Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 29, 2012 | Feb. 20, 2014 | Jul. 12, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
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-K | ' | ' |
Document Period End Date | 28-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 72,926,574 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'No | ' | ' |
Entity Public Float | ' | ' | $5,984,488,886 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $1,112,471 | $598,111 |
Receivables, net | 277,595 | 229,866 |
Inventories, net | 2,556,557 | 2,308,609 |
Other current assets | 42,761 | 47,614 |
Total current assets | 3,989,384 | 3,184,200 |
Property and equipment, net of accumulated depreciation | 1,283,970 | 1,291,759 |
Assets held for sale | 2,064 | 788 |
Goodwill | 199,835 | 76,389 |
Intangible assets, net | 49,872 | 28,845 |
Other assets, net | 39,649 | 31,833 |
Assets, Total | 5,564,774 | 4,613,814 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 916 | 627 |
Accounts payable | 2,180,614 | 2,029,814 |
Accrued expenses | 428,625 | 379,639 |
Other current liabilities | 154,630 | 149,558 |
Total current liabilities | 2,764,785 | 2,559,638 |
Long-term debt | 1,052,668 | 604,461 |
Other long-term liabilities | 231,116 | 239,021 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' |
Preferred stock, nonvoting, $0.0001 par value | 0 | 0 |
Common stock, voting, $0.0001 par value | 7 | 7 |
Additional paid-in capital | 531,293 | 520,215 |
Treasury stock, at cost | -107,890 | -27,095 |
Accumulated other comprehensive income (loss) | 3,683 | 2,667 |
Retained earnings | 1,089,112 | 714,900 |
Total stockholders' equity | 1,516,205 | 1,210,694 |
Liabilities and Stockholders' Equity, Total | $5,564,774 | $4,613,814 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Assets | ' | ' |
Accumulated depreciation | $1,255,474 | $1,102,147 |
Stockholders' equity: | ' | ' |
Preferred stock, non-voting, par value | $0.00 | $0.00 |
Common stock, voting, par value | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 10,000 | 10,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Shares Authorized | 200,000 | 200,000 |
Common Stock, Shares, Issued | 74,224 | 73,731 |
Common Stock, Shares, Outstanding | 72,840 | 73,383 |
Treasury Stock, Shares | 1,384 | 348 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Net sales | $6,493,814 | $6,205,003 | $6,170,462 |
Cost of sales, including purchasing and warehousing costs | 3,241,668 | 3,106,967 | 3,101,172 |
Gross profit | 3,252,146 | 3,098,036 | 3,069,290 |
Selling, general and administrative expenses | 2,591,828 | 2,440,721 | 2,404,648 |
Operating income | 660,318 | 657,315 | 664,642 |
Interest expense | -36,618 | -33,841 | -30,949 |
Other income, net | 2,698 | 600 | -457 |
Total other, net | -33,920 | -33,241 | -31,406 |
Income before provision for income taxes | 626,398 | 624,074 | 633,236 |
Provision for income taxes | 234,640 | 236,404 | 238,554 |
Net income | $391,758 | $387,670 | $394,682 |
Basic earnings per share | $5.36 | $5.29 | $5.21 |
Diluted earnings per share | $5.32 | $5.22 | $5.11 |
Dividends declared per common share | $0.24 | $0.24 | $0.24 |
Average common shares outstanding | 72,930 | 73,091 | 75,620 |
Average common shares outstanding - assuming dilution | 73,414 | 74,062 | 77,071 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Apr. 20, 2013 | Apr. 21, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Net income | $49,267 | $103,830 | $116,871 | $65,055 | $89,503 | $99,606 | $121,790 | $133,506 | $391,758 | $387,670 | $394,682 |
Changes in net unrecognized other postretirement benefit costs, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -438 | -391 | -152 |
Defined Benefit Plan, Plan Amendments | ' | ' | ' | ' | ' | ' | ' | ' | 1,454 | 0 | 0 |
Unrealized gain (loss) on hedge arrangements, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 254 | -254 |
Amortization of unrecognized losses on interest rate swaps, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 4,807 |
Total other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,016 | -137 | 4,401 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $392,774 | $387,533 | $399,083 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Changes in net unrecognized other postretirement benefit costs, tax | $503 | $252 | $98 |
defined benefit plan, plan amendment, tax | 904 | 0 | 0 |
Unrealized gain (loss) on hedge arrangement, tax | 0 | 163 | 163 |
Amortization of unrecognized losses on interest rate swaps, tax | $0 | $0 | $3,644 |
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 Jan. 01, 2011 | $1,039,374 | $0 | $11 | $456,645 | ($1,028,612) | ($1,597) | $1,612,927 |
Balance (in shares) at Jan. 01, 2011 | ' | 0 | 105,682 | ' | 23,726 | ' | ' |
Net income | 394,682 | ' | ' | ' | ' | ' | 394,682 |
Total other comprehensive income (loss), net of tax | 4,401 | ' | ' | ' | ' | 4,401 | ' |
Issuance of shares upon the execise of stock options | 18,741 | ' | ' | 18,741 | ' | ' | ' |
Issuance of shares upon the execise of stock options (in shares) | ' | ' | 739 | ' | ' | ' | ' |
Tax withholdings related to the exercise of stock appreciation rights | -6,582 | ' | ' | -6,582 | ' | ' | ' |
Tax benefit from share-based compensation | 9,565 | ' | ' | 9,565 | ' | ' | ' |
Issuance of restricted stock, net of forfeitures | 0 | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock, net of forfeitures (in shares) | ' | ' | 78 | ' | ' | ' | ' |
Amortization of restricted stock balance | 8,023 | ' | ' | 8,023 | ' | ' | ' |
Share-based compensation | 11,530 | ' | ' | 11,530 | ' | ' | ' |
Stock issued under employee stock purchase plan | 2,234 | ' | ' | 2,234 | ' | ' | ' |
Stock issued under employee stock purchase plan (in shares) | 38 | ' | 38 | ' | ' | ' | ' |
Treasury stock purchased | -616,155 | ' | ' | ' | -616,155 | ' | ' |
Treasury stock purchased (in shares) | ' | ' | ' | ' | 10,012 | ' | ' |
Cash dividends | -17,980 | ' | ' | ' | ' | ' | -17,980 |
Other | 81 | ' | ' | 81 | ' | ' | ' |
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 | 387,670 | ' | ' | ' | ' | ' | 387,670 |
Total other comprehensive income (loss), net of tax | -137 | ' | ' | ' | ' | -137 | ' |
Issuance of shares upon the execise of stock options | 5,720 | ' | ' | 5,720 | ' | ' | ' |
Issuance of shares upon the execise of stock options (in shares) | ' | ' | 900 | ' | ' | ' | ' |
Tax withholdings related to the exercise of stock appreciation rights | -26,677 | ' | ' | -26,677 | ' | ' | ' |
Tax benefit from share-based compensation | 22,924 | ' | ' | 22,924 | ' | ' | ' |
Issuance of restricted stock, net of forfeitures | 0 | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock, net of forfeitures (in shares) | ' | ' | -2 | ' | ' | ' | ' |
Amortization of restricted stock balance | 6,220 | ' | ' | 6,220 | ' | ' | ' |
Share-based compensation | 9,016 | ' | ' | 9,016 | ' | ' | ' |
Stock issued under employee stock purchase plan | 2,266 | ' | ' | 2,266 | ' | ' | ' |
Stock issued under employee stock purchase plan (in shares) | 34 | ' | 34 | ' | ' | ' | ' |
Treasury stock purchased | -27,095 | ' | ' | ' | -27,095 | ' | ' |
Treasury stock purchased (in shares) | ' | ' | ' | ' | 348 | ' | ' |
Treasury stock retired | 0 | ' | -4 | ' | 1,644,767 | ' | -1,644,763 |
Treasury Stock, Shares, Retired | ' | ' | -33,738 | ' | -33,738 | ' | ' |
Cash dividends | -17,636 | ' | ' | ' | ' | ' | -17,636 |
Other | 509 | ' | ' | 509 | ' | ' | ' |
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 | 73,383 | 0 | 73,731 | ' | 348 | ' | ' |
Net income | 391,758 | ' | ' | ' | ' | ' | 391,758 |
Total other comprehensive income (loss), net of tax | 1,016 | ' | ' | ' | ' | 1,016 | ' |
Issuance of shares upon the execise of stock options | 1,903 | ' | ' | 1,903 | ' | ' | ' |
Issuance of shares upon the execise of stock options (in shares) | ' | ' | 480 | ' | ' | ' | ' |
Tax withholdings related to the exercise of stock appreciation rights | -21,856 | ' | ' | -21,856 | ' | ' | ' |
Tax benefit from share-based compensation | 16,132 | ' | ' | 16,132 | ' | ' | ' |
Issuance of restricted stock, net of forfeitures | 0 | ' | ' | ' | ' | ' | ' |
Issuance of restricted stock, net of forfeitures (in shares) | ' | ' | -10 | ' | ' | ' | ' |
Amortization of restricted stock balance | 7,889 | ' | ' | 7,889 | ' | ' | ' |
Share-based compensation | 5,302 | ' | ' | 5,302 | ' | ' | ' |
Stock issued under employee stock purchase plan | 1,679 | ' | ' | 1,679 | ' | ' | ' |
Stock issued under employee stock purchase plan (in shares) | 23 | ' | 23 | ' | ' | ' | ' |
Treasury stock purchased | -80,795 | ' | ' | ' | -80,795 | ' | ' |
Treasury stock purchased (in shares) | ' | ' | ' | ' | 1,036 | ' | ' |
Cash dividends | -17,546 | ' | ' | ' | ' | ' | -17,546 |
Other | 29 | ' | ' | 29 | ' | ' | ' |
Balance at Dec. 28, 2013 | $1,516,205 | $0 | $7 | $531,293 | ($107,890) | $3,683 | $1,089,112 |
Balance (in shares) at Dec. 28, 2013 | 72,840 | 0 | 74,224 | ' | 1,384 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Dividends declared per common share | $0.24 | $0.24 | $0.24 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $391,758 | $387,670 | $394,682 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 207,795 | 189,544 | 175,949 |
Share-based compensation | 13,191 | 15,236 | 19,553 |
Loss on property and equipment, net | 1,599 | 2,699 | 5,228 |
Other | 1,679 | 1,582 | 1,098 |
Provision for deferred income taxes | -2,237 | 26,893 | 53,037 |
Excess tax benefit from share-based compensation | -16,320 | -23,099 | -9,663 |
Increase Decrease in Operating Capital | ' | ' | ' |
Receivables, net | -32,428 | -89,482 | -15,372 |
Inventories, net | -203,513 | -260,298 | -179,288 |
Other assets | 11,011 | 8,213 | 23,073 |
Accounts payable | 113,497 | 376,631 | 360,678 |
Accrued expenses | 63,346 | 40,936 | -15,901 |
Other liabilities | -4,128 | 8,756 | 15,775 |
Net cash provided by operating activities | 545,250 | 685,281 | 828,849 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of property and equipment | -195,757 | -271,182 | -268,129 |
Payments to Acquire Businesses, Gross | -186,137 | -8,369 | -23,133 |
Sale of certain assets of acquired business | 19,042 | 0 | 0 |
Proceeds from sales of property and equipment | 745 | 6,573 | 1,288 |
Net cash used in investing activities | -362,107 | -272,978 | -289,974 |
Cash flows from financing activities: | ' | ' | ' |
(Decrease) increase in bank overdrafts | -2,926 | -7,459 | 6,625 |
Decrease in financed vendor accounts payable | 0 | 0 | -31,648 |
Issuance of senior unsecured notes | 448,605 | 299,904 | 0 |
Payment of debt related costs | -8,815 | -2,942 | -3,656 |
Borrowings under credit facilities | 0 | 58,500 | 1,435,200 |
Payments on credit facilities | 0 | -173,500 | -1,320,200 |
Dividends paid | -17,574 | -17,596 | -18,554 |
Proceeds from the issuance of common stock, primarily exercise of stock options | 3,611 | 8,495 | 21,056 |
Tax withholdings related to the exercise of stock appreciation rights | -21,856 | -26,677 | -6,582 |
Excess tax benefit from share-based compensation | 16,320 | 23,099 | 9,663 |
Repurchase of common stock | -80,795 | -27,095 | -631,149 |
Contingent payment accrued on acquisitions | 4,726 | 10,911 | 0 |
Other | -627 | 4,089 | -938 |
Net cash provided by (used in) financing activities | 331,217 | 127,907 | -540,183 |
Net increase (decrease) in cash and cash equivalents | 514,360 | 540,210 | -1,308 |
Cash and cash equivalents, beginning of period | 598,111 | 57,901 | 59,209 |
Cash and cash equivalents, end of period | 1,112,471 | 598,111 | 57,901 |
Supplemental cash flow information: | ' | ' | ' |
Interest paid | 34,735 | 27,250 | 35,030 |
Income tax payments | 219,424 | 162,677 | 170,541 |
Non-cash transactions: | ' | ' | ' |
Accrued purchases of property and equipment | 20,714 | 26,142 | 35,648 |
Retirement of common stock | 0 | 1,644,767 | 0 |
Contingent consideration accrued on acquisitions | 0 | 0 | 27,776 |
Changes in other comprehensive income | 1,016 | -137 | 4,401 |
Declared but unpaid cash dividends | $4,368 | $4,396 | $4,356 |
Organization_and_Description_o
Organization and Description of Business | 12 Months Ended |
Dec. 28, 2013 | |
Notes to Financial Statements [Abstract] | ' |
Organization and Description of Business | ' |
Organization and Description of Business: | |
Advance Auto Parts, Inc. (“Advance”) conducts all of its operations through its wholly owned subsidiary, Advance Stores Company, Incorporated (“Stores”), and its subsidiaries (collectively, the “Company”), all of which are 100% owned. The Company operated 4,049 stores as of December 28, 2013. The Company operated 3,832 stores throughout 39 states in the Northeastern, Southeastern and Midwestern (inclusive of South Central) regions of the United States, Puerto Rico and the Virgin Islands. These stores operated under the “Advance Auto Parts” trade name except for certain stores in the State of Florida which operate under the “Advance Discount Auto Parts” trade name. 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 to do-it-yourself, or DIY, and do-it-for-me, or Commercial, customers. The Company offers delivery service to its Commercial customers’ places of business, including independent garages, service stations and auto dealers, utilizing a fleet of vehicles to deliver product from its 3,485 store locations with delivery service. Autopart International (“AI”), a subsidiary of Stores, operates 217 stores under the “Autopart International” trade name located primarily throughout the Northeastern, Mid-Atlantic and Southeastern regions of the United States. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
Summary of Significant Accounting Policies: | ||||||||||||
Accounting Period | ||||||||||||
The Company’s fiscal year ends on the Saturday nearest the end of December, which results in an extra week every several years (the next 53 week fiscal year is 2014). | ||||||||||||
Principles of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of Advance and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||
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. | ||||||||||||
Cash, Cash Equivalents and Bank Overdrafts | ||||||||||||
Cash and cash equivalents consist of cash in banks and money market funds with original maturities of three months or less. Included in cash equivalents are credit card and debit card receivables from banks, which generally settle within two to four business days. Credit and debit card receivables included in Cash and cash equivalents as of December 28, 2013 and December 29, 2012 were $28,828 and $26,738, respectively. Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right of offset. Bank overdrafts of $5,796 and $8,722 are included in Other current liabilities as of December 28, 2013 and December 29, 2012, respectively. | ||||||||||||
Receivables | ||||||||||||
Receivables, net consist primarily of receivables from Commercial customers and vendors. The Company grants credit to certain Commercial customers who meet the Company’s pre-established credit requirements. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of the Company’s Commercial customers to make required payments. The Company considers the following factors when determining if collection is reasonably assured: customer creditworthiness, past transaction history with the customer, current economic and industry trends and changes in customer payment terms. Concentrations of credit risk with respect to these receivables are limited because the Company’s customer base consists of a large number of small customers, spreading the credit risk across a broad base. The Company also controls this credit risk through credit approvals, credit limits and accounts receivable and credit monitoring procedures. | ||||||||||||
The Company’s vendor receivables are established as it receives concessions from its vendors through a variety of programs and arrangements, including allowances for new stores and warranties, volume purchase rebates and co-operative advertising. Amounts receivable from vendors also include amounts due to the Company for changeover merchandise and product returns. The Company regularly reviews vendor receivables for collectability and assesses the need for a reserve for uncollectable amounts based on an evaluation of the Company’s vendors’ financial positions and corresponding abilities to meet financial obligations. The Company’s allowance for doubtful accounts related to vendor receivables is not significant. | ||||||||||||
Inventory | ||||||||||||
Inventory amounts are stated at the lower of cost or market. The cost of the Company’s merchandise inventory is determined using the last-in, first-out (“LIFO”) method. Under the LIFO method, the Company’s cost of sales reflects the costs of the most recently purchased inventories, while the inventory carrying balance represents the costs relating to prices paid in prior years. | ||||||||||||
Vendor Incentives | ||||||||||||
The Company receives incentives in the form of reductions to amounts owed and/or payments from vendors related to cooperative advertising allowances, volume rebates and other promotional considerations. Many of these incentives are under long-term agreements (terms in excess of one year), while others are negotiated on an annual basis or less (short-term). Volume rebates and cooperative advertising allowances not offsetting in selling, general and administrative expenses, or SG&A, are earned based on inventory purchases and initially recorded as a reduction to inventory. These deferred amounts are included as a reduction to cost of sales as the inventory is sold. Cooperative advertising allowances provided as a reimbursement of specific, incremental and identifiable costs incurred to promote a vendor’s products are included as an offset to SG&A when the cost is incurred. Total deferred vendor incentives included as a reduction of Inventory was $111,304 and $102,975 as of December 28, 2013 and December 29, 2012, respectively. | ||||||||||||
Similarly, the Company recognizes other promotional incentives earned under long-term agreements not specifically related to volume of purchases as a reduction to cost of sales. However, these incentives are not deferred as a reduction of inventory and are recognized based on the cumulative net purchases as a percentage of total estimated net purchases over the life of the agreement. Short-term incentives (terms less than one year) are generally recognized as a reduction to cost of sales over the duration of any short-term agreements. | ||||||||||||
Amounts received or receivable from vendors that are not yet earned are reflected as deferred revenue in the accompanying consolidated balance sheets. Management’s estimate of the portion of deferred revenue that will be realized within one year of the balance sheet date has been included in Other current liabilities in the accompanying consolidated balance sheets. Earned amounts that are receivable from vendors are included in Receivables, net except for that portion expected to be received after one year, which is included in Other assets, net on the accompanying consolidated balance sheets. | ||||||||||||
Advertising Costs | ||||||||||||
The Company expenses advertising costs as incurred. Advertising expense, net of vendor promotional funds, was $69,116, $83,871 and $84,656 in Fiscal 2013, 2012 and 2011, respectively. Vendor promotional funds, which reduced advertising expense, amounted to $18,622 and $11,445 in Fiscal 2013 and 2012. Prior to Fiscal 2011, the Company received no vendor promotional funds to reduce advertising expense. | ||||||||||||
Preopening Expenses | ||||||||||||
Preopening expenses, which consist primarily of payroll and occupancy costs related to the opening of new stores, are expensed as incurred. | ||||||||||||
Income Taxes | ||||||||||||
The Company accounts for income taxes under the asset and liability method which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under the asset and liability method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period of the enactment date. | ||||||||||||
The Company recognizes tax benefits and/or tax liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the Company must determine the probability of various possible outcomes. | ||||||||||||
The Company reevaluates these uncertain tax positions on a quarterly basis or when new information becomes available to management. The reevaluations are based on many factors, including but not limited to, changes in facts or circumstances, changes in tax law, successfully settled issues under audit, expirations due to statutes of limitations, and new federal or state audit activity. Any change in either the Company’s recognition or measurement could result in the recognition of a tax benefit or an increase to the tax accrual. | ||||||||||||
The Company also follows guidance provided on other items relevant to the accounting for income taxes throughout the year, as applicable, including derecognition of benefits, classification, interest and penalties, accounting in interim periods, disclosure and transition. Refer to Note 15, Income Taxes, for a further discussion of income taxes. | ||||||||||||
Self-Insurance | ||||||||||||
The Company is self-insured for general and automobile liability, workers’ compensation and health care claims of its employees, or Team Members, while maintaining stop-loss coverage with third-party insurers to limit its total liability exposure. Expenses associated with these liabilities are calculated for (i) claims filed, (ii) claims incurred but not yet reported and (iii) projected future claims using actuarial methods followed in the insurance industry as well as the Company’s historical claims experience. The Company includes the current and long-term portions of its self-insurance reserve in Accrued expenses and Other long-term liabilities, respectively. | ||||||||||||
The following table presents changes in the Company’s total self-insurance reserves: | ||||||||||||
December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||||
Self-insurance reserves, beginning of period | $ | 94,548 | $ | 98,944 | $ | 97,070 | ||||||
Additions to self-insurance reserves | 120,782 | 105,670 | 105,379 | |||||||||
Acquired reserves | 4,195 | — | — | |||||||||
Reserves utilized | (121,050 | ) | (110,066 | ) | (103,505 | ) | ||||||
Self-insurance reserves, end of period | $ | 98,475 | $ | 94,548 | $ | 98,944 | ||||||
Warranty Liabilities | ||||||||||||
The warranty obligation on the majority of merchandise sold by the Company with a manufacturer's warranty is the responsibility of the Company’s vendors. However, the Company has an obligation to provide customers free replacement of certain merchandise or merchandise at a prorated cost if under a warranty and not covered by the manufacturer. Merchandise sold with warranty coverage by the Company primarily includes batteries but may also include other parts such as brakes and shocks. The Company estimates its warranty obligation at the time of sale based on the historical return experience, sales level and cost of the respective product sold. To the extent vendors provide upfront allowances in lieu of accepting the obligation for warranty claims and the allowance is in excess of the related warranty expense, the excess is recorded as a reduction to cost of sales. | ||||||||||||
Revenue Recognition | ||||||||||||
The Company recognizes revenue at the time the sale is made, at which time the Company’s walk-in customers take immediate possession of the merchandise or same-day delivery is made to the Company’s commercial delivery customers. For e-commerce sales, revenue is recognized either at the time of pick-up at one of the Company’s store locations or at the time of shipment depending on the customer’s order designation. Sales are recorded net of discounts, sales taxes and estimated allowances. The Company estimates returns based on current sales levels and the Company’s historical return experience. The Company’s reserve for sales returns and allowances was not material as of December 28, 2013 and December 29, 2012. | ||||||||||||
Share-Based Payments | ||||||||||||
The Company provides share-based compensation to its Team Members and board of directors. The Company is required to exercise judgment and make estimates when determining the projected (i) fair value of each award granted and (ii) number of awards expected to vest. The Company calculates the fair value of all share-based awards at the date of grant and uses the straight-line method to amortize this fair value as compensation cost over the requisite service period. | ||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||
The Company’s 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 criteria for designating a derivative as a hedge include the assessment of the instrument’s effectiveness in risk reduction, matching of the derivative instrument to its underlying transaction and the probability that the underlying transaction will occur. For derivatives with cash flow hedge designation, the Company reports the after-tax gain or loss from the effective portion of the hedge as a component of Accumulated other income (loss) and reclassifies it into earnings in the same period or periods in which the hedged transaction affects earnings, and within the same income statement line item as the impact of the hedged transaction. For derivatives with fair value hedge accounting designation, the Company would recognize gains or losses from the change in the fair value of these derivatives, as well as the offsetting change in the fair value of the underlying hedged item, in earnings. The Company had no derivative instruments outstanding as of December 28, 2013 and December 29, 2012. | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
The purpose of reporting Accumulated other comprehensive income (loss) is to report a measure of all changes in equity of an enterprise that result from transactions and other economic events of the period. The changes in accumulated other comprehensive income refer to revenues, expenses, gains, and losses that are included in other comprehensive income but excluded from net income. | ||||||||||||
The Company’s Accumulated other comprehensive income (loss) is comprised of the unamortized portion of the previously recorded unrecognized gains or loss on interest rate swaps and forward treasury rate locks and the net unrealized gain associated with the Company’s postretirement benefit plan. | ||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||
Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations accounted for under the purchase method. The Company tests goodwill and indefinite-lived intangible assets for impairment annually as of the first day of the fiscal fourth quarter, or when indications of potential impairment exist. These indicators would include a significant change in operating performance, the business climate, legal factors, competition, or a planned sale or disposition of a significant portion of the business, among other factors. | ||||||||||||
Valuation of Long-Lived Assets | ||||||||||||
The Company evaluates the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable and exceeds its fair value. | ||||||||||||
Significant factors, which would trigger an impairment review, include the following: | ||||||||||||
• | Significant decrease in the market price of a long-lived asset (asset group); | |||||||||||
• | Significant changes in how assets are used or are planned to be used; | |||||||||||
• | Significant adverse change in legal factors or business climate, including adverse regulatory action; | |||||||||||
• | Significant negative industry trends; | |||||||||||
• | An accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset (asset group); | |||||||||||
• | Significant changes in technology; | |||||||||||
• | A current-period operating or cash flow loss combined with a history of operating or cash flow losses, or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset (asset group); or | |||||||||||
• | A current expectation that, more likely than not, a long-lived asset (asset group) will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. | |||||||||||
