Advance Auto Parts (AAP) 10-Q 5 Jun 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	4 Months Ended
	Apr. 22, 2023	May 26, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 22, 2023
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	4200 Six Forks Road
Entity Address, City or Town	Raleigh
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27609
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		59,443,852
Entity Central Index Key	0001158449
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 22, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 226,499	$ 269,282
Receivables, net	782,093	698,613
Inventories	5,015,973	4,915,262
Other current assets	177,127	163,695
Total current assets	6,201,692	6,046,852
Property and equipment, net of accumulated depreciation of $2,672,665 and $2,590,382	1,694,337	1,690,139
Operating lease right-of-use assets	2,628,899	2,607,690
Goodwill	990,573	990,471
Other intangible assets, net	612,104	620,901
Other assets	54,633	62,429
Total assets	12,182,238	12,018,482
Current liabilities:
Accounts payable	3,682,749	4,123,462
Accrued expenses	718,290	634,447
Current portion of long-term debt	116,000	185,000
Other current liabilities	466,416	427,480
Total current liabilities	4,983,455	5,370,389
Long-term debt	1,784,596	1,188,283
Noncurrent operating lease liabilities	2,269,280	2,278,318
Deferred income taxes	422,984	415,997
Other long-term liabilities	85,762	87,214
Total Liabilities	9,546,077	9,340,201
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	914,184	897,560
Treasury stock, at cost	(2,931,373)	(2,918,768)
Accumulated other comprehensive loss	(44,355)	(45,143)
Retained earnings	4,697,697	4,744,624
Total stockholders’ equity	2,636,161	2,678,281
Total liabilities and stockholders’ equity	$ 12,182,238	$ 12,018,482

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Apr. 22, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 2,672,665	$ 2,590,382
Preferred stock par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock par value (in usd per share)	$ 0.0001	$ 0.0001

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	4 Months Ended
	Apr. 22, 2023	Apr. 23, 2022
Income Statement [Abstract]
Net sales	$ 3,417,594	$ 3,374,210
Cost of sales, including purchasing and warehousing costs	1,946,931	1,867,690
Gross profit	1,470,663	1,506,520
Selling, general and administrative expenses	1,380,664	1,303,250
Operating income	89,999	203,270
Other, net:
Interest expense	(29,718)	(12,868)
Loss on early redemption of senior unsecured notes	0	(7,408)
Other (expense) income, net	(674)	136
Total other, net	(30,392)	(20,140)
Income before provision for income taxes	59,607	183,130
Provision for income taxes	16,956	43,339
Net income	$ 42,651	$ 139,791
Basic earnings per common share (in dollars per share)	$ 0.72	$ 2.28
Weighted-average common shares outstanding	59,334	61,261
Diluted earnings per common share (in dollars per share)	$ 0.72	$ 2.26
Weighted-average common shares outstanding	59,544	61,732

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	4 Months Ended
	Apr. 22, 2023	Apr. 23, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 42,651	$ 139,791
Other comprehensive (loss) income:
Changes in net unrecognized other postretirement benefits, net of tax of $70 and $9	197	24
Currency translation adjustments	591	(18,462)
Total other comprehensive (loss) income	788	(18,438)
Comprehensive income	$ 43,439	$ 121,353

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	4 Months Ended
	Apr. 22, 2023	Apr. 23, 2022
Statement of Comprehensive Income [Abstract]
Changes in net unrecognized other postretirment benefits, net of tax	$ 70	$ 9

