Document and Entity Information
Document and Entity Information Document Document - shares | 9 Months Ended | |
Oct. 03, 2020 | Nov. 06, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 3, 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, $0.0001 par value | |
Trading Symbol | AAP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 67,854,539 | |
Entity Central Index Key | 0001158449 | |
Current Fiscal Year End Date | --01-02 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 03, 2020 | Dec. 28, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,068,205 | $ 418,665 |
Receivables, net | 843,054 | 689,469 |
Inventories | 4,367,272 | 4,432,168 |
Other current assets | 158,819 | 155,241 |
Total current assets | 6,437,350 | 5,695,543 |
Property and equipment, net of accumulated depreciation of $2,138,194 and $2,037,849 | 1,444,889 | 1,433,213 |
Operating lease right-of-use assets | 2,362,437 | 2,365,325 |
Goodwill | 991,398 | 992,240 |
Intangible assets, net | 686,315 | 709,756 |
Other assets | 50,374 | 52,448 |
Assets, Total | 11,972,763 | 11,248,525 |
Current liabilities: | ||
Accounts payable | 3,527,324 | 3,421,987 |
Accrued expenses | 632,670 | 535,863 |
Other current liabilities | 488,894 | 519,852 |
Total current liabilities | 4,648,888 | 4,477,702 |
Long-term debt | 1,031,872 | 747,320 |
Noncurrent operating lease liabilities | 2,014,898 | 2,017,159 |
Deferred income taxes | 342,730 | 334,013 |
Other long-term liabilities | 171,711 | 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 | 772,313 | 735,183 |
Treasury stock, at cost | (1,072,719) | (924,389) |
Accumulated other comprehensive loss | (38,714) | (34,569) |
Retained earnings | 4,101,776 | 3,772,848 |
Total stockholders’ equity | 3,762,664 | 3,549,081 |
Liabilities and Stockholders' Equity, Total | $ 11,972,763 | $ 11,248,525 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Oct. 03, 2020 | Dec. 28, 2019 |
Statement of Financial Position [Abstract] | ||
Property and equipment, net of accumulated depreciation of $2,138,194 and $2,037,849 | $ 2,138,194 | $ 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 | 9 Months Ended | ||
Oct. 03, 2020 | Oct. 05, 2019 | Oct. 03, 2020 | Oct. 05, 2019 | |
Income Statement [Abstract] | ||||
Net sales | $ 2,541,928 | $ 2,312,106 | $ 7,741,190 | $ 7,596,389 |
Cost of sales, including purchasing and warehousing costs | 1,413,457 | 1,300,180 | 4,343,272 | 4,270,412 |
Gross profit | 1,128,471 | 1,011,926 | 3,397,918 | 3,325,977 |
Selling, general and administrative expenses | 871,660 | 839,598 | 2,799,837 | 2,774,936 |
Operating income | 256,811 | 172,328 | 598,081 | 551,041 |
Other, net: | ||||
Interest expense | (11,925) | (8,443) | (37,590) | (32,062) |
Loss on early redemptions of senior unsecured notes | (48,022) | 0 | (48,022) | (10,756) |
Other income (expense), net | 674 | (3,145) | (2,198) | 9,484 |
Total other, net | (59,273) | (11,588) | (87,810) | (33,334) |
Income before provision for income taxes | 197,538 | 160,740 | 510,271 | 517,707 |
Provision for income taxes | 50,062 | 37,071 | 129,247 | 126,718 |
Net income | $ 147,476 | $ 123,669 | $ 381,024 | $ 390,989 |
Basic earnings per common share | $ 2.14 | $ 1.76 | $ 5.51 | $ 5.48 |
Weighted average common shares outstanding | 68,965 | 70,381 | 69,097 | 71,351 |
Diluted earnings per common share | $ 2.13 | $ 1.75 | $ 5.50 | $ 5.46 |
Weighted average common shares outstanding | 69,267 | 70,664 | 69,325 | 71,643 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2020 | Oct. 05, 2019 | Oct. 03, 2020 | Oct. 05, 2019 | |
Net income | $ 147,476 | $ 123,669 | $ 381,024 | $ 390,989 |
Other comprehensive income (loss): | ||||
Changes in net unrecognized other postretirement benefit costs, net of tax of $26, $32, $29 and $40 | (73) | (92) | (80) | (66) |
Currency translation adjustments | 5,298 | (5,289) | (4,065) | 5,397 |
