Cover Page
Cover Page - shares | 9 Months Ended | |
Oct. 07, 2023 | Nov. 13, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 07, 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, $0.0001 par value | |
Trading Symbol | AAP | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 59,501,990 | |
Entity Central Index Key | 0001158449 | |
Current Fiscal Year End Date | --12-30 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands | Oct. 07, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 317,528 | $ 269,282 |
Receivables, net | 868,305 | 698,613 |
Inventories, net | 4,949,382 | 4,911,053 |
Other current assets | 185,249 | 163,695 |
Total current assets | 6,320,464 | 6,042,643 |
Property and equipment, net of accumulated depreciation of $2,797,496 and $2,590,382 | 1,663,080 | 1,690,139 |
Operating lease right-of-use assets | 2,600,946 | 2,607,690 |
Goodwill | 989,934 | 990,471 |
Other intangible assets, net | 598,699 | 620,901 |
Other assets | 75,809 | 62,429 |
Total assets | 12,248,932 | 12,014,273 |
Current liabilities: | ||
Accounts payable | 3,943,019 | 4,136,415 |
Accrued expenses | 714,317 | 641,099 |
Current portion of long-term debt | 0 | 185,000 |
Other current liabilities | 478,603 | 427,480 |
Total current liabilities | 5,135,939 | 5,389,994 |
Long-term debt | 1,785,717 | 1,188,283 |
Noncurrent operating lease liabilities | 2,209,899 | 2,278,318 |
Deferred income taxes | 382,840 | 415,997 |
Other long-term liabilities | 87,669 | 87,214 |
Total Liabilities | 9,602,064 | 9,359,806 |
Stockholders' equity: | ||
Preferred stock, nonvoting, $0.0001 par value | $ 0 | $ 0 |
Shares, Outstanding | 59,482 | 59,264 |
Common stock, voting, $0.0001 par value | $ 8 | $ 8 |
Additional paid-in capital | 937,040 | 897,560 |
Treasury stock, at cost | (2,933,005) | (2,918,768) |
Accumulated other comprehensive loss | (47,599) | (45,143) |
Retained earnings | 4,690,424 | 4,720,810 |
Total stockholders’ equity | 2,646,868 | 2,654,467 |
Total liabilities and stockholders’ equity | $ 12,248,932 | $ 12,014,273 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Oct. 07, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $ 2,797,496 | $ 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 | 3 Months Ended | 9 Months Ended | ||
Oct. 07, 2023 | Oct. 08, 2022 | Oct. 07, 2023 | Oct. 08, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 2,719,079 | $ 2,641,341 | $ 8,822,738 | $ 8,680,977 |
Cost of sales, including purchasing and warehousing costs | 1,732,420 | 1,462,094 | 5,220,200 | 4,821,037 |
Gross profit | 986,659 | 1,179,247 | 3,602,538 | 3,859,940 |
Selling, general and administrative expenses | 1,030,355 | 1,008,226 | 3,407,445 | 3,301,959 |
Operating income | (43,696) | 171,021 | 195,093 | 557,981 |
Other, net: | ||||
Interest expense | (19,407) | (12,039) | (69,993) | (35,114) |
Loss on early redemption of senior unsecured notes | 0 | 0 | 0 | (7,408) |
Other (expense) income, net | (1,216) | (5,054) | (206) | (5,282) |
Total other, net | (20,623) | (17,093) | (70,199) | (47,804) |
Income before provision for income taxes | (64,319) | 153,928 | 124,894 | 510,177 |
Provision for income taxes | (15,686) | 38,047 | 34,649 | 123,383 |
Net income | $ (48,633) | $ 115,881 | $ 90,245 | $ 386,794 |
Basic earnings per common share (in dollars per share) | $ (0.82) | $ 1.93 | $ 1.52 | $ 6.38 |
Weighted Average Number of Shares Issued, Basic | 59,474 | 60,053 | 59,411 | 60,656 |
Weighted-average common shares outstanding | 59,474 | 60,053 | 59,411 | 60,656 |
Diluted earnings per common share (in dollars per share) | $ (0.82) | $ 1.92 | $ 1.51 | $ 6.34 |
Weighted-average common shares outstanding | 59,630 | 60,384 | 59,588 | 61,045 |
Document Period End Date | Oct. 07, 2023 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 07, 2023 | Oct. 08, 2022 | Oct. 07, 2023 | Oct. 08, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ (48,633) | $ 115,881 | $ 90,245 | $ 386,794 |
Other comprehensive (loss) income: | ||||
Changes in net unrecognized other postretirement benefits, net of tax (benefit) expense of $(13), $25, $43 and $41 | (38) | (70) | 121 | (116) |
Currency translation adjustments | (10,737) | (13,625) | (2,577) | (20,864) |
Total other comprehensive (loss) income | (10,775) | (13,695) | (2,456) | (20,980) |
Comprehensive income | $ (59,408) | $ 102,186 | $ 87,789 | $ 365,814 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 07, 2023 | Oct. 08, 2022 | Oct. 07, 2023 | Oct. 08, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Changes in net unrecognized other postretirment benefits, net of tax | $ (13) | $ 25 | $ 43 | $ 41 |
Net Income (Loss) Attributable to Parent | $ (48,633) | $ 115,881 | $ 90,245 | $ 386,794 |
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 | $ 3,129,454 | $ 8 | $ 845,407 | $ (2,300,288) | $ (26,954) | $ 4,611,281 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 386,794 | 386,794 | ||||
Total other comprehensive income (loss) | (20,980) | (20,980) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (20,864) | |||||
Issuance of shares upon the exercise of stock options (in shares) | 3 | |||||
Issuance of shares upon the exercise of stock options | 496 | 496 | ||||
Restricted stock and deferred stock units vested (in shares) | 281 | |||||
Share-based compensation | 40,291 | 40,291 | ||||
Stock issued under employee stock purchase plan (in shares) | 25 | |||||
Stock issued under employee stock purchase plan | 3,144 | |||||
Repurchases of common stock (in shares) | (2,622) | |||||
Repurchases of common stock | $ (542,608) | (542,608) | ||||
Common Stock, Dividends, Per Share, Declared | $ 4.50 | |||||
Cash dividends declared | $ (274,144) | (274,144) | ||||
Other | (2,900) | (2,900) | ||||
Balance (in shares) at Oct. 08, 2022 | 59,696 | |||||
Balance at Oct. 08, 2022 | 2,719,547 | $ 8 | 886,438 | (2,842,896) | (47,934) | 4,723,931 |
Balance (in shares) at Jan. 01, 2022 | 62,009 | |||||
Balance at Jan. 01, 2022 | 3,129,454 | $ 8 | 845,407 | (2,300,288) | (26,954) | 4,611,281 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 472,571 | 472,571 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (18,003) | |||||
Balance (in shares) at Dec. 31, 2022 | 59,264 | |||||
Balance at Dec. 31, 2022 | 2,654,467 | $ 8 | 897,560 | (2,918,768) | (45,143) | 4,720,810 |
Balance (in shares) at Jul. 16, 2022 | 60,118 | |||||
Balance at Jul. 16, 2022 | 2,773,568 | 875,500 | (2,766,457) | (34,239) | 4,698,756 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 115,881 | 115,881 | ||||
Total other comprehensive income (loss) | (13,695) | (13,695) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (13,625) | |||||
Issuance of shares upon the exercise of stock options (in shares) | 1 | |||||
Issuance of shares upon the exercise of stock options | 142 | 142 | ||||
Restricted stock and deferred stock units vested (in shares) | 22 | |||||
Share-based compensation | 10,946 | 10,946 | ||||
Stock issued under employee stock purchase plan (in shares) | 7 | |||||
Stock issued under employee stock purchase plan | 1,050 | 1,050 | ||||
Repurchases of common stock (in shares) | (452) | |||||
Repurchases of common stock | $ (76,439) | (76,439) | ||||
Common Stock, Dividends, Per Share, Declared | $ 1.50 | |||||
Cash dividends declared | $ (90,706) | (90,706) | ||||
Other | (1,200) | (1,200) | ||||
Balance (in shares) at Oct. 08, 2022 | 59,696 | |||||
Balance at Oct. 08, 2022 | 2,719,547 | $ 8 | 886,438 | (2,842,896) | (47,934) | 4,723,931 |
Balance (in shares) at Dec. 31, 2022 | 59,264 | |||||
Balance at Dec. 31, 2022 | 2,654,467 | $ 8 | 897,560 | (2,918,768) | (45,143) | 4,720,810 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 54,440 | 54,440 | ||||
Balance at Apr. 22, 2023 | 2,624,136 | 4,685,672 | ||||
Balance (in shares) at Dec. 31, 2022 | 59,264 | |||||
Balance at Dec. 31, 2022 | 2,654,467 | $ 8 | 897,560 | (2,918,768) | (45,143) | 4,720,810 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 138,879 | 138,879 | ||||
Balance (in shares) at Jul. 15, 2023 | 59,457 | |||||
Balance at Jul. 15, 2023 | 2,710,239 | $ 8 | 925,411 | (2,932,576) | (36,824) | 4,754,220 |
Balance (in shares) at Dec. 31, 2022 | 59,264 | |||||
Balance at Dec. 31, 2022 | 2,654,467 | $ 8 | 897,560 | (2,918,768) | (45,143) | 4,720,810 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 90,245 | 90,245 | ||||
Total other comprehensive income (loss) | (2,456) | (2,456) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (2,577) | |||||
Issuance of shares upon the exercise of stock options | 0 | |||||
Restricted stock and deferred stock units vested (in shares) | 294 | |||||
Share-based compensation | 37,435 | 37,435 | ||||
Stock issued under employee stock purchase plan (in shares) | 32 | |||||
Stock issued under employee stock purchase plan | 3,045 | 3,045 | ||||
Repurchases of common stock (in shares) | (108) | |||||
Repurchases of common stock | $ (14,237) | 14,237 | ||||
Common Stock, Dividends, Per Share, Declared | $ 2 | |||||
Cash dividends declared | $ (120,631) | (120,631) | ||||
Other | (1,000) | (1,000) | ||||
Balance (in shares) at Oct. 07, 2023 | 59,482 | |||||
Balance at Oct. 07, 2023 | 2,646,868 | $ 8 | 937,040 | (2,933,005) | (47,599) | 4,690,424 |
Balance at Apr. 22, 2023 | 2,624,136 | 4,685,672 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 84,439 | 84,439 | ||||
Balance (in shares) at Jul. 15, 2023 | 59,457 | |||||
