Advance Auto Parts (AAP) 10-Q 19 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document Document - shares	4 Months Ended
	Apr. 18, 2020	May 15, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 18, 2020
Document Transition Report	false
Entity File Number	001-16797
Entity Registrant Name	ADVANCE AUTO PARTS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	54-2049910
Entity Address, Address Line One	2635 East Millbrook Road
Entity Address, City or Town	Raleigh
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27604
City Area Code	540
Local Phone Number	362-4911
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	AAP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		69,101,221
Entity Central Index Key	0001158449
Current Fiscal Year End Date	--01-02
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 18, 2020	Dec. 28, 2019
Current assets:
Cash and cash equivalents	$ 1,279,838	$ 418,665
Receivables, net	627,405	689,469
Inventories	4,526,003	4,432,168
Other current assets	138,749	155,241
Total current assets	6,571,995	5,695,543
Property and equipment, net of accumulated depreciation of $2,081,478 and $2,037,849	1,444,478	1,433,213
Operating lease right-of-use assets	2,319,511	2,365,325
Goodwill	989,112	992,240
Intangible assets, net	698,032	709,756
Other assets	49,444	52,448
Assets, Total	12,072,572	11,248,525
Current liabilities:
Accounts payable	3,304,207	3,421,987
Accrued expenses	528,156	535,863
Short-term borrowings on revolving credit facility	500,000	0
Other current liabilities	498,686	519,852
Total current liabilities	4,831,049	4,477,702
Long-term debt	1,241,094	747,320
Noncurrent operating lease liabilities	1,996,156	2,017,159
Deferred income taxes	333,265	334,013
Other long-term liabilities	133,979	123,250
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	749,723	735,183
Treasury stock, at cost	(960,150)	(924,389)
Accumulated other comprehensive loss	(51,535)	(34,569)
Retained earnings	3,798,983	3,772,848
Total stockholders’ equity	3,537,029	3,549,081
Liabilities and Stockholders' Equity, Total	$ 12,072,572	$ 11,248,525

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Apr. 18, 2020	Dec. 28, 2019
Statement of Financial Position [Abstract]
Property and equipment, net of accumulated depreciation of $2,081,478 and $2,037,849	$ 2,081,478	$ 2,037,849
Preferred stock, nonvoting, $0.0001 par value	$ 0.0001	$ 0.0001
Common stock, voting, $0.0001 par value	$ 0.0001	$ 0.0001

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	4 Months Ended
	Apr. 18, 2020	Apr. 20, 2019
Income Statement [Abstract]
Net sales	$ 2,697,882	$ 2,952,036
Cost of sales, including purchasing and warehousing costs	1,525,149	1,647,424
Gross profit	1,172,733	1,304,612
Selling, general and administrative expenses	1,094,308	1,096,672
Operating income	78,425	207,940
Other, net:
Interest expense	(12,243)	(14,944)
Other expense, net	(5,989)	(2,238)
Total other, net	(18,232)	(17,182)
Income before provision for income taxes	60,193	190,758
Provision for income taxes	16,605	48,258
Net income	$ 43,588	$ 142,500
Basic earnings per common share	$ 0.63	$ 1.99
Weighted average common shares outstanding	69,181	71,787
Diluted earnings per common share	$ 0.63	$ 1.98
Weighted average common shares outstanding	69,392	72,103

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	4 Months Ended
	Apr. 18, 2020	Apr. 20, 2019
Net income	$ 43,588	$ 142,500
Other comprehensive (loss) income:
Changes in net unrecognized other postretirement costs, net of tax of $23 and $17	66	95
Currency translation adjustments	(17,032)	4,060
Total other comprehensive (loss) income	(16,966)	4,155
Comprehensive income	$ 26,622	$ 146,655

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	4 Months Ended
	Apr. 18, 2020	Apr. 20, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) [Abstract]
Changes in net unrecognized other postretirement costs, net of tax of $23 and $17	$ 23	$ 17

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDES' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock, at Cost	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Balance at Dec. 29, 2018	$ 3,550,813	$ 8	$ 694,797	$ (425,954)	$ (44,193)	$ 3,326,155
Balance (in shares) at Dec. 29, 2018		72,460
Net income	142,500					142,500
Cumulative effect of accounting change from adoption of ASU 2016-02, net of tax	(23,165)					(23,165)
Total other comprehensive income (loss)	4,155				4,155
Restricted stock units and deferred stock units vested	0	$ 111
Share-based compensation	10,984		10,984
Stock issued under employee stock purchase plan	678		678
Stock issued under employee stock purchase plan (in shares)		5
Repurchases of common stock (in shares)		(840)
Repurchases of common stock	(134,291)			(134,291)
Cash dividends declared	(4,352)					(4,352)
Stock Issued During Period, Shares, Other		1
Other	(99)		(99)
Balance at Apr. 20, 2019	3,547,223	$ 8	706,360	(560,245)	(40,038)	3,441,138
Balance (in shares) at Apr. 20, 2019		71,737
Balance at Dec. 28, 2019	3,549,081	$ 8	735,183	(924,389)	(34,569)	3,772,848
Balance (in shares) at Dec. 28, 2019		69,232
Net income	43,588					43,588
Total other comprehensive income (loss)	(16,966)				(16,966)
Restricted stock units and deferred stock units vested	0	$ 137
Share-based compensation	13,809		13,809
Stock issued under employee stock purchase plan	735		735
Stock issued under employee stock purchase plan (in shares)		9
Repurchases of common stock (in shares)		(277)
Repurchases of common stock	(35,761)			(35,761)
Cash dividends declared	(17,453)					(17,453)
Other	(4)		(4)
Balance at Apr. 18, 2020	$ 3,537,029	$ 8	$ 749,723	$ (960,150)	$ (51,535)	$ 3,798,983
Balance (in shares) at Apr. 18, 2020		69,101

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDES' EQUITY (Parenthetical) - $ / shares	4 Months Ended
	Apr. 18, 2020	Apr. 20, 2019
Statement of Stockholders' Equity (Parenthetical) [Abstract]
Cash dividends declared (per common share)	$ 0.25	$ 0.06

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	4 Months Ended
	Apr. 18, 2020	Apr. 20, 2019
Cash flows from operating activities:
Net income	$ 43,588	$ 142,500
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	78,579	69,885
Share-based compensation	13,809	10,984
Loss and impairment of long-lived assets	981	125
Provision (benefit) for deferred income taxes	146	(250)
Other	434	11,348
Net change in:
Receivables, net	59,303	(58,757)
Inventories	(104,899)	(68,742)
Accounts payable	(112,459)	102,941
Accrued expenses	(1,824)	(62,751)
Other assets and liabilities, net	33,250	57,259
Net cash provided by operating activities	10,908	204,542
Cash flows from investing activities:
Purchases of property and equipment	(82,973)	(61,312)
Purchase of an indefinite-lived intangible asset	(230)	0
Proceeds from sales of property and equipment	71	553
Net cash used in investing activities	(83,132)	(60,759)
Cash flows from financing activities:
Decrease in bank overdrafts	0	(50,578)
Proceeds from borrowings on revolving credit facility	500,000	0
Proceeds from issuance of senior unsecured notes	498,240	0
Redemption of senior unsecured notes	0	(310,047)
Dividends paid	(21,593)	(8,723)
Proceeds from the issuance of common stock	735	678
Repurchases of common stock	(35,761)	(134,291)
Other, net	(4,763)	(215)
Net cash provided by (used in) financing activities	936,858	(503,176)
Effect of exchange rate changes on cash	(3,461)	196
Net increase (decrease) in cash and cash equivalents	861,173	(359,197)
Cash and cash equivalents, beginning of period	418,665	896,527
Cash and cash equivalents, end of period	1,279,838	537,330
Non-cash transactions:
Accrued purchases of property and equipment	$ 25,080	$ 14,194

