Document_and_Entity_Informatio
Document and Entity Information Document Document (USD $) | 4 Months Ended | ||
Apr. 19, 2014 | 23-May-14 | Jul. 12, 2013 | |
Entity Registrant Name | 'Advance Auto Parts Inc | ' | ' |
Entity Central Index Key | '0001158449 | ' | ' |
Current Fiscal Year End Date | '--01-03 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 19-Apr-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 72,954,638 | ' |
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 $) | Apr. 19, 2014 | Dec. 28, 2013 | Apr. 20, 2013 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $83,358 | $1,112,471 | $407,724 |
Receivables, net | 576,606 | 277,595 | 272,208 |
Inventories, net | 3,910,948 | 2,556,557 | 2,423,772 |
Other current assets | 70,872 | 42,761 | 59,170 |
Total current assets | 4,641,784 | 3,989,384 | 3,162,874 |
Property and equipment, net of accumulated depreciation | 1,425,117 | 1,283,970 | 1,284,805 |
Assets held for sale | 615 | 2,064 | 2,237 |
Goodwill | 1,011,299 | 199,835 | 201,789 |
Intangible assets, net | 789,825 | 49,872 | 57,994 |
Other assets, net | 44,434 | 39,649 | 37,786 |
Assets, Total | 7,913,074 | 5,564,774 | 4,747,485 |
Current liabilities: | ' | ' | ' |
Current portion of long-term debt | 70,865 | 916 | 689 |
Accounts payable | 2,975,975 | 2,180,614 | 2,101,549 |
Accrued expenses | 541,451 | 428,625 | 381,315 |
Other current liabilities | 75,956 | 154,630 | 140,588 |
Total current liabilities | 3,664,247 | 2,764,785 | 2,624,141 |
Long-term debt | 2,001,740 | 1,052,668 | 604,265 |
Other long-term liabilities | 580,456 | 231,116 | 248,632 |
Commitments and Contingencies | ' | ' | ' |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' | ' |
Preferred stock, nonvoting, $0.0001 par value | 0 | 0 | 0 |
Common stock, voting, $0.0001 par value | 7 | 7 | 7 |
Additional paid-in capital | 542,445 | 531,293 | 520,276 |
Treasury stock, at cost | -108,505 | -107,890 | -87,013 |
Accumulated other comprehensive income | 259 | 3,683 | 4,891 |
Retained earnings | 1,232,425 | 1,089,112 | 832,286 |
Total stockholders' equity | 1,666,631 | 1,516,205 | 1,270,447 |
Liabilities and Stockholders' Equity, Total | $7,913,074 | $5,564,774 | $4,747,485 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Apr. 19, 2014 | Dec. 28, 2013 | Apr. 20, 2013 |
In Thousands, except Per Share data, unless otherwise specified | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1,278,847 | $1,255,474 | $1,153,258 |
Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 | $0.00 |
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | $0.00 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 4 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 19, 2014 | Apr. 20, 2013 |
Net sales | $2,969,499 | $2,015,304 |
Cost of sales, including purchasing and warehousing costs | 1,616,377 | 1,007,098 |
Gross profit | 1,353,122 | 1,008,206 |
Selling, general and administrative expenses | 1,097,320 | 804,138 |
Operating income | 255,802 | 204,068 |
Interest expense | -23,642 | -10,660 |
Other income (expense), net | 603 | 958 |
Total other, net | -23,039 | -9,702 |
Income before provision for income taxes | 232,763 | 194,366 |
Provision for income taxes | 85,037 | 72,576 |
Net income | $147,726 | $121,790 |
Basic earnings per share | $2.02 | $1.66 |
Diluted earnings per share | $2.01 | $1.65 |
Dividends declared per common share | $0.06 | $0.06 |
Weighted average common shares outstanding | 72,869 | 73,194 |
Weighted average common shares outstanding - assuming dilution | 73,355 | 73,806 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 4 Months Ended | |
In Thousands, unless otherwise specified | Apr. 19, 2014 | Apr. 20, 2013 |
Net income | $147,726 | $121,790 |
Changes in net unrecognized other postretirement benefit costs | -184 | -103 |
Postretirement benefit plan amendment | 0 | 2,327 |
Currency transaction | -3,240 | 0 |
Other comprehensive income (loss) | -3,424 | 2,224 |
Comprehensive income | 144,302 | 124,014 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' |
Other comprehensive income (loss) | ($3,424) | $2,224 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 05, 2013 | Oct. 06, 2012 |
Changes in net unrecognized postretirement benefit costs, Tax | $118 | $66 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock, at cost [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
In Thousands | |||||||
Balance at Dec. 29, 2012 | $1,210,694 | $0 | $7 | $520,215 | ($27,095) | $2,667 | $714,900 |
Balance (in shares) at Dec. 29, 2012 | ' | 0 | 73,731 | ' | 348 | ' | ' |
Net income | 121,790 | ' | ' | ' | ' | ' | 121,790 |
Total other comprehensive income (loss) | 2,224 | ' | ' | ' | ' | 2,224 | ' |
Issuance of shares upon the exercise of stock options and stock appreciation rights | 1,903 | ' | ' | 1,903 | ' | ' | ' |
Issuance of shares upon the exercise of stock options and stock appreciation rights (in shares) | ' | ' | 353 | ' | ' | ' | ' |
Tax withholdings related to the exercise of stock appreciation rights | -16,910 | ' | ' | -16,910 | ' | ' | ' |
Tax benefit from share-based compensation, net | 11,873 | ' | ' | 11,873 | ' | ' | ' |
Issuance of restricted stock, net of forfeitures | 0 | ' | ' | ' | ' | ' | ' |
Restricted stock and restricted stock units vested, (in shares) | ' | ' | -4 | ' | ' | ' | ' |
Share-based compensation | 2,664 | ' | ' | 2,664 | ' | ' | ' |
Stock issued under employee stock purchase plan | 518 | ' | ' | 518 | ' | ' | ' |
Stock issued under employee stock purchase plan (in shares) | ' | ' | 7 | ' | ' | ' | ' |
Repurchase of common stock | -59,918 | ' | ' | ' | -59,918 | ' | ' |
Repurchase of common stock | ' | ' | ' | ' | 781 | ' | ' |
Cash dividends | -4,404 | ' | ' | ' | ' | ' | -4,404 |
Other | 13 | ' | ' | 13 | ' | ' | ' |
Balance at Apr. 20, 2013 | 1,270,447 | 0 | 7 | 520,276 | -87,013 | 4,891 | 832,286 |
Balance (in shares) at Apr. 20, 2013 | ' | 0 | 74,087 | ' | 1,129 | ' | ' |
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 | ' | 0 | 74,224 | ' | 1,384 | ' | ' |
Net income | 147,726 | ' | ' | ' | ' | ' | 147,726 |
Total other comprehensive income (loss) | -3,424 | ' | ' | ' | ' | -3,424 | ' |
Issuance of shares upon the exercise of stock options and stock appreciation rights | 1,874 | ' | ' | 1,874 | ' | ' | ' |
Issuance of shares upon the exercise of stock options and stock appreciation rights (in shares) | ' | ' | 96 | ' | ' | ' | ' |
Tax withholdings related to the exercise of stock appreciation rights | -3,118 | ' | ' | -3,118 | ' | ' | ' |
Tax benefit from share-based compensation, net | 4,158 | ' | ' | 4,158 | ' | ' | ' |
Issuance of restricted stock, net of forfeitures | 0 | ' | ' | ' | ' | ' | ' |
Restricted stock and restricted stock units vested, (in shares) | ' | ' | 6 | ' | ' | ' | ' |
Share-based compensation | 7,133 | ' | ' | 7,133 | ' | ' | ' |
Stock issued under employee stock purchase plan | 1,088 | ' | ' | 1,088 | ' | ' | ' |
Stock issued under employee stock purchase plan (in shares) | ' | ' | 10 | ' | ' | ' | ' |
Repurchase of common stock | -615 | ' | ' | ' | -615 | ' | ' |
Repurchase of common stock | ' | ' | ' | ' | 5 | ' | ' |
Cash dividends | -4,413 | ' | ' | ' | ' | ' | -4,413 |
Other | 17 | ' | ' | 17 | ' | ' | ' |
Balance at Apr. 19, 2014 | $1,666,631 | $0 | $7 | $542,445 | ($108,505) | $259 | $1,232,425 |
Balance (in shares) at Apr. 19, 2014 | ' | 0 | 74,336 | ' | 1,389 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 4 Months Ended | |
In Thousands, unless otherwise specified | Apr. 19, 2014 | Apr. 20, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $147,726 | $121,790 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 88,205 | 64,027 |
Share-based compensation | 7,133 | 2,664 |
Loss on property and equipment, net | 455 | 100 |
Other | 792 | 489 |
Provision (benefit) for deferred income taxes | 5,202 | -3,249 |
Excess tax benefit from share-based compensation | -4,165 | -11,971 |
Increase decrease in Operating Capital | ' | ' |
Receivables, net | -45,507 | -19,247 |
Inventories, net | -196,062 | -70,728 |
Other assets | -16,458 | -11,228 |
Accounts payable | 101,381 | 35,363 |
Accrued expenses | -10,739 | 19,240 |
Other liabilities | 3,168 | 8,035 |
Net cash provided by operating activities | 81,131 | 135,285 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -60,529 | -63,124 |
Payments to Acquire Businesses, Net of Cash Acquired | 2,056,937 | 186,859 |
Sale of certain assets of acquired business | 0 | 9,004 |
Proceeds from sales of property and equipment | 33 | 136 |
Net cash used in investing activities | -2,117,433 | -240,843 |
Cash flows from financing activities: | ' | ' |
Decrease in bank overdrafts | -5,796 | -8,711 |
Borrowings under credit facilities | 1,527,600 | 0 |
Payments on credit facilities | -508,600 | 0 |
Dividends paid | -8,781 | -8,800 |
Proceeds from the issuance of common stock, primarily exercise of stock options | 2,979 | 2,434 |
Tax withholdings related to the exercise of stock appreciation rights | -3,118 | -16,910 |
Excess tax benefit from share-based compensation | 4,165 | 11,971 |
Repurchase of common stock | -615 | -59,918 |
Contingent consideration related to previous business acquisition | 0 | -4,726 |
Other | -232 | -169 |
Net cash provided by (used in) financing activities | 1,007,602 | -84,829 |
Effect of exchange rate change on cash | -413 | 0 |
Net increase (decrease) in cash and cash equivalents | -1,029,113 | -190,387 |
Cash and cash equivalents, beginning of period | 1,112,471 | 598,111 |
Cash and cash equivalents, end of period | 83,358 | 407,724 |
Supplemental cash flow information: | ' | ' |
Interest paid | 13,355 | 8,397 |
Income tax payments | 75,050 | 45,575 |
Non-cash transactions: | ' | ' |
Accrued purchases of property and equipment | 10,743 | 14,643 |
Accrued purchase price of business acquisition | 0 | 2,057 |
Receivable for sale of certain assets of acquired business | 0 | 7,794 |
Changes in other comprehensive income from post retirement benefits | -184 | -103 |
Statement [Line Items] | ' | ' |
Total other comprehensive income (loss) | ($3,424) | $2,224 |
Basis_of_Presentation
Basis of Presentation | 4 Months Ended |
Apr. 19, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation: | |
The accompanying unaudited condensed consolidated financial statements have been prepared by the Company and include the accounts of Advance Auto Parts, Inc. ("Advance"), its wholly owned subsidiary, Advance Stores Company, Incorporated ("Advance Stores"), and its subsidiaries (collectively, the "Company"). All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial position of the Company, the results of its operations and cash flows have been made. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, have been condensed or omitted based upon the Securities and Exchange Commission ("SEC") interim reporting guidance. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s consolidated financial statements for the fiscal year ended December 28, 2013, or Fiscal 2013. | |
The accounting policies followed in the presentation of interim financial results are consistent with those followed on an annual basis. These policies are presented in Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for Fiscal 2013 (filed with the SEC on February 25, 2014). | |
The results of operations for the interim periods are not necessarily indicative of the operating results to be expected for the full fiscal year. The first quarter of each of the Company's fiscal years contains 16 weeks while the remaining three quarters contain 12 weeks each. | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. | |
Segment and Related Information | |
As a result of the acquisition of General Parts International, Inc. ("GPI") on January 2, 2014, which is further described in Note 3, Acquisitions, the Company reevaluated the composition of its reportable segments during the first quarter of fiscal 2014. Based on this analysis, the Company determined that it operates as a single reportable segment. As of April 19, 2014, the Company's operations are comprised of 5,276 stores and 105 distribution branches, which operate in the United States, Canada, Puerto Rico and the Virgin Islands primarily under the trade names “Advance Auto Parts”, "Carquest", "Autopart International" and "Worldpac". These locations offer a broad selection of brand name, original equipment manufacturer ("OEM") and proprietary automotive replacement parts, accessories, and maintenance items primarily for domestic and imported cars and light trucks. While the mix of do-it-yourself ("DIY") and Commercial customers varies among the four store brands, all of the locations serve customers through similar distribution channels. The Company has plans to fully integrate the Carquest company-operated stores and overall operations into Advance Auto Parts over the next three years and to eventually integrate the availability of all of the Company's product offerings throughout the entire chain. | |