Balance at Jul. 15, 2023 | 2,710,239 | $ 8 | 925,411 | (2,932,576) | (36,824) | 4,754,220 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | (48,633) | (48,633) | ||||
Total other comprehensive income (loss) | (10,775) | (10,775) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (10,737) | |||||
Issuance of shares upon the exercise of stock options | 0 | |||||
Restricted stock units and deferred stock units vested | $ 18 | |||||
Share-based compensation | 10,582 | 10,582 | ||||
Stock issued under employee stock purchase plan (in shares) | 14 | |||||
Stock issued under employee stock purchase plan | 1,047 | 1,047 | ||||
Repurchases of common stock (in shares) | (7) | |||||
Repurchases of common stock | $ (429) | 429 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | |||||
Cash dividends declared | $ (15,163) | (15,163) | ||||
Balance (in shares) at Oct. 07, 2023 | 59,482 | |||||
Balance at Oct. 07, 2023 | $ 2,646,868 | $ 8 | $ 937,040 | $ (2,933,005) | $ (47,599) | $ 4,690,424 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Oct. 07, 2023 | Oct. 08, 2022 | Oct. 07, 2023 | Oct. 08, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared (per common share) | $ 0.25 | $ 1.50 | $ 2 | $ 4.50 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 07, 2023 | Oct. 08, 2022 | Apr. 22, 2023 | Apr. 23, 2022 | Jul. 15, 2023 | Oct. 07, 2023 | Oct. 08, 2022 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||||||||
Net income | $ (48,633) | $ 115,881 | $ 54,440 | $ 54,440 | $ 138,879 | $ 90,245 | $ 386,794 | $ 472,571 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 234,976 | 215,224 | ||||||
Share-based compensation | 37,435 | 40,291 | ||||||
Loss and impairment of long-lived assets | 1,886 | 2,858 | ||||||
Loss on early redemption of senior unsecured notes | 0 | 0 | 0 | 7,408 | ||||
Provision for deferred income taxes | (33,059) | 24,144 | ||||||
Other | 1,499 | 2,064 | ||||||
Net change in: | ||||||||
Receivables, net | (170,371) | (89,304) | 56,057 | |||||
Inventories | (104,387) | (149,357) | (41,025) | (249,729) | (233,502) | |||
Accounts payable | (437,953) | (342,540) | (191,871) | 177,103 | 225,507 | |||
Accrued expenses | 74,413 | 109,963 | 145,704 | (27,576) | (162,835) | |||
Other assets and liabilities, net | (45,015) | (6,183) | ||||||
Net cash provided by operating activities | 30,404 | 483,094 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (187,201) | (333,639) | ||||||
Proceeds from sales of property and equipment | 2,001 | 1,821 | ||||||
Net cash used in investing activities | (185,200) | (331,818) | ||||||
Cash flows from financing activities: | ||||||||
Borrowings under credit facilities | 4,805,000 | 1,123,000 | ||||||
Payments on credit facilities | (4,990,000) | (938,000) | ||||||
Borrowings on senior unsecured notes | 599,571 | 348,618 | ||||||
Payments on senior unsecured notes | 0 | (201,081) | ||||||
Dividends paid | (194,322) | (336,230) | ||||||
Repurchases of common stock | (14,237) | (542,608) | ||||||
Other, net | (1,028) | 463 | ||||||
Net cash used in financing activities | 204,984 | (545,838) | ||||||
Effect of exchange rate changes on cash | (1,942) | (15,662) | ||||||
Net decrease in cash and cash equivalents | 48,246 | (410,224) | ||||||
Cash and cash equivalents, beginning of period | $ 269,282 | $ 601,428 | $ 269,282 | 269,282 | 601,428 | 601,428 | ||
Cash and cash equivalents, end of period | $ 317,528 | $ 191,204 | 317,528 | 191,204 | $ 269,282 | |||
Non-cash transactions: | ||||||||
Accrued purchases of property and equipment | $ 9,434 | $ 13,126 | ||||||
Document Period End Date | Oct. 07, 2023 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Oct. 07, 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 October 7, 2023, we operated a total of 4,785 stores and 320 branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. In addition, as of October 7, 2023, we served 1,307 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. Basis of Presentation 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. |
Significant Acounting Policies
Significant Acounting Policies | 9 Months Ended |
Oct. 07, 2023 | |
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 7, 2023 October 8, 2022 October 7, 2023 October 8, 2022 Percentage of Sales: Parts and Batteries 67 % 67 % 66 % 66 % Accessories and Chemicals 19 20 20 20 Engine Maintenance 13 12 13 13 Other 1 1 1 1 Total 100 % 100 % 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. |
Receivables, net
Receivables, net | 9 Months Ended |
Oct. 07, 2023 | |
Receivables [Abstract] | |
Receivables, net | Receivables, net Receivables, net, consisted of the following: October 7, 2023 December 31, 2022 Trade $ 670,106 $ 576,548 Vendor 200,329 126,640 Other 14,762 10,638 Total receivables 885,197 713,826 Less: allowance for credit losses (16,892) (15,213) Receivables, net $ 868,305 $ 698,613 |
Long-term Debt and Fair Value o
Long-term Debt and Fair Value of Financial Instruments | 9 Months Ended |
Oct. 07, 2023 | |
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: October 7, 2023 December 31, 2022 5.90% Senior Unsecured Notes due March 9, 2026 $ 298,198 $ — 1.75% Senior Unsecured Notes due October 1, 2027 347,383 346,947 5.95% Senior Unsecured Notes due March 9, 2028 298,011 — 3.90% Senior Unsecured Notes due April 15, 2030 496,014 495,562 3.50% Senior Unsecured Notes due March 15, 2032 346,111 345,774 Revolving credit facility — 185,000 $ 1,785,717 $ 1,373,283 Less: Current portion of long-term debt — (185,000) Long-term debt, excluding the current portion $ 1,785,717 $ 1,188,283 Fair value of long-term debt $ 1,518,769 $ 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 No. 1”) to the Credit Agreement dated November 9, 2021, with Advance Auto Parts, Inc., as Borrower, Advance Stores Company, Incorporated, as a Guarantor, the lenders party thereto, and Bank of America, N.A., as administrative agent (the “2021 Credit Agreement”). Amendment No. 1 extended the maturity date of the 2021 Credit Agreement by one year from November 9, 2026, to November 9, 2027 and replaced 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 the 2021 Credit Agreement. Amendment No. 1 made no other material changes to the terms of the 2021 Credit Agreement. On August 21, 2023, we entered into Amendment No. 2 (“Amendment No. 2”) to the 2021 Credit Agreement in order to amend certain financial covenants related to the Consolidated Coverage Ratio (as defined therein). Pursuant to Amendment No. 2, we will not permit the Consolidated Coverage Ratio for each period of four fiscal quarters to be less than (a) 1.75 to 1.00 for quarters ending on October 7, 2023 and December 30, 2023, (b) 2.0 to 1.00 for quarters ending on April 20, 2024 through and including the quarters ending on October 4, 2025 and (c) 2.25 to 1.00 for quarters ending after October 4, 2025. Amendment No. 2 made no other material changes to the terms of the 2021 Credit Agreement. On November 20, 2023, we entered into Amendment No. 3 (“Amendment No. 3”) to the 2021 Credit Agreement to further amend certain financial covenants related to the Consolidated Coverage Ratio. Refer to Note 14. Subsequent Event for further details. As of October 7, 2023, we had no outstanding borrowings, $1.2 billion of borrowing availability and no letters of credit outstanding under the 2021 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 the 2021 Credit Agreement. As of October 7, 2023 and December 31, 2022, we had $91.0 million and $90.2 million of bilateral letters of credit issued separately from the 2021 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. 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. |
Leases
Leases | 9 Months Ended |
Oct. 07, 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 SG&A expenses in the accompanying Condensed Consolidated Statements of Operations and is recorded net of immaterial sublease income. Total lease cost was comprised of the following: Twelve Weeks Ended Forty Weeks Ended October 7, 2023 October 8, 2022 October 7, 2023 October 8, 2022 Operating lease cost $ 133,871 $ 130,108 $ 438,461 $ 433,147 Variable lease cost 40,974 40,910 133,407 136,183 Total lease cost $ 174,845 $ 171,018 $ 571,868 $ 569,330 Other information relating to our lease liabilities is as follows: Forty Weeks Ended October 7, 2023 October 8, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 444,391 $ 478,658 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 360,319 $ 343,950 |
Share Repurchase Program
Share Repurchase Program | 9 Months Ended |
Oct. 07, 2023 | |
Stock Repurchases: [Abstract] | |