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	4 Months Ended
	Apr. 18, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations 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 professional installers (“Professional”), and “do-it-yourself” (“DIY”), customers. The accompanying condensed consolidated financial statements have been prepared by us and include the accounts of Advance Auto Parts, Inc., its wholly owned subsidiaries, Advance Stores Company, Incorporated (“Advance Stores”) and Neuse River Insurance Company, Inc., and their subsidiaries (collectively referred to as “Advance,” “we,” “us” or “our”). As of April 18, 2020, we operated a total of 4,843 stores and 168 branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. In addition, as of April 18, 2020, we served 1,258 independently owned Carquest branded stores across the same geographic locations served by our stores and branches in addition to Mexico, the Bahamas, Turks and Caicos and the British Virgin Islands. In March 2020, the World Health Organization categorized the COVID-19 outbreak as a pandemic (“the pandemic”). As a majority of our stores and facilities have remained open, we have taken additional measures to help protect the health and safety of our Team Members and customers. Such measures, among others, include the implementation of incremental pay and other labor-related benefits for Team Members and increased sanitation practices across Advance. Government imposed restrictions and stay at home orders related to the pandemic occurred during our first quarter of 2020. These contributed to negative impacts to demand for our products and services, primarily during the last six weeks of the sixteen weeks ended April 18, 2020. While the majority of our stores remained opened, we adjusted our store operating hours to better align our variable operating cost, such as labor-related and utility expenses, with the lower demand. In addition to macroeconomic factors, we considered the changes in our store operations, the increased cost to service our customers and the reduced demand for our product on the carrying value of our assets, including receivables, inventories, property and equipment, goodwill and other intangible assets. Although we have experienced negative financial impacts from the pandemic, they have not significantly affected the assumptions underpinning our long-term revenue and cash flow growth rates, operating models and business strategies and there was no material impairment of our various assets during the sixteen weeks ended April 18, 2020. The COVID-19 pandemic remains a rapidly evolving situation. If we experience prolonged periods of decreased demand, it may lead to increased asset recovery and valuation risks in the future, such as impairment of goodwill, intangible assets, stores and other assets. We will continue to assess the impact of the pandemic on our financial position. The extent to which the COVID-19 pandemic will impact our operations, liquidity, compliance with debt covenants or financial results in subsequent periods is uncertain, but such impact could be material. 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 2019 as filed with the SEC on February 18, 2020. 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 second and third quarter of 2020 consist of twelve weeks, while our fourth quarter of 2020 contains thirteen weeks due to the 53-week fiscal year in 2020.

Significant Acounting Policies

Significant Acounting Policies	4 Months Ended
	Apr. 18, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies: Revenues The following table summarizes disaggregated revenue from contracts with customers by product group: Sixteen Weeks Ended April 18, 2020 April 20, 2019 Percentage of Net sales, by product group: Parts and batteries 66 % 66 % Accessories and chemicals 21 21 Engine maintenance 12 12 Other 1 1 Total 100 % 100 % Recently Issued Accounting Pronouncements In March 2020, the SEC amended Rule 3-10 of Regulation S-X (“Rule 3-10”) regarding financial disclosure requirements for registered debt offerings involving subsidiaries as either issuers or guarantors and affiliates whose securities are pledged as collateral. This new guidance narrows the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamlines the alternative disclosures required in lieu of those statements. Rule 3-10 is effective January 4, 2021 with earlier adoption permitted. We are currently evaluating the impact of Rule 3-10 on our consolidated financial statements and related disclosures. During the sixteen weeks ended April 18, 2020, we adopted Financial Accounting Standard Board (“FASB”) Accounting Standards Update 2016-13 (“ASU 2016-13”), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which required us to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. This replaced the existing incurred loss model and is applicable to the measurement of credit losses on financial assets, including trade receivables. The adoption of ASU 2016-13 did not have a material impact on our consolidated financial statements.

Inventories

Inventories	4 Months Ended
	Apr. 18, 2020
Inventory Disclosure [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% and 89% of inventories as of April 18, 2020 and December 28, 2019. 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 18, 2020 and prior years. We recorded an increase to Cost of sales of $8.8 million and $26.4 million for the sixteen weeks ended April 18, 2020 and April 20, 2019 to state inventories at LIFO. An actual valuation of inventory under the LIFO method is performed by us at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on our estimates of expected inventory levels and costs at the end of the year. Inventory balances were as follows: (in thousands) April 18, 2020 December 28, 2019 Inventories at first in, first out (“FIFO”) $ 4,393,236 $ 4,290,565 Adjustments to state inventories at LIFO 132,767 141,603 Inventories at LIFO $ 4,526,003 $ 4,432,168

Intangible Assets

Intangible Assets	4 Months Ended
	Apr. 18, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible AssetsOur definite-lived intangible assets include customer relationships and non-compete agreements. Amortization expense was $9.7 million for the sixteen weeks ended April 18, 2020 and April 20, 2019.

Receivables, net

Receivables, net	4 Months Ended
	Apr. 18, 2020
Receivables [Abstract]
Receivables, net	Receivables, net Receivables consist of the following: (in thousands) April 18, 2020 December 28, 2019 Trade $ 406,616 $ 422,403 Vendor 210,483 249,009 Other 25,182 32,306 Total receivables 642,281 703,718 Less: allowance for doubtful accounts (14,876) (14,249) Receivables, net $ 627,405 $ 689,469

Long-term Debt and Fair Value o

Long-term Debt and Fair Value of Financial Instruments	4 Months Ended
	Apr. 18, 2020
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 18, 2020 December 28, 2019 4.50% Senior Unsecured Notes due January 15, 2022 $ 299,523 $ 299,441 4.50% Senior Unsecured Notes due December 1, 2023 448,019 447,879 3.90% Senior Unsecured Notes due April 15, 2030 493,552 — Total long-term debt $ 1,241,094 $ 747,320 Fair value of long-term debt $ 1,283,000 $ 795,000 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, accrued expenses and borrowings under the unsecured revolving credit facility approximate their fair values due to the relatively short-term nature of these instruments. Senior Unsecured Notes Our 4.50% senior unsecured notes due January 15, 2022 (the “2022 Notes”) were issued in January 2012 at 99.97% of the principal amount of $300.0 million. The 2022 Notes bear interest at a rate of 4.50% per year payable semi-annually in arrears on January 15 and July 15 of each year. Our 4.50% senior unsecured notes due December 1, 2023 (the “2023 Notes”) were issued in December 2013 at 99.69% of the principal amount of $450.0 million. The 2023 Notes bear interest at a rate of 4.50% per year payable semi-annually in arrears on June 1 and December 1 of each year. On April 16, 2020, we issued $500.0 million aggregate principal amount of senior unsecured notes (the “2030 Notes”). The 2030 Notes were issued at 99.65% of the principal amount of $500.0 million, are due April 15, 2030 and bear interest at 3.90% per year payable semi-annually in arrears on April 15 and October 15 of each year (collectively with the 2023 Notes and 2022 Notes, referred to as our “senior unsecured notes”). In connection with the issuance of the 2030 Notes, we incurred $4.7 million of costs. We may redeem some or all of the 2030 Notes at any time or from time to time, at the redemption price described in the related indenture for the 2030 Notes (the “Indenture”). In addition, in the event of a Change of Control Triggering Event (as defined in the Indenture), we will be required to offer to repurchase the 2030 Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest to the repurchase date. The 2030 Notes are currently fully and unconditionally guaranteed, jointly and severally, on an unsubordinated unsecured basis by each of our Guarantor Subsidiaries, as defined in Note 12, Condensed Consolidating Financial Statements , of the Notes to the Condensed Consolidated Financial Statements. Bank Debt As of April 18, 2020, we had $500.0 million of outstanding borrowings, $500.0 million of borrowing availability and no letters of credit outstanding under the unsecured revolving credit facility (the “2017 Credit Agreement”). As of December 28, 2019, we had no outstanding borrowings, $1.0 billion of borrowing availability and no letters of credit outstanding under the unsecured revolving credit facility. In connection with our bilateral credit facility, we had outstanding letters of credit of $111.6 million as of April 18, 2020 and December 28, 2019, 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 financial covenants required by our debt arrangements as of April 18, 2020. Debt Guarantees We are a guarantor of loans made by banks to various independently owned Carquest-branded stores that are our customers totaling $52.7 million and $26.4 million as of April 18, 2020 and December 28, 2019. 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 $51.7 million and $50.3 million as of April 18, 2020 and December 28, 2019. We believe that the likelihood of performance under these guarantees is remote.

Leases

Leases	4 Months Ended
	Apr. 18, 2020
Leases [Abstract]
Leases	Leases Substantially all of our leases are for facilities and vehicles. The initial term for facilities are typically 5 years to 10 years, with renewal options at 5 year intervals, with the exercise of lease renewal options at our sole discretion. Our vehicle and equipment leases are typically 3 years to 5 years. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating lease liabilities consist of the following: (in thousands) April 18, 2020 December 28, 2019 Total operating lease liabilities $ 2,440,996 $ 2,495,141 Less: Current portion of operating lease liabilities (444,840) (477,982) Noncurrent operating lease liabilities $ 1,996,156 $ 2,017,159 The current portion of operating lease liabilities is included in Other current liabilities in the accompanying condensed consolidated balance sheet. Total lease cost is included in Cost of sales and selling, general and administrative expenses (“SG&A”) in the accompanying condensed consolidated statements of operations and is recorded net of immaterial sublease income. Total lease cost is comprised of the following: Sixteen Weeks Ended (in thousands) April 18, 2020 April 20, 2019 Operating lease cost $ 161,805 $ 160,046 Variable lease cost 43,537 49,690 Total lease cost $ 205,342 $ 209,736 The future maturity of lease liabilities are as follows: (in thousands) April 18, 2020 Remainder of 2020 $ 402,575 2021 494,579 2022 403,251 2023 364,936 2024 286,731 Thereafter 870,831 Total lease payments 2,822,903 Less: Imputed interest (381,907) Total operating lease liabilities $ 2,440,996 Operating lease payments include $110.8 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $154.2 million of legally binding minimum lease payments for leases signed, but not yet commenced. The weighted-average remaining lease term and weighted-average discount rate for our operating leases are 7.1 years and 4.0% as of April 18, 2020. We calculated the weighted-average discount rates using incremental borrowing rates, which equal the rates of interest that we would pay to borrow funds on a fully collateralized basis over a similar term. Other information relating to our lease liabilities is as follows: Sixteen Weeks Ended (in thousands) April 18, 2020 April 20, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 167,273 $ 143,450 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 85,491 $ 108,881