The Company's Advance Auto Parts operations are currently comprised of three geographic areas. Each of the Advance Auto Parts geographic areas, in addition to Carquest and Worldpac, are individually considered operating segments which are aggregated into one reportable segment. Included in the Company's overall store operations are sales generated from its e-commerce platforms. The Company's e-commerce platforms primarily consist of its online websites and Commercial ordering platforms as part of its integrated operating approach of serving its DIY and Commercial customers. The Company's online websites allow 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 DIY sales are picked up at store locations. Through the Company's online ordering platforms, Commercial customers can conveniently place orders with a designated store location for delivery to their places of business. | |
New Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board, or FASB, issued ASU No. 2014-08 "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360)", which amends the definition of a discontinued operation in ASC 205-20 and requires entities to provide additional disclosures about discontinued operations as well as disposal transactions that do not meet the discontinued-operations criteria. The new guidance changes the definition of a discontinued operation and requires discontinued operations treatment for disposals of a component or group of components that represents a strategic shift that has or will have a major impact on an entity’s operations or financial results. The ASU is effective prospectively for all disposals (except disposals classified as held for sale before the adoption date) or components initially classified as held for sale in periods beginning on or after | |
December 15, 2014. Early adoption is permitted. The adoption of this guidance affects prospective presentation of disposals and therefore, is not expected to have a material impact on the Company's consolidated financial condition, results of operations or cash flows. | |
In July 2013, the 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 its 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, had no material impact on the Company's consolidated financial condition, results of operations or cash flows. |
Inventories_net
Inventories, net | 4 Months Ended | |||||||||||
Apr. 19, 2014 | ||||||||||||
Inventory, Net [Abstract] | ' | |||||||||||
Inventories, net | ' | |||||||||||
Inventories, net: | ||||||||||||
Inventories are stated at the lower of cost or market. The Company used the LIFO method of accounting for approximately 88% of inventories at April 19, 2014 and 95% of inventories at December 28, 2013 and April 20, 2013. 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 2014 and prior years. The Company recorded a reduction to cost of sales of $12,281 and $886 for the sixteen weeks ended April 19, 2014 and April 20, 2013, 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 merchandising strategies and realization of supply chain efficiencies. | ||||||||||||
An actual valuation of inventory under the LIFO method is performed by the Company at the end of each fiscal year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected fiscal year-end inventory levels and costs. | ||||||||||||
Inventory balances at April 19, 2014, December 28, 2013 and April 20, 2013 were as follows: | ||||||||||||
April 19, | December 28, | April 20, | ||||||||||
2014 | 2013 | 2013 | ||||||||||
Inventories at FIFO, net | $ | 3,766,905 | $ | 2,424,795 | $ | 2,296,696 | ||||||
Adjustments to state inventories at LIFO | 144,043 | 131,762 | 127,076 | |||||||||
Inventories at LIFO, net | $ | 3,910,948 | $ | 2,556,557 | $ | 2,423,772 | ||||||
Acquisition_Notes
Acquisition (Notes) | 4 Months Ended | ||||
Apr. 19, 2014 | |||||
GPI Acquisition [Abstract] | ' | ||||
Business Combination Disclosure | ' | ||||
Acquisition: | |||||
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 1,233 Carquest stores and 103 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 $2,080,804 (subject to adjustment for certain closing items) consisting of $1,307,991 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 a term loan and $306,046 from a revolving credit facility. Refer to Note 6, Long-Term Debt, for a more detailed description of this debt. The Company recognized $26,970 of acquisition-related costs during Fiscal 2013, which was included in selling, general and administrative expenses and interest expense. The Company recognized no acquisition-related costs during the sixteen weeks ended April 19, 2014, as all of these costs were recognized during Fiscal 2013. The Company has included the financial results of GPI in its consolidated financial statements commencing January 2, 2014. GPI contributed sales of $879,931 and net income of $15,840 during the sixteen weeks ended April 19, 2014. The net income reflects amortization related to the acquired intangible assets and integration expenses. | |||||
Included in the total purchase price, $200,881 was placed in escrow to secure indemnification obligations of the sellers relating to the accuracy of representations, warranties and the satisfaction of covenants. Half of the escrow funds will be disbursed to the Sellers on July 2, 2015 and the remaining amounts distributed on January 2, 2017, after deducting for any claims made. At the acquisition date, the Company recognized a net indemnification asset of $5,985 with respect to liabilities for which it intends to make a claim from escrow. According to the agreement, the Company will be indemnified against losses incurred relating to taxes owed by GPI within the escrow term of three years. | |||||
Purchase Price Allocation | |||||
The following table summarizes the consideration paid for GPI and the amounts of the assets acquired and liabilities assumed as of the acquisition date, which have been allocated on a preliminary basis: | |||||
Total Consideration | $ | 2,080,804 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||
Cash and cash equivalents | $ | 25,176 | |||
Receivables | 254,389 | ||||
Inventory | 1,160,976 | ||||
Other current assets | 112,055 | ||||
Property, plant and equipment | 163,351 | ||||
Intangible assets | 756,571 | ||||
Other assets | 1,741 | ||||
Accounts payable | (695,892 | ) | |||
Accrued and other current liabilities | (146,975 | ) | |||
Long-term liabilities | (361,919 | ) | |||
Total identifiable net assets | 1,269,473 | ||||
Goodwill | 811,331 | ||||
Total acquired net assets | $ | 2,080,804 | |||
Due to the nature of GPI's business, the assets acquired and liabilities assumed as part of this acquisition are similar in nature to those of the Company. The fair value of assets acquired and liabilities assumed was based upon a preliminary valuation and the estimates and assumptions are subject to change within the measurement period as additional information is obtained. The goodwill attributable to the acquisition will not be amortizable or deductible for tax purposes. The goodwill of $811,331 arising from the acquisition consists largely of the anticipated synergies and economies of scale from the combined companies and the overall strategic importance of GPI to the Company. For additional information regarding goodwill and intangible assets acquired, see Note 4, Goodwill and Intangible Assets. | |||||
The Company recorded a liability associated with unfavorable leases of $48,604, which is included in other long-term liabilities. Favorable and unfavorable lease assets and liabilities will be amortized to rent expense over their expected lives which approximates the period of time that the favorable or unfavorable lease terms will be in effect. The fair value of financial assets acquired included receivables of $254,389 primarily from Commercial customers and vendors. The gross amount due was $267,398, of which $13,009 is expected to be uncollectible. | |||||
Unaudited Pro Forma Financial Information | |||||
The following unaudited consolidated pro forma financial information combines the respective measure of the Company for the sixteen weeks ended April 20, 2013 and GPI for the three months ended March 31, 2013. The pro forma financial information has been prepared by adjusting the historical data to give effect to the acquisition as if it had occurred on December 30, 2012 (the first day of the Company's fiscal 2013). | |||||
April 20, | |||||
2013 | |||||
Pro forma: | (First Quarter Ended) | ||||
Net sales | $ | 2,708,890 | |||
Net income | $ | 125,663 | |||
Basic earnings per share | $ | 1.72 | |||
Diluted earnings per share | $ | 1.7 | |||
The unaudited consolidated pro forma financial information was prepared in accordance with the acquisition method of accounting under existing standards and is not necessarily indicative of the results of operations that would have occurred if the acquisition had been completed on the date indicated, nor is it indicative of the future operating results of the Company. | |||||
The unaudited pro forma results have been adjusted with respect to certain aspects of the acquisition to reflect: | |||||
• | additional amortization expense that would have been recognized assuming fair value adjustments to the existing GPI assets acquired and liabilities assumed, including favorable and unfavorable lease values and other intangible assets; | ||||
• | adjustment of interest expense to reflect the additional borrowings of the Company in conjunction with the acquisition and removal of GPI historical debt; and | ||||
• | elimination of the GPI recognition of a deferred gain in 2013 of $1,588 from a sale leaseback transaction as the deferred values were subsequently removed in purchase accounting. | ||||
The unaudited pro forma results do not reflect future events that either have occurred or may occur after the acquisition, including, but not limited to, the anticipated realization of ongoing savings from operating synergies in subsequent periods. They also do not give effect to certain charges that the Company expects to incur in connection with the integration of GPI, including, but not limited to, additional professional fees, employee integration, potential asset impairments, and accelerated depreciation and amortization. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 4 Months Ended | |||||||||||||||||||||||
Apr. 19, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets: | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
The following table reflects the carrying amount of goodwill and the changes in goodwill carrying amounts. | ||||||||||||||||||||||||
April 19, | December 28, | April 20, | ||||||||||||||||||||||
2014 | 2013 | 2013 | ||||||||||||||||||||||
(16 weeks ended) | (52 weeks ended) | (16 weeks ended) | ||||||||||||||||||||||
Goodwill, beginning of period | $ | 199,835 | $ | 76,389 | $ | 76,389 | ||||||||||||||||||
Acquisitions | 811,521 | 123,446 | 125,400 | |||||||||||||||||||||
Changes in foreign currency exchange rates | (57 | ) | — | — | ||||||||||||||||||||
Goodwill, end of period | $ | 1,011,299 | $ | 199,835 | $ | 201,789 | ||||||||||||||||||
As discussed in Note 3, Acquisitions, on January 2, 2014, the Company acquired GPI in an all-cash transaction which resulted in the addition of $811,331 of goodwill. During the sixteen weeks ended April 19, 2014, the Company also added $190 of goodwill associated with the acquisition of three stores. On December 31, 2012, the Company acquired B.W.P. Distributors, Inc. ("BWP") in an all-cash transaction which resulted in the addition of $125,400 of goodwill. | ||||||||||||||||||||||||
Intangible Assets Other Than Goodwill | ||||||||||||||||||||||||
The Company recorded a net increase to intangible assets of $756,571 during the sixteen weeks ended April 19, 2014. The increase included customer relationships of $330,022 which will be amortized over 12 years, non-competes totaling $50,084 which will be amortized over 5 years and favorable leases of $56,465 which are amortized over the life of the leases at a weighted average of 4.5 years. The increase also includes indefinite-life intangibles of $320,000 from acquired brands. | ||||||||||||||||||||||||
The Company recorded a net increase to intangible assets of $31,600 during the sixteen weeks ended April 20, 2013. The increase included Customer Relationships of $26,400 which will be amortized over 12 years and other intangible assets totaling $5,200 which will be amortized over a weighted average of 3.4 years. The gross and net carrying amounts of acquired intangible assets as of April 19, 2014, December 28, 2013 and April 20, 2013 are comprised of the following: | ||||||||||||||||||||||||
Acquired Intangible Assets | ||||||||||||||||||||||||
Subject to Amortization | Not Subject to Amortization | Total Intangible Assets | ||||||||||||||||||||||
Customer | Acquired Technology | Favorable Leases | Non-Compete and Other | Brands, Trademark and | (excluding goodwill) | |||||||||||||||||||
Relationships | Tradenames | |||||||||||||||||||||||
Gross: | ||||||||||||||||||||||||
Gross carrying amount at December 28, 2013 | $ | 33,601 | $ | 8,850 | $ | — | $ | 6,085 | $ | 20,550 | $ | 69,086 | ||||||||||||
