Advance Auto Parts (AAP) 10-Q 15 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document Document - USD ($)	6 Months Ended
	Jul. 15, 2017	Aug. 11, 2017	Jul. 15, 2016
Document Information [Line Items]
Entity Registrant Name	Advance Auto Parts Inc
Entity Central Index Key	1,158,449
Current Fiscal Year End Date	--12-30
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jul. 15, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		73,862,588
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Public Float			$ 11,647,903,451

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 15, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 257,230	$ 135,178
Receivables, net	680,503	641,252
Inventories	4,293,367	4,325,868
Other current assets	95,115	70,466
Total current assets	5,326,215	5,172,764
Property and equipment, net of accumulated depreciation of $1,743,671 and $1,660,648	1,431,294	1,446,340
Goodwill	993,916	990,877
Intangible assets, net	618,879	640,903
Other assets, net	67,109	64,149
Assets, Total	8,437,413	8,315,033
Current liabilities:
Accounts payable	2,937,096	3,086,177
Accrued expenses	629,088	554,397
Other current liabilities	32,143	35,472
Total current liabilities	3,598,327	3,676,046
Long-term debt	1,043,690	1,042,949
Deferred income taxes	438,782	454,282
Other long-term liabilities	228,337	225,564
Commitments and Contingencies
Stockholders' equity:
Preferred stock, nonvoting, $0.0001 par value	0	0
Common stock, voting, $0.0001 par value	8	8
Additional paid-in capital	647,823	631,052
Treasury stock, at cost	(141,405)	(138,102)
Accumulated other comprehensive loss	(26,664)	(39,701)
Retained earnings	2,648,515	2,462,935
Total stockholders' equity	3,128,277	2,916,192
Liabilities and Stockholders' Equity, Total	$ 8,437,413	$ 8,315,033

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jul. 15, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accumulated Depreciation, Property and Equipment	$ 1,743,671	$ 1,660,648
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 15, 2017	Jul. 16, 2016	Jul. 15, 2017	Jul. 16, 2016
Income Statement [Abstract]
Net sales	$ 2,263,727	$ 2,256,155	$ 5,154,565	$ 5,235,933
Cost of sales, including purchasing and warehousing costs	1,270,639	1,245,898	2,890,793	2,875,787
Gross profit	993,088	1,010,257	2,263,772	2,360,146
Selling, general and administrative expenses	846,377	793,573	1,937,281	1,872,463
Operating income	146,711	216,684	326,491	487,683
Other, net:
Interest expense	(13,921)	(14,021)	(32,351)	(32,964)
Other income, net	3,169	6,244	7,982	9,367
Total other, net	(10,752)	(7,777)	(24,369)	(23,597)
Income before provision for income taxes	135,959	208,907	302,122	464,086
Provision for income taxes	48,910	84,307	107,113	180,673
Net income	$ 87,049	$ 124,600	$ 195,009	$ 283,413
Basic earnings per share	$ 1.18	$ 1.69	$ 2.64	$ 3.84
Weighted average shares outstanding	73,848	73,576	73,810	73,476
Diluted earnings per share	$ 1.17	$ 1.68	$ 2.63	$ 3.82
Weighted average shares outstanding - assuming dilution	74,093	73,835	74,093	73,842
Dividends declared per share	$ 0.06	$ 0.06	$ 0.12	$ 0.12

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 15, 2017	Jul. 16, 2016	Jul. 15, 2017	Jul. 16, 2016
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 87,049	$ 124,600	$ 195,009	$ 283,413
Changes in net unrecognized other postretirement benefit costs, net of tax of $41, $88, $95 and $206	(63)	(137)	(148)	(319)
Currency translation adjustments	13,973	(4,468)	13,185	11,957
Total other comprehensive income (loss)	13,910	(4,605)	13,037	11,638
Comprehensive income	$ 100,959	$ 119,995	$ 208,046	$ 295,051

CONSOLIDATED STATEMENTS OF COM6

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 15, 2017	Jul. 16, 2016	Jul. 15, 2017	Jul. 16, 2016
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) [Abstract]
Changes in net unrecognized postretirement benefit costs, Tax	$ 41	$ 88	$ 95	$ 206

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 15, 2017	Jul. 16, 2016
Cash flows from operating activities:
Net income	$ 195,009	$ 283,413
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	135,200	139,265
Share-based compensation	19,938	9,142
Loss on property and equipment, net	4,361	2,402
(Benefit) provision for deferred income taxes	(16,006)	11,454
Other, net	1,851	(1,390)
Net change in:
Receivables, net	(37,012)	(57,241)
Inventories	41,923	(236,403)
Accounts payable	(153,750)	11,611
Accrued expenses	91,333	51,488
Other assets and liabilities	(15,498)	(5,301)
Net cash provided by operating activities	267,349	208,440
Cash flows from investing activities:
Purchases of property and equipment	(122,364)	(137,920)
Proceeds from sales of property and equipment	1,311	1,293
Other, net	20	(2,430)
Net cash used in investing activities	(121,033)	(139,057)
Cash flows from financing activities:
(Decrease) increase in bank overdrafts	(4,202)	13,656
Borrowings under credit facilities	534,400	576,600
Payments on credit facilities	(534,400)	(611,100)
Dividends paid	(13,363)	(13,291)
Proceeds from the issuance of common stock	2,281	2,222
Tax withholdings related to the exercise of stock appreciation rights	(6,230)	(12,489)
Repurchase of common stock	(3,303)	(12,179)
Other, net	(2,027)	(224)
Net cash used in financing activities	(26,844)	(56,805)
Effect of exchange rate changes on cash	2,580	1,467
Net increase in cash and cash equivalents	122,052	14,045
Cash and cash equivalents, beginning of period	135,178	90,782
Cash and cash equivalents, end of period	257,230	104,827
Non-cash transactions:
Accrued purchases of property and equipment	$ 10,205	$ 22,523

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Jul. 15, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Basis of Presentation Advance Auto Parts, Inc. and subsidiaries is a leading automotive aftermarket parts provider in North America, serving both "do-it-for-me", or Professional, and "do-it-yourself", or DIY customers. The accompanying interim 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 referred to as "Advance", "we", "us", "our" or "the Company"). As of July 15, 2017 , the Company operated a total of 5,073 stores and 131 distribution branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The Company's stores operate primarily under the trade names "Advance Auto Parts," "Carquest" and "Autopart International," and our distribution branches operate under the "Worldpac" trade name. In addition, as of July 15, 2017 , the Company served approximately 1,250 independently-owned Carquest branded stores ("independent stores") across the same geographic locations served by the Company's stores in addition to Mexico, the Bahamas, Turks and Caicos, the British Virgin Islands and the Pacific Islands. The accounting policies followed in the presentation of interim financial results are consistent with those followed on an annual basis. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments consisting 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 Annual Report on Form 10-K for 2016 as filed with the SEC on February 28, 2017 . 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 sixteen weeks. The Company's remaining three quarters consist of twelve weeks. Recently Adopted Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" aimed at simplifying certain aspects of accounting for share-based payment transactions. The areas for simplification include the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The Company adopted ASU 2016-09 in the first quarter of 2017 and recorded a cumulative effect reduction to beginning retained earnings of $490 thousand related to the Company's election to record forfeitures as they occur. In addition, the Company elected to retrospectively adopt the provision regarding the presentation of excess tax benefits in the statement of cash flows, which resulted in an increase in our net cash provided by operating activities and a decrease in our net cash provided by financing activities of $15.5 million for the twenty-eight weeks ended July 16, 2016. The provision requiring the inclusion of excess tax benefits (deficits) as a component of the provision for income taxes in the consolidated results of operations is being applied prospectively. The Company recorded excess tax benefits of $372 thousand and $4.5 million as a reduction in Provision for income taxes during the twelve and twenty-eight weeks ended July 15, 2017 . Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." This ASU is a comprehensive new leases standard that amends various aspects of existing guidance for leases and requires additional disclosures about leasing arrangements. It will require lessees to recognize lease assets and lease liabilities for all leases, including those leases previously classified as operating leases under current GAAP. The ASU is effective for annual periods beginning after December 15, 2018 with early adoption permitted. From a balance sheet perspective, the Company expects adoption of the new standard to have a material effect on its Total assets and Total liabilities as a result of recording the required right of use asset and associated lease liability. However, the Company has not completed its analysis and is unable to quantify the impact at this time. At this time the Company does not expect adoption of ASU 2016-02 to have a material impact on its consolidated statements of operations as the majority of its leases will remain operating in nature. As such, the expense recognition will be similar to previously required straight-line expense treatment. The Company is also in the process of identifying changes to its business processes, systems and controls to support adoption of the new standard in 2019. In May 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)." This ASU, along with subsequent ASU's issued to clarify certain provisions of ASU 2014-09, is a comprehensive new revenue recognition model that expands disclosure requirements and requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2017 with early adoption permitted. The Company plans to adopt the new standard effective December 31, 2017 and will apply the modified retrospective method. The Company has analyzed the impact of ASU 2014-09, as amended, on its revenue contracts, comparing the Company's current accounting policies and practices to the requirements of the new standard and identified differences that would result from applying the new standard to its contracts. The Company has determined the adoption of the new standard will not have a material impact on its consolidated financial condition, results of operations or cash flows. Additionally, the Company does not anticipate any significant changes to business processes, controls or systems as a result of adopting the new standard.

