Advance Auto Parts (AAP) 10-Q 18 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document Document - shares	6 Months Ended
	Jul. 11, 2020	Aug. 13, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 11, 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		69,138,763
Entity Central Index Key	0001158449
Current Fiscal Year End Date	--01-02
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 11, 2020	Dec. 28, 2019
Current assets:
Cash and cash equivalents	$ 1,141,502	$ 418,665
Receivables, net	742,346	689,469
Inventories	4,358,489	4,432,168
Other current assets	153,188	155,241
Total current assets	6,395,525	5,695,543
Property and equipment, net of accumulated depreciation of $2,096,439 and $2,037,849	1,436,485	1,433,213
Operating lease right-of-use assets	2,367,527	2,365,325
Goodwill	990,396	992,240
Intangible assets, net	692,482	709,756
Other assets	48,250	52,448
Assets, Total	11,930,665	11,248,525
Current liabilities:
Accounts payable	3,310,073	3,421,987
Accrued expenses	659,642	535,863
Other current liabilities	467,844	519,852
Total current liabilities	4,437,559	4,477,702
Long-term debt	1,240,340	747,320
Noncurrent operating lease liabilities	2,041,400	2,017,159
Deferred income taxes	338,086	334,013
Other long-term liabilities	146,761	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	760,535	735,183
Treasury stock, at cost	(961,592)	(924,389)
Accumulated other comprehensive loss	(43,939)	(34,569)
Retained earnings	3,971,507	3,772,848
Total stockholders’ equity	3,726,519	3,549,081
Liabilities and Stockholders' Equity, Total	$ 11,930,665	$ 11,248,525

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jul. 11, 2020	Dec. 28, 2019
Statement of Financial Position [Abstract]
Property and equipment, net of accumulated depreciation of $2,081,478 and $2,037,849	$ 2,096,439	$ 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	3 Months Ended		6 Months Ended
	Jul. 11, 2020	Jul. 13, 2019	Jul. 11, 2020	Jul. 13, 2019
Income Statement [Abstract]
Net sales	$ 2,501,380	$ 2,332,246	$ 5,199,262	$ 5,284,283
Cost of sales, including purchasing and warehousing costs	1,404,666	1,322,808	2,929,815	2,970,233
Gross profit	1,096,714	1,009,438	2,269,447	2,314,050
Selling, general and administrative expenses	833,869	838,666	1,928,177	1,935,338
Operating income	262,845	170,772	341,270	378,712
Other, net:
Interest expense	(13,422)	(8,675)	(25,665)	(23,619)
Other income (expense), net	3,117	4,113	(2,872)	1,874
Total other, net	(10,305)	(4,562)	(28,537)	(21,745)
Income before provision for income taxes	252,540	166,210	312,733	356,967
Provision for income taxes	62,580	41,390	79,185	89,647
Net income	$ 189,960	$ 124,820	$ 233,548	$ 267,320
Basic earnings per common share	$ 2.75	$ 1.74	$ 3.38	$ 3.73
Weighted average common shares outstanding	69,118	71,738	69,154	71,767
Diluted earnings per common share	$ 2.74	$ 1.73	$ 3.37	$ 3.71
Weighted average common shares outstanding	69,294	72,008	69,350	72,063

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 11, 2020	Jul. 13, 2019	Jul. 11, 2020	Jul. 13, 2019
Net income	$ 189,960	$ 124,820	$ 233,548	$ 267,320
Other comprehensive income (loss):
Changes in net unrecognized other postretirement benefit (costs) income, net of tax of $26, $25, $3 and $8	(73)	(69)	(7)	26
Currency translation adjustments	7,669	6,626	(9,363)	10,686
Total other comprehensive income (loss)	7,596	6,557	(9,370)	10,712
Comprehensive income	$ 197,556	$ 131,377	$ 224,178	$ 278,032

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 11, 2020	Jul. 13, 2019	Jul. 11, 2020	Jul. 13, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) [Abstract]
Changes in net unrecognized other postretirement benefit (costs) income, net of tax of $26, $25, $3 and $8	$ 26	$ 25	$ 3	$ 8

