified out of accumulated other comprehensive income (“AOCI”). The amendment requires presentation of changes in AOCI balances by component and significant items reclassified out of AOCI by component either (1) on the face of the statement of operations or (2) as a separate disclosure in the notes to the financial statements. ASU 2013-02 is effective for fiscal years beginning after December 15, 2012. The adoption of ASU 2013-02 had no impact on the Company's consolidated financial condition, results of operations or cash flows. | |
In July 2012, the FASB issued ASU No. 2012-02 “Intangible-Goodwill and Other – Testing Indefinite-Lived Intangible Assets for Impairment.” ASU 2012-02 modifies the requirement to test intangible assets that are not subject to amortization based on events or changes in circumstances that might indicate that the asset is impaired now requiring the test only if it is more likely than not that the asset is impaired. Furthermore, ASU 2012-02 provides entities the option of performing a qualitative assessment to determine if it is more likely than not that the fair value of an intangible asset is less than the carrying amount as a basis for determining whether it is necessary to perform a quantitative impairment test. ASU 2012-02 is effective for fiscal years beginning after September 15, 2012 and early adoption is permitted. The adoption of ASU 2012-02 had no impact on the Company’s consolidated financial condition, results of operations or cash flows. |
Inventories_net
Inventories, net | 9 Months Ended | |||||||||||
Oct. 05, 2013 | ||||||||||||
Inventory, Net [Abstract] | ' | |||||||||||
Inventories, net | ' | |||||||||||
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 October 5, 2013, December 29, 2012 and October 6, 2012. Under LIFO, the Company’s 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 2013 and prior years. As a result of utilizing LIFO, the Company recorded an increase to cost of sales of $476 for the forty weeks ended October 5, 2013. The Company recorded a reduction to cost of sales of $20,684 for the forty weeks ended October 6, 2012. The Company's overall costs to acquire inventory for the same or similar products have generally decreased historically as the Company has been able to leverage its continued growth, execution of merchandising strategies and realization of supply chain efficiencies. | ||||||||||||
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 are based on management’s estimates of expected fiscal year-end inventory levels and costs. | ||||||||||||
Inventory balances at October 5, 2013, December 29, 2012 and October 6, 2012 were as follows: | ||||||||||||
October 5, | December 29, | October 6, | ||||||||||
2013 | 2012 | 2012 | ||||||||||
Inventories at FIFO, net | $ | 2,338,264 | $ | 2,182,419 | $ | 2,070,582 | ||||||
Adjustments to state inventories at LIFO | 125,714 | 126,190 | 122,787 | |||||||||
Inventories at LIFO, net | $ | 2,463,978 | $ | 2,308,609 | $ | 2,193,369 | ||||||
BWP_Distributors_Acquisition_N
BWP Distributors Acquisition (Notes) | 9 Months Ended | ||||
Oct. 05, 2013 | |||||
BWP Distriburs Acquisition [Abstract] | ' | ||||
Business Combination Disclosure | ' | ||||
Acquisition of B.W.P. Distributors: | |||||
On December 31, 2012, the Company acquired B.W.P. Distributors, Inc. ("BWP") in an all-cash transaction. BWP, formerly a privately held company, supplied, marketed and distributed automotive aftermarket parts and products principally to commercial customers. Prior to the acquisition, BWP operated or supplied 216 locations in the Northeastern United States. The Company believes this acquisition will enable the Company to continue its expansion in the competitive Northeast, which is a strategic growth area for the Company due to the large population and overall size of the market, and to gain valuable information to apply to its existing operations as a result of BWP's expertise in Commercial. The amount of acquired goodwill reflects this strategic importance to the Company. | |||||
Concurrent with the closing of the acquisition, the Company transferred one distribution center and BWP's rights to distribute to 92 independently owned locations to an affiliate of General Parts International, Inc. ("GPI"), a privately held auto supply company. As a result, the Company began operating the 124 BWP company-owned stores and two remaining BWP distribution centers as of the closing date. The Company has included the financial results of BWP in its consolidated financial statements commencing December 31, 2012 (Fiscal 2013). Pro forma results of operations related to the acquisition of BWP are not presented as BWP's results are not material to the Company's condensed consolidated statements of operations. | |||||
Under the terms of the agreement, the Company acquired the net assets in exchange for a purchase price of $187,109, of which $1,074 was not settled as of October 5, 2013. The purchase price reflects the finalization of certain post-closing adjustments made subsequent to the Company's filing of its second quarter Report on Form 10-Q. Following the closing of the acquisition, the Company sold certain of the acquired assets for $16,798 related to the transfer of operations to GPI. | |||||
The following table summarizes the consideration paid for BWP and the amounts of the assets acquired and liabilities assumed that were recognized at the acquisition date: | |||||
Total Consideration | $ | 187,109 | |||
Recognized amounts of identifiable assets | |||||
acquired and liabilities assumed | |||||
Cash and cash equivalents | $ | 972 | |||
Receivables | 22,615 | ||||
Inventory | 52,229 | ||||
Other current assets | 9,741 | ||||
Property, plant and equipment | 5,329 | ||||
Intangible assets | 31,600 | ||||
Other assets | 2,253 | ||||
Accounts payable | (37,303 | ) | |||
Accrued and other current liabilities | (11,843 | ) | |||
Long-term liabilities | (11,930 | ) | |||
Total identifiable net assets | 63,663 | ||||
Goodwill | 123,446 | ||||
Total acquired net assets | $ | 187,109 | |||
Due to the nature of BWP's business, the assets acquired and liabilities assumed as part of this acquisition are similar in nature to those of Advance. For additional information regarding intangible assets acquired, see Note 4, Goodwill and Intangible Assets. All of the goodwill is expected to be deductible for income tax purposes. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | |||||||||||||||||||
Oct. 05, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | |||||||||||||||||||
Goodwill and Intangible Assets: | ||||||||||||||||||||
Goodwill | ||||||||||||||||||||
The Company has goodwill recorded in both the Advance Auto Parts ("AAP") and Autopart International ("AI") segments. The following table reflects the carrying amount of goodwill pertaining to the Company's two segments and the changes in goodwill carrying amounts. | ||||||||||||||||||||
AAP Segment | AI Segment | Total | ||||||||||||||||||
Balance at December 29, 2012 | $ | 58,095 | $ | 18,294 | $ | 76,389 | ||||||||||||||
Fiscal 2013 activity | 123,446 | — | 123,446 | |||||||||||||||||
Balance at October 5, 2013 | $ | 181,541 | $ | 18,294 | $ | 199,835 | ||||||||||||||
Balance at December 31, 2011 | $ | 58,095 | $ | 18,294 | $ | 76,389 | ||||||||||||||
Fiscal 2012 activity | — | — | — | |||||||||||||||||
Balance at October 6, 2012 | $ | 58,095 | $ | 18,294 | $ | 76,389 | ||||||||||||||