Share Repurchase Program | Share Repurchase Program Our Board of Directors had previously authorized a total aggregate of $2.7 billion for 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 twelve weeks ended and forty weeks ended October 7, 2023, we did not purchase any shares of our common stock under our share repurchase program. During the twelve weeks ended October 8, 2022, we repurchased 0.4 million shares at an aggregate cost of $75.0 million, or an average price of $168.93 per share. During the forty weeks ended October 8, 2022, we repurchased 2.5 million shares of our common stock under our share repurchase program at an aggregate cost of $523.2 million, or an average price of $207.50 per share. We had $947.3 million remaining under our share repurchase program as of October 7, 2023. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Oct. 07, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share The computations of basic and diluted earnings per share were as follows: Twelve Weeks Ended Forty Weeks Ended October 7, 2023 October 8, 2022 October 7, 2023 October 8, 2022 Numerator Net (loss) income applicable to common shares $ (48,633) $ 115,881 $ 90,245 $ 386,794 Denominator Basic weighted-average common shares 59,474 60,053 59,411 60,656 Dilutive impact of share-based awards 156 331 177 389 Diluted weighted-average common shares (1) 59,630 60,384 59,588 61,045 Basic (loss) earnings per common share $ (0.82) $ 1.93 $ 1.52 $ 6.38 Diluted (loss) earnings per common share $ (0.82) $ 1.92 $ 1.51 $ 6.34 (1) For the twelve weeks ended October 7, 2023 and October 8, 2022, 515 thousand and 163 thousand restricted stock units (“RSUs”) were excluded from the diluted calculation as their inclusion would have been anti-dilutive. For the forty weeks ended October 7, 2023 and October 8, 2022, 299 thousand and 122 thousand RSUs were excluded from the diluted calculation as their inclusion would have been anti-dilutive. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Oct. 07, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation During the twelve weeks ended October 7, 2023, we granted 133 thousand time-based RSUs and 150 thousand stock options. During the forty weeks ended October 7, 2023, we granted 546 thousand time-based RSUs, 22 thousand performance-based RSUs, 73 thousand market-based RSUs and 298 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 achievement 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 2023 Omnibus Incentive Compensation Plan, which recently replaced our 2014 Long-Term Incentive Plan (the “Prior Plan”). Options issued prior to June 2023 were granted under the Prior Plan. The general terms of the stock options will be similar to awards previously granted. 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 RSUs granted during the twelve weeks ended October 7, 2023 were $61.19 per share. The weighted-average fair values of the time-based, performance-based and market-based RSUs granted during the forty weeks ended October 7, 2023 were $95.09, $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 twelve weeks ended October 7, 2023 was $23.49 per share. The weighted-average fair value of stock options granted during the forty weeks ended October 7, 2023 was $29.39 per share. The fair value was estimated on the date of grant by applying the Black-Scholes option-pricing valuation model. Twelve Weeks Ended Forty Weeks Ended October 7, 2023 October 7, 2023 Risk-free interest rate (1) 4.3 % 4.1 - 4.3 % Expected term (2) 6 years 6 years Expected volatility (3) 41.4 % 35.1 - 41.4 % Expected dividend yield (4) 1.5 % 1.5 - 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 twelve and forty weeks ended October 7, 2023 was $2.6 million and $9.1 million, respectively. As of October 7, 2023, there was $83.1 million of unrecognized compensation expense related to all share-based awards that is expected to be recognized over a weighted-average period of 1.6 years. |
Accounting Changes and Error Co
Accounting Changes and Error Corrections | 9 Months Ended |
Oct. 07, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Immaterial Restatement of Prior Period Financial Statements | Immaterial Restatement of Prior Period Financial StatementsAs discussed in Note 1, we identified errors in our consolidated financial statements. A summary of the corrections to the impacted financial statement line items in our previously issued Consolidated Balance Sheet, Consolidated Statement of Operations, Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Stockholders’ Equity and Consolidated Statement of Cash Flows as of and for the year ended December 31, 2022 included in previously filed Annual Report on Form 10-K and Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Statements of Changes in Stockholders’ Equity and Condensed Consolidated Statements of Cash Flows for periods presented below, which were presented in previously filed Quarterly Reports on Form 10-Q, are as follows (tables may not foot due to rounding): Condensed Consolidated Balance Sheet October 8, 2022 As Previously Reported Adjustments As Corrected Assets Receivables, net $ 845,667 $ (2,795) $ 842,872 Total current assets 6,162,519 (2,795) 6,159,724 Total assets $ 12,132,079 $ (2,795) $ 12,129,284 Liabilities and Stockholders’ Equity Accounts payable $ 4,097,412 $ (16,579) $ 4,080,833 Accrued expenses 681,216 10,312 691,528 Total current liabilities 5,442,901 (6,267) 5,436,634 Total liabilities 9,416,004 (6,267) 9,409,737 Accumulated other comprehensive loss (54,298) 6,364 (47,934) Retained earnings 4,726,823 (2,892) 4,723,931 Total stockholders’ equity 2,716,075 3,472 2,719,547 Total liabilities and stockholders’ equity $ 12,132,079 $ (2,795) $ 12,129,284 Condensed Consolidated Balance Sheet December 31, 2022 As Previously Reported Adjustments As Corrected Assets Inventories, net $ 4,915,262 $ (4,209) $ 4,911,053 Total current assets 6,046,852 (4,209) 6,042,643 Total assets $ 12,018,482 $ (4,209) $ 12,014,273 Liabilities and Stockholders’ Equity Accounts payable $ 4,123,462 $ 12,953 $ 4,136,415 Accrued expenses 634,447 6,652 641,099 Total current liabilities 5,370,389 19,605 5,389,994 Total liabilities 9,340,201 19,605 9,359,806 Retained earnings 4,744,624 (23,814) 4,720,810 Total stockholders’ equity 2,678,281 (23,814) 2,654,467 Total liabilities and stockholders’ equity $ 12,018,482 $ (4,209) $ 12,014,273 Condensed Consolidated Balance Sheet April 22, 2023 As Previously Reported Adjustments As Corrected Liabilities and Stockholders’ Equity Accounts payable $ 3,682,749 $ 15,995 $ 3,698,744 Accrued expenses 718,290 (3,970) 714,320 Total current liabilities 4,983,455 12,025 4,995,480 Total liabilities 9,546,077 12,025 9,558,102 Retained earnings 4,697,697 (12,025) 4,685,672 Total stockholders’ equity $ 2,636,161 $ (12,025) $ 2,624,136 Condensed Consolidated Balance Sheet July 15, 2023 As Previously Reported Adjustments As Corrected Liabilities and Stockholders’ Equity Accounts payable $ 3,780,215 $ 17,221 $ 3,797,436 Accrued expenses 685,191 (4,273) 680,918 Total current liabilities 5,026,378 12,948 5,039,326 Total liabilities 9,581,189 12,948 9,594,137 Retained earnings 4,767,168 (12,948) 4,754,220 Total stockholders’ equity $ 2,723,187 $ (12,948) $ 2,710,239 Condensed Consolidated Statements of Operations October 8, 2022 Twelve Weeks Ended Forty Weeks Ended As Previously Reported Adjustments As Corrected As Previously Reported Adjustments As Corrected Cost of sales $ 1,461,490 $ 604 $ 1,462,094 $ 4,808,888 $ 12,149 $ 4,821,037 Gross profit 1,179,851 (604) 1,179,247 3,872,089 (12,149) 3,859,940 Selling, general and administrative expenses 1,002,653 5,573 1,008,226 3,289,940 12,019 3,301,959 Operating income 177,198 (6,177) 171,021 582,149 (24,168) 557,981 Other (expense) income, net (17,741) 12,687 (5,054) (18,314) 13,032 (5,282) Total other, net (29,780) 12,687 (17,093) (60,836) 13,032 (47,804) Income before provision for income taxes 147,418 6,510 153,928 521,313 (11,136) 510,177 Provision for income taxes 36,436 1,611 38,047 126,137 (2,754) 123,383 Net income $ 110,982 $ 4,899 $ 115,881 $ 395,176 $ (8,382) $ 386,794 Basic earnings per share $ 1.85 $ 0.08 $ 1.93 $ 6.52 $ (0.14) $ 6.38 Basic weighted average shares 60,053 — 60,053 60,656 — 60,656 Diluted earnings per common share $ 1.84 $ 0.08 $ 1.92 $ 6.47 $ (0.14) $ 6.34 Diluted weighted average shares 60,384 — 60,384 61,045 — 61,045 Condensed Consolidated Statement of Operations December 31, 2022 Year Ended As Previously Reported Adjustments As Corrected Cost of sales $ 6,192,622 $ 26,065 $ 6,218,687 Gross profit 4,962,100 (26,065) 4,936,035 Selling, general and administrative expenses 4,247,949 12,444 4,260,393 Operating income 714,151 (38,509) 675,642 Other (expense) income, net (6,996) (427) (7,423) Total other, net (65,464) (427) (65,891) Income before provision for income taxes 648,687 (38,936) 609,751 Provision for income taxes 146,815 (9,635) 137,180 Net income $ 501,872 $ (29,301) $ 472,571 Basic earnings per share $ 8.32 $ (0.49) $ 7.83 Basic weighted average shares 60,351 — 60,351 Diluted earnings per common share $ 8.27 $ (0.49) $ 7.78 Diluted weighted average shares 60,717 — 60,717 Condensed Consolidated Statement of Operations April 22, 2023 Sixteen Weeks Ended As Previously Reported Adjustments As Corrected Cost of sales $ 1,946,931 $ 1,627 $ 1,948,558 Gross profit 1,470,663 (1,627) 1,469,036 Selling, general and administrative expenses 1,380,664 (17,275) 1,363,389 Operating income 89,999 15,648 105,647 Income before provision for income taxes 59,607 15,648 75,255 Provision for income taxes 16,956 3,859 20,815 Net income $ 42,651 $ 11,789 $ 54,440 Basic earnings per share $ 0.72 $ 0.20 $ 0.92 Basic weighted average shares 59,334 — 59,334 Diluted earnings per common share $ 0.72 $ 0.19 $ 0.91 Diluted weighted average shares 59,544 — 59,544 Condensed Consolidated Statements of Operations July 15, 2023 Twelve Weeks Ended Twenty-Eight Weeks Ended As Previously Reported Adjustments As Corrected As Previously Reported Adjustments As Corrected Cost of sales $ 1,537,997 $ 1,226 $ 1,539,223 $ 3,484,927 $ 2,853 $ 3,487,780 Gross profit 1,148,069 (1,226) 1,146,843 2,618,732 (2,853) 2,615,879 Selling, general and administrative expenses 1,013,701 — 1,013,701 2,394,365 (17,275) 2,377,090 Operating income 134,368 (1,226) 