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	267,320					267,320
Cumulative effect of accounting change from adoption of ASU 2016-02, net of tax	(23,165)					(23,165)
Total other comprehensive income (loss)	10,712				10,712
Restricted stock units and deferred stock units vested	0	$ 145
Share-based compensation	19,425		19,425
Stock issued under employee stock purchase plan	1,648		1,648
Stock issued under employee stock purchase plan (in shares)		11
Repurchases of common stock (in shares)		(921)
Repurchases of common stock	(146,638)			(146,638)
Cash dividends declared	(8,690)					(8,690)
Stock Issued During Period, Shares, Other		2
Other	(123)		(123)
Balance at Jul. 13, 2019	3,671,302	$ 8	715,747	(572,592)	(33,481)	3,561,620
Balance (in shares) at Jul. 13, 2019		71,697
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
Net income	124,820					124,820
Total other comprehensive income (loss)	6,557				6,557
Restricted stock units and deferred stock units vested	0	$ 34
Share-based compensation	8,441		8,441
Stock issued under employee stock purchase plan	970		970
Stock issued under employee stock purchase plan (in shares)		6
Repurchases of common stock (in shares)		(81)
Repurchases of common stock	(12,347)			(12,347)
Cash dividends declared	(4,338)					(4,338)
Stock Issued During Period, Shares, Other		1
Other	(24)		(24)
Balance at Jul. 13, 2019	3,671,302	$ 8	715,747	(572,592)	(33,481)	3,561,620
Balance (in shares) at Jul. 13, 2019		71,697
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	233,548					233,548
Total other comprehensive income (loss)	(9,370)				(9,370)
Restricted stock units and deferred stock units vested	0	$ 179
Share-based compensation	23,838		23,838
Stock issued under employee stock purchase plan	1,518		1,518
Stock issued under employee stock purchase plan (in shares)		15
Repurchases of common stock (in shares)		(287)
Repurchases of common stock	(37,203)			(37,203)
Cash dividends declared	(34,889)					(34,889)
Stock Issued During Period, Shares, Other		0
Other	(4)		(4)
Balance at Jul. 11, 2020	3,726,519	$ 8	760,535	(961,592)	(43,939)	3,971,507
Balance (in shares) at Jul. 11, 2020		69,139
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
Net income	189,960					189,960
Total other comprehensive income (loss)	7,596				7,596
Restricted stock units and deferred stock units vested	0	$ 42
Share-based compensation	10,029		10,029
Stock issued under employee stock purchase plan	783		783
Stock issued under employee stock purchase plan (in shares)		6
Repurchases of common stock (in shares)		(10)
Repurchases of common stock	(1,442)			(1,442)
Cash dividends declared	(17,436)					(17,436)
Balance at Jul. 11, 2020	$ 3,726,519	$ 8	$ 760,535	$ (961,592)	$ (43,939)	$ 3,971,507
Balance (in shares) at Jul. 11, 2020		69,139

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDES' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jul. 11, 2020	Jul. 13, 2019	Jul. 11, 2020	Jul. 13, 2019
Statement of Stockholders' Equity (Parenthetical) [Abstract]
Cash dividends declared (per common share)	$ 0.25	$ 0.06	$ 0.50	$ 0.12