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock, at Cost	Accumulated Other Comprehensive Loss	Retained Earnings
Balance (in shares) at Jan. 01, 2022		62,009
Balance at Jan. 01, 2022	$ 3,128,291	$ 8	$ 845,407	$ (2,300,288)	$ (22,627)	$ 4,605,791
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	139,791					139,791
Total other comprehensive income (loss)	(18,438)				(18,438)
Issuance of shares upon the exercise of stock options (in shares)		1
Issuance of shares upon the exercise of stock options	233		233
Restricted stock and deferred stock units vested (in shares)		234
Share-based compensation	16,978		16,978
Stock issued under employee stock purchase plan (in shares)		10
Stock issued under employee stock purchase plan	933		933
Repurchases of common stock (in shares)		(1,156)
Repurchases of common stock	(264,469)			(264,469)
Cash dividends declared	(92,539)					(92,539)
Other	(1,100)		(1,100)
Balance (in shares) at Apr. 23, 2022		61,098
Balance at Apr. 23, 2022	2,909,680	$ 8	862,451	(2,564,757)	(41,065)	4,653,043
Balance (in shares) at Dec. 31, 2022		59,264
Balance at Dec. 31, 2022	2,678,281	$ 8	897,560	(2,918,768)	(45,143)	4,744,624
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	42,651					42,651
Total other comprehensive income (loss)	788				788
Restricted stock and deferred stock units vested (in shares)		256
Share-based compensation	16,524		16,524
Stock issued under employee stock purchase plan (in shares)		18
Stock issued under employee stock purchase plan	1,100		1,100
Repurchases of common stock (in shares)		(94)
Repurchases of common stock	(12,605)			(12,605)
Cash dividends declared	(89,578)					(89,578)
Other	(1,000)		(1,000)
Balance (in shares) at Apr. 22, 2023		59,444
Balance at Apr. 22, 2023	$ 2,636,161	$ 8	$ 914,184	$ (2,931,373)	$ (44,355)	$ 4,697,697

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Parenthetical) - $ / shares	4 Months Ended
	Apr. 22, 2023	Apr. 23, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (per common share)	$ 1.50	$ 1.50

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	4 Months Ended
	Apr. 22, 2023	Apr. 23, 2022
Cash flows from operating activities:
Net income	$ 42,651	$ 139,791
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	92,554	85,581
Share-based compensation	16,524	16,978
Loss and impairment of long-lived assets	90	1,237
Loss on early redemption of senior unsecured notes	0	7,408
Provision for deferred income taxes	6,899	9,681
Other	391	1,020
Net change in:
Receivables, net	(83,370)	(174,895)
Inventories	(100,178)	(119,550)
Accounts payable	(440,995)	20,225
Accrued expenses	85,035	(98,978)
Other assets and liabilities, net	1,534	56,562
Net cash provided by operating activities	(378,865)	(54,940)
Cash flows from investing activities:
Purchases of property and equipment	(89,996)	(114,854)
Proceeds from sales of property and equipment	325	828
Net cash used in investing activities	(89,671)	(114,026)
Cash flows from financing activities:
Borrowings under credit facilities	2,886,000	275,000
Payments on credit facilities	(2,955,000)	(275,000)
Borrowings on senior unsecured notes	599,571	348,618
Payments on senior unsecured notes	0	(201,081)
Dividends paid	(89,487)	(154,796)
Repurchases of common stock	(12,605)	(264,469)
Other, net	(2,819)	(2,007)
Net cash used in financing activities	425,660	(273,735)
Effect of exchange rate changes on cash	93	(19,994)
Net decrease in cash and cash equivalents	(42,783)	(462,695)
Cash and cash equivalents, beginning of period	269,282	601,428
Cash and cash equivalents, end of period	226,499	138,733
Non-cash transactions:
Accrued purchases of property and equipment	$ 6,909	$ 15,272

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	4 Months Ended
	Apr. 22, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation Description of Business Advance Auto Parts, Inc. and subsidiaries is a leading automotive aftermarket parts provider in North America, serving both professional installers (“professional”) and “do-it-yourself” (“DIY”) customers. The accompanying condensed consolidated financial statements have been prepared by us and include the accounts of Advance Auto Parts, Inc., its wholly owned subsidiaries, Advance Stores Company, Incorporated (“Advance Stores”) and Neuse River Insurance Company, Inc., and their subsidiaries (collectively referred to as “Advance,” “we,” “us” or “our”). As of April 22, 2023, we operated a total of 4,778 stores and 318 branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. In addition, as of April 22, 2023, we served 1,315 independently owned Carquest branded stores across the same geographic locations served by our stores and branches in addition to Mexico and various Caribbean islands. Our stores operate primarily under the trade names “Advance Auto Parts” and “Carquest” and our branches operate under the “Worldpac” and “Autopart International” trade names. 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 principles. 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 2022 as filed with the SEC on February 28, 2023. 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 remaining three quarters each consist of twelve weeks. Out-of-Period Charge The sixteen weeks ended April 22, 2023 included an out-of-period charge of $17.3 million, reflected in Selling, general and administrative (“SG&A”) expenses, and related tax benefit of $4.3 million in the Condensed Consolidated Statement of Operations, related to costs incurred in prior years but not previously expensed. The out-of-period charge was not material to the current period or any previously issued financial statements.