As discussed in Note 3, on December 31, 2012, the Company acquired BWP in an all-cash transaction which resulted in the addition of $123,446 of goodwill in the AAP Segment. | ||||||||||||||||||||
Intangible Assets Other Than Goodwill | ||||||||||||||||||||
In addition to goodwill, the Company also recorded an increase to intangible assets of $31,245 during the forty weeks ended October 5, 2013. The increase included Customer Relationships of $26,045 which will be amortized over 12 years and other intangible assets totaling $5,200 which will be amortized over a weighted average of 3.4 years. The gross and net carrying amounts of acquired intangible assets as of October 5, 2013, December 29, 2012 and October 6, 2012 are comprised of the following: | ||||||||||||||||||||
Acquired intangible assets | ||||||||||||||||||||
Subject to Amortization | Not Subject to Amortization | Total Intangible Assets | ||||||||||||||||||
Customer | Acquired Technology | Other | Trademark and | (excluding goodwill) | ||||||||||||||||
Relationships | Tradenames | |||||||||||||||||||
Gross: | ||||||||||||||||||||
Gross carrying amount at December 29, 2012 | $ | 9,800 | $ | 8,850 | $ | 885 | $ | 20,550 | $ | 40,085 | ||||||||||
Additions | 26,045 | — | 5,200 | — | 31,245 | |||||||||||||||
Gross carrying amount at October 5, 2013 | $ | 35,845 | $ | 8,850 | $ | 6,085 | $ | 20,550 | $ | 71,330 | ||||||||||
Gross carrying amount at December 31, 2011 | $ | 9,800 | $ | 7,750 | $ | 885 | $ | 20,550 | $ | 38,985 | ||||||||||
Additions | — | — | — | — | — | |||||||||||||||
Gross carrying amount at October 6, 2012 | $ | 9,800 | $ | 7,750 | $ | 885 | $ | 20,550 | $ | 38,985 | ||||||||||
Net: | ||||||||||||||||||||
Net book value at December 29, 2012 | $ | 2,658 | $ | 5,419 | $ | 218 | $ | 20,550 | $ | 28,845 | ||||||||||
Additions | 26,045 | — | 5,200 | — | 31,245 | |||||||||||||||
2013 amortization | (2,429 | ) | (2,269 | ) | (1,429 | ) | — | (6,127 | ) | |||||||||||
Net carrying amount at October 5, 2013 | $ | 26,274 | $ | 3,150 | $ | 3,989 | $ | 20,550 | $ | 53,963 | ||||||||||
Net book value at December 31, 2011 | $ | 3,618 | $ | 6,987 | $ | 225 | $ | 20,550 | $ | 31,380 | ||||||||||
Additions | — | — | — | — | — | |||||||||||||||
2012 amortization | (738 | ) | (1,987 | ) | (6 | ) | — | (2,731 | ) | |||||||||||
Net carrying amount at October 6, 2012 | $ | 2,880 | $ | 5,000 | $ | 219 | $ | 20,550 | $ | 28,649 | ||||||||||
Future Amortization Expense | ||||||||||||||||||||
The table below shows expected amortization expense for the next five years for acquired intangible assets recorded as of October 5, 2013: | ||||||||||||||||||||
Fiscal Year | Amount | |||||||||||||||||||
Remainder of 2013 | $ | 1,831 | ||||||||||||||||||
2014 | 7,175 | |||||||||||||||||||
2015 | 3,702 | |||||||||||||||||||
2016 | 2,677 | |||||||||||||||||||
2017 | 2,677 | |||||||||||||||||||
Thereafter | 15,351 | |||||||||||||||||||
Receivables_net
Receivables, net | 9 Months Ended | |||||||||||||
Oct. 05, 2013 | ||||||||||||||
Receivables [Abstract] | ' | |||||||||||||
Receivables, net | ' | |||||||||||||
Receivables, net: | ||||||||||||||
Receivables consist of the following: | ||||||||||||||
October 5, | December 29, | October 6, | ||||||||||||
2013 | 2012 | 2012 | ||||||||||||
Trade | $ | 149,670 | $ | 110,153 | $ | 90,571 | ||||||||
Vendor | 134,471 | 119,770 | 113,340 | |||||||||||
Other | 6,821 | 5,862 | 5,970 | |||||||||||
Total receivables | 290,962 | 235,785 | 209,881 | |||||||||||
Less: Allowance for doubtful accounts | (11,985 | ) | (5,919 | ) | (5,326 | ) | ||||||||
Receivables, net | $ | 278,977 | $ | 229,866 | $ | 204,555 | ||||||||
During Fiscal 2012, the Company began the in-sourcing of its commercial credit function. This initiative consists of the transition from using a third party financial institution to settle credit transactions with the Company's Commercial customers to processing those transactions internally, thus increasing the trade receivable balance when compared to the same period in the prior year. |
Longterm_Debt
Long-term Debt | 9 Months Ended | |||||||||||
Oct. 05, 2013 | ||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||
Long-term Debt | ' | |||||||||||
Long-term Debt: | ||||||||||||
Long-term debt consists of the following: | ||||||||||||
October 5, | December 29, | October 6, | ||||||||||
2013 | 2012 | 2012 | ||||||||||
Revolving facility at variable interest rates (1.67%, 1.74% and 1.77% at October 5, 2013, December 29, 2012 and October 6, 2012, respectively) due May 27, 2016 | $ | — | $ | — | $ | — | ||||||
5.75% Senior Unsecured Notes (net of unamortized discount of $891, $975 and $999 at October 5, 2013, December 29, 2012 and October 6, 2012, respectively) due May 1, 2020 | 299,109 | 299,025 | 299,001 | |||||||||
4.50% Senior Unsecured Notes (net of unamortized discount of $82, $88 and $90 at October 5, 2013, December 29, 2012 and October 6, 2012, respectively) due January 15, 2022 | 299,918 | 299,912 | 299,910 | |||||||||
Other | 6,030 | 6,151 | 1,338 | |||||||||
605,057 | 605,088 | 600,249 | ||||||||||
Less: Current portion of long-term debt | (1,030 | ) | (627 | ) | (699 | ) | ||||||
Long-term debt, excluding current portion | $ | 604,027 | $ | 604,461 | $ | 599,550 | ||||||
Bank Debt | ||||||||||||
The Company has a $750,000 unsecured five-year revolving credit facility (the "Facility") with Stores serving as the borrower. The 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 of the revolving balance are permitted in whole or in part, at the Company’s option, in minimum principal amounts as specified in the revolving credit facility. The Facility matures on May 27, 2016. | ||||||||||||
As of October 5, 2013, the Company had no borrowings outstanding under the Facility, and had letters of credit outstanding of $87,660, which reduced the availability under the Facility to $662,340. The letters of credit generally have a term of one year or less and primarily serve as collateral for the Company's self-insurance policies. | ||||||||||||
The interest rate on borrowings under the Facility is based, at the Company’s option, on an adjusted LIBOR rate, plus a margin, or an alternate base rate, plus a margin. The current margin is 1.5% per annum for each of the adjusted LIBOR and alternate base rate borrowings. A facility fee is charged on the total amount of the Facility, payable in arrears. The current facility fee rate is 0.25% per annum. Under the terms of the Facility, the interest rate and facility fee are based on the Company’s credit rating. | ||||||||||||
The Facility contains covenants restricting the Company's ability to, among other things: (1) permit the subsidiaries of Advance Stores to create, incur or assume additional debt; (2) incur liens or engage in sale-leaseback transactions; (3) make loans and investments (including acquisitions); (4) guarantee obligations; (5) engage in certain mergers and liquidations; (6) change the nature of the Company’s business and the business conducted by its subsidiaries; (7) enter into certain hedging transactions; and (8) change Advance’s status as a holding company. The Company is also required to comply with financial covenants with respect to a maximum leverage ratio and a minimum consolidated coverage ratio. The Company was in compliance with its covenants at October 5, 2013 and December 29, 2012, respectively. The Facility also provides for customary events of default, covenant defaults and cross-defaults to the Company's other material indebtedness. | ||||||||||||