Total other comprehensive income (loss) | 5,225 | (5,381) | (4,145) | 5,331 |
Comprehensive income | $ 152,701 | $ 118,288 | $ 376,879 | $ 396,320 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2020 | Oct. 05, 2019 | Oct. 03, 2020 | Oct. 05, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) [Abstract] | ||||
Changes in net unrecognized other postretirement benefit costs, net of tax of $26, $32, $29 and $40 | $ 26 | $ 32 | $ 29 | $ 40 |
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 | 390,989 | 390,989 | ||||
Cumulative effect of accounting change from adoption of ASU 2016-02, net of tax | (23,165) | (23,165) | ||||
Total other comprehensive income (loss) | 5,331 | 5,331 | ||||
Restricted stock units and deferred stock units vested | 0 | |||||
Restricted stock and deferred stock units vested (in shares) | 167 | |||||
Share-based compensation | 28,038 | 28,038 | ||||
Stock issued under employee stock purchase plan | 2,358 | 2,358 | ||||
Stock issued under employee stock purchase plan (in shares) | 16 | |||||
Repurchases of common stock (in shares) | (3,370) | |||||
Repurchases of common stock | (486,381) | (486,381) | ||||
Cash dividends declared | (12,879) | (12,879) | ||||
Stock Issued During Period, Shares, Other | 2 | |||||
Other | (162) | (162) | ||||
Balance at Oct. 05, 2019 | 3,454,942 | $ 8 | 725,031 | (912,335) | (38,862) | 3,681,100 |
Balance (in shares) at Oct. 05, 2019 | 69,275 | |||||
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 | |||||
Net income | 123,669 | 123,669 | ||||
Total other comprehensive income (loss) | (5,381) | (5,381) | ||||
Restricted stock units and deferred stock units vested | 0 | |||||
Restricted stock and deferred stock units vested (in shares) | 22 | |||||
Share-based compensation | 8,613 | 8,613 | ||||
Stock issued under employee stock purchase plan | 710 | 710 | ||||
Stock issued under employee stock purchase plan (in shares) | 5 | |||||
Repurchases of common stock (in shares) | (2,449) | |||||
Repurchases of common stock | (339,743) | (339,743) | ||||
Cash dividends declared | (4,189) | (4,189) | ||||
Other | (39) | (39) | ||||
Balance at Oct. 05, 2019 | 3,454,942 | $ 8 | 725,031 | (912,335) | (38,862) | 3,681,100 |
Balance (in shares) at Oct. 05, 2019 | 69,275 | |||||
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 | 381,024 | 381,024 | ||||
Total other comprehensive income (loss) | (4,145) | (4,145) | ||||
Restricted stock units and deferred stock units vested | 0 | |||||
Restricted stock and deferred stock units vested (in shares) | 206 | |||||
Share-based compensation | 34,927 | 34,927 | ||||
Stock issued under employee stock purchase plan | 2,211 | 2,211 | ||||
Stock issued under employee stock purchase plan (in shares) | 20 | |||||
Repurchases of common stock (in shares) | (1,013) | |||||
Repurchases of common stock | (148,330) | (148,330) | ||||
Cash dividends declared | (52,096) | (52,096) | ||||
Other | (8) | (8) | ||||
Balance at Oct. 03, 2020 | 3,762,664 | $ 8 | 772,313 | (1,072,719) | (38,714) | 4,101,776 |
Balance (in shares) at Oct. 03, 2020 | 68,445 | |||||
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 | |||||
Net income | 147,476 | 147,476 | ||||
Total other comprehensive income (loss) | 5,225 | 5,225 | ||||
Restricted stock units and deferred stock units vested | 0 | |||||
Restricted stock and deferred stock units vested (in shares) | 27 | |||||
Share-based compensation | 11,089 | 11,089 | ||||
Stock issued under employee stock purchase plan | 693 | 693 | ||||
Stock issued under employee stock purchase plan (in shares) | 5 | |||||
Repurchases of common stock (in shares) | (726) | |||||
Repurchases of common stock | (111,127) | (111,127) | ||||
Cash dividends declared | (17,207) | (17,207) | ||||
Other | (4) | (4) | ||||
Balance at Oct. 03, 2020 | $ 3,762,664 | $ 8 | $ 772,313 | $ (1,072,719) | $ (38,714) | $ 4,101,776 |