Significant Acounting Policies

Significant Acounting Policies	4 Months Ended
	Apr. 22, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Revenues The following table summarizes disaggregated revenue from contracts with customers by product group: Sixteen Weeks Ended April 22, 2023 April 23, 2022 Percentage of Sales: Parts and Batteries 66 % 66 % Accessories and Chemicals 20 20 Engine Maintenance 13 13 Other 1 1 Total 100 % 100 % Recently Issued Accounting Pronouncements - Adopted Supplier Finance Programs In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations (“ASU 2022-04”), which requires a buyer in a supplier finance program to disclose sufficient information about the program, enabling users of the financial statements to understand the nature of the program and activity and changes during the period. ASU 2022-04 was effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the requirement on rollforward information, which is effective for fiscal years beginning after December 15, 2023. During the first quarter 2023, we adopted ASU 2022-04, which did not have a material impact on our consolidated financial position, results of operations and cash flows. Refer to Note 11. Supplier Finance Programs for further details.

Inventories

Inventories	4 Months Ended
	Apr. 22, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories, net Inventories, net, are stated at the lower of cost or market. We used the last in, first out (“LIFO”) method of accounting for approximately 92% of inventories as of April 22, 2023 and December 31, 2022. Under the LIFO method, our Cost of sales reflects the costs of the most recently purchased inventories, while the inventory carrying balance represents the costs for inventories purchased in the sixteen weeks ended April 22, 2023 and prior years. As a result of changes in the LIFO reserve, we recorded a reduction to Cost of sales of $6.6 million for the sixteen weeks ended April 22, 2023 and an increase to Cost of sales of $81.5 million for the sixteen weeks ended April 23, 2022 to state inventories at LIFO. An actual valuation of inventory under the LIFO method is performed by us at the end of each fiscal year based on inventory levels and carrying 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: April 22, 2023 December 31, 2022 Inventories at first in, first out (“FIFO”) $ 5,287,977 $ 5,193,911 Adjustments to state inventories at LIFO (272,004) (278,649) Inventories at LIFO $ 5,015,973 $ 4,915,262

Intangible Assets

Intangible Assets	4 Months Ended
	Apr. 22, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible AssetsOur definite-lived intangible assets include customer relationships and non-compete agreements. Amortization expense was $9.2 million and $9.5 million for the sixteen weeks ended April 22, 2023 and April 23, 2022.

Receivables, net

Receivables, net	4 Months Ended
	Apr. 22, 2023
Receivables [Abstract]
Receivables, net	Receivables, net Receivables, net, consisted of the following: April 22, 2023 December 31, 2022 Trade $ 626,922 $ 576,548 Vendor 163,755 126,640 Other 9,465 10,638 Total receivables 800,142 713,826 Less: allowance for credit losses (18,049) (15,213) Receivables, net $ 782,093 $ 698,613

Leases

Leases	4 Months Ended
	Apr. 22, 2023
Leases [Abstract]
Leases	Leases Substantially all of our leases are for facilities and vehicles. The initial term for facilities is typically five three 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 comprised of the following: Sixteen Weeks Ended April 22, 2023 April 23, 2022 Operating lease cost $ 173,659 $ 173,035 Variable lease cost 51,346 53,296 Total lease cost $ 225,005 $ 226,331 Other information relating to our lease liabilities is as follows: Sixteen Weeks Ended April 22, 2023 April 23, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 153,363 $ 190,542 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 181,167 $ 147,015

Share Repurchase Program

Share Repurchase Program	4 Months Ended
	Apr. 22, 2023
Stock Repurchases: [Abstract]
Share Repurchase Program	Share Repurchase Program Our Board of Directors had previously authorized $2.7 billion to our share repurchase program. Our share repurchase program permits the repurchase of our common stock on the open market and in privately negotiated transactions from time to time. During the sixteen weeks ended April 22, 2023, we purchased no shares of our common stock under our share repurchase program. During the sixteen weeks ended April 23, 2022, we repurchased 1.1 million shares at an aggregate cost of $248.2 million, or an average price of $231.41 per share. We had $947.3 million remaining under our share repurchase program as of April 22, 2023.