Warranty Liabilities

Warranty Liabilities	4 Months Ended
	Apr. 18, 2020
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 18, 2020 December 28, 2019 Warranty reserve, beginning of period $ 36,820 $ 45,280 Additions to warranty reserves 4,830 34,117 Reduction and utilization of reserve (11,368) (42,577) Warranty reserve, end of period $ 30,282 $ 36,820

Share Repurchase Program

Share Repurchase Program	4 Months Ended
	Apr. 18, 2020
Stock Repurchases: [Abstract]
Share Repurchase Program	Share Repurchase Program On November 8, 2019, our Board of Directors authorized a $700.0 million share repurchase program. This new authorization was in addition to the $400.0 million share repurchase program that was authorized by our Board of Directors in August 2019. Our share repurchase program permits the repurchase of our common stock on the open market and in privately negotiated transactions from time to time. During the sixteen weeks ended April 18, 2020, we repurchased 0.2 million shares of our common stock at an aggregate cost of $29.0 million, or an average price of $128.36 per share, in connection with our share repurchase program. During the sixteen weeks ended April 20, 2019, we repurchased 0.8 million shares of our common stock at an aggregate cost of $127.2 million, or an average price of $159.65 per share, in connection with our share repurchase program. We had $861.7 million remaining under our share repurchase program as of April 18, 2020.

Earnings per Share

Earnings per Share	4 Months Ended
	Apr. 18, 2020
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 18, 2020 April 20, 2019 Numerator Net income applicable to common shares $ 43,588 $ 142,500 Denominator Basic weighted average common shares 69,181 71,787 Dilutive impact of share-based awards 211 316 Diluted weighted average common shares (1) 69,392 72,103 Basic earnings per common share $ 0.63 $ 1.99 Diluted earnings per common share $ 0.63 $ 1.98 (1) For the sixteen weeks ended April 18, 2020, 271 thousand restricted stock units (“RSUs”) were excluded from the diluted calculation as their inclusion would have been anti-dilutive. For the sixteen weeks ended April 20,2019, these anti-dilutive RSUs were insignificant.

Share-Based Compensation

Share-Based Compensation	4 Months Ended
	Apr. 18, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based CompensationDuring the sixteen weeks ended April 18, 2020, we granted 239 thousand time-based RSUs, 74 thousand performance-based RSUs and 37 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 18, 2020 were $131.27, $130.03 and $145.04 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 18, 2020 and April 20, 2019 was $3.5 million and $2.7 million. As of April 18, 2020, there was $92.1 million of unrecognized compensation expense related to all share-based awards that is expected to be recognized over a weighted average period of 1.8 years.

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	4 Months Ended
	Apr. 18, 2020
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 our foreign subsidiaries and captive insurance subsidiary, 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 Advance. 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 18, 2020 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 1,171,456 $ 108,382 $ — $ 1,279,838 Receivables, net 1,527 588,236 37,642 — 627,405 Inventories — 4,337,802 188,201 — 4,526,003 Other current assets 20,456 135,401 1,855 (18,963) 138,749 Total current assets 21,983 6,232,895 336,080 (18,963) 6,571,995 Property and equipment, net of accumulated depreciation 45 1,435,544 8,889 — 1,444,478 Operating lease right-of-use assets — 2,282,089 37,422 — 2,319,511 Goodwill — 943,364 45,748 — 989,112 Intangible assets, net — 661,964 36,068 — 698,032 Other assets, net 2,176 34,293 15,151 (2,176) 49,444 Investment in subsidiaries 4,482,653 536,410 — (5,019,063) — Intercompany note receivable 749,673 — — (749,673) — Due from intercompany, net — 76,861 400,463 (477,324) — $ 5,256,530 $ 12,203,420 $ 879,821 $ (6,267,199) $ 12,072,572 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 1,083 $ 3,135,056 $ 168,068 $ — $ 3,304,207 Accrued expenses — 528,764 18,355 (18,963) 528,156 Short-term borrowings on revolving credit facility — 500,000 — — 500,000 Other current liabilities — 447,236 51,450 — 498,686 Total current liabilities 1,083 4,611,056 237,873 (18,963) 4,831,049 Long-term debt 1,241,094 — — — 1,241,094 Noncurrent operating lease liabilities — 1,966,690 29,466 — 1,996,156 Deferred income taxes — 320,835 14,606 (2,176) 333,265 Other long-term liabilities — 72,513 61,466 — 133,979 Intercompany note payable — 749,673 — (749,673) — Due to intercompany, net 477,324 — — (477,324) — Commitments and contingencies Stockholders' equity 3,537,029 4,482,653 536,410 (5,019,063) 3,537,029 $ 5,256,530 $ 12,203,420 $ 879,821 $ (6,267,199) $ 12,072,572 Condensed Consolidating Balance Sheet As of December 28, 2019 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 285,100 $ 133,565 $ — $ 418,665 Receivables, net 1,529 646,686 41,254 — 689,469 Inventories — 4,233,562 198,606 — 4,432,168 Other current assets 12,710 150,316 3,442 (11,227) 155,241 Total current assets 14,239 5,315,664 376,867 (11,227) 5,695,543 Property and equipment, net of accumulated depreciation 54 1,423,920 9,239 — 1,433,213 Operating lease right-of-use assets — 2,325,170 40,155 — 2,365,325 Goodwill — 943,364 48,876 — 992,240 Intangible assets, net — 670,386 39,370 — 709,756 Other assets, net 2,358 38,311 14,137 (2,358) 52,448 Investment in subsidiaries 4,445,209 550,910 — (4,996,119) — Intercompany note receivable 749,354 — — (749,354) — Due from intercompany, net — 571,981 342,832 (914,813) — $ 5,211,214 $ 11,839,706 $ 871,476 $ (6,673,871) $ 11,248,525 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ — $ 3,231,927 $ 190,060 $ — $ 3,421,987 Accrued expenses — 523,518 23,572 (11,227) 535,863 Other current liabilities — 508,811 11,041 — 519,852 Total current liabilities — 4,264,256 224,673 (11,227) 4,477,702 Long-term debt 747,320 — — — 747,320 Noncurrent operating lease liabilities — 1,986,039 31,120 — 2,017,159 Deferred income taxes — 320,822 15,549 (2,358) 334,013 Other long-term liabilities — 74,026 49,224 — 123,250 Intercompany note payable — 749,354 — (749,354) — Due to intercompany, net 914,813 — — (914,813) — Commitments and contingencies Stockholders' equity 3,549,081 4,445,209 550,910 (4,996,119) 3,549,081 $ 5,211,214 $ 11,839,706 $ 871,476 $ (6,673,871) $ 11,248,525 Condensed Consolidating Statement of Operations For the Sixteen Weeks Ended April 18, 2020 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,608,324 $ 146,222 $ (56,664) $ 2,697,882 Cost of sales, including purchasing and warehousing costs — 1,471,553 91,837 (38,241) 1,525,149 Gross profit — 1,136,771 54,385 (18,423) 1,172,733 Selling, general and administrative expenses 8,550 1,068,803 46,065 (29,110) 1,094,308 Operating (loss) income (8,550) 67,968 8,320 10,687 78,425 Other, net: Interest expense (10,871) (1,372) — — (12,243) Other income (expense), net 19,845 (9,171) (5,976) (10,687) (5,989) Total other, net 8,974 (10,543) (5,976) (10,687) (18,232) Income before provision for income taxes 424 57,425 2,344 — 60,193 Provision for income taxes 1,615 14,962 28 — 16,605 (Loss) income before equity in earnings of subsidiaries (1,191) 42,463 2,316 — 43,588 Equity in earnings of subsidiaries 44,779 2,316 — (47,095) — Net income $ 43,588 $ 44,779 $ 2,316 $ (47,095) $ 43,588 Condensed Consolidating Statement of Operations For the Sixteen Weeks Ended April 20, 2019 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,852,700 $ 147,290 $ (47,954) $ 2,952,036 Cost of sales, including purchasing and warehousing costs — 1,598,539 96,839 (47,954) 1,647,424 Gross profit — 1,254,161 50,451 — 1,304,612 Selling, general and administrative expenses 12,119 1,077,144 31,409 (24,000) 1,096,672 Operating (loss) income (12,119) 177,017 19,042 24,000 207,940 Other, net: Interest expense (13,512) (1,406) (26) — (14,944) Other income (expense), net 26,211 (6,891) 2,442 (24,000) (2,238) Total other, net 12,699 (8,297) 2,416 (24,000) (17,182) Income before provision for income taxes 580 168,720 21,458 — 190,758 Provision for income taxes 1,300 42,294 4,664 — 48,258 (Loss) income before equity in earnings of subsidiaries (720) 126,426 16,794 — 142,500 Equity in earnings of subsidiaries 143,220 16,794 — (160,014) — Net income $ 142,500 $ 143,220 $ 16,794 $ (160,014) $ 142,500 Condensed Consolidating Statement of Comprehensive Income For the Sixteen Weeks Ended April 18, 2020 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 43,588 $ 44,779 $ 2,316 $ (47,095) $ 43,588 Other comprehensive loss (16,966) (16,966) (17,032) 33,998 (16,966) Comprehensive income $ 26,622 $ 27,813 $ (14,716) $ (13,097) $ 26,622 Condensed Consolidating Statement of Comprehensive Income For the Sixteen Weeks Ended April 20, 2019 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 142,500 $ 143,220 $ 16,794 $ (160,014) $ 142,500 Other comprehensive income 4,155 4,155 4,060 (8,215) 4,155 Comprehensive income $ 146,655 $ 147,375 $ 20,854 $ (168,229) $ 146,655 Condensed Consolidating Statement of Cash Flows For the Sixteen Weeks Ended April 18, 2020 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ — $ 32,103 $ (21,195) $ — $ 10,908 Cash flows from investing activities: Purchases of property and equipment — (82,497) (476) — (82,973) Purchase of an indefinite-lived intangible asset — (230) — — (230) Proceeds from sales of property and equipment — 70 1 — 71 Net cash used in investing activities — (82,657) (475) — (83,132) Cash flows from financing activities: Decrease in bank overdrafts — (18) (52) 70 — Proceeds from borrowings on revolving credit facility — 500,000 — — 500,000 Proceeds from issuance of senior unsecured notes — 498,240 — — 498,240 Dividends paid — (21,593) — — (21,593) Proceeds from the issuance of common stock — 735 — — 735 Repurchases of common stock — (35,761) — — (35,761) Other, net — (4,693) — (70) (4,763) Net cash provided by (used in) financing activities — 936,910 (52) — 936,858 Effect of exchange rate changes on cash — — (3,461) — (3,461) Net increase (decrease) in cash and cash equivalents — 886,356 (25,183) — 861,173 Cash and cash equivalents , beginning of period — 285,100 133,565 — 418,665 Cash and cash equivalents , end of period $ — $ 1,171,456 $ 108,382 $ — $ 1,279,838 Condensed Consolidating Statement of Cash Flows For the Sixteen Weeks Ended April 20, 2019 (In thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ — $ 264,504 $ (59,962) $ — $ 204,542 Cash flows from investing activities: Purchases of property and equipment — (60,966) (346) — (61,312) Proceeds from sales of property and equipment — 552 1 — 553 Net cash used in investing activities — (60,414) (345) — (60,759) Cash flows from financing activities: (Decrease) increase in bank overdrafts — (51,585) 1,007 — (50,578) Redemption of senior unsecured notes — (310,047) — — (310,047) Dividends paid — (8,723) — — (8,723) Proceeds from the issuance of common stock — 678 — — 678 Repurchases of common stock — (134,291) — — (134,291) Other, net 4 (215) — (4) (215) Net cash provided by (used in) financing activities 4 (504,183) 1,007 (4) (503,176) Effect of exchange rate changes on cash — — 196 — 196 Net increase (decrease) in cash and cash equivalents 4 (300,093) (59,104) (4) (359,197) Cash and cash equivalents , beginning of period — 785,605 110,922 — 896,527 Cash and cash equivalents , end of period $ 4 $ 485,512 $ 51,818 $ (4) $ 537,330