Additions | 330,022 | — | 56,465 | 50,084 | 320,000 | 756,571 | ||||||||||||||||||
Effect of exchange rate changes on intangibles | 299 | — | 56 | — | 617 | 972 | ||||||||||||||||||
Gross carrying amount at April 19, 2014 | $ | 363,922 | $ | 8,850 | $ | 56,521 | $ | 56,169 | $ | 341,167 | $ | 826,629 | ||||||||||||
Gross carrying amount at December 29, 2012 | $ | 9,800 | $ | 8,850 | $ | — | $ | 885 | $ | 20,550 | $ | 40,085 | ||||||||||||
Additions | 26,400 | — | — | 5,200 | — | 31,600 | ||||||||||||||||||
Gross carrying amount at April 20, 2013 | $ | 36,200 | $ | 8,850 | $ | — | $ | 6,085 | $ | 20,550 | $ | 71,685 | ||||||||||||
Net: | ||||||||||||||||||||||||
Net book value at December 28, 2013 | $ | 23,292 | $ | 2,469 | $ | — | $ | 3,561 | $ | 20,550 | $ | 49,872 | ||||||||||||
Additions | 330,022 | — | 56,465 | 50,084 | 320,000 | 756,571 | ||||||||||||||||||
2014 amortization | (9,332 | ) | (908 | ) | (3,696 | ) | (3,654 | ) | — | (17,590 | ) | |||||||||||||
Effect of exchange rate changes on intangibles | 299 | — | 56 | — | 617 | 972 | ||||||||||||||||||
Net carrying amount at April 19, 2014 | $ | 344,281 | $ | 1,561 | $ | 52,825 | $ | 49,991 | $ | 341,167 | $ | 789,825 | ||||||||||||
Net book value at December 29, 2012 | $ | 2,658 | $ | 5,419 | $ | — | $ | 218 | $ | 20,550 | $ | 28,845 | ||||||||||||
Additions | 26,400 | — | — | 5,200 | — | 31,600 | ||||||||||||||||||
2013 amortization | (972 | ) | (908 | ) | — | (571 | ) | — | (2,451 | ) | ||||||||||||||
Net carrying amount at April 20, 2013 | $ | 28,086 | $ | 4,511 | $ | — | $ | 4,847 | $ | 20,550 | $ | 57,994 | ||||||||||||
Future Amortization Expense | ||||||||||||||||||||||||
The table below shows expected amortization expense for the next five years for acquired intangible assets recorded as of April 19, 2014: | ||||||||||||||||||||||||
Fiscal Year | Amount | |||||||||||||||||||||||
Remainder of 2014 | $ | 38,944 | ||||||||||||||||||||||
2015 | 52,134 | |||||||||||||||||||||||
2016 | 48,314 | |||||||||||||||||||||||
2017 | 45,960 | |||||||||||||||||||||||
2018 | 43,076 | |||||||||||||||||||||||
Thereafter | 220,230 | |||||||||||||||||||||||
Receivables_net
Receivables, net | 4 Months Ended | |||||||||||||
Apr. 19, 2014 | ||||||||||||||
Receivables [Abstract] | ' | |||||||||||||
Receivables, net | ' | |||||||||||||
Receivables, net: | ||||||||||||||
Receivables consist of the following: | ||||||||||||||
April 19, | December 28, | April 20, | ||||||||||||
2014 | 2013 | 2013 | ||||||||||||
Trade | $ | 419,746 | $ | 145,670 | $ | 149,952 | ||||||||
Vendor | 153,434 | 138,336 | 124,842 | |||||||||||
Other | 17,127 | 6,884 | 6,685 | |||||||||||
Total receivables | 590,307 | 290,890 | 281,479 | |||||||||||
Less: Allowance for doubtful accounts | (13,701 | ) | (13,295 | ) | (9,271 | ) | ||||||||
Receivables, net | $ | 576,606 | $ | 277,595 | $ | 272,208 | ||||||||
Longterm_Debt
Long-term Debt | 4 Months Ended | |||||||||||
Apr. 19, 2014 | ||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||
Long-term Debt | ' | |||||||||||
Long-term Debt: | ||||||||||||
Long-term debt consists of the following: | ||||||||||||
April 19, | December 28, | April 20, | ||||||||||
2014 | 2013 | 2013 | ||||||||||
Revolving facility at variable interest rates (1.49% and 1.47% at April 19, 2014 and December 28, 2013, respectively, due December 5, 2018 and 1.70% at April 20, 2013, replaced by the current facility) | $ | 319,000 | $ | — | $ | — | ||||||
Term loan at variable interest rates (1.77% and 1.67% at April 19, 2014 and December 28, 2013, respectively) due January 2, 2019 | 700,000 | — | — | |||||||||
5.75% Senior Unsecured Notes (net of unamortized discount of $830, $865 and $941 at April 19, 2014, December 28, 2013 and April 20, 2013, respectively) due May 1, 2020 | 299,170 | 299,135 | 299,058 | |||||||||
4.50% Senior Unsecured Notes (net of unamortized discount of $78, $80 and $86 at April 19, 2014, December 28, 2013 and April 20, 2013, respectively) due January 15, 2022 | 299,922 | 299,920 | 299,914 | |||||||||
4.50% Senior Unsecured Notes (net of unamortized discount of $1,352 and $1,387 at April 19, 2014 and December 28, 2013, respectively) due December 1, 2023 | 448,648 | 448,613 | — | |||||||||
Other | 5,865 | 5,916 | 5,982 | |||||||||
2,072,605 | 1,053,584 | 604,954 | ||||||||||
Less: Current portion of long-term debt | (70,865 | ) | (916 | ) | (689 | ) | ||||||
Long-term debt, excluding current portion | $ | 2,001,740 | $ | 1,052,668 | $ | 604,265 | ||||||
Bank Debt | ||||||||||||
On December 5, 2013, the Company entered into a new credit agreement (the “2013 Credit Agreement”) which provides a $700,000 unsecured term loan and a $1,000,000 unsecured revolving credit facility with Advance Stores, as Borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent. This 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, and 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 by those respective lenders (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 2013 Credit Agreement. Under the terms of the 2013 Credit Agreement the revolving credit facility terminates in December 2018 and the term loan matures in January 2019. | ||||||||||||
As of April 19, 2014, under the 2013 Credit Agreement, the Company had borrowed $319,000 under the revolver and$700,000 under the term loan. As of April 19, 2014, the Company had letters of credit outstanding of $132,990. 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 April 19, 2014 was $548,010 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) Advance, 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) Advance, among other things, to change its holding company status. Advance and Advance Stores are required to comply with financial covenants with respect to a maximum leverage ratio and a minimum consolidated 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 was in compliance with its covenants at April 19, 2014 with respect to the 2013 Credit Agreement and December 28, 2013 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 the Indenture 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 | ||||||||||||
The Company is a guarantor of loans made by banks to various independent store customers of the Company totaling $33,815 as of April 19, 2014. Upon entering into a relationship with certain independent stores, the Company guaranteed the debt of those stores to aid in the procurement of business loans. These loans are collateralized by security agreements on merchandise inventory and other assets of the borrowers. The approximate value of the assets collateralized in these agreements is $64,618 as of April 19, 2014. The Company believes that the likelihood of performance under these guarantees is remote, and any fair value attributable to these guarantees would be very minimal. |
Fair_Value_Measurements
Fair Value Measurements | 4 Months Ended | |||||||||||||||
Apr. 19, 2014 | ||||||||||||||||
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 April 19, 2014, December 28, 2013 and April 20, 2013: | ||||||||||||||||
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 April 19, 2014 | ||||||||||||||||
Contingent consideration related to business acquisitions | $ | 9,541 | $ | — | $ | — | $ | 9,541 | ||||||||
As of December 28, 2013 | ||||||||||||||||
Contingent consideration related to business acquisitions | $ | 9,475 | $ | — | $ | — | $ | 9,475 | ||||||||
As of April 20, 2013 | ||||||||||||||||
Contingent consideration related to business acquisitions | $ | 12,746 | $ | — | $ | — | $ | 12,746 | ||||||||
The fair value of the contingent consideration, which is recorded in Accrued expenses and Other long-term liabilities, is based on various estimates including the Company’s estimate of the probability of achieving the targets and the time value of money. During the sixteen weeks ended April 19, 2014, contingent consideration increased due to the 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 April 19, 2014, December 28, 2013 and April 20, 2013, respectively, are as follows: | ||||||||||||||||
April 19, | December 28, | April 20, | ||||||||||||||
2014 | 2013 | 2013 | ||||||||||||||
Carrying Value | $ | 2,001,740 | $ | 1,052,668 | $ | 604,265 | ||||||||||
Fair Value | $ | 2,074,000 | $ | 1,086,000 | $ | 658,000 | ||||||||||
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 April 19, 2014, the Company had no significant non-financial assets or liabilities that had been adjusted to fair value subsequent to initial recognition. |
Stock_Repurchase_Program
Stock Repurchase Program | 4 Months Ended |
Apr. 19, 2014 | |
Stock Repurchase Program: [Abstract] | ' |
Treasury Stock [Text Block] | ' |
Stock Repurchase Program: | |
The Company’s stock repurchase program allows it to repurchase its common stock on the open market or in privately negotiated transactions from time to time in accordance with the requirements of the SEC. The Company's $500,000 stock repurchase program in place as of April 19, 2014 was authorized by its Board of Directors on May 14, 2012. | |
During the sixteen weeks ended April 19, 2014, the Company repurchased no shares of its common stock under its stock repurchase program. The Company had $415,092 remaining under its stock repurchase program as of April 19, 2014. The Company repurchased 5 shares of its common stock at an aggregate cost of $615, or an average price of $127.31 per share, in connection with the net settlement of shares issued as a result of the vesting of restricted stock and restricted stock units during the sixteen weeks ended April 19, 2014. | |
During the sixteen weeks ended April 20, 2013, the Company repurchased 767 shares of its common stock at an aggregate cost of $58,846, or an average price of $76.72 per share under its stock repurchase program. The Company repurchased 14 shares of its common stock at an aggregate cost of $1,072, or an average price of $76.51 per share, in connection with the net settlement of shares issued as a result of the vesting of restricted stock during the sixteen weeks ended April 20, 2013. |
Earnings_per_Share
Earnings per Share | 4 Months Ended | |||||||
Apr. 19, 2014 | ||||||||
Earnings Per Share [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 the sixteen week periods ended April 19, 2014 and April 20, 2013, earnings of $440 and $284, 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 19 and 240 shares of common stock that had an exercise price in excess of the average market price of the common stock during the sixteen week periods ended April 19, 2014 and April 20, 2013, respectively, were not included in the calculation of diluted earnings per share because they were anti-dilutive. | ||||||||
The following table illustrates the computation of basic and diluted earnings per share for the sixteen week periods ended April 19, 2014 and April 20, 2013, respectively: | ||||||||
Sixteen Weeks Ended | ||||||||
April 19, | April 20, | |||||||
2014 | 2013 | |||||||
Numerator | ||||||||
Net income | $ | 147,726 | $ | 121,790 | ||||
Participating securities' share in earnings | (440 | ) | (284 | ) | ||||
Net income applicable to common shares | $ | 147,286 | $ | 121,506 | ||||
Denominator | ||||||||
Basic weighted average common shares | 72,869 | 73,194 | ||||||
Dilutive impact of share-based awards | 486 | 612 | ||||||
Diluted weighted average common shares | 73,355 | 73,806 | ||||||
Basic earnings per common share | ||||||||
Net income applicable to common stockholders | $ | 2.02 | $ | 1.66 | ||||
Diluted earnings per common share | ||||||||
Net income applicable to common stockholders | $ | 2.01 | $ | 1.65 | ||||
ShareBased_Compensation
Share-Based Compensation | 4 Months Ended | |||
Apr. 19, 2014 | ||||
Share-based Compensation [Abstract] | ' | |||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||
Share-Based Compensation: | ||||
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. The Company currently grants share-based compensation in the form of stock appreciation rights (“SARs”), restricted stock units (“RSUs”) and deferred stock units (“DSUs”). The Company also has outstanding restricted stock granted prior to the transition to RSUs in Fiscal 2012. | ||||
The Company granted 19 shares of performance-based RSUs, 52 time-based RSUs and 65 performance-based SARs during the sixteen week period ended April 19, 2014. The majority of these grants represent an off-cycle award made to certain GPI team members following the acquisition of GPI. The weighted average fair value of the RSUs granted was $124.03 per share. The fair value of the SARs granted, using the Black-Scholes option pricing model, was $28.44 per share, using the following weighted average assumptions: | ||||
Black-Scholes Option Valuation Assumptions | April 19, | |||
2014 | ||||
Risk-free interest rate (1) | 1.1 | % | ||
Expected dividend yield | 0.2 | % | ||
Expected stock price volatility (2) | 27.6 | % | ||
Expected life of awards (in months) (3) | 49 | |||
(1) | 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. | |||
(2) | Expected volatility is determined using a blend of historical and implied volatility. | |||