Earnings per Share

Earnings per Share	4 Months Ended
	Apr. 22, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per Share The computations of basic and diluted earnings per share were as follows: Sixteen Weeks Ended April 22, 2023 April 23, 2022 Numerator Net income applicable to common shares $ 42,651 $ 139,791 Denominator Basic weighted-average common shares 59,334 61,261 Dilutive impact of share-based awards 210 471 Diluted weighted-average common shares (1) 59,544 61,732 Basic earnings per common share $ 0.72 $ 2.28 Diluted earnings per common share $ 0.72 $ 2.26 (1) For the sixteen weeks ended April 22, 2023 and April 23, 2022, 190 thousand and 21 thousand restricted stock units (“RSUs”) were excluded from the diluted calculation as their inclusion would have been anti-dilutive.

Share-Based Compensation

Share-Based Compensation	4 Months Ended
	Apr. 22, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based CompensationDuring the sixteen weeks ended April 22, 2023, we granted 237 thousand time-based RSUs, 22 thousand performance-based RSUs, 73 thousand market-based RSUs and 148 thousand stock options. The general terms of the time-based and market-based RSUs are similar to awards previously granted by us. The performance-based RSUs granted may vest following a one-year period subject to the achievements of certain financial goals and employment service as specified in the grant agreement. We grant options to purchase common stock to certain employees under our 2014 Long-Term Incentive Plan. The general terms of the stock options are similar to awards previously granted by us. We record compensation expense for the grant date fair value of the option awards evenly over the vesting period. The weighted-average fair values of the time-based, performance-based and market-based RSUs granted during the sixteen weeks ended April 22, 2023 were $135.13, $135.13 and $139.75 per share. The fair value of each market-based RSU was determined using a Monte Carlo simulation model. 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 weighted-average fair value of stock options granted during the sixteen weeks ended April 22, 2023 was $35.38 per share. The fair value was estimated on the date of grant by applying the Black-Scholes option-pricing valuation model. Sixteen Weeks Ended April 22, 2023 Risk-free interest rate (1) 4.1 % Expected term (2) 6 years Expected volatility (3) 35.1 % Expected dividend yield (4) 4.1 % (1) The risk-free interest rate is based on the yield in effect at grant for zero-coupon U.S. Treasury notes with maturities equivalent to the expected term of the stock options. (2) The expected term represents the period of time options granted are expected to be outstanding. As we do not have sufficient historical data, we utilized the simplified method provided by the SEC to calculate the expected term as the average of the contractual term and vesting period. (3) Expected volatility is the measure of the amount by which the stock price has fluctuated or is expected to fluctuate. We utilized historical trends and the implied volatility of our publicly traded financial instruments in developing the volatility estimate for our stock options. (4) The expected dividend yield is calculated based on our expected quarterly dividend and the three month average stock price as of the grant date. The total income tax benefit related to share-based compensation expense for the sixteen weeks ended April 22, 2023 was $4.0 million. As of April 22, 2023, there was $95.7 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)	4 Months Ended
	Apr. 22, 2023
Accounting Policies [Abstract]
Inventories	Inventories, net, are stated at the lower of cost or market.
Recently Issued Accounting Pronouncements - Adopted	program and activity and changes during the period. ASU 2022-04 was effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the requirement on rollforward information, which is effective for fiscal years beginning after December 15, 2023. During the first quarter 2023, we adopted ASU 2022-04, which did not have a material impact on our consolidated financial position, results of operations and cash flows. Refer to Note 11. Supplier Finance Programs for further details.
Leases	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.
Fair Value Measurement	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.