Senior Unsecured Notes | ||||||||||||
The Company’s 5.75% senior unsecured notes were issued in April 2010 at 99.587% of the principal amount of $300,000 and are due May 1, 2020 (the "2020 Notes"). The 2020 Notes bear interest at a rate of 5.75% per year payable semi-annually in arrears on May 1 and November 1 of each year. The Company’s 4.50% senior unsecured notes were issued in January 2012 at 99.968% of the principal amount of $300,000 and are due January 15, 2022 (the "2022 Notes" or collectively with 2020 Notes, "the Notes"). The 2022 Notes bear interest at a rate of 4.50% per year payable semi-annually in arrears on January 15 and July 15 of each year. Advance served as the issuer of the Notes with certain of Advance’s domestic subsidiaries currently serving as subsidiary guarantors. The terms of the Notes are governed by an indenture and supplemental indentures (collectively the “Indenture”) among the Company, the subsidiary guarantors and Wells Fargo Bank, National Association, as Trustee. | ||||||||||||
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 for each of the Notes), 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 are currently 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: (i) upon the release of the guarantee of the Company's other debt that resulted in the affected subsidiary becoming a guarantor of this debt; (ii) upon the sale or other disposition of all or substantially all of the stock or assets of the subsidiary guarantor; or (iii) upon the Company's exercise of its legal or covenant defeasance option. | ||||||||||||
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 such debt, or failure to pay any such debt within any applicable grace period after final stated maturity, in an aggregate amount greater than $25,000 without such debt having been discharged or acceleration having been rescinded or annulled within 10 days after receipt by the Company of notice of the default by the Trustee or holders of not less than 25% in aggregate principal amount of the Notes then outstanding, and (iv) events of bankruptcy, insolvency or reorganization affecting the Company and certain of its subsidiaries. In the case of an event of default, the principal amount of the Notes plus accrued and unpaid interest may be accelerated. The Indenture also contains covenants limiting the ability of the Company and its subsidiaries to incur debt secured by liens and to enter into sale and lease-back transactions. | ||||||||||||
Debt Guarantees | ||||||||||||
Certain 100% wholly-owned domestic subsidiaries of Stores, including its Material Subsidiaries (as defined in the Facility) serve as guarantors of the Notes and Facility with Advance also serving as a guarantor of the Facility. The subsidiary guarantees related to the Company’s Notes and Facility are full and unconditional and joint and several, and there are no restrictions on the ability of Advance to obtain funds from its subsidiaries. Also, Advance has no independent assets or operations, and the subsidiaries not guaranteeing the Notes and Facility are minor as defined by SEC regulations. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Oct. 05, 2013 | ||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||||
Fair Value Measurements: | ||||||||||||||||
The Company’s 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 entity’s own assumptions. These values are generally determined using pricing models for which the assumptions utilize management’s 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 Company’s financial liabilities that were measured at fair value on a recurring basis as of October 5, 2013, December 29, 2012 and October 6, 2012: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Fair Value | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
As of October 5, 2013 | ||||||||||||||||
Contingent consideration related to business acquisitions | $ | 12,939 | $ | — | $ | — | $ | 12,939 | ||||||||
As of December 29, 2012 | ||||||||||||||||
Contingent consideration related to business acquisitions | 16,999 | — | — | 16,999 | ||||||||||||
As of October 6, 2012 | ||||||||||||||||
Contingent consideration related to business acquisitions | $ | 23,021 | $ | — | $ | — | $ | 23,021 | ||||||||
The fair value of the contingent consideration, which is recorded in Accrued expenses and Other long-term liabilities, is based on various estimates including the Company's estimate of the probability of achieving the targets and the time value of money. During the forty weeks ended October 5, 2013, contingent consideration decreased primarily due to a payment of $4,726 resulting from the achievement of performance conditions, partially offset by amortization of the net present value discount. | ||||||||||||||||
The carrying amount of the Company’s cash and cash equivalents, accounts receivable, bank overdrafts, 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. The fair value of the Company’s senior unsecured notes was determined using Level 2 inputs based on quoted market prices, and the Company believes that the carrying value of its other long-term debt and certain long-term liabilities approximate fair value. | ||||||||||||||||
The carrying value and fair value of the Company's long-term debt as of October 5, 2013, December 29, 2012 and October 6, 2012, respectively, are as follows: | ||||||||||||||||
October 5, | December 29, | October 6, | ||||||||||||||
2013 | 2012 | 2012 | ||||||||||||||
Carrying Value | $ | 604,027 | $ | 604,461 | $ | 599,550 | ||||||||||
Fair Value | $ | 626,000 | $ | 655,000 | $ | 675,000 | ||||||||||
Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ||||||||||||||||
Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment). At October 5, 2013, the Company had no significant non-financial assets or liabilities that had been adjusted to fair value subsequent to initial recognition. |
Stock_Repurchase_Program
Stock Repurchase Program | 9 Months Ended |
Oct. 05, 2013 | |
Stock Repurchase Program: [Abstract] | ' |
Treasury Stock [Text Block] | ' |
Stock Repurchase Program: | |
The Company’s 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 SEC. The Company's $500,000 stock repurchase program in place as of October 5, 2013 was authorized by its Board of Directors on May 14, 2012. | |
During the twelve weeks ended October 5, 2013, the Company repurchased 35 shares of its common stock at an aggregate cost of $2,782, or an average price of $79.94 per share under its stock repurchase program. During the forty weeks ended October 5, 2013, the Company repurchased 998 shares of its common stock at an aggregate cost of $77,293, or an average price of $77.47 per share under its stock repurchase program. The Company had $415,092 remaining under its stock repurchase program as of October 5, 2013. The Company repurchased 1 share of its common stock at an aggregate cost of $68, or an average price of $81.85 per share, in connection with the net settlement of shares issued as a result of the vesting of restricted stock during the twelve weeks ended October 5, 2013. The Company repurchased 17 shares of its common stock at an aggregate cost of $1,344, or an average price of $77.80 per share, in connection with the net settlement of shares issued as a result of the vesting of restricted stock during the forty weeks ended October 5, 2013. | |
