Document and Entity Information
| Document and Entity Information Document Document - shares | 4 Months Ended | |
| Apr. 21, 2018 | May 18, 2018 | |
| Document Information [Line Items] | ||
| Entity Registrant Name | Advance Auto Parts Inc | |
| Entity Central Index Key | 1,158,449 | |
| Current Fiscal Year End Date | --12-29 | |
| Entity Filer Category | Large Accelerated Filer | |
| Document Type | 10-Q | |
| Document Period End Date | Apr. 21, 2018 | |
| Document Fiscal Year Focus | 2,018 | |
| Document Fiscal Period Focus | Q1 | |
| Amendment Flag | false | |
| Entity Common Stock, Shares Outstanding | 74,031,311 |
CONDENSED CONSOLIDATED BALANCE
| CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 21, 2018 | Dec. 30, 2017 |
| Current assets: | ||
| Cash and cash equivalents | $ 639,143 | $ 546,937 |
| Receivables, net | 620,378 | 606,357 |
| Inventories | 4,230,473 | 4,168,492 |
| Other current assets | 127,522 | 105,106 |
| Total current assets | 5,617,516 | 5,426,892 |
| Property and equipment, net of accumulated depreciation of $1,836,151 and $1,783,383 | 1,358,397 | 1,394,138 |
| Goodwill | 993,461 | 994,293 |
| Intangible assets, net | 583,346 | 597,674 |
| Other assets | 62,233 | 69,304 |
| Assets, Total | 8,614,953 | 8,482,301 |
| Current liabilities: | ||
| Accounts payable | 2,890,317 | 2,894,582 |
| Accrued expenses | 543,343 | 533,548 |
| Other current liabilities | 46,479 | 51,967 |
| Total current liabilities | 3,480,139 | 3,480,097 |
| Long-term debt | 1,044,755 | 1,044,327 |
| Deferred income taxes | 310,686 | 303,620 |
| Other long-term liabilities | 232,752 | 239,061 |
| 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 | 672,913 | 664,646 |
| Treasury stock, at cost | (149,824) | (144,600) |
| Accumulated other comprehensive loss | (28,812) | (24,954) |
| Retained earnings | 3,052,336 | 2,920,096 |
| Total stockholders’ equity | 3,546,621 | 3,415,196 |
| Liabilities and Stockholders' Equity, Total | $ 8,614,953 | $ 8,482,301 |
CONDENSED CONSOLIDATED BALANCE3
| CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Apr. 21, 2018 | Dec. 30, 2017 |
| Statement of Financial Position [Abstract] | ||
| Accumulated Depreciation, Property and Equipment | $ 1,836,151 | $ 1,783,383 |
| Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
| Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
CONDENSED CONSOLIDATED STATEMEN
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 4 Months Ended | |
| Apr. 21, 2018 | Apr. 22, 2017 | |
| Net sales | $ 2,873,848 | $ 2,890,838 |
| Cost of sales, including purchasing and warehousing costs | 1,601,564 | 1,620,154 |
| Gross profit | 1,272,284 | 1,270,684 |
| Selling, general and administrative expenses | 1,074,043 | 1,090,904 |
| Operating income | 198,241 | 179,780 |
| Other, net: | ||
| Interest expense | (17,682) | (18,430) |
| Other income, net | 458 | 4,813 |
| Total other, net | (17,224) | (13,617) |
| Income before provision for income taxes | 181,017 | 166,163 |
| Provision for income taxes | 44,290 | 58,203 |
| Net income | $ 136,727 | $ 107,960 |
| Basic earnings per common share | $ 1.85 | $ 1.46 |
| Weighted average common shares outstanding | 73,979 | 73,782 |
| Diluted earnings per common share | $ 1.84 | $ 1.46 |
| Weighted average common shares outstanding | 74,205 | 74,093 |
| Dividends declared per common share | $ 0.06 | $ 0.06 |
CONDENSED CONSOLIDATED STATEME5
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 4 Months Ended | |
| Apr. 21, 2018 | Apr. 22, 2017 | |
| Condensed Consolidated Statements of Comprehensive Income [Abstract] | ||
| Net income | $ 136,727 | $ 107,960 |
| Other comprehensive income (loss): | ||
| Changes in net unrecognized other postretirement benefit costs, net of tax of $32 and $55 | (91) | (85) |
| Currency translation adjustments | (3,767) | (788) |
| Total other comprehensive loss | (3,858) | (873) |
| Comprehensive income | $ 132,869 | $ 107,087 |
CONDENSED CONSOLIDATED STATEME6
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 4 Months Ended | |
| Apr. 21, 2018 | Apr. 22, 2017 | |
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) [Abstract] | ||
| Changes in net unrecognized postretirement benefit costs, Tax | $ 32 | $ 55 |
CONDENSED CONSOLIDATED STATEME7
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 4 Months Ended | |
| Apr. 21, 2018 | Apr. 22, 2017 | |
| Cash flows from operating activities: | ||
| Net income | $ 136,727 | $ 107,960 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 71,692 | 77,430 |
| Share-based compensation | 7,642 | 12,374 |
| Loss on disposal and impairment of property and equipment | 3,208 | 275 |
| Provision (benefit) for deferred income taxes | 7,340 | (7,704) |
| Other | 672 | 1,699 |
| Net change in: | ||
| Receivables, net | (14,012) | (42,207) |
| Inventories | (64,369) | (89,384) |
| Accounts payable | (2,948) | (36,710) |
| Accrued expenses | 20,765 | 20,293 |
| Other assets and liabilities, net | (12,747) | (8,945) |
| Net cash provided by operating activities | 153,970 | 35,081 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (34,474) | (65,279) |
| Proceeds from sales of property and equipment | 530 | 947 |
| Other, net | 0 | 193 |
| Net cash used in investing activities | (33,944) | (64,139) |
| Cash flows from financing activities: | ||
| (Decrease) increase in bank overdrafts | (12,101) | 8,490 |
| Borrowings under credit facilities | 0 | 483,500 |
| Payments on credit facilities | 0 | (453,500) |
| Dividends paid | (8,930) | (8,902) |
| Proceeds from the issuance of common stock | 754 | 1,036 |
| Tax withholdings related to the exercise of stock appreciation rights | (93) | (5,707) |
| Repurchase of common stock | (5,223) | (3,121) |
| Other, net | (1,164) | (1,924) |
| Net cash (used in) provided by financing activities | (26,757) | 19,872 |
| Effect of exchange rate changes on cash | (1,063) | 95 |
| Net increase (decrease) in cash and cash equivalents | 92,206 | (9,091) |
| Cash and cash equivalents, beginning of period | 546,937 | 135,178 |
| Cash and cash equivalents, end of period | 639,143 | 126,087 |
| Non-cash transactions: | ||
| Accrued purchases of property and equipment | $ 8,591 | $ 14,524 |
Nature of Operations and Basis
| Nature of Operations and Basis of Presentation | 4 Months Ended |
| Apr. 21, 2018 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Description of Business and Basis of Presentation | Nature of Operations and 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 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 April 21, 2018 , we operated a total of 5,044 stores and 131 distribution branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. In addition, as of April 21, 2018 , we served 1,225 independently owned Carquest branded stores (“independent stores”) across the same geographic locations served by our 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. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), have been condensed or omitted based upon the Securities and Exchange Commission (“SEC”) interim reporting guidance. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for 2017 as filed with the SEC on February 21, 2018 . The results of operations for the interim periods are not necessarily indicative of the operating results to be expected for the full year. Our first quarter of the year contains sixteen weeks. Our remaining three quarters consist of twelve weeks. |
Significant Accounting Policies
| Significant Accounting Policies | 4 Months Ended |
| Apr. 21, 2018 | |
| Accounting Policies [Abstract] | |
| Significant Accounting Policies [Text Block] | Significant Accounting Policies: Revenues Revenue for periods through December 30, 2017 was reported under Accounting Standards Codification (“ASC”) 605, Revenue Recognition, as described in our accounting policies in our 2017 Form 10-K. Effective December 31, 2017, the Company adopted ASC 606, Revenue From Contracts With Customers (“Topic 606”). The results of applying Topic 606 using the modified retrospective approach were insignificant and did not have a material impact on our consolidated financial condition, results of operations, cash flows, business process, controls or systems. We expect the impact of the adoption of the new standard to be immaterial to our net income on an ongoing basis. In accordance with Topic 606 revenue is recognized at the time the sale is made, at which time our walk-in customers take immediate possession of the merchandise or same-day delivery is made to our Professional delivery customers, which include certain independently-owned store locations. Payment terms are established for our Professional delivery customers based on the Company’s pre-established credit requirements. Payment terms vary depending on the customer and generally range from 1 to 30 days. Based on the nature of receivables no significant financing components exist. For e-commerce sales, revenue is recognized either at the time of pick-up at one of our store locations or at the time of shipment depending on the customer's order designation. Sales are recorded net of discounts, sales incentives and rebates, sales taxes and estimated returns and allowances. We estimate the reduction to sales and cost of sales for returns based on current sales levels and our historical return experience. We provide assurance type warranty coverage primarily on batteries, brakes and shocks whereby we are required to provide replacement product at no cost or a reduced cost. Topic 606 defines a performance obligation as a promise in a contract to transfer a distinct good or service to the customer and is considered the unit of account. The majority of our contracts have one single performance obligation