Significant Acounting Policie_2

Significant Acounting Policies (Tables)	4 Months Ended
	Apr. 22, 2023
Accounting Policies [Abstract]
Revenue from External Customers by Products and Services	The following table summarizes disaggregated revenue from contracts with customers by product group: Sixteen Weeks Ended April 22, 2023 April 23, 2022 Percentage of Sales: Parts and Batteries 66 % 66 % Accessories and Chemicals 20 20 Engine Maintenance 13 13 Other 1 1 Total 100 % 100 %

Inventories (Tables)

Inventories (Tables)	4 Months Ended
	Apr. 22, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory balances were as follows: April 22, 2023 December 31, 2022 Inventories at first in, first out (“FIFO”) $ 5,287,977 $ 5,193,911 Adjustments to state inventories at LIFO (272,004) (278,649) Inventories at LIFO $ 5,015,973 $ 4,915,262

Receivables, net (Tables)

Receivables, net (Tables)	4 Months Ended
	Apr. 22, 2023
Receivables [Abstract]
Schedule of Accounts Receivable	Receivables, net, consisted of the following: April 22, 2023 December 31, 2022 Trade $ 626,922 $ 576,548 Vendor 163,755 126,640 Other 9,465 10,638 Total receivables 800,142 713,826 Less: allowance for credit losses (18,049) (15,213) Receivables, net $ 782,093 $ 698,613

Long-term Debt and Fair Value o

Long-term Debt and Fair Value of Financial Instruments (Tables)	4 Months Ended
	Apr. 22, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt consists of the following: April 22, 2023 December 31, 2022 5.90% Senior Unsecured Notes due March 9, 2026 $ 297,941 $ — 1.75% Senior Unsecured Notes due October 1, 2027 347,122 346,947 5.95% Senior Unsecured Notes due March 9, 2028 297,882 — 3.90% Senior Unsecured Notes due April 15, 2030 495,743 495,562 3.50% Senior Unsecured Notes due March 15, 2032 345,908 345,774 Revolver credit facility 116,000 185,000 $ 1,900,596 $ 1,373,283 Less: Current portion of long-term debt (116,000) (185,000) Long-term debt, excluding the current portion $ 1,784,596 $ 1,188,283 Fair value of long-term debt $ 1,784,176 $ 1,021,396

Leases (Tables)

Leases (Tables)	4 Months Ended
	Apr. 22, 2023
Leases [Abstract]
Lease, Cost	Total lease cost comprised of the following: Sixteen Weeks Ended April 22, 2023 April 23, 2022 Operating lease cost $ 173,659 $ 173,035 Variable lease cost 51,346 53,296 Total lease cost $ 225,005 $ 226,331
Schedule of Other Information Relating to Lease Liabilities	Other information relating to our lease liabilities is as follows: Sixteen Weeks Ended April 22, 2023 April 23, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 153,363 $ 190,542 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 181,167 $ 147,015

Earnings per Share (Tables)

Earnings per Share (Tables)	4 Months Ended
	Apr. 22, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computations of basic and diluted earnings per share were as follows: Sixteen Weeks Ended April 22, 2023 April 23, 2022 Numerator Net income applicable to common shares $ 42,651 $ 139,791 Denominator Basic weighted-average common shares 59,334 61,261 Dilutive impact of share-based awards 210 471 Diluted weighted-average common shares (1) 59,544 61,732 Basic earnings per common share $ 0.72 $ 2.28 Diluted earnings per common share $ 0.72 $ 2.26 (1) For the sixteen weeks ended April 22, 2023 and April 23, 2022, 190 thousand and 21 thousand restricted stock units (“RSUs”) were excluded from the diluted calculation as their inclusion would have been anti-dilutive.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	4 Months Ended
	Apr. 22, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	Sixteen Weeks Ended April 22, 2023 Risk-free interest rate (1) 4.1 % Expected term (2) 6 years Expected volatility (3) 35.1 % Expected dividend yield (4) 4.1 %

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Details)	4 Months Ended
	Apr. 22, 2023 USD ($) store	Apr. 23, 2022 USD ($)
Basis of Presentation [Line Items]
Selling, general and administrative expenses	$ 1,380,664,000	$ 1,303,250,000
Provision for income taxes	16,956,000	$ 43,339,000
Revision of Prior Period, Adjustment
Basis of Presentation [Line Items]
Selling, general and administrative expenses	17.3
Provision for income taxes	$ 4.3
Stores [Member]
Basis of Presentation [Line Items]
Number of Stores | store	4,778
Branches [Member]
Basis of Presentation [Line Items]
Number of Stores | store	318
Independently owned Carquest store locations [Member]
Basis of Presentation [Line Items]
Number of Stores | store	1,315