(3) | 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. | |||
See the Company's Annual Report on Form 10-K for the year ended December 28, 2013, for a more detailed discussion regarding the terms of the Company’s share-based compensation awards. | ||||
The Company recognizes share-based compensation expense on a straight-line basis net of estimated forfeitures. Forfeitures are estimated based on historical experience. Total share-based compensation expense included in the Company’s consolidated statements of operations was $7,133 for the sixteen week period ended April 19, 2014. The related income tax benefit recognized was $2,675. As of April 19, 2014, there was $39,379 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 aggregate intrinsic value for outstanding awards at April 19, 2014 was approximately $135,343 based on the Company's closing stock price of $120.84 as of the last trading day of the first Fiscal Quarter, 2014. For the sixteen weeks ended April 19, 2014, the aggregate intrinsic value for awards exercised was $10,921. The weighted-average remaining contractual life for outstanding and exercisable awards was approximately 5.4 and 3.4 years, respectively. |
Warranty_Liabilities
Warranty Liabilities | 4 Months Ended | |||||||||||
Apr. 19, 2014 | ||||||||||||
Warranty Liabilities: [Abstract] | ' | |||||||||||
Warranty Liabilities | ' | |||||||||||
Warranty Liabilities: | ||||||||||||
The following table presents changes in the Company’s warranty reserves: | ||||||||||||
April 19, | December 28, | April 20, | ||||||||||
2014 | 2013 | 2013 | ||||||||||
(16 weeks ended) | (52 weeks ended) | (16 weeks ended) | ||||||||||
Warranty reserve, beginning of period | $ | 39,512 | $ | 38,425 | $ | 38,425 | ||||||
Reserves acquired with GPI | 4,490 | — | — | |||||||||
Additions to warranty reserves | 15,387 | 42,380 | 12,966 | |||||||||
Reserves utilized | (14,233 | ) | (41,293 | ) | (12,326 | ) | ||||||
Warranty reserve, end of period | $ | 45,156 | $ | 39,512 | $ | 39,065 | ||||||
The Company’s warranty liabilities are included in Accrued expenses in its condensed consolidated balance sheets. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements Condensed Consolidating Financial Statements (Notes) | 4 Months Ended | |||||||||||||||||||
Apr. 19, 2014 | ||||||||||||||||||||
Guarantees [Text Block] | ' | |||||||||||||||||||
Condensed Consolidating Financial Statements: | ||||||||||||||||||||
Certain 100% wholly-owned domestic subsidiaries of Advance, including its Material Subsidiaries (as defined in the 2013 Credit Agreement) serve as guarantors of Advance's senior unsecured notes ("Guarantor Subsidiaries"). The subsidiary guarantees related to Advance's senior unsecured notes are full and unconditional and joint and several, and there are no restrictions on the ability of Advance to obtain funds from its guarantor subsidiaries. Certain of Advance's wholly-owned foreign subsidiaries do not serve as guarantors of Advance's senior unsecured notes ("Non-Guarantor Subsidiaries"). The Non-Guarantor Subsidiaries do not qualify as minor as defined by SEC regulations. Accordingly, we present below the condensed consolidating financial information for the Guarantor Subsidiaries and Non-Guarantor Subsidiaries. Investments in subsidiaries of the Company are required to be presented under the equity method, even though all such subsidiaries meet the requirements to be consolidated under GAAP. | ||||||||||||||||||||
Set forth below are condensed consolidating financial statements presenting the financial position, results of operations, and cash flows of (i) Advance, (ii) the Guarantor Subsidiaries, (iii) the Non-Guarantor Subsidiaries, and (iv) the eliminations necessary to arrive at consolidated information for the Company. The statement of operations eliminations relate primarily to the sale of inventory from a Non-Guarantor Subsidiary to a Guarantor Subsidiary. The balance sheet eliminations relate primarily to the elimination of intercompany receivables, payables and subsidiary investment accounts. | ||||||||||||||||||||
The following tables present condensed consolidating balance sheets as of April 19, 2014 and condensed consolidating statements of operations, comprehensive income and cash flows for the sixteen weeks ended April 19, 2014, and should be read in conjunction with the consolidated financial statements herein. | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of April 19, 2014 | ||||||||||||||||||||
Advance Auto Parts, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 9 | $ | 73,314 | $ | 10,327 | $ | (292 | ) | $ | 83,358 | |||||||||
Receivables, net | — | 544,662 | 31,944 | — | 576,606 | |||||||||||||||
Inventories, net | — | 3,760,513 | 150,435 | — | 3,910,948 | |||||||||||||||
Other current assets | 3,313 | 69,061 | 5,867 | (7,369 | ) | 70,872 | ||||||||||||||
Total current assets | 3,322 | 4,447,550 | 198,573 | (7,661 | ) | 4,641,784 | ||||||||||||||
Property and equipment, net of accumulated depreciation | 2 | 1,411,589 | 13,526 | — | 1,425,117 | |||||||||||||||
Assets held for sale | — | 615 | — | — | 615 | |||||||||||||||
Goodwill | — | 953,979 | 57,320 | — | 1,011,299 | |||||||||||||||
Intangible assets, net | — | 725,628 | 64,197 | — | 789,825 | |||||||||||||||
Other assets, net | 13,246 | 35,526 | 509 | (4,847 | ) | 44,434 | ||||||||||||||
Investment in subsidiaries | 1,381,284 | 272,558 | — | (1,653,842 | ) | — | ||||||||||||||
Intercompany note receivable | 1,047,740 | — | — | (1,047,740 | ) | — | ||||||||||||||
Due from intercompany, net | 271,803 | — | 2,833 | (274,636 | ) | — | ||||||||||||||
$ | 2,717,397 | $ | 7,847,445 | $ | 336,958 | $ | (2,988,726 | ) | $ | 7,913,074 | ||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 70,865 | $ | — | $ | — | $ | 70,865 | ||||||||||
Accounts payable | 13 | 2,944,498 | 31,464 | — | 2,975,975 | |||||||||||||||
Accrued expenses | 3,013 | 528,577 | 12,287 | (2,426 | ) | 541,451 | ||||||||||||||
Other current liabilities | — | 81,192 | — | (5,236 | ) | 75,956 | ||||||||||||||
Total current liabilities | 3,026 | 3,625,132 | 43,751 | (7,662 | ) | 3,664,247 | ||||||||||||||
Long-term debt | 1,047,740 | 954,000 | — | — | 2,001,740 | |||||||||||||||
Other long-term liabilities | — | 564,653 | 20,649 | (4,846 | ) | 580,456 | ||||||||||||||
Intercompany note payable | — | 1,047,740 | — | (1,047,740 | ) | — | ||||||||||||||
Due to intercompany, net | — | 274,636 | — | (274,636 | ) | — | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Stockholders' equity: | ||||||||||||||||||||
Shareholders' equity | 1,666,372 | 1,381,025 | 276,886 | (1,657,911 | ) | 1,666,372 | ||||||||||||||
Accumulated other comprehensive income (loss) | 259 | 259 | (4,328 | ) | 4,069 | 259 | ||||||||||||||
Total stockholders' equity | 1,666,631 | 1,381,284 | 272,558 | (1,653,842 | ) | 1,666,631 | ||||||||||||||
$ | 2,717,397 | $ | 7,847,445 | $ | 336,958 | $ | (2,988,726 | ) | $ | 7,913,074 | ||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||
For the Sixteen weeks ended April 19, 2014 | ||||||||||||||||||||
Advance Auto Parts, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net sales | $ | — | $ | 2,886,146 | $ | 153,236 | $ | (69,883 | ) | $ | 2,969,499 | |||||||||
Cost of sales, including purchasing and warehousing costs | — | 1,575,210 | 111,050 | (69,883 | ) | 1,616,377 | ||||||||||||||
Gross profit | — | 1,310,936 | 42,186 | — | 1,353,122 | |||||||||||||||
Selling, general and administrative expenses | 3,965 | 1,081,198 | 29,572 | (17,415 | ) | 1,097,320 | ||||||||||||||
Operating income | (3,965 | ) | 229,738 | 12,614 | 17,415 | 255,802 | ||||||||||||||
Other, net: | ||||||||||||||||||||
Interest expense | (16,030 | ) | (7,454 | ) | (158 | ) | — | (23,642 | ) | |||||||||||
Other expense, net | 20,048 | (3,027 | ) | 997 | (17,415 | ) | 603 | |||||||||||||
Total other, net | 4,018 | (10,481 | ) | 839 | (17,415 | ) | (23,039 | ) | ||||||||||||
Income before provision for income taxes | 53 | 219,257 | 13,453 | — | 232,763 | |||||||||||||||
Provision for income taxes | 67 | 82,558 | 2,412 | — | 85,037 | |||||||||||||||
(Loss) Income before equity in earnings of subsidiaries | (14 | ) | 136,699 | 11,041 | — | 147,726 | ||||||||||||||
Equity in earnings of subsidiaries | 147,740 | 11,041 | — | (158,781 | ) | $ | — | |||||||||||||
Net income | $ | 147,726 | $ | 147,740 | $ | 11,041 | $ | (158,781 | ) | $ | 147,726 | |||||||||
Condensed Consolidating Statements of Comprehensive Earnings | ||||||||||||||||||||
For the Sixteen Weeks ended April 19, 2014 | ||||||||||||||||||||
Advance Auto Parts, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net income | $ | 147,726 | $ | 147,740 | $ | 11,041 | $ | (158,781 | ) | $ | 147,726 | |||||||||
Other comprehensive loss, net of tax: | ||||||||||||||||||||
Changes in net unrecognized other postretirement benefit costs | — | (184 | ) | — | — | (184 | ) | |||||||||||||
Currency translation | — | — | (3,240 | ) | — | (3,240 | ) | |||||||||||||
Other comprehensive loss | — | (184 | ) | (3,240 | ) | — | (3,424 | ) | ||||||||||||
Comprehensive income | $ | 147,726 | $ | 147,556 | $ | 7,801 | $ | (158,781 | ) | $ | 144,302 | |||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
For the Sixteen weeks ended April 19, 2014 | ||||||||||||||||||||
Advance Auto Parts, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | — | $ | 74,815 | $ | 6,316 | $ | — | $ | 81,131 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of property and equipment | — | (59,257 | ) | (1,272 | ) | — | (60,529 | ) | ||||||||||||
Business acquisitions, net of cash acquired | — | (2,056,937 | ) | — | — | (2,056,937 | ) | |||||||||||||
Proceeds from sales of property and equipment | — | 33 | — | — | 33 | |||||||||||||||
Net cash used in investing activities | — | (2,116,161 | ) | (1,272 | ) | — | (2,117,433 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Decrease in bank overdrafts | — | (5,504 | ) | — | (292 | ) | (5,796 | ) | ||||||||||||
Borrowings under credit facilities | — | 1,527,600 | — | — | 1,527,600 | |||||||||||||||
Payments on credit facilities | — | (508,600 | ) | — | — | (508,600 | ) | |||||||||||||
Dividends paid | — | (8,781 | ) | — | — | (8,781 | ) | |||||||||||||
Proceeds from the issuance of common stock, primarily exercise of stock options | — | 2,979 | — | — | 2,979 | |||||||||||||||
Tax withholdings related to the exercise of stock appreciation rights | — | (3,118 | ) | — | — | (3,118 | ) | |||||||||||||
Excess tax benefit from share-based compensation | — | 4,165 | — | — | 4,165 | |||||||||||||||
Repurchase of common stock | — | (615 | ) | — | — | (615 | ) | |||||||||||||
Other | — | (232 | ) | — | — | (232 | ) | |||||||||||||
Net cash provided by financing activities | — | 1,007,894 | — | (292 | ) | 1,007,602 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | (413 | ) | — | (413 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | — | (1,033,452 | ) | 4,631 | (292 | ) | (1,029,113 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 9 | 1,106,766 | 5,696 | — | 1,112,471 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 9 | $ | 73,314 | $ | 10,327 | $ | (292 | ) | $ | 83,358 | |||||||||
Inventories_net_Tables
Inventories, net (Tables) | 4 Months Ended | |||||||||||
Apr. 19, 2014 | ||||||||||||
Inventory, Net [Abstract] | ' | |||||||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||||||
Inventory balances at April 19, 2014, December 28, 2013 and April 20, 2013 were as follows: | ||||||||||||
April 19, | December 28, | April 20, | ||||||||||
2014 | 2013 | 2013 | ||||||||||
Inventories at FIFO, net | $ | 3,766,905 | $ | 2,424,795 | $ | 2,296,696 | ||||||
Adjustments to state inventories at LIFO | 144,043 | 131,762 | 127,076 | |||||||||
Inventories at LIFO, net | $ | 3,910,948 | $ | 2,556,557 | $ | 2,423,772 | ||||||
Acquisition_Tables
Acquisition (Tables) | 4 Months Ended | ||||
Apr. 19, 2014 | |||||
GPI Acquisition [Abstract] | ' | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||
The following table summarizes the consideration paid for GPI and the amounts of the assets acquired and liabilities assumed as of the acquisition date, which have been allocated on a preliminary basis: | |||||
Total Consideration | $ | 2,080,804 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||
Cash and cash equivalents | $ | 25,176 | |||
Receivables | 254,389 | ||||
Inventory | 1,160,976 | ||||
Other current assets | 112,055 | ||||
Property, plant and equipment | 163,351 | ||||
Intangible assets | 756,571 | ||||
Other assets | 1,741 | ||||
Accounts payable | (695,892 | ) | |||
Accrued and other current liabilities | (146,975 | ) | |||
Long-term liabilities | (361,919 | ) | |||
Total identifiable net assets | 1,269,473 | ||||
Goodwill | 811,331 | ||||
Total acquired net assets | $ | 2,080,804 | |||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||
The following unaudited consolidated pro forma financial information combines the respective measure of the Company for the sixteen weeks ended April 20, 2013 and GPI for the three months ended March 31, 2013. The pro forma financial information has been prepared by adjusting the historical data to give effect to the acquisition as if it had occurred on December 30, 2012 (the first day of the Company's fiscal 2013). | |||||