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 11, 2020	Jul. 13, 2019
Cash flows from operating activities:
Net income	$ 233,548	$ 267,320
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	135,221	123,257
Share-based compensation	23,838	19,425
Loss and impairment of long-lived assets	1,801	2,297
Provision for deferred income taxes	4,581	2,930
Other	940	11,719
Net change in:
Receivables, net	(55,055)	(85,941)
Inventories	67,894	(5,685)
Accounts payable	(108,860)	142,002
Accrued expenses	145,228	(21,272)
Other assets and liabilities, net	(926)	36,109
Net cash provided by operating activities	448,210	492,161
Cash flows from investing activities:
Purchases of property and equipment	(140,105)	(111,425)
Purchase of an indefinite-lived intangible asset	(230)	0
Proceeds from sales of property and equipment	305	8,566
Net cash used in investing activities	(140,030)	(102,859)
Cash flows from financing activities:
Decrease in bank overdrafts	0	(70,265)
Proceeds from borrowings on revolving credit facility	500,000	0
Payments on credit facilities	(500,000)	0
Proceeds from issuance of senior unsecured notes	498,240	0
Redemption of senior unsecured notes	0	(310,047)
Dividends paid	(39,017)	(13,028)
Proceeds from the issuance of common stock	1,518	1,648
Repurchases of common stock	(37,203)	(146,638)
Other, net	(5,815)	(236)
Net cash provided by (used in) financing activities	417,723	(538,566)
Effect of exchange rate changes on cash	(3,066)	456
Net increase (decrease) in cash and cash equivalents	722,837	(148,808)
Cash and cash equivalents, beginning of period	418,665	896,527
Cash and cash equivalents, end of period	1,141,502	747,719
Non-cash transactions:
Accrued purchases of property and equipment	$ 9,594	$ 30,068

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	6 Months Ended
	Jul. 11, 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 July 11, 2020, we operated a total of 4,819 stores and 167 branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. In addition, as of July 11, 2020, we served 1,262 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 other labor-related benefits for Team Members and increased sanitation practices across Advance. Since the assumptions underpinning our long-term revenue and cash flow growth rates, operating models and business strategies have not been significantly impacted, there was no material impairment of our various assets during the twelve and twenty-eight weeks ended July 11, 2020. The COVID-19 pandemic remains an evolving situation. If a period of decreased demand were to reoccur, it may lead to increased asset recovery and valuation risks in the future, such as impairment of goodwill, intangible assets and store 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 accompanying condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. 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	6 Months Ended
	Jul. 11, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Revenues The following table summarizes disaggregated revenue from contracts with customers by product group: Twelve Weeks Ended Twenty-Eight Weeks Ended July 11, 2020 July 13, 2019 July 11, 2020 July 13, 2019 Percentage of Net sales, by product group: Parts and batteries 66 % 67 % 66 % 66 % Accessories and chemicals 22 21 21 21 Engine maintenance 11 11 12 12 Other 1 1 1 1 Total 100 % 100 % 100 % 100 % Recently Issued Accounting Pronouncements 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. During the twelve weeks ended July 11, 2020, we early adopted the SEC’s, Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities rules, which simplify the disclosure requirements related to the Company’s registered securities under Rule 3-10 of Regulation S-X. The final rule also allows for the simplified disclosure to be included within Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Inventories

Inventories	6 Months Ended
	Jul. 11, 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 July 11, 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 twenty-eight weeks ended July 11, 2020 and prior years. We recorded an increase to Cost of sales of $3.1 million and $16.5 million for the twelve weeks ended July 11, 2020 and July 13, 2019, an increase to Cost of sales of $11.9 million and $42.9 million for the twenty-eights weeks ended July 11, 2020 and July 13, 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) July 11, 2020 December 28, 2019 Inventories at first in, first out (“FIFO”) $ 4,228,833 $ 4,290,565 Adjustments to state inventories at LIFO 129,656 141,603 Inventories at LIFO $ 4,358,489 $ 4,432,168

Intangible Assets

Intangible Assets	6 Months Ended
	Jul. 11, 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 $7.3 million for the twelve weeks ended July 11, 2020 and July 13, 2019 and $17.0 million for the twenty-eight weeks ended July 11, 2020 and July 13, 2019.