Significant Acounting Policie_3

Significant Acounting Policies (Details)	4 Months Ended
	Apr. 22, 2023	Apr. 23, 2022
Revenue from External Customer [Line Items]
Percentage Of Sales By Product Group	100%	100%
Parts and Batteries [Member]
Revenue from External Customer [Line Items]
Percentage Of Sales By Product Group	66%	66%
Accessories and Chemicals [Member]
Revenue from External Customer [Line Items]
Percentage Of Sales By Product Group	20%	20%
Engine Maintenance [Member]
Revenue from External Customer [Line Items]
Percentage Of Sales By Product Group	13%	13%
Other [Member]
Revenue from External Customer [Line Items]
Percentage Of Sales By Product Group	1%	1%

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	4 Months Ended
	Apr. 22, 2023	Apr. 23, 2022	Dec. 31, 2022
Inventory [Line Items]
Percentage of LIFO Inventory	92%		92%
Inventory, LIFO Reserve, Effect on Income, Net	$ (6,600)	$ 81,500
Inventories at first in, first out (“FIFO”)	5,287,977		$ 5,193,911
Adjustments to state inventories at LIFO	(272,004)		(278,649)
Inventories at LIFO	$ 5,015,973		$ 4,915,262

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Millions	4 Months Ended
	Apr. 22, 2023	Apr. 23, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 9.2	$ 9.5

Receivables, net (Details)

Receivables, net (Details) - USD ($) $ in Thousands	Apr. 22, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 800,142	$ 713,826
Less: Allowance for doubtful accounts	(18,049)	(15,213)
Receivables, net	782,093	698,613
Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	626,922	576,548
Accounts Receivable, Vendor [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	163,755	126,640
Accounts Receivable, Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 9,465	$ 10,638