When such an event occurs, the Company estimates the undiscounted future cash flows expected to result from the use of the long-lived asset (asset group) and its eventual disposition. These impairment evaluations involve estimates of asset useful lives and future cash flows. If the undiscounted expected future cash flows are less than the carrying amount of the asset and the carrying amount of the asset exceeds its fair value, an impairment loss is recognized. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value based on quoted market prices or other valuation techniques (e.g., discounted cash flow analysis). There were no material impairment losses in the three years ended December 28, 2013. | ||||||||||||
Earnings per Share | ||||||||||||
The Company uses the two-class method to calculate earnings per share. Under the two-class method, unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are considered participating securities and are included in the computation of earnings per share. Certain of the Company’s shares granted to Team Members in the form of restricted stock and restricted stock units are considered participating securities. | ||||||||||||
Accordingly, earnings per share is computed by dividing net income attributable to the Company’s common shareholders by the weighted-average common shares outstanding during the period. The two-class method is an earnings allocation formula that determines income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Diluted income per common share reflects the more dilutive earnings per share amount calculated using the treasury stock method or the two-class method. | ||||||||||||
Basic earnings per share of common stock has been computed based on the weighted-average number of common shares outstanding during the period, which is reduced by stock held in treasury and shares of nonvested restricted stock. Diluted earnings per share of common stock reflects 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”). Share-based awards containing performance conditions are included in the dilution impact as those conditions are met. Diluted earnings per share are calculated by including the effect of dilutive securities. | ||||||||||||
Lease Accounting | ||||||||||||
The Company leases certain store locations, distribution centers, office space, equipment and vehicles. Initial terms for facility leases are typically 10 to 15 years, with renewal options at five year intervals, and may include rent escalation clauses. The total amount of the minimum rent is expensed on a straight-line basis over the initial term of the lease unless external economic factors exist or become existent such that renewals are reasonably assured, in which case the Company would include the renewal period in its amortization period. In those instances, the renewal period would be included in the lease term for purposes of establishing an amortization period and determining if such lease qualified as a capital or operating lease. In addition to minimum fixed rental payments, some leases provide for contingent facility rentals. Differences between the calculated rent expense and cash payments are recorded as a liability within the Accrued expenses and Other long-term liabilities captions in the accompanying consolidated balance sheets, based on the terms of the lease. Deferred rent was $50,638 and $45,791 as of December 28, 2013 and December 29, 2012, respectively. Contingent facility rentals are determined on the basis of a percentage of sales in excess of stipulated minimums for certain store facilities as defined in the individual lease agreements. Most of the leases provide that the Company pay taxes, maintenance, insurance and certain other expenses applicable to the leased premises. Management expects that in the normal course of business leases that expire will be renewed or replaced by other leases. | ||||||||||||
Property and Equipment | ||||||||||||
Property and equipment are stated at cost, less accumulated depreciation, or at fair value if acquired through a business combination. Expenditures for maintenance and repairs are charged directly to expense when incurred; major improvements are capitalized. When items are sold or retired, the related cost and accumulated depreciation are removed from the account balances, with any gain or loss reflected in the consolidated statements of operations. | ||||||||||||
Depreciation of land improvements, buildings, furniture, fixtures and equipment, and vehicles is provided over the estimated useful lives, which range from 2 to 40 years, of the respective assets using the straight-line method. Depreciation of building and leasehold improvements is provided over the shorter of the original useful lives of the respective assets or the term of the lease using the straight-line method. | ||||||||||||
Closed Store Liabilities | ||||||||||||
The Company continually reviews the operating performance of its existing store locations and closes or relocates certain stores identified as underperforming or delivering strategically or financially unacceptable results. Expenses pertaining to closed store exit activities are included in the Company’s closed store liabilities. Closed store liabilities include the present value of the remaining lease obligations and management’s estimate of future costs of insurance, property tax and common area maintenance expenses (reduced by the present value of estimated revenues from subleases and lease buyouts) and new provisions are established by a charge to SG&A in the accompanying consolidated statements of operations at the time the facilities actually close. | ||||||||||||
From time to time closed store liability estimates require revisions, primarily due to changes in assumptions associated with revenue from subleases. The effect of changes in estimates for our closed store liabilities impact both our income statement and balance sheet: (i) they are included in SG&A in the accompanying consolidated statements of operations, and (ii) they are recorded in Accrued expenses (current portion) and Other long-term liabilities (long-term portion) in the accompanying consolidated balance sheets. | ||||||||||||
The Company also evaluates and determines if the results from the closure of store locations should be reported as discontinued operations based on the elimination of the operations and associated cash flows from the Company’s ongoing operations. The Company does not include in its evaluation of discontinued operations those operations and associated cash flows transferred to another store in the local market. | ||||||||||||
Cost of Sales and Selling, General and Administrative Expenses | ||||||||||||
The following table illustrates the primary costs classified in each major expense category: | ||||||||||||
Cost of Sales | SG&A | |||||||||||
Ÿ | Total cost of merchandise sold including: | Ÿ | Payroll and benefit costs for retail and corporate | |||||||||
- | Freight expenses associated with moving | Team Members; | ||||||||||
merchandise inventories from our vendors to | Ÿ | Occupancy costs of retail and corporate facilities; | ||||||||||
our distribution center, | Ÿ | Depreciation related to retail and corporate assets; | ||||||||||
- | Vendors incentives, and | Ÿ | Advertising; | |||||||||
- | Cash discounts on payments to vendors; | Ÿ | Costs associated with our commercial delivery | |||||||||
Ÿ | Inventory shrinkage; | program, including payroll and benefit costs, | ||||||||||
Ÿ | Defective merchandise and warranty costs; | and transportation expenses associated with moving | ||||||||||
Ÿ | Costs associated with operating our distribution | merchandise inventories from our retail store to | ||||||||||
network, including payroll and benefit costs, | our customer locations; | |||||||||||
occupancy costs and depreciation; and | Ÿ | Self-insurance costs; | ||||||||||
Ÿ | Freight and other handling costs associated with | Ÿ | Professional services; | |||||||||
moving merchandise inventories through our | Ÿ | Other administrative costs, such as credit card | ||||||||||
supply chain | service fees, supplies, travel and lodging; | |||||||||||
- | From our distribution centers to our retail | Ÿ | Closed store expense; | |||||||||
store locations, and | Ÿ | Impairment charges; | ||||||||||
- | From certain of our larger stores which stock a | Ÿ | GPI acquisition-related expenses; and | |||||||||
wider variety and greater supply of inventory (“HUB | Ÿ | BWP acquisition-related expenses and integration costs. | ||||||||||
stores”) and Parts Delivered Quickly warehouses | ||||||||||||
(“PDQ®s”) to our retail stores after the customer | ||||||||||||
has special-ordered the merchandise. | ||||||||||||
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 | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||
Inventories, net | ' | |||||||||||
Inventories, net: | ||||||||||||
Merchandise Inventory | ||||||||||||
The Company used the LIFO method of accounting for approximately 95% of inventories at both December 28, 2013 and December 29, 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. The Company recorded a reduction to cost of sales of $5,572 and $24,087 in Fiscal 2013 and Fiscal 2012, respectively. 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 merchandise strategies and realization of supply chain efficiencies. In Fiscal 2011, the Company recorded an increase to cost of sales of $24,708 due to an increase in supply chain costs and inflationary pressures affecting certain product categories. | ||||||||||||
Product Cores | ||||||||||||
The remaining inventories are comprised of product cores, the non-consumable portion of certain parts and batteries, which are valued under the first-in, first-out (“FIFO”) method. Product cores are included as part of the Company’s merchandise costs and are either passed on to the customer or returned to the vendor. Because product cores are not subject to frequent cost changes like the Company’s other merchandise inventory, there is no material difference when applying either the LIFO or FIFO valuation method. | ||||||||||||
Inventory Overhead Costs | ||||||||||||
Purchasing and warehousing costs included in inventory as of December 28, 2013 and December 29, 2012, were $161,519 and $134,258, respectively. | ||||||||||||
Inventory Balance and Inventory Reserves | ||||||||||||
Inventory balances at the end of Fiscal 2013 and 2012 were as follows: | ||||||||||||
December 28, | December 29, | |||||||||||
2013 | 2012 | |||||||||||
Inventories at FIFO, net | $ | 2,424,795 | $ | 2,182,419 | ||||||||
Adjustments to state inventories at LIFO | 131,762 | 126,190 | ||||||||||
Inventories at LIFO, net | $ | 2,556,557 | $ | 2,308,609 | ||||||||
Inventory quantities are tracked through a perpetual inventory system. The Company completes physical inventories and other targeted inventory counts in its store locations to ensure the accuracy of the perpetual inventory quantities of both merchandise and core inventory in these locations. In its distribution centers and PDQ®s, the Company uses a cycle counting program to ensure the accuracy of the perpetual inventory quantities of both merchandise and product core inventory. Reserves for estimated shrink are established based on the results of physical inventories conducted by the Company with the assistance of an independent third party in substantially all of the Company’s stores over the course of the year, other targeted inventory counts in its stores, results from recent cycle counts in its distribution facilities and historical and current loss trends. | ||||||||||||
The Company also establishes reserves for potentially excess and obsolete inventories based on (i) current inventory levels, (ii) the historical analysis of product sales and (iii) current market conditions. The Company has return rights with many of its vendors and the majority of excess inventory is returned to its vendors for full credit. In certain situations, the Company establishes reserves when less than full credit is expected from a vendor or when liquidating product will result in retail prices below recorded costs. | ||||||||||||
The following table presents changes in the Company’s inventory reserves for years ended December 28, 2013, December 29, 2012 and December 31, 2011: | ||||||||||||
December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
Inventory reserves, beginning of period | $ | 31,418 | $ | 30,786 | $ | 18,150 | ||||||
Additions to inventory reserves | 65,466 | 72,852 | 90,128 | |||||||||
Reserves utilized | (59,361 | ) | (72,220 | ) | (77,492 | ) | ||||||
Inventory reserves, end of period | $ | 37,523 | $ | 31,418 | $ | 30,786 | ||||||
Acquisitions_Notes
Acquisitions (Notes) | 12 Months Ended | ||||
Dec. 28, 2013 | |||||
BWP Distributors Acquisition [Abstract] | ' | ||||
Business Combination Disclosure [Text Block] | ' | ||||
Acquisitions: | |||||
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 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. 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 5, Goodwill and Intangible Assets. All of the goodwill is expected to be deductible for income tax purposes. The Company completed its purchase accounting related to the BWP acquisition in the third quarter of Fiscal 2013. | |||||
Subsequent to December 28, 2013, the Company acquired GPI. Refer to Note 23, Subsequent Event, for further details of the GPI acquisition. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets: [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 31, 2011 | $ | 58,095 | $ | 18,294 | $ | 76,389 | ||||||||||||||
Fiscal 2012 activity | — | — | — | |||||||||||||||||
Balance at December 29, 2012 | $ | 58,095 | $ | 18,294 | $ | 76,389 | ||||||||||||||
Fiscal 2013 activity | 123,446 | — | 123,446 | |||||||||||||||||
Balance at December 28, 2013 | $ | 181,541 | $ | 18,294 | $ | 199,835 | ||||||||||||||
As discussed in Note 4, Acquisitions, 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 Fiscal 2013, the Company recorded a net increase to intangible assets of $29,001. The increase included Customer Relationships of $23,801 which will be amortized over 12 years and other intangible assets of $5,200 which will be amortized over a weighted average of 3.4 years. Included in the net increase in Fiscal 2013 is the reduction of $2,244 of intangible assets in conjunction with the sale of certain BWP customer relationships subsequent to the acquisition. In Fiscal 2012, the Company purchased the rights to certain software assets for $1,100 which will further support the Company’s e-commerce offerings. | ||||||||||||||||||||
The gross and net carrying amounts of acquired intangible assets as of December 28, 2013, December 29, 2012 and December 31, 2011 are comprised of the following: | ||||||||||||||||||||
Acquired intangible assets | ||||||||||||||||||||
Subject to Amortization | Not Subject to Amortization | |||||||||||||||||||
Customer | Acquired Technology | Other | Trademark and | Intangible Assets | ||||||||||||||||
Relationships | Tradenames | (excluding goodwill) | ||||||||||||||||||
Gross: | ||||||||||||||||||||
Gross carrying amount at December 31, 2011 | $ | 9,800 | $ | 7,750 | $ | 885 | $ | 20,550 | $ | 38,985 | ||||||||||
Additions | — | 1,100 | — | — | 1,100 | |||||||||||||||
Gross carrying amount at December 29, 2012 | $ | 9,800 | $ | 8,850 | $ | 885 | $ | 20,550 | $ | 40,085 | ||||||||||
Additions | 23,801 | — | 5,200 | — | 29,001 | |||||||||||||||
Gross carrying amount at December 28, 2013 | $ | 33,601 | $ | 8,850 | $ | 6,085 | $ | 20,550 | $ | 69,086 | ||||||||||
Net: | ||||||||||||||||||||
Net book value at December 31, 2011 | $ | 3,618 | $ | 6,987 | $ | 225 | $ | 20,550 | $ | 31,380 | ||||||||||
Additions | — | 1,100 | — | — | 1,100 | |||||||||||||||
2012 amortization | (960 | ) | (2,668 | ) | (7 | ) | — | (3,635 | ) | |||||||||||
Net carrying amount at December 29, 2012 | $ | 2,658 | $ | 5,419 | $ | 218 | $ | 20,550 | $ | 28,845 | ||||||||||
Additions | 23,801 | — | 5,200 | — | 29,001 | |||||||||||||||
2013 amortization | (3,167 | ) | (2,950 | ) | (1,857 | ) | — | (7,974 | ) | |||||||||||
Net book value at December 28, 2013 | $ | 23,292 | $ | 2,469 | $ | 3,561 | $ | 20,550 | $ | 49,872 | ||||||||||
Future Amortization Expense | ||||||||||||||||||||
The table below shows expected amortization expense for the next five years for acquired intangible assets recorded as of December 28, 2013: | ||||||||||||||||||||
Fiscal Year | Amount | |||||||||||||||||||
2014 | $ | 6,988 | ||||||||||||||||||
2015 | 3,515 | |||||||||||||||||||
2016 | 2,490 | |||||||||||||||||||
2017 | 2,490 | |||||||||||||||||||
2018 | 1,990 | |||||||||||||||||||
Thereafter | 11,849 | |||||||||||||||||||
Receivables_net
Receivables, net | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||
Receivables, net | ' | ||||||||
Receivables, net: | |||||||||
Receivables consist of the following: | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
Trade | $ | 145,670 | $ | 110,153 | |||||
Vendor | 138,336 | 119,770 | |||||||
Other | 6,884 | 5,862 | |||||||
Total receivables | 290,890 | 235,785 | |||||||
Less: Allowance for doubtful accounts | (13,295 | ) | (5,919 | ) | |||||
Receivables, net | $ | 277,595 | $ | 229,866 | |||||
Longterm_Debt
Long-term Debt | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Notes to Financial Statements [Abstract] | ' | |||||||
Long-term Debt | ' | |||||||
Long-term Debt: | ||||||||
Long-term debt consists of the following: | ||||||||
December 28, 2013 | December 29, 2012 | |||||||
Revolving facility at variable interest rates (1.47% at December 28, 2013, due December 5, 2018 and 1.74% at December 29, 2012 replaced by the current facility) | $ | — | $ | — | ||||
Term loan at variable interest rates (1.67% at December 29, 2013) due December 1, 2023 | — | — | ||||||
5.75% Senior Unsecured Notes (net of unamortized discount of $865 and $975 at December 28, 2013 and December 29, 2012, respectively) due May 1, 2020 | 299,135 | 299,025 | ||||||
4.50% Senior Unsecured Notes (net of unamortized discount of $80 and $88 at December 28, 2013 and December 29, 2012, respectively) due January 15, 2022 | 299,920 | 299,912 | ||||||
4.50% Senior Unsecured Notes (net of unamortized discount of $1,387 at December 28, 2013) due December 1, 2023 | 448,613 | — | ||||||
Other | 5,916 | 6,151 | ||||||
1,053,584 | 605,088 | |||||||
Less: Current portion of long-term debt | (916 | ) | (627 | ) | ||||
Long-term debt, excluding current portion | $ | 1,052,668 | $ | 604,461 | ||||
Bank Debt | ||||||||
On December 5, 2013, the Company entered into a new credit agreement which provides a $700,000 unsecured term loan and a $1,000,000 unsecured revolving credit facility (the “2013 Credit Agreement”) with Advance Stores, as Borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent. This new revolving credit facility replaced the revolver under the Company’s former Credit Agreement dated as of May 27, 2011 with Advance Stores, as Borrower, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent (the “2011 Credit Agreement”). Upon execution of the 2013 Credit Agreement, the lenders’ commitments under the 2011 Credit Agreement were terminated and the liabilities of the Company and its subsidiaries with respect to their obligations under the 2011 Credit Agreement were discharged. The new 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 to exceed $250,000 (up to a total commitment of $1,250,000) 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 revolving credit facility terminates in December 2018 and the term loan matures in January 2019. | ||||||||
As of December 28, 2013, the Company had not borrowed any amounts under the 2013 Credit Agreement but subsequently borrowed $700,000 under the term loan and $306,046 under the revolver in conjunction with the Company’s acquisition of GPI on January 2, 2014. As of December 28, 2013, the Company had letters of credit outstanding of $87,260. 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 Company's debt availability as of December 28, 2013 was $545,382 based on the maximum amount of additional borrowings allowed under the Company's leverage ratio. | ||||||||
The interest rate on borrowings under the revolving credit facility is based, at the Company’s option, on adjusted LIBOR, plus a margin, or an alternate base rate, plus a margin. The current margin is 1.30% and 0.30% per annum for the adjusted LIBOR and alternate base rate borrowings, respectively. A facility fee is charged on the total amount of the revolving credit facility, payable in arrears. The current facility fee rate is 0.20% per annum and subject to change based on the Company’s credit ratings. Under the terms of the 2013 Credit Agreement, the interest rate and facility fee are based on the Company’s credit rating. | ||||||||
The interest rate on the term loan is based, at the Company’s option, on adjusted LIBOR, plus a margin, or an alternate base rate, plus a margin. The current margin is 1.50% and 0.50% per annum for the adjusted LIBOR and alternate base rate borrowings, respectively. Under the terms of the term loan, the interest rate is based on the Company’s credit rating and subject to change based on the Company’s credit rating. | ||||||||
The 2013 Credit Agreement contains customary covenants restricting the ability of (a) subsidiaries of Advance Stores to, among other things, create, incur or assume additional debt, (b) Advance Stores and its subsidiaries to, among other things ,(i) incur liens, (ii) make loans and investments, (iii) guarantee obligations, and (iv) change the nature of its business conducted by itself and its subsidiaries; (c) the Company, Advance Stores and their subsidiaries to, among other things (i) engage in certain mergers, acquisitions, asset sales and liquidations, (ii) enter into certain hedging arrangements, (iii) enter into restrictive agreements limiting its ability to incur liens on any of its property or assets, pay distributions, repay loans, or guarantee indebtedness of its subsidiaries, (iv) engage in sale-leaseback transactions; and (d) the Company, among other things, to change the holding company status of the Company. Advance Stores is required to comply with financial covenants with respect to a maximum leverage ratio and a minimum coverage ratio. The 2013 Credit Agreement also provides for customary events of default, including non-payment defaults, covenant defaults and cross-defaults to Advance Stores’ other material indebtedness. 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 December 28, 2013 with respect to the 2013 Credit Agreement and December 29, 2012 with respect to the 2011 Credit Agreement, respectively. | ||||||||
Senior Unsecured Notes | ||||||||
The Company issued 4.50% senior unsecured notes on December 3, 2013 at 99.69% of the principal amount of $450,000 which are due December 1, 2023 (the “2023 Notes”). The 2023 Notes bear interest at a rate of 4.50% per year payable semi-annually in arrears on June 1 and December 1 of each year, beginning June 1, 2014. The net proceeds from the offering of these notes were approximately $445,200, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The net proceeds from the 2023 Notes were used in aggregate with borrowings under the Company’s revolving credit facility and term loan and cash on-hand to fund the Company’s acquisition of GPI on January 2, 2014. | ||||||||
The Company previously issued 4.50% senior unsecured notes in January 2012 at 99.968% of the principal amount of $300,000 which are due January 15, 2022 (the “2022 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. 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” or collectively with the 2023 Notes and the 2022 Notes, “the 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. 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 (as amended, supplemented, waived or otherwise modified, the “Indenture”) among the Company, the subsidiary guarantors from time to time party thereto 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 each of the Indentures for 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 2013 Credit Agreement) serve as guarantors of the Notes and 2013 Credit Agreement with Advance also serving as a guarantor of the 2013 Credit Agreement. The subsidiary guarantees related to the Company’s Notes and 2013 Credit Agreement 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 2013 Credit Agreement are minor as defined by SEC regulations. | ||||||||
Future Payments | ||||||||
As of December 28, 2013, the aggregate future annual maturities of long-term debt instruments are as follows: | ||||||||
Fiscal | Amount | |||||||
Year | ||||||||
2014 | $ | 916 | ||||||
2015 | 1,049 | |||||||
2016 | — | |||||||
2017 | — | |||||||
2018 | — | |||||||
Thereafter | 1,051,619 | |||||||
$ | 1,053,584 | |||||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities: [Abstract] | ' | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||
Derivative Instruments and Hedging Activities: | |||||||||||||||||
From September 2011 through January 2012, the Company executed a series of forward treasury rate locks in anticipation of the issuance of the 2022 Notes. The treasury rate locks, which were derivative instruments, were designated as cash flow hedges to offset the Company’s exposure to increases in the underlying U.S. Treasury benchmark rate. This rate was used to establish the fixed interest rate for 2022 Notes which was comprised of the underlying U.S. Treasury benchmark rate, plus a credit spread premium. Upon issuance of the 2022 Notes, the cumulative change in fair market value of the treasury rate locks was not significant due to the narrow margin between the lock rate and the underlying treasury rate. The Company did not maintain any derivative financial instruments during the current fiscal year. | |||||||||||||||||
The table below presents the effect of the Company’s derivative financial instruments on the statement of operations for the Fiscal 2013, 2012 and 2011, respectively: | |||||||||||||||||
Interest rate swaps | Amount of | Location of Gain or | Amount of | Location of Gain or | Amount of | ||||||||||||
Gain or | (Loss) Reclassified | Gain or (Loss) | (Loss) Recognized in | Gain or (Loss) | |||||||||||||
(Loss) | from Accumulated | Reclassified | Income on Derivative | Recognized in | |||||||||||||
Recognized | OCI into Income | from | (Ineffective Portion | Income on | |||||||||||||
in OCI on | (Effective Portion) | Accumulated | and Amount Excluded | Derivative, net | |||||||||||||
Derivative, | OCI into | from Effectiveness | of tax | ||||||||||||||
net of tax | Income, net of | Testing) | (Ineffective | ||||||||||||||
(Effective | tax (Effective | Portion and | |||||||||||||||
Portion) | Portion) | Amount | |||||||||||||||
Excluded from | |||||||||||||||||
Effectiveness | |||||||||||||||||
Testing) | |||||||||||||||||
2013 | $ | — | Interest expense | $ | — | Other (expense) | $ | — | |||||||||
income, net | |||||||||||||||||
2012 | $ | 254 | Interest expense | $ | 108 | Other (expense) income, net | $ | 66 | |||||||||
2011 | $ | (254 | ) | Interest expense | $ | (4,807 | ) | Other (expense) income, net | $ | (132 | ) |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 28, 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 December 28, 2013 and December 29, 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 December 28, 2013 | ||||||||||||||||
Contingent consideration related to business acquisitions | $ | 9,475 | $ | — | $ | — | $ | 9,475 | ||||||||
As of December 29, 2012 | ||||||||||||||||
Contingent consideration related to business acquisitions | $ | 16,999 | $ | — | $ | — | $ | 16,999 | ||||||||
In Fiscal 2011, the Company recorded contingent consideration related to its acquisition of two small technology companies. 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 Fiscal 2013, contingent consideration decreased due to the payment of $4,726 associated with the achievement of a performance condition and a $3,529 net reduction in fair value of the remaining balance due to an increase in likelihood of nonperformance in the future, 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 December 28, 2013 and December 29, 2012, respectively, are as follows: | ||||||||||||||||
December 28, | December 29, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Carrying Value | $ | 1,052,668 | $ | 604,461 | ||||||||||||
Fair Value | $ | 1,086,000 | $ | 655,000 | ||||||||||||