Inventories

Inventories	6 Months Ended
	Jul. 15, 2017
Inventory, Net [Abstract]
Inventories	Inventories Inventories are stated at the lower of cost or market. The Company used the LIFO method of accounting for approximately 88% and 89% of inventories at July 15, 2017 and December 31, 2016 . Under the LIFO method, the Company’s cost of sales reflects the costs of the most recently purchased inventories, while the inventory carrying balance represents the costs for inventories purchased in 2017 and prior years. As a result of changes in the LIFO reserve, the Company recorded a reduction to cost of sales of $5.5 million and $42.7 million for the twenty-eight weeks ended July 15, 2017 and July 16, 2016 . 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 year-end inventory levels and costs. Inventory balances were as follows: (in thousands) July 15, December 31, 2016 Inventories at FIFO $ 4,082,051 $ 4,120,030 Adjustments to state inventories at LIFO 211,316 205,838 Inventories at LIFO $ 4,293,367 $ 4,325,868

Exit Activities

Exit Activities	6 Months Ended
	Jul. 15, 2017
Restructuring and Related Activities [Abstract]
Exit Activities	Exit Activities Integration of Carquest stores The Company is in the process of a multi-year integration, which includes the consolidation and conversion of its Carquest stores acquired with General Parts International, Inc. (“GPI”) on January 2, 2014. As of July 15, 2017 , 342 Carquest stores acquired with GPI had been consolidated into existing Advance Auto Parts stores and 377 stores had been converted to the Advance Auto Parts format. During the twelve weeks ended July 15, 2017 , a total of three Carquest stores were consolidated and 57 Carquest stores were converted. During the twenty-eight weeks ended July 15, 2017 , a total of nine Carquest stores were consolidated and 95 Carquest stores were converted. We expect to consolidate or convert the remaining U.S. Carquest stores over the next few years. As of July 15, 2017 , the Company had 506 stores still operating under the Carquest name. The Company incurred $3.2 million of exit costs related to the consolidations during the twelve weeks ended July 16, 2016 , primarily related to closed store lease obligations. The Company incurred $1.1 million and $15.4 million of exit costs related to the consolidations during the twenty-eight weeks ended July 15, 2017 and July 16, 2016 , primarily related to closed store lease obligations. These costs are included in Selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. 2017 Field and Support Center Restructuring In June 2017, the Company restructured its field organization and streamlined its operating structure. The restructuring activity was substantially complete as of July 15, 2017 and resulted in the recognition of $7.2 million of expenses related to severance. These costs are included in Selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. Total Exit Liabilities The Company's total exit liabilities include liabilities recorded in connection with the consolidation of Carquest stores and restructuring activities described above, along with liabilities associated with facility closures that have occurred as part of our normal market evaluation process. Cash payments on the closed facility lease obligations are expected to be made through 2028 and the remaining severance payments are expected to be made in 2017. A summary of the Company’s exit liabilities are presented in the following table: (in thousands) Closed Facility Lease Obligations Severance Total Balance, December 31, 2016 $ 44,265 $ 959 $ 45,224 Reserves established 3,400 7,282 10,682 Change in estimates 1,705 (156 ) 1,549 Cash payments (9,483 ) (4,331 ) (13,814 ) Balance, July 15, 2017 $ 39,887 $ 3,754 $ 43,641 Balance, January 2, 2016 $ 42,490 $ 6,255 $ 48,745 Reserves established 23,252 988 24,240 Change in estimates (3,073 ) (410 ) (3,483 ) Cash payments (18,404 ) (5,874 ) (24,278 ) Balance, December 31, 2016 $ 44,265 $ 959 $ 45,224

Intangible Assets

Intangible Assets	6 Months Ended
	Jul. 15, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets The Company's definite-lived intangible assets include customer relationships, favorable leases and non-compete agreements. Amortization expense was $11.0 million and $10.8 million for the twelve weeks ended July 15, 2017 and July 16, 2016 and $25.6 million and $25.8 million for the twenty-eight weeks ended July 15, 2017 and July 16, 2016 .

Receivables, net

Receivables, net	6 Months Ended
	Jul. 15, 2017
Receivables [Abstract]
Receivables, net	Receivables, net Receivables consist of the following: (in thousands) July 15, December 31, 2016 Trade $ 457,513 $ 407,301 Vendor 241,822 239,770 Other 14,331 23,345 Total receivables 713,666 670,416 Less: Allowance for doubtful accounts (33,163 ) (29,164 ) Receivables, net $ 680,503 $ 641,252

Long-term Debt and Fair Value o

Long-term Debt and Fair Value of Financial Instruments	6 Months Ended
	Jul. 15, 2017
Debt Disclosure [Abstract]
Long-term Debt and Fair Value of Financial Instruments	Long-term Debt and Fair Value of Financial Instruments Long-term debt consists of the following: (in thousands) July 15, December 31, Total long-term debt 1,044,108 1,043,255 Less: Current portion of long-term debt (included in Other current liabilities) (418 ) (306 ) Long-term debt, excluding current portion $ 1,043,690 $ 1,042,949 Fair value of long-term debt $ 1,125,000 $ 1,118,000 Fair Value of Financial Assets and Liabilities The fair value of the Company's senior unsecured notes was determined using Level 2 inputs based on quoted market prices. The Company believes the carrying value of its other long-term debt approximates fair value. The carrying amounts of the Company's cash and cash equivalents, receivables, accounts payable and accrued expenses approximate their fair values due to the relatively short-term nature of these instruments. Bank Debt On January 31, 2017, the Company entered into a new credit agreement which provides a $1.0 billion unsecured revolving credit facility (the “2017 Credit Agreement”) with Advance Stores, as Borrower, the lenders party thereto, and Bank of America, N.A., as the administrative agent. This new revolver under the 2017 Credit Agreement replaced the revolver under the 2013 Credit Agreement. The 2017 Credit Agreement provides for the issuance of letters of credit with a sublimit of $200.0 million . The Company may request that the total revolving commitment be increased by an amount not exceeding $250.0 million during the term of the 2017 Credit Agreement. Voluntary prepayments and voluntary reductions of the revolving loan balance, if any, are permitted in whole or in part, at the Company’s option, in minimum principal amounts as specified in the 2017 Credit Agreement. The 2017 Credit Agreement terminates in January 2022; however, the Company may request one or two one-year extensions of the termination date prior to the first or second anniversary of the closing date. As of July 15, 2017 , under the 2017 Credit Agreement, the Company had no outstanding borrowings under the revolver. As of July 15, 2017 , the Company had letters of credit outstanding of $100.7 million , which in conjunction with certain covenant restrictions reduced the availability under the revolver to $591.1 million . The letters of credit generally have a term of one year or less and primarily serve as collateral for the Company’s self-insurance policies. The interest rates on outstanding amounts, if any, on the revolving facility under the 2017 Credit Agreement will be based, at the Company’s option, on an adjusted LIBOR, plus a margin, or an alternate base rate, plus a margin. After an initial interest period, the Company may elect to convert a particular borrowing to a different type. The initial margins per annum for the revolving loan are 1.10% for the adjusted LIBOR and 0.10% for alternate base rate borrowings. A facility fee of 0.15% per annum will be charged on the total revolving facility commitment, payable quarterly in arrears. Under the terms of the 2017 Credit Agreement, the interest rate spread, facility fee and commitment fee will be based on the Company’s credit rating. The 2017 Credit Agreement contains customary covenants restricting the ability of: (a) Advance Stores and its subsidiaries to, among other things, (i) create, incur or assume additional debt (only with respect to subsidiaries of Advance Stores), (ii) incur liens, (iii) guarantee obligations, and (iv) change the nature of its business conducted by itself and its subsidiaries; (b) Advance, Advance Stores and their subsidiaries to, among other things (i) enter into certain hedging arrangements, (ii) enter into restrictive agreements limiting their ability to incur liens on any of their property or assets, pay distributions, repay loans, or guarantee indebtedness of their subsidiaries; and (c) Advance, among other things, to change the holding company status of Advance. Advance Stores is required to comply with financial covenants with respect to a maximum leverage ratio and a minimum coverage ratio. The 2017 Credit Agreement also provides for customary events of default, including non-payment defaults, covenant defaults and cross-defaults of Advance Stores’ other material indebtedness. The Company was in compliance with its financial covenants with respect to the 2017 Credit Agreement as of July 15, 2017 . Debt Guarantees The Company is a guarantor of loans made by banks to various independently-owned Carquest branded stores that are customers of the Company totaling $25.0 million as of July 15, 2017 . These loans are collateralized by security agreements on merchandise inventory and other assets of the borrowers. The approximate value of the inventory collateralized by these agreements is $67.3 million as of July 15, 2017 . The Company believes that the likelihood of performance under these guarantees is remote.