Long-term Debt and Fair Value_2

Long-term Debt and Fair Value of Financial Instruments (Details) - USD ($)		4 Months Ended
	Feb. 27, 2023	Apr. 22, 2023	Mar. 09, 2023	Dec. 31, 2022	Mar. 04, 2022	Sep. 29, 2020	Apr. 16, 2020
Debt Instrument [Line Items]
Basis spread	0.10%
Fair value of long-term debt		$ 1,784,176,000		$ 1,021,396,000
Guarantor Obligations, Maximum Exposure		104,000,000		96,900,000
Guarantor Obligation, Collateral Amount		177,700,000		174,600,000
Long-term debt		1,784,596,000		1,188,283,000
Debt, Long-term and Short-term, Combined Amount		1,900,596,000		1,373,283,000
Long-term Debt, Current Maturities		$ (116,000,000)		(185,000,000)
Document Period End Date		Apr. 22, 2023
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount		$ 0		0
Debt, Long-term and Short-term, Combined Amount		116,000,000		185,000,000
Line of Credit Facility, Remaining Borrowing Capacity		1,100,000,000		1,000,000,000
Line of Credit Facility, Fair Value of Amount Outstanding		$ 116,000,000
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						$ 2,900,000
Debt Instrument, Face Amount						$ 350,000,000
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							$ 500,000,000
3.50% senior unsecured notes (2032 Notes)
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					3.50%
Debt Issuance, Percentage Of Principal					99.61%
Debt Issuance Costs, Gross					$ 3,200,000
Debt Instrument, Face Amount					$ 350,000,000
5.90% senior unsecured notes (2026 Notes)
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			590%
Debt Issuance, Percentage Of Principal			9,994%
Debt Issuance Costs, Gross			$ 1.6
Debt Instrument, Face Amount			$ 300
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: April 22, 2023 December 31, 2022 5.90% Senior Unsecured Notes due March 9, 2026 $ 297,941 $ — 1.75% Senior Unsecured Notes due October 1, 2027 347,122 346,947 5.95% Senior Unsecured Notes due March 9, 2028 297,882 — 3.90% Senior Unsecured Notes due April 15, 2030 495,743 495,562 3.50% Senior Unsecured Notes due March 15, 2032 345,908 345,774 Revolver credit facility 116,000 185,000 $ 1,900,596 $ 1,373,283 Less: Current portion of long-term debt (116,000) (185,000) Long-term debt, excluding the current portion $ 1,784,596 $ 1,188,283 Fair value of long-term debt $ 1,784,176 $ 1,021,396 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, net, Accounts payable and Accrued expenses approximate their fair values due to the relatively short-term nature of these instruments. Bank Debt On February 27, 2023, we entered into Amendment No. 1 (the “Amendment”) to the 2021 Credit Agreement. The Amendment extends the maturity date of the 2021 Credit Agreement by one year from November 9, 2026, to November 9, 2027. The Amendment also replaces an adjusted LIBOR benchmark rate with a term secured overnight financing rate benchmark rate, as adjusted by an increase of ten basis points, plus the applicable margin under 2021 Credit Agreement. The Amendment made no other material changes to the terms of the 2021 Credit Agreement. As of April 22, 2023, we had $116.0 million of outstanding borrowings, $1.1 billion of borrowing availability and no letters of credit outstanding under our unsecured revolving credit facility (the “Credit Agreement”). As of December 31, 2022, we had $185.0 million outstanding borrowings, $1.0 billion of borrowing availability and no letters of credit outstanding under our Credit Agreement. As of April 22, 2023 and December 31, 2022, we had $91.0 million and $90.2 million of bilateral letters of credit issued separately from the 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 April 22, 2023. Senior Unsecured Notes Our 3.90% senior unsecured notes due April 15, 2030 (the “Original Notes”) were issued April 16, 2020, at 99.65% of the principal amount of $500.0 million, and were not registered under the Securities Act of 1933, as amended (the “Securities Act”). The Original Notes bear interest, payable semi-annually in arrears on April 15 and October 15, at a rate of 3.90% per year. On July 28, 2020, we completed an exchange offer whereby the Original Notes in the aggregate principal amount of $500.0 million were exchanged for a like principal amount (the “Exchange Notes” or “2030 Notes”), and which have been registered under the Securities Act. The Original Notes were substantially identical to the Exchange Notes, except 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. Our 1.75% senior unsecured notes due October 1, 2027 (the “2027 Notes”) were issued September 29, 2020, at 99.67% of the principal amount of $350.0 million. The 2027 Notes bear interest, payable semi-annually in arrears on April 1 and October 1, at a rate of 1.75% per year. In connection with the 2027 Notes offering, we incurred $2.9 million of debt issuance costs. Our 3.50% senior unsecured notes due 2032 (the “2032 Notes”) were issued March 4, 2022, at 99.61% of the principal amount of $350.0 million. The 2032 Notes bear interest, payable semi-annually in arrears on March 15 and September 15, at a rate of 3.50% per year. In connection with the 2032 Notes offering, we incurred $3.2 million of debt issuance costs. Our 5.90% senior unsecured notes due March 9, 2026 (the “2026 Notes”) were issued March 9, 2023, at 99.94% of the principal amount of $300.0 million. The 2026 Notes bear interest, payable semi-annually in arrears on March 9 and September 9, at a rate of 5.90% per year. In connection with the 2026 Notes offering, we incurred $1.6 million of debt issuance costs. Our 5.95% senior unsecured notes due March 9, 2028 (the “2028 Notes”) were issued March 9, 2023, at 99.92% of the principal amount of $300.0 million. The 2028 Notes bear interest, payable semi-annually in arrears on March 9 and September 9, at a rate of 5.95% per year. In connection with the 2028 Notes offering, we incurred $1.7 million of debt issuance costs. We may redeem some or all of our 2026 Notes and 2028 Notes (the “Notes”) at any time, or from time to time, prior to March 9, 2026 in the case of our 2026 Notes, or February 9, 2028 in the case of our 2028 Notes, at the redemption price described in the related indenture for the Notes (the “Indenture”). In the event of a change of control triggering event, as defined in the Indenture, we will be required to offer the repurchase of the Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest to the repurchase date. Currently, the Notes are fully and unconditionally guaranteed, jointly and severally, on an unsubordinated unsecured basis by guarantor and subsidiary guarantees, as defined by the Indenture. Debt Guarantees We are a guarantor of loans made by banks to various independently owned Carquest-branded stores that are customers of ours. These loans totaled $104.0 million and $96.9 million as of April 22, 2023 and December 31, 2022 and are collateralized by security agreements on merchandise inventory and other assets of the borrowers. The approximate value of the inventory collateralized by these agreements was $177.7 million and $174.6 million as of April 22, 2023 and December 31, 2022. We believe that the likelihood of performance under these guarantees is remote.
5.95% senior unsecured notes (2028 Notes)
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			595%
Debt Issuance, Percentage Of Principal			9,992%
Debt Issuance Costs, Gross			$ 1.7
Debt Instrument, Face Amount			$ 300
Bilateral Letter of Credit Facility
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount		$ 91,000,000		90,200,000
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		101%
Senior Notes [Member] | 1.75% senior unsecured notes (2027 Notes)
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		1.75%
Long-term debt		$ 347,122,000		346,947,000
Senior Notes [Member] | 3.90% senior unsecured notes (2030 Notes)
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		3.90%
Long-term debt		$ 495,743,000		495,562,000
Senior Notes [Member] | 3.50% senior unsecured notes (2032 Notes)
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		3.50%
Long-term debt		$ 345,908,000		$ 345,774,000
Senior Notes [Member] | 5.90% senior unsecured notes (2026 Notes)
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		5.90%
Long-term debt		$ 297,941,000
Senior Notes [Member] | 5.95% senior unsecured notes (2028 Notes)
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		5.95%
Long-term debt		$ 297,882,000