April 20, | |||||
2013 | |||||
Pro forma: | (First Quarter Ended) | ||||
Net sales | $ | 2,708,890 | |||
Net income | $ | 125,663 | |||
Basic earnings per share | $ | 1.72 | |||
Diluted earnings per share | $ | 1.7 | |||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 4 Months Ended | |||||||||||||||||||||||
Apr. 19, 2014 | ||||||||||||||||||||||||
Goodwill [Line Items] | ' | |||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||||||||||
The following table reflects the carrying amount of goodwill and the changes in goodwill carrying amounts. | ||||||||||||||||||||||||
April 19, | December 28, | April 20, | ||||||||||||||||||||||
2014 | 2013 | 2013 | ||||||||||||||||||||||
(16 weeks ended) | (52 weeks ended) | (16 weeks ended) | ||||||||||||||||||||||
Goodwill, beginning of period | $ | 199,835 | $ | 76,389 | $ | 76,389 | ||||||||||||||||||
Acquisitions | 811,521 | 123,446 | 125,400 | |||||||||||||||||||||
Changes in foreign currency exchange rates | (57 | ) | — | — | ||||||||||||||||||||
Goodwill, end of period | $ | 1,011,299 | $ | 199,835 | $ | 201,789 | ||||||||||||||||||
Schedule of Acquired Intangible Assets [Table Text Block] | ' | |||||||||||||||||||||||
The gross and net carrying amounts of acquired intangible assets as of April 19, 2014, December 28, 2013 and April 20, 2013 are comprised of the following: | ||||||||||||||||||||||||
Acquired Intangible Assets | ||||||||||||||||||||||||
Subject to Amortization | Not Subject to Amortization | Total Intangible Assets | ||||||||||||||||||||||
Customer | Acquired Technology | Favorable Leases | Non-Compete and Other | Brands, Trademark and | (excluding goodwill) | |||||||||||||||||||
Relationships | Tradenames | |||||||||||||||||||||||
Gross: | ||||||||||||||||||||||||
Gross carrying amount at December 28, 2013 | $ | 33,601 | $ | 8,850 | $ | — | $ | 6,085 | $ | 20,550 | $ | 69,086 | ||||||||||||
Additions | 330,022 | — | 56,465 | 50,084 | 320,000 | 756,571 | ||||||||||||||||||
Effect of exchange rate changes on intangibles | 299 | — | 56 | — | 617 | 972 | ||||||||||||||||||
Gross carrying amount at April 19, 2014 | $ | 363,922 | $ | 8,850 | $ | 56,521 | $ | 56,169 | $ | 341,167 | $ | 826,629 | ||||||||||||
Gross carrying amount at December 29, 2012 | $ | 9,800 | $ | 8,850 | $ | — | $ | 885 | $ | 20,550 | $ | 40,085 | ||||||||||||
Additions | 26,400 | — | — | 5,200 | — | 31,600 | ||||||||||||||||||
Gross carrying amount at April 20, 2013 | $ | 36,200 | $ | 8,850 | $ | — | $ | 6,085 | $ | 20,550 | $ | 71,685 | ||||||||||||
Net: | ||||||||||||||||||||||||
Net book value at December 28, 2013 | $ | 23,292 | $ | 2,469 | $ | — | $ | 3,561 | $ | 20,550 | $ | 49,872 | ||||||||||||
Additions | 330,022 | — | 56,465 | 50,084 | 320,000 | 756,571 | ||||||||||||||||||
2014 amortization | (9,332 | ) | (908 | ) | (3,696 | ) | (3,654 | ) | — | (17,590 | ) | |||||||||||||
Effect of exchange rate changes on intangibles | 299 | — | 56 | — | 617 | 972 | ||||||||||||||||||
Net carrying amount at April 19, 2014 | $ | 344,281 | $ | 1,561 | $ | 52,825 | $ | 49,991 | $ | 341,167 | $ | 789,825 | ||||||||||||
Net book value at December 29, 2012 | $ | 2,658 | $ | 5,419 | $ | — | $ | 218 | $ | 20,550 | $ | 28,845 | ||||||||||||
Additions | 26,400 | — | — | 5,200 | — | 31,600 | ||||||||||||||||||
2013 amortization | (972 | ) | (908 | ) | — | (571 | ) | — | (2,451 | ) | ||||||||||||||
Net carrying amount at April 20, 2013 | $ | 28,086 | $ | 4,511 | $ | — | $ | 4,847 | $ | 20,550 | $ | 57,994 | ||||||||||||
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 April 19, 2014: | ||||||||||||||||||||||||
Fiscal Year | Amount | |||||||||||||||||||||||
Remainder of 2014 | $ | 38,944 | ||||||||||||||||||||||
2015 | 52,134 | |||||||||||||||||||||||
2016 | 48,314 | |||||||||||||||||||||||
2017 | 45,960 | |||||||||||||||||||||||
2018 | 43,076 | |||||||||||||||||||||||
Thereafter | 220,230 | |||||||||||||||||||||||
Receivables_net_Tables
Receivables, net (Tables) | 4 Months Ended | |||||||||||||
Apr. 19, 2014 | ||||||||||||||
Receivables [Abstract] | ' | |||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||||||||
Receivables consist of the following: | ||||||||||||||
April 19, | December 28, | April 20, | ||||||||||||
2014 | 2013 | 2013 | ||||||||||||
Trade | $ | 419,746 | $ | 145,670 | $ | 149,952 | ||||||||
Vendor | 153,434 | 138,336 | 124,842 | |||||||||||
Other | 17,127 | 6,884 | 6,685 | |||||||||||
Total receivables | 590,307 | 290,890 | 281,479 | |||||||||||
Less: Allowance for doubtful accounts | (13,701 | ) | (13,295 | ) | (9,271 | ) | ||||||||
Receivables, net | $ | 576,606 | $ | 277,595 | $ | 272,208 | ||||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 4 Months Ended | |||||||||||
Apr. 19, 2014 | ||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||
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 the Indenture 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: | ||||||||||||
April 19, | December 28, | April 20, | ||||||||||
2014 | 2013 | 2013 | ||||||||||
Revolving facility at variable interest rates (1.49% and 1.47% at April 19, 2014 and December 28, 2013, respectively, due December 5, 2018 and 1.70% at April 20, 2013, replaced by the current facility) | $ | 319,000 | $ | — | $ | — | ||||||
Term loan at variable interest rates (1.77% and 1.67% at April 19, 2014 and December 28, 2013, respectively) due January 2, 2019 | 700,000 | — | — | |||||||||
5.75% Senior Unsecured Notes (net of unamortized discount of $830, $865 and $941 at April 19, 2014, December 28, 2013 and April 20, 2013, respectively) due May 1, 2020 | 299,170 | 299,135 | 299,058 | |||||||||
4.50% Senior Unsecured Notes (net of unamortized discount of $78, $80 and $86 at April 19, 2014, December 28, 2013 and April 20, 2013, respectively) due January 15, 2022 | 299,922 | 299,920 | 299,914 | |||||||||
4.50% Senior Unsecured Notes (net of unamortized discount of $1,352 and $1,387 at April 19, 2014 and December 28, 2013, respectively) due December 1, 2023 | 448,648 | 448,613 | — | |||||||||
Other | 5,865 | 5,916 | 5,982 | |||||||||
2,072,605 | 1,053,584 | 604,954 | ||||||||||
Less: Current portion of long-term debt | (70,865 | ) | (916 | ) | (689 | ) | ||||||
Long-term debt, excluding current portion | $ | 2,001,740 | $ | 1,052,668 | $ | 604,265 | ||||||
Long-term Debt, Description | 'On December 5, 2013, the Company entered into a new credit agreement (the b2013 Credit Agreementb) which provides a $700,000 unsecured term loan and a $1,000,000 unsecured revolving credit facility with Advance Stores, as Borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent. This 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, and 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 by those respective lenders (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 2013 Credit Agreement. Under the terms of the 2013 Credit Agreement 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. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 4 Months Ended | |||||||||||||||
Apr. 19, 2014 | ||||||||||||||||
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 April 19, 2014, December 28, 2013 and April 20, 2013: | ||||||||||||||||
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 April 19, 2014 | ||||||||||||||||
Contingent consideration related to business acquisitions | $ | 9,541 | $ | — | $ | — | $ | 9,541 | ||||||||
As of December 28, 2013 | ||||||||||||||||
Contingent consideration related to business acquisitions | $ | 9,475 | $ | — | $ | — | $ | 9,475 | ||||||||
As of April 20, 2013 | ||||||||||||||||
Contingent consideration related to business acquisitions | $ | 12,746 | $ | — | $ | — | $ | 12,746 | ||||||||
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 April 19, 2014, December 28, 2013 and April 20, 2013, respectively, are as follows: | ||||||||||||||||
April 19, | December 28, | April 20, | ||||||||||||||
2014 | 2013 | 2013 | ||||||||||||||
Carrying Value | $ | 2,001,740 | $ | 1,052,668 | $ | 604,265 | ||||||||||
Fair Value | $ | 2,074,000 | $ | 1,086,000 | $ | 658,000 | ||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 4 Months Ended | |||||||
Apr. 19, 2014 | ||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||
The following table illustrates the computation of basic and diluted earnings per share for the sixteen week periods ended April 19, 2014 and April 20, 2013, respectively: | ||||||||
Sixteen Weeks Ended | ||||||||
April 19, | April 20, | |||||||
2014 | 2013 | |||||||
Numerator | ||||||||
Net income | $ | 147,726 | $ | 121,790 | ||||
Participating securities' share in earnings | (440 | ) | (284 | ) | ||||
Net income applicable to common shares | $ | 147,286 | $ | 121,506 | ||||
Denominator | ||||||||
Basic weighted average common shares | 72,869 | 73,194 | ||||||
Dilutive impact of share-based awards | 486 | 612 | ||||||
Diluted weighted average common shares | 73,355 | 73,806 | ||||||
Basic earnings per common share | ||||||||
Net income applicable to common stockholders | $ | 2.02 | $ | 1.66 | ||||
Diluted earnings per common share | ||||||||
Net income applicable to common stockholders | $ | 2.01 | $ | 1.65 | ||||
ShareBased_Compensation_ShareB
Share-Based Compensation Share-Based Compensation (Tables) | 4 Months Ended | |||
Apr. 19, 2014 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||
The fair value of the SARs granted, using the Black-Scholes option pricing model, was $28.44 per share, using the following weighted average assumptions: | ||||
Black-Scholes Option Valuation Assumptions | April 19, | |||
2014 | ||||
Risk-free interest rate (1) | 1.1 | % | ||
Expected dividend yield | 0.2 | % | ||
Expected stock price volatility (2) | 27.6 | % | ||
Expected life of awards (in months) (3) | 49 | |||
(1) | 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. | |||
(2) | Expected volatility is determined using a blend of historical and implied volatility. | |||
(3) | 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. |
Warranty_Liabilities_Tables
Warranty Liabilities (Tables) | 4 Months Ended | |||||||||||
Apr. 19, 2014 | ||||||||||||
Warranty Liabilities: [Abstract] | ' | |||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||||||||||
The following table presents changes in the Company’s warranty reserves: | ||||||||||||
April 19, | December 28, | April 20, | ||||||||||
2014 | 2013 | 2013 | ||||||||||
(16 weeks ended) | (52 weeks ended) | (16 weeks ended) | ||||||||||
Warranty reserve, beginning of period | $ | 39,512 | $ | 38,425 | $ | 38,425 | ||||||
Reserves acquired with GPI | 4,490 | — | — | |||||||||
Additions to warranty reserves | 15,387 | 42,380 | 12,966 | |||||||||
Reserves utilized | (14,233 | ) | (41,293 | ) | (12,326 | ) | ||||||
Warranty reserve, end of period | $ | 45,156 | $ | 39,512 | $ | 39,065 | ||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements Condensed Consolidating Financial Statements (Tables) | 4 Months Ended | |||||||||||||||||||
Apr. 19, 2014 | ||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ' | |||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of April 19, 2014 | ||||||||||||||||||||
Advance Auto Parts, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 9 | $ | 73,314 | $ | 10,327 | $ | (292 | ) | $ | 83,358 | |||||||||
Receivables, net | — | 544,662 | 31,944 | — | 576,606 | |||||||||||||||
Inventories, net | — | 3,760,513 | 150,435 | — | 3,910,948 | |||||||||||||||
Other current assets | 3,313 | 69,061 | 5,867 | (7,369 | ) | 70,872 | ||||||||||||||
Total current assets | 3,322 | 4,447,550 | 198,573 | (7,661 | ) | 4,641,784 | ||||||||||||||
Property and equipment, net of accumulated depreciation | 2 | 1,411,589 | 13,526 | — | 1,425,117 | |||||||||||||||
Assets held for sale | — | 615 | — | — | 615 | |||||||||||||||
Goodwill | — | 953,979 | 57,320 | — | 1,011,299 | |||||||||||||||
Intangible assets, net | — | 725,628 | 64,197 | — | 789,825 | |||||||||||||||
Other assets, net | 13,246 | 35,526 | 509 | (4,847 | ) | 44,434 | ||||||||||||||
Investment in subsidiaries | 1,381,284 | 272,558 | — | (1,653,842 | ) | — | ||||||||||||||
Intercompany note receivable | 1,047,740 | — | — | (1,047,740 | ) | — | ||||||||||||||
Due from intercompany, net | 271,803 | — | 2,833 | (274,636 | ) | — | ||||||||||||||
$ | 2,717,397 | $ | 7,847,445 | $ | 336,958 | $ | (2,988,726 | ) | $ | 7,913,074 | ||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 70,865 | $ | — | $ | — | $ | 70,865 | ||||||||||
Accounts payable | 13 | 2,944,498 | 31,464 | — | 2,975,975 | |||||||||||||||
Accrued expenses | 3,013 | 528,577 | 12,287 | (2,426 | ) | 541,451 | ||||||||||||||
Other current liabilities | — | 81,192 | — | (5,236 | ) | 75,956 | ||||||||||||||
Total current liabilities | 3,026 | 3,625,132 | 43,751 | (7,662 | ) | 3,664,247 | ||||||||||||||
Long-term debt | 1,047,740 | 954,000 | — | — | 2,001,740 | |||||||||||||||
Other long-term liabilities | — | 564,653 | 20,649 | (4,846 | ) | 580,456 | ||||||||||||||