Balance (in shares) at Oct. 03, 2020 | 68,445 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDES' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2020 | Oct. 05, 2019 | Oct. 03, 2020 | Oct. 05, 2019 | |
Statement of Stockholders' Equity (Parenthetical) [Abstract] | ||||
Cash dividends declared (per common share) | $ 0.25 | $ 0.06 | $ 0.75 | $ 0.18 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 03, 2020 | Oct. 05, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 381,024 | $ 390,989 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 192,911 | 179,565 |
Share-based compensation | 34,927 | 28,038 |
Loss and impairment of long-lived assets | 1,582 | 4,413 |
Loss on early redemptions of senior unsecured notes | 48,022 | 10,756 |
Provision for deferred income taxes | 8,975 | 7,653 |
Other | 1,212 | 1,328 |
Net change in: | ||
Receivables, net | (154,888) | (95,280) |
Inventories | 62,181 | (24,985) |
Accounts payable | 106,831 | 227,822 |
Accrued expenses | 111,136 | (29,672) |
Other assets and liabilities, net | 15,305 | 7,919 |
Net cash provided by operating activities | 809,218 | 708,546 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (192,632) | (169,224) |
Purchase of an indefinite-lived intangible asset | (230) | 0 |
Proceeds from sales of property and equipment | 914 | 8,714 |
Net cash used in investing activities | (191,948) | (160,510) |
Cash flows from financing activities: | ||
Decrease in bank overdrafts | 0 | (59,351) |
Proceeds from borrowing on revolving credit facility | 500,000 | 0 |
Payments on credit facilities | (500,000) | 0 |
Proceeds from issuances of senior unsecured notes, net | 847,092 | 0 |
Early redemptions of senior unsecured notes | (602,568) | (310,047) |
Dividends paid | (56,210) | (17,185) |
Proceeds from the issuance of common stock | 2,211 | 2,358 |
Repurchases of common stock | (148,330) | (486,381) |
Other, net | (8,735) | (258) |
Net cash provided by (used in) financing activities | 33,460 | (870,864) |
Effect of exchange rate changes on cash | (1,190) | 27 |
Net increase (decrease) in cash and cash equivalents | 649,540 | (322,801) |
Cash and cash equivalents, beginning of period | 418,665 | 896,527 |
Cash and cash equivalents, end of period | 1,068,205 | 573,726 |
Non-cash transactions: | ||
Accrued purchases of property and equipment | $ 16,302 | $ 30,331 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Oct. 03, 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 October 3, 2020, we operated a total of 4,811 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 October 3, 2020, we served 1,269 independently owned Carquest branded stores across the same geographic locations served by our stores and branches in addition to Mexico and various Caribbean islands. In March 2020, the World Health Organization categorized the COVID-19 outbreak as a 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 forty weeks ended October 3, 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 | 9 Months Ended |
Oct. 03, 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 Forty Weeks Ended October 3, 2020 October 5, 2019 October 3, 2020 October 5, 2019 Percentage of Net sales, by product group: Parts and batteries 67 % 68 % 66 % 67 % Accessories and chemicals 20 20 21 21 Engine maintenance 12 11 12 11 Other 1 1 1 1 Total 100 % 100 % 100 % 100 % Recently Issued Accounting Pronouncements During the first quarter of 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 second quarter of 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 | 9 Months Ended |