Significant Acounting Policies

Significant Acounting Policies (Policies)	4 Months Ended
	Apr. 18, 2020
Accounting Policies [Abstract]
Revenues	Revenues The following table summarizes disaggregated revenue from contracts with customers by product group: Sixteen Weeks Ended April 18, 2020 April 20, 2019 Percentage of Net sales, by product group: Parts and batteries 66 % 66 % Accessories and chemicals 21 21 Engine maintenance 12 12 Other 1 1 Total 100 % 100 %
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the SEC amended Rule 3-10 of Regulation S-X (“Rule 3-10”) regarding financial disclosure requirements for registered debt offerings involving subsidiaries as either issuers or guarantors and affiliates whose securities are pledged as collateral. This new guidance narrows the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamlines the alternative disclosures required in lieu of those statements. Rule 3-10 is effective January 4, 2021 with earlier adoption permitted. We are currently evaluating the impact of Rule 3-10 on our consolidated financial statements and related disclosures. During the sixteen weeks ended April 18, 2020, we adopted Financial Accounting Standard Board (“FASB”) Accounting Standards Update 2016-13 (“ASU 2016-13”), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which required us to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. This replaced the existing incurred loss model and is applicable to the measurement of credit losses on financial assets, including trade receivables. The adoption of ASU 2016-13 did not have a material impact on our consolidated financial statements.

Inventories (Policies)

Inventories (Policies)	4 Months Ended
	Apr. 18, 2020
Accounting Policies [Abstract]
Inventory, Policy	Inventories are stated at the lower of cost or market.

Long-term Debt and Fair Value_2

Long-term Debt and Fair Value of Financial Instruments (Policies)	4 Months Ended
	Apr. 18, 2020
Accounting Policies [Abstract]
Fair Value Measurement, Policy	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.

Leases (Policies)

Leases (Policies)	4 Months Ended
	Apr. 18, 2020
Lessee, Leases [Abstract]
Lessee, Leases	Substantially all of our leases are for facilities and vehicles. The initial term for facilities are typically 5 years to 10 years, with renewal options at 5 year intervals, with the exercise of lease renewal options at our sole discretion. Our vehicle and equipment leases are typically 3 years to 5 years. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.The current portion of operating lease liabilities is included in Other current liabilities in the accompanying condensed consolidated balance sheet.Total lease cost is included in Cost of sales and selling, general and administrative expenses (“SG&A”) in the accompanying condensed consolidated statements of operations and is recorded net of immaterial sublease income.

Share-Based Compensation (Polic

Share-Based Compensation (Policies)	4 Months Ended
	Apr. 18, 2020
Accounting Policies [Abstract]
Fair Value Measurement, Policy	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.

Significant Acounting Policie_2

Significant Acounting Policies (Tables)	4 Months Ended
	Apr. 18, 2020
Accounting Policies [Abstract]
Revenue from External Customers by Products and Services	The following table summarizes disaggregated revenue from contracts with customers by product group: Sixteen Weeks Ended April 18, 2020 April 20, 2019 Percentage of Net sales, by product group: Parts and batteries 66 % 66 % Accessories and chemicals 21 21 Engine maintenance 12 12 Other 1 1 Total 100 % 100 %

Inventories (Tables)

Inventories (Tables)	4 Months Ended
	Apr. 18, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory balances were as follows: (in thousands) April 18, 2020 December 28, 2019 Inventories at first in, first out (“FIFO”) $ 4,393,236 $ 4,290,565 Adjustments to state inventories at LIFO 132,767 141,603 Inventories at LIFO $ 4,526,003 $ 4,432,168

Receivables, net (Tables)

Receivables, net (Tables)	4 Months Ended
	Apr. 18, 2020
Receivables [Abstract]
Schedule of Accounts Receivable	Receivables consist of the following: (in thousands) April 18, 2020 December 28, 2019 Trade $ 406,616 $ 422,403 Vendor 210,483 249,009 Other 25,182 32,306 Total receivables 642,281 703,718 Less: allowance for doubtful accounts (14,876) (14,249) Receivables, net $ 627,405 $ 689,469

Long-term Debt and Fair Value_3

Long-term Debt and Fair Value of Financial Instruments (Tables)	4 Months Ended
	Apr. 18, 2020
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt consists of the following: (in thousands) April 18, 2020 December 28, 2019 4.50% Senior Unsecured Notes due January 15, 2022 $ 299,523 $ 299,441 4.50% Senior Unsecured Notes due December 1, 2023 448,019 447,879 3.90% Senior Unsecured Notes due April 15, 2030 493,552 — Total long-term debt $ 1,241,094 $ 747,320 Fair value of long-term debt $ 1,283,000 $ 795,000

Leases (Tables)