Intercompany note payable | — | 1,047,740 | — | (1,047,740 | ) | — | ||||||||||||||
Due to intercompany, net | — | 274,636 | — | (274,636 | ) | — | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Stockholders' equity: | ||||||||||||||||||||
Shareholders' equity | 1,666,372 | 1,381,025 | 276,886 | (1,657,911 | ) | 1,666,372 | ||||||||||||||
Accumulated other comprehensive income (loss) | 259 | 259 | (4,328 | ) | 4,069 | 259 | ||||||||||||||
Total stockholders' equity | 1,666,631 | 1,381,284 | 272,558 | (1,653,842 | ) | 1,666,631 | ||||||||||||||
$ | 2,717,397 | $ | 7,847,445 | $ | 336,958 | $ | (2,988,726 | ) | $ | 7,913,074 | ||||||||||
Condensed Income Statement [Table Text Block] | ' | |||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||
For the Sixteen weeks ended April 19, 2014 | ||||||||||||||||||||
Advance Auto Parts, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net sales | $ | — | $ | 2,886,146 | $ | 153,236 | $ | (69,883 | ) | $ | 2,969,499 | |||||||||
Cost of sales, including purchasing and warehousing costs | — | 1,575,210 | 111,050 | (69,883 | ) | 1,616,377 | ||||||||||||||
Gross profit | — | 1,310,936 | 42,186 | — | 1,353,122 | |||||||||||||||
Selling, general and administrative expenses | 3,965 | 1,081,198 | 29,572 | (17,415 | ) | 1,097,320 | ||||||||||||||
Operating income | (3,965 | ) | 229,738 | 12,614 | 17,415 | 255,802 | ||||||||||||||
Other, net: | ||||||||||||||||||||
Interest expense | (16,030 | ) | (7,454 | ) | (158 | ) | — | (23,642 | ) | |||||||||||
Other expense, net | 20,048 | (3,027 | ) | 997 | (17,415 | ) | 603 | |||||||||||||
Total other, net | 4,018 | (10,481 | ) | 839 | (17,415 | ) | (23,039 | ) | ||||||||||||
Income before provision for income taxes | 53 | 219,257 | 13,453 | — | 232,763 | |||||||||||||||
Provision for income taxes | 67 | 82,558 | 2,412 | — | 85,037 | |||||||||||||||
(Loss) Income before equity in earnings of subsidiaries | (14 | ) | 136,699 | 11,041 | — | 147,726 | ||||||||||||||
Equity in earnings of subsidiaries | 147,740 | 11,041 | — | (158,781 | ) | $ | — | |||||||||||||
Net income | $ | 147,726 | $ | 147,740 | $ | 11,041 | $ | (158,781 | ) | $ | 147,726 | |||||||||
Condensed Comprehensive Income [Table Text Block] | ' | |||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Earnings | ||||||||||||||||||||
For the Sixteen Weeks ended April 19, 2014 | ||||||||||||||||||||
Advance Auto Parts, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net income | $ | 147,726 | $ | 147,740 | $ | 11,041 | $ | (158,781 | ) | $ | 147,726 | |||||||||
Other comprehensive loss, net of tax: | ||||||||||||||||||||
Changes in net unrecognized other postretirement benefit costs | — | (184 | ) | — | — | (184 | ) | |||||||||||||
Currency translation | — | — | (3,240 | ) | — | (3,240 | ) | |||||||||||||
Other comprehensive loss | — | (184 | ) | (3,240 | ) | — | (3,424 | ) | ||||||||||||
Comprehensive income | $ | 147,726 | $ | 147,556 | $ | 7,801 | $ | (158,781 | ) | $ | 144,302 | |||||||||
Condensed Cash Flow Statement [Table Text Block] | ' | |||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
For the Sixteen weeks ended April 19, 2014 | ||||||||||||||||||||
Advance Auto Parts, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | — | $ | 74,815 | $ | 6,316 | $ | — | $ | 81,131 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of property and equipment | — | (59,257 | ) | (1,272 | ) | — | (60,529 | ) | ||||||||||||
Business acquisitions, net of cash acquired | — | (2,056,937 | ) | — | — | (2,056,937 | ) | |||||||||||||
Proceeds from sales of property and equipment | — | 33 | — | — | 33 | |||||||||||||||
Net cash used in investing activities | — | (2,116,161 | ) | (1,272 | ) | — | (2,117,433 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Decrease in bank overdrafts | — | (5,504 | ) | — | (292 | ) | (5,796 | ) | ||||||||||||
Borrowings under credit facilities | — | 1,527,600 | — | — | 1,527,600 | |||||||||||||||
Payments on credit facilities | — | (508,600 | ) | — | — | (508,600 | ) | |||||||||||||
Dividends paid | — | (8,781 | ) | — | — | (8,781 | ) | |||||||||||||
Proceeds from the issuance of common stock, primarily exercise of stock options | — | 2,979 | — | — | 2,979 | |||||||||||||||
Tax withholdings related to the exercise of stock appreciation rights | — | (3,118 | ) | — | — | (3,118 | ) | |||||||||||||
Excess tax benefit from share-based compensation | — | 4,165 | — | — | 4,165 | |||||||||||||||
Repurchase of common stock | — | (615 | ) | — | — | (615 | ) | |||||||||||||
Other | — | (232 | ) | — | — | (232 | ) | |||||||||||||
Net cash provided by financing activities | — | 1,007,894 | — | (292 | ) | 1,007,602 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | (413 | ) | — | (413 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | — | (1,033,452 | ) | 4,631 | (292 | ) | (1,029,113 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 9 | 1,106,766 | 5,696 | — | 1,112,471 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 9 | $ | 73,314 | $ | 10,327 | $ | (292 | ) | $ | 83,358 | |||||||||
Basis_of_Presentation_Basis_of
Basis of Presentation Basis of Presentation (Details) | Apr. 19, 2014 |
Branches [Member] | ' |
Number of Stores | 105 |
Stores [Member] | ' |
Number of Stores | 5,276 |
Inventories_net_Details
Inventories, net (Details) (USD $) | 4 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 19, 2014 | Apr. 20, 2013 | Dec. 28, 2013 |
Percentage of LIFO Inventory | 88.00% | 95.00% | 95.00% |
Inventory, LIFO Reserve, Effect on Income, Net | $12,281 | $886 | ' |
Inventories at FIFO, net | 3,766,905 | 2,296,696 | 2,424,795 |
Adjustments to state inventories at LIFO | 144,043 | 127,076 | 131,762 |
Inventories at LIFO, net | $3,910,948 | $2,423,772 | $2,556,557 |
Acquisition_Details
Acquisition (Details) (USD $) | 0 Months Ended | 4 Months Ended | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 02, 2014 | Apr. 19, 2014 | Apr. 20, 2013 | Dec. 28, 2013 | Dec. 29, 2012 |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Business Combination, Elimination of deferred gain from sale leaseback transaction | ' | $1,588 | ' | ' | ' |
Business Acquisition, Pro Forma Earnings Per Share, Basic | ' | ' | $1.72 | ' | ' |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | ' | ' | $1.70 | ' | ' |
Total consideration | ' | ' | ' | 2,080,804 | ' |
Cash paid to shareholders in acquisition | 1,307,991 | ' | ' | ' | ' |
Repayment of GPI debt | 694,301 | ' | ' | ' | ' |
Amount paid for make-whole fees and transaction related fees | 78,512 | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | 0 | ' | 26,970 | ' |
Net sales | ' | 2,969,499 | 2,015,304 | ' | ' |
Net income | ' | 147,726 | 121,790 | ' | ' |
Loans Payable | 700,000 | 700,000 | 0 | 0 | ' |
Line of Credit Facility, Amount Outstanding | 306,046 | 319,000 | 0 | 0 | ' |
Escrow Deposit | 200,881 | ' | ' | ' | ' |
Business Combination, Indemnification Assets, Amount as of Acquisition Date | 5,985 | ' | ' | ' | ' |
Business Combination, Acquired Receivables, Fair Value | 254,389 | ' | ' | ' | ' |
Business Combination, Acquired Receivables, Gross Contractual Amount | 267,398 | ' | ' | ' | ' |
Business Combination, Acquired Receivables, Estimated Uncollectible | 13,009 | ' | ' | ' | ' |
Cash and cash equivalents | 25,176 | ' | ' | ' | ' |
Receivables | 254,389 | ' | ' | ' | ' |
Inventory | 1,160,976 | ' | ' | ' | ' |
Other current assets | 112,055 | ' | ' | ' | ' |
Property, plant and equipment | 163,351 | ' | ' | ' | ' |
Intangible Assets | 756,571 | ' | ' | ' | ' |
Other assets | 1,741 | ' | ' | ' | ' |
Accounts Payable | -695,892 | ' | ' | ' | ' |
Accrued and other liabilities | -146,975 | ' | ' | ' | ' |
Long-term liabilities | -361,919 | ' | ' | ' | ' |
Total identifiable net assets | 1,269,473 | ' | ' | ' | ' |
Goodwill | 811,331 | 1,011,299 | 201,789 | 199,835 | 76,389 |
Off-market Lease, Unfavorable | 48,604 | ' | ' | ' | ' |
Total acquired net assets | 2,080,804 | ' | ' | ' | ' |
Pro forma net sales | ' | ' | 2,708,890 | ' | ' |
Pro forma net income | ' | ' | 125,663 | ' | ' |
Carquest [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Number of Stores | 1,233 | ' | ' | ' | ' |
GPI Worldpac [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Number of Stores | 103 | ' | ' | ' | ' |
GPI [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Number of States in which Entity Operates | 45 | ' | ' | ' | ' |
Net sales | ' | 879,931 | ' | ' | ' |
Net income | ' | $15,840 | ' | ' | ' |
Carquest independently owned locations [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Number of Stores | 1,400 | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 4 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 19, 2014 | Apr. 20, 2013 | Dec. 28, 2013 | Jan. 02, 2014 | Dec. 29, 2012 |
Goodwill | $1,011,299 | $201,789 | $199,835 | $811,331 | $76,389 |
Goodwill, Acquired During Period | 811,521 | 125,400 | 123,446 | ' | ' |
Goodwill, Translation Adjustments | -57 | 0 | 0 | ' | ' |
Remainder of 2013 | 38,944 | ' | ' | ' | ' |
2014 | 52,134 | ' | ' | ' | ' |
2015 | 48,314 | ' | ' | ' | ' |
2016 | 45,960 | ' | ' | ' | ' |
2017 | 43,076 | ' | ' | ' | ' |
Future Amortization Expense, after Year Five | 220,230 | ' | ' | ' | ' |
AAP [Member] | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | 125,400 | ' | ' | ' |
Total intangible assets excluding goodwill [Member] | ' | ' | ' | ' | ' |
Payments to Acquire Intangible Assets | 756,571 | 31,600 | ' | ' | ' |
Customer Relationships [Member] | ' | ' | ' | ' | ' |
Payments to Acquire Intangible Assets | 330,022 | 26,400 | ' | ' | ' |
Other Intangible Assets [Member] | ' | ' | ' | ' | ' |
Payments to Acquire Intangible Assets | 50,084 | 5,200 | ' | ' | ' |
Off-Market Favorable Lease [Member] | ' | ' | ' | ' | ' |
Payments to Acquire Intangible Assets | 56,465 | 0 | ' | ' | ' |
Following GPI acquisition [Member] | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | $190 | ' |
Goodwill_and_Intangible_Asset_
Goodwill and Intangible Asset Rollforward (Details) (USD $) | Apr. 19, 2014 | Dec. 28, 2013 | Apr. 20, 2013 | Apr. 19, 2014 | Apr. 20, 2013 | Apr. 19, 2014 | Apr. 20, 2013 | Apr. 19, 2014 | Apr. 20, 2013 | Apr. 19, 2014 | Apr. 20, 2013 | Apr. 19, 2014 | Apr. 20, 2013 | Apr. 19, 2014 | Apr. 20, 2013 |
In Thousands, unless otherwise specified | Customer Relationships [Member] | Customer Relationships [Member] | Computer Software, Intangible Asset [Member] | Computer Software, Intangible Asset [Member] | Off-Market Favorable Lease [Member] | Off-Market Favorable Lease [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Trademarks [Member] | Trademarks [Member] | Total intangible assets excluding goodwill [Member] | Total intangible assets excluding goodwill [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets, gross (excluding goodwill) Period Start | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $69,086 | $40,085 |
Intangible Assets, Net (Excluding Goodwill) Period Start | 789,825 | 49,872 | 57,994 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,872 | 28,845 |
Indefinite-Lived Trademarks Period Start | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,550 | 20,550 | ' | ' |
Finite-Lived Intangible Assets, Gross Period Start | ' | ' | ' | 33,601 | 9,800 | 8,850 | 8,850 | 0 | 0 | 6,085 | 885 | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net Period Start | ' | ' | ' | 23,292 | 2,658 | 2,469 | 5,419 | 0 | 0 | 3,561 | 218 | ' | ' | ' | ' |
Payments to Acquire Intangible Assets | ' | ' | ' | 330,022 | 26,400 | 0 | 0 | 56,465 | 0 | 50,084 | 5,200 | 320,000 | 0 | 756,571 | 31,600 |
Amortization Expense | ' | ' | ' | -9,332 | -972 | -908 | -908 | -3,696 | 0 | -3,654 | -571 | 0 | 0 | -17,590 | -2,451 |
Intangible Assets, gross (excluding goodwill) Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 826,629 | 71,685 |
Intangible Assets, Net (Excluding Goodwill) End of Period | 789,825 | 49,872 | 57,994 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 789,825 | 57,994 |
Indefinite-Lived Trademarks End of Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 341,167 | 20,550 | ' | ' |
Finite-Lived Intangible Assets, Gross End of Period | ' | ' | ' | 363,922 | 36,200 | 8,850 | 8,850 | 56,521 | 0 | 56,169 | 6,085 | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net End of Period | ' | ' | ' | 344,281 | 28,086 | 1,561 | 4,511 | 52,825 | 0 | 49,991 | 4,847 | ' | ' | ' | ' |
Indefinite-lived Intangible Assets, Translation Adjustments | ' | ' | ' | $299 | ' | $0 | ' | $56 | ' | $0 | ' | $617 | ' | $972 | ' |
Receivables_net_Details
Receivables, net (Details) (USD $) | Apr. 19, 2014 | Dec. 28, 2013 | Apr. 20, 2013 |
In Thousands, unless otherwise specified | |||
Trade | $419,746 | $145,670 | $149,952 |
Vendor | 153,434 | 138,336 | 124,842 |
Account Receivable, Other | 17,127 | 6,884 | 6,685 |
Total receivables | 590,307 | 290,890 | 281,479 |
Less: Allowance for doubtful accounts | -13,701 | -13,295 | -9,271 |
Receivables, net | $576,606 | $277,595 | $272,208 |
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | 4 Months Ended | 4 Months Ended | 4 Months Ended | |||||||||||||||||||