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 December 28, 2013, the Company had no significant non-financial assets or liabilities that had been adjusted to fair value subsequent to initial recognition. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||||||
Property and Equipment: | ||||||||||||
Property and equipment consists of the following: | ||||||||||||
Original | December 28, | December 29, | ||||||||||
Useful Lives | 2013 | 2012 | ||||||||||
Land and land improvements | 0 - 10 years | $ | 418,207 | $ | 403,401 | |||||||
Buildings | 30 - 40 years | 445,820 | 432,274 | |||||||||
Building and leasehold improvements | 3 - 30 years | 336,685 | 309,194 | |||||||||
Furniture, fixtures and equipment | 3 - 20 years | 1,244,456 | 1,152,778 | |||||||||
Vehicles | 2 - 5 years | 18,291 | 19,490 | |||||||||
Construction in progress | 75,985 | 76,769 | ||||||||||
2,539,444 | 2,393,906 | |||||||||||
Less - Accumulated depreciation | (1,255,474 | ) | (1,102,147 | ) | ||||||||
Property and equipment, net | $ | 1,283,970 | $ | 1,291,759 | ||||||||
Depreciation expense was $199,821, $185,909 and $174,219 for Fiscal 2013, 2012 and 2011, respectively. The Company capitalized approximately $11,534, $10,026 and $6,258 incurred for the development of internal use computer software during Fiscal 2013, 2012 and 2011, respectively. These costs are included in the furniture, fixtures and equipment category above and are depreciated on the straight-line method over three to five years. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||
Accrued Expenses | ' | ||||||||||||
Accrued Expenses: | |||||||||||||
Accrued expenses consist of the following: | |||||||||||||
December 28, | December 29, | ||||||||||||
2013 | 2012 | ||||||||||||
Payroll and related benefits | $ | 101,576 | $ | 79,756 | |||||||||
Warranty reserves | 39,512 | 38,425 | |||||||||||
Capital expenditures | 20,714 | 26,142 | |||||||||||
Self-insurance reserves | 45,504 | 45,324 | |||||||||||
Taxes payable | 82,179 | 73,158 | |||||||||||
Other | 139,140 | 116,834 | |||||||||||
Total accrued expenses | $ | 428,625 | $ | 379,639 | |||||||||
The following table presents changes in the Company’s warranty reserves: | |||||||||||||
December 28, | December 29, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Warranty reserves, beginning of period | $ | 38,425 | $ | 38,847 | $ | 36,352 | |||||||
Additions to warranty reserves | 42,380 | 40,766 | 43,013 | ||||||||||
Reserves utilized | (41,293 | ) | (41,188 | ) | (40,518 | ) | |||||||
Warranty reserves, end of period | $ | 39,512 | $ | 38,425 | $ | 38,847 | |||||||
Other_Current_and_Longterm_Lia
Other Current and Long-term Liabilities | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||
Other Liabilities Disclosure [Text Block] | ' | ||||||||
Other Current and Long-term Liabilities: | |||||||||
Other current liabilities consist of the following: | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
Deferred income taxes | $ | 135,754 | $ | 134,279 | |||||
Other | 18,876 | 15,279 | |||||||
Total current liabilities | $ | 154,630 | $ | 149,558 | |||||
Other long-term liabilities consist of the following: | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
Deferred income taxes | $ | 91,957 | $ | 100,235 | |||||
Self-insurance reserves | 52,971 | 49,224 | |||||||
Other | 86,188 | 89,562 | |||||||
Total long-term liabilities | $ | 231,116 | $ | 239,021 | |||||
Stock_Repurchase_Program
Stock Repurchase Program | 12 Months Ended |
Dec. 28, 2013 | |
Notes to Financial Statements [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 December 28, 2013 was authorized by its Board of Directors on May 14, 2012. | |
During Fiscal 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 December 28, 2013. The Company repurchased 38 shares of its common stock at an aggregate cost of $3,502, or an average price of $91.78 per share, in connection with the net settlement of shares issued as a result of the vesting of restricted stock. | |
During Fiscal 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. Additionally, the Company repurchased 91 shares of its common stock at an aggregate cost of $7,506, or an average price of $82.42 per share, in connection with the net settlement of shares issued as a result of the vesting of restricted stock. The Company also retired 33,738 shares of treasury stock during Fiscal 2012. |
Earnings_per_Share
Earnings per Share | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
Earnings per Share: | |||||||||||||
Certain of the Company’s shares granted to Team Members 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 Fiscal 2013, 2012 and 2011, earnings of $895, $870 and $1,055, 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 75, 221 and 56 shares of common stock that had an exercise price in excess of the average market price of the common stock during Fiscal 2013, 2012 and 2011, 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 Fiscal 2013, 2012 and 2011, respectively: | |||||||||||||
December 28, | December 29, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator | |||||||||||||
Net income applicable to common shares | $ | 391,758 | $ | 387,670 | $ | 394,682 | |||||||
Participating securities’ share in earnings | (895 | ) | (870 | ) | (1,055 | ) | |||||||
Net income applicable to common shares | $ | 390,863 | $ | 386,800 | $ | 393,627 | |||||||
Denominator | |||||||||||||
Basic weighted average common shares | 72,930 | 73,091 | 75,620 | ||||||||||
Dilutive impact of share-based awards | 484 | 971 | 1,451 | ||||||||||
Diluted weighted average common shares | 73,414 | 74,062 | 77,071 | ||||||||||
Basic earnings per common share | |||||||||||||
Net income applicable to common stockholders | $ | 5.36 | $ | 5.29 | $ | 5.21 | |||||||
Diluted earnings per common share | |||||||||||||
Net income applicable to common stockholders | $ | 5.32 | $ | 5.22 | $ | 5.11 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes: | |||||||||||||
Provision for Income Taxes | |||||||||||||
Provision for income taxes for Fiscal 2013, 2012 and 2011 consists of the following: | |||||||||||||
Current | Deferred | Total | |||||||||||
2013 | |||||||||||||
Federal | $ | 202,784 | $ | (1,898 | ) | $ | 200,886 | ||||||
State | 25,287 | (339 | ) | 24,948 | |||||||||
Foreign | 8,806 | — | 8,806 | ||||||||||
$ | 236,877 | $ | (2,237 | ) | $ | 234,640 | |||||||
2012 | |||||||||||||
Federal | $ | 185,564 | $ | 21,940 | $ | 207,504 | |||||||
State | 20,116 | 4,953 | 25,069 | ||||||||||
Foreign | 3,831 | — | 3,831 | ||||||||||
$ | 209,511 | $ | 26,893 | $ | 236,404 | ||||||||
2011 | |||||||||||||
Federal | $ | 162,020 | $ | 47,436 | $ | 209,456 | |||||||
State | 22,626 | 5,601 | 28,227 | ||||||||||
Foreign | 871 | — | 871 | ||||||||||
$ | 185,517 | $ | 53,037 | $ | 238,554 | ||||||||
The provision for income taxes differed from the amount computed by applying the federal statutory income tax | |||||||||||||
rate due to: | |||||||||||||
December 28, 2013 | December 29, 2012 | December 31, 2011 | |||||||||||
Income before provision for income taxes at statutory U.S. federal income tax rate (35%) | $ | 219,239 | $ | 218,426 | $ | 221,632 | |||||||
State income taxes, net of federal income tax benefit | 16,216 | 16,295 | 18,348 | ||||||||||
Other, net | (815 | ) | 1,683 | (1,426 | ) | ||||||||
$ | 234,640 | $ | 236,404 | $ | 238,554 | ||||||||
Deferred Income Tax Assets/(Liabilities) | |||||||||||||
Deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred income taxes reflect the net income tax effect of temporary differences between the basis of assets and liabilities for financial reporting purposes and for income tax reporting purposes. Net deferred income tax balances are comprised of the following: | |||||||||||||
December 28, | December 29, | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred income tax assets | $ | 101,979 | $ | 103,339 | |||||||||
Valuation allowance | (1,557 | ) | (1,557 | ) | |||||||||
Deferred income tax liabilities | (321,778 | ) | (330,139 | ) | |||||||||
Net deferred income tax liabilities | $ | (221,356 | ) | $ | (228,357 | ) | |||||||
As of December 28, 2013 and December 29, 2012, the Company had deferred income tax assets of $2,207 and $3,213 from federal net operating losses, or NOLs, of $6,307 and $9,181, and deferred income tax assets of $2,130 and $1,841 from state NOLs of $40,440 and $35,681, respectively. These NOLs may be used to reduce future taxable income and expire periodically through Fiscal 2033. Due to uncertainties related to the realization of certain deferred tax assets for NOLs in certain jurisdictions, the Company recorded a valuation allowance of $1,557 as of both December 28, 2013 and December 29, 2012. The amount of deferred income tax assets realizable, however, could change in the future if projections of future taxable income change. As of December 28, 2013 and December 29, 2012, the Company had cumulative net deferred income tax liabilities of $221,356 and $228,357, respectively. | |||||||||||||
Temporary differences which give rise to significant deferred income tax assets (liabilities) are as follows: | |||||||||||||
December 28, | December 29, | ||||||||||||
2013 | 2012 | ||||||||||||
Current deferred income tax assets (liabilities): | |||||||||||||
Inventory valuation differences | $ | (178,201 | ) | $ | (176,869 | ) | |||||||
Accrued medical and workers compensation | 9,370 | 10,523 | |||||||||||
Accrued expenses not currently deductible for tax | 28,501 | 31,061 | |||||||||||
Other, net | 5,612 | 1,437 | |||||||||||
Total current deferred income tax assets (liabilities) | $ | (134,718 | ) | $ | (133,848 | ) | |||||||
Long-term deferred income tax assets (liabilities): | |||||||||||||
Property and equipment | $ | (143,577 | ) | $ | (153,270 | ) | |||||||
Share-based compensation | 10,733 | 12,624 | |||||||||||
Accrued medical and workers compensation | 20,532 | 19,570 | |||||||||||
Net operating loss carryforwards | 3,426 | 4,048 | |||||||||||
Straight-line rent | 20,784 | 17,799 | |||||||||||
Other, net | 1,464 | 4,720 | |||||||||||
Total long-term deferred income tax assets (liabilities) | $ | (86,638 | ) | $ | (94,509 | ) | |||||||
These amounts are recorded in Other current liabilities and Other long-term liabilities in the accompanying consolidated balance sheets, as appropriate. | |||||||||||||
Unrecognized Tax Benefits | |||||||||||||
The following table lists each category and summarizes the activity of the Company’s gross unrecognized tax benefits for the fiscal years ended December 28, 2013, December 29, 2012 and December 31, 2011: | |||||||||||||
December 28, | December 29, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Unrecognized tax benefits, beginning of period | $ | 16,708 | $ | 24,711 | $ | 12,953 | |||||||
Increases related to prior period tax positions | — | 702 | 10,555 | ||||||||||
Decreases related to prior period tax positions | (1,313 | ) | (9,629 | ) | (660 | ) | |||||||
Increases related to current period tax positions | 3,678 | 3,985 | 2,861 | ||||||||||
Settlements | — | (1,111 | ) | (319 | ) | ||||||||
Expiration of statute of limitations | (615 | ) | (1,950 | ) | (679 | ) | |||||||
Unrecognized tax benefits, end of period | $ | 18,458 | $ | 16,708 | $ | 24,711 | |||||||
As of December 28, 2013 and December 29, 2012, the entire amount of unrecognized tax benefits, if recognized, would reduce the Company’s annual effective tax rate. As of December 31, 2011, the Company had $14,551 of unrecognized tax benefits which, if recognized, would reduce the Company’s annual effective tax rate. | |||||||||||||
The Company provides for potential interest and penalties associated with uncertain tax positions as a part of income tax expense. During Fiscal 2013, the Company recorded potential interest and penalties of $818. During Fiscal 2012, the Company recognized a benefit from interest and penalties related to uncertain tax positions of $754. During Fiscal 2011 the Company recorded potential interest and penalties related to uncertain tax positions of $1,628. As of December 28, 2013, the Company had recorded a liability for potential interest and penalties of $5,767 and $316, respectively. As of December 29, 2012, the Company had recorded a liability for potential interest and penalties of $4,964 and $301, respectively. The Company has not provided for any penalties associated with tax contingencies unless considered probable of assessment. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months. | |||||||||||||
During the next 12 months, it is possible the Company could conclude on approximately $6,000 to $7,000 of the contingencies associated with unrecognized tax uncertainties due mainly to the conclusion of audits and the expiration of statutes of limitations. The majority of these resolutions would be achieved through the completion of current income tax examinations. | |||||||||||||
The Company files U.S. and state income tax returns in jurisdictions with varying statutes of limitations. Fiscal 2010 and subsequent years generally remain subject to examination by federal and state tax authorities. |
Lease_Commitments
Lease Commitments | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||
Lease Commitments | ' | ||||||||||||
Lease Commitments: | |||||||||||||
As of December 28, 2013, future minimum lease payments due under non-cancelable operating leases with lease terms ranging from 1 year to 30 years through the year 2043 for all open stores are as follows: | |||||||||||||
Fiscal Year | Amount | ||||||||||||
2014 | $ | 353,508 | |||||||||||
2015 | 316,637 | ||||||||||||
2016 | 299,810 | ||||||||||||
2017 | 283,333 | ||||||||||||
2018 | 263,162 | ||||||||||||
Thereafter | 925,475 | ||||||||||||
$ | 2,441,925 | ||||||||||||
The Company anticipates its future minimum lease payments will be partially off-set by future minimum sub-lease income. As of December 28, 2013 and December 29, 2012, future minimum sub-lease income to be received under non-cancelable operating leases is $29,950 and $25,561, respectively. | |||||||||||||
Net Rent Expense | |||||||||||||
Net rent expense for Fiscal 2013, 2012 and 2011 was as follows: | |||||||||||||
December 28, 2013 | December 29, 2012 | December 31, 2011 | |||||||||||
Minimum facility rentals | $ | 328,581 | $ | 300,552 | $ | 289,306 | |||||||
Contingency facility rentals | 578 | 907 | 1,162 | ||||||||||
Equipment rentals | 5,333 | 5,027 | 5,403 | ||||||||||
Vehicle rentals | 29,100 | 18,401 | 20,565 | ||||||||||
363,592 | 324,887 | 316,436 | |||||||||||
Less: Sub-lease income | (5,983 | ) | (4,600 | ) | (3,967 | ) | |||||||
$ | 357,609 | $ | 320,287 | $ | 312,469 | ||||||||
Contingencies
Contingencies | 12 Months Ended |
Dec. 28, 2013 | |
Notes to Financial Statements [Abstract] | ' |
Contingencies | ' |
Contingencies: | |
In the case of all known contingencies, the Company accrues for an obligation, including estimated legal costs, when it is probable and the amount is reasonably estimable. As facts concerning contingencies become known to the Company, the Company reassesses its position with respect to accrued liabilities and other potential exposures. Estimates that are particularly sensitive to future change include legal matters, which are subject to change as events evolve and as additional information becomes available during the administrative and litigation process. | |
The Company’s Western Auto subsidiary, together with other defendants including automobile manufacturers, automotive parts manufacturers and other retailers, has been named as a defendant in lawsuits alleging injury as a result of exposure to asbestos-containing products. The Company and some of its other subsidiaries also have been named as defendants in many of these lawsuits. The plaintiffs have alleged that these products were manufactured, distributed and/or sold by the various defendants. The products in the lawsuits naming us or our subsidiaries as defendants have primarily included brake parts. Many of the cases pending against the Company or its subsidiaries are in the early stages of litigation. The damages claimed against the defendants in some of these proceedings are substantial. Additionally, some of the automotive parts manufacturers named as defendants in these lawsuits have declared bankruptcy, which will limit plaintiffs’ ability to recover monetary damages from those defendants. Although the Company diligently defends against these claims, the Company may enter into discussions regarding settlement of these and other lawsuits, and may enter into settlement agreements, if it believes settlement is in the best interests of the Company’s shareholders. The Company believes that many of these claims are at least partially covered by insurance. Based on discovery to date, the Company does not believe the cases currently pending will have a material adverse effect on the Company’s operating results, financial position or liquidity. However, if the Company were to incur an adverse verdict in one or more of these claims and was ordered to pay damages that were not covered by insurance, these claims could have a material adverse effect on its operating results, financial position and liquidity. Historically, our asbestos claims have been inconsistent in type and number and have been immaterial. As a result, we are unable to estimate a possible range of loss with respect to unasserted asbestos claims that may be filed against the Company in the future. If the number of claims filed against the Company or any of its subsidiaries alleging injury as a result of exposure to asbestos-containing products increases substantially, the costs associated with concluding these claims, including damages resulting from any adverse verdicts, could have a material adverse effect on its operating results, financial position or liquidity in future periods. | |
The Company is involved in various types of legal proceedings arising from claims of employment discrimination or other types of employment matters as a result of claims by current and former Team Members. The damages claimed against the Company in some of these proceedings are substantial. Because of the uncertainty of the outcome of such legal matters and because the Company’s liability, if any, could vary widely, including the size of any damages awarded if plaintiffs are successful in litigation or any negotiated settlement, the Company cannot reasonably estimate the possible loss or range of loss which may arise. The Company is also involved in various other claims and legal proceedings arising in the normal course of business. Although the final outcome of these legal matters cannot be determined, based on the facts presently known, it is management’s opinion that the final outcome of such claims and lawsuits will not have a material adverse effect on the Company’s financial position, results of operations or liquidity. |
Benefit_Plans
Benefit Plans | 12 Months Ended |
Dec. 28, 2013 | |
Notes to Financial Statements [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
Benefit Plans: | |
401(k) Plan | |
The Company maintains a defined contribution benefit plan, which covers substantially all Team Members after one year of service and who have attained the age of 21. The plan allows for Team Member salary deferrals, which are matched at the Company’s discretion. Company contributions were $10,850, $10,255 and $10,148 in Fiscal 2013, 2012 and 2011, respectively. | |
Deferred Compensation | |
The Company maintains a non-qualified deferred compensation plan for certain Team Members. This plan provides for a minimum and maximum deferral percentage of the Team Member’s base salary and bonus, as determined by the Retirement Plan Committee. The Company establishes and maintains a deferred compensation liability for this plan. As of December 28, 2013 and December 29, 2012, these liabilities were $14,835 and $12,927, respectively. | |
Postretirement Plan | |
The Company provides certain health and life insurance benefits for eligible retired Team Members through a postretirement plan. Plan participants include only those Team Members who were either already retired or eligible for retirement as of January 1, 2005. In Fiscal 2013, the Company amended the plan to allow participants to opt out of the plan due to health care reform. Plan 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 accrued postretirement benefit obligation, included in Accrued expenses and Other long-term liabilities in the accompanying consolidated balance sheets, was $2,305 and $5,223 as of December 28, 2013 and December 29, 2012, respectively. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||
Dec. 28, 2013 | |||||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||||
Share-Based Compensation | ' | ||||||||||||||
Share-Based Compensation: | |||||||||||||||
Overview | |||||||||||||||
The Company grants share-based compensation awards to its Team Members and members of its Board of Directors as provided for under the Company’s 2004 Long-Term Incentive Plan, or LTIP. In Fiscal 2012, the Company switched from granting restricted stock to granting restricted stock units (“RSUs”). The Company currently grants share-based compensation in the form of stock appreciation rights (“SARs”), RSUs and deferred stock units (“DSUs”). The Company also has outstanding restricted stock granted prior to the transition to RSUs and outstanding stock options granted prior to the end of Fiscal 2007. | |||||||||||||||
General Terms of Awards | |||||||||||||||
The Company’s grants of SARs, RSUs and historically, restricted stock awards, generally included both a time-based service portion and a performance-based portion, which collectively represent the target award. In Fiscal 2013, corresponding with its annual December grant, the Company simplified its award structure in the form of time-based RSUs and performance-based SARs, as described below. | |||||||||||||||
Time Vested Awards | |||||||||||||||
The SARs generally vest over a three-year period in equal annual installments beginning on the first anniversary of the grant date. All SARs granted are non-qualified, terminate on the seventh anniversary of the grant date and contain no post-vesting restrictions other than normal trading black-out periods prescribed by the Company’s corporate governance policies. | |||||||||||||||
During the vesting period, holders of RSUs and restricted stock are entitled to receive dividends or in the case of RSUs, dividend equivalents, while holders of restricted stock are also entitled to voting rights. All RSU and restricted stock grants generally vest over a three-year period in equal annual installments beginning on the first anniversary of the grant date. For restricted stock, the shares are issued upon grant, but are restricted until they vest and cannot be sold by the recipient until the restriction has lapsed at the end of the respective vesting period. | |||||||||||||||
Performance-Based Awards | |||||||||||||||
Each performance award may vest following a three-year period subject to the Company’s achievement of certain financial goals. The performance RSUs and restricted stock awards do not have dividend equivalent rights and do not have voting rights until earned and issued following the end of the applicable performance period. Depending on the Company’s results during the three-year performance period, the actual number of shares vesting at the end of the period may range from 75% to 200% of the target award (50% to 200% for certain officers). Beginning with the December 2013 grant, the target award for purposes of calculating performance vesting consists solely of the performance award granted rather than the entire time-based and performance-based portions granted. | |||||||||||||||
Share-Based Compensation Expense & Cash Flows | |||||||||||||||
The expense the Company has incurred annually related to the issuance of share-based compensation is included in SG&A. The Company receives cash when Team Members purchase stock under the employee stock purchase plan (“ESPP”), as well as upon the exercise of stock options that were granted prior to Fiscal 2007. Total share-based compensation expense and cash received included in the Company’s consolidated statements of operations and consolidated statement of cash flows, respectively, are reflected in the table below, including the related income tax benefits, for fiscal years ended December 28, 2013, December 29, 2012 and December 31, 2011 as follows: | |||||||||||||||
December 28, | December 29, | December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Share-based compensation expense | $ | 13,191 | $ | 15,236 | $ | 19,553 | |||||||||
Deferred income tax benefit | 4,991 | 5,774 | 7,411 | ||||||||||||
Proceeds from the issuance of common stock, primarily exercise of stock options | 3,611 | 8,495 | 21,056 | ||||||||||||
Tax withholdings related to the exercise of stock appreciation rights | (21,856 | ) | (26,677 | ) | (6,582 | ) | |||||||||
Excess tax benefit from share-based compensation | 16,320 | 23,099 | 9,663 | ||||||||||||
As of December 28, 2013, there was $33,691 of unrecognized compensation expense related to all share-based awards that is expected to be recognized over a weighted average period of 1.6 years. | |||||||||||||||
The fair value of each SAR was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||
Black-Scholes Option Valuation Assumptions (1) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||||||
Risk-free interest rate (2) | 1.1 | % | 0.5 | % | 0.7 | % | |||||||||
Expected dividend yield | 0.3 | % | 0.3 | % | 0.4 | % | |||||||||
Expected stock price volatility (3) | 26.9 | % | 33.2 | % | 36.3 | % | |||||||||
Expected life of awards (in months) (4) | 49 | 49 | 50 | ||||||||||||
(1) | Forfeitures are based on historical experience. | ||||||||||||||
(2) | The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate having term consistent with the expected life of the award. | ||||||||||||||
(3) | Expected volatility is determined using a blend of historical and implied volatility. | ||||||||||||||
(4) | The expected life of the Company's awards represents the estimated period of time until exercise and is based on historical experience of previously granted awards. | ||||||||||||||
Time-Based Share Awards | |||||||||||||||
Stock Appreciation Rights and Stock Options | |||||||||||||||
The following table summarizes the time-vested stock option and time-vested SARs activity for the fiscal year ended December 28, 2013: | |||||||||||||||
Number of Awards | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||||||||||
Outstanding at December 29, 2012 | 2,155 | $ | 51.55 | ||||||||||||
Granted | 33 | 82.98 | |||||||||||||
Exercised | (929 | ) | 38.6 | ||||||||||||
Forfeited | (124 | ) | 70.21 | ||||||||||||
Outstanding at December 28, 2013 | 1,135 | $ | 60.99 | 4.15 | $ | 55,549 | |||||||||
Vested and expected to vest | 1,121 | $ | 60.82 | 4.13 | $ | 55,033 | |||||||||
Outstanding and exercisable | 821 | $ | 56.5 | 3.57 | $ | 43,869 | |||||||||
The weighted average fair value of SARs granted during Fiscal 2013, 2012 and 2011 was $18.55, $19.25 and $19.81 per share, respectively. The aggregate intrinsic value reflected in the table above and the following page is based on the Company’s closing stock price of $109.92 as of the last trading day of Fiscal 2013. The aggregate intrinsic value of stock options and SARs (the amount by which the market price of the stock on the date of exercise exceeded the exercise price) exercised during Fiscal 2013, 2012 and 2011 was $38,914, $44,471 and $33,779, respectively. | |||||||||||||||
Restricted Stock Units and Restricted Stock | |||||||||||||||
The following table summarizes the RSU and restricted stock activity for the fiscal year ended December 28, 2013: | |||||||||||||||
Number of Awards | Weighted-Average Grant Date Fair Value | ||||||||||||||
Nonvested at December 29, 2012 | 175 | $ | 71.43 | ||||||||||||
Granted | 133 | 102.19 | |||||||||||||
Vested | (72 | ) | 69.89 | ||||||||||||
Forfeited | (26 | ) | 71.95 | ||||||||||||
Nonvested at December 28, 2013 | 210 | $ | 91.44 | ||||||||||||