as the promise to transfer the individual goods is not separately identifiable from other promises in the contracts and is, therefore, not distinct. Discounts and incentives are treated as separate performance obligations. We allocate the contract’s transaction price to each of these performance obligations separately using explicitly stated amounts or our best estimate using historical data. Additionally, we estimate and record gift card breakage as redemptions occur. We had no material contract assets, contract liabilities or costs to obtain and fulfill contracts recorded on the Condensed Consolidated Balance Sheet as of April 21, 2018 . For the sixteen weeks ended April 21, 2018 , revenue recognized from performance obligations related to prior periods (for example, due to changes in transaction price), was insignificant. Revenue expected to be recognized in any future periods related to remaining performance obligations is insignificant. The following table summarizes disaggregated revenue from contracts with customers by product group: Sixteen Weeks Ended April 21, 2018 April 22, 2017 Percentage of Sales, by Product Group Parts and Batteries 65 % 66 % Accessories and Chemicals 20 19 Engine Maintenance 14 14 Other 1 1 Total 100 % 100 % Recently Issued Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“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 most leases, including those leases previously classified as operating leases under current GAAP. Topic 842 retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous leases guidance. The ASU is effective for annual periods beginning after December 15, 2018, including interim periods within those years; earlier adoption is permitted. The FASB issued and approved an exposure draft to amend Topic 842 to provide entities with an additional transition method with which to adopt Topic 842. The approved transition method enables entities to apply the transition requirements in Topic 842 at the effective date of that Topic (rather than at the beginning of the earliest comparative period presented as currently required) with the effects of initially applying Topic 842 recognized as a cumulative-effect adjustment to retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the year of adoption would continue to be in accordance with Topic 840, including the disclosure requirements of that Topic. Practical expedients are available for election as a package and if applied consistently to all leases. We have selected our leasing software solution and are in the process of identifying changes to our business processes, systems and controls to support adoption of the new standard in 2019. We are evaluating the impact that the new standard will have on the condensed consolidated financial statements. While we are unable to quantify the impact at this time, we expect the adoption of the new standard to result in a material increase in the assets and liabilities in the condensed consolidated financial statements. At this time, we do not expect adoption of ASU 2016-02 to have a material impact on our condensed consolidated statements of operations as the majority of our leases will remain operating in nature. As such, the expense recognition will be similar to previously required straight-line expense treatment. In March 2018, the FASB issued ASU No. 2018-05, “Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118”, ("ASU 2018-05"). ASU 2018-05 provides guidance on accounting for the tax effects of the U.S. Tax Cuts and Jobs Act (the “Act”) pursuant to the Staff Accounting Bulletin No. 118, which allows companies to complete the accounting under ASC 740 within a one-year measurement period from the Tax Act enactment date, which occurred in the financial statements for the year ended December 30, 2017. Until the completion of our 2017 U.S. income tax return in the third quarter of 2018, we may identify additional remeasurement adjustments to amounts previously recorded for the nonrecurring repatriation tax on accumulated earnings of foreign subsidiaries and remeasurement of the net deferred tax liability. We will continue to assess our provision for income taxes as future guidance is issued. |
Inventories
| Inventories | 4 Months Ended |
| Apr. 21, 2018 | |
| Inventory, Net [Abstract] | |
| Inventories | Inventories Inventories are stated at the lower of cost or market. We used the last in, first out (“LIFO”) method of accounting for approximately 88% of inventories at April 21, 2018 and December 30, 2017 . Under the LIFO method, our cost of sales reflects the costs of the most recently purchased inventories, while the inventory carrying balance represents the costs for inventories purchased in the sixteen weeks ended April 21, 2018 and prior years. We recorded a reduction to cost of sales of $20.0 million and $18.0 million for the sixteen weeks ended April 21, 2018 and April 22, 2017 to state inventories at LIFO. An actual valuation of inventory under the LIFO method is performed by us at the end of each fiscal year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on our estimates of expected year-end inventory levels and costs. Inventory balances were as follows: (in thousands) April 21, 2018 December 30, 2017 Inventories at first in, first out (“FIFO”) $ 4,007,327 $ 3,965,370 Adjustments to state inventories at LIFO 223,146 203,122 Inventories at LIFO $ 4,230,473 $ 4,168,492 |
Exit Activities and Other Initi
| Exit Activities and Other Initiatives | 4 Months Ended |
| Apr. 21, 2018 | |
| Restructuring and Related Activities [Abstract] | |
| Exit Activities | Exit Activities and Other Initiatives Integration of Carquest stores We are in the process of a multi-year integration, which includes the consolidation and conversion of our Carquest stores acquired with General Parts International, Inc. (“GPI”) in 2014. As of April 21, 2018 , 348 Carquest stores acquired with GPI had been consolidated into existing Advance Auto Parts stores and 423 stores had been converted to the Advance Auto Parts format. During the sixteen weeks ended April 21, 2018 , a total of 2 Carquest stores were consolidated and 1 Carquest store was converted. As of April 21, 2018 , the Company had 427 stores still operating under the Carquest name. We incurred $0.4 million and $1.1 million of exit costs related to the consolidations and conversions during the sixteen weeks ended April 21, 2018 and April 22, 2017 , primarily related to closed store lease obligations. These costs are included in Selling, general and administrative expenses (“SG&A”) in the accompanying condensed consolidated statements of operations. Store and Supply Chain Rationalization During the fourth quarter of 2017, the Board of Directors approved a plan to close certain underperforming stores and begin to rationalize our supply chain costs as part of our strategy to transform the enterprise. As of April 21, 2018 , we expect these actions to result in estimated charges of up to $70 million in 2018, which consist of $35 million relating to the early termination of lease obligations, $15 million of inventory and supply chain asset impairment charges, $15 million of other facility closure costs and $5 million of severance. During the first quarter of 2018, we incurred $1.1 million of early termination of lease obligations charges, $1.5 million of supply chain asset impairment charges, $0.3 million of facility closure costs and $0.3 million of severance relating to the store and supply chain rationalization. These costs are included in SG&A in the accompanying condensed consolidated statements of operations. Total Exit Liabilities Our 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 2018. Of our total exit liabilities as of April 21, 2018 , $18.6 million is included in Other long-term liabilities and the remainder is included in Accrued expenses in the accompanying condensed consolidated balance sheet. A summary of our exit liabilities is presented in the following table: (in thousands) Closed Facility Lease Obligations Severance Total Balance, December 30, 2017 $ 31,570 $ 1,645 $ 33,215 Reserves established 1,566 1,882 3,448 Change in estimates 1,028 (381 ) 647 Cash payments (5,046 ) (1,111 ) (6,157 ) Balance, April 21, 2018 $ 29,118 $ 2,035 $ 31,153 Balance, December 31, 2016 $ 44,265 $ 959 $ 45,224 Reserves established 7,940 7,927 15,867 Change in estimates (1,116 ) (699 ) (1,815 ) Cash payments (19,519 ) (6,542 ) (26,061 ) Balance, December 30, 2017 $ 31,570 $ 1,645 $ 33,215 |
Intangible Assets
| Intangible Assets | 4 Months Ended |
| Apr. 21, 2018 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Intangible Assets | Intangible Assets Our definite-lived intangible assets include customer relationships, favorable leases and non-compete agreements. Amortization expense was $13.4 million and $14.6 million for the sixteen weeks ended April 21, 2018 and April 22, 2017 . |
Receivables, net
| Receivables, net | 4 Months Ended |
| Apr. 21, 2018 | |
| Receivables [Abstract] | |
| Receivables, net | Receivables, net Receivables consist of the following: (in thousands) April 21, 2018 December 30, 2017 Trade $ 431,093 $ 389,963 Vendor 192,152 220,510 Other 16,489 14,103 Total receivables 639,734 624,576 Less: Allowance for doubtful accounts (19,356 ) (18,219 ) Receivables, net $ 620,378 $ 606,357 |
Long-term Debt and Fair Value o
| Long-term Debt and Fair Value of Financial Instruments | 4 Months Ended |
| Apr. 21, 2018 | |
