Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 30, 2023 | Mar. 05, 2024 | Jul. 15, 2023 | |
Cover [Abstract] | |||
Entity Central Index Key | 0001158449 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 30, 2023 | ||
Current Fiscal Year End Date | --12-30 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 4,178,937,579 | ||
Entity Common Stock, Shares Outstanding | 59,551,042 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for its 2024 Annual Meeting of Stockholders, to be held on May 22, 2024, are incorporated by reference into Part III of this Form 10-K. | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Financial Statement Error Correction [Flag] | true | ||
Document Financial Statement Restatement Recovery Analysis [Flag] | true |
Audit Information
Audit Information | 12 Months Ended |
Dec. 30, 2023 | |
Auditor [Line Items] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Charlotte, North Carolina |
Auditor Firm ID | 34 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) shares in Thousands, $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 503,471 | $ 270,805 |
Receivables, net | 800,141 | 684,048 |
Inventories | 4,857,702 | 4,896,269 |
Other current assets | 215,707 | 163,695 |
Total current assets | 6,377,021 | 6,014,817 |
Property and equipment, net of accumulated depreciation of $2,857,726 and $2,590,382 | 1,648,546 | 1,690,139 |
Operating lease right-of-use assets | 2,578,776 | 2,607,690 |
Goodwill | 991,743 | 990,471 |
Intangible assets, net | 593,341 | 620,901 |
Other assets | 86,899 | 62,429 |
Total assets | 12,276,326 | 11,986,447 |
Current liabilities: | ||
Accounts payable | 4,177,974 | 4,178,907 |
Accrued expenses | 671,237 | 629,464 |
Long-term Debt, Current Maturities | 0 | 185,000 |
Other current liabilities | 458,194 | 427,480 |
Total current liabilities | 5,307,405 | 5,420,851 |
Long-term debt | 1,786,361 | 1,188,283 |
Non-current operating lease liabilities | 2,215,766 | 2,278,318 |
Deferred income taxes | 362,542 | 410,749 |
Other long-term liabilities | 84,524 | 89,054 |
Commitments and Contingencies | ||
Total liabilities | 9,756,598 | 9,387,255 |
Stockholders' equity: | ||
Preferred stock, nonvoting, $0.0001 par value, 10,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock, voting, $0.0001 par value, 200,000 shares authorized; 0 shares issued and 0 outstanding at January 1, 2022 and 76,305 shares issued and 66,361 outstanding at January 2, 2021 | 8 | 8 |
Additional paid-in capital | $ 946,099 | $ 897,560 |
Treasury stock (shares) | 17,837 | 17,724 |
Treasury stock, at cost, 17,837 and 17,724 shares | $ (2,933,286) | $ (2,918,768) |
Accumulated other comprehensive loss | (52,232) | (44,695) |
Retained earnings | 4,559,139 | 4,665,087 |
Total stockholders' equity | 2,519,728 | 2,599,192 |
Liabilities and Stockholders' Equity, Total | $ 12,276,326 | $ 11,986,447 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $ 2,857,726 | $ 2,590,382 |
Preferred stock, non-voting, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Preferred stock authorized (shares) | 10,000,000 | 10,000,000 |
Preferred stock issued (shares) | 0 | 0 |
Preferred stock outstanding (shares) | 0 | 0 |
Common stock, voting, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock authorized (shares) | 200,000,000 | 200,000,000 |
Common stock issued (shares) | 77,349,000 | 76,989,000 |
Common stock outstanding (shares) | 59,512,000 | 59,264,000 |
Treasury stock (shares) | 17,837,000 | 17,724,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Net sales | $ 11,287,607 | $ 11,154,722 | $ 10,997,989 |
Cost of sales | 6,764,105 | 6,222,487 | 6,074,039 |
Gross profit | 4,523,502 | 4,932,235 | 4,923,950 |
Selling, general and administrative expenses | 4,409,125 | 4,261,982 | 4,101,585 |
Operating income | 114,377 | 670,253 | 822,365 |
Other, net: | |||
Interest expense | (88,055) | (51,060) | (37,791) |
Loss on early redemptions of senior unsecured notes | 0 | (7,408) | 0 |
Other income (expense), net | 5,525 | (7,423) | (2,081) |
Total other, net | (82,530) | (65,891) | (39,872) |
Income before provision for income taxes | 31,847 | 604,362 | 782,493 |
Provision for income taxes | 2,112 | 139,960 | 185,878 |
Net Income | $ 29,735 | $ 464,402 | $ 596,615 |
Basic earnings per common share (in usd per share) | $ 0.50 | $ 7.70 | $ 9.32 |
Weighted average common shares outstanding | 59,432 | 60,351 | 64,028 |
Diluted earnings per common share (in usd per share) | $ 0.50 | $ 7.65 | $ 9.25 |
Weighted average common shares outstanding | 59,608 | 60,717 | 64,509 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Net income | $ 29,735 | $ 464,402 | $ 596,615 |
Other comprehensive income (loss): | |||
Changes in net unrecognized other postretirement benefit costs, net of tax of $(29), $66 and $93 | 82 | (186) | (264) |
Currency translation adjustments | (7,619) | (17,450) | (59) |
Total other comprehensive income (loss) | (7,537) | (17,636) | (323) |
Comprehensive income | $ 22,198 | $ 446,766 | $ 596,292 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | $ (29) | $ 66 | $ 93 |
CONSOLIDATED STATEMENTS OF CHAN
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) Income | Retained Earnings |
Balance (in shares) at Jan. 02, 2021 | 66,361 | |||||
Balance at Jan. 02, 2021 | $ 3,536,961 | $ 8 | $ 783,709 | $ (1,394,080) | $ (26,736) | $ 4,174,060 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 596,615 | 596,615 | ||||
Total other comprehensive income (loss) | (323) | (323) | ||||
Restricted stock, restricted stock units and deferred stock units vested (in shares) | 331 | |||||