133,142 224,367 14,422 238,789 Income before provision for income taxes 115,183 (1,226) 113,957 174,789 14,422 189,211 Provision for income taxes 29,821 (303) 29,518 46,776 3,556 50,332 Net income $ 85,362 $ (923) $ 84,439 $ 128,013 $ 10,866 $ 138,879 Basic earnings per share $ 1.44 $ (0.02) $ 1.42 $ 2.16 $ 0.18 $ 2.34 Basic weighted average shares 59,451 — 59,451 59,384 — 59,384 — — Diluted earnings per common share $ 1.43 $ (0.02) $ 1.41 $ 2.15 $ 0.18 $ 2.33 Diluted weighted average shares 59,604 — 59,604 59,570 — 59,570 Condensed Consolidated Statements of Comprehensive Income October 8, 2022 Twelve Weeks Ended Forty Weeks Ended As Previously Reported Adjustments As Corrected As Previously Reported Adjustments As Corrected Net income $ 110,982 $ 4,899 $ 115,881 $ 395,176 $ (8,382) $ 386,794 Currency translation adjustments (33,439) 19,814 (13,625) (31,555) 10,691 (20,864) Total other comprehensive loss (33,509) 19,814 (13,695) (31,671) 10,691 (20,980) Comprehensive income $ 77,473 $ 24,713 $ 102,186 $ 363,505 $ 2,309 $ 365,814 Condensed Consolidated Statement of Comprehensive Income December 31, 2022 Year Ended As Previously Reported Adjustments As Corrected Net income $ 501,872 $ (29,301) $ 472,571 Currency translation adjustments (22,330) 4,327 (18,003) Total other comprehensive loss (22,516) 4,327 (18,189) Comprehensive income $ 479,356 $ (24,974) $ 454,382 Condensed Consolidated Statement of Comprehensive Income April 22, 2023 Sixteen Weeks Ended As Previously Reported Adjustments As Corrected Net income $ 42,651 $ 11,789 $ 54,440 Comprehensive income $ 43,439 $ 11,789 $ 55,228 Condensed Consolidated Statements of Comprehensive Income July 15, 2023 Twelve Weeks Ended Twenty-Eight Weeks Ended As Previously Reported Adjustments As Corrected As Previously Reported Adjustments As Corrected Net income $ 85,362 $ (923) $ 84,439 $ 128,013 $ 10,866 $ 138,879 Comprehensive income $ 92,893 $ (923) $ 91,970 $ 136,332 $ 10,866 $ 147,198 Condensed Consolidated Statements of Changes in Stockholders’ Equity Accumulated Other Comprehensive Loss Retained Total Stockholders' Equity Twelve Weeks As Previously Reported Balance at July 16, 2022 $ (20,789) $ 4,706,547 $ 2,794,809 Net income — 110,982 110,982 Total other comprehensive loss (33,509) — (33,509) Balance at October 8, 2022 $ (54,298) $ 4,726,823 $ 2,716,075 Adjustments Balance at July 16, 2022 $ (13,450) $ (7,791) $ (21,241) Net income — 4,899 4,899 Total other comprehensive income 19,814 — 19,814 Balance at October 8, 2022 $ 6,364 $ (2,892) $ 3,472 As Corrected Balance at July 16, 2022 $ (34,239) $ 4,698,756 $ 2,773,568 Net income — 115,881 115,881 Total other comprehensive loss (13,695) — (13,695) Balance at October 8, 2022 $ (47,934) $ 4,723,931 $ 2,719,547 Forty Weeks As Previously Reported Balance at January 1, 2022 $ (22,627) $ 4,605,791 $ 3,128,291 Net income — 395,176 395,176 Total other comprehensive loss (31,671) — (31,671) Balance at October 8, 2022 $ (54,298) $ 4,726,823 $ 2,716,075 Adjustments Balance at January 1, 2022 $ (4,327) $ 5,490 $ 1,163 Net income — (8,382) (8,382) Total other comprehensive income 10,691 — 10,691 Balance at October 8, 2022 $ 6,364 $ (2,892) $ 3,472 As Corrected Balance at January 1, 2022 $ (26,954) $ 4,611,281 $ 3,129,454 Net income — 386,794 386,794 Total other comprehensive loss (20,980) — (20,980) Balance at October 8, 2022 $ (47,934) $ 4,723,931 $ 2,719,547 Accumulated Other Retained Total Fifty-Two Weeks As Previously Reported Balance at January 1, 2022 $ (22,627) $ 4,605,791 $ 3,128,291 Net income — 501,872 501,872 Total other comprehensive loss (22,516) — (22,516) Balance at December 31, 2022 $ (45,143) $ 4,744,624 $ 2,678,281 Adjustments Balance at January 1, 2022 $ (4,327) $ 5,490 $ 1,163 Net Income — (29,301) (29,301) Total other comprehensive income 4,327 — 4,327 Balance at December 31, 2022 $ — $ (23,814) $ (23,814) As Corrected Balance at January 1, 2022 $ (26,954) $ 4,611,281 $ 3,129,454 Net income — 472,571 472,571 Total other comprehensive loss (18,189) — (18,189) Balance at December 31, 2022 $ (45,143) $ 4,720,810 $ 2,654,467 Retained Total Sixteen Weeks As Previously Reported Balance at December 31, 2022 $ 4,744,624 $ 2,678,281 Net Income 42,651 42,651 Balance at April 22, 2023 $ 4,697,697 $ 2,636,161 Adjustments Balance at December 31, 2022 $ (23,814) $ (23,814) Net Income 11,789 11,789 Balance at April 22, 2023 $ (12,025) $ (12,025) As Corrected Balance at December 31, 2022 $ 4,720,810 $ 2,654,467 Net Income 54,440 54,440 Balance at April 22, 2023 $ 4,685,672 $ 2,624,136 Retained Total Twelve Weeks As Previously Reported Balance at April 22, 2023 $ 4,697,697 $ 2,636,161 Net Income 85,362 85,362 Balance at July 15, 2023 $ 4,767,168 $ 2,723,187 Adjustments Balance at April 22, 2023 $ (12,025) $ (12,025) Net Income (923) (923) Balance at July 15, 2023 $ (12,948) $ (12,948) As Corrected Balance at April 22, 2023 $ 4,685,672 $ 2,624,136 Net Income 84,439 84,439 Balance at July 15, 2023 $ 4,754,220 $ 2,710,239 Twenty-Eight Weeks As Previously Reported Balance at December 31, 2022 $ 4,744,624 $ 2,678,281 Net Income 128,013 128,013 Balance at July 15, 2023 $ 4,767,168 $ 2,723,187 Adjustments Balance at December 31, 2022 $ (23,814) $ (23,814) Net Income 10,866 10,866 Balance at July 15, 2023 $ (12,948) $ (12,948) As Corrected Balance at December 31, 2022 $ 4,720,810 $ 2,654,467 Net Income 138,879 138,879 Balance at July 15, 2023 $ 4,754,220 $ 2,710,239 Condensed Consolidated Statement of Cash Flows Forty Weeks Ended October 8, 2022 As Previously Reported Adjustments As Corrected Net income $ 395,176 $ (8,382) $ 386,794 Net change in: Receivables, net (66,902) (22,402) (89,304) Inventories, net (284,271) 34,542 (249,729) Accounts payable 187,331 (10,228) 177,103 Accrued expenses $ (34,046) $ 6,470 $ (27,576) Condensed Consolidated Statement of Cash Flows Fifty-Two Weeks Ended December 31, 2022 As Previously Reported Adjustments As Corrected Net income $ 501,872 $ (29,301) $ 472,571 Net change in: Receivables, net 81,254 (25,197) 56,057 Inventories, net (272,253) 38,751 (233,502) Accounts payable 212,568 12,939 225,507 Accrued expenses $ (165,643) $ 2,808 $ (162,835) Condensed Consolidated Statement of Cash Flows Sixteen Weeks Ended April 22, 2023 As Previously Reported Adjustments As Corrected Net income $ 42,651 $ 11,789 $ 54,440 Net change in: Inventories, net (100,178) (4,209) (104,387) Accounts payable (440,995) 3,042 (437,953) Accrued expenses $ 85,035 $ (10,622) $ 74,413 Condensed Consolidated Statement of Cash Flows Twenty-Eight Weeks ended July 15, 2023 As Previously Reported Adjustments As Corrected Net income $ 128,013 $ 10,866 $ 138,879 Net change in: Inventories, net (145,148) (4,209) (149,357) Accounts payable (346,808) 4,268 (342,540) Accrued expenses $ 120,888 $ (10,925) $ 109,963 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Oct. 07, 2023 | Jul. 15, 2023 | Oct. 08, 2022 | Apr. 22, 2023 | Apr. 23, 2022 | Jul. 15, 2023 | Oct. 07, 2023 | Oct. 08, 2022 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | |||||||||
Net Income (Loss) Attributable to Parent | $ (48,633) | $ 84,439 | $ 115,881 | $ 54,440 | $ 54,440 | $ 138,879 | $ 90,245 | $ 386,794 | $ 472,571 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Oct. 07, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Significant Acounting Policies
Significant Acounting Policies (Policies) | 9 Months Ended |
Oct. 07, 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 SG&A expenses 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) | 9 Months Ended |
Oct. 07, 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: Twelve Weeks Ended Forty Weeks Ended October 7, 2023 October 8, 2022 October 7, 2023 October 8, 2022 Percentage of Sales: Parts and Batteries 67 % 67 % 66 % 66 % Accessories and Chemicals 19 20 20 20 Engine Maintenance 13 12 13 13 Other 1 1 1 1 Total 100 % 100 % 100 % 100 % |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 07, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory balances were as follows: October 7, 2023 December 31, 2022 Inventories at first in, first out (“FIFO”), net $ 5,138,450 $ 5,189,702 Adjustments to state inventories at LIFO (189,068) (278,649) Inventories at LIFO, net $ 4,949,382 $ 4,911,053 |
Receivables, net (Tables)
Receivables, net (Tables) | 9 Months Ended |
Oct. 07, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Receivables, net, consisted of the following: October 7, 2023 December 31, 2022 Trade $ 670,106 $ 576,548 Vendor 200,329 126,640 Other 14,762 10,638 Total receivables 885,197 713,826 Less: allowance for credit losses (16,892) (15,213) Receivables, net $ 868,305 $ 698,613 |
Long-term Debt and Fair Value_2
Long-term Debt and Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Oct. 07, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long-term debt consists of the following: October 7, 2023 December 31, 2022 5.90% Senior Unsecured Notes due March 9, 2026 $ 298,198 $ — 1.75% Senior Unsecured Notes due October 1, 2027 347,383 346,947 5.95% Senior Unsecured Notes due March 9, 2028 298,011 — 3.90% Senior Unsecured Notes due April 15, 2030 496,014 495,562 3.50% Senior Unsecured Notes due March 15, 2032 346,111 345,774 Revolving credit facility — 185,000 $ 1,785,717 $ 1,373,283 Less: Current portion of long-term debt — (185,000) Long-term debt, excluding the current portion $ 1,785,717 $ 1,188,283 Fair value of long-term debt $ 1,518,769 $ 1,021,396 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 07, 2023 | |