| 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) April 21, 2018 December 30, 2017 Total long-term debt $ 1,044,930 $ 1,044,677 Less: Current portion of long-term debt (175 ) (350 ) Long-term debt, excluding current portion $ 1,044,755 $ 1,044,327 Fair value of long-term debt $ 1,083,048 $ 1,109,000 Fair Value of Financial Assets and Liabilities The fair value of our senior unsecured notes was determined using Level 2 inputs based on quoted market prices. We believe the carrying value of our other long-term debt approximates fair value. The carrying amounts of our 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, 2018, we entered into Amendment No. 1 to the Credit Agreement dated as of January 31, 2017 (the “Amendment”), among Advance Stores, as Borrower, the lenders party thereto, and Bank of America, N.A., Administrative Agent. The Amendment: (i) provided for LIBOR replacement rates in the event that LIBOR is unavailable in the future; (ii) modified the definitions of the financial covenants (and the testing level relating thereto) with respect to a maximum leverage ratio and a minimum coverage ratio that the Company is required to comply with; and (iii) extended the termination date of the 2017 Credit Agreement from January 31, 2022 until January 31, 2023. We have the option to make one additional written request of the lenders to extend the termination date then in effect for one additional year. As of April 21, 2018 , we had no outstanding borrowings under the revolver and borrowing availability was $888.3 million based on our leverage ratio. As of April 21, 2018 , we had letters of credit outstanding of $111.7 million , which generally have a term of one year or less and primarily serve as collateral for our self-insurance policies. We were in compliance with all financial covenants required by our debt arrangements as of April 21, 2018 . Debt Guarantees We are a guarantor of loans made by banks to various independently owned Carquest-branded stores that are our customers totaling $26.3 million as of April 21, 2018 . 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 $65.8 million as of April 21, 2018 . We believe that the likelihood of performance under these guarantees is remote. |
Warranty Liabilities
| Warranty Liabilities | 4 Months Ended |
| Apr. 21, 2018 | |
| Product Warranties Disclosures [Abstract] | |
| Warranty Liabilities | Warranty Liabilities The following table presents changes in our warranty reserves: Sixteen Weeks Ended Fifty-Two Weeks Ended (in thousands) April 21, 2018 December 30, 2017 Warranty reserve, beginning of period $ 49,024 $ 47,243 Additions to warranty reserves 10,251 50,895 Reserves utilized (13,259 ) (49,114 ) Warranty reserve, end of period $ 46,016 $ 49,024 |
Earnings per Share
| Earnings per Share | 4 Months Ended |
| Apr. 21, 2018 | |
| Earnings Per Share [Abstract] | |
| Earnings Per Share | Earnings per Share The computation of basic and diluted earnings per share are as follows: Sixteen Weeks Ended (in thousands, except per share data) April 21, 2018 April 22, 2017 Numerator Net income applicable to common shares $ 136,727 $ 107,960 Denominator Basic weighted average common shares 73,979 73,782 Dilutive impact of share-based awards 226 311 Diluted weighted average common shares 74,205 74,093 Basic earnings per common share $ 1.85 $ 1.46 Diluted earnings per common share $ 1.84 $ 1.46 |
Share-Based Compensation
| Share-Based Compensation | 4 Months Ended |
| Apr. 21, 2018 | |
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
| Share-Based Compensation | Share-Based Compensation During the sixteen weeks ended April 21, 2018 , we granted 147 thousand time-based restricted stock units (“RSUs”), 69 thousand performance-based RSUs and 36 thousand market-based RSUs. The general terms of the time-based, performance-based and market-based RSUs are similar to awards previously granted by us. The weighted average fair values of the time-based, performance-based and market-based RSUs granted during the sixteen weeks ended April 21, 2018 were $117.49 , $116.82 and $130.88 per share. For time-based and performance-based RSUs, the fair value of each award was determined based on the market price of our 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 income tax benefit related to share-based compensation expense for the sixteen weeks ended April 21, 2018 was $1.8 million . As of April 21, 2018 , there was $53.9 million of unrecognized compensation expense related to all share-based awards that is expected to be recognized over a weighted average period of 1.9 years . |
Condensed Consolidating Financi
| Condensed Consolidating Financial Statements | 4 Months Ended |
| Apr. 21, 2018 | |
| Condensed Consolidating Financial Statements [Abstract] | |
| Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements Certain 100% wholly owned domestic subsidiaries of Advance, including our Material Subsidiaries (as defined in the 2017 Credit Agreement) serve as guarantors (“Guarantor Subsidiaries”) of our senior unsecured notes. The subsidiary guarantees related to our 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 our wholly owned subsidiaries, including all of its foreign subsidiaries, do not serve as guarantors of our senior unsecured notes (“Non-Guarantor Subsidiaries”). 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. Investments in subsidiaries of Advance are presented under the equity method. 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 Sheet As of April 21, 2018 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 23 $ 566,915 $ 72,228 $ (23 ) $ 639,143 Receivables, net — 581,914 38,464 — 620,378 Inventories — 4,054,181 176,292 — 4,230,473 Other current assets — 124,909 2,715 (102 ) 127,522 Total current assets 23 5,327,919 289,699 (125 ) 5,617,516 Property and equipment, net of accumulated depreciation 95 1,348,844 9,458 — 1,358,397 Goodwill — 943,359 50,102 — 993,461 Intangible assets, net — 538,939 44,407 — 583,346 Other assets, net 3,177 61,744 489 (3,177 ) 62,233 Investment in subsidiaries 3,661,050 457,062 — (4,118,112 ) — Intercompany note receivable 1,048,789 — — (1,048,789 ) — Due from intercompany, net — — 305,689 (305,689 ) — $ 4,713,134 $ 8,677,867 $ 699,844 $ (5,475,892 ) $ 8,614,953 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ — $ 2,680,822 $ 209,495 $ — $ 2,890,317 Accrued expenses 1,746 526,215 15,484 (102 ) 543,343 Other current liabilities — 47,722 (1,220 ) (23 ) 46,479 Total current liabilities 1,746 3,254,759 223,759 (125 ) 3,480,139 Long-term debt 1,044,755 — — — 1,044,755 Deferred income taxes — 296,295 17,568 (3,177 ) 310,686 Other long-term liabilities — 231,297 1,455 — 232,752 Intercompany note payable — 1,048,789 — (1,048,789 ) — Due to intercompany, net 120,012 185,677 — (305,689 ) — Commitments and contingencies Stockholders' equity 3,546,621 3,661,050 457,062 (4,118,112 ) 3,546,621 $ 4,713,134 $ 8,677,867 $ 699,844 $ (5,475,892 ) $ 8,614,953 Condensed Consolidating Balance Sheet As of December 30, 2017 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 23 $ 482,620 $ 64,317 $ (23 ) $ 546,937 Receivables, net — 567,460 38,897 — 606,357 Inventories — 3,986,724 181,768 — 4,168,492 Other current assets — 103,118 2,063 (75 ) 105,106 Total current assets 23 5,139,922 287,045 (98 ) 5,426,892 Property and equipment, net of accumulated depreciation 103 1,384,115 9,920 — 1,394,138 Goodwill — 943,359 50,934 — 994,293 Intangible assets, net — 551,781 45,893 — 597,674 Other assets, net 3,224 68,749 554 (3,223 ) 69,304 Investment in subsidiaries 3,521,330 448,462 — (3,969,792 ) — Intercompany note receivable 1,048,700 — — (1,048,700 ) — Due from intercompany, net — — 332,467 (332,467 ) — $ 4,573,380 $ 8,536,388 $ 726,813 $ (5,354,280 ) $ 8,482,301 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ — $ 2,657,792 $ 236,790 $ — $ 2,894,582 Accrued expenses 1,134 511,841 20,648 (75 ) 533,548 Other current liabilities — 50,963 1,027 (23 ) 51,967 Total current liabilities 1,134 3,220,596 258,465 (98 ) 3,480,097 Long-term debt 1,044,327 — — — 1,044,327 Deferred income taxes — 288,999 17,844 (3,223 ) 303,620 Other long-term liabilities — 237,019 2,042 — 239,061 Intercompany note payable — 1,048,700 — (1,048,700 ) — Due to intercompany, net 112,723 219,744 — (332,467 ) — Commitments and contingencies Stockholders' equity 3,415,196 3,521,330 448,462 (3,969,792 ) 3,415,196 $ 4,573,380 $ 8,536,388 $ 726,813 $ (5,354,280 ) $ 8,482,301 Condensed Consolidating Statement of Operations For the Sixteen Weeks Ended April 21, 2018 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,775,903 $ 152,119 $ (54,174 ) $ 2,873,848 Cost of sales, including purchasing and warehousing costs — 1,551,041 104,697 (54,174 ) 1,601,564 Gross profit — 1,224,862 47,422 — 1,272,284 Selling, general and administrative expenses 4,811 1,054,389 30,582 (15,739 ) 1,074,043 Operating (loss) income (4,811 ) 170,473 16,840 15,739 198,241 Other, net: Interest expense (16,078 ) (1,604 ) — — (17,682 ) Other income (expense), net 21,257 (2,993 ) (2,067 ) (15,739 ) 458 Total other, net 5,179 (4,597 ) (2,067 ) (15,739 ) (17,224 ) Income before provision for income taxes 368 165,876 14,773 — 181,017 Provision for income taxes 1,263 40,452 2,575 — 44,290 (Loss) income before equity in earnings of subsidiaries (895 ) 125,424 12,198 — 136,727 Equity in earnings of subsidiaries 137,622 12,198 — (149,820 ) — Net income $ 136,727 $ 137,622 $ 12,198 $ (149,820 ) $ 136,727 Condensed Consolidating Statement of Operations For the Sixteen Weeks Ended April 22, 2017 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,801,854 $ 172,004 $ (83,020 ) $ 2,890,838 Cost of sales, including purchasing and warehousing costs — 1,577,273 125,901 (83,020 ) 1,620,154 Gross profit — 1,224,581 46,103 — 1,270,684 Selling, general and administrative expenses 14,797 1,067,656 24,402 (15,951 ) 1,090,904 Operating (loss) income (14,797 ) 156,925 21,701 15,951 179,780 Other, net: Interest (expense) income (16,290 ) (2,159 ) 19 — (18,430 ) Other income (expense), net 31,784 (7,352 ) (3,668 ) (15,951 ) 4,813 Total other, net 15,494 (9,511 ) (3,649 ) (15,951 ) (13,617 ) Income before provision for income taxes 697 147,414 18,052 — 166,163 (Benefit) provision for income taxes (1,743 ) 57,446 2,500 — 58,203 Income before equity in earnings of subsidiaries 2,440 89,968 15,552 — 107,960 Equity in earnings of subsidiaries 105,520 15,552 — (121,072 ) — Net income $ 107,960 $ 105,520 $ 15,552 $ (121,072 ) $ 107,960 Condensed Consolidating Statement of Comprehensive Income For the Sixteen Weeks Ended April 21, 2018 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 136,727 $ 137,622 $ 12,198 $ (149,820 ) $ 136,727 Other comprehensive loss (3,858 ) (3,858 ) (3,767 ) 7,625 (3,858 ) Comprehensive income $ 132,869 $ 133,764 $ 8,431 $ (142,195 ) $ 132,869 Condensed Consolidating Statement of Comprehensive Income For the Sixteen Weeks Ended April 22, 2017 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 107,960 $ 105,520 $ 15,552 $ (121,072 ) $ 107,960 Other comprehensive loss (873 ) (873 ) (788 ) 1,661 (873 ) Comprehensive income $ 107,087 $ 104,647 $ 14,764 $ (119,411 ) $ 107,087 Condensed Consolidating Statement of Cash Flows For the Sixteen Weeks Ended April 21, 2018 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ — $ 142,408 $ 11,562 $ — $ 153,970 Cash flows from investing activities: Purchases of property and equipment — (34,153 ) (321 ) — (34,474 ) Proceeds from sales of property and equipment — 486 44 — 530 Net cash used in investing activities — (33,667 ) (277 ) — (33,944 ) Cash flows from financing activities: Decrease in bank overdrafts — (9,790 ) (2,311 ) — (12,101 ) Dividends paid — (8,930 ) — — (8,930 ) Proceeds from the issuance of common stock — 754 — — 754 Tax withholdings related to the exercise of stock appreciation rights — (93 ) — — (93 ) Repurchase of common stock — (5,223 ) — — (5,223 ) Other, net — (1,164 ) — — (1,164 ) Net cash used in financing activities — (24,446 ) (2,311 ) — (26,757 ) Effect of exchange rate changes on cash — — (1,063 ) — (1,063 ) Net increase in cash and cash equivalents — 84,295 7,911 — 92,206 Cash and cash equivalents , beginning of period 23 482,620 64,317 (23 ) 546,937 Cash and cash equivalents , end of period $ 23 $ 566,915 $ 72,228 $ (23 ) $ 639,143 Condensed Consolidating Statement of Cash Flows For the Sixteen Weeks Ended April 22, 2017 (In thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ — $ 55,378 $ (20,297 ) $ — $ 35,081 Cash flows from investing activities: Purchases of property and equipment — (64,978 ) (301 ) — (65,279 ) Proceeds from sales of property and equipment — 947 — — 947 Other, net — (253 ) 446 — 193 Net cash (used in) provided by investing activities — (64,284 ) 145 — (64,139 ) Cash flows from financing activities: Increase in bank overdrafts — 6,625 1,865 — 8,490 Borrowings under credit facilities — 483,500 — — 483,500 Payments on credit facilities — (453,500 ) — — (453,500 ) Dividends paid — (8,902 ) — — (8,902 ) Proceeds from the issuance of common stock — 1,036 — — 1,036 Tax withholdings related to the exercise of stock appreciation rights — (5,707 ) — — (5,707 ) Repurchase of common stock — (3,121 ) — — (3,121 ) Other, net — (1,924 ) — — (1,924 ) Net cash provided by financing activities — 18,007 1,865 — 19,872 Effect of exchange rate changes on cash — — 95 — 95 Net increase (decrease) in cash and cash equivalents — 9,101 (18,192 ) — (9,091 ) Cash and cash equivalents , beginning of period 22 78,543 56,635 (22 ) 135,178 Cash and cash equivalents , end of period $ 22 $ 87,644 $ 38,443 $ (22 ) $ 126,087 |
Significant Accounting Polici19
| Significant Accounting Policies (Policies) | 4 Months Ended |
| Apr. 21, 2018 | |
| Accounting Policies [Abstract] | |
| Revenue Recognition | Revenues Revenue for periods through December 30, 2017 was reported under Accounting Standards Codification (“ASC”) 605, Revenue Recognition, as described in our accounting policies in our 2017 Form 10-K. Effective December 31, 2017, the Company adopted ASC 606, Revenue From Contracts With Customers (“Topic 606”). The results of applying Topic 606 using the modified retrospective approach were insignificant and did not have a material impact on our consolidated financial condition, results of operations, cash flows, business process, controls or systems. We expect the impact of the adoption of the new standard to be immaterial to our net income on an ongoing basis. In accordance with Topic 606 revenue is recognized at the time the sale is made, at which time our walk-in customers take immediate possession of the merchandise or same-day delivery is made to our Professional delivery customers, which include certain independently-owned store locations. Payment terms are established for our Professional delivery customers based on the Company’s pre-established credit requirements. Payment terms vary depending on the customer and generally range from 1 to 30 days. Based on the nature of receivables no significant financing components exist. For e-commerce sales, revenue is recognized either at the time of pick-up at one of our store locations or at the time of shipment depending on the customer's order designation. Sales are recorded net of discounts, sales incentives and rebates, sales taxes and estimated returns and allowances. We estimate the reduction to sales and cost of sales for returns based on current sales levels and our historical return experience. We provide assurance type warranty coverage primarily on batteries, brakes and shocks whereby we are required to provide replacement product at no cost or a reduced cost. Topic 606 defines a performance obligation as a promise in a contract to transfer a distinct good or service to the customer and is considered the unit of account. The majority of our contracts have one single performance obligation as the promise to transfer the individual goods is not separately identifiable from other promises in the contracts and is, therefore, not distinct. Discounts and incentives are treated as separate performance obligations. We allocate the contract’s transaction price to each of these performance obligations separately using explicitly stated amounts or our best estimate using historical data. Additionally, we estimate and record gift card breakage as redemptions occur. We had no material contract assets, contract liabilities or costs to obtain and fulfill contracts recorded on the Condensed Consolidated Balance Sheet as of April 21, 2018 . For the sixteen weeks ended April 21, 2018 , revenue recognized from performance obligations related to prior periods (for example, due to changes in transaction price), was insignificant. Revenue expected to be recognized in any future periods related to remaining performance obligations is insignificant. |
| New Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“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 most leases, including those leases previously classified as operating leases under current GAAP. Topic 842 retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous leases guidance. The ASU is effective for annual periods beginning after December 15, 2018, including interim periods within those years; earlier adoption is permitted. The FASB issued and approved an exposure draft to amend Topic 842 to provide entities with an additional transition method with which to adopt Topic 842. The approved transition method enables entities to apply the transition requirements in Topic 842 at the effective date of that Topic (rather than at the beginning of the earliest comparative period presented as currently required) with the effects of initially applying Topic 842 recognized as a cumulative-effect adjustment to retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the year of adoption would continue to be in accordance with Topic 840, including the disclosure requirements of that Topic. Practical expedients are available for election as a package and if applied consistently to all leases. We have selected our leasing software solution and are in the process of identifying changes to our business processes, systems and controls to support adoption of the new standard in 2019. We are evaluating the impact that the new standard will have on the condensed consolidated financial statements. While we are unable to quantify the impact at this time, we expect the adoption of the new standard to result in a material increase in the assets and liabilities in the condensed consolidated financial statements. At this time, we do not expect adoption of ASU 2016-02 to have a material impact on our condensed consolidated statements of operations as the majority of our leases will remain operating in nature. As such, the expense recognition will be similar to previously required straight-line expense treatment. In March 2018, the FASB issued ASU No. 2018-05, “Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118”, ("ASU 2018-05"). ASU 2018-05 provides guidance on accounting for the tax effects of the U.S. Tax Cuts and Jobs Act (the “Act”) pursuant to the Staff Accounting Bulletin No. 118, which allows companies to complete the accounting under ASC 740 within a one-year measurement period from the Tax Act enactment date, which occurred in the financial statements for the year ended December 30, 2017. Until the completion of our 2017 U.S. income tax return in the third quarter of 2018, we may identify additional remeasurement adjustments to amounts previously recorded for the nonrecurring repatriation tax on accumulated earnings of foreign subsidiaries and remeasurement of the net deferred tax liability. We will continue to assess our provision for income taxes as future guidance is issued. |