Leases (Tables)	4 Months Ended
	Apr. 18, 2020
Leases [Abstract]
Schedule of Operating Lease Liabilities	Operating lease liabilities consist of the following: (in thousands) April 18, 2020 December 28, 2019 Total operating lease liabilities $ 2,440,996 $ 2,495,141 Less: Current portion of operating lease liabilities (444,840) (477,982) Noncurrent operating lease liabilities $ 1,996,156 $ 2,017,159
Lease, Cost	Total lease cost is comprised of the following: Sixteen Weeks Ended (in thousands) April 18, 2020 April 20, 2019 Operating lease cost $ 161,805 $ 160,046 Variable lease cost 43,537 49,690 Total lease cost $ 205,342 $ 209,736
Lessee, Operating Lease, Liability, Maturity	The future maturity of lease liabilities are as follows: (in thousands) April 18, 2020 Remainder of 2020 $ 402,575 2021 494,579 2022 403,251 2023 364,936 2024 286,731 Thereafter 870,831 Total lease payments 2,822,903 Less: Imputed interest (381,907) Total operating lease liabilities $ 2,440,996
Schedule of Other Information Relating to Lease Liabilities	Other information relating to our lease liabilities is as follows: Sixteen Weeks Ended (in thousands) April 18, 2020 April 20, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 167,273 $ 143,450 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 85,491 $ 108,881

Warranty Liabilities (Tables)

Warranty Liabilities (Tables)	4 Months Ended
	Apr. 18, 2020
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Liability	The following table presents changes in our warranty reserves: Sixteen Weeks Ended Fifty-Two Weeks Ended (in thousands) April 18, 2020 December 28, 2019 Warranty reserve, beginning of period $ 36,820 $ 45,280 Additions to warranty reserves 4,830 34,117 Reduction and utilization of reserve (11,368) (42,577) Warranty reserve, end of period $ 30,282 $ 36,820

Earnings per Share (Tables)

Earnings per Share (Tables)	4 Months Ended
	Apr. 18, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computation of basic and diluted earnings per share are as follows: Sixteen Weeks Ended (in thousands, except per share data) April 18, 2020 April 20, 2019 Numerator Net income applicable to common shares $ 43,588 $ 142,500 Denominator Basic weighted average common shares 69,181 71,787 Dilutive impact of share-based awards 211 316 Diluted weighted average common shares (1) 69,392 72,103 Basic earnings per common share $ 0.63 $ 1.99 Diluted earnings per common share $ 0.63 $ 1.98 (1) For the sixteen weeks ended April 18, 2020, 271 thousand restricted stock units (“RSUs”) were excluded from the diluted calculation as their inclusion would have been anti-dilutive. For the sixteen weeks ended April 20,2019, these anti-dilutive RSUs were insignificant.

Condensed Consolidating Finan_2

Condensed Consolidating Financial Statements (Tables)	4 Months Ended
	Apr. 18, 2020
Condensed Consolidating Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	Condensed Consolidating Balance Sheet As of April 18, 2020 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 1,171,456 $ 108,382 $ — $ 1,279,838 Receivables, net 1,527 588,236 37,642 — 627,405 Inventories — 4,337,802 188,201 — 4,526,003 Other current assets 20,456 135,401 1,855 (18,963) 138,749 Total current assets 21,983 6,232,895 336,080 (18,963) 6,571,995 Property and equipment, net of accumulated depreciation 45 1,435,544 8,889 — 1,444,478 Operating lease right-of-use assets — 2,282,089 37,422 — 2,319,511 Goodwill — 943,364 45,748 — 989,112 Intangible assets, net — 661,964 36,068 — 698,032 Other assets, net 2,176 34,293 15,151 (2,176) 49,444 Investment in subsidiaries 4,482,653 536,410 — (5,019,063) — Intercompany note receivable 749,673 — — (749,673) — Due from intercompany, net — 76,861 400,463 (477,324) — $ 5,256,530 $ 12,203,420 $ 879,821 $ (6,267,199) $ 12,072,572 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 1,083 $ 3,135,056 $ 168,068 $ — $ 3,304,207 Accrued expenses — 528,764 18,355 (18,963) 528,156 Short-term borrowings on revolving credit facility — 500,000 — — 500,000 Other current liabilities — 447,236 51,450 — 498,686 Total current liabilities 1,083 4,611,056 237,873 (18,963) 4,831,049 Long-term debt 1,241,094 — — — 1,241,094 Noncurrent operating lease liabilities — 1,966,690 29,466 — 1,996,156 Deferred income taxes — 320,835 14,606 (2,176) 333,265 Other long-term liabilities — 72,513 61,466 — 133,979 Intercompany note payable — 749,673 — (749,673) — Due to intercompany, net 477,324 — — (477,324) — Commitments and contingencies Stockholders' equity 3,537,029 4,482,653 536,410 (5,019,063) 3,537,029 $ 5,256,530 $ 12,203,420 $ 879,821 $ (6,267,199) $ 12,072,572 Condensed Consolidating Balance Sheet As of December 28, 2019 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ — $ 285,100 $ 133,565 $ — $ 418,665 Receivables, net 1,529 646,686 41,254 — 689,469 Inventories — 4,233,562 198,606 — 4,432,168 Other current assets 12,710 150,316 3,442 (11,227) 155,241 Total current assets 14,239 5,315,664 376,867 (11,227) 5,695,543 Property and equipment, net of accumulated depreciation 54 1,423,920 9,239 — 1,433,213 Operating lease right-of-use assets — 2,325,170 40,155 — 2,365,325 Goodwill — 943,364 48,876 — 992,240 Intangible assets, net — 670,386 39,370 — 709,756 Other assets, net 2,358 38,311 14,137 (2,358) 52,448 Investment in subsidiaries 4,445,209 550,910 — (4,996,119) — Intercompany note receivable 749,354 — — (749,354) — Due from intercompany, net — 571,981 342,832 (914,813) — $ 5,211,214 $ 11,839,706 $ 871,476 $ (6,673,871) $ 11,248,525 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ — $ 3,231,927 $ 190,060 $ — $ 3,421,987 Accrued expenses — 523,518 23,572 (11,227) 535,863 Other current liabilities — 508,811 11,041 — 519,852 Total current liabilities — 4,264,256 224,673 (11,227) 4,477,702 Long-term debt 747,320 — — — 747,320 Noncurrent operating lease liabilities — 1,986,039 31,120 — 2,017,159 Deferred income taxes — 320,822 15,549 (2,358) 334,013 Other long-term liabilities — 74,026 49,224 — 123,250 Intercompany note payable — 749,354 — (749,354) — Due to intercompany, net 914,813 — — (914,813) — Commitments and contingencies Stockholders' equity 3,549,081 4,445,209 550,910 (4,996,119) 3,549,081 $ 5,211,214 $ 11,839,706 $ 871,476 $ (6,673,871) $ 11,248,525
Condensed Consolidating Statement of Operations	Condensed Consolidating Statement of Operations For the Sixteen Weeks Ended April 18, 2020 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,608,324 $ 146,222 $ (56,664) $ 2,697,882 Cost of sales, including purchasing and warehousing costs — 1,471,553 91,837 (38,241) 1,525,149 Gross profit — 1,136,771 54,385 (18,423) 1,172,733 Selling, general and administrative expenses 8,550 1,068,803 46,065 (29,110) 1,094,308 Operating (loss) income (8,550) 67,968 8,320 10,687 78,425 Other, net: Interest expense (10,871) (1,372) — — (12,243) Other income (expense), net 19,845 (9,171) (5,976) (10,687) (5,989) Total other, net 8,974 (10,543) (5,976) (10,687) (18,232) Income before provision for income taxes 424 57,425 2,344 — 60,193 Provision for income taxes 1,615 14,962 28 — 16,605 (Loss) income before equity in earnings of subsidiaries (1,191) 42,463 2,316 — 43,588 Equity in earnings of subsidiaries 44,779 2,316 — (47,095) — Net income $ 43,588 $ 44,779 $ 2,316 $ (47,095) $ 43,588 Condensed Consolidating Statement of Operations For the Sixteen Weeks Ended April 20, 2019 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 2,852,700 $ 147,290 $ (47,954) $ 2,952,036 Cost of sales, including purchasing and warehousing costs — 1,598,539 96,839 (47,954) 1,647,424 Gross profit — 1,254,161 50,451 — 1,304,612 Selling, general and administrative expenses 12,119 1,077,144 31,409 (24,000) 1,096,672 Operating (loss) income (12,119) 177,017 19,042 24,000 207,940 Other, net: Interest expense (13,512) (1,406) (26) — (14,944) Other income (expense), net 26,211 (6,891) 2,442 (24,000) (2,238) Total other, net 12,699 (8,297) 2,416 (24,000) (17,182) Income before provision for income taxes 580 168,720 21,458 — 190,758 Provision for income taxes 1,300 42,294 4,664 — 48,258 (Loss) income before equity in earnings of subsidiaries (720) 126,426 16,794 — 142,500 Equity in earnings of subsidiaries 143,220 16,794 — (160,014) — Net income $ 142,500 $ 143,220 $ 16,794 $ (160,014) $ 142,500
Condensed Consolidating Statement of Comprehensive Income	Condensed Consolidating Statement of Comprehensive Income For the Sixteen Weeks Ended April 18, 2020 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 43,588 $ 44,779 $ 2,316 $ (47,095) $ 43,588 Other comprehensive loss (16,966) (16,966) (17,032) 33,998 (16,966) Comprehensive income $ 26,622 $ 27,813 $ (14,716) $ (13,097) $ 26,622 Condensed Consolidating Statement of Comprehensive Income For the Sixteen Weeks Ended April 20, 2019 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income $ 142,500 $ 143,220 $ 16,794 $ (160,014) $ 142,500 Other comprehensive income 4,155 4,155 4,060 (8,215) 4,155 Comprehensive income $ 146,655 $ 147,375 $ 20,854 $ (168,229) $ 146,655
Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows For the Sixteen Weeks Ended April 18, 2020 (in thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ — $ 32,103 $ (21,195) $ — $ 10,908 Cash flows from investing activities: Purchases of property and equipment — (82,497) (476) — (82,973) Purchase of an indefinite-lived intangible asset — (230) — — (230) Proceeds from sales of property and equipment — 70 1 — 71 Net cash used in investing activities — (82,657) (475) — (83,132) Cash flows from financing activities: Decrease in bank overdrafts — (18) (52) 70 — Proceeds from borrowings on revolving credit facility — 500,000 — — 500,000 Proceeds from issuance of senior unsecured notes — 498,240 — — 498,240 Dividends paid — (21,593) — — (21,593) Proceeds from the issuance of common stock — 735 — — 735 Repurchases of common stock — (35,761) — — (35,761) Other, net — (4,693) — (70) (4,763) Net cash provided by (used in) financing activities — 936,910 (52) — 936,858 Effect of exchange rate changes on cash — — (3,461) — (3,461) Net increase (decrease) in cash and cash equivalents — 886,356 (25,183) — 861,173 Cash and cash equivalents , beginning of period — 285,100 133,565 — 418,665 Cash and cash equivalents , end of period $ — $ 1,171,456 $ 108,382 $ — $ 1,279,838 Condensed Consolidating Statement of Cash Flows For the Sixteen Weeks Ended April 20, 2019 (In thousands) Advance Auto Parts, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided by (used in) operating activities $ — $ 264,504 $ (59,962) $ — $ 204,542 Cash flows from investing activities: Purchases of property and equipment — (60,966) (346) — (61,312) Proceeds from sales of property and equipment — 552 1 — 553 Net cash used in investing activities — (60,414) (345) — (60,759) Cash flows from financing activities: (Decrease) increase in bank overdrafts — (51,585) 1,007 — (50,578) Redemption of senior unsecured notes — (310,047) — — (310,047) Dividends paid — (8,723) — — (8,723) Proceeds from the issuance of common stock — 678 — — 678 Repurchases of common stock — (134,291) — — (134,291) Other, net 4 (215) — (4) (215) Net cash provided by (used in) financing activities 4 (504,183) 1,007 (4) (503,176) Effect of exchange rate changes on cash — — 196 — 196 Net increase (decrease) in cash and cash equivalents 4 (300,093) (59,104) (4) (359,197) Cash and cash equivalents , beginning of period — 785,605 110,922 — 896,527 Cash and cash equivalents , end of period $ 4 $ 485,512 $ 51,818 $ (4) $ 537,330