Share-based compensation | 63,067 | 63,067 | ||||
Stock issued under employee stock purchase plan | 3,074 | 3,074 | ||||
Stock issued under employee stock purchase plan (in shares) | 23 | |||||
Repurchase of common stock (in shares) | (4,710) | |||||
Repurchase of common stock | (906,208) | (906,208) | ||||
Cash dividends declared | (206,951) | (206,951) | ||||
Other (in shares) | (4) | |||||
Other | (4,443) | (4,443) | ||||
Balance (in shares) at Jan. 01, 2022 | 62,009 | |||||
Balance at Jan. 01, 2022 | 3,081,792 | $ 8 | 845,407 | (2,300,288) | (27,059) | 4,563,724 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 464,402 | 464,402 | ||||
Total other comprehensive income (loss) | $ (17,636) | (17,636) | ||||
Issuance of shares upon the exercise of stock appreciation rights (in shares) | 3 | |||||
Restricted stock, restricted stock units and deferred stock units vested (in shares) | 297 | |||||
Issuance of shares upon the exercise of stock appreciation rights | $ 535 | 535 | ||||
Share-based compensation | 50,978 | 50,978 | ||||
Stock issued under employee stock purchase plan | 4,140 | 4,140 | ||||
Stock issued under employee stock purchase plan (in shares) | 25 | |||||
Repurchase of common stock (in shares) | (3,070) | |||||
Repurchase of common stock | (618,480) | (618,480) | ||||
Cash dividends declared | (363,039) | (363,039) | ||||
Other (in shares) | 0 | |||||
Other | $ (3,500) | (3,500) | ||||
Balance (in shares) at Dec. 31, 2022 | 59,264 | 59,264 | ||||
Balance at Dec. 31, 2022 | $ 2,599,192 | $ 8 | 897,560 | (2,918,768) | (44,695) | 4,665,087 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 48,323 | 48,323 | ||||
Balance at Apr. 22, 2023 | $ 2,562,720 | (43,931) | 4,623,832 | |||
Balance (in shares) at Dec. 31, 2022 | 59,264 | 59,264 | ||||
Balance at Dec. 31, 2022 | $ 2,599,192 | $ 8 | 897,560 | (2,918,768) | (44,695) | 4,665,087 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 126,900 | 126,900 | ||||
Balance at Jul. 15, 2023 | $ 2,642,654 | (36,707) | 4,686,518 | |||
Balance (in shares) at Dec. 31, 2022 | 59,264 | 59,264 | ||||
Balance at Dec. 31, 2022 | $ 2,599,192 | $ 8 | 897,560 | (2,918,768) | (44,695) | 4,665,087 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 64,862 | 64,862 | ||||
Balance at Oct. 07, 2023 | $ 2,566,336 | (47,025) | 4,609,318 | |||
Balance (in shares) at Dec. 31, 2022 | 59,264 | 59,264 | ||||
Balance at Dec. 31, 2022 | $ 2,599,192 | $ 8 | 897,560 | (2,918,768) | (44,695) | 4,665,087 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 29,735 | 29,735 | ||||
Total other comprehensive income (loss) | $ (7,537) | (7,537) | ||||
Issuance of shares upon the exercise of stock appreciation rights (in shares) | 0 | |||||
Restricted stock, restricted stock units and deferred stock units vested (in shares) | 308 | |||||
Share-based compensation | $ 45,647 | 45,647 | ||||
Stock issued under employee stock purchase plan | 3,892 | 3,892 | ||||
Stock issued under employee stock purchase plan (in shares) | 53 | |||||
Repurchase of common stock (in shares) | (113) | |||||
Repurchase of common stock | (14,518) | (14,518) | ||||
Cash dividends declared | (135,683) | (135,683) | ||||
Other | $ (1,000) | (1,000) | ||||
Balance (in shares) at Dec. 30, 2023 | 59,512 | 59,512 | ||||
Balance at Dec. 30, 2023 | $ 2,519,728 | $ 8 | $ 946,099 | $ (2,933,286) | (52,232) | 4,559,139 |
Balance at Apr. 22, 2023 | 2,562,720 | (43,931) | 4,623,832 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 78,577 | 78,577 | ||||
Balance at Jul. 15, 2023 | 2,642,654 | (36,707) | 4,686,518 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | (62,037) | (62,037) | ||||
Balance at Oct. 07, 2023 | $ 2,566,336 | $ (47,025) | $ 4,609,318 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared per common share | $ 2.25 | $ 6 | $ 3.25 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Cash flows from operating activities: | |||
Net income | $ 29,735 | $ 464,402 | $ 596,615 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 306,454 | 283,800 | 259,933 |
Share-based compensation | 45,647 | 50,978 | 63,067 |
Loss and impairment of long-lived assets | 857 | 3,581 | 8,949 |
Loss on early redemption of senior unsecured notes | 0 | 7,408 | 0 |
Provision for deferred income taxes | 47,782 | (16,528) | (58,786) |
Other, net | 3,267 | 2,587 | (7,985) |
Net change in: | |||
Receivables, net | (114,665) | 67,147 | (7,456) |
Inventories | 44,821 | (229,643) | (124,139) |
Accounts payable | (4,645) | 227,774 | 291,042 |
Accrued expenses | 115,673 | (167,723) | 102,345 |
Other assets and liabilities, net | (91,987) | 9,732 | (134,135) |
Net cash provided by operating activities | 287,375 | 736,571 | 1,107,022 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (242,411) | (424,061) | (289,639) |
Purchase of intangible asset | 0 | (1,900) | 0 |
Proceeds from sales of property and equipment | 6,922 | 1,513 | 2,325 |
Net cash used in investing activities | (235,489) | (424,448) | (287,314) |
Cash flows from financing activities: | |||
Payments on senior unsecured notes | 0 | (201,081) | 0 |
Borrowings under credit facilities | 4,805,000 | 2,035,000 | 0 |
Payments on credit facilities | (4,990,000) | (1,850,000) | 0 |
Proceeds from issuance of senior unsecured notes, net | 599,571 | 348,618 | 0 |
Dividends paid | (209,293) | (336,230) | (160,925) |
Repurchases of common stock | (14,518) | (618,480) | (906,208) |
Other, net | (1,493) | 1,469 | 3,021 |
Net cash provided by (used in) financing activities | 189,267 | (620,704) | (1,064,112) |
Effect of exchange rate changes on cash | (8,487) | (8,664) | 5,474 |