Significant Accounting Polici20
| Significant Accounting Policies (Tables) | 4 Months Ended |
| Apr. 21, 2018 | |
| Accounting Policies [Abstract] | |
| Revenue from External Customers by Products and Services [Table Text Block] | The following table summarizes disaggregated revenue from contracts with customers by product group: Sixteen Weeks Ended April 21, 2018 April 22, 2017 Percentage of Sales, by Product Group Parts and Batteries 65 % 66 % Accessories and Chemicals 20 19 Engine Maintenance 14 14 Other 1 1 Total 100 % 100 % |
Inventories (Tables)
| Inventories (Tables) | 4 Months Ended |
| Apr. 21, 2018 | |
| Inventory, Net [Abstract] | |
| Schedule of Inventory, Current [Table Text Block] | Inventory balances were as follows: (in thousands) April 21, 2018 December 30, 2017 Inventories at first in, first out (“FIFO”) $ 4,007,327 $ 3,965,370 Adjustments to state inventories at LIFO 223,146 203,122 Inventories at LIFO $ 4,230,473 $ 4,168,492 |
Exit Activities and Other Ini22
| Exit Activities and Other Initiatives (Tables) | 4 Months Ended |
| Apr. 21, 2018 | |
| Restructuring and Related Activities [Abstract] | |
| Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | A summary of our exit liabilities is presented in the following table: (in thousands) Closed Facility Lease Obligations Severance Total Balance, December 30, 2017 $ 31,570 $ 1,645 $ 33,215 Reserves established 1,566 1,882 3,448 Change in estimates 1,028 (381 ) 647 Cash payments (5,046 ) (1,111 ) (6,157 ) Balance, April 21, 2018 $ 29,118 $ 2,035 $ 31,153 Balance, December 31, 2016 $ 44,265 $ 959 $ 45,224 Reserves established 7,940 7,927 15,867 Change in estimates (1,116 ) (699 ) (1,815 ) Cash payments (19,519 ) (6,542 ) (26,061 ) Balance, December 30, 2017 $ 31,570 $ 1,645 $ 33,215 |
Receivables, net (Tables)
| Receivables, net (Tables) | 4 Months Ended |
| Apr. 21, 2018 | |
| Receivables [Abstract] | |
| Schedule of Accounts Receivable [Table Text Block] | Receivables consist of the following: (in thousands) April 21, 2018 December 30, 2017 Trade $ 431,093 $ 389,963 Vendor 192,152 220,510 Other 16,489 14,103 Total receivables 639,734 624,576 Less: Allowance for doubtful accounts (19,356 ) (18,219 ) Receivables, net $ 620,378 $ 606,357 |
Long-term Debt and Fair Value24
| Long-term Debt and Fair Value of Financial Instruments (Tables) | 4 Months Ended |
| Apr. 21, 2018 | |
| Debt Disclosure [Abstract] | |
| Schedule of Debt [Table Text Block] | Long-term debt consists of the following: (in thousands) April 21, 2018 December 30, 2017 Total long-term debt $ 1,044,930 $ 1,044,677 Less: Current portion of long-term debt (175 ) (350 ) Long-term debt, excluding current portion $ 1,044,755 $ 1,044,327 Fair value of long-term debt $ 1,083,048 $ 1,109,000 |
Warranty Liabilities (Tables)
| Warranty Liabilities (Tables) | 4 Months Ended |
| Apr. 21, 2018 | |
| Product Warranties Disclosures [Abstract] | |
| Schedule of Product Warranty Liability [Table Text Block] | The following table presents changes in our warranty reserves: Sixteen Weeks Ended Fifty-Two Weeks Ended (in thousands) April 21, 2018 December 30, 2017 Warranty reserve, beginning of period $ 49,024 $ 47,243 Additions to warranty reserves 10,251 50,895 Reserves utilized (13,259 ) (49,114 ) Warranty reserve, end of period $ 46,016 $ 49,024 |
Earnings per Share (Tables)
| Earnings per Share (Tables) | 4 Months Ended |
| Apr. 21, 2018 | |
| Earnings Per Share [Abstract] | |
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The computation of basic and diluted earnings per share are as follows: Sixteen Weeks Ended (in thousands, except per share data) April 21, 2018 April 22, 2017 Numerator Net income applicable to common shares $ 136,727 $ 107,960 Denominator Basic weighted average common shares 73,979 73,782 Dilutive impact of share-based awards 226 311 Diluted weighted average common shares 74,205 74,093 Basic earnings per common share $ 1.85 $ 1.46 Diluted earnings per common share $ 1.84 $ 1.46 |
Condensed Consolidating Finan27
| Condensed Consolidating Financial Statements (Tables) | 4 Months Ended |
| Apr. 21, 2018 | |
| Condensed Consolidating Financial Statements [Abstract] | |
| Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet As of April 21, 2018 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 23 $ 566,915 $ 72,228 $ (23 ) $ 639,143 Receivables, net — 581,914 38,464 — 620,378 Inventories — 4,054,181 176,292 — 4,230,473 Other current assets — 124,909 2,715 (102 ) 127,522 Total current assets 23 5,327,919 289,699 (125 ) 5,617,516 Property and equipment, net of accumulated depreciation 95 1,348,844 9,458 — 1,358,397 Goodwill — 943,359 50,102 — 993,461 Intangible assets, net — 538,939 44,407 — 583,346 Other assets, net 3,177 61,744 489 (3,177 ) 62,233 Investment in subsidiaries 3,661,050 457,062 — (4,118,112 ) — Intercompany note receivable 1,048,789 — — (1,048,789 ) — Due from intercompany, net — — 305,689 (305,689 ) — $ 4,713,134 $ 8,677,867 $ 699,844 $ (5,475,892 ) $ 8,614,953 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ — $ 2,680,822 $ 209,495 $ — $ 2,890,317 Accrued expenses 1,746 526,215 15,484 (102 ) 543,343 Other current liabilities — 47,722 (1,220 ) (23 ) 46,479 Total current liabilities 1,746 3,254,759 223,759 (125 ) 3,480,139 Long-term debt 1,044,755 — — — 1,044,755 Deferred income taxes — 296,295 17,568 (3,177 ) 310,686 Other long-term liabilities — 231,297 1,455 — 232,752 Intercompany note payable — 1,048,789 — (1,048,789 ) — Due to intercompany, net 120,012 185,677 — (305,689 ) — Commitments and contingencies Stockholders' equity 3,546,621 3,661,050 457,062 (4,118,112 ) 3,546,621 $ 4,713,134 $ 8,677,867 $ 699,844 $ (5,475,892 ) $ 8,614,953 Condensed Consolidating Balance Sheet As of December 30, 2017 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 23 $ 482,620 $ 64,317 $ (23 ) $ 546,937 Receivables, net — 567,460 38,897 — 606,357 Inventories — 3,986,724 181,768 — 4,168,492 Other current assets — 103,118 2,063 (75 ) 105,106 Total current assets 23 5,139,922 287,045 (98 ) 5,426,892 Property and equipment, net of accumulated depreciation 103 1,384,115 9,920 — 1,394,138 Goodwill — 943,359 50,934 — 994,293 Intangible assets, net — 551,781 45,893 — 597,674 Other assets, net 3,224 68,749 554 (3,223 ) 69,304 Investment in subsidiaries 3,521,330 448,462 — (3,969,792 ) — Intercompany note receivable 1,048,700 — — (1,048,700 ) — Due from intercompany, net — — 332,467 (332,467 ) — $ 4,573,380 $ 8,536,388 $ 726,813 $ (5,354,280 ) $ 8,482,301 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ — $ 2,657,792 $ 236,790 $ — $ 2,894,582 Accrued expenses 1,134 511,841 20,648 (75 ) 533,548 Other current liabilities — 50,963 1,027 (23 ) 51,967 Total current liabilities 1,134 3,220,596 258,465 (98 ) 3,480,097 Long-term debt 1,044,327 — — — 1,044,327 Deferred income taxes — 288,999 17,844 (3,223 ) 303,620 Other long-term liabilities — 237,019 2,042 — 239,061 Intercompany note payable — 1,048,700 — (1,048,700 ) — Due to intercompany, net 112,723 219,744 — (332,467 ) — Commitments and contingencies Stockholders' equity 3,415,196 3,521,330 448,462 (3,969,792 ) 3,415,196 $ 4,573,380 $ 8,536,388 $ 726,813 $ (5,354,280 ) $ 8,482,301 |
| Condensed Income Statement [Table Text Block] | Condensed Consolidating Statement of Operations For the Sixteen Weeks Ended April 21, 2018 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,775,903 $ 152,119 $ (54,174 ) $ 2,873,848 Cost of sales, including purchasing and warehousing costs — 1,551,041 104,697 (54,174 ) 1,601,564 Gross profit — 1,224,862 47,422 — 1,272,284 Selling, general and administrative expenses 4,811 1,054,389 30,582 (15,739 ) 1,074,043 Operating (loss) income (4,811 ) 170,473 16,840 15,739 198,241 Other, net: Interest expense (16,078 ) (1,604 ) — — (17,682 ) Other income (expense), net 21,257 (2,993 ) (2,067 ) (15,739 ) 458 Total other, net 5,179 (4,597 ) (2,067 ) (15,739 ) (17,224 ) Income before provision for income taxes 368 165,876 14,773 — 181,017 Provision for income taxes 1,263 40,452 2,575 — 44,290 (Loss) income before equity in earnings of subsidiaries (895 ) 125,424 12,198 — 136,727 Equity in earnings of subsidiaries 137,622 12,198 — (149,820 ) — Net income $ 136,727 $ 137,622 $ 12,198 $ (149,820 ) $ 136,727 Condensed Consolidating Statement of Operations For the Sixteen Weeks Ended April 22, 2017 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,801,854 $ 172,004 $ (83,020 ) $ 2,890,838 Cost of sales, including purchasing and warehousing costs — 1,577,273 125,901 (83,020 ) 1,620,154 Gross profit — 1,224,581 46,103 — 1,270,684 Selling, general and administrative expenses 14,797 1,067,656 24,402 (15,951 ) 1,090,904 Operating (loss) income (14,797 ) 156,925 21,701 15,951 179,780 Other, net: Interest (expense) income (16,290 ) (2,159 ) 19 — (18,430 ) Other income (expense), net 31,784 (7,352 ) (3,668 ) (15,951 ) 4,813 Total other, net 15,494 (9,511 ) (3,649 ) (15,951 ) (13,617 ) Income before provision for income taxes 697 147,414 18,052 — 166,163 (Benefit) provision for income taxes (1,743 ) 57,446 2,500 — 58,203 Income before equity in earnings of subsidiaries 2,440 89,968 15,552 — 107,960 Equity in earnings of subsidiaries 105,520 15,552 — (121,072 ) — Net income $ 107,960 $ 105,520 $ 15,552 $ (121,072 ) $ 107,960 |
| Condensed Comprehensive Income [Table Text Block] | Condensed Consolidating Statement of Comprehensive Income For the Sixteen Weeks Ended April 21, 2018 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 136,727 $ 137,622 $ 12,198 $ (149,820 ) $ 136,727 Other comprehensive loss (3,858 ) (3,858 ) (3,767 ) 7,625 (3,858 ) Comprehensive income $ 132,869 $ 133,764 $ 8,431 $ (142,195 ) $ 132,869 Condensed Consolidating Statement of Comprehensive Income For the Sixteen Weeks Ended April 22, 2017 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 107,960 $ 105,520 $ 15,552 $ (121,072 ) $ 107,960 Other comprehensive loss (873 ) (873 ) (788 ) 1,661 (873 ) Comprehensive income $ 107,087 $ 104,647 $ 14,764 $ (119,411 ) $ 107,087 |
| Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statement of Cash Flows For the Sixteen Weeks Ended April 21, 2018 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ — $ 142,408 $ 11,562 $ — $ 153,970 Cash flows from investing activities: Purchases of property and equipment — (34,153 ) (321 ) — (34,474 ) Proceeds from sales of property and equipment — 486 44 — 530 Net cash used in investing activities — (33,667 ) (277 ) — (33,944 ) Cash flows from financing activities: Decrease in bank overdrafts — (9,790 ) (2,311 ) — (12,101 ) Dividends paid — (8,930 ) — — (8,930 ) Proceeds from the issuance of common stock — 754 — — 754 Tax withholdings related to the exercise of stock appreciation rights — (93 ) — — (93 ) Repurchase of common stock — (5,223 ) — — (5,223 ) Other, net — (1,164 ) — — (1,164 ) Net cash used in financing activities — (24,446 ) (2,311 ) — (26,757 ) Effect of exchange rate changes on cash — — (1,063 ) — (1,063 ) Net increase in cash and cash equivalents — 84,295 7,911 — 92,206 Cash and cash equivalents , beginning of period 23 482,620 64,317 (23 ) 546,937 Cash and cash equivalents , end of period $ 23 $ 566,915 $ 72,228 $ (23 ) $ 639,143 Condensed Consolidating Statement of Cash Flows For the Sixteen Weeks Ended April 22, 2017 (In thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ — $ 55,378 $ (20,297 ) $ — $ 35,081 Cash flows from investing activities: Purchases of property and equipment — (64,978 ) (301 ) — (65,279 ) Proceeds from sales of property and equipment — 947 — — 947 Other, net — (253 ) 446 — 193 Net cash (used in) provided by investing activities — (64,284 ) 145 — (64,139 ) Cash flows from financing activities: Increase in bank overdrafts — 6,625 1,865 — 8,490 Borrowings under credit facilities — 483,500 — — 483,500 Payments on credit facilities — (453,500 ) — — (453,500 ) Dividends paid — (8,902 ) — — (8,902 ) Proceeds from the issuance of common stock — 1,036 — — 1,036 Tax withholdings related to the exercise of stock appreciation rights — (5,707 ) — — (5,707 ) Repurchase of common stock — (3,121 ) — — (3,121 ) Other, net — (1,924 ) — — (1,924 ) Net cash provided by financing activities — 18,007 1,865 — 19,872 Effect of exchange rate changes on cash — — 95 — 95 Net increase (decrease) in cash and cash equivalents — 9,101 (18,192 ) — (9,091 ) Cash and cash equivalents , beginning of period 22 78,543 56,635 (22 ) 135,178 Cash and cash equivalents , end of period $ 22 $ 87,644 $ 38,443 $ (22 ) $ 126,087 |
Nature of Operations and Basi28
| Nature of Operations and Basis of Presentation (Details) | Apr. 21, 2018store |
| Stores [Member] | |
| Basis of Presentation [Line Items] | |
| Number of Stores | 5,044 |
| Branches [Member] | |
| Basis of Presentation [Line Items] | |
| Number of Stores | 131 |
| Independently owned Carquest store locations [Member] | |
| Basis of Presentation [Line Items] | |
| Number of Stores | 1,225 |
Significant Accounting Polici29
| Significant Accounting Policies (Details) | 4 Months Ended | |
| Apr. 21, 2018 | Apr. 22, 2017 | |
| parts and batteries [Member] | ||
| Revenue from External Customer [Line Items] | ||
| Percentage Of Sales By Product Group | 65.00% | 66.00% |
| Accessories [Member] | ||
| Revenue from External Customer [Line Items] | ||
| Percentage Of Sales By Product Group | 20.00% | 19.00% |
| Engine Maintenance [Member] | ||
| Revenue from External Customer [Line Items] | ||
| Percentage Of Sales By Product Group | 14.00% | 14.00% |
| other products [Member] | ||
| Revenue from External Customer [Line Items] | ||
| Percentage Of Sales By Product Group | 1.00% | 1.00% |
Inventories (Details)
| Inventories (Details) - USD ($) $ in Thousands | 4 Months Ended | ||
| Apr. 21, 2018 | Apr. 22, 2017 | Dec. 30, 2017 | |
| Inventory [Line Items] | |||
| Percentage of LIFO Inventory | 88.00% | ||
| Inventory, LIFO Reserve, Effect on Income, Net | $ 20,000 | $ 18,000 | |
| Inventories at FIFO | 4,007,327 | $ 3,965,370 | |
| Adjustments to state inventories at LIFO | 223,146 | 203,122 | |
| Inventories at LIFO | $ 4,230,473 | $ 4,168,492 | |
Exit Activities and Other Ini31
| Exit Activities and Other Initiativies (Details) $ in Thousands | 4 Months Ended | 12 Months Ended | ||
| Apr. 21, 2018USD ($)store | Apr. 22, 2017USD ($) | Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | |
| Restructuring Reserve [Roll Forward] | ||||
| Restructuring Reserve, beginning of period | $ 33,215 | $ 45,224 | $ 33,215 | $ 45,224 |
| Reserves established | 3,448 | 15,867 | ||
| Change in estimates | 647 | (1,815) | ||
| Cash payments | (6,157) | (26,061) | ||
| Restructuring Reserve, end of period | $ 31,153 | 33,215 | ||
| Carquest consolidations completed to date [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Number of Stores | store | 348 | |||
| Carquest consolidations completed during the current year [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Number of Stores | store | 2 | |||
| Carquest conversions completed to date [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Number of Stores | store | 423 | |||
| Carquest conversions completed this fiscal year [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Number of Stores | store | 1 | |||
| GPI stores remaining to be consolidated [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Number of Stores | store | 427 | |||
| Closed Facility Lease Obligations [Member] | ||||
| Restructuring Reserve [Roll Forward] | ||||
| Restructuring Reserve, beginning of period | $ 31,570 | 44,265 | 31,570 | 44,265 |
| Reserves established | 1,566 | 7,940 | ||
| Change in estimates | 1,028 | (1,116) | ||
| Cash payments | (5,046) | (19,519) | ||
| Restructuring Reserve, end of period | 29,118 | 31,570 | ||
| 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 | 400 | 1,100 | ||
| Closed Facility Lease Obligations [Member] | StoreAndSupplyChainRationaization [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Incurred Cost | 1,100 | |||
| Severance [Member] | ||||
| Restructuring Reserve [Roll Forward] | ||||
| Restructuring Reserve, beginning of period | 1,645 | $ 959 | 1,645 | 959 |
| Reserves established | 1,882 | 7,927 | ||
| Change in estimates | (381) | (699) | ||
| Cash payments | (1,111) | (6,542) | ||
| Restructuring Reserve, end of period | 2,035 | $ 1,645 | ||
| Severance [Member] | StoreAndSupplyChainRationaization [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Incurred Cost | 300 | |||
| Impairment [Member] | StoreAndSupplyChainRationaization [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Incurred Cost | 1,500 | |||
| Other facility closure costs [Member] | StoreAndSupplyChainRationaization [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Incurred Cost | 300 | |||
| Other Noncurrent Liabilities [Member] | ||||
| Restructuring Reserve [Roll Forward] | ||||
| Restructuring Reserve, end of period | $ 18,600 | |||
| Scenario, Forecast [Member] | StoreAndSupplyChainRationaization [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Incurred Cost | 70,000 | |||
| Scenario, Forecast [Member] | Closed Facility Lease Obligations [Member] | StoreAndSupplyChainRationaization [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Incurred Cost | 35,000 | |||
| Scenario, Forecast [Member] | Severance [Member] | StoreAndSupplyChainRationaization [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Incurred Cost | 5,000 | |||
| Scenario, Forecast [Member] | Impairment [Member] | StoreAndSupplyChainRationaization [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Incurred Cost | 15,000 | |||
| Scenario, Forecast [Member] | Other facility closure costs [Member] | StoreAndSupplyChainRationaization [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Incurred Cost | $ 15,000 | |||
Intangible Asset (Details)
| Intangible Asset (Details) - USD ($) $ in Millions | 4 Months Ended | |
| Apr. 21, 2018 | Apr. 22, 2017 | |
| Acquired Finite-Lived Intangible Assets [Line Items] | ||
| Amortization Expense | $ 13.4 | $ 14.6 |
Receivables, net (Details)
| Receivables, net (Details) - USD ($) $ in Thousands | Apr. 21, 2018 | Dec. 30, 2017 |
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Total receivables | $ 639,734 | $ 624,576 |
| Less: Allowance for doubtful accounts | (19,356) | (18,219) |
| Receivables, net | 620,378 | 606,357 |
| Trade Accounts Receivable [Member] | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Total receivables | 431,093 | 389,963 |
| Accounts Receivable, Vendor [Member] | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Total receivables | 192,152 | 220,510 |
| Accounts Receivable, Other [Member] | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Total receivables | $ 16,489 | $ 14,103 |
Long-term Debt and Fair Value34
| Long-term Debt and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Apr. 21, 2018 | Dec. 30, 2017 |
| Debt Instrument [Line Items] | ||
| Total long-term debt | $ 1,044,930 | $ 1,044,677 |
| Less: Current portion of long-term debt (included in Other current liabilities) | (175) | (350) |
| Long-term debt, excluding current portion | 1,044,755 | 1,044,327 |
| Fair value of long-term debt | 1,083,048 | $ 1,109,000 |
| Letters of Credit Outstanding, Amount | 111,700 | |
| Line of Credit Facility, Remaining Borrowing Capacity | 888,300 | |
| Guarantor Obligations, Maximum Exposure | 26,300 | |
| Guarantor Obligation, Collateral Amount | $ 65,800 |