Earnings per Share

Earnings per Share	6 Months Ended
	Jul. 15, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per Share Diluted earnings per share are calculated by including the effect of dilutive securities. Share-based awards to purchase approximately 168 thousand and 29 thousand shares of common stock during the twelve week periods ended July 15, 2017 and July 16, 2016 were not included in the calculation of diluted earnings per share because they were anti-dilutive. Share-based awards to purchase approximately 123 thousand and 28 thousand shares of common stock during the twenty-eight week periods ended July 15, 2017 and July 16, 2016 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: Twelve Weeks Ended Twenty-Eight Weeks Ended (in thousands, except per share data) July 15, July 16, July 15, July 16, Numerator Net income $ 87,049 $ 124,600 $ 195,009 $ 283,413 Denominator Basic weighted average shares 73,848 73,576 73,810 73,476 Dilutive impact of share-based awards 245 259 283 366 Diluted weighted average shares 74,093 73,835 74,093 73,842 Basic earnings per share $ 1.18 $ 1.69 $ 2.64 $ 3.84 Diluted earnings per share $ 1.17 $ 1.68 $ 2.63 $ 3.82

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jul. 15, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation During the twenty-eight week period ended July 15, 2017 , the Company granted 170 thousand time-based restricted stock units ("RSUs"), 47 thousand performance-based RSUs and 23 thousand market-based RSUs. The general terms of the time-based and performance-based RSUs are similar to awards previously granted by the Company. The market-based RSUs will vest based on the Company's relative total shareholder return among a designated group of peer companies during a three-year period and will be subject to a one-year holding period after vesting. The weighted average fair values of the time-based, performance-based and market-based RSUs granted during the twenty-eight week period ended July 15, 2017 were $156.07 , $155.58 and $147.75 per share. For time-based and performance-based RSUs, the fair value of each award was determined based on the market price of the Company’s stock on the date of grant adjusted for expected dividends during the vesting period, as applicable. The fair value of each market-based RSU was determined using a Monte Carlo simulation model. Total share-based compensation expense included in the Company’s condensed consolidated statements of operations was $7.6 million for the twelve week period ended July 15, 2017 and the related income tax benefit recognized was $2.8 million . Total share-based compensation expense included in the Company’s condensed consolidated statements of operations was $19.9 million for the twenty-eight week period ended July 15, 2017 and the related income tax benefit recognized was $7.5 million . As of July 15, 2017 , there was $51.6 million of unrecognized compensation expense related to all share-based awards that is expected to be recognized over a weighted average period of 1.7 years .

Warranty Liabilities

Warranty Liabilities	6 Months Ended
	Jul. 15, 2017
Product Warranties Disclosures [Abstract]
Warranty Liabilities	Warranty Liabilities The following table presents changes in the Company’s warranty reserves, which are included in Accrued expenses in its condensed consolidated balance sheets. Twenty-Eight Weeks Ended Fifty-Two Weeks Ended (in thousands) July 15, December 31, 2016 Warranty reserve, beginning of period $ 47,243 $ 44,479 Additions to warranty reserves 28,011 46,903 Reserves utilized (25,071 ) (44,139 ) Warranty reserve, end of period $ 50,183 $ 47,243

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	6 Months Ended
	Jul. 15, 2017
Condensed Consolidating Financial Statements [Abstract]
Condensed Consolidating Financial Statements	Condensed Consolidating Financial Statements Certain 100% wholly-owned domestic subsidiaries of Advance, including its Material Subsidiaries (as defined in the 2017 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 subsidiaries, including all of its foreign subsidiaries, do not serve as guarantors of Advance's senior unsecured notes ("Non-Guarantor Subsidiaries"). The Company presents below the condensed consolidating financial information for the Guarantor Subsidiaries and Non-Guarantor Subsidiaries. Investments in subsidiaries of the Company are presented under the equity method in the condensed consolidating financial statements. 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 and payables and subsidiary investment accounts. Condensed Consolidating Balance Sheets (Unaudited) As of July 15, 2017 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 22 $ 215,753 $ 41,477 $ (22 ) $ 257,230 Receivables, net — 640,204 40,299 — 680,503 Inventories — 4,090,863 202,504 — 4,293,367 Other current assets 137 94,769 456 (247 ) 95,115 Total current assets 159 5,041,589 284,736 (269 ) 5,326,215 Property and equipment, net of accumulated depreciation 114 1,421,231 9,949 — 1,431,294 Goodwill — 943,359 50,557 — 993,916 Intangible assets, net — 572,134 46,745 — 618,879 Other assets, net 4,928 66,396 712 (4,927 ) 67,109 Investment in subsidiaries 3,227,142 424,917 — (3,652,059 ) — Intercompany note receivable 1,048,572 — — (1,048,572 ) — Due from intercompany, net — — 324,631 (324,631 ) — $ 4,280,915 $ 8,469,626 $ 717,330 $ (5,030,458 ) $ 8,437,413 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ — $ 2,694,002 $ 243,094 $ — $ 2,937,096 Accrued expenses 2,600 603,599 23,136 (247 ) 629,088 Other current liabilities — 27,893 4,272 (22 ) 32,143 Total current liabilities 2,600 3,325,494 270,502 (269 ) 3,598,327 Long-term debt 1,043,690 — — — 1,043,690 Deferred income taxes — 423,933 19,777 (4,928 ) 438,782 Other long-term liabilities — 226,203 2,134 — 228,337 Intercompany note payable — 1,048,572 (1,048,572 ) — Due to intercompany, net 106,349 218,282 — (324,631 ) — Commitments and contingencies Stockholders' equity 3,128,276 3,227,142 424,917 (3,652,058 ) 3,128,277 $ 4,280,915 $ 8,469,626 $ 717,330 $ (5,030,458 ) $ 8,437,413 Condensed Consolidating Balance Sheets ( Unaudited ) As of December 31, 2016 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 22 $ 78,543 $ 56,635 $ (22 ) $ 135,178 Receivables, net — 619,229 22,023 — 641,252 Inventories — 4,126,465 199,403 — 4,325,868 Other current assets — 69,385 1,153 (72 ) 70,466 Total current assets 22 4,893,622 279,214 (94 ) 5,172,764 Property and equipment, net of accumulated depreciation 128 1,436,459 9,753 — 1,446,340 Goodwill — 943,359 47,518 — 990,877 Intangible assets, net — 595,596 45,307 — 640,903 Other assets, net 4,634 63,376 773 (4,634 ) 64,149 Investment in subsidiaries 3,008,856 375,420 — (3,384,276 ) — Intercompany note receivable 1,048,424 — — (1,048,424 ) — Due from intercompany, net — — 316,109 (316,109 ) — $ 4,062,064 $ 8,307,832 $ 698,674 $ (4,753,537 ) $ 8,315,033 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ — $ 2,813,937 $ 272,240 $ — $ 3,086,177 Accrued expenses 1,505 526,652 26,312 (72 ) 554,397 Other current liabilities — 32,508 2,986 (22 ) 35,472 Total current liabilities 1,505 3,373,097 301,538 (94 ) 3,676,046 Long-term debt 1,042,949 — — — 1,042,949 Deferred income taxes — 439,283 19,633 (4,634 ) 454,282 Other long-term liabilities — 223,481 2,083 — 225,564 Intercompany note payable — 1,048,424 — (1,048,424 ) — Due to intercompany, net 101,418 214,691 — (316,109 ) — Commitments and contingencies Stockholders' equity 2,916,192 3,008,856 375,420 (3,384,276 ) 2,916,192 $ 4,062,064 $ 8,307,832 $ 698,674 $ (4,753,537 ) $ 8,315,033 Condensed Consolidating Statements of Operations ( Unaudited ) For the Twelve weeks ended July 15, 2017 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,175,274 $ 138,291 $ (49,838 ) $ 2,263,727 Cost of sales, including purchasing and warehousing costs — 1,224,648 95,829 (49,838 ) 1,270,639 Gross profit — 950,626 42,462 — 993,088 Selling, general and administrative expenses 5,370 833,966 18,864 (11,823 ) 846,377 Operating (loss) income (5,370 ) 116,660 23,598 11,823 146,711 Other, net: Interest (expense) income (12,076 ) (1,863 ) 18 — (13,921 ) Other income (expense), net 17,567 (5,413 ) 2,838 (11,823 ) 3,169 Total other, net 5,491 (7,276 ) 2,856 (11,823 ) (10,752 ) Income before provision for income taxes 121 109,384 26,454 — 135,959 Provision for income taxes 128 42,850 5,932 — 48,910 (Loss) income before equity in earnings of subsidiaries (7 ) 66,534 20,522 — 87,049 Equity in earnings of subsidiaries 87,056 20,522 — (107,578 ) — Net income $ 87,049 $ 87,056 $ 20,522 $ (107,578 ) $ 87,049 Condensed Consolidating Statements of Operations ( Unaudited ) For the Twelve weeks ended July 16, 2016 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,173,812 $ 131,123 $ (48,780 ) $ 2,256,155 Cost of sales, including purchasing and warehousing costs — 1,205,526 89,152 (48,780 ) 1,245,898 Gross profit — 968,286 41,971 — 1,010,257 Selling, general and administrative expenses 3,389 780,808 22,863 (13,487 ) 793,573 Operating (loss) income (3,389 ) 187,478 19,108 13,487 216,684 Other, net: Interest (expense) income (12,072 ) (1,966 ) 17 — (14,021 ) Other income (expense), net 16,172 4,754 (1,195 ) (13,487 ) 6,244 Total other, net 4,100 2,788 (1,178 ) (13,487 ) (7,777 ) Income before provision for income taxes 711 190,266 17,930 — 208,907 Provision for income taxes 2,078 78,136 4,093 — 84,307 (Loss) income before equity in earnings of subsidiaries (1,367 ) 112,130 13,837 — 124,600 Equity in earnings of subsidiaries 125,967 13,837 — (139,804 ) — Net income $ 124,600 $ 125,967 $ 13,837 $ (139,804 ) $ 124,600 Condensed Consolidating Statements of Operations ( Unaudited ) For the Twenty-Eight weeks ended July 15, 2017 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 4,977,128 $ 310,295 $ (132,858 ) $ 5,154,565 Cost of sales, including purchasing and warehousing costs — 2,801,921 221,730 (132,858 ) 2,890,793 Gross profit — 2,175,207 88,565 — 2,263,772 Selling, general and administrative expenses 20,167 1,901,621 43,266 (27,773 ) 1,937,281 Operating (loss) income (20,167 ) 273,586 45,299 27,773 326,491 Other, net: Interest (expense) income (28,366 ) (4,023 ) 38 — (32,351 ) Other income (expense), net 49,351 (12,766 ) (830 ) (27,773 ) 7,982 Total other, net 20,985 (16,789 ) (792 ) (27,773 ) (24,369 ) Income before provision for income taxes 818 256,797 44,507 — 302,122 (Benefit) provision for income taxes (1,616 ) 100,296 8,433 — 107,113 Income before equity in earnings of subsidiaries 2,434 156,501 36,074 — 195,009 Equity in earnings of subsidiaries 192,572 36,074 — (228,646 ) — Net income $ 195,006 $ 192,575 $ 36,074 $ (228,646 ) $ 195,009 Condensed Consolidating Statements of Operations ( Unaudited ) For the Twenty-Eight weeks ended July 16, 2016 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 5,066,198 $ 320,098 $ (150,363 ) $ 5,235,933 Cost of sales, including purchasing and warehousing costs — 2,804,343 221,807 (150,363 ) 2,875,787 Gross profit — 2,261,855 98,291 — 2,360,146 Selling, general and administrative expenses 11,300 1,841,576 51,221 (31,634 ) 1,872,463 Operating (loss) income (11,300 ) 420,279 47,070 31,634 487,683 Other, net: Interest (expense) income (28,216 ) (4,788 ) 40 — (32,964 ) Other income (expense), net 39,715 (1,522 ) 2,808 (31,634 ) 9,367 Total other, net 11,499 (6,310 ) 2,848 (31,634 ) (23,597 ) Income before provision for income taxes 199 413,969 49,918 — 464,086 Provision for income taxes 647 169,412 10,614 — 180,673 (Loss) income before equity in earnings of subsidiaries (448 ) 244,557 39,304 — 283,413 Equity in earnings of subsidiaries 283,861 39,304 — (323,165 ) — Net income $ 283,413 $ 283,861 $ 39,304 $ (323,165 ) $ 283,413 Condensed Consolidating Statements of Comprehensive Income ( Unaudited ) For the Twelve Weeks ended July 15, 2017 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 87,049 $ 87,056 $ 20,522 $ (107,578 ) $ 87,049 Other comprehensive income 13,910 13,910 13,973 (27,883 ) 13,910 Comprehensive income $ 100,959 $ 100,966 $ 34,495 $ (135,461 ) $ 100,959 Condensed Consolidating Statements of Comprehensive Income (Unaudited) For the Twelve Weeks ended July 16, 2016 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 124,600 $ 125,967 $ 13,837 $ (139,804 ) $ 124,600 Other comprehensive loss (4,605 ) (4,605 ) (4,468 ) 9,073 (4,605 ) Comprehensive income $ 119,995 $ 121,362 $ 9,369 $ (130,731 ) $ 119,995 Condensed Consolidating Statements of Comprehensive Income ( Unaudited ) For the Twenty-Eight Weeks ended July 15, 2017 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 195,006 $ 192,575 $ 36,074 $ (228,646 ) $ 195,009 Other comprehensive income 13,037 13,037 13,185 (26,222 ) 13,037 Comprehensive income $ 208,043 $ 205,612 $ 49,259 $ (254,868 ) $ 208,046 Condensed Consolidating Statements of Comprehensive Income (Unaudited) For the Twenty-Eight Weeks ended July 16, 2016 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 283,413 $ 283,861 $ 39,304 $ (323,165 ) $ 283,413 Other comprehensive income 11,638 11,638 11,957 (23,595 ) 11,638 Comprehensive income $ 295,051 $ 295,499 $ 51,261 $ (346,760 ) $ 295,051 Condensed Consolidating Statements of Cash Flows (Unaudited) For the Twenty-Eight weeks ended July 15, 2017 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ — $ 285,164 $ (17,815 ) $ — $ 267,349 Cash flows from investing activities: Purchases of property and equipment — (121,615 ) (749 ) — (122,364 ) Proceeds from sales of property and equipment — 1,311 — — 1,311 Other, net — 480 (460 ) — 20 Net cash used in investing activities — (119,824 ) (1,209 ) — (121,033 ) Cash flows from financing activities: (Decrease) increase in bank overdrafts — (5,488 ) 1,286 — (4,202 ) Borrowings under credit facilities — 534,400 — — 534,400 Payments on credit facilities — (534,400 ) — — (534,400 ) Dividends paid — (13,363 ) — — (13,363 ) Proceeds from the issuance of common stock — 2,281 — — 2,281 Tax withholdings related to the exercise of stock appreciation rights — (6,230 ) — — (6,230 ) Repurchase of common stock — (3,303 ) — — (3,303 ) Other, net — (2,027 ) — — (2,027 ) Net cash (used in) provided by financing activities — (28,130 ) 1,286 — (26,844 ) Effect of exchange rate changes on cash — — 2,580 — 2,580 Net increase (decrease) in cash and cash equivalents — 137,210 (15,158 ) — 122,052 Cash and cash equivalents , beginning of period 22 78,543 56,635 (22 ) 135,178 Cash and cash equivalents , end of period $ 22 $ 215,753 $ 41,477 $ (22 ) $ 257,230 Condensed Consolidating Statements of Cash Flows (Unaudited) For the Twenty-Eight weeks ended July 16, 2016 (In thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ — $ 216,139 $ (7,699 ) $ — $ 208,440 Cash flows from investing activities: Purchases of property and equipment — (136,502 ) (1,418 ) — (137,920 ) Proceeds from sales of property and equipment — 1,291 2 — 1,293 Other, net — (2,430 ) — — (2,430 ) Net cash used in investing activities — (137,641 ) (1,416 ) — (139,057 ) Cash flows from financing activities: Increase in bank overdrafts — 11,376 2,280 — 13,656 Borrowings under credit facilities — 576,600 — — 576,600 Payments on credit facilities — (611,100 ) — — (611,100 ) Dividends paid — (13,291 ) — — (13,291 ) Proceeds from the issuance of common stock — 2,222 — — 2,222 Tax withholdings related to the exercise of stock appreciation rights — (12,489 ) — — (12,489 ) Repurchase of common stock — (12,179 ) — — (12,179 ) Other, net — (224 ) — — (224 ) Net cash (used in) provided by financing activities — (59,085 ) 2,280 — (56,805 ) Effect of exchange rate changes on cash — — 1,467 — 1,467 Net increase (decrease) in cash and cash equivalents — 19,413 (5,368 ) — 14,045 Cash and cash equivalents , beginning of period 8 63,458 27,324 (8 ) 90,782 Cash and cash equivalents , end of period $ 8 $ 82,871 $ 21,956 $ (8 ) $ 104,827