Leases [Abstract] | |
Lease, Cost | Total lease cost was comprised of the following: Twelve Weeks Ended Forty Weeks Ended October 7, 2023 October 8, 2022 October 7, 2023 October 8, 2022 Operating lease cost $ 133,871 $ 130,108 $ 438,461 $ 433,147 Variable lease cost 40,974 40,910 133,407 136,183 Total lease cost $ 174,845 $ 171,018 $ 571,868 $ 569,330 |
Schedule of Other Information Relating to Lease Liabilities | Other information relating to our lease liabilities is as follows: Forty Weeks Ended October 7, 2023 October 8, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 444,391 $ 478,658 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 360,319 $ 343,950 |
Immaterial Restatement of Prior
Immaterial Restatement of Prior Period Financial Statements (Tables) | 9 Months Ended |
Oct. 07, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | 12. Immaterial Restatement of Prior Period Financial Statements As discussed in Note 1, we identified errors in our consolidated financial statements. A summary of the corrections to the impacted financial statement line items in our previously issued Consolidated Balance Sheet, Consolidated Statement of Operations, Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Stockholders’ Equity and Consolidated Statement of Cash Flows as of and for the year ended December 31, 2022 included in previously filed Annual Report on Form 10-K and Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Statements of Changes in Stockholders’ Equity and Condensed Consolidated Statements of Cash Flows for periods presented below, which were presented in previously filed Quarterly Reports on Form 10-Q, are as follows (tables may not foot due to rounding): Condensed Consolidated Balance Sheet October 8, 2022 As Previously Reported Adjustments As Corrected Assets Receivables, net $ 845,667 $ (2,795) $ 842,872 Total current assets 6,162,519 (2,795) 6,159,724 Total assets $ 12,132,079 $ (2,795) $ 12,129,284 Liabilities and Stockholders’ Equity Accounts payable $ 4,097,412 $ (16,579) $ 4,080,833 Accrued expenses 681,216 10,312 691,528 Total current liabilities 5,442,901 (6,267) 5,436,634 Total liabilities 9,416,004 (6,267) 9,409,737 Accumulated other comprehensive loss (54,298) 6,364 (47,934) Retained earnings 4,726,823 (2,892) 4,723,931 Total stockholders’ equity 2,716,075 3,472 2,719,547 Total liabilities and stockholders’ equity $ 12,132,079 $ (2,795) $ 12,129,284 Condensed Consolidated Balance Sheet December 31, 2022 As Previously Reported Adjustments As Corrected Assets Inventories, net $ 4,915,262 $ (4,209) $ 4,911,053 Total current assets 6,046,852 (4,209) 6,042,643 Total assets $ 12,018,482 $ (4,209) $ 12,014,273 Liabilities and Stockholders’ Equity Accounts payable $ 4,123,462 $ 12,953 $ 4,136,415 Accrued expenses 634,447 6,652 641,099 Total current liabilities 5,370,389 19,605 5,389,994 Total liabilities 9,340,201 19,605 9,359,806 Retained earnings 4,744,624 (23,814) 4,720,810 Total stockholders’ equity 2,678,281 (23,814) 2,654,467 Total liabilities and stockholders’ equity $ 12,018,482 $ (4,209) $ 12,014,273 Condensed Consolidated Balance Sheet April 22, 2023 As Previously Reported Adjustments As Corrected Liabilities and Stockholders’ Equity Accounts payable $ 3,682,749 $ 15,995 $ 3,698,744 Accrued expenses 718,290 (3,970) 714,320 Total current liabilities 4,983,455 12,025 4,995,480 Total liabilities 9,546,077 12,025 9,558,102 Retained earnings 4,697,697 (12,025) 4,685,672 Total stockholders’ equity $ 2,636,161 $ (12,025) $ 2,624,136 Condensed Consolidated Balance Sheet July 15, 2023 As Previously Reported Adjustments As Corrected Liabilities and Stockholders’ Equity Accounts payable $ 3,780,215 $ 17,221 $ 3,797,436 Accrued expenses 685,191 (4,273) 680,918 Total current liabilities 5,026,378 12,948 5,039,326 Total liabilities 9,581,189 12,948 9,594,137 Retained earnings 4,767,168 (12,948) 4,754,220 Total stockholders’ equity $ 2,723,187 $ (12,948) $ 2,710,239 Condensed Consolidated Statements of Operations October 8, 2022 Twelve Weeks Ended Forty Weeks Ended As Previously Reported Adjustments As Corrected As Previously Reported Adjustments As Corrected Cost of sales $ 1,461,490 $ 604 $ 1,462,094 $ 4,808,888 $ 12,149 $ 4,821,037 Gross profit 1,179,851 (604) 1,179,247 3,872,089 (12,149) 3,859,940 Selling, general and administrative expenses 1,002,653 5,573 1,008,226 3,289,940 12,019 3,301,959 Operating income 177,198 (6,177) 171,021 582,149 (24,168) 557,981 Other (expense) income, net (17,741) 12,687 (5,054) (18,314) 13,032 (5,282) Total other, net (29,780) 12,687 (17,093) (60,836) 13,032 (47,804) Income before provision for income taxes 147,418 6,510 153,928 521,313 (11,136) 510,177 Provision for income taxes 36,436 1,611 38,047 126,137 (2,754) 123,383 Net income $ 110,982 $ 4,899 $ 115,881 $ 395,176 $ (8,382) $ 386,794 Basic earnings per share $ 1.85 $ 0.08 $ 1.93 $ 6.52 $ (0.14) $ 6.38 Basic weighted average shares 60,053 — 60,053 60,656 — 60,656 Diluted earnings per common share $ 1.84 $ 0.08 $ 1.92 $ 6.47 $ (0.14) $ 6.34 Diluted weighted average shares 60,384 — 60,384 61,045 — 61,045 Condensed Consolidated Statement of Operations December 31, 2022 Year Ended As Previously Reported Adjustments As Corrected Cost of sales $ 6,192,622 $ 26,065 $ 6,218,687 Gross profit 4,962,100 (26,065) 4,936,035 Selling, general and administrative expenses 4,247,949 12,444 4,260,393 Operating income 714,151 (38,509) 675,642 Other (expense) income, net (6,996) (427) (7,423) Total other, net (65,464) (427) (65,891) Income before provision for income taxes 648,687 (38,936) 609,751 Provision for income taxes 146,815 (9,635) 137,180 Net income $ 501,872 $ (29,301) $ 472,571 Basic earnings per share $ 8.32 $ (0.49) $ 7.83 Basic weighted average shares 60,351 — 60,351 Diluted earnings per common share $ 8.27 $ (0.49) $ 7.78 Diluted weighted average shares 60,717 — 60,717 Condensed Consolidated Statement of Operations April 22, 2023 Sixteen Weeks Ended As Previously Reported Adjustments As Corrected Cost of sales $ 1,946,931 $ 1,627 $ 1,948,558 Gross profit 1,470,663 (1,627) 1,469,036 Selling, general and administrative expenses 1,380,664 (17,275) 1,363,389 Operating income 89,999 15,648 105,647 Income before provision for income taxes 59,607 15,648 75,255 Provision for income taxes 16,956 3,859 20,815 Net income $ 42,651 $ 11,789 $ 54,440 Basic earnings per share $ 0.72 $ 0.20 $ 0.92 Basic weighted average shares 59,334 — 59,334 Diluted earnings per common share $ 0.72 $ 0.19 $ 0.91 Diluted weighted average shares 59,544 — 59,544 Condensed Consolidated Statements of Operations July 15, 2023 Twelve Weeks Ended Twenty-Eight Weeks Ended As Previously Reported Adjustments As Corrected As Previously Reported Adjustments As Corrected Cost of sales $ 1,537,997 $ 1,226 $ 1,539,223 $ 3,484,927 $ 2,853 $ 3,487,780 Gross profit 1,148,069 (1,226) 1,146,843 2,618,732 (2,853) 2,615,879 Selling, general and administrative expenses 1,013,701 — 1,013,701 2,394,365 (17,275) 2,377,090 Operating income 134,368 (1,226) 133,142 224,367 14,422 238,789 Income before provision for income taxes 115,183 (1,226) 113,957 174,789 14,422 189,211 Provision for income taxes 29,821 (303) 29,518 46,776 3,556 50,332 Net income $ 85,362 $ (923) $ 84,439 $ 128,013 $ 10,866 $ 138,879 Basic earnings per share $ 1.44 $ (0.02) $ 1.42 $ 2.16 $ 0.18 $ 2.34 Basic weighted average shares 59,451 — 59,451 59,384 — 59,384 — — Diluted earnings per common share $ 1.43 $ (0.02) $ 1.41 $ 2.15 $ 0.18 $ 2.33 Diluted weighted average shares 59,604 — 59,604 59,570 — 59,570 Condensed Consolidated Statements of Comprehensive Income October 8, 2022 Twelve Weeks Ended Forty Weeks Ended As Previously Reported Adjustments As Corrected As Previously Reported Adjustments As Corrected Net income $ 110,982 $ 4,899 $ 115,881 $ 395,176 $ (8,382) $ 386,794 Currency translation adjustments (33,439) 19,814 (13,625) (31,555) 10,691 (20,864) Total other comprehensive loss (33,509) 19,814 (13,695) (31,671) 10,691 (20,980) Comprehensive income $ 77,473 $ 24,713 $ 102,186 $ 363,505 $ 2,309 $ 365,814 Condensed Consolidated Statement of Comprehensive Income December 31, 2022 Year Ended As Previously Reported Adjustments As Corrected Net income $ 501,872 $ (29,301) $ 472,571 Currency translation adjustments (22,330) 4,327 (18,003) Total other comprehensive loss (22,516) 4,327 (18,189) Comprehensive income $ 479,356 $ (24,974) $ 454,382 Condensed Consolidated Statement of Comprehensive Income April 22, 2023 Sixteen Weeks Ended As Previously Reported Adjustments As Corrected Net income $ 42,651 $ 11,789 $ 54,440 Comprehensive income $ 43,439 $ 11,789 $ 55,228 Condensed Consolidated Statements of Comprehensive Income July 15, 2023 Twelve Weeks Ended Twenty-Eight Weeks Ended As Previously Reported Adjustments As Corrected As Previously Reported Adjustments As Corrected Net income $ 85,362 $ (923) $ 84,439 $ 128,013 $ 10,866 $ 138,879 Comprehensive income $ 92,893 $ (923) $ 91,970 $ 136,332 $ 10,866 $ 147,198 Condensed Consolidated Statements of Changes in Stockholders’ Equity Accumulated Other Comprehensive Loss Retained Total Stockholders' Equity Twelve Weeks As Previously Reported Balance at July 16, 2022 $ (20,789) $ 4,706,547 $ 2,794,809 Net income — 110,982 110,982 Total other comprehensive loss (33,509) — (33,509) Balance at October 8, 2022 $ (54,298) $ 4,726,823 $ 2,716,075 Adjustments