Net increase (decrease) in cash and cash equivalents | 232,666 | (317,245) | (238,930) |
Cash and cash equivalents, beginning of period | 270,805 | 588,050 | 826,980 |
Cash and cash equivalents, end of period | 503,471 | 270,805 | 588,050 |
Supplemental cash flow information: | |||
Interest paid | 73,844 | 46,159 | 36,372 |
Income tax payments | 98,792 | 94,605 | 177,317 |
Non-cash transactions: | |||
Accrued purchases of property and equipment | $ 5,287 | $ 8,927 | $ 14,369 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 30, 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 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 December 30, 2023, we operated a total of 4,786 stores and 321 branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. In addition, as of December 30, 2023, we served 1,245 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” trade names. Accounting Period Our fiscal year ends on the Saturday closest to December 31 st . All references herein for the years 2023, 2022 and 2021 represent the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively, and consisted of fifty-two weeks. Basis of Presentation The consolidated financial statements include the accounts of Advance prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Revision of Previously Issued Financial Statements for Correction of Immaterial Errors During the forty weeks ended October 7, 2023, we identified errors impacting Cost of sales by $10.2 million and Selling, general and administrative (“SG&A”) expenses by $17.3 million. These charges were incurred in prior periods but not recorded and primarily related to product returns and vendor credits. During the twelve weeks ended December 30, 2023, we identified additional errors impacting Cost of sales, SG&A expenses and Other income (expense), net, of $52.7 million, $19.3 million and $1.7 million incurred in prior years but not previously recognized. These charges primarily related to product costs and vendor credits. We assessed the materiality of the errors, including the presentation on prior period consolidated financial statements, on a qualitative and quantitative basis in accordance with SEC Staff Accounting Bulletin No. 99, Materiality , codified in Accounting Standards Codification Topic 250, Accounting Changes and Error Corrections . We concluded that these errors and the related impacts did not result in a material misstatement of our previously issued consolidated financial statements as of and for the years ended December 31, 2022 and January 1, 2022 and our previously issued unaudited condensed consolidated interim financial statements as of and for the sixteen weeks ended April 22, 2023; the twelve and twenty-eight weeks ended July 15, 2023; and the twelve and forty weeks ended October 7, 2023. Correcting the cumulative effect of these errors in the fifty-two weeks ended December 30, 2023 would have had a significant effect on the results of operations for such periods. We have corrected the relevant prior periods of our consolidated financial statements and related footnotes for these and other immaterial errors for comparative purposes and will also correct previously reported financial information for such immaterial errors in future filings, as applicable. A summary of the corrections to the impacted financial statement line items from our previously issued financial statements are presented in Note 1 8 . Immaterial Misstatement of Prior Period Financial Statements . |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents consist of cash in banks and highly-liquid instruments with original maturities of three months or less. Additionally, credit card and debit card receivables from banks, which generally settle in less than four business days, are included in cash equivalents. Inventory Our inventory consists primarily of parts, batteries, accessories and other products used on vehicles that have reasonably long shelf lives and is stated at the lower of cost or market. The cost of our merchandise inventory is primarily determined using the last-in, first-out (“LIFO”) method. Under the LIFO method, our cost of sales reflects the costs of the most recently purchased inventories, while the inventory carrying balance represents the costs relating to prices paid in 2023 and prior years. We regularly review inventory quantities on-hand, consider whether we may have excess or obsolete inventory based on our current approach for managing slower moving inventory and adjust the carrying value as necessary. In 2023, we performed a strategic and operational review of the business, which included the rationalization of product assortment and planned decisive actions. As a result, we made a change in our estimate of excess inventory reserves resulting in a $116.0 million charge to cost of sales. Vendor Incentives We receive incentives in the form of reductions to amounts owed to and/or payments from vendors related to volume rebates and other promotional considerations. Many of these incentives are under long-term agreements in excess of one year, while others are negotiated on an annual or more frequent basis. Advertising allowances provided as a reimbursement of specific, incremental and identifiable costs incurred to promote a vendor’s products are included as an offset to SG&A when the cost is incurred. Volume rebates and allowances that do not meet the requirements for offsetting in SG&A are recorded as a reduction to inventory as volume rebates and allowances are earned based on inventory purchases. Total deferred vendor incentives recorded as a reduction of Inventories were $67.9 million and $77.5 million as of December 30, 2023 and December 31, 2022. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged directly to expense when incurred; major improvements are capitalized. When items are sold or retired, the related cost and accumulated depreciation are removed from the account balances, with any gain or loss reflected in the Consolidated Statements of Operations. Costs incurred with the acquisition or development of software for internal use are capitalized and amortized over the expected useful life of the software, generally five years. Subsequent additions, modifications or upgrades are capitalized to the extent it enhances the software’s functionality. Capitalized software is classified in the Construction in progress category, but once placed into service is removed from Construction in progress and classified within the Furniture, fixtures and equipment category and is depreciated on the straight-line method over three Depreciation of land improvements, buildings, furniture, fixtures and equipment and vehicles is provided over the estimated useful lives of the respective assets using the straight-line method. Depreciation of building and leasehold improvements is provided over the shorter of the original useful lives of the respective assets or the term of the lease using the straight-line method. Goodwill and Other Indefinite-Lived Intangible Assets We perform our evaluation for the impairment of goodwill and other indefinite-lived intangible assets for our reporting units annually as of the first day of the fourth quarter, or when indications of potential impairment exist. These indicators would include a significant change in operating performance, the business climate, legal factors, competition, or a planned sale or disposition of a significant portion of the business, among other factors. Our evaluation of goodwill and other indefinite-lived intangibles may be a Step-0 analysis, which consists of a qualitative assessment, or a Step-1 analysis, which includes a quantitative assessment. In a Step-0 analysis, we assess qualitative factors such as current company performance and overall economic factors to determine if it is more-likely-than-not that the goodwill might be impaired and whether it is necessary to perform a quantitative goodwill impairment test. In the quantitative goodwill impairment test, we compare the carrying value of a reporting unit to its fair value. In performing a Step-1 analysis, we have historically used an income approach which requires many assumptions including forecast, discount rate, long-term growth rate, among other items. We have also utilized the market approach which derives metrics from comparable publicly-traded companies. We have generally engaged a third-party valuation firm to assist in the fair value assessment of goodwill. If the fair value of the reporting unit is lower than its carrying amount, goodwill is written down for the amount by which the carrying amount exceeds the reporting unit's fair value. Our other indefinite-lived intangible assets are tested for impairment at the asset group level. Other indefinite-lived intangible assets are evaluated by comparing the carrying amount of the asset to the future discounted cash flows that the asset is expected to generate. If the fair value based on the future discounted cash flows exceeds the carrying value, we conclude that no intangible asset impairment has occurred. If the carrying value of the indefinite-lived intangible asset exceeds the fair value, we recognize an impairment loss. We have three operating segments, defined as “Advance Auto Parts/Carquest U.S.,” “Carquest Canada” and “Worldpac”. As each operating segment represents a reporting unit, goodwill is assigned to each reporting unit. See Not e 4. Goodwill and Intangibles for additional information. Valuation of Long-Lived Assets We evaluate the recoverability of our long-lived assets, including finite-lived intangible assets, whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable and exceeds its fair value. When such an event occurs, we estimate the undiscounted future cash flows expected to result from the use of the long-lived asset or asset group and its eventual disposition. These impairment evaluations involve estimates of asset useful lives and future cash flows. If the undiscounted expected future cash flows are less than the carrying amount of the asset and the carrying amount of the asset exceeds its fair value, an impairment loss is recognized. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value based on quoted market prices or other valuation techniques (e.g., discounted cash flow analysis). Self-Insurance We are self-insured for general and automobile liability, workers’ compensation and health care claims of our team members, while maintaining stop-loss coverage with third-party insurers to limit our total liability exposure. Expenses associated with these liabilities are calculated for (i) claims filed, (ii) claims incurred but not yet reported and (iii) projected future claims using actuarial methods followed in the insurance industry as well as our historical claims experience. We include the current portion of self-insurance reserves in Accrued expenses and the long-term portion of self insurance reserves in Other long-term liabilities in the accompanying Consolidated Balance Sheets. Leases We lease certain store locations, distribution centers, office spaces, equipment and vehicles. We recognize lease expense on a straight-line basis over the initial term of the lease unless external economic factors exist such that renewals are reasonably certain. In those instances, the renewal period would be included in the lease term to determine the period in which to recognize the lease expense. Most leases require us to pay non-lease components, such as taxes, maintenance, insurance and other certain costs applicable to the leased asset. For leases related to our store locations, distribution centers, office spaces and vehicles, we account for lease and non-lease components as a single amount. Fair Value Measurements A three-level valuation hierarchy, based upon observable and unobservable inputs, is used for fair value measurements. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions based on the best evidence available. These two types of inputs create the following fair value hierarchy: Level 1 - Quoted prices for identical instruments in active markets; Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose significant inputs are observable; and Level 3 - Instruments whose significant inputs are unobservable. Financial instruments are transferred in and/or out of Level 1, 2 or 3 at the beginning of the accounting period in which there is a change in valuation inputs. Share-Based Payments We provide share-based compensation to our eligible team members and Board of Directors. We are required to exercise judgment and make estimates when determining the (i) fair value of each award granted and (ii) projected number of awards expected to vest. We calculate the fair value of all share-based awards at the date of grant and use the straight-line method to amortize this fair value as compensation cost over the requisite service period. Revenues Accounting Standards Codification 606, Revenue From Contracts With Customers (Topic 606) (“ASC 606”) defines a performance obligation as a promise in a contract to transfer a distinct good or service to the customer and is considered the unit of account. The majority of our contracts have one single performance obligation as the promise to transfer the individual goods is not separately identifiable from other promises in the contracts and is, therefore, not distinct. Discounts and incentives are treated as separate performance obligations. We allocate the contract’s transaction price to each of these performance obligations separately using explicitly stated amounts or our best estimate using historical data. In accordance with ASC 606, revenue is recognized at the time the sale is made at which time our walk-in customers take immediate possession of the merchandise or same-day delivery is made to our professional delivery customers, which include certain independently owned store locations. Payment terms are established for our professional delivery customers based on pre-established credit requirements. Payment terms vary depending on the customer and generally range from one to 30 days. Based on the nature of receivables, no significant financing components exist. For e-commerce sales, revenue is recognized either at the time of pick-up at one of our store locations or at the time of shipment depending on the customer's order designation. Sales are recorded net of discounts, sales incentives and rebates, sales taxes, and estimated returns and allowances. We estimate the reduction to Net sales and Cost of sales for returns based on current sales levels and our historical return experience. We provide assurance-type warranty coverage primarily on batteries, brakes and struts whereby we are required to provide replacement product at no cost or a reduced cost for a set period of time. We estimate our warranty obligation at the time of sale based on the historical return experience, sales level and cost of the respective product sold. To the extent vendors provide upfront allowances in lieu of accepting the obligation for warranty claims and the allowance is in excess of the related warranty expense, the excess is recorded as a reduction to cost of sales. Some of our products include a core component, which represents a recyclable piece of the auto part. If a customer purchases an auto part that includes a core component, the customer is charged for the core unless a used core is returned at the time of sale. Customers that return a core subsequent to the sale date will be refunded. The following table summarizes financial information for each of our product groups: Year Ended December 30, 2023 December 31, 2022 January 1, 2022 Percentage of Sales, by Product Group Parts and Batteries 65 % 66 % 67 % Accessories and Chemicals 19 20 20 Engine Maintenance 15 13 12 Other 1 1 1 Total 100 % 100 % 100 % Receivables, net, consists primarily of receivables from professional customers and is stated at net realizable value. We grant credit to certain professional customers who meet our pre-established credit requirements. We regularly review accounts receivable balances and maintain allowances for credit losses estimated whenever events or circumstances indicate the carrying value may not be recoverable. We consider the following factors when determining if collection is reasonably assured: customer creditworthiness, past transaction history with the customer, current economic and industry trends and changes in customer payment terms. We control credit risk through credit approvals, credit limits and accounts receivable and credit monitoring procedures. Cost of Sales Cost of sales includes actual product cost, warranty costs, vendor incentives, cash discounts on payments to vendors, costs associated with operating our distribution network, including