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 15, 2017
Inventory, Net [Abstract]
Schedule of Inventory, Current [Table Text Block]	Inventory balances were as follows: (in thousands) July 15, December 31, 2016 Inventories at FIFO $ 4,082,051 $ 4,120,030 Adjustments to state inventories at LIFO 211,316 205,838 Inventories at LIFO $ 4,293,367 $ 4,325,868

Exit Activities (Tables)

Exit Activities (Tables)	6 Months Ended
	Jul. 15, 2017
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	Total Exit Liabilities The Company's total exit liabilities include liabilities recorded in connection with the consolidation of Carquest stores and restructuring activities described above, along with liabilities associated with facility closures that have occurred as part of our normal market evaluation process. Cash payments on the closed facility lease obligations are expected to be made through 2028 and the remaining severance payments are expected to be made in 2017. A summary of the Company’s exit liabilities are presented in the following table: (in thousands) Closed Facility Lease Obligations Severance Total Balance, December 31, 2016 $ 44,265 $ 959 $ 45,224 Reserves established 3,400 7,282 10,682 Change in estimates 1,705 (156 ) 1,549 Cash payments (9,483 ) (4,331 ) (13,814 ) Balance, July 15, 2017 $ 39,887 $ 3,754 $ 43,641 Balance, January 2, 2016 $ 42,490 $ 6,255 $ 48,745 Reserves established 23,252 988 24,240 Change in estimates (3,073 ) (410 ) (3,483 ) Cash payments (18,404 ) (5,874 ) (24,278 ) Balance, December 31, 2016 $ 44,265 $ 959 $ 45,224

Receivables, net (Tables)

Receivables, net (Tables)	6 Months Ended
	Jul. 15, 2017
Receivables [Abstract]
Schedule of Accounts Receivable [Table Text Block]	Receivables consist of the following: (in thousands) July 15, December 31, 2016 Trade $ 457,513 $ 407,301 Vendor 241,822 239,770 Other 14,331 23,345 Total receivables 713,666 670,416 Less: Allowance for doubtful accounts (33,163 ) (29,164 ) Receivables, net $ 680,503 $ 641,252

Long-term Debt and Fair Value21

Long-term Debt and Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jul. 15, 2017
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Long-term debt consists of the following: (in thousands) July 15, December 31, Total long-term debt 1,044,108 1,043,255 Less: Current portion of long-term debt (included in Other current liabilities) (418 ) (306 ) Long-term debt, excluding current portion $ 1,043,690 $ 1,042,949 Fair value of long-term debt $ 1,125,000 $ 1,118,000