Oct. 03, 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 89% of inventories as of October 3, 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 forty weeks ended October 3, 2020 and prior years. We recorded a reduction to Cost of sales of $15.9 million and an increase to Cost of sales of $33.8 million for the twelve weeks ended October 3, 2020 and October 5, 2019 and a reduction to Cost of sales of $3.9 million and an increase to Cost of sales of $76.7 million for the forty weeks ended October 3, 2020 and October 5, 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) October 3, 2020 December 28, 2019 Inventories at first in, first out (“FIFO”) $ 4,221,760 $ 4,290,565 Adjustments to state inventories at LIFO 145,512 141,603 Inventories at LIFO $ 4,367,272 $ 4,432,168 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Oct. 03, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Our definite-lived intangible assets include customer relationships and non-compete agreements. Amortization expense was $7.3 million for the twelve weeks ended October 3, 2020 and October 5, 2019 and $24.3 million and $24.4 million for the forty weeks ended October 3, 2020 and October 5, 2019. |
Receivables, net
Receivables, net | 9 Months Ended |
Oct. 03, 2020 | |
Receivables [Abstract] | |
Receivables, net | Receivables, net Receivables consist of the following: (in thousands) October 3, 2020 December 28, 2019 Trade $ 556,503 $ 422,403 Vendor 268,223 249,009 Other 28,890 32,306 Total receivables 853,616 703,718 Less: allowance for doubtful accounts (10,562) (14,249) Receivables, net $ 843,054 $ 689,469 |
Leases
Leases | 9 Months Ended |
Oct. 03, 2020 | |
Leases [Abstract] | |
Leases | LeasesSubstantially 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) October 3, 2020 December 28, 2019 Total operating lease liabilities $ 2,458,607 $ 2,495,141 Less: Current portion of operating lease liabilities (443,709) (477,982) Noncurrent operating lease liabilities $ 2,014,898 $ 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 Forty Weeks Ended (in thousands) October 3, 2020 October 5, 2019 October 3, 2020 October 5, 2019 Operating lease cost $ 121,869 $ 121,057 $ 403,381 $ 405,868 Variable lease cost 31,469 36,808 105,862 119,354 Total lease cost $ 153,338 $ 157,865 $ 509,243 $ 525,222 The future maturity of lease liabilities are as follows: (in thousands) October 3, 2020 Remainder of 2020 $ 132,419 2021 520,542 2022 440,081 2023 401,295 2024 322,254 Thereafter 1,011,763 Total lease payments 2,828,354 Less: Imputed interest (369,747) Total operating lease liabilities $ 2,458,607 As of October 3, 2020, our operating lease payments include $54.4 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $45.7 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 7.0 years and 3.7% as of October 3, 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: Forty Weeks Ended (in thousands) October 3, 2020 October 5, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 433,934 $ 417,262 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 305,930 $ 270,440 |
Warranty Liabilities
Warranty Liabilities | 9 Months Ended |
Oct. 03, 2020 | |
Product Warranties Disclosures [Abstract] | |
Warranty Liabilities | Warranty Liabilities The following table presents changes in our warranty reserves: Forty Weeks Ended Fifty-Two Weeks Ended (in thousands) October 3, 2020 December 28, 2019 Warranty reserve, beginning of period $ 36,820 $ 45,280 Additions to warranty reserves 12,512 34,117 Reduction and utilization of reserve (29,694) (42,577) Warranty reserve, end of period $ 19,638 $ 36,820 |
Share Repurchase Program
Share Repurchase Program | 9 Months Ended |