During the twelve weeks ended October 6, 2012, the Company repurchased no shares of its common stock under its stock repurchase program. During the forty weeks ended October 6, 2012, the Company repurchased 257 shares of its common stock at an aggregate cost of $19,589, or an average price of $76.18 per share under its $500,000 stock repurchase program authorized by its Board of Directors on May 14, 2012. The Company repurchased 2 shares of its common stock at an aggregate cost of $151, or an average price of $72.85 per share, in connection with the net settlement of shares issued as a result of the vesting of restricted stock during the twelve weeks ended October 6, 2012. The Company repurchased 66 shares of its common stock at an aggregate cost of $5,604, or an average price of $84.61 per share, in connection with the net settlement of shares issued as a result of the vesting of restricted stock during the forty weeks ended October 6, 2012. Also during the forty weeks ended October 6, 2012, the Company retired 33,738 shares of treasury stock. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||||||||||
Oct. 05, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||||
Earnings per Share: | ||||||||||||||||
Certain of the Company’s 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 twelve week periods ended October 5, 2013 and October 6, 2012, earnings of $232 and $203, respectively, were allocated to the participating securities. For the forty week periods ended October 5, 2013 and October 6, 2012, earnings of $791 and $760, respectively, were allocated to the participating securities. | ||||||||||||||||
Diluted earnings per share are calculated by including the effect of dilutive securities. Share-based awards to purchase approximately 54 and 187 shares of common stock that had an exercise price in excess of the average market price of the common stock during the twelve week periods ended October 5, 2013 and October 6, 2012, respectively, were not included in the calculation of diluted earnings per share because they were anti-dilutive. Share-based awards to purchase approximately 52 and 213 shares of common stock that had an exercise price in excess of the average market price of the common stock during the forty week periods ended October 5, 2013 and October 6, 2012, respectively, were not included in the calculation of diluted earnings per share because they were anti-dilutive. | ||||||||||||||||
The following table illustrates the computation of basic and diluted earnings per share for the twelve and forty week periods ended October 5, 2013 and October 6, 2012, respectively: | ||||||||||||||||
Twelve Weeks Ended | Forty Weeks Ended | |||||||||||||||
October 5, | October 6, | October 5, | October 6, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator | ||||||||||||||||
Net income applicable to common shares | $ | 103,830 | $ | 89,503 | $ | 342,491 | $ | 322,615 | ||||||||
Participating securities' share in earnings | (232 | ) | (203 | ) | (791 | ) | (760 | ) | ||||||||
Net income applicable to common shares | $ | 103,598 | $ | 89,300 | $ | 341,700 | $ | 321,855 | ||||||||
Denominator | ||||||||||||||||
Basic weighted average common shares | 72,747 | 73,166 | 72,981 | 73,052 | ||||||||||||
Dilutive impact of share-based awards | 381 | 826 | 482 | 1,055 | ||||||||||||
Diluted weighted average common shares | 73,128 | 73,992 | 73,463 | 74,107 | ||||||||||||
Basic earnings per common share | ||||||||||||||||
Net income applicable to common stockholders | $ | 1.42 | $ | 1.22 | $ | 4.68 | $ | 4.41 | ||||||||
Diluted earnings per common share | ||||||||||||||||
Net income applicable to common stockholders | $ | 1.42 | $ | 1.21 | $ | 4.65 | $ | 4.34 | ||||||||
Warranty_Liabilities
Warranty Liabilities | 9 Months Ended | |||||||||||
Oct. 05, 2013 | ||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||
Warranty Liabilities | ' | |||||||||||
Warranty Liabilities: | ||||||||||||
The following table presents changes in the Company’s warranty reserves: | ||||||||||||
October 5, | December 29, | October 6, | ||||||||||
2013 | 2012 | 2012 | ||||||||||
(40 weeks ended) | (52 weeks ended) | (40 weeks ended) | ||||||||||
Warranty reserve, beginning of period | $ | 38,425 | $ | 38,847 | $ | 38,847 | ||||||
Additions to warranty reserves | 31,280 | 40,766 | 29,332 | |||||||||
Reserves utilized | (31,148 | ) | (41,188 | ) | (30,983 | ) | ||||||
Warranty reserve, end of period | $ | 38,557 | $ | 38,425 | $ | 37,196 | ||||||
The Company’s warranty liabilities are included in Accrued expenses in its condensed consolidated balance sheets. |
Segment_and_Related_Informatio
Segment and Related Information | 9 Months Ended | |||||||||||||||
Oct. 05, 2013 | ||||||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||
Segment and Related Information: | ||||||||||||||||
The Company has the following two reportable segments: AAP and AI. The AAP segment is comprised of 3,796 stores, as of October 5, 2013, which operate primarily in the United States, Puerto Rico and the Virgin Islands under the trade names “Advance Auto Parts” and “Advance Discount Auto Parts.” 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 Company aggregates the financial results of AAP's geographic areas, which are individually considered operating segments, due to the economic similarities of those areas. | ||||||||||||||||
Included in the Company's geographic areas are sales generated from its e-commerce platforms. The Company's e-commerce platforms primarily consist of its online website and Commercial ordering platforms as part of its integrated operating approach of serving its do-it-yourself ("DIY") and Commercial customers. The Company's online website allows its DIY customers to pick up merchandise at a conveniently located store location or have their purchases shipped directly to them. The majority of the Company's online sales are picked up at store locations. Through the Company's online ordering platform, Commercial customers can conveniently place orders with a designated store location for delivery to their place of business. | ||||||||||||||||
The AI segment consists solely of the operations of Autopart International and operates stores under the “Autopart International” trade name. AI mainly serves the Commercial market from its 222 stores, as of October 5, 2013, primarily located in the Northeastern, Mid-Atlantic and Southeastern regions of the United States. | ||||||||||||||||
The Company evaluates each segment’s 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 generally the same as those described in the Annual Report on Form 10-K for the year ended December 29, 2012. | ||||||||||||||||
The following table summarizes financial information for each of the Company's business segments for the twelve and forty weeks ended October 5, 2013 and October 6, 2012, respectively. | ||||||||||||||||
Twelve Week Periods Ended | Forty Week Periods Ended | |||||||||||||||
October 5, | October 6, | October 5, | October 6, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net sales | ||||||||||||||||
AAP | $ | 1,441,695 | $ | 1,386,791 | $ | 4,830,293 | $ | 4,646,688 | ||||||||
AI | 81,694 | 74,538 | 266,356 | 241,146 | ||||||||||||
Eliminations (1) | (3,245 | ) | (3,802 | ) | (11,648 | ) | (12,032 | ) | ||||||||