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jul. 15, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table illustrates the computation of basic and diluted earnings per share: Twelve Weeks Ended Twenty-Eight Weeks Ended (in thousands, except per share data) July 15, July 16, July 15, July 16, Numerator Net income $ 87,049 $ 124,600 $ 195,009 $ 283,413 Denominator Basic weighted average shares 73,848 73,576 73,810 73,476 Dilutive impact of share-based awards 245 259 283 366 Diluted weighted average shares 74,093 73,835 74,093 73,842 Basic earnings per share $ 1.18 $ 1.69 $ 2.64 $ 3.84 Diluted earnings per share $ 1.17 $ 1.68 $ 2.63 $ 3.82

Warranty Liabilities (Tables)

Warranty Liabilities (Tables)	6 Months Ended
	Jul. 15, 2017
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Liability [Table Text Block]	The following table presents changes in the Company’s warranty reserves, which are included in Accrued expenses in its condensed consolidated balance sheets. Twenty-Eight Weeks Ended Fifty-Two Weeks Ended (in thousands) July 15, December 31, 2016 Warranty reserve, beginning of period $ 47,243 $ 44,479 Additions to warranty reserves 28,011 46,903 Reserves utilized (25,071 ) (44,139 ) Warranty reserve, end of period $ 50,183 $ 47,243

Condensed Consolidating Finan24

Condensed Consolidating Financial Statements (Tables)	6 Months Ended
	Jul. 15, 2017
Condensed Consolidating Financial Statements [Abstract]
Condensed Balance Sheet [Table Text Block]	Condensed Consolidating Balance Sheets (Unaudited) As of July 15, 2017 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 22 $ 215,753 $ 41,477 $ (22 ) $ 257,230 Receivables, net — 640,204 40,299 — 680,503 Inventories — 4,090,863 202,504 — 4,293,367 Other current assets 137 94,769 456 (247 ) 95,115 Total current assets 159 5,041,589 284,736 (269 ) 5,326,215 Property and equipment, net of accumulated depreciation 114 1,421,231 9,949 — 1,431,294 Goodwill — 943,359 50,557 — 993,916 Intangible assets, net — 572,134 46,745 — 618,879 Other assets, net 4,928 66,396 712 (4,927 ) 67,109 Investment in subsidiaries 3,227,142 424,917 — (3,652,059 ) — Intercompany note receivable 1,048,572 — — (1,048,572 ) — Due from intercompany, net — — 324,631 (324,631 ) — $ 4,280,915 $ 8,469,626 $ 717,330 $ (5,030,458 ) $ 8,437,413 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ — $ 2,694,002 $ 243,094 $ — $ 2,937,096 Accrued expenses 2,600 603,599 23,136 (247 ) 629,088 Other current liabilities — 27,893 4,272 (22 ) 32,143 Total current liabilities 2,600 3,325,494 270,502 (269 ) 3,598,327 Long-term debt 1,043,690 — — — 1,043,690 Deferred income taxes — 423,933 19,777 (4,928 ) 438,782 Other long-term liabilities — 226,203 2,134 — 228,337 Intercompany note payable — 1,048,572 (1,048,572 ) — Due to intercompany, net 106,349 218,282 — (324,631 ) — Commitments and contingencies Stockholders' equity 3,128,276 3,227,142 424,917 (3,652,058 ) 3,128,277 $ 4,280,915 $ 8,469,626 $ 717,330 $ (5,030,458 ) $ 8,437,413 Condensed Consolidating Balance Sheets ( Unaudited ) As of December 31, 2016 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 22 $ 78,543 $ 56,635 $ (22 ) $ 135,178 Receivables, net — 619,229 22,023 — 641,252 Inventories — 4,126,465 199,403 — 4,325,868 Other current assets — 69,385 1,153 (72 ) 70,466 Total current assets 22 4,893,622 279,214 (94 ) 5,172,764 Property and equipment, net of accumulated depreciation 128 1,436,459 9,753 — 1,446,340 Goodwill — 943,359 47,518 — 990,877 Intangible assets, net — 595,596 45,307 — 640,903 Other assets, net 4,634 63,376 773 (4,634 ) 64,149 Investment in subsidiaries 3,008,856 375,420 — (3,384,276 ) — Intercompany note receivable 1,048,424 — — (1,048,424 ) — Due from intercompany, net — — 316,109 (316,109 ) — $ 4,062,064 $ 8,307,832 $ 698,674 $ (4,753,537 ) $ 8,315,033 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ — $ 2,813,937 $ 272,240 $ — $ 3,086,177 Accrued expenses 1,505 526,652 26,312 (72 ) 554,397 Other current liabilities — 32,508 2,986 (22 ) 35,472 Total current liabilities 1,505 3,373,097 301,538 (94 ) 3,676,046 Long-term debt 1,042,949 — — — 1,042,949 Deferred income taxes — 439,283 19,633 (4,634 ) 454,282 Other long-term liabilities — 223,481 2,083 — 225,564 Intercompany note payable — 1,048,424 — (1,048,424 ) — Due to intercompany, net 101,418 214,691 — (316,109 ) — Commitments and contingencies Stockholders' equity 2,916,192 3,008,856 375,420 (3,384,276 ) 2,916,192 $ 4,062,064 $ 8,307,832 $ 698,674 $ (4,753,537 ) $ 8,315,033
Condensed Income Statement [Table Text Block]	Condensed Consolidating Statements of Operations ( Unaudited ) For the Twelve weeks ended July 15, 2017 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,175,274 $ 138,291 $ (49,838 ) $ 2,263,727 Cost of sales, including purchasing and warehousing costs — 1,224,648 95,829 (49,838 ) 1,270,639 Gross profit — 950,626 42,462 — 993,088 Selling, general and administrative expenses 5,370 833,966 18,864 (11,823 ) 846,377 Operating (loss) income (5,370 ) 116,660 23,598 11,823 146,711 Other, net: Interest (expense) income (12,076 ) (1,863 ) 18 — (13,921 ) Other income (expense), net 17,567 (5,413 ) 2,838 (11,823 ) 3,169 Total other, net 5,491 (7,276 ) 2,856 (11,823 ) (10,752 ) Income before provision for income taxes 121 109,384 26,454 — 135,959 Provision for income taxes 128 42,850 5,932 — 48,910 (Loss) income before equity in earnings of subsidiaries (7 ) 66,534 20,522 — 87,049 Equity in earnings of subsidiaries 87,056 20,522 — (107,578 ) — Net income $ 87,049 $ 87,056 $ 20,522 $ (107,578 ) $ 87,049 Condensed Consolidating Statements of Operations ( Unaudited ) For the Twelve weeks ended July 16, 2016 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,173,812 $ 131,123 $ (48,780 ) $ 2,256,155 Cost of sales, including purchasing and warehousing costs — 1,205,526 89,152 (48,780 ) 1,245,898 Gross profit — 968,286 41,971 — 1,010,257 Selling, general and administrative expenses 3,389 780,808 22,863 (13,487 ) 793,573 Operating (loss) income (3,389 ) 187,478 19,108 13,487 216,684 Other, net: Interest (expense) income (12,072 ) (1,966 ) 17 — (14,021 ) Other income (expense), net 16,172 4,754 (1,195 ) (13,487 ) 6,244 Total other, net 4,100 2,788 (1,178 ) (13,487 ) (7,777 ) Income before provision for income taxes 711 190,266 17,930 — 208,907 Provision for income taxes 2,078 78,136 4,093 — 84,307 (Loss) income before equity in earnings of subsidiaries (1,367 ) 112,130 13,837 — 124,600 Equity in earnings of subsidiaries 125,967 13,837 — (139,804 ) — Net income $ 124,600 $ 125,967 $ 13,837 $ (139,804 ) $ 124,600 Condensed Consolidating Statements of Operations ( Unaudited ) For the Twenty-Eight weeks ended July 15, 2017 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 4,977,128 $ 310,295 $ (132,858 ) $ 5,154,565 Cost of sales, including purchasing and warehousing costs — 2,801,921 221,730 (132,858 ) 2,890,793 Gross profit — 2,175,207 88,565 — 2,263,772 Selling, general and administrative expenses 20,167 1,901,621 43,266 (27,773 ) 1,937,281 Operating (loss) income (20,167 ) 273,586 45,299 27,773 326,491 Other, net: Interest (expense) income (28,366 ) (4,023 ) 38 — (32,351 ) Other income (expense), net 49,351 (12,766 ) (830 ) (27,773 ) 7,982 Total other, net 20,985 (16,789 ) (792 ) (27,773 ) (24,369 ) Income before provision for income taxes 818 256,797 44,507 — 302,122 (Benefit) provision for income taxes (1,616 ) 100,296 8,433 — 107,113 Income before equity in earnings of subsidiaries 2,434 156,501 36,074 — 195,009 Equity in earnings of subsidiaries 192,572 36,074 — (228,646 ) — Net income $ 195,006 $ 192,575 $ 36,074 $ (228,646 ) $ 195,009 Condensed Consolidating Statements of Operations ( Unaudited ) For the Twenty-Eight weeks ended July 16, 2016 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 5,066,198 $ 320,098 $ (150,363 ) $ 5,235,933 Cost of sales, including purchasing and warehousing costs — 2,804,343 221,807 (150,363 ) 2,875,787 Gross profit — 2,261,855 98,291 — 2,360,146 Selling, general and administrative expenses 11,300 1,841,576 51,221 (31,634 ) 1,872,463 Operating (loss) income (11,300 ) 420,279 47,070 31,634 487,683 Other, net: Interest (expense) income (28,216 ) (4,788 ) 40 — (32,964 ) Other income (expense), net 39,715 (1,522 ) 2,808 (31,634 ) 9,367 Total other, net 11,499 (6,310 ) 2,848 (31,634 ) (23,597 ) Income before provision for income taxes 199 413,969 49,918 — 464,086 Provision for income taxes 647 169,412 10,614 — 180,673 (Loss) income before equity in earnings of subsidiaries (448 ) 244,557 39,304 — 283,413 Equity in earnings of subsidiaries 283,861 39,304 — (323,165 ) — Net income $ 283,413 $ 283,861 $ 39,304 $ (323,165 ) $ 283,413
Condensed Comprehensive Income [Table Text Block]	Condensed Consolidating Statements of Comprehensive Income ( Unaudited ) For the Twelve Weeks ended July 15, 2017 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 87,049 $ 87,056 $ 20,522 $ (107,578 ) $ 87,049 Other comprehensive income 13,910 13,910 13,973 (27,883 ) 13,910 Comprehensive income $ 100,959 $ 100,966 $ 34,495 $ (135,461 ) $ 100,959 Condensed Consolidating Statements of Comprehensive Income (Unaudited) For the Twelve Weeks ended July 16, 2016 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 124,600 $ 125,967 $ 13,837 $ (139,804 ) $ 124,600 Other comprehensive loss (4,605 ) (4,605 ) (4,468 ) 9,073 (4,605 ) Comprehensive income $ 119,995 $ 121,362 $ 9,369 $ (130,731 ) $ 119,995 Condensed Consolidating Statements of Comprehensive Income ( Unaudited ) For the Twenty-Eight Weeks ended July 15, 2017 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 195,006 $ 192,575 $ 36,074 $ (228,646 ) $ 195,009 Other comprehensive income 13,037 13,037 13,185 (26,222 ) 13,037 Comprehensive income $ 208,043 $ 205,612 $ 49,259 $ (254,868 ) $ 208,046 Condensed Consolidating Statements of Comprehensive Income (Unaudited) For the Twenty-Eight Weeks ended July 16, 2016 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 283,413 $ 283,861 $ 39,304 $ (323,165 ) $ 283,413 Other comprehensive income 11,638 11,638 11,957 (23,595 ) 11,638 Comprehensive income $ 295,051 $ 295,499 $ 51,261 $ (346,760 ) $ 295,051
Condensed Cash Flow Statement [Table Text Block]	Condensed Consolidating Statements of Cash Flows (Unaudited) For the Twenty-Eight weeks ended July 15, 2017 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ — $ 285,164 $ (17,815 ) $ — $ 267,349 Cash flows from investing activities: Purchases of property and equipment — (121,615 ) (749 ) — (122,364 ) Proceeds from sales of property and equipment — 1,311 — — 1,311 Other, net — 480 (460 ) — 20 Net cash used in investing activities — (119,824 ) (1,209 ) — (121,033 ) Cash flows from financing activities: (Decrease) increase in bank overdrafts — (5,488 ) 1,286 — (4,202 ) Borrowings under credit facilities — 534,400 — — 534,400 Payments on credit facilities — (534,400 ) — — (534,400 ) Dividends paid — (13,363 ) — — (13,363 ) Proceeds from the issuance of common stock — 2,281 — — 2,281 Tax withholdings related to the exercise of stock appreciation rights — (6,230 ) — — (6,230 ) Repurchase of common stock — (3,303 ) — — (3,303 ) Other, net — (2,027 ) — — (2,027 ) Net cash (used in) provided by financing activities — (28,130 ) 1,286 — (26,844 ) Effect of exchange rate changes on cash — — 2,580 — 2,580 Net increase (decrease) in cash and cash equivalents — 137,210 (15,158 ) — 122,052 Cash and cash equivalents , beginning of period 22 78,543 56,635 (22 ) 135,178 Cash and cash equivalents , end of period $ 22 $ 215,753 $ 41,477 $ (22 ) $ 257,230 Condensed Consolidating Statements of Cash Flows (Unaudited) For the Twenty-Eight weeks ended July 16, 2016 (In thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ — $ 216,139 $ (7,699 ) $ — $ 208,440 Cash flows from investing activities: Purchases of property and equipment — (136,502 ) (1,418 ) — (137,920 ) Proceeds from sales of property and equipment — 1,291 2 — 1,293 Other, net — (2,430 ) — — (2,430 ) Net cash used in investing activities — (137,641 ) (1,416 ) — (139,057 ) Cash flows from financing activities: Increase in bank overdrafts — 11,376 2,280 — 13,656 Borrowings under credit facilities — 576,600 — — 576,600 Payments on credit facilities — (611,100 ) — — (611,100 ) Dividends paid — (13,291 ) — — (13,291 ) Proceeds from the issuance of common stock — 2,222 — — 2,222 Tax withholdings related to the exercise of stock appreciation rights — (12,489 ) — — (12,489 ) Repurchase of common stock — (12,179 ) — — (12,179 ) Other, net — (224 ) — — (224 ) Net cash (used in) provided by financing activities — (59,085 ) 2,280 — (56,805 ) Effect of exchange rate changes on cash — — 1,467 — 1,467 Net increase (decrease) in cash and cash equivalents — 19,413 (5,368 ) — 14,045 Cash and cash equivalents , beginning of period 8 63,458 27,324 (8 ) 90,782 Cash and cash equivalents , end of period $ 8 $ 82,871 $ 21,956 $ (8 ) $ 104,827