Oct. 03, 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 October 3, 2020, we repurchased 0.7 million shares of our common stock at an aggregate cost of $109.6 million , or an average price of $153.06 per share, in connection with our share repurchase program. During the twelve weeks ended October 5, 2019, we purchased 2.4 million shares of our common stock under the share repurchase program at an aggregate cost of $338.6 million, or an average price of $138.71 per share. During the forty weeks ended October 3, 2020 and October 5, 2019, we repurchased 0.9 million and 3.3 million shares of our common stock under our share repurchase program. The shares repurchased in connection with our share repurchase program during the forty weeks ended October 3, 2020 and October 5, 2019 were at an aggregate cost of $138.6 million and $476.7 million, or an average price of $147.13 and $144.03 per share. We had $752.2 million remaining under our share repurchase program as of October 3, 2020. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Oct. 03, 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 Forty Weeks Ended (in thousands, except per share data) October 3, 2020 October 5, 2019 October 3, 2020 October 5, 2019 Numerator Net income applicable to common shares $ 147,476 $ 123,669 $ 381,024 $ 390,989 Denominator Basic weighted average common shares 68,965 70,381 69,097 71,351 Dilutive impact of share-based awards 302 283 228 292 Diluted weighted average common shares (1) 69,267 70,664 69,325 71,643 Basic earnings per common share $ 2.14 $ 1.76 $ 5.51 $ 5.48 Diluted earnings per common share $ 2.13 $ 1.75 $ 5.50 $ 5.46 (1) For the twelve weeks and forty weeks ended October 3, 2020 101 thousand , and 134 thousand restricted stock units (“RSUs”) were excluded from the diluted calculation as their inclusion would have been anti-dilutive. For the twelve and forty weeks ended October 5, 2019, 175 thousand and 115 thousand restricted stock units (“RSUs”) were excluded excluded from the diluted calculation as their inclusion would have been anti-dilutive. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Oct. 03, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation During the forty weeks ended October 3, 2020, we granted 312 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 forty weeks ended October 3, 2020 were $136.13, $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 forty weeks ended October 3, 2020 was $2.8 million and $8.8 million. Total income tax benefit related to share-based compensation expense for the twelve and forty weeks ended October 5, 2019 was $1.7 million and $6.7 million. As of October 3, 2020, there was $76.3 million of unrecognized compensation expense related to all share-based awards that is expected to be recognized over a weighted average period of 1.6 years. |
Significant Acounting Policies
Significant Acounting Policies (Policies) | 9 Months Ended |
Oct. 03, 2020 | |
Accounting Policies [Abstract] | |
Revenues | Revenues The following table summarizes disaggregated revenue from contracts with customers by product group: Twelve Weeks Ended Forty Weeks Ended October 3, 2020 October 5, 2019 October 3, 2020 October 5, 2019 Percentage of Net sales, by product group: Parts and batteries 67 % 68 % 66 % 67 % Accessories and chemicals 20 20 21 21 Engine maintenance 12 11 12 11 Other 1 1 1 1 Total 100 % 100 % 100 % 100 % |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements During the first quarter of 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 second quarter of 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) | 9 Months Ended |
Oct. 03, 2020 | |
Accounting Policies [Abstract] | |
Inventory, Policy | Inventories are stated at the lower of cost or market. |
Leases (Policies)
Leases (Policies) | 9 Months Ended |
Oct. 03, 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) | 9 Months Ended |
Oct. 03, 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) | 9 Months Ended |
Oct. 03, 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 Forty Weeks Ended October 3, 2020 October 5, 2019 October 3, 2020 October 5, 2019 Percentage of Net sales, by product group: Parts and batteries 67 % 68 % 66 % 67 % Accessories and chemicals 20 20 21 21 Engine maintenance 12 11 12 11 Other 1 1 1 1 Total 100 % 100 % 100 % 100 % |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 03, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory balances were as follows: (in thousands) October 3, 2020 December 28, 2019 Inventories at first in, first out (“FIFO”) $ 4,221,760 $ 4,290,565 Adjustments to state inventories at LIFO 145,512 141,603 Inventories at LIFO $ 4,367,272 $ 4,432,168 |