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Details)	Apr. 18, 2020store
Stores [Member]
Basis of Presentation [Line Items]
Number of Stores	4,843
Branches [Member]
Basis of Presentation [Line Items]
Number of Stores	168
Independently owned Carquest store locations [Member]
Basis of Presentation [Line Items]
Number of Stores	1,258

Significant Acounting Policie_3

Significant Acounting Policies (Details)	4 Months Ended
	Apr. 18, 2020	Apr. 20, 2019
Revenue from External Customer [Line Items]
Percentage Of Sales By Product Group	100.00%	100.00%
Parts and Batteries [Member]
Revenue from External Customer [Line Items]
Percentage Of Sales By Product Group	66.00%	66.00%
Accessories and Chemicals [Member]
Revenue from External Customer [Line Items]
Percentage Of Sales By Product Group	21.00%	21.00%
Engine Maintenance [Member]
Revenue from External Customer [Line Items]
Percentage Of Sales By Product Group	12.00%	12.00%
Other [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. 18, 2020	Apr. 20, 2019	Dec. 28, 2019
Inventory [Line Items]
Percentage of LIFO Inventory	88.00%		89.00%
Inventory, LIFO Reserve, Effect on Income, Net	$ (8,800)	$ (26,400)
Inventories at first in, first out (“FIFO”)	4,393,236		$ 4,290,565
Adjustments to state inventories at LIFO	132,767		141,603
Inventories at LIFO	$ 4,526,003		$ 4,432,168

Intangible Asset (Details)

Intangible Asset (Details) - USD ($) $ in Millions	4 Months Ended
	Apr. 18, 2020	Apr. 20, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization Expense	$ 9.7	$ 9.7

Receivables, net (Details)

Receivables, net (Details) - USD ($) $ in Thousands	Apr. 18, 2020	Dec. 28, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 642,281	$ 703,718
Less: Allowance for doubtful accounts	(14,876)	(14,249)
Receivables, net	627,405	689,469
Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	406,616	422,403
Accounts Receivable, Vendor [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	210,483	249,009
Accounts Receivable, Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 25,182	$ 32,306

Long-term Debt and Fair Value_4

Long-term Debt and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	4 Months Ended
	Apr. 18, 2020	Apr. 16, 2020	Dec. 28, 2019	Dec. 03, 2013	Jan. 11, 2012
Debt Instrument [Line Items]
Fair value of long-term debt	$ 1,283,000		$ 795,000
Guarantor Obligations, Maximum Exposure	52,700		26,400
Guarantor Obligation, Collateral Amount	51,700		50,300
Long-term debt	1,241,094		747,320
Short-term borrowings on revolving credit facility	500,000		0
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount	0		0
Line of Credit Facility, Remaining Borrowing Capacity	500,000		1,000,000
Short-term borrowings on revolving credit facility	$ 500,000		0
4.50% senior unsecured notes (2023 Notes) [Member] [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				4.50%
Debt Issuance, Percentage Of Principal				99.69%
Debt Instrument, Face Amount				$ 450,000
4.50% senior unsecured notes (2022 Notes)
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					4.50%
Debt Issuance, Percentage Of Principal					99.97%
Debt Instrument, Face Amount					$ 300,000
3.90% senior unsecured notes (2030 Notes)
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		3.90%
Debt Issuance, Percentage Of Principal		99.65%
Debt Issuance Costs, Gross		$ 4,700
Debt Instrument, Face Amount		$ 500,000
Debt Instrument, Redemption, Description	We may redeem some or all of the 2030 Notes at any time or from time to time, at the redemption price described in the related indenture for the 2030 Notes (the “Indenture”). In addition, in the event of a Change of Control Triggering Event (as defined in the Indenture), we will be required to offer to repurchase the 2030 Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest to the repurchase date. The 2030 Notes are currently fully and unconditionally guaranteed, jointly and severally, on an unsubordinated unsecured basis by each of our Guarantor Subsidiaries, as defined in Note 12, Condensed Consolidating Financial Statements, of the Notes to the Condensed Consolidated Financial Statements.
Bilateral Letter of Credit Facility [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount	$ 111,600		111,600
Senior Notes [Member] | 4.50% senior unsecured notes (2023 Notes) [Member] [Member]
Debt Instrument [Line Items]
Long-term debt	448,019		447,879
Senior Notes [Member] | 4.50% senior unsecured notes (2022 Notes)
Debt Instrument [Line Items]
Long-term debt	299,523		299,441
Senior Notes [Member] | 3.90% senior unsecured notes (2030 Notes)
Debt Instrument [Line Items]
Long-term debt	$ 493,552		$ 0

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	4 Months Ended
	Apr. 18, 2020	Apr. 20, 2019	Dec. 28, 2019
Lessee, Lease, Description [Line Items]
Total operating lease liabilities	$ 2,440,996		$ 2,495,141
Less: Current portion of operating lease liabilities	444,840		477,982
Noncurrent operating lease liabilities	1,996,156		$ 2,017,159
Operating lease cost	161,805	$ 160,046
Variable lease cost	43,537	49,690
Total lease cost	205,342	209,736
Remainder of 2020	402,575
2021	494,579
2022	403,251
2023	364,936
2024	286,731
Thereafter	870,831
Total lease payments	2,822,903
Less: Imputed interest	(381,907)
Lessee option to extend reasonably certain of being exercised	110,800
Operating lease legally binding minimum payments for lease that have not yet commenced	$ 154,200
Operating Lease, Weighted Average Remaining Lease Term	7 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent	4.00%
Cash paid for amounts included in the measurement of lease liabilities:	$ 167,273	143,450
Right-of-use assets obtained in exchange for lease obligations:	$ 85,491	$ 108,881
Real Estate [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term	5 years
Real Estate [Member] | Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	5 years
Real Estate [Member] | Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	10 years
Equipment [Member] | Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	3 years
Equipment [Member] | Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	5 years

Warranty Liabilities (Details)