Description of Business and B25

Description of Business and Basis of Presentation (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 15, 2017USD ($)	Jul. 15, 2017USD ($)	Jul. 16, 2016USD ($)
Basis of Presentation [Line Items]
Cumulative Effect on Retained Earnings, Net of Tax		$ 490
Excess Tax Benefit from Share-based Compensation	$ 372	$ 4,500	$ 15,500
Stores [Member]
Basis of Presentation [Line Items]
Number of Stores	5,073	5,073
Branches [Member]
Basis of Presentation [Line Items]
Number of Stores	131	131
Independently-owned Carquest store locations [Member]
Basis of Presentation [Line Items]
Number of Stores	1,250	1,250

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 15, 2017	Jul. 16, 2016	Dec. 31, 2016
Inventory [Line Items]
Percentage of LIFO Inventory	88.00%		89.00%
Inventory, LIFO Reserve, Effect on Income, Net	$ 5,500	$ 42,700
Inventories at FIFO	4,082,051		$ 4,120,030
Adjustments to state inventories at LIFO	211,316		205,838
Inventories at LIFO	$ 4,293,367		$ 4,325,868

Exit Activities (Details)

Exit Activities (Details) $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jul. 16, 2016USD ($)	Jul. 15, 2017USD ($)	Jul. 16, 2016USD ($)	Dec. 31, 2016USD ($)
Restructuring Reserve [Roll Forward]
Restructuring Reserve, beginning of period		$ 45,224	$ 48,745	$ 48,745
Change in estimates		1,549		(3,483)
Cash payments		(13,814)		(24,278)
Restructuring Reserve, end of period		43,641		45,224
Restructuring Charges		$ 10,682		24,240
Carquest consolidations completed to date [Member]
Restructuring Cost and Reserve [Line Items]
Number of Stores		342
Carquest consolidations completed during the current year [Member]
Restructuring Cost and Reserve [Line Items]
Number of Stores		9
Carquest conversions completed to date [Member]
Restructuring Cost and Reserve [Line Items]
Number of Stores		377
Carquest consolidations completed during the current quarter [Member]
Restructuring Cost and Reserve [Line Items]
Number of Stores		3
Carquest conversions completed this fiscal quarter [Member]
Restructuring Cost and Reserve [Line Items]
Number of Stores		57
Carquest conversions completed this fiscal year [Member]
Restructuring Cost and Reserve [Line Items]
Number of Stores		95
GPI stores remaining to be consolidated [Member]
Restructuring Cost and Reserve [Line Items]
Number of Stores		506
Closed Facility Lease Obligations [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve, beginning of period		$ 44,265	42,490	42,490
Change in estimates		1,705		(3,073)
Cash payments		(9,483)		(18,404)
Restructuring Reserve, end of period		39,887		44,265
Restructuring Charges		3,400		23,252
Closed Facility Lease Obligations [Member] | Carquest consolidations completed during the current year [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 3,200	1,100	15,400
Severance [Member]
Restructuring Reserve [Roll Forward]
Restructuring Reserve, beginning of period		959	$ 6,255	6,255
Change in estimates		(156)		(410)
Cash payments		(4,331)		(5,874)
Restructuring Reserve, end of period		3,754		959
Restructuring Charges		7,282		$ 988
Severance [Member] | Field and support center restructuring [Member]
Restructuring Reserve [Roll Forward]
Restructuring Charges		$ 7,200

Intangible Asset (Details)

Intangible Asset (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 15, 2017	Jul. 16, 2016	Jul. 15, 2017	Jul. 16, 2016
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization Expense	$ 11	$ 10.8	$ 25.6	$ 25.8

Receivables, net (Details)

Receivables, net (Details) - USD ($) $ in Thousands	Jul. 15, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 713,666	$ 670,416
Less: Allowance for doubtful accounts	(33,163)	(29,164)
Receivables, net	680,503	641,252
Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	457,513	407,301
Accounts Receivable, Vendor [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	241,822	239,770
Accounts Receivable, Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 14,331	$ 23,345