Total net sales | $ | 1,520,144 | $ | 1,457,527 | $ | 5,085,001 | $ | 4,875,802 | ||||||||
Income before provision for income taxes | ||||||||||||||||
AAP | $ | 156,814 | $ | 140,141 | $ | 530,493 | $ | 508,137 | ||||||||
AI | 6,328 | 2,483 | 14,038 | 10,892 | ||||||||||||
Total income before provision for income taxes | $ | 163,142 | $ | 142,624 | $ | 544,531 | $ | 519,029 | ||||||||
Provision for income taxes | ||||||||||||||||
AAP | $ | 56,882 | $ | 52,155 | $ | 196,748 | $ | 192,069 | ||||||||
AI | 2,430 | 966 | 5,292 | 4,345 | ||||||||||||
Total provision for income taxes | $ | 59,312 | $ | 53,121 | $ | 202,040 | $ | 196,414 | ||||||||
October 5, | December 29, | October 6, | ||||||||||||||
2013 | 2012 | 2012 | ||||||||||||||
Segment assets | ||||||||||||||||
AAP | $ | 4,659,837 | $ | 4,352,686 | $ | 4,090,931 | ||||||||||
AI | 284,862 | 261,128 | 266,275 | |||||||||||||
Total segment assets | $ | 4,944,699 | $ | 4,613,814 | $ | 4,357,206 | ||||||||||
(1) | For the twelve weeks ended October 5, 2013, eliminations represented net sales of $2,128 from AAP to AI and $1,117 from AI to AAP. For the twelve weeks ended October 6, 2012, eliminations represented net sales of $2,504 from AAP to AI and $1,298 from AI to AAP. For the forty weeks ended October 5, 2013, eliminations represented net sales of $8,137 from AAP to AI and $3,511 from AI to AAP. For the forty weeks ended October 6, 2012, eliminations represented net sales of $7,695 from AAP to AI and $4,337 from AI to AAP. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Oct. 05, 2013 | |
Subsequent Events [Text Block] | ' |
Subsequent Event: | |
On October 15, 2013, the Company entered into a definitive agreement to acquire General Parts International, Inc. ("GPI"), a leading privately held distributor and supplier of original equipment and aftermarket replacement products for commercial markets operating under the CARQUEST and WORLDPAC brands. The acquisition of GPI will allow the Company to expand its geographic presence and commercial capabilities to better serve customers. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close by late 2013 or early 2014. | |
Under the terms of the merger agreement, the Company intends to acquire GPI in an all-cash transaction with an enterprise value of $2.04 billion. The Company expects to secure additional financing in the form of bank debt and senior unsecured notes during its fourth quarter to be used along with cash on-hand to fund the acquisition of GPI. | |
The Company recognized $5,114 of acquisition related costs during its twelve weeks ended October 5, 2013, which are included in the Company's selling, general and administrative expenses in the accompanying condensed consolidated statement of operations. |
Inventories_net_Tables
Inventories, net (Tables) | 9 Months Ended | |||||||||||
Oct. 05, 2013 | ||||||||||||
Inventory, Net [Abstract] | ' | |||||||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||||||
Inventory balances at October 5, 2013, December 29, 2012 and October 6, 2012 were as follows: | ||||||||||||
October 5, | December 29, | October 6, | ||||||||||
2013 | 2012 | 2012 | ||||||||||
Inventories at FIFO, net | $ | 2,338,264 | $ | 2,182,419 | $ | 2,070,582 | ||||||
Adjustments to state inventories at LIFO | 125,714 | 126,190 | 122,787 | |||||||||
Inventories at LIFO, net | $ | 2,463,978 | $ | 2,308,609 | $ | 2,193,369 | ||||||
BWP_Distributors_Acquisition_T
BWP Distributors Acquisition (Tables) | 9 Months Ended | ||||
Oct. 05, 2013 | |||||
BWP Distriburs Acquisition [Abstract] | ' | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||
The following table summarizes the consideration paid for BWP and the amounts of the assets acquired and liabilities assumed that were recognized at the acquisition date: | |||||
Total Consideration | $ | 187,109 | |||
Recognized amounts of identifiable assets | |||||
acquired and liabilities assumed | |||||
Cash and cash equivalents | $ | 972 | |||
Receivables | 22,615 | ||||
Inventory | 52,229 | ||||
Other current assets | 9,741 | ||||
Property, plant and equipment | 5,329 | ||||
Intangible assets | 31,600 | ||||
Other assets | 2,253 | ||||
Accounts payable | (37,303 | ) | |||
Accrued and other current liabilities | (11,843 | ) | |||
Long-term liabilities | (11,930 | ) | |||
Total identifiable net assets | 63,663 | ||||
Goodwill | 123,446 | ||||
Total acquired net assets | $ | 187,109 | |||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||
Oct. 05, 2013 | ||||||||||||||||||||
Goodwill [Line Items] | ' | |||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||||||
The following table reflects the carrying amount of goodwill pertaining to the Company's two segments and the changes in goodwill carrying amounts. | ||||||||||||||||||||
AAP Segment | AI Segment | Total | ||||||||||||||||||
Balance at December 29, 2012 | $ | 58,095 | $ | 18,294 | $ | 76,389 | ||||||||||||||
Fiscal 2013 activity | 123,446 | — | 123,446 | |||||||||||||||||
Balance at October 5, 2013 | $ | 181,541 | $ | 18,294 | $ | 199,835 | ||||||||||||||
Balance at December 31, 2011 | $ | 58,095 | $ | 18,294 | $ | 76,389 | ||||||||||||||
Fiscal 2012 activity | — | — | — | |||||||||||||||||
Balance at October 6, 2012 | $ | 58,095 | $ | 18,294 | $ | 76,389 | ||||||||||||||
Schedule of Acquired Intangible Assets [Table Text Block] | ' | |||||||||||||||||||
The gross and net carrying amounts of acquired intangible assets as of October 5, 2013, December 29, 2012 and October 6, 2012 are comprised of the following: | ||||||||||||||||||||
Acquired intangible assets | ||||||||||||||||||||
Subject to Amortization | Not Subject to Amortization | Total Intangible Assets | ||||||||||||||||||
Customer | Acquired Technology | Other | Trademark and | (excluding goodwill) | ||||||||||||||||
Relationships | Tradenames | |||||||||||||||||||
Gross: | ||||||||||||||||||||
Gross carrying amount at December 29, 2012 | $ | 9,800 | $ | 8,850 | $ | 885 | $ | 20,550 | $ | 40,085 | ||||||||||
Additions | 26,045 | — | 5,200 | — | 31,245 | |||||||||||||||
Gross carrying amount at October 5, 2013 | $ | 35,845 | $ | 8,850 | $ | 6,085 | $ | 20,550 | $ | 71,330 | ||||||||||
Gross carrying amount at December 31, 2011 | $ | 9,800 | $ | 7,750 | $ | 885 | $ | 20,550 | $ | 38,985 | ||||||||||
Additions | — | — | — | — | — | |||||||||||||||
Gross carrying amount at October 6, 2012 | $ | 9,800 | $ | 7,750 | $ | 885 | $ | 20,550 | $ | 38,985 | ||||||||||
Net: | ||||||||||||||||||||
Net book value at December 29, 2012 | $ | 2,658 | $ | 5,419 | $ | 218 | $ | 20,550 | $ | 28,845 | ||||||||||
Additions | 26,045 | — | 5,200 | — | 31,245 | |||||||||||||||
2013 amortization | (2,429 | ) | (2,269 | ) | (1,429 | ) | — | (6,127 | ) | |||||||||||
Net carrying amount at October 5, 2013 | $ | 26,274 | $ | 3,150 | $ | 3,989 | $ | 20,550 | $ | 53,963 | ||||||||||
Net book value at December 31, 2011 | $ | 3,618 | $ | 6,987 | $ | 225 | $ | 20,550 | $ | 31,380 | ||||||||||
Additions | — | — | — | — | — | |||||||||||||||
2012 amortization | (738 | ) | (1,987 | ) | (6 | ) | — | (2,731 | ) | |||||||||||
Net carrying amount at October 6, 2012 | $ | 2,880 | $ | 5,000 | $ | 219 | $ | 20,550 | $ | 28,649 | ||||||||||
Schedule of Expected Amortization Expense [Table Text Block] | ' | |||||||||||||||||||
The table below shows expected amortization expense for the next five years for acquired intangible assets recorded as of October 5, 2013: | ||||||||||||||||||||