The fair value of each RSU and restricted stock award is determined based on the market price of the Company’s common stock on the date of grant. The weighted average fair value of RSUs and restricted shares granted during Fiscal 2013, 2012 and 2011 was $102.19, $75.26 and $67.79 per share, respectively. The total grant date fair value of RSUs and restricted shares vested during Fiscal 2013, 2012 and 2011 was $5,035, $4,734 and $10,548, respectively. | |||||||||||||||
Performance-Based Awards | |||||||||||||||
Performance-based awards granted in the following tables represent the performance portion of awards granted during Fiscal 2013 at the target level, as achievement of the target level was deemed probable as of the grant date. Change in units based on performance represents the change in number of awards previously granted that the Company believes will ultimately vest based on its probability assessment at December 28, 2013. | |||||||||||||||
Compensation expense for performance-based awards of $1,141, $3,267, and $6,714 in Fiscal 2013, 2012 and 2011, respectively, was determined based on management’s estimate of the probable vesting outcome. | |||||||||||||||
Performance-Based SARs | |||||||||||||||
The following table summarizes the performance-based SARs activity for the fiscal year ended December 28, 2013: | |||||||||||||||
Number of Awards | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||||||||||
Outstanding at December 29, 2012 | 758 | $ | 49.93 | ||||||||||||
Granted | 231 | 106 | |||||||||||||
Change in units based on performance | (137 | ) | 59.48 | ||||||||||||
Exercised | (296 | ) | 32.41 | ||||||||||||
Forfeited | (36 | ) | 71.67 | ||||||||||||
Outstanding at December 28, 2013 | 520 | $ | 78.21 | 5.46 | $ | 16,491 | |||||||||
Vested and expected to vest | 461 | $ | 75.44 | 4.86 | $ | 15,883 | |||||||||
Outstanding and exercisable | 131 | $ | 36.13 | 2.8 | $ | 9,661 | |||||||||
The weighted average fair value of performance-based SARs granted during Fiscal 2013, 2012 and 2011 was $23.72, $19.23 and $19.86 per share, respectively. The aggregate intrinsic value of performance-based SARs exercised during Fiscal 2013 and 2012 was $14,257 and $34,020, respectively. There were no awards exercised prior to Fiscal 2012. As of December 28, 2013, the maximum potential payout under the Company’s currently outstanding performance-based SAR awards was 2,696 units. | |||||||||||||||
Performance-Based Restricted Stock Units and Restricted Stock | |||||||||||||||
The following table summarizes the performance-based RSUs and restricted stock activity for the fiscal year ended December 28, 2013: | |||||||||||||||
Number of Awards | Weighted-Average Grant Date Fair Value | ||||||||||||||
Nonvested at December 29, 2012 | 102 | $ | 63.08 | ||||||||||||
Granted | 172 | 77.47 | |||||||||||||
Change in units based on performance | (31 | ) | 71.23 | ||||||||||||
Vested | (31 | ) | 42.5 | ||||||||||||
Forfeited | (30 | ) | 74.7 | ||||||||||||
Nonvested at December 28, 2013 | 182 | $ | 75.36 | ||||||||||||
The fair value of each performance-based RSU and share of restricted stock is determined based on the market price of the Company’s common stock on the date of grant. The weighted average fair value of performance-based RSUs or share of restricted stock granted during Fiscal 2013, 2012 and 2011 was $77.47, $75.20 and $67.16 per share, respectively. The total grant date fair value of performance-based restricted stock vested during Fiscal 2013 and 2012 was $1,290 and $4,858. No awards vested prior to Fiscal 2012. As of December 28, 2013, the maximum potential payout under the Company’s currently outstanding performance-based RSUs was 579 shares. | |||||||||||||||
Subsequent Grant of Awards | |||||||||||||||
Subsequent to December 28, 2013, the Company granted share-based compensation awards to GPI team members in connection with the Company’s acquisition of GPI. Refer to Note 23, Subsequent Event, for further details of the grant. | |||||||||||||||
Deferred Stock Units | |||||||||||||||
The Company grants share-based awards annually to its Board of Directors in connection with its annual meeting of stockholders. These awards are granted in the form of DSUs as provided for in the Advance Auto Parts, Inc. Deferred Stock Unit Plan for Non-Employee Directors and Selected Executives, or the DSU Plan. Each DSU is equivalent to one share of common stock of the Company. The DSUs are awarded in two equal portions, each with different schedules for conversion into common shares. The first type of DSUs is fully vested after one year of board service and is distributed in common shares after the director’s service on the board ends. The second type of DSUs is fully vested after one year of board service and is distributed in common shares after three years. Directors may choose to defer receipt of the second type of DSUs beyond the initial three years. Additionally, the DSU Plan provides for the deferral of compensation as earned in the form of (i) an annual retainer for directors, and (ii) wages for certain highly compensated Team Members of the Company. These DSUs are settled in common stock with the participants at a future date, or over a specified time period as elected by the participants in accordance with the DSU Plan. | |||||||||||||||
The Company granted 10 DSUs in Fiscal 2013. The weighted average fair value of DSUs granted during Fiscal 2013, 2012 and 2011 was $83.63, $69.82, and $62.99, respectively. The DSUs are awarded at a price equal to the market price of the Company’s underlying stock on the date of the grant. For Fiscal 2013, 2012 and 2011, respectively, the Company recognized a total of $840, $960, and $1,008 on a pre-tax basis, in compensation expense for these DSU grants. | |||||||||||||||
LTIP Availability | |||||||||||||||
At December 28, 2013, there were 7,408 shares of common stock currently available for future issuance under the 2004 Plan based on management’s current estimate of the probable vesting outcome for performance-based awards. The Company issues new shares of common stock upon exercise of stock options and SARs. Availability is determined net of forfeitures and is reduced by an additional 0.7 availability factor for restricted stock and DSUs in accordance with the LTIP. Availability also includes shares which became available for reissuance in connection with the exercise of SARs. | |||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||
The Company also offers an ESPP. Eligible Team Members may purchase the Company’s common stock at a discount to its fair market value on the date of purchase. During Fiscal 2012, the Company increased this discount from 5% to 10%. There are annual limitations on Team Member elections of either $25 per Team Member or 10% of compensation, whichever is less. Under the plan, Team Members acquired 23, 34 and 38 shares in Fiscal 2013, 2012 and 2011, respectively. As of December 28, 2013, there were 1,138 shares available to be issued under the plan. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income Loss | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income Loss [Text Block] | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss): | |||||||||||||
Comprehensive income is computed as net earnings plus certain other items that are recorded directly to stockholders’ equity during the accounting period. In addition to net earnings, comprehensive income also includes changes in unrealized gains or losses on hedge arrangements and postretirement plan benefits, net of tax. Accumulated other comprehensive income (loss), net of tax, for Fiscal 2013, 2012 and 2011 consisted of the following: | |||||||||||||
Unrealized Gain | Unrealized Gain (Loss) | Accumulated | |||||||||||
(Loss) on Hedging | on Postretirement | Other | |||||||||||
Arrangements | Plan | Comprehensive | |||||||||||
Income (Loss) | |||||||||||||
Balance, January 1, 2011 | $ | (4,807 | ) | $ | 3,210 | $ | (1,597 | ) | |||||
Fiscal 2011 activity | 4,553 | (152 | ) | 4,401 | |||||||||
Balance, December 31, 2011 | $ | (254 | ) | $ | 3,058 | $ | 2,804 | ||||||
Fiscal 2012 activity | 254 | (391 | ) | (137 | ) | ||||||||
Balance, December 29, 2012 | $ | — | $ | 2,667 | $ | 2,667 | |||||||
Fiscal 2013 activity | — | 1,016 | 1,016 | ||||||||||
Balance, December 28, 2013 | $ | — | $ | 3,683 | $ | 3,683 | |||||||
Segment_and_Related_Informatio
Segment and Related Information | 12 Months Ended | ||||||||||||
Dec. 28, 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 3,832 stores, as of December 28, 2013, which operate 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 platform as part of its integrated operating approach of serving its 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 217 stores, as of December 28, 2013, primarily located in the Northeastern, Mid-Atlantic and Southeastern regions of the United States. | |||||||||||||
The Company evaluates each of its 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 used by the Company. | |||||||||||||
The following table summarizes financial information for each of the Company’s business segments for the years ended December 28, 2013, December 29, 2012 and December 31, 2011, respectively. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales | |||||||||||||
AAP | $ | 6,171,343 | $ | 5,914,946 | $ | 5,884,903 | |||||||
AI | 337,216 | 306,138 | 301,077 | ||||||||||
Eliminations (1) | (14,745 | ) | (16,081 | ) | (15,518 | ) | |||||||
Total net sales | $ | 6,493,814 | $ | 6,205,003 | $ | 6,170,462 | |||||||
Percentage of Sales, by Product Group | |||||||||||||
in AAP Segment (2) | |||||||||||||
Parts and Batteries | 65 | % | 64 | % | 63 | % | |||||||
Accessories | 15 | % | 14 | % | 14 | % | |||||||
Chemicals | 10 | % | 11 | % | 11 | % | |||||||
Oil | 10 | % | 10 | % | 10 | % | |||||||
Other | — | % | 1 | % | 2 | % | |||||||
Total | 100 | % | 100 | % | 100 | % | |||||||
Income before provision for income taxes | |||||||||||||
AAP | $ | 613,875 | $ | 615,284 | $ | 621,700 | |||||||
AI | 12,523 | 8,790 | 11,536 | ||||||||||
Total income before provision for income taxes | $ | 626,398 | $ | 624,074 | $ | 633,236 | |||||||
Provision for income taxes | |||||||||||||
AAP | $ | 229,813 | $ | 232,778 | $ | 233,753 | |||||||
AI | 4,827 | 3,626 | 4,801 | ||||||||||
Total provision for income taxes | $ | 234,640 | $ | 236,404 | $ | 238,554 | |||||||
Segment assets | |||||||||||||
AAP | $ | 5,289,357 | $ | 4,352,686 | $ | 3,413,145 | |||||||
AI | 275,417 | 261,128 | 242,609 | ||||||||||
Total segment assets | $ | 5,564,774 | $ | 4,613,814 | $ | 3,655,754 | |||||||
Depreciation and amortization | |||||||||||||
AAP | $ | 201,445 | $ | 183,183 | $ | 169,541 | |||||||
AI | 6,350 | 6,361 | 6,408 | ||||||||||
Total depreciation and amortization | $ | 207,795 | $ | 189,544 | $ | 175,949 | |||||||
Capital expenditures | |||||||||||||
AAP | $ | 191,383 | $ | 265,179 | $ | 264,108 | |||||||
AI | 4,374 | 6,003 | 4,021 | ||||||||||
Total capital expenditures | $ | 195,757 | $ | 271,182 | $ | 268,129 | |||||||
(1) | For Fiscal 2013, eliminations represented net sales of $10,154 from AAP to AI and $4,591 from AI to AAP. For Fiscal 2012, eliminations represented net sales of $10,192 from AAP to AI and $5,889 from AI to AAP. For Fiscal 2011, eliminations represented net sales of $8,522 from AAP to AI and $6,996 from AI to AAP. | ||||||||||||
(2) | Sales by product group are not available for the AI segment. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
Quarterly Financial Data (unaudited): | |||||||||||||||||
The following table summarizes quarterly financial data for Fiscal 2013 and 2012: | |||||||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
(16 weeks) | (12 weeks) | (12 weeks) | (12 weeks) | ||||||||||||||
Net sales | $ | 2,015,304 | $ | 1,549,553 | $ | 1,520,144 | $ | 1,408,813 | |||||||||
Gross profit | 1,008,206 | 779,223 | 762,940 | 701,777 | |||||||||||||
Net income | 121,790 | 116,871 | 103,830 | 49,267 | |||||||||||||
Basic earnings per share | 1.66 | 1.6 | 1.42 | 0.68 | |||||||||||||
Diluted earnings per share | 1.65 | 1.59 | 1.42 | 0.67 | |||||||||||||
2012 | First | Second | Third | Fourth | |||||||||||||
(16 weeks) | (12 weeks) | (12 weeks) | (12 weeks) | ||||||||||||||
Net sales | $ | 1,957,292 | $ | 1,460,983 | $ | 1,457,527 | $ | 1,329,201 | |||||||||
Gross profit | 980,673 | 728,858 | 725,350 | 663,155 | |||||||||||||
Net income | 133,506 | 99,606 | 89,503 | 65,055 | |||||||||||||
Basic earnings per share | 1.83 | 1.36 | 1.22 | 0.89 | |||||||||||||
Diluted earnings per share | 1.79 | 1.34 | 1.21 | 0.88 | |||||||||||||
Note: Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not be equal to the per share amount for the year. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 12 Months Ended |
Dec. 28, 2013 | |
Subsequent Event [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Event: | |
On January 2, 2014, the Company acquired General Parts International, Inc. (“GPI”) in an all-cash transaction. GPI, formerly a privately held company, is a leading distributor and supplier of original equipment and aftermarket replacement products for commercial markets operating under the Carquest and Worldpac brands. As of the acquisition date, GPI operated 1,248 Carquest stores and 105 Worldpac branches located in 45 states and Canada and serviced approximately 1,400 independently-owned Carquest stores. The Company believes the acquisition of GPI will allow the Company to expand its geographic presence, Commercial capabilities and overall scale to better serve customers. The Company acquired all of GPI’s assets and liabilities as a result of the transaction. | |
Under the terms of the agreement, the Company acquired all of the outstanding stock of GPI for a purchase price of $2,080,537 (subject to adjustment for certain closing items) consisting of $1,307,724 in cash to GPI’s shareholders, the repayment of $694,301 of GPI debt and $78,512 in make-whole fees and transaction-related expenses. The Company funded the purchase price with cash on-hand, $700,000 from the term loan and $306,046 from the revolving credit facility. Refer to Note 7, Long-Term Debt, for a more detailed description of this debt. The Company recognized $26,970 of acquisition-related costs during Fiscal 2013, of which $24,983 and $1,987 are included in the Company’s selling, general and administrative expenses and interest expense, respectively, in the accompanying condensed consolidated statement of operations. The Company will include the financial results of GPI in its consolidated financial statements commencing January 2, 2014. | |
The pro forma revenue of the combined company for the year ended December 28, 2013 as if the acquisition had occurred on December 30, 2012 (the first day of the Company’s Fiscal Year 2013) is $9,456,000. The pro forma revenue is not indicative of the future operating revenue of the combined company. Additionally, due to the limited time since the date of acquisition, the remaining disclosures for this business combination are incomplete as of the date of this filing. As such, it is impracticable for the Company to include pro forma earnings and the purchase price allocation. | |
On February 10, 2014, the Company granted share-based compensation awards with a total grant date fair value of $6,650 to certain GPI team members. These awards consisted of time-based RSUs, performance RSUs and performance SARs. The vesting terms of these awards are consistent with the overall description of our share-based compensation awards in Note 19, Share-Based Compensation. These awards would not have impacted the Company’s basic or diluted earnings per share had they been granted prior to December 28, 2013. |
Condensed_Financial_Informatio
Condensed Financial Information of the Registrant | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Condensed Financial Information of the Registrant [Abstract] | ' | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | ||||||||||||
ADVANCE AUTO PARTS, INC. | |||||||||||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||||
Condensed Parent Company Balance Sheets | |||||||||||||
December 28, 2013 and December 29, 2012 | |||||||||||||
(in thousands, except per share data) | |||||||||||||
December 28, | December 29, | ||||||||||||
2013 | 2012 | ||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 9 | $ | 9 | |||||||||
Other current assets | 1,819 | 5,884 | |||||||||||
Other assets, net | 13,345 | 13,542 | |||||||||||
Intercompany receivable, net | — | 14,626 | |||||||||||
Intercompany note receivable | 1,047,668 | 598,937 | |||||||||||
Investment in subsidiary | 1,590,649 | 1,183,572 | |||||||||||
$ | 2,653,490 | $ | 1,816,570 | ||||||||||
Liabilities and stockholders’ equity | |||||||||||||
Accounts payable | $ | 12 | $ | 76 | |||||||||
Accrued expenses | 5,496 | 2,467 | |||||||||||
Dividends payable | 4,368 | 4,396 | |||||||||||
Long-term debt | 1,047,668 | 598,937 | |||||||||||
Intercompany payable, net | 79,741 | — | |||||||||||
Total liabilities | 1,137,285 | 605,876 | |||||||||||
Stockholders’ equity: | |||||||||||||
Preferred stock, nonvoting, $0.0001 par value | |||||||||||||
10,000 shares authorized; no shares issued or outstanding | — | — | |||||||||||
Common stock, voting $0.0001 par value; 200,000 | |||||||||||||
shares authorized; 74,224 shares issued and 72,840 outstanding | |||||||||||||
in 2013 and 73,731 issued and 73,383 outstanding in 2012 | 7 | 7 | |||||||||||
Additional paid-in capital | 531,293 | 520,215 | |||||||||||
Treasury stock, at cost, 1,384 and 348 shares | (107,890 | ) | (27,095 | ) | |||||||||
Accumulated other comprehensive income | 3,683 | 2,667 | |||||||||||
Retained earnings | 1,089,112 | 714,900 | |||||||||||
Total stockholders’ equity | 1,516,205 | 1,210,694 | |||||||||||
$ | 2,653,490 | $ | 1,816,570 | ||||||||||
The accompanying notes to the condensed parent company financial information | |||||||||||||
are an integral part of this schedule. | |||||||||||||
ADVANCE AUTO PARTS, INC. | |||||||||||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||||
Condensed Parent Company Statements of Operations | |||||||||||||
For the Years Ended December 28, 2013, December 29, 2012 and December 31, 2011 | |||||||||||||
(in thousands, except per share data) | |||||||||||||
Fiscal Years | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Selling, general and administrative expenses | $ | 13,303 | $ | 18,447 | $ | 21,603 | |||||||
Other income, net | 13,016 | 19,062 | 23,046 | ||||||||||
(Loss) income before provision for income taxes | (287 | ) | 615 | 1,443 | |||||||||
Income tax (benefit) provision | (117 | ) | 1,048 | 1,159 | |||||||||
(Loss) income before equity in earnings of subsidiaries | (170 | ) | (433 | ) | 284 | ||||||||
Equity in earnings of subsidiaries | 391,928 | 388,103 | 394,398 | ||||||||||
Net income | $ | 391,758 | $ | 387,670 | $ | 394,682 | |||||||
Basic earnings per share | $ | 5.36 | $ | 5.29 | $ | 5.21 | |||||||
Diluted earnings per share | $ | 5.32 | $ | 5.22 | $ | 5.11 | |||||||
Average common shares outstanding | 72,930 | 73,091 | 75,620 | ||||||||||
Average common shares outstanding - assuming dilution | 73,414 | 74,062 | 77,071 | ||||||||||
ADVANCE AUTO PARTS, INC. | |||||||||||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||||
Condensed Parent Company Statements of Comprehensive Income | |||||||||||||
For the Years Ended December 28, 2013, December 29, 2012 and December 31, 2011 | |||||||||||||
(in thousands, except per share data) | |||||||||||||
Fiscal Years | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income | $ | 391,758 | $ | 387,670 | $ | 394,682 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||
Changes in net unrecognized other postretirement benefit costs, net of $503, $252 and $98 tax | (438 | ) | (391 | ) | (152 | ) | |||||||
Postretirement benefit plan amendment, net of $904, $0 and $0 tax | 1,454 | — | — | ||||||||||
Unrealized gain (loss) on hedge arrangements, net of $0, $163 and $163 tax | — | 254 | (254 | ) | |||||||||
Amortization of unrecognized losses on interest rate swaps, net of $0, $0 and $3,644 tax | — | — | 4,807 | ||||||||||
Total other comprehensive income (loss) | 1,016 | (137 | ) | 4,401 | |||||||||
Comprehensive income | $ | 392,774 | $ | 387,533 | $ | 399,083 | |||||||
The accompanying notes to the condensed parent company financial information | |||||||||||||
are an integral part of this schedule. | |||||||||||||
ADVANCE AUTO PARTS, INC. | |||||||||||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||||
Condensed Parent Company Statements of Cash Flows | |||||||||||||
For the Years Ended December 28, 2013, December 29, 2012 and December 31, 2011 | |||||||||||||
(in thousands) | |||||||||||||
Fiscal Years | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 391,758 | $ | 387,670 | $ | 394,682 | |||||||
Adjustments to reconcile net income to net cash | |||||||||||||
provided by (used in) operations: | |||||||||||||
Equity in earnings of subsidiary | (391,928 | ) | (388,103 | ) | (394,398 | ) | |||||||
Depreciation and amortization | — | 2 | 101 | ||||||||||
Other | 170 | 420 | (388 | ) | |||||||||
Net cash provided by (used in) operating activities | — | (11 | ) | (3 | ) | ||||||||
Cash flows from investing activities: | — | — | — | ||||||||||
Cash flows from financing activities: | — | — | — | ||||||||||
Net (decrease) increase in cash and cash equivalents | — | (11 | ) | (3 | ) | ||||||||
Cash and cash equivalents, beginning of period | 9 | 20 | 23 | ||||||||||
Cash and cash equivalents, end of period | $ | 9 | $ | 9 | $ | 20 | |||||||
Supplemental cash flow information: | |||||||||||||
Interest paid | $ | 30,750 | $ | 23,925 | $ | 17,250 | |||||||
Income taxes paid, net | — | — | — | ||||||||||
Noncash transactions: | |||||||||||||
Issuance of senior unsecured notes with proceeds received | $ | 448,605 | $ | 299,904 | $ | — | |||||||
by Stores | |||||||||||||
Payment of debt related costs by Stores | 8,815 | 2,942 | 3,656 | ||||||||||
Repurchase of Parent's common stock by Stores | 80,795 | 27,095 | 631,149 | ||||||||||
Proceeds received by Stores from stock transactions under the | 3,611 | 8,495 | 21,056 | ||||||||||
Parent's stock subscription plan and Stores' stock option plan | |||||||||||||
Tax withholdings paid by Stores from stock transactions under the | (21,856 | ) | (26,677 | ) | (6,582 | ) | |||||||
Parent's stock subscription plan and Stores' stock option plan | |||||||||||||
Cash dividends paid by Stores on behalf of Parent | 17,574 | 17,596 | 18,554 | ||||||||||
Retirement of common stock | — | 1,644,767 | — | ||||||||||
Changes in other comprehensive income (loss) | 1,016 | (137 | ) | 4,401 | |||||||||
Declared but unpaid cash dividends | 4,368 | 4,396 | 4,356 | ||||||||||
The accompanying notes to the condensed parent company financial information | |||||||||||||
are an integral part of this schedule. | |||||||||||||
ADVANCE AUTO PARTS, INC. | |||||||||||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||||
Notes to the Condensed Parent Company Statements | |||||||||||||
December 28, 2013, December 29, 2012 and December 31, 2011 | |||||||||||||
(in thousands, except per share data) | |||||||||||||
1. Organization and Basis of Presentation | |||||||||||||
Advance Auto Parts, Inc. (“the Company”) is a holding company and the 100% shareholder of Advance Stores Company, Incorporated and its subsidiaries (“Stores”). The Company conducts substantially all of its business operations through Stores. The parent/subsidiary relationship between the Company and Stores includes certain related party transactions. These transactions consist primarily of intercompany advances and interest on intercompany advances, dividends, capital contributions and allocations of certain costs. Deferred income taxes have not been provided for financial reporting and tax basis differences on the undistributed earnings of the subsidiaries. | |||||||||||||
These condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to those rules and regulations, although management believes that the disclosures made are adequate to make the information presented not misleading. Under a “parent-only” presentation, the investment of the Company in Stores is presented under the equity method of accounting. These parent-only financial statements should be read in conjunction with the consolidated financial statements of the Company included in Item 15 “Exhibits, Financial Statement Schedules” of this Annual Report on Form 10-K (“consolidated financial statements”). | |||||||||||||
2. Summary of Significant Accounting Policies | |||||||||||||
Accounting Period | |||||||||||||
The Company’s fiscal year ends on the Saturday nearest the end of December, which results in an extra week every several years (the next 53 week fiscal year is 2014). | |||||||||||||
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. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents consist of cash in banks and money market funds with original maturities of three months or less. | |||||||||||||
Share-Based Payments | |||||||||||||
The Company grants share-based compensation awards to certain executive-level Team Members and members of its Board of Directors as provided for under its 2004 Long-Term Incentive Plan. The Company’s accounting policy for share-based payments is the same as for the consolidated company which is described in the summary of significant accounting policies in Note 2 of the consolidated financial statements. | |||||||||||||
Earnings per Share | |||||||||||||
The Company uses the two-class method to calculate earnings per share. Under the two-class method, unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are considered participating securities and are included in the computation of earnings per share. Certain of the Company’s shares granted to Team Members in the form of restricted stock and restricted stock units are considered participating securities. | |||||||||||||
ADVANCE AUTO PARTS, INC. | |||||||||||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||||
Notes to the Condensed Parent Company Statements | |||||||||||||
December 28, 2013, December 29, 2012 and December 31, 2011 | |||||||||||||
(in thousands, except per share data) | |||||||||||||
Accordingly, earnings per share is computed by dividing net income attributable to the Company’s common shareholders | |||||||||||||
by the weighted-average common shares outstanding during the period. The two-class method is an earnings allocation formula that determines income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Diluted income per common share reflects the more dilutive earnings per share amount calculated using the treasury stock method or the two-class method. | |||||||||||||
Basic earnings per share of common stock has been computed based on the weighted-average number of common shares outstanding during the period, which is reduced by stock held in treasury and shares of nonvested restricted stock. Diluted earnings per share of common stock reflects 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”). Share-based awards containing performance conditions are included in the dilution impact as those conditions are met. Diluted earnings per share are calculated by including the effect of dilutive securities. | |||||||||||||
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. | |||||||||||||
3. Intercompany Transactions | |||||||||||||
On December 29, 2012, Stores declared a non-cash dividend to the Company totaling $2,231,200. The dividend was comprised of: (i) the forgiveness of the $1,632,300 intercompany receivable owed to Stores by the Company and (ii) the issuance of a $598,900 intercompany note payable from Stores to the Company. | |||||||||||||
The intercompany note payable contains terms and conditions that are similar in all material respects to the Notes discussed in footnote 4 below. | |||||||||||||
ADVANCE AUTO PARTS, INC. | |||||||||||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||||
Notes to the Condensed Parent Company Statements | |||||||||||||
December 28, 2013, December 29, 2012 and December 31, 2011 | |||||||||||||
(in thousands, except per share data) | |||||||||||||
4. Long-Term Debt | |||||||||||||
Senior Unsecured Notes | |||||||||||||