Long-term Debt and Fair Value30

Long-term Debt and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jan. 31, 2017	Jul. 15, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total long-term debt		$ 1,044,108	$ 1,043,255
Less: Current portion of long-term debt (included in Other current liabilities)		(418)	(306)
Long-term debt, excluding current portion		1,043,690	1,042,949
Letters of Credit Outstanding, Amount		100,700
Line of Credit Facility, Remaining Borrowing Capacity		591,100
Line of Credit Facility, Commitment Fee Percentage	0.15%
Guarantor Obligations, Maximum Exposure		25,000
Guarantor Obligation, Collateral Amount		67,300
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000,000
line of credit facility increase increment limit	$ 250,000
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.10%
Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.10%
Revolving Credit Facility [Member] | letters of credit sublimit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 200,000
Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Fair value of long-term debt		$ 1,125,000	$ 1,118,000

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 15, 2017	Jul. 16, 2016	Jul. 15, 2017	Jul. 16, 2016
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 87,049	$ 124,600	$ 195,009	$ 283,413
Basic weighted average shares	73,848	73,576	73,810	73,476
Dilutive impact of share-based awards	245	259	283	366
Diluted weighted average shares	74,093	73,835	74,093	73,842
Basic earnings per share	$ 1.18	$ 1.69	$ 2.64	$ 3.84
Diluted earnings per share	$ 1.17	$ 1.68	$ 2.63	$ 3.82
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	168	29	123	28

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 15, 2017	Jul. 15, 2017	Jul. 16, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 7,600	$ 19,938	$ 9,142
Share-based Compensation, Tax Benefit from Compensation Expense	2,800	7,500
Share-based Compensation, Cost Not yet Recognized	$ 51,600	$ 51,600
Share-based Compensation, Cost Not yet Recognized, Period for Recognition		1 year 8 months 1 day
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in Period		47
Weighted Average Grant Date Fair Value		$ 155.58
Market Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in Period		23
Weighted Average Grant Date Fair Value		$ 147.75
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in Period		170
Weighted Average Grant Date Fair Value		$ 156.07

Warranty Liabilities (Details)

Warranty Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 15, 2017	Dec. 31, 2016
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of period	$ 47,243	$ 44,479
Additions to warranty reserves	28,011	46,903
Reserves utilized	(25,071)	(44,139)
Warranty reserve, end of period	$ 50,183	$ 47,243

Condensed Consolidating Balance

Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Jul. 15, 2017	Dec. 31, 2016	Jul. 16, 2016	Jan. 02, 2016
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 257,230	$ 135,178	$ 104,827	$ 90,782
Receivables, net	680,503	641,252
Inventories	4,293,367	4,325,868
Other current assets	95,115	70,466
Total current assets	5,326,215	5,172,764
Property and equipment, net of accumulated depreciation	1,431,294	1,446,340
Goodwill	993,916	990,877
Intangible assets, net	618,879	640,903
Other assets, net	67,109	64,149
Investment in subsidiaries	0	0
Intercompany note receivable	0	0
Due from intercompany, net	0	0
Assets, Total	8,437,413	8,315,033
Accounts payable	2,937,096	3,086,177
Accrued expenses	629,088	554,397
Other current liabilities	32,143	35,472
Total current liabilities	3,598,327	3,676,046
Long-term debt	1,043,690	1,042,949
Deferred income taxes	438,782	454,282
Other long-term liabilities	228,337	225,564
Intercompany note payable	0	0
Due to intercompany, net	0	0
Commitments and contingencies
Total stockholders' equity	3,128,277	2,916,192
Liabilities and Stockholders' Equity, Total	8,437,413	8,315,033
Parent Company [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	22	22	8	8
Receivables, net	0	0
Inventories	0	0
Other current assets	137	0
Total current assets	159	22
Property and equipment, net of accumulated depreciation	114	128
Goodwill	0	0
Intangible assets, net	0	0
Other assets, net	4,928	4,634
Investment in subsidiaries	3,227,142	3,008,856
Intercompany note receivable	1,048,572	1,048,424
Due from intercompany, net	0	0
Assets, Total	4,280,915	4,062,064
Accounts payable	0	0
Accrued expenses	2,600	1,505
Other current liabilities	0	0
Total current liabilities	2,600	1,505
Long-term debt	1,043,690	1,042,949
Deferred income taxes	0	0
Other long-term liabilities	0	0
Intercompany note payable	0	0
Due to intercompany, net	106,349	101,418
Commitments and contingencies
Total stockholders' equity	3,128,276	2,916,192
Liabilities and Stockholders' Equity, Total	4,280,915	4,062,064
Guarantor Subsidiaries [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	215,753	78,543	82,871	63,458
Receivables, net	640,204	619,229
Inventories	4,090,863	4,126,465
Other current assets	94,769	69,385
Total current assets	5,041,589	4,893,622
Property and equipment, net of accumulated depreciation	1,421,231	1,436,459
Goodwill	943,359	943,359
Intangible assets, net	572,134	595,596
Other assets, net	66,396	63,376
Investment in subsidiaries	424,917	375,420
Intercompany note receivable	0	0
Due from intercompany, net	0	0
Assets, Total	8,469,626	8,307,832
Accounts payable	2,694,002	2,813,937
Accrued expenses	603,599	526,652
Other current liabilities	27,893	32,508
Total current liabilities	3,325,494	3,373,097
Long-term debt	0	0
Deferred income taxes	423,933	439,283
Other long-term liabilities	226,203	223,481
Intercompany note payable	1,048,572	1,048,424
Due to intercompany, net	218,282	214,691
Commitments and contingencies
Total stockholders' equity	3,227,142	3,008,856
Liabilities and Stockholders' Equity, Total	8,469,626	8,307,832
Non-Guarantor Subsidiaries [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	41,477	56,635	21,956	27,324
Receivables, net	40,299	22,023
Inventories	202,504	199,403
Other current assets	456	1,153
Total current assets	284,736	279,214
Property and equipment, net of accumulated depreciation	9,949	9,753
Goodwill	50,557	47,518
Intangible assets, net	46,745	45,307
Other assets, net	712	773
Investment in subsidiaries	0	0
Intercompany note receivable	0	0
Due from intercompany, net	324,631	316,109
Assets, Total	717,330	698,674
Accounts payable	243,094	272,240
Accrued expenses	23,136	26,312
Other current liabilities	4,272	2,986
Total current liabilities	270,502	301,538
Long-term debt	0	0
Deferred income taxes	19,777	19,633
Other long-term liabilities	2,134	2,083
Intercompany note payable		0
Due to intercompany, net	0	0
Commitments and contingencies
Total stockholders' equity	424,917	375,420
Liabilities and Stockholders' Equity, Total	717,330	698,674
Consolidation, Eliminations [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	(22)	(22)	$ (8)	$ (8)
Receivables, net	0	0
Inventories	0	0
Other current assets	(247)	(72)
Total current assets	(269)	(94)
Property and equipment, net of accumulated depreciation	0	0
Goodwill	0	0
Intangible assets, net	0	0
Other assets, net	(4,927)	(4,634)
Investment in subsidiaries	(3,652,059)	(3,384,276)
Intercompany note receivable	(1,048,572)	(1,048,424)
Due from intercompany, net	(324,631)	(316,109)
Assets, Total	(5,030,458)	(4,753,537)
Accounts payable	0	0
Accrued expenses	(247)	(72)
Other current liabilities	(22)	(22)
Total current liabilities	(269)	(94)
Long-term debt	0	0
Deferred income taxes	(4,928)	(4,634)
Other long-term liabilities	0	0
Intercompany note payable	(1,048,572)	(1,048,424)
Due to intercompany, net	(324,631)	(316,109)
Commitments and contingencies
Total stockholders' equity	(3,652,058)	(3,384,276)
Liabilities and Stockholders' Equity, Total	$ (5,030,458)	$ (4,753,537)