Balance at July 16, 2022 $ (13,450) $ (7,791) $ (21,241) Net income — 4,899 4,899 Total other comprehensive income 19,814 — 19,814 Balance at October 8, 2022 $ 6,364 $ (2,892) $ 3,472 As Corrected Balance at July 16, 2022 $ (34,239) $ 4,698,756 $ 2,773,568 Net income — 115,881 115,881 Total other comprehensive loss (13,695) — (13,695) Balance at October 8, 2022 $ (47,934) $ 4,723,931 $ 2,719,547 Forty Weeks As Previously Reported Balance at January 1, 2022 $ (22,627) $ 4,605,791 $ 3,128,291 Net income — 395,176 395,176 Total other comprehensive loss (31,671) — (31,671) Balance at October 8, 2022 $ (54,298) $ 4,726,823 $ 2,716,075 Adjustments Balance at January 1, 2022 $ (4,327) $ 5,490 $ 1,163 Net income — (8,382) (8,382) Total other comprehensive income 10,691 — 10,691 Balance at October 8, 2022 $ 6,364 $ (2,892) $ 3,472 As Corrected Balance at January 1, 2022 $ (26,954) $ 4,611,281 $ 3,129,454 Net income — 386,794 386,794 Total other comprehensive loss (20,980) — (20,980) Balance at October 8, 2022 $ (47,934) $ 4,723,931 $ 2,719,547 Accumulated Other Retained Total Fifty-Two Weeks As Previously Reported Balance at January 1, 2022 $ (22,627) $ 4,605,791 $ 3,128,291 Net income — 501,872 501,872 Total other comprehensive loss (22,516) — (22,516) Balance at December 31, 2022 $ (45,143) $ 4,744,624 $ 2,678,281 Adjustments Balance at January 1, 2022 $ (4,327) $ 5,490 $ 1,163 Net Income — (29,301) (29,301) Total other comprehensive income 4,327 — 4,327 Balance at December 31, 2022 $ — $ (23,814) $ (23,814) As Corrected Balance at January 1, 2022 $ (26,954) $ 4,611,281 $ 3,129,454 Net income — 472,571 472,571 Total other comprehensive loss (18,189) — (18,189) Balance at December 31, 2022 $ (45,143) $ 4,720,810 $ 2,654,467 Retained Total Sixteen Weeks As Previously Reported Balance at December 31, 2022 $ 4,744,624 $ 2,678,281 Net Income 42,651 42,651 Balance at April 22, 2023 $ 4,697,697 $ 2,636,161 Adjustments Balance at December 31, 2022 $ (23,814) $ (23,814) Net Income 11,789 11,789 Balance at April 22, 2023 $ (12,025) $ (12,025) As Corrected Balance at December 31, 2022 $ 4,720,810 $ 2,654,467 Net Income 54,440 54,440 Balance at April 22, 2023 $ 4,685,672 $ 2,624,136 Retained Total Twelve Weeks As Previously Reported Balance at April 22, 2023 $ 4,697,697 $ 2,636,161 Net Income 85,362 85,362 Balance at July 15, 2023 $ 4,767,168 $ 2,723,187 Adjustments Balance at April 22, 2023 $ (12,025) $ (12,025) Net Income (923) (923) Balance at July 15, 2023 $ (12,948) $ (12,948) As Corrected Balance at April 22, 2023 $ 4,685,672 $ 2,624,136 Net Income 84,439 84,439 Balance at July 15, 2023 $ 4,754,220 $ 2,710,239 Twenty-Eight Weeks As Previously Reported Balance at December 31, 2022 $ 4,744,624 $ 2,678,281 Net Income 128,013 128,013 Balance at July 15, 2023 $ 4,767,168 $ 2,723,187 Adjustments Balance at December 31, 2022 $ (23,814) $ (23,814) Net Income 10,866 10,866 Balance at July 15, 2023 $ (12,948) $ (12,948) As Corrected Balance at December 31, 2022 $ 4,720,810 $ 2,654,467 Net Income 138,879 138,879 Balance at July 15, 2023 $ 4,754,220 $ 2,710,239 Condensed Consolidated Statement of Cash Flows Forty Weeks Ended October 8, 2022 As Previously Reported Adjustments As Corrected Net income $ 395,176 $ (8,382) $ 386,794 Net change in: Receivables, net (66,902) (22,402) (89,304) Inventories, net (284,271) 34,542 (249,729) Accounts payable 187,331 (10,228) 177,103 Accrued expenses $ (34,046) $ 6,470 $ (27,576) Condensed Consolidated Statement of Cash Flows Fifty-Two Weeks Ended December 31, 2022 As Previously Reported Adjustments As Corrected Net income $ 501,872 $ (29,301) $ 472,571 Net change in: Receivables, net 81,254 (25,197) 56,057 Inventories, net (272,253) 38,751 (233,502) Accounts payable 212,568 12,939 225,507 Accrued expenses $ (165,643) $ 2,808 $ (162,835) Condensed Consolidated Statement of Cash Flows Sixteen Weeks Ended April 22, 2023 As Previously Reported Adjustments As Corrected Net income $ 42,651 $ 11,789 $ 54,440 Net change in: Inventories, net (100,178) (4,209) (104,387) Accounts payable (440,995) 3,042 (437,953) Accrued expenses $ 85,035 $ (10,622) $ 74,413 Condensed Consolidated Statement of Cash Flows Twenty-Eight Weeks ended July 15, 2023 As Previously Reported Adjustments As Corrected Net income $ 128,013 $ 10,866 $ 138,879 Net change in: Inventories, net (145,148) (4,209) (149,357) Accounts payable (346,808) 4,268 (342,540) Accrued expenses $ 120,888 $ (10,925) $ 109,963 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Details) $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 07, 2023 USD ($) store | Jul. 15, 2023 USD ($) | Oct. 08, 2022 USD ($) | Apr. 22, 2023 USD ($) | Jul. 15, 2023 USD ($) | Oct. 07, 2023 USD ($) store | Oct. 08, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Basis of Presentation [Line Items] | ||||||||
Selling, general and administrative expenses | $ 1,030,355 | $ 1,013,701 | $ 1,008,226 | $ 1,363,389 | $ 2,377,090 | $ 3,407,445 | $ 3,301,959 | $ 4,260,393 |
Provision for income taxes | $ (15,686) | 29,518 | 38,047 | 20,815 | 50,332 | $ 34,649 | 123,383 | 137,180 |
Revision of Prior Period, Adjustment | ||||||||
Basis of Presentation [Line Items] | ||||||||
Selling, general and administrative expenses | 0 | 5,573 | (17,275) | (17,275) | 12,019 | 12,444 | ||
Provision for income taxes | $ (303) | $ 1,611 | $ 3,859 | $ 3,556 | $ (2,754) | $ (9,635) | ||
Stores [Member] | ||||||||
Basis of Presentation [Line Items] | ||||||||
Number of Stores | store | 4,785 | 4,785 | ||||||
Branches [Member] | ||||||||
Basis of Presentation [Line Items] | ||||||||
Number of Stores | store | 320 | 320 | ||||||
Independently owned Carquest store locations [Member] | ||||||||
Basis of Presentation [Line Items] | ||||||||
Number of Stores | store | 1,307 | 1,307 |
Significant Acounting Policie_3
Significant Acounting Policies (Details) | 3 Months Ended | 9 Months Ended | ||
Oct. 07, 2023 | Oct. 08, 2022 | Oct. 07, 2023 | Oct. 08, 2022 | |
Revenue from External Customer [Line Items] | ||||
Percentage Of Sales By Product Group | 100% | 100% | 100% | 100% |
Parts and Batteries [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Percentage Of Sales By Product Group | 67% | 67% | 66% | 66% |
Accessories and Chemicals [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Percentage Of Sales By Product Group | 19% | 20% | 20% | 20% |
Engine Maintenance [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Percentage Of Sales By Product Group | 13% | 12% | 13% | 13% |
Other [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Percentage Of Sales By Product Group | 1% | 1% | 1% | 1% |
Inventories (Details)
Inventories (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 07, 2023 | Oct. 08, 2022 | Oct. 07, 2023 | Oct. 08, 2022 | Dec. 31, 2022 | |
Inventory [Line Items] | |||||
Percentage of LIFO Inventory | 91.80% | 91.80% | 92.20% | ||
Inventory, LIFO Reserve, Effect on Income, Net | $ (56,100,000) | $ 67,500,000 | $ (89,600,000) | $ 240,800,000 | |
Inventories at first in, first out (“FIFO”) | 5,138,450,000 | 5,138,450,000 | $ 5,189,702,000 | ||
Adjustments to state inventories at LIFO | (189,068,000) | (189,068,000) | (278,649,000) | ||
Inventories at LIFO | 4,949,382,000 | $ 4,949,382,000 | $ 4,911,053,000 | ||
Document Period End Date | Oct. 07, 2023 | ||||
Inventory Valuation Reserves | $ 119 | $ 119 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 07, 2023 | Oct. 08, 2022 | Oct. 07, 2023 | Oct. 08, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 6,700 | $ 7,000 | $ 22,700 | $ 23,600 |
Receivables, net (Details)
Receivables, net (Details) - USD ($) $ in Thousands | Oct. 07, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | $ 885,197 | $ 713,826 |
Less: Allowance for doubtful accounts | (16,892) | (15,213) |
Receivables, net | 868,305 | 698,613 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 670,106 | 576,548 |
Accounts Receivable, Vendor [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 200,329 | 126,640 |
Accounts Receivable, Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | $ 14,762 | $ 10,638 |
Long-term Debt and Fair Value_3
Long-term Debt and Fair Value of Financial Instruments (Details) - USD ($) | 9 Months Ended | ||||||
Feb. 27, 2023 | Oct. 07, 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 | $ 1,518,769,000 | $ 1,021,396,000 | |||||
Guarantor Obligations, Maximum Exposure | 104,800,000 | 96,900,000 | |||||
Guarantor Obligation, Collateral Amount | 210,400,000 | 174,600,000 | |||||
Long-term debt | 1,785,717,000 | 1,188,283,000 | |||||
Debt, Long-term and Short-term, Combined Amount | 1,785,717,000 | 1,373,283,000 | |||||
Long-term Debt, Current Maturities | $ 0 | (185,000,000) | |||||
Document Period End Date | Oct. 07, 2023 | ||||||