Warranty Liabilities (Details)
| Warranty Liabilities (Details) - USD ($) $ in Thousands | 4 Months Ended | 12 Months Ended |
| Apr. 21, 2018 | Dec. 30, 2017 | |
| Movement in Standard Product Warranty Accrual [Roll Forward] | ||
| Warranty reserve, beginning of period | $ 49,024 | $ 47,243 |
| Additions to warranty reserves | 10,251 | 50,895 |
| Reserves utilized | (13,259) | (49,114) |
| Warranty reserve, end of period | $ 46,016 | $ 49,024 |
Earnings per Share (Details)
| Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 4 Months Ended | |
| Apr. 21, 2018 | Apr. 22, 2017 | |
| Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
| Net income | $ 136,727 | $ 107,960 |
| Basic weighted average shares | 73,979 | 73,782 |
| Dilutive impact of share-based awards | 226 | 311 |
| Diluted weighted average shares | 74,205 | 74,093 |
| Basic earnings per share | $ 1.85 | $ 1.46 |
| Diluted earnings per share | $ 1.84 | $ 1.46 |
Share-Based Compensation (Detai
| Share-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 4 Months Ended | |
| Apr. 21, 2018 | Apr. 22, 2017 | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based Compensation | $ 7,642 | $ 12,374 |
| Share-based Compensation, Tax Benefit from Compensation Expense | 1,800 | |
| Share-based Compensation, Cost Not yet Recognized | $ 53,900 | |
| Share-based Compensation, Cost Not yet Recognized, Period for Recognition | 1 year 10 months 21 days | |
| Performance Shares [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Grants in Period | 69 | |
| Weighted Average Grant Date Fair Value | $ 116.82 | |
| Market Based Shares [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Grants in Period | 36 | |
| Weighted Average Grant Date Fair Value | $ 130.88 | |
| Restricted Stock Units (RSUs) [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Grants in Period | 147 | |
| Weighted Average Grant Date Fair Value | $ 117.49 | |
Condensed Consolidating Balance
| Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | Apr. 21, 2018 | Dec. 30, 2017 | Apr. 22, 2017 | Dec. 31, 2016 |
| Current assets: | ||||
| Cash and cash equivalents | $ 639,143 | $ 546,937 | $ 126,087 | $ 135,178 |
| Receivables, net | 620,378 | 606,357 | ||
| Inventories | 4,230,473 | 4,168,492 | ||
| Other current assets | 127,522 | 105,106 | ||
| Total current assets | 5,617,516 | 5,426,892 | ||
| Property and equipment, net of accumulated depreciation | 1,358,397 | 1,394,138 | ||
| Goodwill | 993,461 | 994,293 | ||
| Intangible assets, net | 583,346 | 597,674 | ||
| Other assets, net | 62,233 | 69,304 | ||
| Investment in subsidiaries | 0 | 0 | ||
| Intercompany note receivable | 0 | 0 | ||
| Due from intercompany, net | 0 | 0 | ||
| Assets, Total | 8,614,953 | 8,482,301 | ||
| Current liabilities: | ||||
| Accounts payable | 2,890,317 | 2,894,582 | ||
| Accrued expenses | 543,343 | 533,548 | ||
| Other current liabilities | 46,479 | 51,967 | ||
| Total current liabilities | 3,480,139 | 3,480,097 | ||
| Long-term debt | 1,044,755 | 1,044,327 | ||
| Deferred income taxes | 310,686 | 303,620 | ||
| Other long-term liabilities | 232,752 | 239,061 | ||
| Intercompany note payable | 0 | 0 | ||
| Due to intercompany, net | 0 | 0 | ||
| Commitments and contingencies | ||||
| Total stockholders' equity | 3,546,621 | 3,415,196 | ||
| Liabilities and Stockholders' Equity, Total | 8,614,953 | 8,482,301 | ||
| Parent Company [Member] | ||||
| Current assets: | ||||
| Cash and cash equivalents | 23 | 23 | 22 | 22 |
| Receivables, net | 0 | 0 | ||
| Inventories | 0 | 0 | ||
| Other current assets | 0 | 0 | ||
| Total current assets | 23 | 23 | ||
| Property and equipment, net of accumulated depreciation | 95 | 103 | ||
| Goodwill | 0 | 0 | ||
| Intangible assets, net | 0 | 0 | ||
| Other assets, net | 3,177 | 3,224 | ||
| Investment in subsidiaries | 3,661,050 | 3,521,330 | ||
| Intercompany note receivable | 1,048,789 | 1,048,700 | ||
| Due from intercompany, net | 0 | 0 | ||
| Assets, Total | 4,713,134 | 4,573,380 | ||
| Current liabilities: | ||||
| Accounts payable | 0 | 0 | ||
| Accrued expenses | 1,746 | 1,134 | ||
| Other current liabilities | 0 | 0 | ||
| Total current liabilities | 1,746 | 1,134 | ||
| Long-term debt | 1,044,755 | 1,044,327 | ||
| Deferred income taxes | 0 | 0 | ||
| Other long-term liabilities | 0 | 0 | ||
| Intercompany note payable | 0 | 0 | ||
| Due to intercompany, net | 120,012 | 112,723 | ||
| Commitments and contingencies | ||||
| Total stockholders' equity | 3,546,621 | 3,415,196 | ||
| Liabilities and Stockholders' Equity, Total | 4,713,134 | 4,573,380 | ||
| Guarantor Subsidiaries [Member] | ||||
| Current assets: | ||||
| Cash and cash equivalents | 566,915 | 482,620 | 87,644 | 78,543 |
| Receivables, net | 581,914 | 567,460 | ||
| Inventories | 4,054,181 | 3,986,724 | ||
| Other current assets | 124,909 | 103,118 | ||
| Total current assets | 5,327,919 | 5,139,922 | ||
| Property and equipment, net of accumulated depreciation | 1,348,844 | 1,384,115 | ||
| Goodwill | 943,359 | 943,359 | ||
| Intangible assets, net | 538,939 | 551,781 | ||
| Other assets, net | 61,744 | 68,749 | ||
| Investment in subsidiaries | 457,062 | 448,462 | ||
| Intercompany note receivable | 0 | 0 | ||
| Due from intercompany, net | 0 | 0 | ||
| Assets, Total | 8,677,867 | 8,536,388 | ||
| Current liabilities: | ||||
| Accounts payable | 2,680,822 | 2,657,792 | ||
| Accrued expenses | 526,215 | 511,841 | ||
| Other current liabilities | 47,722 | 50,963 | ||
| Total current liabilities | 3,254,759 | 3,220,596 | ||
| Long-term debt | 0 | 0 | ||
| Deferred income taxes | 296,295 | 288,999 | ||
| Other long-term liabilities | 231,297 | 237,019 | ||
| Intercompany note payable | 1,048,789 | 1,048,700 | ||
| Due to intercompany, net | 185,677 | 219,744 | ||
| Commitments and contingencies | ||||
| Total stockholders' equity | 3,661,050 | 3,521,330 | ||
| Liabilities and Stockholders' Equity, Total | 8,677,867 | 8,536,388 | ||
| Non-Guarantor Subsidiaries [Member] | ||||
| Current assets: | ||||
| Cash and cash equivalents | 72,228 | 64,317 | 38,443 | 56,635 |
| Receivables, net | 38,464 | 38,897 | ||
| Inventories | 176,292 | 181,768 | ||
| Other current assets | 2,715 | 2,063 | ||
| Total current assets | 289,699 | 287,045 | ||
| Property and equipment, net of accumulated depreciation | 9,458 | 9,920 | ||
| Goodwill | 50,102 | 50,934 | ||
| Intangible assets, net | 44,407 | 45,893 | ||
| Other assets, net | 489 | 554 | ||
| Investment in subsidiaries | 0 | 0 | ||
| Intercompany note receivable | 0 | 0 | ||
| Due from intercompany, net | 305,689 | 332,467 | ||
| Assets, Total | 699,844 | 726,813 | ||
| Current liabilities: | ||||
| Accounts payable | 209,495 | 236,790 | ||
| Accrued expenses | 15,484 | 20,648 | ||
| Other current liabilities | (1,220) | 1,027 | ||
| Total current liabilities | 223,759 | 258,465 | ||
| Long-term debt | 0 | 0 | ||
| Deferred income taxes | 17,568 | 17,844 | ||
| Other long-term liabilities | 1,455 | 2,042 | ||
| Intercompany note payable | 0 | 0 | ||
| Due to intercompany, net | 0 | 0 | ||
| Commitments and contingencies | ||||
| Total stockholders' equity | 457,062 | 448,462 | ||
| Liabilities and Stockholders' Equity, Total | 699,844 | 726,813 | ||
| Consolidation, Eliminations [Member] | ||||
| Current assets: | ||||
| Cash and cash equivalents | (23) | (23) | $ (22) | $ (22) |
| Receivables, net | 0 | 0 | ||
| Inventories | 0 | 0 | ||
| Other current assets | (102) | (75) | ||
| Total current assets | (125) | (98) | ||
| Property and equipment, net of accumulated depreciation | 0 | 0 | ||
| Goodwill | 0 | 0 | ||
| Intangible assets, net | 0 | 0 | ||
| Other assets, net | (3,177) | (3,223) | ||
| Investment in subsidiaries | (4,118,112) | (3,969,792) | ||
| Intercompany note receivable | (1,048,789) | (1,048,700) | ||
| Due from intercompany, net | (305,689) | (332,467) | ||
| Assets, Total | (5,475,892) | (5,354,280) | ||
| Current liabilities: | ||||
| Accounts payable | 0 | 0 | ||
| Accrued expenses | (102) | (75) | ||
| Other current liabilities | (23) | (23) | ||
| Total current liabilities | (125) | (98) | ||
| Long-term debt | 0 | 0 | ||
| Deferred income taxes | (3,177) | (3,223) | ||
| Other long-term liabilities | 0 | 0 | ||
| Intercompany note payable | (1,048,789) | (1,048,700) | ||
| Due to intercompany, net | (305,689) | (332,467) | ||
| Commitments and contingencies | ||||
| Total stockholders' equity | (4,118,112) | (3,969,792) | ||
| Liabilities and Stockholders' Equity, Total | $ (5,475,892) | $ (5,354,280) |
Condensed Consolidated Income S
| Condensed Consolidated Income Statement (Details) - USD ($) $ in Thousands | 4 Months Ended | |
| Apr. 21, 2018 | Apr. 22, 2017 | |
| Condensed Income Statements, Captions [Line Items] | ||
| Net sales | $ 2,873,848 | $ 2,890,838 |
| Cost of sales, including purchasing and warehousing costs | 1,601,564 | 1,620,154 |
| Gross profit | 1,272,284 | 1,270,684 |
| Selling, general and administrative expenses | 1,074,043 | 1,090,904 |
| Operating income (loss) | 198,241 | 179,780 |
| Other, net: | ||
| Interest (expense) income | (17,682) | (18,430) |
| Other income (expense), net | 458 | 4,813 |
| Total other, net | (17,224) | (13,617) |
| Income before provision for income taxes | 181,017 | 166,163 |
| Provision for income taxes | 44,290 | 58,203 |
| Income (loss) before equity in earnings of subsidiaries | 136,727 | 107,960 |
| Equity in earnings of subsidiaries | 0 | 0 |
| Net income | 136,727 | 107,960 |
| Parent Company [Member] | ||
| Condensed Income Statements, Captions [Line Items] | ||
| Net sales | 0 | 0 |
| Cost of sales, including purchasing and warehousing costs | 0 | 0 |
| Gross profit | 0 | 0 |
| Selling, general and administrative expenses | 4,811 | 14,797 |