Receivables, net

Receivables, net	6 Months Ended
	Jul. 11, 2020
Receivables [Abstract]
Receivables, net	Receivables, net Receivables consist of the following: (in thousands) July 11, 2020 December 28, 2019 Trade $ 519,614 $ 422,403 Vendor 202,031 249,009 Other 31,177 32,306 Total receivables 752,822 703,718 Less: allowance for doubtful accounts (10,476) (14,249) Receivables, net $ 742,346 $ 689,469

Long-term Debt and Fair Value o

Long-term Debt and Fair Value of Financial Instruments	6 Months Ended
	Jul. 11, 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) July 11, 2020 December 28, 2019 4.50% Senior Unsecured Notes due January 15, 2022 $ 299,581 $ 299,441 4.50% Senior Unsecured Notes due December 1, 2023 448,095 447,879 3.90% Senior Unsecured Notes due April 15, 2030 492,664 — Total long-term debt $ 1,240,340 $ 747,320 Fair value of long-term debt $ 1,352,000 $ 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. 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. 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 “Original Notes”). The Original 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”). During the twelve weeks ended July 11, 2020, the Company commenced an exchange offer to exchange the Original Notes in the aggregate principal amount of $500.0 million, which were not registered under the Securities Act of 1933, as amended (the “Securities Act”), for a like principal amount of 3.90% senior unsecured notes due 2030 (the “Exchange Notes”), which have been registered under the Securities Act. The Original Notes were substantially identical to the Exchange Notes, except that the Exchange Notes are registered under the Securities Act and are not subject to the transfer restrictions and certain registration rights agreement provisions applicable to the Original Notes. On July 28, 2020, the Original Notes were successfully exchanged for the Exchange Notes. On August 17, 2020, we notified the trustee of our intent to redeem the $300 million aggregate principal of our 2022 Notes. Bank Debt During the twelve weeks ended July 11, 2020, we elected to repay the $500.0 million outstanding under our revolving credit facility that we borrowed during the first quarter of 2020. As of July 11, 2020, we had no outstanding borrowings, $1.0 billion 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 our unsecured revolving credit facility. As of July 11, 2020 and December 28, 2019, we had $100.1 million and $111.6 million of bilateral letters of credit issued separately from the 2017 Credit Agreement, none of which were drawn upon. These bilateral letters of credit 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 July 11, 2020. Debt Guarantees We are a guarantor of loans made by banks to various independently owned Carquest-branded stores that are our customers totaling $54.3 million and $26.4 million as of July 11, 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 $65.7 million and $50.3 million as of July 11, 2020 and December 28, 2019. We believe that the likelihood of performance under these guarantees is remote.

Leases

Leases	6 Months Ended
	Jul. 11, 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) July 11, 2020 December 28, 2019 Total operating lease liabilities $ 2,472,467 $ 2,495,141 Less: Current portion of operating lease liabilities (431,067) (477,982) Noncurrent operating lease liabilities $ 2,041,400 $ 2,017,159 The current portion of operating lease liabilities is included in Other current liabilities in the accompanying condensed consolidated balance sheets. 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: Twelve Weeks Ended Twenty-Eight Weeks Ended (in thousands) July 11, 2020 July 13, 2019 July 11, 2020 July 13, 2019 Operating lease cost $ 119,707 $ 124,765 $ 281,512 $ 284,811 Variable lease cost 30,856 32,856 74,392 82,546 Total lease cost $ 150,563 $ 157,621 $ 355,904 $ 367,357 The future maturity of lease liabilities are as follows: (in thousands) July 11, 2020 Remainder of 2020 $ 262,725 2021 503,068 2022 424,431 2023 387,012 2024 308,440 Thereafter 973,223 Total lease payments 2,858,899 Less: Imputed interest (386,432) Total operating lease liabilities $ 2,472,467 As of July 11, 2020, our operating lease payments include $86.2 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $56.9 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 3.9% as of July 11, 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: Twenty-Eight Weeks Ended (in thousands) July 11, 2020 July 13, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 305,079 $ 278,323 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 219,954 $ 201,856

Warranty Liabilities

Warranty Liabilities	6 Months Ended
	Jul. 11, 2020
Product Warranties Disclosures [Abstract]
Warranty Liabilities	Warranty Liabilities The following table presents changes in our warranty reserves: Twenty-Eight Weeks Ended Fifty-Two Weeks Ended (in thousands) July 11, 2020 December 28, 2019 Warranty reserve, beginning of period $ 36,820 $ 45,280 Additions to warranty reserves 9,341 34,117 Reduction and utilization of reserve (20,445) (42,577) Warranty reserve, end of period $ 25,716 $ 36,820