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: October 7, 2023 December 31, 2022 5.90% Senior Unsecured Notes due March 9, 2026 $ 298,198 $ — 1.75% Senior Unsecured Notes due October 1, 2027 347,383 346,947 5.95% Senior Unsecured Notes due March 9, 2028 298,011 — 3.90% Senior Unsecured Notes due April 15, 2030 496,014 495,562 3.50% Senior Unsecured Notes due March 15, 2032 346,111 345,774 Revolving credit facility — 185,000 $ 1,785,717 $ 1,373,283 Less: Current portion of long-term debt — (185,000) Long-term debt, excluding the current portion $ 1,785,717 $ 1,188,283 Fair value of long-term debt $ 1,518,769 $ 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 No. 1”) to the Credit Agreement dated November 9, 2021, with Advance Auto Parts, Inc., as Borrower, Advance Stores Company, Incorporated, as a Guarantor, the lenders party thereto, and Bank of America, N.A., as administrative agent (the “2021 Credit Agreement”). Amendment No. 1 extended the maturity date of the 2021 Credit Agreement by one year from November 9, 2026, to November 9, 2027 and replaced 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 the 2021 Credit Agreement. Amendment No. 1 made no other material changes to the terms of the 2021 Credit Agreement. On August 21, 2023, we entered into Amendment No. 2 (“Amendment No. 2”) to the 2021 Credit Agreement in order to amend certain financial covenants related to the Consolidated Coverage Ratio (as defined therein). Pursuant to Amendment No. 2, we will not permit the Consolidated Coverage Ratio for each period of four fiscal quarters to be less than (a) 1.75 to 1.00 for quarters ending on October 7, 2023 and December 30, 2023, (b) 2.0 to 1.00 for quarters ending on April 20, 2024 through and including the quarters ending on October 4, 2025 and (c) 2.25 to 1.00 for quarters ending after October 4, 2025. Amendment No. 2 made no other material changes to the terms of the 2021 Credit Agreement. On November 20, 2023, we entered into Amendment No. 3 (“Amendment No. 3”) to the 2021 Credit Agreement to further amend certain financial covenants related to the Consolidated Coverage Ratio. Refer to Note 14. Subsequent Event for further details. As of October 7, 2023, we had no outstanding borrowings, $1.2 billion of borrowing availability and no letters of credit outstanding under the 2021 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 the 2021 Credit Agreement. As of October 7, 2023 and December 31, 2022, we had $91.0 million and $90.2 million of bilateral letters of credit issued separately from the 2021 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. 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. | ||||||
5.95% senior unsecured notes (2028 Notes) | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 300,000,000 | ||||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Letters of Credit Outstanding, Amount | $ 0 | 0 | |||||
Debt, Long-term and Short-term, Combined Amount | 0 | 185,000,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 1,200,000,000 | 1,000,000,000 | |||||
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 | 5.90% | ||||||
Debt Issuance, Percentage Of Principal | 99.94% | ||||||
Debt Issuance Costs, Gross | $ 1,600,000 | ||||||
Debt Instrument, Face Amount | $ 300,000,000 | ||||||
5.95% senior unsecured notes (2028 Notes) | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | ||||||
Debt Issuance, Percentage Of Principal | 99.92% | ||||||
Debt Issuance Costs, Gross | $ 1,700,000 | ||||||
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 | $ 347,383,000 | 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 | $ 496,014,000 | 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 | $ 346,111,000 | $ 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 | $ 298,198,000 | ||||||
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 | $ 298,011,000 |
Supplier Finance Programs
Supplier Finance Programs - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended |
Oct. 07, 2023 | Jul. 15, 2023 | Oct. 07, 2023 | |
Supplier Finance Program [Line Items] | |||
Document Period End Date | Oct. 07, 2023 | ||
Payments to Suppliers | $ 3,200,000,000 | $ 3,200,000,000 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 07, 2023 | Oct. 08, 2022 | Oct. 07, 2023 | Oct. 08, 2022 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | $ 133,871 | $ 130,108 | $ 438,461 | $ 433,147 |
Variable lease cost | 40,974 | 40,910 | 133,407 | 136,183 |
Total lease cost | $ 174,845 | $ 171,018 | 571,868 | 569,330 |
Cash paid for amounts included in the measurement of lease liabilities: | 444,391 | 478,658 | ||
Right-of-use assets obtained in exchange for lease obligations: | $ 360,319 | $ 343,950 | ||
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 | 6 years | 6 years |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |
Oct. 08, 2022 | Oct. 08, 2022 | Oct. 07, 2023 | |
Stock Repurchases: [Abstract] | |||
Stock Repurchase Program, Authorized Amount | $ 2,700 | ||
Treasury Stock, Shares, Acquired as Part of Authorized Plan | 400 | 2,500 | |
Payments for Repurchase of Common Stock | $ 75 | $ 523.2 | |
Acquired, Average Cost Per Share, Acquired as Part of Plan | $ 168.93 | $ 207.50 | |
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 | 3 Months Ended | 4 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Oct. 07, 2023 | Jul. 15, 2023 | Oct. 08, 2022 | Apr. 22, 2023 | Apr. 23, 2022 | Jul. 15, 2023 | Oct. 07, 2023 | Oct. 08, 2022 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |||||||||
Net income | $ (48,633) | $ 84,439 | $ 115,881 | $ 54,440 | $ 54,440 | $ 138,879 | $ 90,245 | $ 386,794 | $ 472,571 |
Basic weighted-average common shares (in shares) | 59,474 | 60,053 | 59,411 | 60,656 | |||||
Dilutive impact of share-based awards (in shares) | 156 | 331 | 177 | 389 | |||||
Diluted weighted-average common shares (in shares) | 59,630 | 59,604 | 60,384 | 59,544 | 59,570 | 59,588 | 61,045 | 60,717 | |
Basic earnings per common share (in dollars per share) | $ (0.82) | $ 1.42 | $ 1.93 | $ 0.92 | $ 2.34 | $ 1.52 | $ 6.38 | $ 7.83 | |
Diluted earnings per common share (in dollars per share) | $ (0.82) | $ 1.41 | $ 1.92 | $ 0.91 | $ 2.33 | $ 1.51 | $ 6.34 | $ 7.78 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||
Net Income (Loss) Attributable to Parent | $ (48,633) | $ 84,439 | $ 115,881 | $ 54,440 | $ 54,440 | $ 138,879 | $ 90,245 | $ 386,794 | $ 472,571 |
Weighted-average common shares outstanding | 59,474 | 60,053 | 59,411 | 60,656 | |||||
Dilutive impact of share-based awards (in shares) | 156 | 331 | 177 | 389 | |||||
Weighted-average common shares outstanding | 59,630 | 59,604 | 60,384 | 59,544 | 59,570 | 59,588 | 61,045 | 60,717 | |
Basic earnings per common share (in dollars per share) | $ (0.82) | $ 1.42 | $ 1.93 | $ 0.92 | $ 2.34 | $ 1.52 | $ 6.38 | $ 7.83 | |
Earnings Per Share, Diluted | $ (0.82) | $ 1.41 | $ 1.92 | $ 0.91 | $ 2.33 | $ 1.51 | $ 6.34 | $ 7.78 | |
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) | 515 | 163 | 299 | 122 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 07, 2023 USD ($) $ / shares shares | Oct. 07, 2023 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted (in shares) | shares | 150 | 298 |
Weighted-average fair value of stock options granted | $ / shares | $ 23.49 | $ 29.39 |
Tax benefit from compensation expense | $ | $ 2,600 | $ 9,100 |
Unrecognized compensation expense | $ | $ 83,100 | $ 83,100 |
Unrecognized compensation expense, period for recognition | 1 year 7 months 6 days | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grants in period (in shares) | shares | 133 | 546 |
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 61.19 | $ 95.09 |
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) | 3 Months Ended | 9 Months Ended |
Oct. 07, 2023 | Oct. 07, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 4.30% | |
Expected term | 6 years | 6 years |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 41.40% | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 35.10% | |
Expected volatility | 41.40% | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate, Maximum [Line Items] | 4.10% | |
Expected dividend yield | 1.50% | 1.50% |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 4.10% | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 4.30% |
Immaterial Restatement of Pri_2
Immaterial Restatement of Prior Period Financial Statements (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Oct. 07, 2023 | Jul. 15, 2023 | Oct. 08, 2022 | Apr. 22, 2023 | Apr. 23, 2022 | Jul. 15, 2023 | Oct. 07, 2023 | Oct. 08, 2022 | Dec. 31, 2022 | Jul. 16, 2022 | Jan. 01, 2022 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Receivables, net | $ 868,305 | $ 842,872 | $ 868,305 | $ 842,872 | $ 698,613 | ||||||
Inventories, net | 4,949,382 | 4,949,382 | 4,911,053 | ||||||||
Total current assets | 6,320,464 | 6,159,724 | 6,320,464 | 6,159,724 | 6,042,643 | ||||||
Total assets | 12,248,932 | 12,129,284 | 12,248,932 | 12,129,284 | 12,014,273 | ||||||
Accounts payable | 3,943,019 | $ 3,797,436 | 4,080,833 | $ 3,698,744 | $ 3,797,436 | 3,943,019 | 4,080,833 | 4,136,415 | |||
Accrued expenses | 714,317 | 680,918 | 691,528 | 714,320 | 680,918 | 714,317 | 691,528 | 641,099 | |||
Total current liabilities | 5,135,939 | 5,039,326 | 5,436,634 | 4,995,480 | 5,039,326 | 5,135,939 | 5,436,634 | 5,389,994 | |||
Total liabilities | 9,602,064 | 9,594,137 | 9,409,737 | 9,558,102 | 9,594,137 | 9,602,064 | 9,409,737 | 9,359,806 | |||
Accumulated other comprehensive loss | (47,599) | (47,934) | (47,599) | (47,934) | (45,143) | ||||||
Retained earnings | 4,690,424 | 4,754,220 | 4,754,220 | 4,690,424 | 4,720,810 | ||||||
Total stockholders’ equity | 2,646,868 | 2,710,239 | 2,719,547 | 2,624,136 | 2,710,239 | 2,646,868 | 2,719,547 | 2,654,467 | $ 2,773,568 | $ 3,129,454 | |
Total liabilities and stockholders’ equity | 12,248,932 | 12,129,284 | 12,248,932 | 12,129,284 | 12,014,273 | ||||||
Cost of sales, including purchasing and warehousing costs | 1,732,420 | 1,539,223 | 1,462,094 | 1,948,558 | 3,487,780 | 5,220,200 | 4,821,037 | 6,218,687 | |||