The Company issued 4.50% senior unsecured notes on December 3, 2013 at 99.69% of the principal amount of $450,000 which are due December 1, 2023 (the “2023 Notes”). The 2023 Notes bear interest at a rate of 4.50% per year payable semi-annually in arrears on June 1 and December 1 of each year, beginning June 1, 2014. The net proceeds from the offering of these notes were approximately $445,200, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The net proceeds from the 2023 Notes were used in aggregate with borrowings under the Company’s revolver and term loan and cash on-hand to fund the Company’s acquisition of General Parts International, Inc. on January 2, 2014. | |||||||||||||
The Company previously issued 4.50% senior unsecured notes on January 2012 at 99.968% of the principal amount of $300,000 which are due January 15, 2022 (the “2022 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. 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” or collectively with the 2023 Notes and the 2022 Notes, “the 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. 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 (as amended, supplemented, waived, or otherwise modified, the “Indenture”) among the Company, the subsidiary guarantors from time to time party thereto 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 each of the Indentures for 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. | |||||||||||||
Bank Debt | |||||||||||||
The Company fully and unconditionally guarantees the revolving credit facility of Stores. The revolving credit agreement does not contain restrictions on the payment of dividends, loans or advances between the Company and Stores and Stores’ subsidiaries. Therefore, there are no such restrictions as of December 28, 2013 and December 29, 2012. | |||||||||||||
ADVANCE AUTO PARTS, INC. | |||||||||||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||||
Notes to the Condensed Parent Company Statements | |||||||||||||
December 28, 2013, December 29, 2012 and December 31, 2011 | |||||||||||||
(in thousands, except per share data) | |||||||||||||
5. Commitments and Contingencies | |||||||||||||
The Company has indirect commitments and contingencies through Stores. For a discussion of the commitments and contingencies of the consolidated company, see Notes 16, Lease Commitments, and 17, Contingencies, of the consolidated financial statements. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | |||||||||||||||||||||
ADVANCE AUTO PARTS, INC. | ||||||||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Allowance for doubtful accounts receivable: | Balance at | Charges to | Deductions | Other | Balance at | |||||||||||||||||
Beginning | Expenses | End of | ||||||||||||||||||||
of Period | Period | |||||||||||||||||||||
December 31, 2011 | $ | 4,816 | $ | 645 | $ | (1,405 | ) | (1) | $ | — | $ | 4,056 | ||||||||||
December 29, 2012 | 4,056 | 4,127 | (2,264 | ) | (1) | — | 5,919 | |||||||||||||||
December 28, 2013 | 5,919 | 11,955 | (4,995 | ) | (1) | 416 | (2) | 13,295 | ||||||||||||||
(1) | Accounts written off during the period. These amounts did not impact the Company’s statement of operations for any year presented. | |||||||||||||||||||||
(2) | Reserves assumed in the acquisition of B.W.P. Distributors, Inc. | |||||||||||||||||||||
Note: Other valuation and qualifying accounts have not been reported in this schedule because they are either not applicable or because the information has been included elsewhere in this report. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||
Dec. 28, 2013 | ||||||
Summary of Significant Accounting Policies [Abstract] | ' | |||||
Fiscal Period, Policy [Policy Text Block] | ' | |||||
Accounting Period | ||||||
The Company’s fiscal year ends on the Saturday nearest the end of December, which results in an extra week every several years (the next 53 week fiscal year is 2014). | ||||||
Consolidation, Policy [Policy Text Block] | ' | |||||
Principles of Consolidation | ||||||
The consolidated financial statements include the accounts of Advance and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | ||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||
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. | ||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||
Cash, Cash Equivalents and Bank Overdrafts | ||||||
Cash and cash equivalents consist of cash in banks and money market funds with original maturities of three months or less. Included in cash equivalents are credit card and debit card receivables from banks, which generally settle within two to four business days. Credit and debit card receivables included in Cash and cash equivalents as of December 28, 2013 and December 29, 2012 were $28,828 and $26,738, respectively. Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right of offset. Bank overdrafts of $5,796 and $8,722 are included in Other current liabilities as of December 28, 2013 and December 29, 2012, respectively. | ||||||
Receivables, Policy [Policy Text Block] | ' | |||||
Receivables | ||||||
Receivables, net consist primarily of receivables from Commercial customers and vendors. The Company grants credit to certain Commercial customers who meet the Company’s pre-established credit requirements. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of the Company’s Commercial customers to make required payments. The Company considers the following factors when determining if collection is reasonably assured: customer creditworthiness, past transaction history with the customer, current economic and industry trends and changes in customer payment terms. Concentrations of credit risk with respect to these receivables are limited because the Company’s customer base consists of a large number of small customers, spreading the credit risk across a broad base. The Company also controls this credit risk through credit approvals, credit limits and accounts receivable and credit monitoring procedures. | ||||||
The Company’s vendor receivables are established as it receives concessions from its vendors through a variety of programs and arrangements, including allowances for new stores and warranties, volume purchase rebates and co-operative advertising. Amounts receivable from vendors also include amounts due to the Company for changeover merchandise and product returns. The Company regularly reviews vendor receivables for collectability and assesses the need for a reserve for uncollectable amounts based on an evaluation of the Company’s vendors’ financial positions and corresponding abilities to meet financial obligations. The Company’s allowance for doubtful accounts related to vendor receivables is not significant. | ||||||
Inventory, Policy [Policy Text Block] | ' | |||||
Inventory | ||||||
Inventory amounts are stated at the lower of cost or market. The cost of the Company’s merchandise inventory is determined using the last-in, first-out (“LIFO”) method. Under the LIFO method, the Company’s cost of sales reflects the costs of the most recently purchased inventories, while the inventory carrying balance represents the costs relating to prices paid in prior years. | ||||||
vendor incentives [Policy Text Block] | ' | |||||
Vendor Incentives | ||||||
The Company receives incentives in the form of reductions to amounts owed and/or payments from vendors related to cooperative advertising allowances, volume rebates and other promotional considerations. Many of these incentives are under long-term agreements (terms in excess of one year), while others are negotiated on an annual basis or less (short-term). Volume rebates and cooperative advertising allowances not offsetting in selling, general and administrative expenses, or SG&A, are earned based on inventory purchases and initially recorded as a reduction to inventory. These deferred amounts are included as a reduction to cost of sales as the inventory is sold. Cooperative advertising allowances provided as a reimbursement of specific, incremental and identifiable costs incurred to promote a vendor’s products are included as an offset to SG&A when the cost is incurred. Total deferred vendor incentives included as a reduction of Inventory was $111,304 and $102,975 as of December 28, 2013 and December 29, 2012, respectively. | ||||||
Similarly, the Company recognizes other promotional incentives earned under long-term agreements not specifically related to volume of purchases as a reduction to cost of sales. However, these incentives are not deferred as a reduction of inventory and are recognized based on the cumulative net purchases as a percentage of total estimated net purchases over the life of the agreement. Short-term incentives (terms less than one year) are generally recognized as a reduction to cost of sales over the duration of any short-term agreements. | ||||||
Amounts received or receivable from vendors that are not yet earned are reflected as deferred revenue in the accompanying consolidated balance sheets. Management’s estimate of the portion of deferred revenue that will be realized within one year of the balance sheet date has been included in Other current liabilities in the accompanying consolidated balance sheets. Earned amounts that are receivable from vendors are included in Receivables, net except for that portion expected to be received after one year, which is included in Other assets, net on the accompanying consolidated balance sheets. | ||||||
Advertising Costs, Policy [Policy Text Block] | ' | |||||
Advertising Costs | ||||||
The Company expenses advertising costs as incurred. Advertising expense, net of vendor promotional funds, was $69,116, $83,871 and $84,656 in Fiscal 2013, 2012 and 2011, respectively. Vendor promotional funds, which reduced advertising expense, amounted to $18,622 and $11,445 in Fiscal 2013 and 2012. Prior to Fiscal 2011, the Company received no vendor promotional funds to reduce advertising expense. | ||||||
Preopening Expenses [Policy Text Block] | ' | |||||
Preopening Expenses | ||||||
Preopening expenses, which consist primarily of payroll and occupancy costs related to the opening of new stores, are expensed as incurred. | ||||||
Income Tax, Policy [Policy Text Block] | ' | |||||
Income Taxes | ||||||
The Company accounts for income taxes under the asset and liability method which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under the asset and liability method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period of the enactment date. | ||||||
The Company recognizes tax benefits and/or tax liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the Company must determine the probability of various possible outcomes. | ||||||
The Company reevaluates these uncertain tax positions on a quarterly basis or when new information becomes available to management. The reevaluations are based on many factors, including but not limited to, changes in facts or circumstances, changes in tax law, successfully settled issues under audit, expirations due to statutes of limitations, and new federal or state audit activity. Any change in either the Company’s recognition or measurement could result in the recognition of a tax benefit or an increase to the tax accrual. | ||||||
The Company also follows guidance provided on other items relevant to the accounting for income taxes throughout the year, as applicable, including derecognition of benefits, classification, interest and penalties, accounting in interim periods, disclosure and transition. Refer to Note 15, Income Taxes, for a further discussion of income taxes. | ||||||
Self-Insurance [Policy Text Block] | ' | |||||
Self-Insurance | ||||||
The Company is self-insured for general and automobile liability, workers’ compensation and health care claims of its employees, or Team Members, while maintaining stop-loss coverage with third-party insurers to limit its total liability exposure. Expenses associated with these liabilities are calculated for (i) claims filed, (ii) claims incurred but not yet reported and (iii) projected future claims using actuarial methods followed in the insurance industry as well as the Company’s historical claims experience. The Company includes the current and long-term portions of its self-insurance reserve in Accrued expenses and Other long-term liabilities, respectively. | ||||||
Standard Product Warranty, Policy [Policy Text Block] | ' | |||||
Warranty Liabilities | ||||||
The warranty obligation on the majority of merchandise sold by the Company with a manufacturer's warranty is the responsibility of the Company’s vendors. However, the Company has an obligation to provide customers free replacement of certain merchandise or merchandise at a prorated cost if under a warranty and not covered by the manufacturer. Merchandise sold with warranty coverage by the Company primarily includes batteries but may also include other parts such as brakes and shocks. The Company estimates its warranty obligation at the time of sale based on the historical return experience, sales level and cost of the respective product sold. To the extent vendors provide upfront allowances in lieu of accepting the obligation for warranty claims and the allowance is in excess of the related warranty expense, the excess is recorded as a reduction to cost of sales. | ||||||
Revenue Recognition, Policy [Policy Text Block] | ' | |||||
Revenue Recognition | ||||||
The Company recognizes revenue at the time the sale is made, at which time the Company’s walk-in customers take immediate possession of the merchandise or same-day delivery is made to the Company’s commercial delivery customers. For e-commerce sales, revenue is recognized either at the time of pick-up at one of the Company’s store locations or at the time of shipment depending on the customer’s order designation. Sales are recorded net of discounts, sales taxes and estimated allowances. The Company estimates returns based on current sales levels and the Company’s historical return experience. The Company’s reserve for sales returns and allowances was not material as of December 28, 2013 and December 29, 2012. | ||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |||||
Share-Based Payments | ||||||
The Company provides share-based compensation to its Team Members and board of directors. The Company is required to exercise judgment and make estimates when determining the projected (i) fair value of each award granted and (ii) number of awards expected to vest. The Company calculates the fair value of all share-based awards at the date of grant and uses the straight-line method to amortize this fair value as compensation cost over the requisite service period. | ||||||
Derivatives, Policy [Policy Text Block] | ' | |||||
Derivative Instruments and Hedging Activities | ||||||
The Company’s 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 criteria for designating a derivative as a hedge include the assessment of the instrument’s effectiveness in risk reduction, matching of the derivative instrument to its underlying transaction and the probability that the underlying transaction will occur. For derivatives with cash flow hedge designation, the Company reports the after-tax gain or loss from the effective portion of the hedge as a component of Accumulated other income (loss) and reclassifies it into earnings in the same period or periods in which the hedged transaction affects earnings, and within the same income statement line item as the impact of the hedged transaction. For derivatives with fair value hedge accounting designation, the Company would recognize gains or losses from the change in the fair value of these derivatives, as well as the offsetting change in the fair value of the underlying hedged item, in earnings. | ||||||
Accumulated Other Comprehensive Income (Loss) [Policy Text Block] | ' | |||||
Accumulated Other Comprehensive Income (Loss) | ||||||
The purpose of reporting Accumulated other comprehensive income (loss) is to report a measure of all changes in equity of an enterprise that result from transactions and other economic events of the period. The changes in accumulated other comprehensive income refer to revenues, expenses, gains, and losses that are included in other comprehensive income but excluded from net income. | ||||||
The Company’s Accumulated other comprehensive income (loss) is comprised of the unamortized portion of the previously recorded unrecognized gains or loss on interest rate swaps and forward treasury rate locks and the net unrealized gain associated with the Company’s postretirement benefit plan. | ||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | |||||
Goodwill and Other Intangible Assets | ||||||
Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations accounted for under the purchase method. The Company tests goodwill and indefinite-lived intangible assets for impairment annually as of the first day of the fiscal fourth quarter, or when indications of potential impairment exist. These indicators would include a significant change in operating performance, the business climate, legal factors, competition, or a planned sale or disposition of a significant portion of the business, among other factors. | ||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | |||||
Valuation of Long-Lived Assets | ||||||
The Company evaluates the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable and exceeds its fair value. | ||||||
Significant factors, which would trigger an impairment review, include the following: | ||||||
• | Significant decrease in the market price of a long-lived asset (asset group); | |||||
• | Significant changes in how assets are used or are planned to be used; | |||||
• | Significant adverse change in legal factors or business climate, including adverse regulatory action; | |||||
• | Significant negative industry trends; | |||||
• | An accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset (asset group); | |||||
• | Significant changes in technology; | |||||
• | A current-period operating or cash flow loss combined with a history of operating or cash flow losses, or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset (asset group); or | |||||
• | A current expectation that, more likely than not, a long-lived asset (asset group) will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. | |||||
When such an event occurs, the Company estimates the undiscounted future cash flows expected to result from the use of the long-lived asset (asset group) and its eventual disposition. These impairment evaluations involve estimates of asset useful lives and future cash flows. If the undiscounted expected future cash flows are less than the carrying amount of the asset and the carrying amount of the asset exceeds its fair value, an impairment loss is recognized. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value based on quoted market prices or other valuation techniques (e.g., discounted cash flow analysis). | ||||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||||
Earnings per Share | ||||||
The Company uses the two-class method to calculate earnings per share. Under the two-class method, unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are considered participating securities and are included in the computation of earnings per share. Certain of the Company’s shares granted to Team Members in the form of restricted stock and restricted stock units are considered participating securities. | ||||||
Accordingly, earnings per share is computed by dividing net income attributable to the Company’s common shareholders by the weighted-average common shares outstanding during the period. The two-class method is an earnings allocation formula that determines income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Diluted income per common share reflects the more dilutive earnings per share amount calculated using the treasury stock method or the two-class method. | ||||||
Basic earnings per share of common stock has been computed based on the weighted-average number of common shares outstanding during the period, which is reduced by stock held in treasury and shares of nonvested restricted stock. Diluted earnings per share of common stock reflects 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”). Share-based awards containing performance conditions are included in the dilution impact as those conditions are met. Diluted earnings per share are calculated by including the effect of dilutive securities. | ||||||
Lease, Policy [Policy Text Block] | ' | |||||
Lease Accounting | ||||||
The Company leases certain store locations, distribution centers, office space, equipment and vehicles. Initial terms for facility leases are typically 10 to 15 years, with renewal options at five year intervals, and may include rent escalation clauses. The total amount of the minimum rent is expensed on a straight-line basis over the initial term of the lease unless external economic factors exist or become existent such that renewals are reasonably assured, in which case the Company would include the renewal period in its amortization period. In those instances, the renewal period would be included in the lease term for purposes of establishing an amortization period and determining if such lease qualified as a capital or operating lease. In addition to minimum fixed rental payments, some leases provide for contingent facility rentals. Differences between the calculated rent expense and cash payments are recorded as a liability within the Accrued expenses and Other long-term liabilities captions in the accompanying consolidated balance sheets, based on the terms of the lease. Deferred rent was $50,638 and $45,791 as of December 28, 2013 and December 29, 2012, respectively. Contingent facility rentals are determined on the basis of a percentage of sales in excess of stipulated minimums for certain store facilities as defined in the individual lease agreements. Most of the leases provide that the Company pay taxes, maintenance, insurance and certain other expenses applicable to the leased premises. Management expects that in the normal course of business leases that expire will be renewed or replaced by other leases. | ||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |||||
Property and Equipment | ||||||
Property and equipment are stated at cost, less accumulated depreciation, or at fair value if acquired through a business combination. Expenditures for maintenance and repairs are charged directly to expense when incurred; major improvements are capitalized. When items are sold or retired, the related cost and accumulated depreciation are removed from the account balances, with any gain or loss reflected in the consolidated statements of operations. | ||||||
Depreciation of land improvements, buildings, furniture, fixtures and equipment, and vehicles is provided over the estimated useful lives, which range from 2 to 40 years, of the respective assets using the straight-line method. Depreciation of building and leasehold improvements is provided over the shorter of the original useful lives of the respective assets or the term of the lease using the straight-line method. | ||||||
Closed Store Liabilities [Policy Text Block] | ' | |||||
Closed Store Liabilities | ||||||
The Company continually reviews the operating performance of its existing store locations and closes or relocates certain stores identified as underperforming or delivering strategically or financially unacceptable results. Expenses pertaining to closed store exit activities are included in the Company’s closed store liabilities. Closed store liabilities include the present value of the remaining lease obligations and management’s estimate of future costs of insurance, property tax and common area maintenance expenses (reduced by the present value of estimated revenues from subleases and lease buyouts) and new provisions are established by a charge to SG&A in the accompanying consolidated statements of operations at the time the facilities actually close. | ||||||
From time to time closed store liability estimates require revisions, primarily due to changes in assumptions associated with revenue from subleases. The effect of changes in estimates for our closed store liabilities impact both our income statement and balance sheet: (i) they are included in SG&A in the accompanying consolidated statements of operations, and (ii) they are recorded in Accrued expenses (current portion) and Other long-term liabilities (long-term portion) in the accompanying consolidated balance sheets. | ||||||
The Company also evaluates and determines if the results from the closure of store locations should be reported as discontinued operations based on the elimination of the operations and associated cash flows from the Company’s ongoing operations. The Company does not include in its evaluation of discontinued operations those operations and associated cash flows transferred to another store in the local market. | ||||||
Cost of Sales, Policy [Policy Text Block] | ' | |||||
Cost of Sales and Selling, General and Administrative Expenses | ||||||
The following table illustrates the primary costs classified in each major expense category: | ||||||
Cost of Sales | SG&A | |||||
Ÿ | Total cost of merchandise sold including: | Ÿ | Payroll and benefit costs for retail and corporate | |||
- | Freight expenses associated with moving | Team Members; | ||||
merchandise inventories from our vendors to | Ÿ | Occupancy costs of retail and corporate facilities; | ||||
our distribution center, | Ÿ | Depreciation related to retail and corporate assets; | ||||
- | Vendors incentives, and | Ÿ | Advertising; | |||
- | Cash discounts on payments to vendors; | Ÿ | Costs associated with our commercial delivery | |||
Ÿ | Inventory shrinkage; | program, including payroll and benefit costs, | ||||
Ÿ | Defective merchandise and warranty costs; | and transportation expenses associated with moving | ||||
Ÿ | Costs associated with operating our distribution | merchandise inventories from our retail store to | ||||
network, including payroll and benefit costs, | our customer locations; | |||||
occupancy costs and depreciation; and | Ÿ | Self-insurance costs; | ||||
Ÿ | Freight and other handling costs associated with | Ÿ | Professional services; | |||
moving merchandise inventories through our | Ÿ | Other administrative costs, such as credit card | ||||
supply chain | service fees, supplies, travel and lodging; | |||||
- | From our distribution centers to our retail | Ÿ | Closed store expense; | |||
store locations, and | Ÿ | Impairment charges; | ||||
- | From certain of our larger stores which stock a | Ÿ | GPI acquisition-related expenses; and | |||
wider variety and greater supply of inventory (“HUB | Ÿ | BWP acquisition-related expenses and integration costs. | ||||
stores”) and Parts Delivered Quickly warehouses | ||||||
(“PDQ®s”) to our retail stores after the customer | ||||||
has special-ordered the merchandise. | ||||||
New Accounting Pronouncements [Policy Text Block] | ' | |||||
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. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | |||||||||||
SelfIinsurance Reserves [Table Text Block] | ' | |||||||||||
The following table presents changes in the Company’s total self-insurance reserves: | ||||||||||||
December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||||
Self-insurance reserves, beginning of period | $ | 94,548 | $ | 98,944 | $ | 97,070 | ||||||
Additions to self-insurance reserves | 120,782 | 105,670 | 105,379 | |||||||||
Acquired reserves | 4,195 | — | — | |||||||||
Reserves utilized | (121,050 | ) | (110,066 | ) | (103,505 | ) | ||||||
Self-insurance reserves, end of period | $ | 98,475 | $ | 94,548 | $ | 98,944 | ||||||
Inventories_net_Tables
Inventories, net (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Inventories, net [Abstract] | ' | |||||||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||||||
Inventory balances at the end of Fiscal 2013 and 2012 were as follows: | ||||||||||||
December 28, | December 29, | |||||||||||
2013 | 2012 | |||||||||||
Inventories at FIFO, net | $ | 2,424,795 | $ | 2,182,419 | ||||||||
Adjustments to state inventories at LIFO | 131,762 | 126,190 | ||||||||||
Inventories at LIFO, net | $ | 2,556,557 | $ | 2,308,609 | ||||||||
Inventory Reserves [Table Text Block] | ' | |||||||||||
The following table presents changes in the Company’s inventory reserves for years ended December 28, 2013, December 29, 2012 and December 31, 2011: | ||||||||||||
December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