In Thousands, unless otherwise specified | Apr. 19, 2014 | Jan. 02, 2014 | Dec. 28, 2013 | Apr. 20, 2013 | Apr. 19, 2014 | Apr. 19, 2014 | Dec. 28, 2013 | Apr. 20, 2013 | Apr. 19, 2014 | Dec. 28, 2013 | Apr. 20, 2013 | Apr. 19, 2014 | Dec. 28, 2013 | Apr. 20, 2013 | Apr. 19, 2014 | Dec. 03, 2013 | Apr. 19, 2014 | Jan. 11, 2012 | Apr. 19, 2014 | Apr. 26, 2010 | Apr. 19, 2014 | Apr. 19, 2014 |
Guarantor Subsidiaries [Member] | 4.50% senior unsecured notes (2023 Notes) [Member] [Member] | 4.50% senior unsecured notes (2023 Notes) [Member] [Member] | 4.50% senior unsecured notes (2023 Notes) [Member] [Member] | 5.75% senior unsecured notes [Member] | 5.75% senior unsecured notes [Member] | 5.75% senior unsecured notes [Member] | 4.50% senior unsecured notes [Member] | 4.50% senior unsecured notes [Member] | 4.50% senior unsecured notes [Member] | 4.50% senior unsecured notes (2023 Notes) [Member] [Member] | 4.50% senior unsecured notes (2023 Notes) [Member] [Member] | 4.50% senior unsecured notes [Member] | 4.50% senior unsecured notes [Member] | 5.75% senior unsecured notes [Member] | 5.75% senior unsecured notes [Member] | Line of Credit [Member] | Loans Payable [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations, Current Carrying Value | $33,815 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan, maximum borrowing capacity | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 319,000 | 306,046 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Payable | 700,000 | 700,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.49% | ' | 1.47% | 1.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | 1.77% | ' | 1.67% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes, Noncurrent | ' | ' | ' | ' | ' | 448,648 | 448,613 | 0 | 299,170 | 299,135 | 299,058 | 299,922 | 299,920 | 299,914 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | 1,352 | 1,387 | 0 | 830 | 865 | 941 | 78 | 80 | 86 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | 4.50% | ' | 5.75% | ' | ' | ' |
Net proceeds from note offering after deducting fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 445,200 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.69% | ' | 99.97% | ' | 99.59% | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000 | ' | 300,000 | ' | 300,000 | ' | ' |
Other Long-term Debt | 5,865 | ' | 5,916 | 5,982 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 2,072,605 | ' | 1,053,584 | 604,954 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Current Maturities | -70,865 | ' | -916 | -689 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 2,001,740 | ' | 1,052,668 | 604,265 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | 0.50% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.30% | 1.50% |
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | 132,990 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 548,010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Collateral Amount | ' | ' | ' | ' | $64,618 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Apr. 19, 2014 | Dec. 28, 2013 | Apr. 20, 2013 |
In Thousands, unless otherwise specified | |||
Long-term Debt, Excluding Current Maturities | $2,001,740 | $1,052,668 | $604,265 |
Long-term Debt, Fair Value | $2,074,000 | $1,086,000 | $658,000 |
Fair_Value_Table_Details
Fair Value Table (Details) (USD $) | 4 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Apr. 19, 2014 | Apr. 20, 2013 | Dec. 28, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $0 | $4,726 | ' |
Business Combination, Acquisition Related Costs | 0 | ' | 26,970 |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Business Combination, Acquisition Related Costs | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Business Combination, Acquisition Related Costs | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Business Combination, Acquisition Related Costs | $9,541 | $12,746 | $9,475 |
Stock_Repurchase_Program_Detai
Stock Repurchase Program (Details) (USD $) | 4 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 19, 2014 | Apr. 20, 2013 |
Treasury Stock, Value, Acquired, Cost Method | $615 | $59,918 |
Five Hundred Million Stock Repurchase Plan Authorized May 14, 2012 [Member] | ' | ' |
Stock Repurchase Program, Authorized Amount | 500,000 | ' |
Net Settlement of Shares Issued as a Result of the Vesting of Restricted Stock [Member] | ' | ' |
Treasury Stock, Shares, Acquired | 5 | 14 |
Treasury Stock, Value, Acquired, Cost Method | 615 | 1,072 |
Treasury Stock Acquired, Average Cost Per Share | $127.31 | $76.51 |
Five Hundred Million Stock Repurchase Plan approved May 14, 2012 [Member] [Member] | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 415,092 | ' |
Stock Repurchase Plan (current year shares) [Member] | ' | ' |
Treasury Stock, Shares, Acquired | 0 | 767 |
Treasury Stock, Value, Acquired, Cost Method | ' | 58,846 |
Treasury Stock Acquired, Average Cost Per Share | ' | $76.72 |
Treasury Stock [Member] | ' | ' |
Treasury Stock, Shares, Acquired | 5 | 781 |
Treasury Stock, Value, Acquired, Cost Method | $615 | $59,918 |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 4 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 19, 2014 | Apr. 20, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Net income applicable to common shares | $147,726 | $121,790 |
Participating securities' share in earnings | -440 | -284 |
Net income applicable to common shares | $147,286 | $121,506 |
Basic weighted average common shares | 72,869 | 73,194 |
Dilutive impact of share-based awards | 486 | 612 |
Diluted weighted average common shares | 73,355 | 73,806 |
Net income applicable to common stockholders | $2.02 | $1.66 |
Net income applicable to common stockholders | $2.01 | $1.65 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 19 | 240 |
ShareBased_Compensation_ShareB1
Share-Based Compensation Share-Based Compensation (Details) (USD $) | 4 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Apr. 19, 2014 | Apr. 20, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Restricted Stock, Grants in Period | 19 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.10% | ' |
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Dividend Rate | 0.20% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 27.60% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '49 months | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based SARs, Grants in Period | 65 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Restricted Stock, Grants in Period | 52 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Restricted Stock, Grants in Period, Weighted Average Grant Date Fair Value | $124.03 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based SARs, Grants in Period, Weighted Average Exercise Price | 28.44 | ' |
Share-based Compensation | 7,133,000 | 2,664,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 39,379,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 7 months 20 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 135,343,000 | ' |
Aggregate Intrinsic Value Stock Price | $120.84 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Time-Based Stock Appreciation Rights and Stock Options, Exercises in Period, Total Intrinsic Value | 10,921,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '5 years 4 months 10 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '3 years 4 months 10 days | ' |
Deferred Income Tax Benefit on Share Based Compensation [Member] | ' | ' |
Deferred income tax benefit on share based compensation expense | $2,675,000 | ' |
Warranty_Liabilities_Details
Warranty Liabilities (Details) (USD $) | 4 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Apr. 19, 2014 | Apr. 20, 2013 | Dec. 28, 2013 |
Warranty reserve, beginning of period | $39,512 | $38,425 | $38,425 |
Standard Product Warranty Accrual, Additions from Business Acquisition | 4,490 | 0 | 0 |
Additions to warranty reserves | 15,387 | 12,966 | 42,380 |
Reserves utilized | -14,233 | -12,326 | -41,293 |
Warranty reserve, end of period | $45,156 | $39,065 | $39,512 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements Condensed Consolidating Balance Sheet (Details) (USD $) | Apr. 19, 2014 | Jan. 02, 2014 | Dec. 28, 2013 | Apr. 20, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | |||||
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | $83,358 | ' | $1,112,471 | $407,724 | $598,111 |
Receivables, net | 576,606 | ' | 277,595 | 272,208 | ' |
Inventories, net | 3,910,948 | ' | 2,556,557 | 2,423,772 | ' |
Other current assets | 70,872 | ' | 42,761 | 59,170 | ' |
Total current assets | 4,641,784 | ' | 3,989,384 | 3,162,874 | ' |
Property and equipment, net of accumulated depreciation | 1,425,117 | ' | 1,283,970 | 1,284,805 | ' |
Assets held for sale | 615 | ' | 2,064 | 2,237 | ' |
Goodwill | 1,011,299 | 811,331 | 199,835 | 201,789 | 76,389 |
Intangible assets, net | 789,825 | ' | 49,872 | 57,994 | ' |
Other assets, net | 44,434 | ' | 39,649 | 37,786 | ' |
Investment in subsidiaries | 0 | ' | ' | ' | ' |
Intercompany note receivable | 0 | ' | ' | ' | ' |
Due from intercompany, net | 0 | ' | ' | ' | ' |
Assets, Total | 7,913,074 | ' | 5,564,774 | 4,747,485 | ' |
Current portion of long-term debt | 70,865 | ' | 916 | 689 | ' |
Accounts payable | 2,975,975 | ' | 2,180,614 | 2,101,549 | ' |
Accrued expenses | 541,451 | ' | 428,625 | 381,315 | ' |
Other current liabilities | 75,956 | ' | 154,630 | 140,588 | ' |
Total current liabilities | 3,664,247 | ' | 2,764,785 | 2,624,141 | ' |
Long-term Debt, Excluding Current Maturities | 2,001,740 | ' | 1,052,668 | 604,265 | ' |
Other long-term liabilities | 580,456 | ' | 231,116 | 248,632 | ' |
Intercompany note payable | 0 | ' | ' | ' | ' |
Due to intercompany, net | 0 | ' | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' |
Shareholders' equity | 1,666,372 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 259 | ' | 3,683 | 4,891 | ' |
Total stockholders' equity | 1,666,631 | ' | 1,516,205 | 1,270,447 | 1,210,694 |
Liabilities and Stockholders' Equity, Total | 7,913,074 | ' | 5,564,774 | 4,747,485 | ' |
Parent Company [Member] | ' | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | 9 | ' | 9 | ' | ' |
Receivables, net | 0 | ' | ' | ' | ' |
Inventories, net | 0 | ' | ' | ' | ' |
Other current assets | 3,313 | ' | ' | ' | ' |
Total current assets | 3,322 | ' | ' | ' | ' |
Property and equipment, net of accumulated depreciation | 2 | ' | ' | ' | ' |
Assets held for sale | 0 | ' | ' | ' | ' |
Goodwill | 0 | ' | ' | ' | ' |
Intangible assets, net | 0 | ' | ' | ' | ' |
Other assets, net | 13,246 | ' | ' | ' | ' |
Investment in subsidiaries | 1,381,284 | ' | ' | ' | ' |
Intercompany note receivable | 1,047,740 | ' | ' | ' | ' |
Due from intercompany, net | 271,803 | ' | ' | ' | ' |
Assets, Total | 2,717,397 | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' | ' |
Accounts payable | 13 | ' | ' | ' | ' |
Accrued expenses | 3,013 | ' | ' | ' | ' |
Other current liabilities | 0 | ' | ' | ' | ' |
Total current liabilities | 3,026 | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 1,047,740 | ' | ' | ' | ' |
Other long-term liabilities | 0 | ' | ' | ' | ' |
Intercompany note payable | 0 | ' | ' | ' | ' |
Due to intercompany, net | 0 | ' | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' |
Shareholders' equity | 1,666,372 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 259 | ' | ' | ' | ' |
Total stockholders' equity | 1,666,631 | ' | ' | ' | ' |
Liabilities and Stockholders' Equity, Total | 2,717,397 | ' | ' | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | 73,314 | ' | 1,106,766 | ' | ' |
Receivables, net | 544,662 | ' | ' | ' | ' |
Inventories, net | 3,760,513 | ' | ' | ' | ' |
Other current assets | 69,061 | ' | ' | ' | ' |
Total current assets | 4,447,550 | ' | ' | ' | ' |
Property and equipment, net of accumulated depreciation | 1,411,589 | ' | ' | ' | ' |
Assets held for sale | 615 | ' | ' | ' | ' |
Goodwill | 953,979 | ' | ' | ' | ' |
Intangible assets, net | 725,628 | ' | ' | ' | ' |
Other assets, net | 35,526 | ' | ' | ' | ' |
Investment in subsidiaries | 272,558 | ' | ' | ' | ' |
Intercompany note receivable | 0 | ' | ' | ' | ' |
Due from intercompany, net | 0 | ' | ' | ' | ' |
Assets, Total | 7,847,445 | ' | ' | ' | ' |
Current portion of long-term debt | 70,865 | ' | ' | ' | ' |
Accounts payable | 2,944,498 | ' | ' | ' | ' |
Accrued expenses | 528,577 | ' | ' | ' | ' |
Other current liabilities | 81,192 | ' | ' | ' | ' |
Total current liabilities | 3,625,132 | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 954,000 | ' | ' | ' | ' |
Other long-term liabilities | 564,653 | ' | ' | ' | ' |
Intercompany note payable | 1,047,740 | ' | ' | ' | ' |
Due to intercompany, net | 274,636 | ' | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' |
Shareholders' equity | 1,381,025 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 259 | ' | ' | ' | ' |
Total stockholders' equity | 1,381,284 | ' | ' | ' | ' |
Liabilities and Stockholders' Equity, Total | 7,847,445 | ' | ' | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | 10,327 | ' | 5,696 | ' | ' |