Receivables, net (Tables)
Receivables, net (Tables) | 9 Months Ended |
Oct. 03, 2020 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Receivables consist of the following: (in thousands) October 3, 2020 December 28, 2019 Trade $ 556,503 $ 422,403 Vendor 268,223 249,009 Other 28,890 32,306 Total receivables 853,616 703,718 Less: allowance for doubtful accounts (10,562) (14,249) Receivables, net $ 843,054 $ 689,469 |
Long-term Debt and Fair Value o
Long-term Debt and Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Oct. 03, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long-term debt consists of the following: (in thousands) October 3, 2020 December 28, 2019 4.50% Senior Unsecured Notes due January 15, 2022 $ — $ 299,441 4.50% Senior Unsecured Notes due December 1, 2023 192,849 447,879 1.75% Senior Unsecured Notes due October 1, 2027 345,909 — 3.90% Senior Unsecured Notes due April 15, 2030 493,114 — Total long-term debt $ 1,031,872 $ 747,320 Fair value of long-term debt $ 1,128,000 $ 795,000 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 03, 2020 | |
Leases [Abstract] | |
Schedule of Operating Lease Liabilities | Operating lease liabilities consist of the following: (in thousands) October 3, 2020 December 28, 2019 Total operating lease liabilities $ 2,458,607 $ 2,495,141 Less: Current portion of operating lease liabilities (443,709) (477,982) Noncurrent operating lease liabilities $ 2,014,898 $ 2,017,159 |
Lease, Cost | Total lease cost is comprised of the following: Twelve Weeks Ended Forty Weeks Ended (in thousands) October 3, 2020 October 5, 2019 October 3, 2020 October 5, 2019 Operating lease cost $ 121,869 $ 121,057 $ 403,381 $ 405,868 Variable lease cost 31,469 36,808 105,862 119,354 Total lease cost $ 153,338 $ 157,865 $ 509,243 $ 525,222 |
Lessee, Operating Lease, Liability, Maturity | The future maturity of lease liabilities are as follows: (in thousands) October 3, 2020 Remainder of 2020 $ 132,419 2021 520,542 2022 440,081 2023 401,295 2024 322,254 Thereafter 1,011,763 Total lease payments 2,828,354 Less: Imputed interest (369,747) Total operating lease liabilities $ 2,458,607 |
Schedule of Other Information Relating to Lease Liabilities | Other information relating to our lease liabilities is as follows: Forty Weeks Ended (in thousands) October 3, 2020 October 5, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 433,934 $ 417,262 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 305,930 $ 270,440 |
Warranty Liabilities (Tables)
Warranty Liabilities (Tables) | 9 Months Ended |
Oct. 03, 2020 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability | The following table presents changes in our warranty reserves: Forty Weeks Ended Fifty-Two Weeks Ended (in thousands) October 3, 2020 December 28, 2019 Warranty reserve, beginning of period $ 36,820 $ 45,280 Additions to warranty reserves 12,512 34,117 Reduction and utilization of reserve (29,694) (42,577) Warranty reserve, end of period $ 19,638 $ 36,820 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Oct. 03, 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 Forty Weeks Ended (in thousands, except per share data) October 3, 2020 October 5, 2019 October 3, 2020 October 5, 2019 Numerator Net income applicable to common shares $ 147,476 $ 123,669 $ 381,024 $ 390,989 Denominator Basic weighted average common shares 68,965 70,381 69,097 71,351 Dilutive impact of share-based awards 302 283 228 292 Diluted weighted average common shares (1) 69,267 70,664 69,325 71,643 Basic earnings per common share $ 2.14 $ 1.76 $ 5.51 $ 5.48 Diluted earnings per common share $ 2.13 $ 1.75 $ 5.50 $ 5.46 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Details) | Oct. 03, 2020store |