Inventory reserves, beginning of period | $ | 31,418 | $ | 30,786 | $ | 18,150 | ||||||
Additions to inventory reserves | 65,466 | 72,852 | 90,128 | |||||||||
Reserves utilized | (59,361 | ) | (72,220 | ) | (77,492 | ) | ||||||
Inventory reserves, end of period | $ | 37,523 | $ | 31,418 | $ | 30,786 | ||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 28, 2013 | |||||
BWP Distributors 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) | 12 Months Ended | |||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||
Goodwill [Line Items] | ' | |||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||||||
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 31, 2011 | $ | 58,095 | $ | 18,294 | $ | 76,389 | ||||||||||||||
Fiscal 2012 activity | — | — | — | |||||||||||||||||
Balance at December 29, 2012 | $ | 58,095 | $ | 18,294 | $ | 76,389 | ||||||||||||||
Fiscal 2013 activity | 123,446 | — | 123,446 | |||||||||||||||||
Balance at December 28, 2013 | $ | 181,541 | $ | 18,294 | $ | 199,835 | ||||||||||||||
Schedule of Acquired Intangible Assets [Table Text Block] | ' | |||||||||||||||||||
The gross and net carrying amounts of acquired intangible assets as of December 28, 2013, December 29, 2012 and December 31, 2011 are comprised of the following: | ||||||||||||||||||||
Acquired intangible assets | ||||||||||||||||||||
Subject to Amortization | Not Subject to Amortization | |||||||||||||||||||
Customer | Acquired Technology | Other | Trademark and | Intangible Assets | ||||||||||||||||
Relationships | Tradenames | (excluding goodwill) | ||||||||||||||||||
Gross: | ||||||||||||||||||||
Gross carrying amount at December 31, 2011 | $ | 9,800 | $ | 7,750 | $ | 885 | $ | 20,550 | $ | 38,985 | ||||||||||
Additions | — | 1,100 | — | — | 1,100 | |||||||||||||||
Gross carrying amount at December 29, 2012 | $ | 9,800 | $ | 8,850 | $ | 885 | $ | 20,550 | $ | 40,085 | ||||||||||
Additions | 23,801 | — | 5,200 | — | 29,001 | |||||||||||||||
Gross carrying amount at December 28, 2013 | $ | 33,601 | $ | 8,850 | $ | 6,085 | $ | 20,550 | $ | 69,086 | ||||||||||
Net: | ||||||||||||||||||||
Net book value at December 31, 2011 | $ | 3,618 | $ | 6,987 | $ | 225 | $ | 20,550 | $ | 31,380 | ||||||||||
Additions | — | 1,100 | — | — | 1,100 | |||||||||||||||
2012 amortization | (960 | ) | (2,668 | ) | (7 | ) | — | (3,635 | ) | |||||||||||
Net carrying amount at December 29, 2012 | $ | 2,658 | $ | 5,419 | $ | 218 | $ | 20,550 | $ | 28,845 | ||||||||||
Additions | 23,801 | — | 5,200 | — | 29,001 | |||||||||||||||
2013 amortization | (3,167 | ) | (2,950 | ) | (1,857 | ) | — | (7,974 | ) | |||||||||||
Net book value at December 28, 2013 | $ | 23,292 | $ | 2,469 | $ | 3,561 | $ | 20,550 | $ | 49,872 | ||||||||||
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 December 28, 2013: | ||||||||||||||||||||
Fiscal Year | Amount | |||||||||||||||||||
2014 | $ | 6,988 | ||||||||||||||||||
2015 | 3,515 | |||||||||||||||||||
2016 | 2,490 | |||||||||||||||||||
2017 | 2,490 | |||||||||||||||||||
2018 | 1,990 | |||||||||||||||||||
Thereafter | 11,849 | |||||||||||||||||||
Receivables_net_Tables
Receivables, net (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Receivables, net: [Abstract] | ' | ||||||||
Receivables, net: [Abstract] [Table Text Block] | ' | ||||||||
Receivables consist of the following: | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
Trade | $ | 145,670 | $ | 110,153 | |||||
Vendor | 138,336 | 119,770 | |||||||
Other | 6,884 | 5,862 | |||||||
Total receivables | 290,890 | 235,785 | |||||||
Less: Allowance for doubtful accounts | (13,295 | ) | (5,919 | ) | |||||
Receivables, net | $ | 277,595 | $ | 229,866 | |||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Debt Instrument, Redemption [Line Items] | ' | |||||||
Debt Instrument Redemption [Table Text Block] | ' | |||||||
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 each of the Indentures for 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. | ||||||||
Schedule of Debt [Table Text Block] | ' | |||||||
Long-term debt consists of the following: | ||||||||
December 28, 2013 | December 29, 2012 | |||||||
Revolving facility at variable interest rates (1.47% at December 28, 2013, due December 5, 2018 and 1.74% at December 29, 2012 replaced by the current facility) | $ | — | $ | — | ||||
Term loan at variable interest rates (1.67% at December 29, 2013) due December 1, 2023 | — | — | ||||||
5.75% Senior Unsecured Notes (net of unamortized discount of $865 and $975 at December 28, 2013 and December 29, 2012, respectively) due May 1, 2020 | 299,135 | 299,025 | ||||||
4.50% Senior Unsecured Notes (net of unamortized discount of $80 and $88 at December 28, 2013 and December 29, 2012, respectively) due January 15, 2022 | 299,920 | 299,912 | ||||||
4.50% Senior Unsecured Notes (net of unamortized discount of $1,387 at December 28, 2013) due December 1, 2023 | 448,613 | — | ||||||
Other | 5,916 | 6,151 | ||||||
1,053,584 | 605,088 | |||||||
Less: Current portion of long-term debt | (916 | ) | (627 | ) | ||||
Long-term debt, excluding current portion | $ | 1,052,668 | $ | 604,461 | ||||
Long-term Debt, Description | 'On December 5, 2013, the Company entered into a new credit agreement which provides a $700,000 unsecured term loan and a $1,000,000 unsecured revolving credit facility (the b2013 Credit Agreementb) with Advance Stores, as Borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent. This new revolving credit facility replaced the revolver under the Companybs former Credit Agreement dated as of May 27, 2011 with Advance Stores, as Borrower, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent (the b2011 Credit Agreementb). Upon execution of the 2013 Credit Agreement, the lendersb commitments under the 2011 Credit Agreement were terminated and the liabilities of the Company and its subsidiaries with respect to their obligations under the 2011 Credit Agreement were discharged. The new 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 to exceed $250,000 (up to a total commitment of $1,250,000) 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 revolving credit facility terminates in December 2018 and the term loan matures in January 2019. | |||||||
Indenture provisions for events of default | '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. | |||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||
As of December 28, 2013, the aggregate future annual maturities of long-term debt instruments are as follows: | ||||||||
Fiscal | Amount | |||||||
Year | ||||||||
2014 | $ | 916 | ||||||
2015 | 1,049 | |||||||
2016 | — | |||||||
2017 | — | |||||||
2018 | — | |||||||
Thereafter | 1,051,619 | |||||||
$ | 1,053,584 | |||||||
Effect_of_Derivative_Instrumen
Effect of Derivative Instruments and Hedging on Statement of Operations (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | ||||||||||||||||
The table below presents the effect of the Company’s derivative financial instruments on the statement of operations for the Fiscal 2013, 2012 and 2011, respectively: | |||||||||||||||||
Interest rate swaps | Amount of | Location of Gain or | Amount of | Location of Gain or | Amount of | ||||||||||||
Gain or | (Loss) Reclassified | Gain or (Loss) | (Loss) Recognized in | Gain or (Loss) | |||||||||||||
(Loss) | from Accumulated | Reclassified | Income on Derivative | Recognized in | |||||||||||||
Recognized | OCI into Income | from | (Ineffective Portion | Income on | |||||||||||||
in OCI on | (Effective Portion) | Accumulated | and Amount Excluded | Derivative, net | |||||||||||||
Derivative, | OCI into | from Effectiveness | of tax | ||||||||||||||
net of tax | Income, net of | Testing) | (Ineffective | ||||||||||||||
(Effective | tax (Effective | Portion and | |||||||||||||||
Portion) | Portion) | Amount | |||||||||||||||
Excluded from | |||||||||||||||||
Effectiveness | |||||||||||||||||
Testing) | |||||||||||||||||
2013 | $ | — | Interest expense | $ | — | Other (expense) | $ | — | |||||||||
income, net | |||||||||||||||||
2012 | $ | 254 | Interest expense | $ | 108 | Other (expense) income, net | $ | 66 | |||||||||
2011 | $ | (254 | ) | Interest expense | $ | (4,807 | ) | Other (expense) income, net | $ | (132 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 28, 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 December 28, 2013 and December 29, 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 December 28, 2013 | ||||||||||||||||
Contingent consideration related to business acquisitions | $ | 9,475 | $ | — | $ | — | $ | 9,475 | ||||||||
As of December 29, 2012 | ||||||||||||||||
Contingent consideration related to business acquisitions | $ | 16,999 | $ | — | $ | — | $ | 16,999 | ||||||||
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 December 28, 2013 and December 29, 2012, respectively, are as follows: | ||||||||||||||||
December 28, | December 29, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Carrying Value | $ | 1,052,668 | $ | 604,461 | ||||||||||||
Fair Value | $ | 1,086,000 | $ | 655,000 | ||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||||||
Dec. 28, 2013 | ||||||||||||
Property and Equipment [Abstract] | ' | |||||||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||||
Property and equipment consists of the following: | ||||||||||||
Original | December 28, | December 29, | ||||||||||
Useful Lives | 2013 | 2012 | ||||||||||
Land and land improvements | 0 - 10 years | $ | 418,207 | $ | 403,401 | |||||||
Buildings | 30 - 40 years | 445,820 | 432,274 | |||||||||
Building and leasehold improvements | 3 - 30 years | 336,685 | 309,194 | |||||||||
Furniture, fixtures and equipment | 3 - 20 years | 1,244,456 | 1,152,778 | |||||||||
Vehicles | 2 - 5 years | 18,291 | 19,490 | |||||||||
Construction in progress | 75,985 | 76,769 | ||||||||||
2,539,444 | 2,393,906 | |||||||||||
Less - Accumulated depreciation | (1,255,474 | ) | (1,102,147 | ) | ||||||||
Property and equipment, net | $ | 1,283,970 | $ | 1,291,759 | ||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Accrued Expenses [Abstract] | ' | ||||||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||||||
Accrued expenses consist of the following: | |||||||||||||
December 28, | December 29, | ||||||||||||
2013 | 2012 | ||||||||||||
Payroll and related benefits | $ | 101,576 | $ | 79,756 | |||||||||
Warranty reserves | 39,512 | 38,425 | |||||||||||
Capital expenditures | 20,714 | 26,142 | |||||||||||
Self-insurance reserves | 45,504 | 45,324 | |||||||||||
Taxes payable | 82,179 | 73,158 | |||||||||||
Other | 139,140 | 116,834 | |||||||||||
Total accrued expenses | $ | 428,625 | $ | 379,639 | |||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||||||
The following table presents changes in the Company’s warranty reserves: | |||||||||||||
December 28, | December 29, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Warranty reserves, beginning of period | $ | 38,425 | $ | 38,847 | $ | 36,352 | |||||||
Additions to warranty reserves | 42,380 | 40,766 | 43,013 | ||||||||||
Reserves utilized | (41,293 | ) | (41,188 | ) | (40,518 | ) | |||||||
Warranty reserves, end of period | $ | 39,512 | $ | 38,425 | $ | 38,847 | |||||||
Other_Current_and_Longterm_Lia1
Other Current and Long-term Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Current [Member] | ' | ||||||||
Debt Instrument [Line Items] | ' | ||||||||
Schedule of Other Current Liabilities [Table Text Block] | ' | ||||||||
Other current liabilities consist of the following: | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
Deferred income taxes | $ | 135,754 | $ | 134,279 | |||||
Other | 18,876 | 15,279 | |||||||
Total current liabilities | $ | 154,630 | $ | 149,558 | |||||
Non-Current [Member] [Member] | ' | ||||||||
Debt Instrument [Line Items] | ' | ||||||||
Schedule of Other Assets and Other Liabilities [Table Text Block] | ' | ||||||||
Other long-term liabilities consist of the following: | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
Deferred income taxes | $ | 91,957 | $ | 100,235 | |||||
Self-insurance reserves | 52,971 | 49,224 | |||||||
Other | 86,188 | 89,562 | |||||||
Total long-term liabilities | $ | 231,116 | $ | 239,021 | |||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 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 Fiscal 2013, 2012 and 2011, respectively: | |||||||||||||
December 28, | December 29, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator | |||||||||||||
Net income applicable to common shares | $ | 391,758 | $ | 387,670 | $ | 394,682 | |||||||
Participating securities’ share in earnings | (895 | ) | (870 | ) | (1,055 | ) | |||||||
Net income applicable to common shares | $ | 390,863 | $ | 386,800 | $ | 393,627 | |||||||
Denominator | |||||||||||||
Basic weighted average common shares | 72,930 | 73,091 | 75,620 | ||||||||||
Dilutive impact of share-based awards | 484 | 971 | 1,451 | ||||||||||
Diluted weighted average common shares | 73,414 | 74,062 | 77,071 | ||||||||||
Basic earnings per common share | |||||||||||||
Net income applicable to common stockholders | $ | 5.36 | $ | 5.29 | $ | 5.21 | |||||||
Diluted earnings per common share | |||||||||||||
Net income applicable to common stockholders | $ | 5.32 | $ | 5.22 | $ | 5.11 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Provision for income taxes current and deferred [Table Text Block] | ' | ||||||||||||
Provision for income taxes for Fiscal 2013, 2012 and 2011 consists of the following: | |||||||||||||
Current | Deferred | Total | |||||||||||
2013 | |||||||||||||
Federal | $ | 202,784 | $ | (1,898 | ) | $ | 200,886 | ||||||
State | 25,287 | (339 | ) | 24,948 | |||||||||
Foreign | 8,806 | — | 8,806 | ||||||||||
$ | 236,877 | $ | (2,237 | ) | $ | 234,640 | |||||||
2012 | |||||||||||||
Federal | $ | 185,564 | $ | 21,940 | $ | 207,504 | |||||||
State | 20,116 | 4,953 | 25,069 | ||||||||||
Foreign | 3,831 | — | 3,831 | ||||||||||
$ | 209,511 | $ | 26,893 | $ | 236,404 | ||||||||
2011 | |||||||||||||
Federal | $ | 162,020 | $ | 47,436 | $ | 209,456 | |||||||
State | 22,626 | 5,601 | 28,227 | ||||||||||
Foreign | 871 | — | 871 | ||||||||||
$ | 185,517 | $ | 53,037 | $ | 238,554 | ||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
The provision for income taxes differed from the amount computed by applying the federal statutory income tax | |||||||||||||
rate due to: | |||||||||||||
December 28, 2013 | December 29, 2012 | December 31, 2011 | |||||||||||
Income before provision for income taxes at statutory U.S. federal income tax rate (35%) | $ | 219,239 | $ | 218,426 | $ | 221,632 | |||||||
State income taxes, net of federal income tax benefit | 16,216 | 16,295 | 18,348 | ||||||||||
Other, net | (815 | ) | 1,683 | (1,426 | ) | ||||||||
$ | 234,640 | $ | 236,404 | $ | 238,554 | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
Deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred income taxes reflect the net income tax effect of temporary differences between the basis of assets and liabilities for financial reporting purposes and for income tax reporting purposes. Net deferred income tax balances are comprised of the following: | |||||||||||||
December 28, | December 29, | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred income tax assets | $ | 101,979 | $ | 103,339 | |||||||||
Valuation allowance | (1,557 | ) | (1,557 | ) | |||||||||
Deferred income tax liabilities | (321,778 | ) | (330,139 | ) | |||||||||
Net deferred income tax liabilities | $ | (221,356 | ) | $ | (228,357 | ) | |||||||
Temporary differences which give rise to significant deferred income tax assets (liabilities) [Table Text Block] | ' | ||||||||||||
Temporary differences which give rise to significant deferred income tax assets (liabilities) are as follows: | |||||||||||||
December 28, | December 29, | ||||||||||||
2013 | 2012 | ||||||||||||
Current deferred income tax assets (liabilities): | |||||||||||||
Inventory valuation differences | $ | (178,201 | ) | $ | (176,869 | ) | |||||||
Accrued medical and workers compensation | 9,370 | 10,523 | |||||||||||
Accrued expenses not currently deductible for tax | 28,501 | 31,061 | |||||||||||
Other, net | 5,612 | 1,437 | |||||||||||
Total current deferred income tax assets (liabilities) | $ | (134,718 | ) | $ | (133,848 | ) | |||||||
Long-term deferred income tax assets (liabilities): | |||||||||||||
Property and equipment | $ | (143,577 | ) | $ | (153,270 | ) | |||||||
Share-based compensation | 10,733 | 12,624 | |||||||||||
Accrued medical and workers compensation | 20,532 | 19,570 | |||||||||||
Net operating loss carryforwards | 3,426 | 4,048 | |||||||||||
Straight-line rent | 20,784 | 17,799 | |||||||||||
Other, net | 1,464 | 4,720 | |||||||||||
Total long-term deferred income tax assets (liabilities) | $ | (86,638 | ) | $ | (94,509 | ) | |||||||
Unrecognized tax benefits [Table Text Block] | ' | ||||||||||||
The following table lists each category and summarizes the activity of the Company’s gross unrecognized tax benefits for the fiscal years ended December 28, 2013, December 29, 2012 and December 31, 2011: | |||||||||||||
December 28, | December 29, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Unrecognized tax benefits, beginning of period | $ | 16,708 | $ | 24,711 | $ | 12,953 | |||||||
Increases related to prior period tax positions | — | 702 | 10,555 | ||||||||||
Decreases related to prior period tax positions | (1,313 | ) | (9,629 | ) | (660 | ) | |||||||
Increases related to current period tax positions | 3,678 | 3,985 | 2,861 | ||||||||||
Settlements | — | (1,111 | ) | (319 | ) | ||||||||
Expiration of statute of limitations | (615 | ) | (1,950 | ) | (679 | ) | |||||||
Unrecognized tax benefits, end of period | $ | 18,458 | $ | 16,708 | $ | 24,711 | |||||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Lease Commitments [Abstract] | ' | ||||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||||||||||
As of December 28, 2013, future minimum lease payments due under non-cancelable operating leases with lease terms ranging from 1 year to 30 years through the year 2043 for all open stores are as follows: | |||||||||||||
Fiscal Year | Amount | ||||||||||||
2014 | $ | 353,508 | |||||||||||
2015 | 316,637 | ||||||||||||
2016 | 299,810 | ||||||||||||
2017 | 283,333 | ||||||||||||
2018 | 263,162 | ||||||||||||
Thereafter | 925,475 | ||||||||||||
$ | 2,441,925 | ||||||||||||
Schedule of Rent Expense [Table Text Block] | ' | ||||||||||||
Net rent expense for Fiscal 2013, 2012 and 2011 was as follows: | |||||||||||||
December 28, 2013 | December 29, 2012 | December 31, 2011 | |||||||||||
Minimum facility rentals | $ | 328,581 | $ | 300,552 | $ | 289,306 | |||||||
Contingency facility rentals | 578 | 907 | 1,162 | ||||||||||
Equipment rentals | 5,333 | 5,027 | 5,403 | ||||||||||
Vehicle rentals | 29,100 | 18,401 | 20,565 | ||||||||||
363,592 | 324,887 | 316,436 | |||||||||||
Less: Sub-lease income | (5,983 | ) | (4,600 | ) | (3,967 | ) | |||||||
$ | 357,609 | $ | 320,287 | $ | 312,469 | ||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||
Dec. 28, 2013 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||
share based compensation expense related to cash flow [Table Text Block] | ' | ||||||||||||||
Total share-based compensation expense and cash received included in the Company’s consolidated statements of operations and consolidated statement of cash flows, respectively, are reflected in the table below, including the related income tax benefits, for fiscal years ended December 28, 2013, December 29, 2012 and December 31, 2011 as follows: | |||||||||||||||
December 28, | December 29, | December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Share-based compensation expense | $ | 13,191 | $ | 15,236 | $ | 19,553 | |||||||||
Deferred income tax benefit | 4,991 | 5,774 | 7,411 | ||||||||||||
Proceeds from the issuance of common stock, primarily exercise of stock options | 3,611 | 8,495 | 21,056 | ||||||||||||
Tax withholdings related to the exercise of stock appreciation rights | (21,856 | ) | (26,677 | ) | (6,582 | ) | |||||||||
Excess tax benefit from share-based compensation | 16,320 | 23,099 | 9,663 | ||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||
The fair value of each SAR was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||
Black-Scholes Option Valuation Assumptions (1) | December 28, 2013 | December 29, 2012 | December 31, 2011 | ||||||||||||
Risk-free interest rate (2) | 1.1 | % | 0.5 | % | 0.7 | % | |||||||||
Expected dividend yield | 0.3 | % | 0.3 | % | 0.4 | % | |||||||||
Expected stock price volatility (3) | 26.9 | % | 33.2 | % | 36.3 | % | |||||||||
Expected life of awards (in months) (4) | 49 | 49 | 50 | ||||||||||||
(1) | Forfeitures are based on historical experience. | ||||||||||||||
(2) | The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate having term consistent with the expected life of the award. | ||||||||||||||
(3) | Expected volatility is determined using a blend of historical and implied volatility. | ||||||||||||||
(4) | The expected life of the Company's awards represents the estimated period of time until exercise and is based on historical experience of previously granted awards. | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Vested and Expected to Vest, Exercisable [Table Text Block] | ' | ||||||||||||||
The following table summarizes the time-vested stock option and time-vested SARs activity for the fiscal year ended December 28, 2013: | |||||||||||||||
Number of Awards | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||||||||||
Outstanding at December 29, 2012 | 2,155 | $ | 51.55 | ||||||||||||
Granted | 33 | 82.98 | |||||||||||||
Exercised | (929 | ) | 38.6 | ||||||||||||
Forfeited | (124 | ) | 70.21 | ||||||||||||
Outstanding at December 28, 2013 | 1,135 | $ | 60.99 | 4.15 | $ | 55,549 | |||||||||
Vested and expected to vest | 1,121 | $ | 60.82 | 4.13 | $ | 55,033 | |||||||||
Outstanding and exercisable | 821 | $ | 56.5 | 3.57 | $ | 43,869 | |||||||||
Schedule of Share-based Compensation, Time-Based Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||
The following table summarizes the RSU and restricted stock activity for the fiscal year ended December 28, 2013: | |||||||||||||||
Number of Awards | Weighted-Average Grant Date Fair Value | ||||||||||||||
Nonvested at December 29, 2012 | 175 | $ | 71.43 | ||||||||||||
Granted | 133 | 102.19 | |||||||||||||
Vested | (72 | ) | 69.89 | ||||||||||||
Forfeited | (26 | ) | 71.95 | ||||||||||||
Nonvested at December 28, 2013 | 210 | $ | 91.44 | ||||||||||||
Schedule of Share-based Compensation, Performance-Based Stock Appreciation Rights, Activity [Table Text Block] | ' | ||||||||||||||
The following table summarizes the performance-based SARs activity for the fiscal year ended December 28, 2013: | |||||||||||||||
Number of Awards | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||||||||||
Outstanding at December 29, 2012 | 758 | $ | 49.93 | ||||||||||||
Granted | 231 | 106 | |||||||||||||
Change in units based on performance | (137 | ) | 59.48 | ||||||||||||
Exercised | (296 | ) | 32.41 | ||||||||||||
Forfeited | (36 | ) | 71.67 | ||||||||||||
Outstanding at December 28, 2013 | 520 | $ | 78.21 | 5.46 | $ | 16,491 | |||||||||
Vested and expected to vest | 461 | $ | 75.44 | 4.86 | $ | 15,883 | |||||||||
Outstanding and exercisable | 131 | $ | 36.13 | 2.8 | $ | 9,661 | |||||||||
Schedule of Share-based Compensation, Performance-Based Restricted Stock, Activity [Table Text Block] | ' | ||||||||||||||
The following table summarizes the performance-based RSUs and restricted stock activity for the fiscal year ended December 28, 2013: | |||||||||||||||
Number of Awards | Weighted-Average Grant Date Fair Value | ||||||||||||||
Nonvested at December 29, 2012 | 102 | $ | 63.08 | ||||||||||||
Granted | 172 | 77.47 | |||||||||||||
Change in units based on performance | (31 | ) | 71.23 | ||||||||||||
Vested | (31 | ) | 42.5 | ||||||||||||
Forfeited | (30 | ) | 74.7 | ||||||||||||
Nonvested at December 28, 2013 | 182 | $ | 75.36 | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income Loss (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
Accumulated other comprehensive income (loss), net of tax, for Fiscal 2013, 2012 and 2011 consisted of the following: | |||||||||||||
Unrealized Gain | Unrealized Gain (Loss) | Accumulated | |||||||||||
(Loss) on Hedging | on Postretirement | Other | |||||||||||
Arrangements | Plan | Comprehensive | |||||||||||
Income (Loss) | |||||||||||||
Balance, January 1, 2011 | $ | (4,807 | ) | $ | 3,210 | $ | (1,597 | ) | |||||
Fiscal 2011 activity | 4,553 | (152 | ) | 4,401 | |||||||||
Balance, December 31, 2011 | $ | (254 | ) | $ | 3,058 | $ | 2,804 | ||||||
Fiscal 2012 activity | 254 | (391 | ) | (137 | ) | ||||||||
Balance, December 29, 2012 | $ | — | $ | 2,667 | $ | 2,667 | |||||||
Fiscal 2013 activity | — | 1,016 | 1,016 | ||||||||||
Balance, December 28, 2013 | $ | — | $ | 3,683 | $ | 3,683 | |||||||
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 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 years ended December 28, 2013, December 29, 2012 and December 31, 2011, respectively. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales | |||||||||||||
AAP | $ | 6,171,343 | $ | 5,914,946 | $ | 5,884,903 | |||||||
AI | 337,216 | 306,138 | 301,077 | ||||||||||
Eliminations (1) | (14,745 | ) | (16,081 | ) | (15,518 | ) | |||||||
Total net sales | $ | 6,493,814 | $ | 6,205,003 | $ | 6,170,462 | |||||||
Percentage of Sales, by Product Group | |||||||||||||
in AAP Segment (2) | |||||||||||||
Parts and Batteries | 65 | % | 64 | % | 63 | % | |||||||
Accessories | 15 | % | 14 | % | 14 | % | |||||||
Chemicals | 10 | % | 11 | % | 11 | % | |||||||
Oil | 10 | % | 10 | % | 10 | % | |||||||
Other | — | % | 1 | % | 2 | % | |||||||
Total | 100 | % | 100 | % | 100 | % | |||||||
Income before provision for income taxes | |||||||||||||
AAP | $ | 613,875 | $ | 615,284 | $ | 621,700 | |||||||
AI | 12,523 | 8,790 | 11,536 | ||||||||||
Total income before provision for income taxes | $ | 626,398 | $ | 624,074 | $ | 633,236 | |||||||
Provision for income taxes | |||||||||||||
AAP | $ | 229,813 | $ | 232,778 | $ | 233,753 | |||||||
AI | 4,827 | 3,626 | 4,801 | ||||||||||
Total provision for income taxes | $ | 234,640 | $ | 236,404 | $ | 238,554 | |||||||
Segment assets | |||||||||||||
AAP | $ | 5,289,357 | $ | 4,352,686 | $ | 3,413,145 | |||||||
AI | 275,417 | 261,128 | 242,609 | ||||||||||
Total segment assets | $ | 5,564,774 | $ | 4,613,814 | $ | 3,655,754 | |||||||
Depreciation and amortization | |||||||||||||
AAP | $ | 201,445 | $ | 183,183 | $ | 169,541 | |||||||
AI | 6,350 | 6,361 | 6,408 | ||||||||||
Total depreciation and amortization | $ | 207,795 | $ | 189,544 | $ | 175,949 | |||||||
Capital expenditures | |||||||||||||
AAP | $ | 191,383 | $ | 265,179 | $ | 264,108 | |||||||
AI | 4,374 | 6,003 | 4,021 | ||||||||||
Total capital expenditures | $ | 195,757 | $ | 271,182 | $ | 268,129 | |||||||
(1) | For Fiscal 2013, eliminations represented net sales of $10,154 from AAP to AI and $4,591 from AI to AAP. For Fiscal 2012, eliminations represented net sales of $10,192 from AAP to AI and $5,889 from AI to AAP. For Fiscal 2011, eliminations represented net sales of $8,522 from AAP to AI and $6,996 from AI to AAP. | ||||||||||||
(2) | Sales by product group are not available for the AI segment. |
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Quarterly Financial Data (unaudited) [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
The following table summarizes quarterly financial data for Fiscal 2013 and 2012: | |||||||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
(16 weeks) | (12 weeks) | (12 weeks) | (12 weeks) | ||||||||||||||
Net sales | $ | 2,015,304 | $ | 1,549,553 | $ | 1,520,144 | $ | 1,408,813 | |||||||||
Gross profit | 1,008,206 | 779,223 | 762,940 | 701,777 | |||||||||||||
Net income | 121,790 | 116,871 | 103,830 | 49,267 | |||||||||||||
Basic earnings per share | 1.66 | 1.6 | 1.42 | 0.68 | |||||||||||||
Diluted earnings per share | 1.65 | 1.59 | 1.42 | 0.67 | |||||||||||||
2012 | First | Second | Third | Fourth | |||||||||||||
(16 weeks) | (12 weeks) | (12 weeks) | (12 weeks) | ||||||||||||||
Net sales | $ | 1,957,292 | $ | 1,460,983 | $ | 1,457,527 | $ | 1,329,201 | |||||||||
Gross profit | 980,673 | 728,858 | 725,350 | 663,155 | |||||||||||||
Net income | 133,506 | 99,606 | 89,503 | 65,055 | |||||||||||||