payroll and benefits costs, occupancy costs and depreciation, in-bound freight-related costs from our vendors, impairment of inventory resulting from store closures and inventory-related reserves and costs associated with moving merchandise inventories from our distribution centers to stores, branch locations and customers. Selling, General and Administrative Expenses SG&A includes payroll and benefits costs for store and corporate team members; occupancy costs of store and corporate facilities; depreciation and amortization related to store and corporate assets; share-based compensation expense; advertising; self-insurance; costs of consolidating, converting or closing facilities, including early termination of lease obligations; severance and impairment charges; professional services and costs associated with our professional delivery program, including payroll and benefits costs; and transportation expenses associated with moving merchandise inventories from stores and branches to customer locations. Preopening Expenses Preopening expenses, which consist primarily of payroll and occupancy costs related to the opening of new stores, are expensed as incurred as a component of SG&A in the accompanying Consolidated Statements of Operations. Advertising Costs We expense advertising costs as incurred. Advertising expense, net of qualifying vendor promotional funds, was $151.8 million, $164.0 million and $178.0 million in 2023, 2022 and 2021. Foreign Currency Translation The assets and liabilities of our foreign operations are translated into U.S. dollars at current exchange rates. Revenues, expenses and cash flows are translated at average exchange rates for the year. Resulting translation adjustments are reflected as a separate component in the Consolidated Statements of Comprehensive Income. Foreign currency transactions, which are included in Other income (expense), net, were a loss of $3.4 million in 2023, loss of $4.8 million in 2022 and income of $1.7 million in 2021. Income Taxes We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under the asset and liability method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred income taxes reflect the net income tax effect of temporary differences between the basis of assets and liabilities for financial reporting purposes and for income tax reporting purposes. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period of the enactment date. We recognize tax benefits and/or tax liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more-likely-than-not that the position will be sustained in an audit, including resolution of related appeals or litigation processes, if any. The second step requires us to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts as we must determine the probability of various possible outcomes. We reevaluate these uncertain tax positions on a quarterly basis or when new information becomes available to management. The reevaluations are based on many factors, including but not limited to, changes in facts or circumstances, changes in tax law, successfully settled issues under audit, expirations due to statutes of limitations and new federal or state audit activity. Any change in either our recognition or measurement could result in the recognition of a tax benefit or an increase to the tax accrual. Earnings per Share Basic earnings per share of common stock has been computed based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by including the effect of dilutive securities. Diluted earnings per share of common stock reflects the weighted average number of shares of common stock outstanding, outstanding deferred stock units and the impact of outstanding stock awards (collectively “share-based awards”) if the conversion of these awards are dilutive. Share-based awards containing performance conditions are included in the dilution impact as those conditions are met. Segment Information Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) for purposes of allocating resources and evaluating financial performance. Our CODM, the Chief Executive Officer, reviews financial information presented on a consolidated basis, accompanied by information about our three operating segments, for the purpose of allocating resources and evaluating financial performance. We have one reportable segment as the three operating segments are aggregated primarily due to the economic and operational similarities of each operating segment as the stores and branches have similar characteristics, including the nature of the products and services offered, customer base and the methods used to distribute products and provide services to its customers. Recently Issued Accounting Pronouncements - Not Yet Adopted Disclosure Improvements In October 2023, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements (“ASU 2023-06”), which defers when companies will be required to improve and clarify disclosure and presentation requirements by June 2027. ASU 2023-06 applies to all entities subject to meeting the Securities and Exchange (“SEC”) disclosure requirements. These updates would require additional qualitative information to the Statement of Cash Flows, Earnings Per Share, Debt and Shareholder’s Equity disclosures. The related disclosures are effective for the fiscal year beginning after December 15, 2024. We are currently evaluating the impact of adopting ASU 2023-06 on our consolidated financial statements and related disclosures, and do not believe it will have a material impact on our consolidated financial statements. Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires a company to disclose additional, more detailed information about a reportable segment’s significant expenses, even if there is one reportable segment, and is intended to improve the disclosures about a public entity’s reportable segments. The ASU is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2023-07 and do not believe it will have a material impact on our consolidated financial statements and segment reporting. Income Tax Disclosure Improvements In December 2023, the FASB issued ASU 2023-09, Income Taxes (“ASU 2023-09”) , which requires a company to enhance their income tax disclosures. In each annual reporting period, the company should disclose the specific categories used in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, including disaggregation of taxes paid by jurisdiction. The related disclosures are effective for the fiscal year beginning after December 15, 2024. We are currently evaluating the impact of adopting ASU 2023-09 on our consolidated financial statements and related disclosures and do not believe it will have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements - Adopted Supplier Finance Programs In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations (“ASU 2022-04”), which requires a company to disclose sufficient qualitative and quantitative information about any supplier finance program in which it participates as a buyer. In each annual reporting period, the company should disclose the key terms of the program, including a rollforward of those obligations outstanding at the beginning of the period. ASU 2022-04 is 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. The adoption of ASU 2022-04 on our consolidated financial statements and related disclosures does not have a material impact on our consolidated financial statements. Reference Rate Reform In March 2021, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 |
Inventories
Inventories | 12 Months Ended |
Dec. 30, 2023 | |
Inventory, Net [Abstract] | |
Inventories | Inventories We used the LIFO method of accounting for approximately 91.4% of Inventories at December 30, 2023 and 92.4% of Inventories at December 31, 2022. As a result of changes in the LIFO reserve, we recorded a decrease to Cost of sales of $94.6 million in 2023 and an increase to Cost of sales of $311.8 million in 2022 and a decrease to Cost of sales of $122.3 million in 2021. Purchasing and warehousing costs included in Inventories as of December 30, 2023 and December 31, 2022 were $576.9 million and $635.9 million. Inventory balances were as follows: December 30, 2023 December 31, 2022 Inventories at first-in, first-out (“FIFO”) $ 5,041,752 $ 5,174,918 Adjustments to state inventories at LIFO (184,050) (278,649) Inventories at LIFO $ 4,857,702 $ 4,896,269 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Other Intangible Assets, Net Goodwill At December 30, 2023 and December 31, 2022, the carrying amount of Goodwill in the accompanying Consolidated Balance Sheets was $991.7 million and $990.5 million. The change in Goodwill during 2023 and 2022 was $1.2 million and $3.3 million, and related to foreign currency translation. There has been no history of impairment of goodwill experienced to date. Other Intangible Assets, Net Amortization expense was $29.5 million, $31.0 million and $31.1 million for 2023, 2022 and 2021. A summary of the composition of the gross carrying amounts and accumulated amortization of acquired other intangible assets are presented in the following table: December 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Amortized intangible assets: Customer relationships $ 350,092 $ (296,205) $ 53,887 $ 349,428 $ (267,806) $ 81,622 Non-compete and other 40,157 (38,575) 1,582 40,157 (38,051) 2,106 390,249 (334,780) 55,469 389,585 (305,857) 83,728 Indefinite-lived intangible assets: Brands, trademark and trade names 537,872 — 537,872 537,173 — 537,173 Total intangible assets $ 928,121 $ (334,780) $ 593,341 $ 926,758 $ (305,857) $ 620,901 Future Amortization Expense The expected amortization expense for the next five years and thereafter for acquired intangible assets recorded as of December 30, 2023 was as follows: Year Amount 2024 $ 28,164 2025 26,633 2026 380 2027 292 $ 55,469 |
Receivables, net
Receivables, net | 12 Months Ended |
Dec. 30, 2023 | |
Receivables [Abstract] | |
Receivables, net | Receivables, net, consisted of the following: December 30, 2023 December 31, 2022 Trade $ 558,953 $ 557,195 Vendor 257,847 133,023 Other 10,930 10,638 Total receivables 827,730 700,856 Less: allowance for credit losses (27,589) (16,808) Receivables, net $ 800,141 $ 684,048 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment | Property and Equipment Property and equipment consisted of the following: Useful Lives December 30, 2023 December 31, 2022 Land and land improvements (1) 10 years $ 470,890 $ 471,349 Buildings 30 - 40 years 543,467 535,884 Building and leasehold improvements 3 - 15 years 800,621 722,006 Furniture, fixtures and equipment 3 - 20 years 2,563,043 2,398,818 Vehicles 3 years 14,539 14,549 Construction in progress 113,712 137,915 4,506,272 4,280,521 Less: Accumulated depreciation (2,857,726) (2,590,382) Property and equipment, net $ 1,648,546 $ 1,690,139 (1) Land is deemed to have an indefinite life. |
Leases and Other Commitments
Leases and Other Commitments | 12 Months Ended |
Dec. 30, 2023 | |
Leases and Other Commitments [Abstract] | |