Stores [Member] | |
Basis of Presentation [Line Items] | |
Number of Stores | 4,811 |
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 | 1,269 |
Significant Acounting Policie_3
Significant Acounting Policies (Details) | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2020 | Oct. 05, 2019 | Oct. 03, 2020 | Oct. 05, 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 | 67.00% | 68.00% | 66.00% | 67.00% |
Accessories and Chemicals [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Percentage Of Sales By Product Group | 20.00% | 20.00% | 21.00% | 21.00% |
Engine Maintenance [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Percentage Of Sales By Product Group | 12.00% | 11.00% | 12.00% | 11.00% |
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 | 9 Months Ended | |||
Oct. 03, 2020 | Oct. 05, 2019 | Oct. 03, 2020 | Oct. 05, 2019 | Dec. 28, 2019 | |
Inventory [Line Items] | |||||
Percentage of LIFO Inventory | 89.00% | 89.00% | 89.00% | ||
Inventory, LIFO Reserve, Effect on Income, Net | $ (15,900) | $ 33,800 | $ (3,900) | $ 76,700 | |
Inventories at first in, first out (“FIFO”) | 4,221,760 | 4,221,760 | $ 4,290,565 | ||
Adjustments to state inventories at LIFO | 145,512 | 145,512 | 141,603 | ||
Inventories at LIFO | $ 4,367,272 | $ 4,367,272 | $ 4,432,168 |
Intangible Asset (Details)
Intangible Asset (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2020 | Oct. 05, 2019 | Oct. 03, 2020 | Oct. 05, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization Expense | $ 7.3 | $ 7.3 | $ 24.3 | $ 24.4 |
Receivables, net (Details)
Receivables, net (Details) - USD ($) $ in Thousands | Oct. 03, 2020 | Dec. 28, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | $ 853,616 | $ 703,718 |
Less: Allowance for doubtful accounts | (10,562) | (14,249) |
Receivables, net | 843,054 | 689,469 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 556,503 | 422,403 |
Accounts Receivable, Vendor [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 268,223 | 249,009 |
Accounts Receivable, Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | $ 28,890 | $ 32,306 |
Long-term Debt and Fair Value_2
Long-term Debt and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||||
Jul. 11, 2020 | Oct. 03, 2020 | Sep. 29, 2020 | Sep. 16, 2020 | Apr. 16, 2020 | Dec. 28, 2019 | Dec. 03, 2013 | Jan. 11, 2012 | |
Debt Instrument [Line Items] | ||||||||
Fair value of long-term debt | $ 1,128,000 | $ 795,000 | ||||||
Guarantor Obligations, Maximum Exposure | 53,600 | 26,400 | ||||||
Guarantor Obligation, Collateral Amount | 56,500 | 50,300 | ||||||
Long-term debt | 1,031,872 | 747,320 | ||||||
Line of Credit Facility, Increase (Decrease), Net | $ 500,000 | |||||||
ChargesRelatingtoMakeWholeProvisionof2022SeniorUnsecuredNotesAgreement | $ 15,800 | |||||||
ChargesRelatingtoDebtIssuanceCostsfrom2022SeniorUnsecuredNotes | 300 | |||||||
ChargesRelatingtoDebtIssuanceCostsfrom2023SeniorUnsecuredNotes | $ 1,400 | |||||||
ChargesRelatingtoTenderPremiumsof2023SeniorUnsecuredNotesAgreement | 30,500 | |||||||
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, Repurchased Face Amount | $ 256,300 | |||||||
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, Repurchased Face Amount | $ 300,000 | |||||||
Debt Instrument, Face Amount | $ 300,000 | |||||||
1.75% senior unsecured notes (2027 Notes) | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | |||||||
Debt Issuance, Percentage Of Principal | 99.67% | |||||||
Debt Issuance Costs, Gross | $ 2,900 | |||||||
Debt Instrument, Face Amount | $ 350,000 | |||||||
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 | 99,900 | 111,600 | ||||||
Senior Notes [Member] | 4.50% senior unsecured notes (2023 Notes) [Member] [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | 192,849 | 447,879 | ||||||