| Operating income (loss) | (4,811) | (14,797) |
| Other, net: | ||
| Interest (expense) income | (16,078) | (16,290) |
| Other income (expense), net | 21,257 | 31,784 |
| Total other, net | 5,179 | 15,494 |
| Income before provision for income taxes | 368 | 697 |
| Provision for income taxes | 1,263 | (1,743) |
| Income (loss) before equity in earnings of subsidiaries | (895) | 2,440 |
| Equity in earnings of subsidiaries | 137,622 | 105,520 |
| Net income | 136,727 | 107,960 |
| Guarantor Subsidiaries [Member] | ||
| Condensed Income Statements, Captions [Line Items] | ||
| Net sales | 2,775,903 | 2,801,854 |
| Cost of sales, including purchasing and warehousing costs | 1,551,041 | 1,577,273 |
| Gross profit | 1,224,862 | 1,224,581 |
| Selling, general and administrative expenses | 1,054,389 | 1,067,656 |
| Operating income (loss) | 170,473 | 156,925 |
| Other, net: | ||
| Interest (expense) income | (1,604) | (2,159) |
| Other income (expense), net | (2,993) | (7,352) |
| Total other, net | (4,597) | (9,511) |
| Income before provision for income taxes | 165,876 | 147,414 |
| Provision for income taxes | 40,452 | 57,446 |
| Income (loss) before equity in earnings of subsidiaries | 125,424 | 89,968 |
| Equity in earnings of subsidiaries | 12,198 | 15,552 |
| Net income | 137,622 | 105,520 |
| Non-Guarantor Subsidiaries [Member] | ||
| Condensed Income Statements, Captions [Line Items] | ||
| Net sales | 152,119 | 172,004 |
| Cost of sales, including purchasing and warehousing costs | 104,697 | 125,901 |
| Gross profit | 47,422 | 46,103 |
| Selling, general and administrative expenses | 30,582 | 24,402 |
| Operating income (loss) | 16,840 | 21,701 |
| Other, net: | ||
| Interest (expense) income | 0 | 19 |
| Other income (expense), net | (2,067) | (3,668) |
| Total other, net | (2,067) | (3,649) |
| Income before provision for income taxes | 14,773 | 18,052 |
| Provision for income taxes | 2,575 | 2,500 |
| Income (loss) before equity in earnings of subsidiaries | 12,198 | 15,552 |
| Equity in earnings of subsidiaries | 0 | 0 |
| Net income | 12,198 | 15,552 |
| Consolidation, Eliminations [Member] | ||
| Condensed Income Statements, Captions [Line Items] | ||
| Net sales | (54,174) | (83,020) |
| Cost of sales, including purchasing and warehousing costs | (54,174) | (83,020) |
| Gross profit | 0 | 0 |
| Selling, general and administrative expenses | (15,739) | (15,951) |
| Operating income (loss) | 15,739 | 15,951 |
| Other, net: | ||
| Interest (expense) income | 0 | 0 |
| Other income (expense), net | (15,739) | (15,951) |
| Total other, net | (15,739) | (15,951) |
| Income before provision for income taxes | 0 | 0 |
| Provision for income taxes | 0 | 0 |
| Income (loss) before equity in earnings of subsidiaries | 0 | 0 |
| Equity in earnings of subsidiaries | (149,820) | (121,072) |
| Net income | $ (149,820) | $ (121,072) |
Condensed Consolidating Compreh
| Condensed Consolidating Comprehensive Income Statement (Details) - USD ($) $ in Thousands | 4 Months Ended | |
| Apr. 21, 2018 | Apr. 22, 2017 | |
| Condensed Consolidating Comprehensive Income Statement [Line Items] | ||
| Net income | $ 136,727 | $ 107,960 |
| Changes in net unrecognized other postretirement benefit costs, net of tax | (91) | (85) |
| Currency translation adjustments | (3,767) | (788) |
| Other Comprehensive Income (Loss), Net of Tax | (3,858) | (873) |
| Comprehensive income | 132,869 | 107,087 |
| Parent Company [Member] | ||
| Condensed Consolidating Comprehensive Income Statement [Line Items] | ||
| Net income | 136,727 | 107,960 |
| Other Comprehensive Income (Loss), Net of Tax | (3,858) | (873) |
| Comprehensive income | 132,869 | 107,087 |
| Guarantor Subsidiaries [Member] | ||
| Condensed Consolidating Comprehensive Income Statement [Line Items] | ||
| Net income | 137,622 | 105,520 |
| Other Comprehensive Income (Loss), Net of Tax | (3,858) | (873) |
| Comprehensive income | 133,764 | 104,647 |
| Non-Guarantor Subsidiaries [Member] | ||
| Condensed Consolidating Comprehensive Income Statement [Line Items] | ||
| Net income | 12,198 | 15,552 |
| Other Comprehensive Income (Loss), Net of Tax | (3,767) | (788) |
| Comprehensive income | 8,431 | 14,764 |
| Consolidation, Eliminations [Member] | ||
| Condensed Consolidating Comprehensive Income Statement [Line Items] | ||
| Net income | (149,820) | (121,072) |
| Other Comprehensive Income (Loss), Net of Tax | 7,625 | 1,661 |
| Comprehensive income | $ (142,195) | $ (119,411) |
Condensed Consolidating Stateme
| Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands | 4 Months Ended | |
| Apr. 21, 2018 | Apr. 22, 2017 | |
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Net cash provided by (used in) operating activities | $ 153,970 | $ 35,081 |
| Net cash provided by (used in) investing activities | ||
| Purchases of property and equipment | (34,474) | (65,279) |
| Proceeds from sales of property and equipment | 530 | 947 |
| Other, net | 0 | 193 |
| Net cash used in investing activities | (33,944) | (64,139) |
| Net cash provided by (used in) financing activities | ||
| Increase (decrease) in bank overdrafts | (12,101) | 8,490 |
| Borrowings under credit facilities | 0 | 483,500 |
| Payments on credit facilities | 0 | (453,500) |
| Dividends paid | (8,930) | (8,902) |
| Proceeds from the issuance of common stock | 754 | 1,036 |
| Tax withholdings related to the exercise of stock appreciation rights | (93) | (5,707) |
| Repurchase of common stock | (5,223) | (3,121) |
| Other, net | (1,164) | (1,924) |
| Net cash (used in) provided by financing activities | (26,757) | 19,872 |
| Effect of exchange rate changes on cash | (1,063) | 95 |
| Net increase (decrease) in cash and cash equivalents | 92,206 | (9,091) |
| Cash and cash equivalents, beginning of period | 546,937 | 135,178 |
| Cash and cash equivalents, end of period | 639,143 | 126,087 |
| Parent Company [Member] | ||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Net cash provided by (used in) operating activities | 0 | 0 |
| Net cash provided by (used in) investing activities | ||
| Purchases of property and equipment | 0 | 0 |
| Proceeds from sales of property and equipment | 0 | 0 |
| Other, net | 0 | |
| Net cash used in investing activities | 0 | 0 |
| Net cash provided by (used in) financing activities | ||
| Increase (decrease) in bank overdrafts | 0 | 0 |
| Borrowings under credit facilities | 0 | |
| Payments on credit facilities | 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, net | 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 | 23 | 22 |
| Cash and cash equivalents, end of period | 23 | 22 |
| Guarantor Subsidiaries [Member] | ||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Net cash provided by (used in) operating activities | 142,408 | 55,378 |
| Net cash provided by (used in) investing activities | ||
| Purchases of property and equipment | (34,153) | (64,978) |
| Proceeds from sales of property and equipment | 486 | 947 |
| Other, net | (253) | |
| Net cash used in investing activities | (33,667) | (64,284) |
| Net cash provided by (used in) financing activities | ||
| Increase (decrease) in bank overdrafts | (9,790) | 6,625 |
| Borrowings under credit facilities | 483,500 | |
| Payments on credit facilities | (453,500) | |
| Dividends paid | (8,930) | (8,902) |
| Proceeds from the issuance of common stock | 754 | 1,036 |
| Tax withholdings related to the exercise of stock appreciation rights | (93) | (5,707) |
| Repurchase of common stock | (5,223) | (3,121) |
| Other, net | (1,164) | (1,924) |
| Net cash (used in) provided by financing activities | (24,446) | 18,007 |
| Effect of exchange rate changes on cash | 0 | 0 |
| Net increase (decrease) in cash and cash equivalents | 84,295 | 9,101 |
| Cash and cash equivalents, beginning of period | 482,620 | 78,543 |
| Cash and cash equivalents, end of period | 566,915 | 87,644 |
| Non-Guarantor Subsidiaries [Member] | ||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Net cash provided by (used in) operating activities | 11,562 | (20,297) |
| Net cash provided by (used in) investing activities | ||
| Purchases of property and equipment | (321) | (301) |
| Proceeds from sales of property and equipment | 44 | 0 |
| Other, net | 446 | |
| Net cash used in investing activities | (277) | 145 |
| Net cash provided by (used in) financing activities | ||
| Increase (decrease) in bank overdrafts | (2,311) | 1,865 |
| Borrowings under credit facilities | 0 | |
| Payments on credit facilities | 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, net | 0 | 0 |
| Net cash (used in) provided by financing activities | (2,311) | 1,865 |
| Effect of exchange rate changes on cash | (1,063) | 95 |
| Net increase (decrease) in cash and cash equivalents | 7,911 | (18,192) |
| Cash and cash equivalents, beginning of period | 64,317 | 56,635 |
| Cash and cash equivalents, end of period | 72,228 | 38,443 |
| Consolidation, Eliminations [Member] | ||
| Condensed Cash Flow Statements, Captions [Line Items] | ||
| Net cash provided by (used in) operating activities | 0 | 0 |
| Net cash provided by (used in) investing activities | ||
| Purchases of property and equipment | 0 | 0 |
| Proceeds from sales of property and equipment | 0 | 0 |
| Other, net | 0 | |
| Net cash used in investing activities | 0 | 0 |
| Net cash provided by (used in) financing activities | ||
| Increase (decrease) in bank overdrafts | 0 | 0 |
| Borrowings under credit facilities | 0 | |
| Payments on credit facilities | 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, net | 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 | (23) | (22) |
| Cash and cash equivalents, end of period | $ (23) | $ (22) |