Basic earnings per share | 1.83 | 1.36 | 1.22 | 0.89 | |||||||||||||
Diluted earnings per share | 1.79 | 1.34 | 1.21 | 0.88 | |||||||||||||
Note: Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not be equal to the per share amount for the year. |
Condensed_Financial_Informatio1
Condensed Financial Information of the Registrant (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Condensed Financial Information of the Registrant [Abstract] | ' | ||||||||||||
Condensed Parent Company Balance Sheets [Table Text Block] | ' | ||||||||||||
ADVANCE AUTO PARTS, INC. | |||||||||||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||||
Condensed Parent Company Balance Sheets | |||||||||||||
December 28, 2013 and December 29, 2012 | |||||||||||||
(in thousands, except per share data) | |||||||||||||
December 28, | December 29, | ||||||||||||
2013 | 2012 | ||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 9 | $ | 9 | |||||||||
Other current assets | 1,819 | 5,884 | |||||||||||
Other assets, net | 13,345 | 13,542 | |||||||||||
Intercompany receivable, net | — | 14,626 | |||||||||||
Intercompany note receivable | 1,047,668 | 598,937 | |||||||||||
Investment in subsidiary | 1,590,649 | 1,183,572 | |||||||||||
$ | 2,653,490 | $ | 1,816,570 | ||||||||||
Liabilities and stockholders’ equity | |||||||||||||
Accounts payable | $ | 12 | $ | 76 | |||||||||
Accrued expenses | 5,496 | 2,467 | |||||||||||
Dividends payable | 4,368 | 4,396 | |||||||||||
Long-term debt | 1,047,668 | 598,937 | |||||||||||
Intercompany payable, net | 79,741 | — | |||||||||||
Total liabilities | 1,137,285 | 605,876 | |||||||||||
Stockholders’ equity: | |||||||||||||
Preferred stock, nonvoting, $0.0001 par value | |||||||||||||
10,000 shares authorized; no shares issued or outstanding | — | — | |||||||||||
Common stock, voting $0.0001 par value; 200,000 | |||||||||||||
shares authorized; 74,224 shares issued and 72,840 outstanding | |||||||||||||
in 2013 and 73,731 issued and 73,383 outstanding in 2012 | 7 | 7 | |||||||||||
Additional paid-in capital | 531,293 | 520,215 | |||||||||||
Treasury stock, at cost, 1,384 and 348 shares | (107,890 | ) | (27,095 | ) | |||||||||
Accumulated other comprehensive income | 3,683 | 2,667 | |||||||||||
Retained earnings | 1,089,112 | 714,900 | |||||||||||
Total stockholders’ equity | 1,516,205 | 1,210,694 | |||||||||||
$ | 2,653,490 | $ | 1,816,570 | ||||||||||
The accompanying notes to the condensed parent company financial information | |||||||||||||
are an integral part of this schedule. | |||||||||||||
Condensed Parent Company Statements of Operations [Table Text Block] | ' | ||||||||||||
ADVANCE AUTO PARTS, INC. | |||||||||||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||||
Condensed Parent Company Statements of Operations | |||||||||||||
For the Years Ended December 28, 2013, December 29, 2012 and December 31, 2011 | |||||||||||||
(in thousands, except per share data) | |||||||||||||
Fiscal Years | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Selling, general and administrative expenses | $ | 13,303 | $ | 18,447 | $ | 21,603 | |||||||
Other income, net | 13,016 | 19,062 | 23,046 | ||||||||||
(Loss) income before provision for income taxes | (287 | ) | 615 | 1,443 | |||||||||
Income tax (benefit) provision | (117 | ) | 1,048 | 1,159 | |||||||||
(Loss) income before equity in earnings of subsidiaries | (170 | ) | (433 | ) | 284 | ||||||||
Equity in earnings of subsidiaries | 391,928 | 388,103 | 394,398 | ||||||||||
Net income | $ | 391,758 | $ | 387,670 | $ | 394,682 | |||||||
Basic earnings per share | $ | 5.36 | $ | 5.29 | $ | 5.21 | |||||||
Diluted earnings per share | $ | 5.32 | $ | 5.22 | $ | 5.11 | |||||||
Average common shares outstanding | 72,930 | 73,091 | 75,620 | ||||||||||
Average common shares outstanding - assuming dilution | 73,414 | 74,062 | 77,071 | ||||||||||
Condensed Parent Company Statements of Comprehensive Income [Table Text Block] | ' | ||||||||||||
ADVANCE AUTO PARTS, INC. | |||||||||||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||||
Condensed Parent Company Statements of Comprehensive Income | |||||||||||||
For the Years Ended December 28, 2013, December 29, 2012 and December 31, 2011 | |||||||||||||
(in thousands, except per share data) | |||||||||||||
Fiscal Years | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income | $ | 391,758 | $ | 387,670 | $ | 394,682 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||
Changes in net unrecognized other postretirement benefit costs, net of $503, $252 and $98 tax | (438 | ) | (391 | ) | (152 | ) | |||||||
Postretirement benefit plan amendment, net of $904, $0 and $0 tax | 1,454 | — | — | ||||||||||
Unrealized gain (loss) on hedge arrangements, net of $0, $163 and $163 tax | — | 254 | (254 | ) | |||||||||
Amortization of unrecognized losses on interest rate swaps, net of $0, $0 and $3,644 tax | — | — | 4,807 | ||||||||||
Total other comprehensive income (loss) | 1,016 | (137 | ) | 4,401 | |||||||||
Comprehensive income | $ | 392,774 | $ | 387,533 | $ | 399,083 | |||||||
The accompanying notes to the condensed parent company financial information | |||||||||||||
are an integral part of this schedule. | |||||||||||||
Condensed Parent Company Statements of Cash Flows [Table Text Block] | ' | ||||||||||||
ADVANCE AUTO PARTS, INC. | |||||||||||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||||||
Condensed Parent Company Statements of Cash Flows | |||||||||||||
For the Years Ended December 28, 2013, December 29, 2012 and December 31, 2011 | |||||||||||||
(in thousands) | |||||||||||||
Fiscal Years | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 391,758 | $ | 387,670 | $ | 394,682 | |||||||
Adjustments to reconcile net income to net cash | |||||||||||||
provided by (used in) operations: | |||||||||||||
Equity in earnings of subsidiary | (391,928 | ) | (388,103 | ) | (394,398 | ) | |||||||
Depreciation and amortization | — | 2 | 101 | ||||||||||
Other | 170 | 420 | (388 | ) | |||||||||
Net cash provided by (used in) operating activities | — | (11 | ) | (3 | ) | ||||||||
Cash flows from investing activities: | — | — | — | ||||||||||
Cash flows from financing activities: | — | — | — | ||||||||||
Net (decrease) increase in cash and cash equivalents | — | (11 | ) | (3 | ) | ||||||||
Cash and cash equivalents, beginning of period | 9 | 20 | 23 | ||||||||||
Cash and cash equivalents, end of period | $ | 9 | $ | 9 | $ | 20 | |||||||
Supplemental cash flow information: | |||||||||||||
Interest paid | $ | 30,750 | $ | 23,925 | $ | 17,250 | |||||||
Income taxes paid, net | — | — | — | ||||||||||
Noncash transactions: | |||||||||||||
Issuance of senior unsecured notes with proceeds received | $ | 448,605 | $ | 299,904 | $ | — | |||||||
by Stores | |||||||||||||
Payment of debt related costs by Stores | 8,815 | 2,942 | 3,656 | ||||||||||
Repurchase of Parent's common stock by Stores | 80,795 | 27,095 | 631,149 | ||||||||||
Proceeds received by Stores from stock transactions under the | 3,611 | 8,495 | 21,056 | ||||||||||
Parent's stock subscription plan and Stores' stock option plan | |||||||||||||
Tax withholdings paid by Stores from stock transactions under the | (21,856 | ) | (26,677 | ) | (6,582 | ) | |||||||
Parent's stock subscription plan and Stores' stock option plan | |||||||||||||
Cash dividends paid by Stores on behalf of Parent | 17,574 | 17,596 | 18,554 | ||||||||||
Retirement of common stock | — | 1,644,767 | — | ||||||||||
Changes in other comprehensive income (loss) | 1,016 | (137 | ) | 4,401 | |||||||||
Declared but unpaid cash dividends | 4,368 | 4,396 | 4,356 | ||||||||||
The accompanying notes to the condensed parent company financial information | |||||||||||||
are an integral part of this schedule. |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 28, 2013 | ||||||||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | |||||||||||||||||||||
Allowance for doubtful accounts receivable [Table Text Block] | ' | |||||||||||||||||||||
Allowance for doubtful accounts receivable: | Balance at | Charges to | Deductions | Other | Balance at | |||||||||||||||||
Beginning | Expenses | End of | ||||||||||||||||||||
of Period | Period | |||||||||||||||||||||
December 31, 2011 | $ | 4,816 | $ | 645 | $ | (1,405 | ) | (1) | $ | — | $ | 4,056 | ||||||||||
December 29, 2012 | 4,056 | 4,127 | (2,264 | ) | (1) | — | 5,919 | |||||||||||||||
December 28, 2013 | 5,919 | 11,955 | (4,995 | ) | (1) | 416 | (2) | 13,295 | ||||||||||||||
(1) | Accounts written off during the period. These amounts did not impact the Company’s statement of operations for any year presented. |
Organization_and_Description_o1
Organization and Description of Business (Details) | Dec. 28, 2013 |
Number of Stores [Line Items] | ' |
Number of States in which Entity Operates | 39 |
Consolidated Entities [Member] | ' |
Number of Stores [Line Items] | ' |
Number of Stores | 4,049 |
AAP [Member] | ' |
Number of Stores [Line Items] | ' |
Number of Stores | 3,832 |
AI [Member] | ' |
Number of Stores [Line Items] | ' |
Number of Stores | 217 |
Store locations with delivery service [Member] | ' |
Number of Stores [Line Items] | ' |
Number of Stores | 3,485 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
beginning of period [Member] | beginning of period [Member] | beginning of period [Member] | additions to self-insurance reserves [Member] | additions to self-insurance reserves [Member] | additions to self-insurance reserves [Member] | additions to self-insurance reserves from BWP acquisition [Member] | additions to self-insurance reserves from BWP acquisition [Member] | additions to self-insurance reserves from BWP acquisition [Member] | Reserves utilized [Member] | Reserves utilized [Member] | Reserves utilized [Member] | end of period [Member] | end of period [Member] | end of period [Member] | Vendor Promotional Funds [Member] | Vendor Promotional Funds [Member] | Vendor Promotional Funds [Member] | ||||
Credit and Debit Card Receivables, at Carrying Value | $28,828 | $26,738 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank overdrafts | 5,796 | 8,722 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred vendor incentives included in inventory | 111,304 | 102,975 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising Expense | 69,116 | 83,871 | 84,656 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,622 | 11,445 | 0 |
Self-insurance reserves | ' | ' | ' | 94,548 | 98,944 | 97,070 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,475 | 94,548 | 98,944 | ' | ' | ' |
Additions to self-insurance reserves | ' | ' | ' | ' | ' | ' | 120,782 | 105,670 | 105,379 | 4,195 | 0 | 0 | -121,050 | -110,066 | -103,505 | ' | ' | ' | ' | ' | ' |
Deferred Rent Credit | $50,638 | $45,791 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories_net_Details
Inventories, net (Details) (USD $) | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
beginning of period [Member] | beginning of period [Member] | beginning of period [Member] | end of period [Member] | end of period [Member] | end of period [Member] | ||||
Percentage of LIFO Inventory | 95.00% | 95.00% | ' | ' | ' | ' | ' | ' | ' |
Inventory, LIFO Reserve, Effect on Income, Net | $5,572 | $24,087 | ($24,708) | ' | ' | ' | ' | ' | ' |
Purchasing and Warehousing costs included in inventory at FIFO | 161,519 | 134,258 | ' | ' | ' | ' | ' | ' | ' |
Inventories at FIFO, net | 2,424,795 | 2,182,419 | ' | ' | ' | ' | ' | ' | ' |
Adjustments to state inventories at LIFO | 131,762 | 126,190 | ' | ' | ' | ' | ' | ' | ' |
Inventories at LIFO, net | 2,556,557 | 2,308,609 | ' | ' | ' | ' | ' | ' | ' |
Inventory reserves | ' | ' | ' | 31,418 | 30,786 | 18,150 | 37,523 | 31,418 | 30,786 |
Additions to inventory reserves | 65,466 | 72,852 | 90,128 | ' | ' | ' | ' | ' | ' |
Reserves utilized | ($59,361) | ($72,220) | ($77,492) | ' | ' | ' | ' | ' | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
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 |
BWP stores acquired by AAP in acquisition [Member] | ' | ' |
Number of Stores | 124 | ' |
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 [Member] | ' | ' |
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 | ' |
B.W.P. Distributors, Inc. stores operated prior to acquisition [Member] | ' | ' |
Number of Stores | 216 | ' |
BWP stores AAP will transfer the rights to distribute [Member] | ' | ' |
Number of Stores | 92 | ' |
BWP [Member] | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 187,109 | ' |
AAP [Member] | ' | ' |
Goodwill, Acquired During Period | $123,446 | $0 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Goodwill | $199,835 | $76,389 | $76,389 |
Goodwill, Acquired During Period | 123,446 | 0 | ' |
Payments to Acquire Intangible Assets | 29,001 | 1,100 | ' |
Write-off of intangibles in conjunction with the sale of certain BWP assets | 2,244 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 11,849 | ' | ' |
2014 | 6,988 | ' | ' |
2015 | 3,515 | ' | ' |
2016 | 2,490 | ' | ' |
2017 | 2,490 | ' | ' |
2018 | 1,990 | ' | ' |
AAP [Member] | ' | ' | ' |
Goodwill | 181,541 | 58,095 | 58,095 |
Goodwill, Acquired During Period | 123,446 | 0 | ' |
AI [Member] | ' | ' | ' |
Goodwill | 18,294 | 18,294 | 18,294 |
Goodwill, Acquired During Period | 0 | 0 | ' |
Computer Software, Intangible Asset [Member] | ' | ' | ' |
Payments to Acquire Intangible Assets | $0 | $1,100 | ' |
Goodwill_and_Intangible_Asset_
Goodwill and Intangible Asset Rollforward (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets, gross (excluding goodwill), Beginning of Period | $40,085 | $38,985 |
Intangible Assets, Net (Excluding Goodwill) Period Start | 28,845 | 31,380 |
Payments to Acquire Intangible Assets | 29,001 | 1,100 |
Finite-Lived Intangible Assets, Amortization Expense | -7,974 | -3,635 |
Intangible Assets, gross (excluding goodwill), End of Period | 69,086 | 40,085 |
Intangible Assets, Net (Excluding Goodwill) End of Period | 49,872 | 28,845 |
Computer Software, Intangible Asset [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross, Beginning of Period | 8,850 | 7,750 |
Finite-Lived Intangible Assets, Net, Beginning of Period | 5,419 | 6,987 |
Payments to Acquire Intangible Assets | 0 | 1,100 |
Finite-Lived Intangible Assets, Amortization Expense | -2,950 | -2,668 |
Finite-Lived Intangible Assets, Gross, End of Period | 8,850 | 8,850 |
Finite-Lived Intangible Assets, Net, End of Period | 2,469 | 5,419 |
Other Intangible Assets [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross, Beginning of Period | 885 | 885 |
Finite-Lived Intangible Assets, Net, Beginning of Period | 218 | 225 |
Payments to Acquire Intangible Assets | 5,200 | 0 |
Finite-Lived Intangible Assets, Amortization Expense | -1,857 | -7 |
Finite-Lived Intangible Assets, Gross, End of Period | 6,085 | 885 |
Finite-Lived Intangible Assets, Net, End of Period | 3,561 | 218 |
Customer Relationships [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross, Beginning of Period | 9,800 | 9,800 |
Finite-Lived Intangible Assets, Net, Beginning of Period | 2,658 | 3,618 |
Payments to Acquire Intangible Assets | 23,801 | 0 |
Finite-Lived Intangible Assets, Amortization Expense | -3,167 | -960 |
Finite-Lived Intangible Assets, Gross, End of Period | 33,601 | 9,800 |
Finite-Lived Intangible Assets, Net, End of Period | 23,292 | 2,658 |
Trademark Gross [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-Lived Trademarks, Beginning of Period | 20,550 | 20,550 |
Payments to Acquire Intangible Assets | 0 | 0 |
Indefinite-Lived Trademarks, End of Period | 20,550 | 20,550 |
Trademarks [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-Lived Trademarks, Beginning of Period | 20,550 | 20,550 |
Payments to Acquire Intangible Assets | 0 | 0 |
Finite-Lived Intangible Assets, Amortization Expense | 0 | 0 |
Indefinite-Lived Trademarks, End of Period | $20,550 | $20,550 |
Receivables_net_Details
Receivables, net (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
In Thousands, unless otherwise specified | ||||
Trade | $145,670 | $110,153 | ' | ' |
Vendor | 138,336 | 119,770 | ' | ' |
Other | 6,884 | 5,862 | ' | ' |
Total receivables | 290,890 | 235,785 | ' | ' |
Less: Allowance for doubtful accounts | -13,295 | -5,919 | -4,056 | -4,816 |
Receivables, net | $277,595 | $229,866 | ' | ' |
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 03, 2013 | Dec. 28, 2013 | Apr. 26, 2010 | Dec. 28, 2013 | Jan. 11, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 |
4.50% senior unsecured notes (2023 Notes) [Member] [Member] | 4.50% senior unsecured notes (2023 Notes) [Member] [Member] | 4.50% senior unsecured notes (2022 Notes) [Member] | 4.50% senior unsecured notes (2022 Notes) [Member] | 5.75% senior unsecured notes (2020 Notes) [Member] | 5.75% senior unsecured notes (2020 Notes) [Member] | 4.50% senior unsecured notes (2023 Notes) [Member] [Member] | 4.50% senior unsecured notes (2023 Notes) [Member] [Member] | 5.75% senior unsecured notes (2020 Notes) [Member] | 5.75% senior unsecured notes (2020 Notes) [Member] | 4.50% senior unsecured notes (2022 Notes) [Member] | 4.50% senior unsecured notes (2022 Notes) [Member] | Subsequent Event [Member] | Line of Credit [Member] | Loans Payable [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $306,046 | ' | ' |
Loans Payable | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' |
Senior Notes, Noncurrent | ' | ' | 448,613 | 0 | 299,920 | 299,912 | 299,135 | 299,025 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Long-term Debt | 5,916 | 6,151 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 1,053,584 | 605,088 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Current Maturities | 916 | 627 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 1,052,668 | 604,461 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan, maximum borrowing capacity | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, letter of credit sub-limit | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, swingline sub-limit | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | 87,260 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 545,382 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.30% | 1.50% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | 0.50% |
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | 5.75% | ' | 4.50% | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.69% | ' | 99.59% | ' | 99.97% | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000 | ' | 300,000 | ' | 300,000 | ' | ' | ' |
Net proceeds from note offering after deducting fees | ' | ' | ' | ' | ' | ' | ' | ' | 445,200 | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.47% | 1.74% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | 1.67% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | 1,387 | 0 | 80 | 88 | 865 | 975 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,049 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | $1,051,619 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Derivative [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $0 | $254 | ($254) |
Derivative Instruments, Income Statement Location of Gain (Loss) Reclassified from Accumulated OCI | 'Interest expense | 'Interest expense | 'Interest expense |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 108 | -4,807 |
Description of Location of Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments in Financial Statements | 'Other (expense) income, net | 'Other (expense) income, net | 'Other (expense) income, net |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $0 | $66 | ($132) |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | ($4,726) | ($10,911) | $0 |
Long-term Debt, Excluding Current Maturities | 1,052,668 | 604,461 | ' |
Performance condition achievement [Member] | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | -4,726 | ' | ' |
Future performance conditions unlikely to be met [Member] | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $3,529 | ' | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Table (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | $1,052,668 | $604,461 |
Long-term Debt, Fair Value | 1,086,000 | 655,000 |
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 |
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 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Business Combination, Acquisition Related Costs | $9,475 | $16,999 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Land and land improvements | $418,207 | $403,401 | ' |
Buildings | 445,820 | 432,274 | ' |
Buildings and Improvements, Gross | 336,685 | 309,194 | ' |
Furniture and Fixtures, Gross | 1,244,456 | 1,152,778 | ' |
Vehicles | 18,291 | 19,490 | ' |
Construction in Progress, Gross | 75,985 | 76,769 | ' |
Property, Plant and Equipment, Gross | 2,539,444 | 2,393,906 | ' |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -1,255,474 | -1,102,147 | ' |
Property, Plant and Equipment, Net | 1,283,970 | 1,291,759 | ' |
Depreciation | 199,821 | 185,909 | 174,219 |
Payments to Develop Software | $11,534 | $10,026 | $6,258 |
Land and Land Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '0 - 10 years | ' | ' |
buildings [Member] | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '30 - 40 years | ' | ' |
Building and Building Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '3 - 30 years | ' | ' |
Furniture and Fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '3 - 20 years | ' | ' |
Vehicles [Member] | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '2 - 5 years | ' | ' |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
Payroll and related benefits | $101,576 | $79,756 | ' | ' |
Warranty reserves | 39,512 | 38,425 | 38,847 | 36,352 |
Capital expenditures | 20,714 | 26,142 | ' | ' |
Self-insurance reserves | 45,504 | 45,324 | ' | ' |
Taxes payable | 82,179 | 73,158 | ' | ' |
Other | 139,140 | 116,834 | ' | ' |
Total accrued expenses | 428,625 | 379,639 | ' | ' |
Product Warranty Expense | 42,380 | 40,766 | 43,013 | ' |
Product Warranty Accrual, Payments | -41,293 | -41,188 | -40,518 | ' |
end of period [Member] | ' | ' | ' | ' |
Warranty reserves | $39,512 | $38,425 | $38,847 | ' |
Other_Current_and_Longterm_Lia2
Other Current and Long-term Liabilities (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Liabilities, Net, Current | $135,754 | $134,279 |
Deferred income taxes | 91,957 | 100,235 |
Self-insurance reserves | 52,971 | 49,224 |
Total long-term liabilities | 231,116 | 239,021 |
Other current liabilities | 154,630 | 149,558 |
Non-Current [Member] [Member] | ' | ' |
Other | 86,188 | 89,562 |
Current [Member] | ' | ' |
Other | $18,876 | $15,279 |
Stock_Repurchase_Program_Detai
Stock Repurchase Program (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Treasury Stock, Value, Acquired, Cost Method | ($80,795) | ($27,095) | ($616,155) |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 415,092 | ' | ' |
Five Hundred Million Stock Repurchase Plan Authorized May 14, 2012 [Member] | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | 500,000 | ' | ' |
Stock Repurchase Plan (current year shares) [Member] | ' | ' | ' |
Treasury Stock, Shares, Acquired | 998 | 257 | ' |
Treasury Stock, Value, Acquired, Cost Method | 77,293 | 19,589 | ' |
Treasury Stock Acquired, Average Cost Per Share | $77.47 | $76.18 | ' |
Net Settlement of Shares Issued as a Result of the Vesting of Restricted Stock [Member] | ' | ' | ' |
Treasury Stock, Shares, Acquired | 38 | 91 | ' |
Treasury Stock, Value, Acquired, Cost Method | 3,502 | 7,506 | ' |
Treasury Stock Acquired, Average Cost Per Share | $91.78 | $82.42 | ' |
Treasury Stock, at cost [Member] | ' | ' | ' |
Treasury Stock, Shares, Acquired | 1,036 | 348 | 10,012 |
Treasury Stock, Value, Acquired, Cost Method | ($80,795) | ($27,095) | ($616,155) |
Treasury Stock, Shares, Retired | ' | -33,738 | ' |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Apr. 20, 2013 | Apr. 21, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income applicable to common shares | ' | ' | ' | ' | ' | ' | ' | ' | $391,758 | $387,670 | $394,682 |
Participating securities' share in earnings | ' | ' | ' | ' | ' | ' | ' | ' | -895 | -870 | -1,055 |
Net income applicable to common shares | ' | ' | ' | ' | ' | ' | ' | ' | $390,863 | $386,800 | $393,627 |
Basic weighted average common shares | ' | ' | ' | ' | ' | ' | ' | ' | 72,930 | 73,091 | 75,620 |
Dilutive impact of share-based awards | ' | ' | ' | ' | ' | ' | ' | ' | 484 | 971 | 1,451 |
Diluted weighted average common shares | ' | ' | ' | ' | ' | ' | ' | ' | 73,414 | 74,062 | 77,071 |
Net income applicable to common stockholders | $0.68 | $1.42 | $1.60 | $0.89 | $1.22 | $1.36 | $1.66 | $1.83 | $5.36 | $5.29 | $5.21 |
Net income applicable to common stockholders | $0.67 | $1.42 | $1.59 | $0.88 | $1.21 | $1.34 | $1.65 | $1.79 | $5.32 | $5.22 | $5.11 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 75 | 221 | 56 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Federal [Member] | Federal [Member] | State [Member] | State [Member] | Interest [Member] | Interest [Member] | Penalties [Member] | Penalties [Member] | beginning of period [Member] | beginning of period [Member] | beginning of period [Member] | Current [Member] | Current [Member] | Non-Current [Member] [Member] | Non-Current [Member] [Member] | end of period [Member] | end of period [Member] | end of period [Member] | ||||
Current Federal Tax Expense (Benefit) | $202,784 | $185,564 | $162,020 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Federal Income Tax Expense (Benefit) | -1,898 | 21,940 | 47,436 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal Income Tax Expense (Benefit), Continuing Operations | 200,886 | 207,504 | 209,456 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current State and Local Tax Expense (Benefit) | 25,287 | 20,116 | 22,626 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred State and Local Income Tax Expense (Benefit) | -339 | 4,953 | 5,601 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
State and Local Income Tax Expense (Benefit), Continuing Operations | 24,948 | 25,069 | 28,227 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Foreign Tax Expense (Benefit) | 8,806 | 3,831 | 871 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Foreign Income Tax Expense (Benefit) | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Income Tax Expense (Benefit), Continuing Operations | 8,806 | 3,831 | 871 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Income Tax Expense (Benefit) | 236,877 | 209,511 | 185,517 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income tax benefit | -2,237 | 26,893 | 53,037 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | 234,640 | 236,404 | 238,554 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | 219,239 | 218,426 | 221,632 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Reconciliation, State and Local Income Taxes | 16,216 | 16,295 | 18,348 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Reconciliation, Other Reconciling Items [Abstract] | -815 | 1,683 | -1,426 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income tax assets | 101,979 | 103,339 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance | -1,557 | -1,557 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income tax liabilities | -321,778 | -330,139 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net deferred income tax liabilities | -221,356 | -228,357 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability for Uncertain Tax Positions, Current | 818 | -754 | 1,628 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | ' | ' | 14,551 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | ' | ' | ' | ' | ' | ' | ' | 5,767 | 4,964 | 316 | 301 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits, beginning of period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,708 | 24,711 | 12,953 | ' | ' | ' | ' | 18,458 | 16,708 | 24,711 |
Increases related to prior period tax positions | 0 | 702 | 10,555 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlements | 0 | -1,111 | -319 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decreases related to prior period tax positions | -1,313 | -9,629 | -660 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increases related to current period tax positions | 3,678 | 3,985 | 2,861 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration of statute of limitations | -615 | -1,950 | -679 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory valuation differences | -178,201 | -176,869 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued medical and workers compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,370 | 10,523 | 20,532 | 19,570 | ' | ' | ' |