Gross Profit | 986,659 | 1,146,843 | 1,179,247 | 1,469,036 | 2,615,879 | 3,602,538 | 3,859,940 | 4,936,035 | |||
Selling, general and administrative expenses | 1,030,355 | 1,013,701 | 1,008,226 | 1,363,389 | 2,377,090 | 3,407,445 | 3,301,959 | 4,260,393 | |||
Operating Income (Loss) | (43,696) | 133,142 | 171,021 | 105,647 | 238,789 | 195,093 | 557,981 | 675,642 | |||
Other (expense) income, net | (1,216) | (5,054) | (206) | (5,282) | (7,423) | ||||||
Nonoperating Income (Expense) | (20,623) | (17,093) | (70,199) | (47,804) | (65,891) | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (64,319) | 113,957 | 153,928 | 75,255 | 189,211 | 124,894 | 510,177 | 609,751 | |||
Provision for income taxes | (15,686) | 29,518 | 38,047 | 20,815 | 50,332 | 34,649 | 123,383 | 137,180 | |||
Net Income (Loss) Attributable to Parent | (48,633) | $ 84,439 | 115,881 | $ 54,440 | $ 54,440 | $ 138,879 | 90,245 | 386,794 | 472,571 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ (10,737) | (13,625) | $ (2,577) | (20,864) | (18,003) | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | $ (13,695) | $ (20,980) | $ (18,189) | ||||||||
Basic earnings per common share (in dollars per share) | $ (0.82) | $ 1.42 | $ 1.93 | $ 0.92 | $ 2.34 | $ 1.52 | $ 6.38 | $ 7.83 | |||
Weighted Average Number of Shares Issued, Basic | 59,474 | 59,451 | 60,053 | 59,334 | 59,384 | 59,411 | 60,656 | 60,351 | |||
Earnings Per Share, Diluted | $ (0.82) | $ 1.41 | $ 1.92 | $ 0.91 | $ 2.33 | $ 1.51 | $ 6.34 | $ 7.78 | |||
Weighted-average common shares outstanding | 59,630 | 59,604 | 60,384 | 59,544 | 59,570 | 59,588 | 61,045 | 60,717 | |||
Comprehensive income | $ (59,408) | $ 91,970 | $ 102,186 | $ 55,228 | $ 147,198 | $ 87,789 | $ 365,814 | $ 454,382 | |||
Receivables, net | (170,371) | (89,304) | 56,057 | ||||||||
Inventories | (104,387) | (149,357) | (41,025) | (249,729) | (233,502) | ||||||
Accounts payable | (437,953) | (342,540) | (191,871) | 177,103 | 225,507 | ||||||
Accrued expenses | 74,413 | 109,963 | 145,704 | (27,576) | (162,835) | ||||||
Net cash provided by operating activities | 30,404 | 483,094 | |||||||||
Retained Earnings | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Total stockholders’ equity | 4,690,424 | 4,754,220 | 4,723,931 | 4,685,672 | 4,754,220 | 4,690,424 | 4,723,931 | 4,720,810 | 4,698,756 | 4,611,281 | |
Net Income (Loss) Attributable to Parent | (48,633) | 84,439 | 115,881 | 54,440 | 138,879 | 90,245 | 386,794 | 472,571 | |||
Accumulated Other Comprehensive Loss | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Total stockholders’ equity | $ (47,599) | (36,824) | (47,934) | (36,824) | $ (47,599) | (47,934) | (45,143) | (34,239) | (26,954) | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (13,695) | (20,980) | (18,189) | ||||||||
Previously Reported | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Receivables, net | 845,667 | 845,667 | |||||||||
Inventories, net | 4,915,262 | ||||||||||
Total current assets | 6,162,519 | 6,162,519 | 6,046,852 | ||||||||
Total assets | 12,132,079 | 12,132,079 | 12,018,482 | ||||||||
Accounts payable | 3,780,215 | 4,097,412 | 3,682,749 | 3,780,215 | 4,097,412 | 4,123,462 | |||||
Accrued expenses | 685,191 | 681,216 | 718,290 | 685,191 | 681,216 | 634,447 | |||||
Total current liabilities | 5,026,378 | 5,442,901 | 4,983,455 | 5,026,378 | 5,442,901 | 5,370,389 | |||||
Total liabilities | 9,581,189 | 9,416,004 | 9,546,077 | 9,581,189 | 9,416,004 | 9,340,201 | |||||
Accumulated other comprehensive loss | (54,298) | (54,298) | |||||||||
Retained earnings | 4,767,168 | 4,767,168 | |||||||||
Total stockholders’ equity | 2,723,187 | 2,716,075 | 2,636,161 | 2,723,187 | 2,716,075 | 2,678,281 | 2,794,809 | 3,128,291 | |||
Total liabilities and stockholders’ equity | 12,132,079 | 12,132,079 | 12,018,482 | ||||||||
Cost of sales, including purchasing and warehousing costs | 1,537,997 | 1,461,490 | 1,946,931 | 3,484,927 | 4,808,888 | 6,192,622 | |||||
Gross Profit | 1,148,069 | 1,179,851 | 1,470,663 | 2,618,732 | 3,872,089 | 4,962,100 | |||||
Selling, general and administrative expenses | 1,013,701 | 1,002,653 | 1,380,664 | 2,394,365 | 3,289,940 | 4,247,949 | |||||
Operating Income (Loss) | 134,368 | 177,198 | 89,999 | 224,367 | 582,149 | 714,151 | |||||
Other (expense) income, net | (17,741) | (18,314) | (6,996) | ||||||||
Nonoperating Income (Expense) | (29,780) | (60,836) | (65,464) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 115,183 | 147,418 | 59,607 | 174,789 | 521,313 | 648,687 | |||||
Provision for income taxes | 29,821 | 36,436 | 16,956 | 46,776 | 126,137 | 146,815 | |||||
Net Income (Loss) Attributable to Parent | $ 85,362 | 110,982 | $ 42,651 | 42,651 | $ 128,013 | 395,176 | 501,872 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (33,439) | (31,555) | (22,330) | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | $ (33,509) | $ (31,671) | $ (22,516) | ||||||||
Basic earnings per common share (in dollars per share) | $ 1.44 | $ 1.85 | $ 0.72 | $ 2.16 | $ 6.52 | $ 8.32 | |||||
Weighted Average Number of Shares Issued, Basic | 59,451 | 60,053 | 59,334 | 59,384 | 60,656 | 60,351 | |||||
Earnings Per Share, Diluted | $ 1.43 | $ 1.84 | $ 0.72 | $ 2.15 | $ 6.47 | $ 8.27 | |||||
Weighted-average common shares outstanding | 59,604 | 60,384 | 59,544 | 59,570 | 61,045 | 60,717 | |||||
Comprehensive income | $ 92,893 | $ 77,473 | $ 43,439 | $ 136,332 | $ 363,505 | $ 479,356 | |||||
Receivables, net | (66,902) | 81,254 | |||||||||
Inventories | (100,178) | (145,148) | (284,271) | (272,253) | |||||||
Accounts payable | (440,995) | (346,808) | 187,331 | 212,568 | |||||||
Accrued expenses | 85,035 | 120,888 | (34,046) | (165,643) | |||||||
Previously Reported | Retained Earnings | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Total stockholders’ equity | 4,767,168 | 4,726,823 | 4,697,697 | 4,767,168 | 4,726,823 | 4,744,624 | 4,706,547 | 4,605,791 | |||
Net Income (Loss) Attributable to Parent | 85,362 | 110,982 | 42,651 | 128,013 | 395,176 | 501,872 | |||||
Previously Reported | Accumulated Other Comprehensive Loss | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Total stockholders’ equity | (54,298) | (54,298) | (45,143) | (20,789) | (22,627) | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (33,509) | (31,671) | (22,516) | ||||||||
Revision of Prior Period, Adjustment | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Receivables, net | (2,795) | (2,795) | |||||||||
Inventories, net | (4,209) | ||||||||||
Total current assets | (2,795) | (2,795) | (4,209) | ||||||||
Total assets | (2,795) | (2,795) | (4,209) | ||||||||
Accounts payable | 17,221 | (16,579) | 15,995 | 17,221 | (16,579) | 12,953 | |||||
Accrued expenses | (4,273) | 10,312 | (3,970) | (4,273) | 10,312 | 6,652 | |||||
Total current liabilities | 12,948 | (6,267) | 12,025 | 12,948 | (6,267) | 19,605 | |||||
Total liabilities | 12,948 | (6,267) | 12,025 | 12,948 | (6,267) | 19,605 | |||||
Accumulated other comprehensive loss | 6,364 | 6,364 | |||||||||
Retained earnings | (12,948) | (2,892) | (12,025) | (12,948) | (2,892) | (23,814) | |||||
Total stockholders’ equity | (12,948) | 3,472 | (12,025) | (12,948) | 3,472 | (23,814) | (21,241) | 1,163 | |||
Total liabilities and stockholders’ equity | (2,795) | (2,795) | (4,209) | ||||||||
Cost of sales, including purchasing and warehousing costs | 1,226 | 604 | 1,627 | 2,853 | 12,149 | 26,065 | |||||
Gross Profit | (1,226) | (604) | (1,627) | (2,853) | (12,149) | (26,065) | |||||
Selling, general and administrative expenses | 0 | 5,573 | (17,275) | (17,275) | 12,019 | 12,444 | |||||
Operating Income (Loss) | (1,226) | (6,177) | 15,648 | 14,422 | (24,168) | (38,509) | |||||
Other (expense) income, net | 12,687 | 13,032 | (427) | ||||||||
Nonoperating Income (Expense) | 12,687 | 13,032 | (427) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (1,226) | 6,510 | 15,648 | 14,422 | (11,136) | (38,936) | |||||
Provision for income taxes | (303) | 1,611 | 3,859 | 3,556 | (2,754) | (9,635) | |||||
Net Income (Loss) Attributable to Parent | $ (923) | 4,899 | $ 11,789 | 11,789 | $ 10,866 | (8,382) | (29,301) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 19,814 | 10,691 | 4,327 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | $ 19,814 | $ 10,691 | $ 4,327 | ||||||||
Basic earnings per common share (in dollars per share) | $ (0.02) | $ 0.08 | $ 0.20 | $ 0.18 | $ (0.14) | $ (0.49) | |||||
Earnings Per Share, Diluted | $ (0.02) | $ 0.08 | $ 0.19 | $ 0.18 | $ (0.14) | $ (0.49) | |||||
Comprehensive income | $ (923) | $ 24,713 | $ 11,789 | $ 10,866 | $ 2,309 | $ (24,974) | |||||
Receivables, net | (22,402) | (25,197) | |||||||||
Inventories | (4,209) | (4,209) | 34,542 | 38,751 | |||||||
Accounts payable | 3,042 | 4,268 | (10,228) | 12,939 | |||||||
Accrued expenses | $ (10,622) | (10,925) | 6,470 | 2,808 | |||||||
Revision of Prior Period, Adjustment | Retained Earnings | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Total stockholders’ equity | (12,948) | (2,892) | (12,025) | (12,948) | (2,892) | (23,814) | (7,791) | 5,490 | |||
Net Income (Loss) Attributable to Parent | $ (923) | 4,899 | $ 11,789 | $ 10,866 | (8,382) | (29,301) | |||||
Revision of Prior Period, Adjustment | Accumulated Other Comprehensive Loss | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Total stockholders’ equity | 6,364 | 6,364 | $ (13,450) | $ (4,327) | |||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | $ 19,814 | $ 10,691 | $ 4,327 |