Fiscal Year | Amount | |||||||||||||||||||
Remainder of 2013 | $ | 1,831 | ||||||||||||||||||
2014 | 7,175 | |||||||||||||||||||
2015 | 3,702 | |||||||||||||||||||
2016 | 2,677 | |||||||||||||||||||
2017 | 2,677 | |||||||||||||||||||
Thereafter | 15,351 | |||||||||||||||||||
Receivables_net_Tables
Receivables, net (Tables) | 9 Months Ended | |||||||||||||
Oct. 05, 2013 | ||||||||||||||
Receivables [Abstract] | ' | |||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||||||||
Receivables consist of the following: | ||||||||||||||
October 5, | December 29, | October 6, | ||||||||||||
2013 | 2012 | 2012 | ||||||||||||
Trade | $ | 149,670 | $ | 110,153 | $ | 90,571 | ||||||||
Vendor | 134,471 | 119,770 | 113,340 | |||||||||||
Other | 6,821 | 5,862 | 5,970 | |||||||||||
Total receivables | 290,962 | 235,785 | 209,881 | |||||||||||
Less: Allowance for doubtful accounts | (11,985 | ) | (5,919 | ) | (5,326 | ) | ||||||||
Receivables, net | $ | 278,977 | $ | 229,866 | $ | 204,555 | ||||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 9 Months Ended | |||||||||||
Oct. 05, 2013 | ||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||
Schedule of Debt [Table Text Block] | ' | |||||||||||
Long-term debt consists of the following: | ||||||||||||
October 5, | December 29, | October 6, | ||||||||||
2013 | 2012 | 2012 | ||||||||||
Revolving facility at variable interest rates (1.67%, 1.74% and 1.77% at October 5, 2013, December 29, 2012 and October 6, 2012, respectively) due May 27, 2016 | $ | — | $ | — | $ | — | ||||||
5.75% Senior Unsecured Notes (net of unamortized discount of $891, $975 and $999 at October 5, 2013, December 29, 2012 and October 6, 2012, respectively) due May 1, 2020 | 299,109 | 299,025 | 299,001 | |||||||||
4.50% Senior Unsecured Notes (net of unamortized discount of $82, $88 and $90 at October 5, 2013, December 29, 2012 and October 6, 2012, respectively) due January 15, 2022 | 299,918 | 299,912 | 299,910 | |||||||||
Other | 6,030 | 6,151 | 1,338 | |||||||||
605,057 | 605,088 | 600,249 | ||||||||||
Less: Current portion of long-term debt | (1,030 | ) | (627 | ) | (699 | ) | ||||||
Long-term debt, excluding current portion | $ | 604,027 | $ | 604,461 | $ | 599,550 | ||||||
Long-term Debt, Description | '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 ofB theB revolving balanceB areB permitted in whole or in part, at the Companybs option, in minimum principal amounts as specified in the revolving credit facility. The Facility matures on May 27, 2016.The Company has a $750,000 unsecured five-year revolving credit facility (the "Facility") with Stores serving as the borrower. The 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 ofB theB revolving balanceB areB permitted in whole or in part, at the Companybs option, in minimum principal amounts as specified in the revolving credit facility. The Facility matures on May 27, 2016. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Oct. 05, 2013 | ||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | ' | |||||||||||||||
The following table sets forth the Company’s financial liabilities that were measured at fair value on a recurring basis as of October 5, 2013, December 29, 2012 and October 6, 2012: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Fair Value | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
As of October 5, 2013 | ||||||||||||||||
Contingent consideration related to business acquisitions | $ | 12,939 | $ | — | $ | — | $ | 12,939 | ||||||||
As of December 29, 2012 | ||||||||||||||||
Contingent consideration related to business acquisitions | 16,999 | — | — | 16,999 | ||||||||||||
As of October 6, 2012 | ||||||||||||||||
Contingent consideration related to business acquisitions | $ | 23,021 | $ | — | $ | — | $ | 23,021 | ||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ' | |||||||||||||||
The carrying value and fair value of the Company's long-term debt as of October 5, 2013, December 29, 2012 and October 6, 2012, respectively, are as follows: | ||||||||||||||||
October 5, | December 29, | October 6, | ||||||||||||||
2013 | 2012 | 2012 | ||||||||||||||
Carrying Value | $ | 604,027 | $ | 604,461 | $ | 599,550 | ||||||||||
Fair Value | $ | 626,000 | $ | 655,000 | $ | 675,000 | ||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | |||||||||||||||
Oct. 05, 2013 | ||||||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||
The following table illustrates the computation of basic and diluted earnings per share for the twelve and forty week periods ended October 5, 2013 and October 6, 2012, respectively: | ||||||||||||||||
Twelve Weeks Ended | Forty Weeks Ended | |||||||||||||||
October 5, | October 6, | October 5, | October 6, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator | ||||||||||||||||
Net income applicable to common shares | $ | 103,830 | $ | 89,503 | $ | 342,491 | $ | 322,615 | ||||||||
Participating securities' share in earnings | (232 | ) | (203 | ) | (791 | ) | (760 | ) | ||||||||
Net income applicable to common shares | $ | 103,598 | $ | 89,300 | $ | 341,700 | $ | 321,855 | ||||||||
Denominator | ||||||||||||||||
Basic weighted average common shares | 72,747 | 73,166 | 72,981 | 73,052 | ||||||||||||
Dilutive impact of share-based awards | 381 | 826 | 482 | 1,055 | ||||||||||||
Diluted weighted average common shares | 73,128 | 73,992 | 73,463 | 74,107 | ||||||||||||
Basic earnings per common share | ||||||||||||||||
Net income applicable to common stockholders | $ | 1.42 | $ | 1.22 | $ | 4.68 | $ | 4.41 | ||||||||
Diluted earnings per common share | ||||||||||||||||
Net income applicable to common stockholders | $ | 1.42 | $ | 1.21 | $ | 4.65 | $ | 4.34 | ||||||||
Warranty_Liabilities_Tables
Warranty Liabilities (Tables) | 9 Months Ended | |||||||||||
Oct. 05, 2013 | ||||||||||||
Warranty Liabilities: [Abstract] | ' | |||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||||||||||
The following table presents changes in the Company’s warranty reserves: | ||||||||||||
October 5, | December 29, | October 6, | ||||||||||
2013 | 2012 | 2012 | ||||||||||
(40 weeks ended) | (52 weeks ended) | (40 weeks ended) | ||||||||||
Warranty reserve, beginning of period | $ | 38,425 | $ | 38,847 | $ | 38,847 | ||||||
Additions to warranty reserves | 31,280 | 40,766 | 29,332 | |||||||||
Reserves utilized | (31,148 | ) | (41,188 | ) | (30,983 | ) | ||||||
Warranty reserve, end of period | $ | 38,557 | $ | 38,425 | $ | 37,196 | ||||||
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 9 Months Ended | |||||||||||||||
Oct. 05, 2013 | ||||||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||
The following table summarizes financial information for each of the Company's business segments for the twelve and forty weeks ended October 5, 2013 and October 6, 2012, respectively. | ||||||||||||||||
Twelve Week Periods Ended | Forty Week Periods Ended | |||||||||||||||
October 5, | October 6, | October 5, | October 6, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net sales | ||||||||||||||||
AAP | $ | 1,441,695 | $ | 1,386,791 | $ | 4,830,293 | $ | 4,646,688 | ||||||||
AI | 81,694 | 74,538 | 266,356 | 241,146 | ||||||||||||
Eliminations (1) | (3,245 | ) | (3,802 | ) | (11,648 | ) | (12,032 | ) | ||||||||
Total net sales | $ | 1,520,144 | $ | 1,457,527 | $ | 5,085,001 | $ | 4,875,802 | ||||||||