Senior Notes [Member] | 4.50% senior unsecured notes (2022 Notes) | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | 0 | 299,441 | ||||||
Senior Notes [Member] | 1.75% senior unsecured notes (2027 Notes) | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | 345,909 | 0 | ||||||
Senior Notes [Member] | 3.90% senior unsecured notes (2030 Notes) | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 493,114 | $ 0 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2020 | Oct. 05, 2019 | Oct. 03, 2020 | Oct. 05, 2019 | Dec. 28, 2019 | |
Lessee, Lease, Description [Line Items] | |||||
Total operating lease liabilities | $ 2,458,607 | $ 2,458,607 | $ 2,495,141 | ||
Less: Current portion of operating lease liabilities | 443,709 | 443,709 | 477,982 | ||
Noncurrent operating lease liabilities | 2,014,898 | 2,014,898 | $ 2,017,159 | ||
Operating lease cost | 121,869 | $ 121,057 | 403,381 | $ 405,868 | |
Variable lease cost | 31,469 | 36,808 | 105,862 | 119,354 | |
Total lease cost | 153,338 | $ 157,865 | 509,243 | 525,222 | |
Remainder of 2020 | 132,419 | 132,419 | |||
2021 | 520,542 | 520,542 | |||
2022 | 440,081 | 440,081 | |||
2023 | 401,295 | 401,295 | |||
2024 | 322,254 | 322,254 | |||
Thereafter | 1,011,763 | 1,011,763 | |||
Total lease payments | 2,828,354 | 2,828,354 | |||
Less: Imputed interest | (369,747) | (369,747) | |||
Lessee option to extend reasonably certain of being exercised | 54,400 | 54,400 | |||
Operating lease legally binding minimum payments for lease that have not yet commenced | $ 45,700 | $ 45,700 | |||
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 7 years | |||
Operating Lease, Weighted Average Discount Rate, Percent | 3.70% | 3.70% | |||
Cash paid for amounts included in the measurement of lease liabilities: | $ 433,934 | 417,262 | |||
Right-of-use assets obtained in exchange for lease obligations: | $ 305,930 | $ 270,440 | |||
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 | 9 Months Ended | 12 Months Ended |
Oct. 03, 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 | 12,512 | 34,117 |
Reduction and utilization of reserve | (29,694) | (42,577) |
Warranty reserve, end of period | $ 19,638 | $ 36,820 |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Oct. 03, 2020 | Oct. 05, 2019 | Oct. 03, 2020 | Oct. 05, 2019 | Nov. 08, 2019 | Aug. 07, 2019 | |
Class of Stock [Line Items] | ||||||
Treasury Stock, Shares, Acquired as Part of Authorized Plan | 700 | 2,400 | 900 | 3,300 | ||
Payments for Repurchase of Common Stock | $ 109.6 | $ 338.6 | $ 138.6 | $ 476.7 | ||
Acquired, Average Cost Per Share, Acquired as Part of Plan | $ 153.06 | $ 138.71 | $ 147.13 | $ 144.03 | ||
Share Repurchase Program, Remaining Authorized Repurchase Amount | $ 752.2 | $ 752.2 | ||||
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 | 9 Months Ended | ||
Oct. 03, 2020 | Oct. 05, 2019 | Oct. 03, 2020 | Oct. 05, 2019 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net income applicable to common shares | $ 147,476 | $ 123,669 | $ 381,024 | $ 390,989 |
Basic weighted average shares | 68,965 | 70,381 | 69,097 | 71,351 |
Dilutive impact of share-based awards | 302 | 283 | 228 | 292 |
Diluted weighted average shares | 69,267 | 70,664 | 69,325 | 71,643 |
Basic earnings per common share | $ 2.14 | $ 1.76 | $ 5.51 | $ 5.48 |
Diluted earnings per common share | $ 2.13 | $ 1.75 | $ 5.50 | $ 5.46 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 101 | 175 | 134 | 115 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2020 | Oct. 05, 2019 | Oct. 03, 2020 | Oct. 05, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Tax Benefit from Compensation Expense | $ 2.8 | $ 1.7 | $ 8.8 | $ 6.7 |
Share-based Compensation, Cost Not yet Recognized | $ 76.3 | $ 76.3 | ||
Share-based Compensation, Cost Not yet Recognized, Period for Recognition | 1 year 7 months 6 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 | 312 | |||
Weighted Average Grant Date Fair Value | $ 136.13 |