Share Repurchase Program

Share Repurchase Program	6 Months Ended
	Jul. 11, 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 twelve weeks ended July 11, 2020, we purchased no shares of our common stock under the share repurchase program. During the twelve weeks ended July 13, 2019, we purchased 0.1 million shares of our common stock under the share repurchase program at an aggregate cost of $10.9 million, or an average price of $151.58 per share. During the twenty-eight weeks ended July 11, 2020 and July 13, 2019, we repurchased 0.2 million and 0.9 million shares of our common stock under our share repurchase program. The shares repurchased in connection with our share repurchase program during the twenty-eight weeks ended July 11, 2020 and July 13, 2019 were at an aggregate cost of $29.0 million and $138.1 million, or an average price of $128.36 and $158.98 per share. We had $861.7 million remaining under our share repurchase program as of July 11, 2020.

Earnings per Share

Earnings per Share	6 Months Ended
	Jul. 11, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per Share The computation of basic and diluted earnings per share are as follows: Twelve Weeks Ended Twenty-Eight Weeks Ended (in thousands, except per share data) July 11, 2020 July 13, 2019 July 11, 2020 July 13, 2019 Numerator Net income applicable to common shares $ 189,960 $ 124,820 $ 233,548 $ 267,320 Denominator Basic weighted average common shares 69,118 71,738 69,154 71,767 Dilutive impact of share-based awards 176 270 196 296 Diluted weighted average common shares (1) 69,294 72,008 69,350 72,063 Basic earnings per common share $ 2.75 $ 1.74 $ 3.38 $ 3.73 Diluted earnings per common share $ 2.74 $ 1.73 $ 3.37 $ 3.71 (1) For the twelve and twenty-eight weeks ended July 11, 2020, 159 thousand and 326 thousand restricted stock units (“RSUs”) were excluded from the diluted calculation as their inclusion would have been anti-dilutive. For the twelve and twenty-eight weeks ended July 13, 2019, these anti-dilutive RSUs were insignificant.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jul. 11, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation During the twenty-eight weeks ended July 11, 2020, we granted 284 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 twenty-eight weeks ended July 11, 2020 were $134.04, $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 twelve and twenty-eight weeks ended July 11, 2020 was $2.5 million and $6.0 million Total income tax benefit related to share-based compensation expense for the twelve and twenty-eight weeks ended July 13, 2019 was $2.3 million and $5.0 million As of July 11, 2020, there was $84.6 million of unrecognized compensation expense related to all share-based awards that is expected to be recognized over a weighted average period of 1.7 years.

Significant Acounting Policies

Significant Acounting Policies (Policies)	6 Months Ended
	Jul. 11, 2020
Accounting Policies [Abstract]
Revenues	Revenues The following table summarizes disaggregated revenue from contracts with customers by product group: Twelve Weeks Ended Twenty-Eight Weeks Ended July 11, 2020 July 13, 2019 July 11, 2020 July 13, 2019 Percentage of Net sales, by product group: Parts and batteries 66 % 67 % 66 % 66 % Accessories and chemicals 22 21 21 21 Engine maintenance 11 11 12 12 Other 1 1 1 1 Total 100 % 100 % 100 % 100 %
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements 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. During the twelve weeks ended July 11, 2020, we early adopted the SEC’s, Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities rules, which simplify the disclosure requirements related to the Company’s registered securities under Rule 3-10 of Regulation S-X. The final rule also allows for the simplified disclosure to be included within Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Inventories (Policies)

Inventories (Policies)	6 Months Ended
	Jul. 11, 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)	6 Months Ended
	Jul. 11, 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)	6 Months Ended
	Jul. 11, 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 sheets.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)	6 Months Ended
	Jul. 11, 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)	6 Months Ended
	Jul. 11, 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: Twelve Weeks Ended Twenty-Eight Weeks Ended July 11, 2020 July 13, 2019 July 11, 2020 July 13, 2019 Percentage of Net sales, by product group: Parts and batteries 66 % 67 % 66 % 66 % Accessories and chemicals 22 21 21 21 Engine maintenance 11 11 12 12 Other 1 1 1 1 Total 100 % 100 % 100 % 100 %