Supplier Finance Programs

Supplier Finance Programs - USD ($)	4 Months Ended	12 Months Ended
	Apr. 22, 2023	Dec. 31, 2022
Supplier Finance Program [Line Items]
Document Period End Date	Apr. 22, 2023
Payments to Suppliers	$ 3,100,000,000	$ 3,200,000,000

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	4 Months Ended
	Apr. 22, 2023	Apr. 23, 2022
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 173,659	$ 173,035
Variable lease cost	51,346	53,296
Total lease cost	225,005	226,331
Cash paid for amounts included in the measurement of lease liabilities:	153,363	190,542
Right-of-use assets obtained in exchange for lease obligations:	$ 181,167	$ 147,015
Real Estate [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term	5 years
Real Estate [Member] | Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	5 years
Real Estate [Member] | Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	10 years
Equipment [Member] | Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	3 years
Equipment [Member] | Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	6 years

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	4 Months Ended
	Apr. 22, 2023	Apr. 23, 2022
Stock Repurchases: [Abstract]
Stock Repurchase Program, Authorized Amount	$ 2,700
Treasury Stock, Shares, Acquired as Part of Authorized Plan	0	1.1
Payments for Repurchase of Common Stock		$ 248.2
Acquired, Average Cost Per Share, Acquired as Part of Plan		$ 231.41
Share Repurchase Program, Remaining Authorized Repurchase Amount	$ 947.3

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	4 Months Ended
	Apr. 22, 2023	Apr. 23, 2022
Earnings Per Share [Abstract]
Net income	$ 42,651	$ 139,791
Basic weighted-average common shares (in shares)	59,334	61,261
Dilutive impact of share-based awards (in shares)	210	471
Diluted weighted-average common shares (in shares)	59,544	61,732
Basic earnings per common share (in dollars per share)	$ 0.72	$ 2.28
Diluted earnings per common share (in dollars per share)	$ 0.72	$ 2.26
RSUs
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	190	21

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Millions	4 Months Ended
	Apr. 22, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares) | shares	148
Weighted-average fair value of stock options granted | $ / shares	$ 35.38
Tax benefit from compensation expense | $	$ 4
Unrecognized compensation expense | $	$ 95.7
Unrecognized compensation expense, period for recognition	1 year 8 months 12 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares) | shares	237
Weighted average grant date fair value (in dollars per share) | $ / shares	$ 135.13
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares) | shares	22
Weighted average grant date fair value (in dollars per share) | $ / shares	$ 135.13
Market-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares) | shares	73
Weighted average grant date fair value (in dollars per share) | $ / shares	$ 139.75

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Options, Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option	4 Months Ended
	Apr. 22, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.10%
Expected term	6 years
Expected volatility	35.10%
Expected dividend yield	4.10%