Income before provision for income taxes | ||||||||||||||||
AAP | $ | 156,814 | $ | 140,141 | $ | 530,493 | $ | 508,137 | ||||||||
AI | 6,328 | 2,483 | 14,038 | 10,892 | ||||||||||||
Total income before provision for income taxes | $ | 163,142 | $ | 142,624 | $ | 544,531 | $ | 519,029 | ||||||||
Provision for income taxes | ||||||||||||||||
AAP | $ | 56,882 | $ | 52,155 | $ | 196,748 | $ | 192,069 | ||||||||
AI | 2,430 | 966 | 5,292 | 4,345 | ||||||||||||
Total provision for income taxes | $ | 59,312 | $ | 53,121 | $ | 202,040 | $ | 196,414 | ||||||||
October 5, | December 29, | October 6, | ||||||||||||||
2013 | 2012 | 2012 | ||||||||||||||
Segment assets | ||||||||||||||||
AAP | $ | 4,659,837 | $ | 4,352,686 | $ | 4,090,931 | ||||||||||
AI | 284,862 | 261,128 | 266,275 | |||||||||||||
Total segment assets | $ | 4,944,699 | $ | 4,613,814 | $ | 4,357,206 | ||||||||||
(1) | For the twelve weeks ended October 5, 2013, eliminations represented net sales of $2,128 from AAP to AI and $1,117 from AI to AAP. For the twelve weeks ended October 6, 2012, eliminations represented net sales of $2,504 from AAP to AI and $1,298 from AI to AAP. For the forty weeks ended October 5, 2013, eliminations represented net sales of $8,137 from AAP to AI and $3,511 from AI to AAP. For the forty weeks ended October 6, 2012, eliminations represented net sales of $7,695 from AAP to AI and $4,337 from AI to AAP. |
Inventories_net_Details
Inventories, net (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 |
Percentage of LIFO Inventory | 95.00% | 95.00% | 95.00% |
Inventory, LIFO Reserve, Effect on Income, Net | ($476) | $20,684 | ' |
Inventories at FIFO, net | 2,338,264 | 2,070,582 | 2,182,419 |
Adjustments to state inventories at LIFO | 125,714 | 122,787 | 126,190 |
Inventories at LIFO, net | $2,463,978 | $2,193,369 | $2,308,609 |
BWP_Distributors_Acquisition_D
BWP Distributors Acquisition (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 05, 2013 | Oct. 06, 2012 |
Accrued purchase price of business acquisition | ($1,074) | $0 |
Business acquisition, expected proceeds from sale of certain assets | 16,798 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 63,663 | ' |
Goodwill, Acquired During Period | 123,446 | 0 |
Cash and Cash Equivalents [Member] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 972 | ' |
Accounts Receivable [Member] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 22,615 | ' |
Inventories [Member] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 52,229 | ' |
Other Current Assets [Member] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 9,741 | ' |
Property, Plant and Equipment, Type [Domain] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 5,329 | ' |
Total intangible assets excluding goodwill [Member] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 31,600 | ' |
Other Assets [Member] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 2,253 | ' |
Accounts Payable [Member] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | -37,303 | ' |
Accrued Liabilities [Member] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | -11,843 | ' |
Other Liabilities [Member] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | -11,930 | ' |
BWP stores AAP will transfer the rights to distribute [Member] | ' | ' |
Number of Stores | 92 | ' |
BWP stores acquired by AAP in acquisition [Member] | ' | ' |
Number of Stores | 124 | ' |
B.W.P. Distributors, Inc. stores operated prior to acquisition [Member] | ' | ' |
Number of Stores | 216 | ' |
BWP [Member] | ' | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | 187,109 | ' |
AAP [Member] | ' | ' |
Goodwill, Acquired During Period | $123,446 | $0 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 | Dec. 31, 2011 |
Goodwill | $199,835 | $76,389 | $76,389 | $76,389 |
Goodwill, Acquired During Period | 123,446 | 0 | ' | ' |
Remainder of 2013 | 1,831 | ' | ' | ' |
2014 | 7,175 | ' | ' | ' |
2015 | 3,702 | ' | ' | ' |
2016 | 2,677 | ' | ' | ' |
2017 | 2,677 | ' | ' | ' |
Future Amortization Expense, after Year Five | 15,351 | ' | ' | ' |
AAP [Member] | ' | ' | ' | ' |
Goodwill | 181,541 | 58,095 | 58,095 | 58,095 |
Goodwill, Acquired During Period | 123,446 | 0 | ' | ' |
AI [Member] | ' | ' | ' | ' |
Goodwill | 18,294 | 18,294 | 18,294 | 18,294 |
Goodwill, Acquired During Period | 0 | 0 | ' | ' |
Total intangible assets excluding goodwill [Member] | ' | ' | ' | ' |
Payments to Acquire Intangible Assets | $31,245 | $0 | ' | ' |
Goodwill_and_Intangible_Asset_
Goodwill and Intangible Asset Rollforward (Details) (USD $) | Oct. 05, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Oct. 05, 2013 | Oct. 06, 2012 | Oct. 05, 2013 | Oct. 06, 2012 | Oct. 05, 2013 | Oct. 06, 2012 | Oct. 05, 2013 | Oct. 06, 2012 | Oct. 05, 2013 | Oct. 06, 2012 |
In Thousands, unless otherwise specified | Customer Relationships [Member] | Customer Relationships [Member] | Computer Software, Intangible Asset [Member] | Computer Software, Intangible Asset [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Trademarks [Member] | Trademarks [Member] | Total intangible assets excluding goodwill [Member] | Total intangible assets excluding goodwill [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets, gross (excluding goodwill) Period Start | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $40,085 | $38,985 |
Intangible Assets, Net (Excluding Goodwill) Period Start | 53,963 | 28,845 | 28,649 | ' | ' | ' | ' | ' | ' | ' | ' | 28,845 | 31,380 |
Indefinite-Lived Trademarks Period Start | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,550 | 20,550 | ' | ' |
Finite-Lived Intangible Assets, Gross Period Start | ' | ' | ' | 9,800 | 9,800 | 8,850 | 7,750 | 885 | 885 | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net Period Start | ' | ' | ' | 2,658 | 3,618 | 5,419 | 6,987 | 218 | 225 | ' | ' | ' | ' |
Payments to Acquire Intangible Assets | ' | ' | ' | 26,045 | 0 | 0 | 0 | 5,200 | 0 | 0 | 0 | 31,245 | 0 |
Finite-Lived Intangible Assets, Amortization Expense | ' | ' | ' | -2,429 | -738 | -2,269 | -1,987 | -1,429 | -6 | 0 | 0 | -6,127 | -2,731 |
Intangible Assets, gross (excluding goodwill) Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,330 | 38,985 |
Intangible Assets, Net (Excluding Goodwill) End of Period | 53,963 | 28,845 | 28,649 | ' | ' | ' | ' | ' | ' | ' | ' | 53,963 | 28,649 |
Indefinite-Lived Trademarks End of Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,550 | 20,550 | ' | ' |
Finite-Lived Intangible Assets, Gross End of Period | ' | ' | ' | 35,845 | 9,800 | 8,850 | 7,750 | 6,085 | 885 | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net End of Period | ' | ' | ' | $26,274 | $2,880 | $3,150 | $5,000 | $3,989 | $219 | ' | ' | ' | ' |
Receivables_net_Details
Receivables, net (Details) (USD $) | Oct. 05, 2013 | Dec. 29, 2012 | Oct. 06, 2012 |
In Thousands, unless otherwise specified | |||
Trade | $149,670 | $110,153 | $90,571 |
Vendor | 134,471 | 119,770 | 113,340 |
Account Receivable, Other | 6,821 | 5,862 | 5,970 |
Total receivables | 290,962 | 235,785 | 209,881 |
Less: Allowance for doubtful accounts | -11,985 | -5,919 | -5,326 |
Receivables, net | $278,977 | $229,866 | $204,555 |
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | 9 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Oct. 05, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Oct. 05, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Oct. 05, 2013 | Jan. 11, 2012 | Oct. 05, 2013 | Apr. 26, 2010 |