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 11, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory balances were as follows: (in thousands) July 11, 2020 December 28, 2019 Inventories at first in, first out (“FIFO”) $ 4,228,833 $ 4,290,565 Adjustments to state inventories at LIFO 129,656 141,603 Inventories at LIFO $ 4,358,489 $ 4,432,168

Receivables, net (Tables)

Receivables, net (Tables)	6 Months Ended
	Jul. 11, 2020
Receivables [Abstract]
Schedule of Accounts Receivable	Receivables consist of the following: (in thousands) July 11, 2020 December 28, 2019 Trade $ 519,614 $ 422,403 Vendor 202,031 249,009 Other 31,177 32,306 Total receivables 752,822 703,718 Less: allowance for doubtful accounts (10,476) (14,249) Receivables, net $ 742,346 $ 689,469

Long-term Debt and Fair Value_3

Long-term Debt and Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jul. 11, 2020
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt consists of the following: (in thousands) July 11, 2020 December 28, 2019 4.50% Senior Unsecured Notes due January 15, 2022 $ 299,581 $ 299,441 4.50% Senior Unsecured Notes due December 1, 2023 448,095 447,879 3.90% Senior Unsecured Notes due April 15, 2030 492,664 — Total long-term debt $ 1,240,340 $ 747,320 Fair value of long-term debt $ 1,352,000 $ 795,000

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jul. 11, 2020
Leases [Abstract]
Schedule of Operating Lease Liabilities	Operating lease liabilities consist of the following: (in thousands) July 11, 2020 December 28, 2019 Total operating lease liabilities $ 2,472,467 $ 2,495,141 Less: Current portion of operating lease liabilities (431,067) (477,982) Noncurrent operating lease liabilities $ 2,041,400 $ 2,017,159
Lease, Cost	Total lease cost is comprised of the following: Twelve Weeks Ended Twenty-Eight Weeks Ended (in thousands) July 11, 2020 July 13, 2019 July 11, 2020 July 13, 2019 Operating lease cost $ 119,707 $ 124,765 $ 281,512 $ 284,811 Variable lease cost 30,856 32,856 74,392 82,546 Total lease cost $ 150,563 $ 157,621 $ 355,904 $ 367,357
Lessee, Operating Lease, Liability, Maturity	The future maturity of lease liabilities are as follows: (in thousands) July 11, 2020 Remainder of 2020 $ 262,725 2021 503,068 2022 424,431 2023 387,012 2024 308,440 Thereafter 973,223 Total lease payments 2,858,899 Less: Imputed interest (386,432) Total operating lease liabilities $ 2,472,467
Schedule of Other Information Relating to Lease Liabilities	Other information relating to our lease liabilities is as follows: Twenty-Eight Weeks Ended (in thousands) July 11, 2020 July 13, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 305,079 $ 278,323 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 219,954 $ 201,856

Warranty Liabilities (Tables)

Warranty Liabilities (Tables)	6 Months Ended
	Jul. 11, 2020
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Liability	The following table presents changes in our warranty reserves: Twenty-Eight Weeks Ended Fifty-Two Weeks Ended (in thousands) July 11, 2020 December 28, 2019 Warranty reserve, beginning of period $ 36,820 $ 45,280 Additions to warranty reserves 9,341 34,117 Reduction and utilization of reserve (20,445) (42,577) Warranty reserve, end of period $ 25,716 $ 36,820