Condensed Consolidated Income S

Condensed Consolidated Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 15, 2017	Jul. 16, 2016	Jul. 15, 2017	Jul. 16, 2016
Condensed Income Statements, Captions [Line Items]
Net sales	$ 2,263,727	$ 2,256,155	$ 5,154,565	$ 5,235,933
Cost of sales, including purchasing and warehousing costs	1,270,639	1,245,898	2,890,793	2,875,787
Gross profit	993,088	1,010,257	2,263,772	2,360,146
Selling, general and administrative expenses	846,377	793,573	1,937,281	1,872,463
Operating income (loss)	146,711	216,684	326,491	487,683
Interest (expense) income	(13,921)	(14,021)	(32,351)	(32,964)
Other income (expense), net	3,169	6,244	7,982	9,367
Total other, net	(10,752)	(7,777)	(24,369)	(23,597)
Income before provision for income taxes	135,959	208,907	302,122	464,086
Provision for income taxes	48,910	84,307	107,113	180,673
Income (loss) before equity in earnings of subsidiaries	87,049	124,600	195,009	283,413
Equity in earnings of subsidiaries	0	0	0	0
Net income	87,049	124,600	195,009	283,413
Parent Company [Member]
Condensed Income Statements, Captions [Line Items]
Net sales	0	0	0	0
Cost of sales, including purchasing and warehousing costs	0	0	0	0
Gross profit	0	0	0	0
Selling, general and administrative expenses	5,370	3,389	20,167	11,300
Operating income (loss)	(5,370)	(3,389)	(20,167)	(11,300)
Interest (expense) income	(12,076)	(12,072)	(28,366)	(28,216)
Other income (expense), net	17,567	16,172	49,351	39,715
Total other, net	5,491	4,100	20,985	11,499
Income before provision for income taxes	121	711	818	199
Provision for income taxes	128	2,078	(1,616)	647
Income (loss) before equity in earnings of subsidiaries	(7)	(1,367)	2,434	(448)
Equity in earnings of subsidiaries	87,056	125,967	192,572	283,861
Net income	87,049	124,600	195,006	283,413
Guarantor Subsidiaries [Member]
Condensed Income Statements, Captions [Line Items]
Net sales	2,175,274	2,173,812	4,977,128	5,066,198
Cost of sales, including purchasing and warehousing costs	1,224,648	1,205,526	2,801,921	2,804,343
Gross profit	950,626	968,286	2,175,207	2,261,855
Selling, general and administrative expenses	833,966	780,808	1,901,621	1,841,576
Operating income (loss)	116,660	187,478	273,586	420,279
Interest (expense) income	(1,863)	(1,966)	(4,023)	(4,788)
Other income (expense), net	(5,413)	4,754	(12,766)	(1,522)
Total other, net	(7,276)	2,788	(16,789)	(6,310)
Income before provision for income taxes	109,384	190,266	256,797	413,969
Provision for income taxes	42,850	78,136	100,296	169,412
Income (loss) before equity in earnings of subsidiaries	66,534	112,130	156,501	244,557
Equity in earnings of subsidiaries	20,522	13,837	36,074	39,304
Net income	87,056	125,967	192,575	283,861
Non-Guarantor Subsidiaries [Member]
Condensed Income Statements, Captions [Line Items]
Net sales	138,291	131,123	310,295	320,098
Cost of sales, including purchasing and warehousing costs	95,829	89,152	221,730	221,807
Gross profit	42,462	41,971	88,565	98,291
Selling, general and administrative expenses	18,864	22,863	43,266	51,221
Operating income (loss)	23,598	19,108	45,299	47,070
Interest (expense) income	18	17	38	40
Other income (expense), net	2,838	(1,195)	(830)	2,808
Total other, net	2,856	(1,178)	(792)	2,848
Income before provision for income taxes	26,454	17,930	44,507	49,918
Provision for income taxes	5,932	4,093	8,433	10,614
Income (loss) before equity in earnings of subsidiaries	20,522	13,837	36,074	39,304
Equity in earnings of subsidiaries	0	0	0	0
Net income	20,522	13,837	36,074	39,304
Consolidation, Eliminations [Member]
Condensed Income Statements, Captions [Line Items]
Net sales	(49,838)	(48,780)	(132,858)	(150,363)
Cost of sales, including purchasing and warehousing costs	(49,838)	(48,780)	(132,858)	(150,363)
Gross profit	0	0	0	0
Selling, general and administrative expenses	(11,823)	(13,487)	(27,773)	(31,634)
Operating income (loss)	11,823	13,487	27,773	31,634
Interest (expense) income	0	0	0	0
Other income (expense), net	(11,823)	(13,487)	(27,773)	(31,634)
Total other, net	(11,823)	(13,487)	(27,773)	(31,634)
Income before provision for income taxes	0	0	0	0
Provision for income taxes	0	0	0	0
Income (loss) before equity in earnings of subsidiaries	0	0	0	0
Equity in earnings of subsidiaries	(107,578)	(139,804)	(228,646)	(323,165)
Net income	$ (107,578)	$ (139,804)	$ (228,646)	$ (323,165)

Condensed Consolidating Compreh

Condensed Consolidating Comprehensive Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 15, 2017	Jul. 16, 2016	Jul. 15, 2017	Jul. 16, 2016
Condensed Consolidating Comprehensive Income Statement [Line Items]
Net income	$ 87,049	$ 124,600	$ 195,009	$ 283,413
Changes in net unrecognized other postretirement benefit costs, net of tax	(63)	(137)	(148)	(319)
Currency translation adjustments	13,973	(4,468)	13,185	11,957
Total other comprehensive income (loss)	13,910	(4,605)	13,037	11,638
Comprehensive income	100,959	119,995	208,046	295,051
Parent Company [Member]
Condensed Consolidating Comprehensive Income Statement [Line Items]
Net income	87,049	124,600	195,006	283,413
Total other comprehensive income (loss)	13,910	(4,605)	13,037	11,638
Comprehensive income	100,959	119,995	208,043	295,051
Guarantor Subsidiaries [Member]
Condensed Consolidating Comprehensive Income Statement [Line Items]
Net income	87,056	125,967	192,575	283,861
Total other comprehensive income (loss)	13,910	(4,605)	13,037	11,638
Comprehensive income	100,966	121,362	205,612	295,499
Non-Guarantor Subsidiaries [Member]
Condensed Consolidating Comprehensive Income Statement [Line Items]
Net income	20,522	13,837	36,074	39,304
Total other comprehensive income (loss)	13,973	(4,468)	13,185	11,957
Comprehensive income	34,495	9,369	49,259	51,261
Consolidation, Eliminations [Member]
Condensed Consolidating Comprehensive Income Statement [Line Items]
Net income	(107,578)	(139,804)	(228,646)	(323,165)
Total other comprehensive income (loss)	(27,883)	9,073	(26,222)	(23,595)
Comprehensive income	$ (135,461)	$ (130,731)	$ (254,868)	$ (346,760)

Condensed Consolidating Stateme

Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 15, 2017	Jul. 16, 2016
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 267,349	$ 208,440
Purchases of property and equipment	(122,364)	(137,920)
Proceeds from sales of property and equipment	1,311	1,293
Payments for (Proceeds from) Other Investing Activities	20	(2,430)
Net cash used in investing activities	(121,033)	(139,057)
(Decrease) increase in bank overdrafts	(4,202)	13,656
Borrowings under credit facilities	534,400	576,600
Payments on credit facilities	(534,400)	(611,100)
Dividends paid	(13,363)	(13,291)
Proceeds from the issuance of common stock	2,281	2,222
Tax withholdings related to the exercise of stock appreciation rights	(6,230)	(12,489)
Repurchase of common stock	(3,303)	(12,179)
Other	(2,027)	(224)
Net cash (used in) provided by financing activities	(26,844)	(56,805)
Effect of exchange rate changes on cash	2,580	1,467
Net increase (decrease) in cash and cash equivalents	122,052	14,045
Cash and cash equivalents, beginning of period	135,178	90,782
Cash and cash equivalents, end of period	257,230	104,827
Parent Company [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	0	0
Purchases of property and equipment	0	0
Proceeds from sales of property and equipment	0	0
Payments for (Proceeds from) Other Investing Activities	0	0
Net cash used in investing activities	0	0
(Decrease) increase in bank overdrafts	0	0
Borrowings under credit facilities	0	0
Payments on credit facilities	0	0
Dividends paid	0	0
Proceeds from the issuance of common stock	0	0
Tax withholdings related to the exercise of stock appreciation rights	0	0
Repurchase of common stock	0	0
Other	0	0
Net cash (used in) provided by financing activities	0	0
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	22	8
Cash and cash equivalents, end of period	22	8
Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	285,164	216,139
Purchases of property and equipment	(121,615)	(136,502)
Proceeds from sales of property and equipment	1,311	1,291
Payments for (Proceeds from) Other Investing Activities	480	(2,430)
Net cash used in investing activities	(119,824)	(137,641)
(Decrease) increase in bank overdrafts	(5,488)	11,376
Borrowings under credit facilities	534,400	576,600
Payments on credit facilities	(534,400)	(611,100)
Dividends paid	(13,363)	(13,291)
Proceeds from the issuance of common stock	2,281	2,222
Tax withholdings related to the exercise of stock appreciation rights	(6,230)	(12,489)
Repurchase of common stock	(3,303)	(12,179)
Other	(2,027)	(224)
Net cash (used in) provided by financing activities	(28,130)	(59,085)
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	137,210	19,413
Cash and cash equivalents, beginning of period	78,543	63,458
Cash and cash equivalents, end of period	215,753	82,871
Non-Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(17,815)	(7,699)
Purchases of property and equipment	(749)	(1,418)
Proceeds from sales of property and equipment	0	2
Payments for (Proceeds from) Other Investing Activities	(460)	0
Net cash used in investing activities	(1,209)	(1,416)
(Decrease) increase in bank overdrafts	1,286	2,280
Borrowings under credit facilities	0	0
Payments on credit facilities	0	0
Dividends paid	0	0
Proceeds from the issuance of common stock	0	0
Tax withholdings related to the exercise of stock appreciation rights	0	0
Repurchase of common stock	0	0
Other	0	0
Net cash (used in) provided by financing activities	1,286	2,280
Effect of exchange rate changes on cash	2,580	1,467
Net increase (decrease) in cash and cash equivalents	(15,158)	(5,368)
Cash and cash equivalents, beginning of period	56,635	27,324
Cash and cash equivalents, end of period	41,477	21,956
Consolidation, Eliminations [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	0	0
Purchases of property and equipment	0	0
Proceeds from sales of property and equipment	0	0
Payments for (Proceeds from) Other Investing Activities	0	0
Net cash used in investing activities	0	0
(Decrease) increase in bank overdrafts	0	0
Borrowings under credit facilities	0	0
Payments on credit facilities	0	0
Dividends paid	0	0
Proceeds from the issuance of common stock	0	0
Tax withholdings related to the exercise of stock appreciation rights	0	0
Repurchase of common stock	0	0
Other	0	0
Net cash (used in) provided by financing activities	0	0
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	(22)	(8)
Cash and cash equivalents, end of period	$ (22)	$ (8)