Warranty Liabilities (Details) - USD ($) $ in Thousands	4 Months Ended	12 Months Ended
	Apr. 18, 2020	Dec. 28, 2019
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty reserve, beginning of period	$ 36,820	$ 45,280
Additions to warranty reserves	4,830	34,117
Reduction and utilization of reserve	(11,368)	(42,577)
Warranty reserve, end of period	$ 30,282	$ 36,820

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	4 Months Ended
	Apr. 18, 2020	Apr. 20, 2019	Nov. 08, 2019	Aug. 07, 2019
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired as Part of Authorized Plan	200	800
Payments for Repurchase of Common Stock	$ 29	$ 127.2
Acquired, Average Cost Per Share, Acquired as Part of Plan	$ 128.36	$ 159.65
Share Repurchase Program, Remaining Authorized Repurchase Amount	$ 861.7
August 2018 Share Repurchase Program [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount				$ 400
August 2019 Share Repurchase Program [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount			$ 700

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	4 Months Ended
	Apr. 18, 2020	Apr. 20, 2019
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income applicable to common shares	$ 43,588	$ 142,500
Basic weighted average shares	69,181	71,787
Dilutive impact of share-based awards	211	316
Diluted weighted average shares	69,392	72,103
Basic earnings per common share	$ 0.63	$ 1.99
Diluted earnings per common share	$ 0.63	$ 1.98
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	271

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	4 Months Ended
	Apr. 18, 2020	Apr. 20, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation, Tax Benefit from Compensation Expense	$ 3.5	$ 2.7
Share-based Compensation, Cost Not yet Recognized	$ 92.1
Share-based Compensation, Cost Not yet Recognized, Period for Recognition	1 year 9 months 18 days
Performance-based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in Period	74
Weighted Average Grant Date Fair Value	$ 130.03
Market-based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in Period	37
Weighted Average Grant Date Fair Value	$ 145.04
Time-based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in Period	239
Weighted Average Grant Date Fair Value	$ 131.27

Condensed Consolidating Balance

Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Apr. 18, 2020	Dec. 28, 2019	Apr. 20, 2019	Dec. 29, 2018
Current assets:
Cash and cash equivalents	$ 1,279,838	$ 418,665	$ 537,330	$ 896,527
Receivables, net	627,405	689,469
Inventories	4,526,003	4,432,168
Other current assets	138,749	155,241
Total current assets	6,571,995	5,695,543
Property and equipment, net of accumulated depreciation	1,444,478	1,433,213
Operating Lease, Right-of-Use Asset	2,319,511	2,365,325
Goodwill	989,112	992,240
Intangible assets, net	698,032	709,756
Other assets, net	49,444	52,448
Investment in subsidiaries	0	0
Intercompany note receivable	0	0
Due from intercompany, net	0	0
Assets, Total	12,072,572	11,248,525
Current liabilities:
Accounts payable	3,304,207	3,421,987
Accrued expenses	528,156	535,863
Short-term borrowings on revolving credit facility	500,000	0
Other current liabilities	498,686	519,852
Total current liabilities	4,831,049	4,477,702
Long-term debt	1,241,094	747,320
Noncurrent operating lease liabilities	1,996,156	2,017,159
Deferred income taxes	333,265	334,013
Other long-term liabilities	133,979	123,250
Intercompany note payable	0	0
Due to intercompany, net	0	0
Commitments and contingencies
Stockholders' equity	3,537,029	3,549,081	3,547,223	3,550,813
Liabilities and Stockholders' Equity, Total	12,072,572	11,248,525
Advance Auto Parts, Inc. [Member]
Current assets:
Cash and cash equivalents	0	0	4	0
Receivables, net	1,527	1,529
Inventories	0	0
Other current assets	20,456	12,710
Total current assets	21,983	14,239
Property and equipment, net of accumulated depreciation	45	54
Operating Lease, Right-of-Use Asset	0	0
Goodwill	0	0
Intangible assets, net	0	0
Other assets, net	2,176	2,358
Investment in subsidiaries	4,482,653	4,445,209
Intercompany note receivable	749,673	749,354
Due from intercompany, net	0	0
Assets, Total	5,256,530	5,211,214
Current liabilities:
Accounts payable	1,083	0
Accrued expenses	0	0
Short-term borrowings on revolving credit facility	0
Other current liabilities	0	0
Total current liabilities	1,083	0
Long-term debt	1,241,094	747,320
Noncurrent operating lease liabilities	0	0
Deferred income taxes	0	0
Other long-term liabilities	0	0
Intercompany note payable	0	0
Due to intercompany, net	477,324	914,813
Commitments and contingencies
Stockholders' equity	3,537,029	3,549,081
Liabilities and Stockholders' Equity, Total	5,256,530	5,211,214
Guarantor Subsidiaries [Member]
Current assets:
Cash and cash equivalents	1,171,456	285,100	485,512	785,605
Receivables, net	588,236	646,686
Inventories	4,337,802	4,233,562
Other current assets	135,401	150,316
Total current assets	6,232,895	5,315,664
Property and equipment, net of accumulated depreciation	1,435,544	1,423,920
Operating Lease, Right-of-Use Asset	2,282,089	2,325,170
Goodwill	943,364	943,364
Intangible assets, net	661,964	670,386
Other assets, net	34,293	38,311
Investment in subsidiaries	536,410	550,910
Intercompany note receivable	0	0
Due from intercompany, net	76,861	571,981
Assets, Total	12,203,420	11,839,706
Current liabilities:
Accounts payable	3,135,056	3,231,927
Accrued expenses	528,764	523,518
Short-term borrowings on revolving credit facility	500,000
Other current liabilities	447,236	508,811
Total current liabilities	4,611,056	4,264,256
Long-term debt	0	0
Noncurrent operating lease liabilities	1,966,690	1,986,039
Deferred income taxes	320,835	320,822
Other long-term liabilities	72,513	74,026
Intercompany note payable	749,673	749,354
Due to intercompany, net	0	0
Commitments and contingencies
Stockholders' equity	4,482,653	4,445,209
Liabilities and Stockholders' Equity, Total	12,203,420	11,839,706
Non-Guarantor Subsidiaries [Member]
Current assets:
Cash and cash equivalents	108,382	133,565	51,818	110,922
Receivables, net	37,642	41,254
Inventories	188,201	198,606
Other current assets	1,855	3,442
Total current assets	336,080	376,867
Property and equipment, net of accumulated depreciation	8,889	9,239
Operating Lease, Right-of-Use Asset	37,422	40,155
Goodwill	45,748	48,876
Intangible assets, net	36,068	39,370
Other assets, net	15,151	14,137
Investment in subsidiaries	0	0
Intercompany note receivable	0	0
Due from intercompany, net	400,463	342,832
Assets, Total	879,821	871,476
Current liabilities:
Accounts payable	168,068	190,060
Accrued expenses	18,355	23,572
Short-term borrowings on revolving credit facility	0
Other current liabilities	51,450	11,041
Total current liabilities	237,873	224,673
Long-term debt	0	0
Noncurrent operating lease liabilities	29,466	31,120
Deferred income taxes	14,606	15,549
Other long-term liabilities	61,466	49,224
Intercompany note payable	0	0
Due to intercompany, net	0	0
Commitments and contingencies
Stockholders' equity	536,410	550,910
Liabilities and Stockholders' Equity, Total	879,821	871,476
Consolidation, Eliminations [Member]
Current assets:
Cash and cash equivalents	0	0	$ (4)	$ 0
Receivables, net	0	0
Inventories	0	0
Other current assets	(18,963)	(11,227)
Total current assets	(18,963)	(11,227)
Property and equipment, net of accumulated depreciation	0	0
Operating Lease, Right-of-Use Asset	0	0
Goodwill	0	0
Intangible assets, net	0	0
Other assets, net	(2,176)	(2,358)
Investment in subsidiaries	(5,019,063)	(4,996,119)
Intercompany note receivable	(749,673)	(749,354)
Due from intercompany, net	(477,324)	(914,813)
Assets, Total	(6,267,199)	(6,673,871)
Current liabilities:
Accounts payable	0	0
Accrued expenses	(18,963)	(11,227)
Short-term borrowings on revolving credit facility	0
Other current liabilities	0	0
Total current liabilities	(18,963)	(11,227)
Long-term debt	0	0
Noncurrent operating lease liabilities	0	0
Deferred income taxes	(2,176)	(2,358)
Other long-term liabilities	0	0
Intercompany note payable	(749,673)	(749,354)
Due to intercompany, net	(477,324)	(914,813)
Commitments and contingencies
Stockholders' equity	(5,019,063)	(4,996,119)
Liabilities and Stockholders' Equity, Total	$ (6,267,199)	$ (6,673,871)