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jul. 11, 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: Twelve Weeks Ended Twenty-Eight Weeks Ended (in thousands, except per share data) July 11, 2020 July 13, 2019 July 11, 2020 July 13, 2019 Numerator Net income applicable to common shares $ 189,960 $ 124,820 $ 233,548 $ 267,320 Denominator Basic weighted average common shares 69,118 71,738 69,154 71,767 Dilutive impact of share-based awards 176 270 196 296 Diluted weighted average common shares (1) 69,294 72,008 69,350 72,063 Basic earnings per common share $ 2.75 $ 1.74 $ 3.38 $ 3.73 Diluted earnings per common share $ 2.74 $ 1.73 $ 3.37 $ 3.71 (1) For the twelve and twenty-eight weeks ended July 11, 2020, 159 thousand and 326 thousand restricted stock units (“RSUs”) were excluded from the diluted calculation as their inclusion would have been anti-dilutive. For the twelve and twenty-eight weeks ended July 13, 2019, these anti-dilutive RSUs were insignificant.

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Details)	Jul. 11, 2020store
Stores [Member]
Basis of Presentation [Line Items]
Number of Stores	4,819
Branches [Member]
Basis of Presentation [Line Items]
Number of Stores	167
Independently owned Carquest store locations [Member]
Basis of Presentation [Line Items]
Number of Stores	1,262

Significant Acounting Policie_3

Significant Acounting Policies (Details)	3 Months Ended		6 Months Ended
	Jul. 11, 2020	Jul. 13, 2019	Jul. 11, 2020	Jul. 13, 2019
Revenue from External Customer [Line Items]
Percentage Of Sales By Product Group	100.00%	100.00%	100.00%	100.00%
Parts and Batteries [Member]
Revenue from External Customer [Line Items]
Percentage Of Sales By Product Group	66.00%	67.00%	66.00%	66.00%
Accessories and Chemicals [Member]
Revenue from External Customer [Line Items]
Percentage Of Sales By Product Group	22.00%	21.00%	21.00%	21.00%
Engine Maintenance [Member]
Revenue from External Customer [Line Items]
Percentage Of Sales By Product Group	11.00%	11.00%	12.00%	12.00%
Other [Member]
Revenue from External Customer [Line Items]
Percentage Of Sales By Product Group	1.00%	1.00%	1.00%	1.00%

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 11, 2020	Jul. 13, 2019	Jul. 11, 2020	Jul. 13, 2019	Dec. 28, 2019
Inventory [Line Items]
Percentage of LIFO Inventory	88.00%		88.00%		89.00%
Inventory, LIFO Reserve, Effect on Income, Net	$ (3,100)	$ (16,500)	$ (11,900)	$ (42,900)
Inventories at first in, first out (“FIFO”)	4,228,833		4,228,833		$ 4,290,565
Adjustments to state inventories at LIFO	129,656		129,656		141,603
Inventories at LIFO	$ 4,358,489		$ 4,358,489		$ 4,432,168

Intangible Asset (Details)

Intangible Asset (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 11, 2020	Jul. 13, 2019	Jul. 11, 2020	Jul. 13, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization Expense	$ 7.3	$ 7.3	$ 17	$ 17

Receivables, net (Details)

Receivables, net (Details) - USD ($) $ in Thousands	Jul. 11, 2020	Dec. 28, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 752,822	$ 703,718
Less: Allowance for doubtful accounts	(10,476)	(14,249)
Receivables, net	742,346	689,469
Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	519,614	422,403
Accounts Receivable, Vendor [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	202,031	249,009
Accounts Receivable, Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 31,177	$ 32,306

Long-term Debt and Fair Value_4

Long-term Debt and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 11, 2020	Apr. 16, 2020	Dec. 28, 2019	Dec. 03, 2013	Jan. 11, 2012
Debt Instrument [Line Items]
Fair value of long-term debt	$ 1,352,000		$ 795,000
Guarantor Obligations, Maximum Exposure	54,300		26,400
Guarantor Obligation, Collateral Amount	65,700		50,300
Long-term debt	1,240,340		747,320
Line of Credit Facility, Increase (Decrease), Net	500,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount	0		0
Line of Credit Facility, Remaining Borrowing Capacity	1,000,000		1,000,000
Line of Credit, Current	0		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 Instrument, Face Amount		$ 500,000
Bilateral Letter of Credit Facility [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount	100,100		111,600
Senior Notes [Member] | 4.50% senior unsecured notes (2023 Notes) [Member] [Member]
Debt Instrument [Line Items]
Long-term debt	448,095		447,879
Senior Notes [Member] | 4.50% senior unsecured notes (2022 Notes)
Debt Instrument [Line Items]
Long-term debt	299,581		299,441
Senior Notes [Member] | 3.90% senior unsecured notes (2030 Notes)
Debt Instrument [Line Items]
Long-term debt	$ 492,664		$ 0