Receivables, net | 31,944 | ' | ' | ' | ' |
Inventories, net | 150,435 | ' | ' | ' | ' |
Other current assets | 5,867 | ' | ' | ' | ' |
Total current assets | 198,573 | ' | ' | ' | ' |
Property and equipment, net of accumulated depreciation | 13,526 | ' | ' | ' | ' |
Assets held for sale | 0 | ' | ' | ' | ' |
Goodwill | 57,320 | ' | ' | ' | ' |
Intangible assets, net | 64,197 | ' | ' | ' | ' |
Other assets, net | 509 | ' | ' | ' | ' |
Investment in subsidiaries | 0 | ' | ' | ' | ' |
Intercompany note receivable | 0 | ' | ' | ' | ' |
Due from intercompany, net | 2,833 | ' | ' | ' | ' |
Assets, Total | 336,958 | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' | ' |
Accounts payable | 31,464 | ' | ' | ' | ' |
Accrued expenses | 12,287 | ' | ' | ' | ' |
Other current liabilities | 0 | ' | ' | ' | ' |
Total current liabilities | 43,751 | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 0 | ' | ' | ' | ' |
Other long-term liabilities | 20,649 | ' | ' | ' | ' |
Intercompany note payable | 0 | ' | ' | ' | ' |
Due to intercompany, net | 0 | ' | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' |
Shareholders' equity | 276,886 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -4,328 | ' | ' | ' | ' |
Total stockholders' equity | 272,558 | ' | ' | ' | ' |
Liabilities and Stockholders' Equity, Total | 336,958 | ' | ' | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | -292 | ' | 0 | ' | ' |
Receivables, net | 0 | ' | ' | ' | ' |
Inventories, net | 0 | ' | ' | ' | ' |
Other current assets | -7,369 | ' | ' | ' | ' |
Total current assets | -7,661 | ' | ' | ' | ' |
Property and equipment, net of accumulated depreciation | 0 | ' | ' | ' | ' |
Assets held for sale | 0 | ' | ' | ' | ' |
Goodwill | 0 | ' | ' | ' | ' |
Intangible assets, net | 0 | ' | ' | ' | ' |
Other assets, net | -4,847 | ' | ' | ' | ' |
Investment in subsidiaries | -1,653,842 | ' | ' | ' | ' |
Intercompany note receivable | -1,047,740 | ' | ' | ' | ' |
Due from intercompany, net | -274,636 | ' | ' | ' | ' |
Assets, Total | -2,988,726 | ' | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' | ' |
Accounts payable | 0 | ' | ' | ' | ' |
Accrued expenses | -2,426 | ' | ' | ' | ' |
Other current liabilities | -5,236 | ' | ' | ' | ' |
Total current liabilities | -7,662 | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 0 | ' | ' | ' | ' |
Other long-term liabilities | -4,846 | ' | ' | ' | ' |
Intercompany note payable | -1,047,740 | ' | ' | ' | ' |
Due to intercompany, net | -274,636 | ' | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' |
Shareholders' equity | -1,657,911 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 4,069 | ' | ' | ' | ' |
Total stockholders' equity | -1,653,842 | ' | ' | ' | ' |
Liabilities and Stockholders' Equity, Total | ($2,988,726) | ' | ' | ' | ' |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements Condensed Consolidated Income Statement (Details) (USD $) | 4 Months Ended | |
In Thousands, unless otherwise specified | Apr. 19, 2014 | Apr. 20, 2013 |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Net sales | $2,969,499 | $2,015,304 |
Cost of sales, including purchasing and warehousing costs | 1,616,377 | 1,007,098 |
Gross Profit | 1,353,122 | 1,008,206 |
Selling, General and Administrative Expense | 1,097,320 | 804,138 |
Operating Income (Loss) | 255,802 | 204,068 |
Interest Expense | -23,642 | -10,660 |
Other income (expense), net | 603 | 958 |
Total other, net | -23,039 | -9,702 |
Income before provision for income taxes | 232,763 | 194,366 |
Provision for income taxes | 85,037 | 72,576 |
(Loss) Income before equity in earnings of subsidiaries | 147,726 | ' |
Equity in earnings of subsidiaries | 0 | ' |
Net income | 147,726 | 121,790 |
Parent Company [Member] | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Net sales | 0 | ' |
Cost of sales, including purchasing and warehousing costs | 0 | ' |
Gross Profit | 0 | ' |
Selling, General and Administrative Expense | 3,965 | ' |
Operating Income (Loss) | -3,965 | ' |
Interest Expense | -16,030 | ' |
Other income (expense), net | 20,048 | ' |
Total other, net | 4,018 | ' |
Income before provision for income taxes | 53 | ' |
Provision for income taxes | 67 | ' |
(Loss) Income before equity in earnings of subsidiaries | -14 | ' |
Equity in earnings of subsidiaries | 147,740 | ' |
Net income | 147,726 | ' |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Net sales | 2,886,146 | ' |
Cost of sales, including purchasing and warehousing costs | 1,575,210 | ' |
Gross Profit | 1,310,936 | ' |
Selling, General and Administrative Expense | 1,081,198 | ' |
Operating Income (Loss) | 229,738 | ' |
Interest Expense | -7,454 | ' |
Other income (expense), net | -3,027 | ' |
Total other, net | -10,481 | ' |
Income before provision for income taxes | 219,257 | ' |
Provision for income taxes | 82,558 | ' |
(Loss) Income before equity in earnings of subsidiaries | 136,699 | ' |
Equity in earnings of subsidiaries | 11,041 | ' |
Net income | 147,740 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Net sales | 153,236 | ' |
Cost of sales, including purchasing and warehousing costs | 111,050 | ' |
Gross Profit | 42,186 | ' |
Selling, General and Administrative Expense | 29,572 | ' |
Operating Income (Loss) | 12,614 | ' |
Interest Expense | -158 | ' |
Other income (expense), net | 997 | ' |
Total other, net | 839 | ' |
Income before provision for income taxes | 13,453 | ' |
Provision for income taxes | 2,412 | ' |
(Loss) Income before equity in earnings of subsidiaries | 11,041 | ' |
Equity in earnings of subsidiaries | 0 | ' |
Net income | 11,041 | ' |
Consolidation, Eliminations [Member] | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Net sales | -69,883 | ' |
Cost of sales, including purchasing and warehousing costs | -69,883 | ' |
Gross Profit | 0 | ' |
Selling, General and Administrative Expense | -17,415 | ' |
Operating Income (Loss) | 17,415 | ' |
Interest Expense | 0 | ' |
Other income (expense), net | -17,415 | ' |
Total other, net | -17,415 | ' |
Income before provision for income taxes | 0 | ' |
Provision for income taxes | 0 | ' |
(Loss) Income before equity in earnings of subsidiaries | 0 | ' |
Equity in earnings of subsidiaries | -158,781 | ' |
Net income | ($158,781) | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements Condensed Consolidated Comprehensive Income Statement (Details) (USD $) | 4 Months Ended | |
In Thousands, unless otherwise specified | Apr. 19, 2014 | Apr. 20, 2013 |
Net income | $147,726 | $121,790 |
Changes in net unrecognized other postretirement benefit costs | -184 | -103 |
Currency transaction | -3,240 | 0 |
Total other comprehensive income (loss) | -3,424 | 2,224 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 144,302 | 124,014 |
Parent Company [Member] | ' | ' |
Net income | 147,726 | ' |
Changes in net unrecognized other postretirement benefit costs | 0 | ' |
Currency transaction | 0 | ' |
Total other comprehensive income (loss) | 0 | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 147,726 | ' |
Guarantor Subsidiaries [Member] | ' | ' |
Net income | 147,740 | ' |
Changes in net unrecognized other postretirement benefit costs | -184 | ' |
Currency transaction | 0 | ' |
Total other comprehensive income (loss) | -184 | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 147,556 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Net income | 11,041 | ' |
Changes in net unrecognized other postretirement benefit costs | 0 | ' |
Currency transaction | -3,240 | ' |
Total other comprehensive income (loss) | -3,240 | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 7,801 | ' |
Consolidation, Eliminations [Member] | ' | ' |
Net income | -158,781 | ' |
Changes in net unrecognized other postretirement benefit costs | 0 | ' |
Currency transaction | 0 | ' |
Total other comprehensive income (loss) | 0 | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | ($158,781) | ' |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Statements Condensed Consolidating Statement of Cash Flows (Details) (USD $) | 4 Months Ended | |
In Thousands, unless otherwise specified | Apr. 19, 2014 | Apr. 20, 2013 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net Cash Provided by (Used in) Operating Activities | $81,131 | $135,285 |
Purchases of property and equipment | -60,529 | -63,124 |
Business acquisition, net of cash acquired | 2,056,937 | 186,859 |
Proceeds from Sale of Property, Plant, and Equipment | 33 | 136 |
Net Cash Provided by (Used in) Investing Activities | -2,117,433 | -240,843 |
Decrease in bank overdrafts | -5,796 | -8,711 |
Proceeds from Lines of Credit | 1,527,600 | 0 |
Payments on credit facilities | -508,600 | 0 |
Dividends paid | -8,781 | -8,800 |
Proceeds from the issuance of common stock, primarily exercise of stock appreciation rights | 2,979 | 2,434 |
Adjustments Related to Tax Withholding for Share-based Compensation | -3,118 | -16,910 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 4,165 | 11,971 |
Payments for Repurchase of Common Stock | -615 | -59,918 |
Other | -232 | -169 |
Net Cash Provided by (Used in) Financing Activities | 1,007,602 | -84,829 |
Effect of Exchange Rate on Cash and Cash Equivalents | -413 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | -1,029,113 | -190,387 |
Cash and Cash Equivalents | 83,358 | 407,724 |
Parent Company [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 0 | ' |
Purchases of property and equipment | 0 | ' |
Business acquisition, net of cash acquired | 0 | ' |
Proceeds from Sale of Property, Plant, and Equipment | 0 | ' |
Net Cash Provided by (Used in) Investing Activities | 0 | ' |
Decrease in bank overdrafts | 0 | ' |
Proceeds from Lines of Credit | 0 | ' |
Payments on credit facilities | 0 | ' |
Dividends paid | 0 | ' |
Proceeds from the issuance of common stock, primarily exercise of stock appreciation rights | 0 | ' |
Adjustments Related to Tax Withholding for Share-based Compensation | 0 | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | ' |
Payments for Repurchase of Common Stock | 0 | ' |
Other | 0 | ' |
Net Cash Provided by (Used in) Financing Activities | 0 | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | ' |
Cash and Cash Equivalents | 9 | ' |
Guarantor Subsidiaries [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 74,815 | ' |
Purchases of property and equipment | -59,257 | ' |
Business acquisition, net of cash acquired | 2,056,937 | ' |
Proceeds from Sale of Property, Plant, and Equipment | 33 | ' |
Net Cash Provided by (Used in) Investing Activities | -2,116,161 | ' |
Decrease in bank overdrafts | -5,504 | ' |
Proceeds from Lines of Credit | 1,527,600 | ' |
Payments on credit facilities | -508,600 | ' |
Dividends paid | -8,781 | ' |
Proceeds from the issuance of common stock, primarily exercise of stock appreciation rights | 2,979 | ' |
Adjustments Related to Tax Withholding for Share-based Compensation | -3,118 | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 4,165 | ' |
Payments for Repurchase of Common Stock | -615 | ' |
Other | -232 | ' |
Net Cash Provided by (Used in) Financing Activities | 1,007,894 | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | -1,033,452 | ' |
Cash and Cash Equivalents | 73,314 | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 6,316 | ' |
Purchases of property and equipment | -1,272 | ' |
Business acquisition, net of cash acquired | 0 | ' |
Proceeds from Sale of Property, Plant, and Equipment | 0 | ' |
Net Cash Provided by (Used in) Investing Activities | -1,272 | ' |
Decrease in bank overdrafts | 0 | ' |
Proceeds from Lines of Credit | 0 | ' |
Payments on credit facilities | 0 | ' |
Dividends paid | 0 | ' |
Proceeds from the issuance of common stock, primarily exercise of stock appreciation rights | 0 | ' |
Adjustments Related to Tax Withholding for Share-based Compensation | 0 | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | ' |
Payments for Repurchase of Common Stock | 0 | ' |
Other | 0 | ' |
Net Cash Provided by (Used in) Financing Activities | 0 | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | -413 | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | 4,631 | ' |
Cash and Cash Equivalents | 10,327 | ' |
Consolidation, Eliminations [Member] | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 0 | ' |
Purchases of property and equipment | 0 | ' |
Business acquisition, net of cash acquired | 0 | ' |
Proceeds from Sale of Property, Plant, and Equipment | 0 | ' |
Net Cash Provided by (Used in) Investing Activities | 0 | ' |
Decrease in bank overdrafts | -292 | ' |
Proceeds from Lines of Credit | 0 | ' |
Payments on credit facilities | 0 | ' |
Dividends paid | 0 | ' |
Proceeds from the issuance of common stock, primarily exercise of stock appreciation rights | 0 | ' |
Adjustments Related to Tax Withholding for Share-based Compensation | 0 | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | ' |
Payments for Repurchase of Common Stock | 0 | ' |
Other | 0 | ' |
Net Cash Provided by (Used in) Financing Activities | -292 | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | -292 | ' |
Cash and Cash Equivalents | ($292) | ' |