Condensed Consolidated Income S

Condensed Consolidated Income Statement (Details) - USD ($) $ in Thousands	4 Months Ended
	Apr. 18, 2020	Apr. 20, 2019
Condensed Income Statements, Captions [Line Items]
Net sales	$ 2,697,882	$ 2,952,036
Cost of sales, including purchasing and warehousing costs	1,525,149	1,647,424
Gross profit	1,172,733	1,304,612
Selling, general and administrative expenses	1,094,308	1,096,672
Operating income (loss)	78,425	207,940
Other, net:
Interest expense	(12,243)	(14,944)
Other income (expense), net	(5,989)	(2,238)
Total other, net	(18,232)	(17,182)
Income before provision for income taxes	60,193	190,758
Provision for income taxes	16,605	48,258
Income (loss) before equity in earnings of subsidiaries	43,588	142,500
Equity in earnings of subsidiaries	0	0
Net income	43,588	142,500
Advance Auto Parts, Inc. [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	8,550	12,119
Operating income (loss)	(8,550)	(12,119)
Other, net:
Interest expense	(10,871)	(13,512)
Other income (expense), net	19,845	26,211
Total other, net	8,974	12,699
Income before provision for income taxes	424	580
Provision for income taxes	1,615	1,300
Income (loss) before equity in earnings of subsidiaries	(1,191)	(720)
Equity in earnings of subsidiaries	44,779	143,220
Net income	43,588	142,500
Guarantor Subsidiaries [Member]
Condensed Income Statements, Captions [Line Items]
Net sales	2,608,324	2,852,700
Cost of sales, including purchasing and warehousing costs	1,471,553	1,598,539
Gross profit	1,136,771	1,254,161
Selling, general and administrative expenses	1,068,803	1,077,144
Operating income (loss)	67,968	177,017
Other, net:
Interest expense	(1,372)	(1,406)
Other income (expense), net	(9,171)	(6,891)
Total other, net	(10,543)	(8,297)
Income before provision for income taxes	57,425	168,720
Provision for income taxes	14,962	42,294
Income (loss) before equity in earnings of subsidiaries	42,463	126,426
Equity in earnings of subsidiaries	2,316	16,794
Net income	44,779	143,220
Non-Guarantor Subsidiaries [Member]
Condensed Income Statements, Captions [Line Items]
Net sales	146,222	147,290
Cost of sales, including purchasing and warehousing costs	91,837	96,839
Gross profit	54,385	50,451
Selling, general and administrative expenses	46,065	31,409
Operating income (loss)	8,320	19,042
Other, net:
Interest expense	0	(26)
Other income (expense), net	(5,976)	2,442
Total other, net	(5,976)	2,416
Income before provision for income taxes	2,344	21,458
Provision for income taxes	28	4,664
Income (loss) before equity in earnings of subsidiaries	2,316	16,794
Equity in earnings of subsidiaries	0	0
Net income	2,316	16,794
Consolidation, Eliminations [Member]
Condensed Income Statements, Captions [Line Items]
Net sales	(56,664)	(47,954)
Cost of sales, including purchasing and warehousing costs	(38,241)	(47,954)
Gross profit	(18,423)	0
Selling, general and administrative expenses	(29,110)	(24,000)
Operating income (loss)	10,687	24,000
Other, net:
Interest expense	0	0
Other income (expense), net	(10,687)	(24,000)
Total other, net	(10,687)	(24,000)
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	(47,095)	(160,014)
Net income	$ (47,095)	$ (160,014)

Condensed Consolidating Compreh

Condensed Consolidating Comprehensive Income Statement (Details) - USD ($) $ in Thousands	4 Months Ended
	Apr. 18, 2020	Apr. 20, 2019
Condensed Consolidating Comprehensive Income Statement [Line Items]
Net income	$ 43,588	$ 142,500
Other Comprehensive Income (Loss)	(16,966)	4,155
Comprehensive income	26,622	146,655
Advance Auto Parts, Inc. [Member]
Condensed Consolidating Comprehensive Income Statement [Line Items]
Net income	43,588	142,500
Other Comprehensive Income (Loss)	(16,966)	4,155
Comprehensive income	26,622	146,655
Guarantor Subsidiaries [Member]
Condensed Consolidating Comprehensive Income Statement [Line Items]
Net income	44,779	143,220
Other Comprehensive Income (Loss)	(16,966)	4,155
Comprehensive income	27,813	147,375
Non-Guarantor Subsidiaries [Member]
Condensed Consolidating Comprehensive Income Statement [Line Items]
Net income	2,316	16,794
Other Comprehensive Income (Loss)	(17,032)	4,060
Comprehensive income	(14,716)	20,854
Consolidation, Eliminations [Member]
Condensed Consolidating Comprehensive Income Statement [Line Items]
Net income	(47,095)	(160,014)
Other Comprehensive Income (Loss)	33,998	(8,215)
Comprehensive income	$ (13,097)	$ (168,229)

Condensed Consolidating Stateme

Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	4 Months Ended
	Apr. 18, 2020	Apr. 20, 2019
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 10,908	$ 204,542
Net cash used in investing activities
Purchases of property and equipment	(82,973)	(61,312)
Purchase of an indefinite-lived intangible asset	(230)	0
Proceeds from sales of property and equipment	71	553
Net cash used in investing activities	(83,132)	(60,759)
Net cash provided by (used in) financing activities
Increase (decrease) in bank overdrafts	0	(50,578)
Proceeds from borrowings on revolving credit facility	500,000	0
Proceeds from issuance of senior unsecured notes	498,240	0
Redemption of senior unsecured notes	0	(310,047)
Dividends paid	(21,593)	(8,723)
Proceeds from the issuance of common stock	735	678
Repurchase of common stock	(35,761)	(134,291)
Other, net	(4,763)	(215)
Net cash provided by (used in) financing activities	936,858	(503,176)
Effect of exchange rate changes on cash	(3,461)	196
Net increase (decrease) in cash and cash equivalents	861,173	(359,197)
Cash and cash equivalents, beginning of period	418,665	896,527
Cash and cash equivalents, end of period	1,279,838	537,330
Advance Auto Parts, Inc. [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	0	0
Net cash used in investing activities
Purchases of property and equipment	0	0
Purchase of an indefinite-lived intangible asset	0
Proceeds from sales of property and equipment	0	0
Net cash used in investing activities	0	0
Net cash provided by (used in) financing activities
Increase (decrease) in bank overdrafts	0	0
Proceeds from borrowings on revolving credit facility	0
Proceeds from issuance of senior unsecured notes	0
Redemption of senior unsecured notes		0
Dividends paid	0	0
Proceeds from the issuance of common stock	0	0
Repurchase of common stock	0	0
Other, net	0	4
Net cash provided by (used in) financing activities	0	4
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	0	4
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	4
Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	32,103	264,504
Net cash used in investing activities
Purchases of property and equipment	(82,497)	(60,966)
Purchase of an indefinite-lived intangible asset	(230)
Proceeds from sales of property and equipment	70	552
Net cash used in investing activities	(82,657)	(60,414)
Net cash provided by (used in) financing activities
Increase (decrease) in bank overdrafts	(18)	(51,585)
Proceeds from borrowings on revolving credit facility	500,000
Proceeds from issuance of senior unsecured notes	498,240
Redemption of senior unsecured notes		310,047
Dividends paid	(21,593)	(8,723)
Proceeds from the issuance of common stock	735	678
Repurchase of common stock	(35,761)	(134,291)
Other, net	(4,693)	(215)
Net cash provided by (used in) financing activities	936,910	(504,183)
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	886,356	(300,093)
Cash and cash equivalents, beginning of period	285,100	785,605
Cash and cash equivalents, end of period	1,171,456	485,512
Non-Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(21,195)	(59,962)
Net cash used in investing activities
Purchases of property and equipment	(476)	(346)
Purchase of an indefinite-lived intangible asset	0
Proceeds from sales of property and equipment	1	1
Net cash used in investing activities	(475)	(345)
Net cash provided by (used in) financing activities
Increase (decrease) in bank overdrafts	(52)	1,007
Proceeds from borrowings on revolving credit facility	0
Proceeds from issuance of senior unsecured notes	0
Redemption of senior unsecured notes		0
Dividends paid	0	0
Proceeds from the issuance of common stock	0	0
Repurchase of common stock	0	0
Other, net	0	0
Net cash provided by (used in) financing activities	(52)	1,007
Effect of exchange rate changes on cash	(3,461)	196
Net increase (decrease) in cash and cash equivalents	(25,183)	(59,104)
Cash and cash equivalents, beginning of period	133,565	110,922
Cash and cash equivalents, end of period	108,382	51,818
Consolidation, Eliminations [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	0	0
Net cash used in investing activities
Purchases of property and equipment	0	0
Purchase of an indefinite-lived intangible asset	0
Proceeds from sales of property and equipment	0	0
Net cash used in investing activities	0	0
Net cash provided by (used in) financing activities
Increase (decrease) in bank overdrafts	70	0
Proceeds from borrowings on revolving credit facility	0
Proceeds from issuance of senior unsecured notes	0
Redemption of senior unsecured notes		0
Dividends paid	0	0
Proceeds from the issuance of common stock	0	0
Repurchase of common stock	0	0
Other, net	(70)	(4)
Net cash provided by (used in) financing activities	0	(4)
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	0	(4)
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	$ 0	$ (4)