5.75% senior unsecured notes [Member] | 5.75% senior unsecured notes [Member] | 5.75% senior unsecured notes [Member] | 4.50% senior unsecured notes [Member] | 4.50% senior unsecured notes [Member] | 4.50% senior unsecured notes [Member] | 4.50% senior unsecured notes [Member] | 4.50% senior unsecured notes [Member] | 5.75% senior unsecured notes [Member] | 5.75% senior unsecured notes [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.67% | 1.74% | 1.77% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes, Noncurrent | ' | ' | ' | 299,109 | 299,025 | 299,001 | 299,918 | 299,912 | 299,910 | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | ' | 891 | 975 | 999 | 82 | 88 | 90 | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | 5.75% | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.97% | ' | 99.59% |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | 300,000 |
Other Long-term Debt | 6,030 | 6,151 | 1,338 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 605,057 | 605,088 | 600,249 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Current Maturities | -1,030 | -627 | -699 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 604,027 | 604,461 | 599,550 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | 87,660 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 662,340 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, letter of credit sub-limit | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, swingline sub-limit | $50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of debt instrument principal amount redeemable upon change in control | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 |
Contingent payment accrued on acquisition | ($4,726) | ($4,755) | ' |
Long-term Debt, Excluding Current Maturities | 604,027 | 599,550 | 604,461 |
Long-term Debt, Fair Value | $626,000 | $675,000 | $655,000 |
Fair_Value_Table_Details
Fair Value Table (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $4,726 | $4,755 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Business Combination, Acquisition Related Costs | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Business Combination, Acquisition Related Costs | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Business Combination, Acquisition Related Costs | $12,939 | $23,021 | $16,999 |
Stock_Repurchase_Program_Detai
Stock Repurchase Program (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 05, 2013 | Jul. 14, 2012 | Oct. 05, 2013 | Oct. 06, 2012 |
Treasury Stock, Value, Acquired, Cost Method | ' | ' | ($78,637) | ($25,193) |
Five Hundred Million Stock Repurchase Plan Authorized May 14, 2012 [Member] | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | 500,000 | ' |
Net Settlement of Shares Issued as a Result of the Vesting of Restricted Stock [Member] | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | 1 | 2 | 17 | 66 |
Treasury Stock, Value, Acquired, Cost Method | 68 | 151 | 1,344 | 5,604 |
Treasury Stock Acquired, Average Cost Per Share | $81.85 | $72.85 | $77.80 | $84.61 |
Five Hundred Million Stock Repurchase Plan approved May 14, 2012 [Member] [Member] | ' | ' | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | 415,092 | ' |
Stock Repurchase Plan (current year shares) [Member] | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | 35 | 0 | 998 | 257 |
Treasury Stock, Value, Acquired, Cost Method | 2,782 | 0 | 77,293 | 19,589 |
Treasury Stock Acquired, Average Cost Per Share | $79.94 | $0 | $77.47 | $76.18 |
Treasury Stock [Member] | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | ' | ' | 1,015 | 323 |
Treasury Stock, Value, Acquired, Cost Method | ' | ' | ($78,637) | ($25,193) |
Treasury Stock, Shares, Retired | ' | ' | ' | -33,738 |
Common Stock [Member] | ' | ' | ' | ' |
Treasury Stock, Shares, Retired | ' | ' | ' | -33,738 |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 05, 2013 | Oct. 06, 2012 | Oct. 05, 2013 | Oct. 06, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income applicable to common shares | $103,830 | $89,503 | $342,491 | $322,615 |
Participating securities' share in earnings | -232 | -203 | -791 | -760 |
Net income applicable to common shares | $103,598 | $89,300 | $341,700 | $321,855 |
Basic weighted average common shares | 72,747 | 73,166 | 72,981 | 73,052 |
Dilutive impact of share-based awards | 381 | 826 | 482 | 1,055 |
Diluted weighted average common shares | 73,128 | 73,992 | 73,463 | 74,107 |
Net income applicable to common stockholders | $1.42 | $1.22 | $4.68 | $4.41 |
Net income applicable to common stockholders | $1.42 | $1.21 | $4.65 | $4.34 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 54 | 187 | 52 | 213 |
Warranty_Liabilities_Details
Warranty Liabilities (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 |
Warranty reserve, beginning of period | $38,425 | $38,847 | $38,847 |
Additions to warranty reserves | 31,280 | 29,332 | 40,766 |
Reserves utilized | -31,148 | -30,983 | -41,188 |
Warranty reserve, end of period | $38,557 | $37,196 | $38,425 |
Segment_and_Related_Informatio2
Segment and Related Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 05, 2013 | Oct. 06, 2012 | Oct. 05, 2013 | Oct. 06, 2012 | Dec. 29, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue, Net | $1,520,144 | $1,457,527 | $5,085,001 | $4,875,802 | ' |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 163,142 | 142,624 | 544,531 | 519,029 | ' |
Income Tax Expense (Benefit) | 59,312 | 53,121 | 202,040 | 196,414 | ' |
Segment Reporting Information, Net Assets | 4,944,699 | 4,357,206 | 4,944,699 | 4,357,206 | 4,613,814 |
Interecompany eliminations - AAP to AI [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment | -2,128 | -2,504 | -8,137 | -7,695 | ' |
Interecompany elimination - AI to AAP [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment | -1,117 | -1,298 | -3,511 | -4,337 | ' |
Intersegment Elimination [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment | -3,245 | -3,802 | -11,648 | -12,032 | ' |
AAP [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment | 1,441,695 | 1,386,791 | 4,830,293 | 4,646,688 | ' |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 156,814 | 140,141 | 530,493 | 508,137 | ' |
Income Tax Expense (Benefit) | 56,882 | 52,155 | 196,748 | 192,069 | ' |
Segment Reporting Information, Net Assets | 4,659,837 | 4,090,931 | 4,659,837 | 4,090,931 | 4,352,686 |
AI [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment | 81,694 | 74,538 | 266,356 | 241,146 | ' |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 6,328 | 2,483 | 14,038 | 10,892 | ' |
Income Tax Expense (Benefit) | 2,430 | 966 | 5,292 | 4,345 | ' |
Segment Reporting Information, Net Assets | 284,862 | 266,275 | 284,862 | 266,275 | 261,128 |
Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment Reporting Information, Net Assets | $4,944,699 | $4,357,206 | $4,944,699 | $4,357,206 | $4,613,814 |
AAP [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Number of Stores | 3,796 | ' | 3,796 | ' | ' |
AI [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Number of Stores | 222 | ' | 222 | ' | ' |
Subsequent_Event_Details
Subsequent Event (Details) (GPI [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Oct. 05, 2013 |
GPI [Member] | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | $2,040,000 |
Business Combination, Acquisition Related Costs | $5,114 |