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 11, 2020	Jul. 13, 2019	Jul. 11, 2020	Jul. 13, 2019	Dec. 28, 2019
Lessee, Lease, Description [Line Items]
Total operating lease liabilities	$ 2,472,467		$ 2,472,467		$ 2,495,141
Less: Current portion of operating lease liabilities	431,067		431,067		477,982
Noncurrent operating lease liabilities	2,041,400		2,041,400		$ 2,017,159
Operating lease cost	119,707	$ 124,765	281,512	$ 284,811
Variable lease cost	30,856	32,856	74,392	82,546
Total lease cost	150,563	$ 157,621	355,904	367,357
Remainder of 2020	262,725		262,725
2021	503,068		503,068
2022	424,431		424,431
2023	387,012		387,012
2024	308,440		308,440
Thereafter	973,223		973,223
Total lease payments	2,858,899		2,858,899
Less: Imputed interest	(386,432)		(386,432)
Lessee option to extend reasonably certain of being exercised	86,200		86,200
Operating lease legally binding minimum payments for lease that have not yet commenced	$ 56,900		$ 56,900
Operating Lease, Weighted Average Remaining Lease Term	7 years 1 month 6 days		7 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent	3.90%		3.90%
Cash paid for amounts included in the measurement of lease liabilities:			$ 305,079	278,323
Right-of-use assets obtained in exchange for lease obligations:			$ 219,954	$ 201,856
Real Estate [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term	5 years		5 years
Real Estate [Member] | Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	5 years		5 years
Real Estate [Member] | Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	10 years		10 years
Equipment [Member] | Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	3 years		3 years
Equipment [Member] | Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	5 years		5 years

Warranty Liabilities (Details)

Warranty Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 11, 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	9,341	34,117
Reduction and utilization of reserve	(20,445)	(42,577)
Warranty reserve, end of period	$ 25,716	$ 36,820

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 11, 2020	Jul. 13, 2019	Jul. 11, 2020	Jul. 13, 2019	Nov. 08, 2019	Aug. 07, 2019
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired as Part of Authorized Plan	0	100	200	900
Payments for Repurchase of Common Stock		$ 10.9	$ 29	$ 138.1
Acquired, Average Cost Per Share, Acquired as Part of Plan		$ 151.58	$ 128.36	$ 158.98
Share Repurchase Program, Remaining Authorized Repurchase Amount	$ 861.7		$ 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	3 Months Ended		6 Months Ended
	Jul. 11, 2020	Jul. 13, 2019	Jul. 11, 2020	Jul. 13, 2019
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income applicable to common shares	$ 189,960	$ 124,820	$ 233,548	$ 267,320
Basic weighted average shares	69,118	71,738	69,154	71,767
Dilutive impact of share-based awards	176	270	196	296
Diluted weighted average shares	69,294	72,008	69,350	72,063
Basic earnings per common share	$ 2.75	$ 1.74	$ 3.38	$ 3.73
Diluted earnings per common share	$ 2.74	$ 1.73	$ 3.37	$ 3.71
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	159		326

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 11, 2020	Jul. 13, 2019	Jul. 11, 2020	Jul. 13, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation, Tax Benefit from Compensation Expense	$ 2.5	$ 2.3	$ 6	$ 5
Share-based Compensation, Cost Not yet Recognized	$ 84.6		$ 84.6
Share-based Compensation, Cost Not yet Recognized, Period for Recognition			1 year 8 months 12 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			284
Weighted Average Grant Date Fair Value			$ 134.04