Accrued expenses not currently deductible for tax | 28,501 | 31,061 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets (Liabilities), Net, Current | -134,718 | -133,848 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Liabilities, Property, Plant and Equipment | -143,577 | -153,270 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Liabilities, Share-based compensation | 10,733 | 12,624 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | 2,207 | 3,213 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,426 | 4,048 | ' | ' | ' |
Operating Loss Carryforwards | ' | ' | ' | 6,307 | 9,181 | 40,440 | 35,681 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 2,130 | 1,841 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Liabilties, Straight-line rent | 20,784 | 17,799 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Liabilities, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,612 | 1,437 | 1,464 | 4,720 | ' | ' | ' |
Deferred Tax Liabilities, Noncurrent | -86,638 | -94,509 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | $7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease_Commitments_Details
Lease Commitments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Operating Leases, Future Minimum Payments Due, Current | $353,508 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 316,637 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 299,810 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 283,333 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 263,162 | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | 925,475 | ' | ' |
Operating Leases, Future Minimum Payments Due | 2,441,925 | ' | ' |
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | 29,950 | 25,561 | ' |
Minimum facility rentals | 328,581 | 300,552 | 289,306 |
Contingency facility rentals | 578 | 907 | 1,162 |
operating leases, rent expense gross | 363,592 | 324,887 | 316,436 |
Less: Sub-lease income | -5,983 | -4,600 | -3,967 |
Operating Leases, Rent Expense, Net | 357,609 | 320,287 | 312,469 |
Equipment [Member] | ' | ' | ' |
Equipment rentals | 5,333 | 5,027 | 5,403 |
Vehicles [Member] | ' | ' | ' |
Equipment rentals | $29,100 | $18,401 | $20,565 |
Benefit_Plans_Details
Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Defined Contribution Plan, Cost Recognized | $10,850 | $10,255 | $10,148 |
Deferred Compensation Liability, Classified, Noncurrent | 14,835 | 12,927 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | ($2,305) | ($5,223) | ' |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation expense | $13,191 | $15,236 | $19,553 |
Proceeds from Issuance of Common Stock | 3,611 | 8,495 | 21,056 |
Tax withholdings related to the exercise of stock appreciation rights | -21,856 | -26,677 | -6,582 |
Excess tax benefit from share-based compensation | 16,320 | 23,099 | 9,663 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 33,691 | ' | ' |
Risk-free interest rate (2) | 1.10% | 0.50% | 0.70% |
Expected dividend yield | 0.30% | 0.30% | 0.40% |
Expected stock price volatility (3) | 26.90% | 33.20% | 36.30% |
Expected life of awards (in months) (4) | '49 months | '49 months | '50 months |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Outstanding, Number | 1,135 | 2,155 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Outstanding, Weighted Average Exercise Price | $60.99 | $51.55 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Grants in Period | 33 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Grants in Period, Weighted Average Exercise Price | $82.98 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Exercises in Period | -929 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Exercises in Period, Weighted Average Exercise Price | $38.60 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Forfeitures in Period | -124 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Forfeitures in Period, Weighted Average Exercise Price | $70.21 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Outstanding, Weighted Average Remaining Contractual Term | 4.15 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Outstanding, Intrinsic Value | 55,549 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Vested and Expected to Vest, Outstanding, Number | 1,121 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Vested and Expected to Vest, Weighted Average Exercise Price | $60.82 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Weighted Average Remaining Contractual Term | 4.13 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 55,033 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Exercisable, Number | 821 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Exercisable, Weighted Average Exercise Price | $56.50 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Outstanding and Exercisable, Weighted Average Remaining Contractual Term | 3.57 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Exercisable, Intrinsic Value | 43,869 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Grants in Period, Weighted Average Grant Date Fair Value | $18.55 | $19.25 | $19.81 |
Aggregate Instinisic Value Stock Price | $109.92 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Restricted Stock, Nonvested, Number | 210 | 175 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Restricted Stock, Nonvested, Weighted Average Grant Date Fair Value | $91.44 | $71.43 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Restricted Stock, Grants in Period | 133 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Restricted Stock, Grants in Period, Weighted Average Grant Date Fair Value | $102.19 | $75.26 | $67.79 |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Restricted Stock, Vested in Period | -72 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Restricted Stock, Vested in Period, Weighted Average Grant Date Fair Value | $69.89 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Restricted Stock, Forfeited in Period | -26 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value, Duration | $71.95 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based SARs, Outstanding, Number | 520 | 758 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based SARs, Outstanding, Weighted Average Exercise Price | $78.21 | $49.93 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based SARs, Grants in Period | 231 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based SARs, Grants in Period, Weighted Average Exercise Price | $106 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based SARs, Change in Units Based on Performance in Period | -137 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based SARs, Change in Units Based on Performance in Period, Weighted Average Exercise Price | $59.48 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based SARs, Exercises in Period | -296 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based SARs, Exercises in Period, Weighted Average Exercise Price | $32.41 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based SARs, Forfeited in Period | -36 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based SARs, Forfeitures in Period, Weighted Average Exercise Price | $71.67 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Stock Appreciation Rights, Outstanding, Weighted Average Remaining Contractual Term | 5.46 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Stock Appreciation Rights, Outstanding, Aggregate Intrinsic Value | 16,491 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based SARs, Vested and Expected to Vest, Outstanding, Number | 461 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Vested and Expected to Vest, Weighted Average Exercise Price | $75.44 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Stock Appreciation Rights, Expected to Vest, Weighted Average Remaining Contractual Term | 4.86 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Stock Appreciation Rights, Expected to Vest, Outstanding, Aggregate Intrinsic Value | 15,883 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based SARs, Exercisable, Number | 131 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Exercisable, Weighted Average Exercise Price | $36.13 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding and Exercisable, Weighted Average Remaining Contractual Term | 2.8 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Exercisable, Intrinsic Value | 9,661 | ' | ' |
Weighted Average Fair Value of Performance-Based SARs Granted | $23.72 | $19.23 | $19.86 |
Maximum potential payout outstanding performance-based SAR awards | 2,696 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Restricted Stock, Nonvested, Number | 182 | 102 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Restricted Stock, Nonvested, Weighted Average Grant Date Fair Value | $75.36 | $63.08 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Restricted Stock, Grants in Period | 172 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Restricted Stock, Grants in Period, Weighted Average Grant Date Fair Value | $77.47 | $75.20 | $67.16 |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Restricted Stock, Change in Units Based on Performance in Period | -31 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Restricted Stock, Changes in Units Based on Performance in Period, Weighted Average Grant Date Fair Value | $71.23 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Restricted Stock, Vested in Period | -31 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Restricted Stock, Vested in Period, Weighted Average Grant Date Fair Value | $42.50 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Restricted Stock, Forfeited in Period | -30 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Restricted Stock, Forfeited in Period, Weighted Average Grant Date Fair Value | $74.70 | ' | ' |
The maximum potential payout for currently outstanding performance-based restricted stock awards | 579 | ' | ' |
DSUs granted in year | 10 | ' | ' |
Weighted Average Fair Value of DSUs Granted | $83.63 | $69.82 | $62.99 |
DSU Compensation Expense | 840 | 960 | 1,008 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 7,408 | ' | ' |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 23 | 34 | 38 |
Employee Stock Ownership Plan (ESOP), Shares Available | 1,138 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 7 months 20 days | ' | ' |
Time-based SAR/Option Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Exercises in Period, Total Intrinsic Value | 38,914 | 44,471 | 33,779 |
Time-based Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 5,035 | 4,734 | 10,548 |
Performance-based Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation expense | 1,141 | 3,267 | 6,714 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 1,290 | 4,858 | ' |
Performance-based SAR Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Exercises in Period, Total Intrinsic Value | 14,257 | 34,020 | ' |
Deferred Income Tax Benefit on Share Based Compensation [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Deferred income tax benefit | $4,991 | $5,774 | $7,411 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Loss (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $0 | $254 | $4,553 | ' |
Changes in net unrecognized other postretirement benefit costs, net of tax | -438 | -391 | -152 | ' |
accumulated other comprehensive income activity | 1,016 | -137 | 4,401 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 3,683 | 2,667 | 2,804 | -1,597 |
Unrealized Gain (Loss) on Hedging Arrangements [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | -254 | -4,807 |
unrealized gain (loss) on postretirement plan [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 3,683 | 2,667 | 3,058 | 3,210 |
Total postretirement changes [Member] | ' | ' | ' | ' |
Changes in net unrecognized other postretirement benefit costs, net of tax | $1,016 | ' | ' | ' |
Segment_and_Related_Informatio2
Segment and Related Information (Details) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Apr. 20, 2013 | Apr. 21, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, Net | $1,408,813 | $1,520,144 | $1,549,553 | $1,329,201 | $1,457,527 | $1,460,983 | $2,015,304 | $1,957,292 | $6,493,814 | $6,205,003 | $6,170,462 |
Percentage of Sales by Product Group in AAP Segment | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 626,398 | 624,074 | 633,236 |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 234,640 | 236,404 | 238,554 |
Segment Reporting Information, Net Assets | 5,564,774 | ' | ' | 4,613,814 | ' | ' | ' | ' | 5,564,774 | 4,613,814 | ' |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 207,795 | 189,544 | 175,949 |
Payments to Acquire Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 195,757 | 271,182 | 268,129 |
Interecompany eliminations - AAP to AI [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information, Intersegment Revenue | ' | ' | ' | ' | ' | ' | ' | ' | -10,154 | -10,192 | -8,522 |
AAP [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information, Intersegment Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 6,171,343 | 5,914,946 | 5,884,903 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 613,875 | 615,284 | 621,700 |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 229,813 | 232,778 | 233,753 |
Segment Reporting Information, Net Assets | 5,289,357 | ' | ' | 4,352,686 | ' | ' | ' | ' | 5,289,357 | 4,352,686 | 3,413,145 |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 201,445 | 183,183 | 169,541 |
Payments to Acquire Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 191,383 | 265,179 | 264,108 |
AI [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information, Intersegment Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 337,216 | 306,138 | 301,077 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 12,523 | 8,790 | 11,536 |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 4,827 | 3,626 | 4,801 |
Segment Reporting Information, Net Assets | 275,417 | ' | ' | 261,128 | ' | ' | ' | ' | 275,417 | 261,128 | 242,609 |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 6,350 | 6,361 | 6,408 |
Payments to Acquire Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 4,374 | 6,003 | 4,021 |
parts and batteries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Sales by Product Group in AAP Segment | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | 64.00% | 63.00% |
Accessories [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Sales by Product Group in AAP Segment | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 14.00% | 14.00% |
Chemicals [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Sales by Product Group in AAP Segment | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 11.00% | 11.00% |
Oil [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Sales by Product Group in AAP Segment | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | 10.00% |
other products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Sales by Product Group in AAP Segment | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 1.00% | 2.00% |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information, Net Assets | 5,564,774 | ' | ' | 4,613,814 | ' | ' | ' | ' | 5,564,774 | 4,613,814 | 3,655,754 |
Intersegment Elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information, Intersegment Revenue | ' | ' | ' | ' | ' | ' | ' | ' | -14,745 | -16,081 | -15,518 |
Interecompany elimination - AI to AAP [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information, Intersegment Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ($4,591) | ($5,889) | ($6,996) |
AAP [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Stores | 3,832 | ' | ' | ' | ' | ' | ' | ' | 3,832 | ' | ' |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Apr. 20, 2013 | Apr. 21, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Net sales | $1,408,813 | $1,520,144 | $1,549,553 | $1,329,201 | $1,457,527 | $1,460,983 | $2,015,304 | $1,957,292 | $6,493,814 | $6,205,003 | $6,170,462 |
Gross Profit | 701,777 | 762,940 | 779,223 | 663,155 | 725,350 | 728,858 | 1,008,206 | 980,673 | 3,252,146 | 3,098,036 | 3,069,290 |
Net income | $49,267 | $103,830 | $116,871 | $65,055 | $89,503 | $99,606 | $121,790 | $133,506 | $391,758 | $387,670 | $394,682 |
Basic earnings per share | $0.68 | $1.42 | $1.60 | $0.89 | $1.22 | $1.36 | $1.66 | $1.83 | $5.36 | $5.29 | $5.21 |
Diluted earnings per share | $0.67 | $1.42 | $1.59 | $0.88 | $1.21 | $1.34 | $1.65 | $1.79 | $5.32 | $5.22 | $5.11 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Apr. 20, 2013 | Apr. 21, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Number of States in which Entity Operates | 39 | ' | ' | ' | ' | ' | ' | ' | 39 | ' | ' |
Loans Payable | $0 | ' | ' | $0 | ' | ' | ' | ' | $0 | $0 | ' |
Line of Credit Facility, Amount Outstanding | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | ' | ' | ' | ' | ' | 186,137 | 8,369 | 23,133 |
Business acquisition, expected proceeds from sale of certain assets | 16,798 | ' | ' | ' | ' | ' | ' | ' | 16,798 | ' | ' |
Net sales | 1,408,813 | 1,520,144 | 1,549,553 | 1,329,201 | 1,457,527 | 1,460,983 | 2,015,304 | 1,957,292 | 6,493,814 | 6,205,003 | 6,170,462 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 33,691 | ' | ' | ' | ' | ' | ' | ' | 33,691 | ' | ' |
Following GPI acquisition [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of States in which Entity Operates | 45 | ' | ' | ' | ' | ' | ' | ' | 45 | ' | ' |
Pro Forma [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 9,456,000 | ' | ' |
GPI Selling, general and administrative expenses [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | 24,983 | ' | ' |
Subsequent Event [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Payable | 700,000 | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' |
Line of Credit Facility, Amount Outstanding | 306,046 | ' | ' | ' | ' | ' | ' | ' | 306,046 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 6,650 | ' | ' | ' | ' | ' | ' | ' | 6,650 | ' | ' |
GPI interest expense [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | 1,987 | ' | ' |
GPI [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid in acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 1,307,724 | ' | ' |
Repayment of GPI debt | ' | ' | ' | ' | ' | ' | ' | ' | 694,301 | ' | ' |
Amount paid for make-whole fees and transaction related fees | ' | ' | ' | ' | ' | ' | ' | ' | 78,512 | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | 26,970 | ' | ' |
GPI Worldpac [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Stores | 105 | ' | ' | ' | ' | ' | ' | ' | 105 | ' | ' |
Carquest indepently owned locations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Stores | 1,400 | ' | ' | ' | ' | ' | ' | ' | 1,400 | ' | ' |
GPI [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Stores | 1,248 | ' | ' | ' | ' | ' | ' | ' | 1,248 | ' | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | $2,080,537 | ' | ' |
Condensed_Financial_Informatio2
Condensed Financial Information of the Registrant (Details) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Apr. 20, 2013 | Apr. 21, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Jan. 02, 2010 | Dec. 28, 2013 | Dec. 03, 2013 | Dec. 28, 2013 | Jan. 11, 2012 |
Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | 4.50% senior unsecured notes (2023 Notes) [Member] [Member] | 4.50% senior unsecured notes (2023 Notes) [Member] [Member] | 4.50% senior unsecured notes (2022 Notes) [Member] | 4.50% senior unsecured notes (2022 Notes) [Member] | |||||||||||||
Cash and Cash Equivalents, at Carrying Value | $1,112,471 | ' | ' | $598,111 | ' | ' | ' | ' | $1,112,471 | $598,111 | $57,901 | $59,209 | $9 | $9 | $9 | $20 | $23 | ' | ' | ' | ' |
Other Assets, Current | 42,761 | ' | ' | 47,614 | ' | ' | ' | ' | 42,761 | 47,614 | ' | ' | 1,819 | 5,884 | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net | 1,283,970 | ' | ' | 1,291,759 | ' | ' | ' | ' | 1,283,970 | 1,291,759 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Assets, Noncurrent | 39,649 | ' | ' | 31,833 | ' | ' | ' | ' | 39,649 | 31,833 | ' | ' | 13,345 | 13,542 | ' | ' | ' | ' | ' | ' | ' |
Intercompany receivable, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 14,626 | ' | ' | ' | ' | ' | ' | ' |
Intercompany note receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,047,668 | 598,937 | ' | ' | ' | ' | ' | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,590,649 | 1,183,572 | ' | ' | ' | ' | ' | ' | ' |
Assets | 5,564,774 | ' | ' | 4,613,814 | ' | ' | ' | ' | 5,564,774 | 4,613,814 | ' | ' | 2,653,490 | 1,816,570 | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 2,180,614 | ' | ' | 2,029,814 | ' | ' | ' | ' | 2,180,614 | 2,029,814 | ' | ' | 12 | 76 | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses | 428,625 | ' | ' | 379,639 | ' | ' | ' | ' | 428,625 | 379,639 | ' | ' | 5,496 | 2,467 | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,368 | 4,396 | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 1,052,668 | ' | ' | 604,461 | ' | ' | ' | ' | 1,052,668 | 604,461 | ' | ' | 1,047,668 | 598,937 | ' | ' | ' | ' | ' | ' | ' |
Intercompany payable, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79,741 | 0 | ' | ' | ' | ' | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,137,285 | 605,876 | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Value, Issued | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Value, Issued | 7 | ' | ' | 7 | ' | ' | ' | ' | 7 | 7 | ' | ' | 7 | 7 | ' | ' | ' | ' | ' | ' | ' |
Additional paid-in capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 531,293 | 520,215 | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Value | -107,890 | ' | ' | -27,095 | ' | ' | ' | ' | -107,890 | -27,095 | ' | ' | -107,890 | -27,095 | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 3,683 | ' | ' | 2,667 | ' | ' | ' | ' | 3,683 | 2,667 | 2,804 | -1,597 | 3,683 | 2,667 | ' | ' | ' | ' | ' | ' | ' |
Retained Earnings (Accumulated Deficit) | 1,089,112 | ' | ' | 714,900 | ' | ' | ' | ' | 1,089,112 | 714,900 | ' | ' | 1,089,112 | 714,900 | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent | 1,516,205 | ' | ' | 1,210,694 | ' | ' | ' | ' | 1,516,205 | 1,210,694 | 847,914 | 1,039,374 | 1,516,205 | 1,210,694 | ' | ' | ' | ' | ' | ' | ' |
Liabilities and Equity | 5,564,774 | ' | ' | 4,613,814 | ' | ' | ' | ' | 5,564,774 | 4,613,814 | ' | ' | 2,653,490 | 1,816,570 | ' | ' | ' | ' | ' | ' | ' |
Selling, General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,591,828 | 2,440,721 | 2,404,648 | ' | 13,303 | 18,447 | 21,603 | ' | ' | ' | ' | ' | ' |
Other Nonoperating Income (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | 2,698 | 600 | -457 | ' | 13,016 | 19,062 | 23,046 | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 626,398 | 624,074 | 633,236 | ' | -287 | 615 | 1,443 | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 234,640 | 236,404 | 238,554 | ' | -117 | 1,048 | 1,159 | ' | ' | ' | ' | ' | ' |
Income before equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -170 | -433 | 284 | ' | ' | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -391,928 | -388,103 | -394,398 | ' | ' | ' | ' | ' | ' |
Net income | 49,267 | 103,830 | 116,871 | 65,055 | 89,503 | 99,606 | 121,790 | 133,506 | 391,758 | 387,670 | 394,682 | ' | 391,758 | 387,670 | 394,682 | ' | ' | ' | ' | ' | ' |
Basic earnings per share | $0.68 | $1.42 | $1.60 | $0.89 | $1.22 | $1.36 | $1.66 | $1.83 | $5.36 | $5.29 | $5.21 | ' | $5.36 | $5.29 | $5.21 | ' | ' | ' | ' | ' | ' |
Diluted earnings per share | $0.67 | $1.42 | $1.59 | $0.88 | $1.21 | $1.34 | $1.65 | $1.79 | $5.32 | $5.22 | $5.11 | ' | $5.32 | $5.22 | $5.11 | ' | ' | ' | ' | ' | ' |
Average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 72,930 | 73,091 | 75,620 | ' | 72,930 | 73,091 | 75,620 | ' | ' | ' | ' | ' | ' |
Average common shares outstanding - assuming dilution | ' | ' | ' | ' | ' | ' | ' | ' | 73,414 | 74,062 | 77,071 | ' | 73,414 | 74,062 | 77,071 | ' | ' | ' | ' | ' | ' |
Changes in net unrecognized other postretirement benefit costs, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -438 | -391 | -152 | ' | -438 | -391 | -152 | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Plan Amendments | ' | ' | ' | ' | ' | ' | ' | ' | 1,454 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on hedge arrangements, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 254 | -254 | ' | 0 | 254 | -254 | ' | ' | ' | ' | ' | ' |
Amortization of unrecognized losses on interest rate swaps, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 4,807 | ' | 0 | 0 | 4,807 | ' | ' | ' | ' | ' | ' |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 207,795 | 189,544 | 175,949 | ' | 0 | 2 | 101 | ' | ' | ' | ' | ' | ' |
net (increase) decrease in working capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170 | 420 | -388 | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | ' | ' | ' | ' | ' | ' | ' | ' | 545,250 | 685,281 | 828,849 | ' | 0 | -11 | -3 | ' | ' | ' | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 195,757 | 271,182 | 268,129 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | -362,107 | -272,978 | -289,974 | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | 331,217 | 127,907 | -540,183 | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | ' | 514,360 | 540,210 | -1,308 | ' | 0 | -11 | -3 | ' | ' | ' | ' | ' | ' |
Interest Paid, Net | ' | ' | ' | ' | ' | ' | ' | ' | 34,735 | 27,250 | 35,030 | ' | 30,750 | 23,925 | 17,250 | ' | ' | ' | ' | ' | ' |
Income Taxes Paid | ' | ' | ' | ' | ' | ' | ' | ' | 219,424 | 162,677 | 170,541 | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Proceeds from (Repayments of) Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | 448,605 | 299,904 | 0 | ' | 448,605 | 299,904 | 0 | ' | ' | ' | ' | ' | ' |
Payments of Financing Costs | ' | ' | ' | ' | ' | ' | ' | ' | -8,815 | -2,942 | -3,656 | ' | 8,815 | 2,942 | 3,656 | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | 80,795 | 27,095 | 631,149 | ' | 80,795 | 27,095 | 631,149 | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | -3,611 | -8,495 | -21,056 | ' | 3,611 | 8,495 | 21,056 | ' | ' | ' | ' | ' | ' |
Tax withholdings related to the exercise of stock appreciation rights | ' | ' | ' | ' | ' | ' | ' | ' | 21,856 | 26,677 | 6,582 | ' | -21,856 | -26,677 | -6,582 | ' | ' | ' | ' | ' | ' |
Payments of Dividends | ' | ' | ' | ' | ' | ' | ' | ' | -17,574 | -17,596 | -18,554 | ' | 17,574 | 17,596 | 18,554 | ' | ' | ' | ' | ' | ' |
Retirement of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,644,767 | 0 | ' | 0 | 1,644,767 | 0 | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | -1,016 | 137 | -4,401 | ' | -1,016 | 137 | -4,401 | ' | ' | ' | ' | ' | ' |
Declared but unpaid cash dividends | ' | ' | ' | ' | ' | ' | ' | ' | 4,368 | 4,396 | 4,356 | ' | 4,368 | 4,396 | 4,356 | ' | ' | ' | ' | ' | ' |
Non-cash dividend | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,231,200 | ' | ' | ' | ' | ' | ' | ' | ' |
Forgiveness of intercompany receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,632,300 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 598,900 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | 4.50% | ' |
Net proceeds from note offering after deducting fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 445,200 | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.69% | ' | 99.97% |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000 | ' | 300,000 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | $392,774 | $387,533 | $399,083 | ' | $392,774 | $387,533 | $399,083 | ' | ' | ' | ' | ' | ' |
Valuation_and_Qualifying_Accou2
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
Allowance for Doubtful Accounts Receivable, Current | $13,295 | $5,919 | $4,056 | $4,816 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 11,955 | 4,127 | 645 | ' |
Valuation Allowances and Reserves, Deductions | -4,995 | -2,264 | -1,405 | ' |
Valuation Allowances and Reserves, Charged to Other Accounts | $416 | $0 | $0 | ' |