Leases and Other Commitments | Leases and Other Commitments Leases Substantially all of our leases are for facilities and vehicles. The initial term for facilities are typically five three Operating lease liabilities consisted of the following: December 30, 2023 December 31, 2022 Total operating lease liabilities $ 2,660,827 $ 2,692,861 Less: Current portion of operating lease liabilities (445,061) (414,543) Non-current operating lease liabilities $ 2,215,766 $ 2,278,318 The current portion of operating lease liabilities was included in Other current liabilities in the accompanying Consolidated Balance Sheets. Total lease cost was included in Cost of sales and SG&A in the accompanying Consolidated Statements of Operations and is recorded net of immaterial sublease income. Total lease cost comprised the following: Year Ended December 30, 2023 December 31, 2022 Operating lease cost $ 572,024 $ 563,959 Variable lease cost 177,504 171,621 Total lease cost $ 749,528 $ 735,580 The future maturity of lease liabilities are as follows: Year Amount 2024 $ 539,836 2025 582,552 2026 466,443 2027 383,426 2028 294,932 Thereafter 775,662 Total lease payments 3,042,851 Less: Imputed interest (382,024) Total operating lease liabilities $ 2,660,827 Operating lease liabilities included $30.0 million related to options to extend lease terms that are reasonably certain of being exercised and excluded $49.7 million of legally binding lease obligations for leases signed, but not yet commenced. The weighted average remaining lease term and weighted average discount rate for our operating leases were 6.5 years and 3.9% as of December 30, 2023. We calculated the weighted average discount rates using incremental borrowing rates, which equal the rates of interest that we would pay to borrow funds on a fully collateralized basis over a similar term. Other information relating to our lease liabilities were as follows: Year Ended December 30, 2023 December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 603,108 $ 624,484 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 447,988 $ 432,497 Other Commitments We have entered into certain arrangements which require the future purchase of goods or services. Our obligations primarily consist of payments for the purchase of hardware, software and maintenance. As of December 30, 2023, future payments of these arrangements were $133.0 million and were not accrued in our Consolidated Balance Sheet. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following: December 30, 2023 December 31, 2022 Payroll and related benefits $ 161,607 $ 155,441 Taxes payable 118,791 84,454 Self-insurance reserves 74,536 72,337 Inventory related accruals 68,188 43,025 Accrued rebates 51,656 42,415 Accrued professional services/legal 14,425 22,317 Capital expenditures 5,287 8,927 Other 176,747 200,548 Total accrued expenses $ 671,237 $ 629,464 |
Share Repurchase Program
Share Repurchase Program | 12 Months Ended |
Dec. 30, 2023 | |
Share Repurchase Program [Abstract] | |
Share Repurchase Program | . Share Repurchase Program In February 2022, our Board of Directors authorized an additional $1.0 billion toward the existing share repurchase program. Previously in April 2021 and November 2019, our Board of Directors authorized $1.0 billion and $700.0 million 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. The Board of Directors may increase or otherwise modify, renew, suspend or terminate the share repurchase program without prior notice. During 2023, we did not repurchase any shares of our common stock under our share repurchase program. We had $947.3 million remaining under our share repurchase program as of December 30, 2023. During 2022, we repurchased 3.0 million shares of our common stock at an aggregate cost of $598.2 million or an average price of $201.88 per share, under our share repurchase program. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share The computations of basic and diluted earnings per share were as follows: Year Ended December 30, 2023 December 31, 2022 January 1, 2022 Numerator Net income applicable to common shares $ 29,735 $ 464,402 $ 596,615 Denominator Basic weighted average common shares 59,432 60,351 64,028 Dilutive impact of share-based awards 176 366 481 Diluted weighted average common shares (1) 59,608 60,717 64,509 Basic earnings per common share $ 0.50 $ 7.70 $ 9.32 Diluted earnings per common share $ 0.50 $ 7.65 $ 9.25 (1) For 2023, 2022 and 2021, restricted stock units (“RSUs”) excluded from the diluted calculation as their inclusion would have been anti-dilutive were 299 thousand |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Provision for Income Taxes Provision for income taxes consisted of the following: Current Deferred Total 2023 Federal $ 20,363 $ (36,935) $ (16,572) State 6,137 (11,321) (5,184) Foreign 23,394 474 23,868 $ 49,894 $ (47,782) $ 2,112 2022 Federal $ 81,564 $ 12,609 $ 94,173 State 15,902 5,546 21,448 Foreign 25,966 (1,627) 24,339 $ 123,432 $ 16,528 $ 139,960 2021 Federal $ 83,979 $ 47,558 $ 131,537 State 22,927 10,240 33,167 Foreign 20,186 988 21,174 $ 127,092 $ 58,786 $ 185,878 The provision for income taxes differed from the amount computed by applying the federal statutory income tax rate due to: Year Ended December 30, 2023 December 31, 2022 January 1, 2022 Income before provision for income taxes at statutory U.S. federal income tax rate (21% for 2023, 2022 and 2021) $ 6,689 $ 126,730 $ 163,965 State income taxes, net of federal income tax (4,962) 16,222 27,517 Other, net 385 (2,992) (5,604) Provision for income taxes $ 2,112 $ 139,960 $ 185,878 Deferred Income Tax Assets (Liabilities) Temporary differences that give rise to significant deferred income tax assets (liabilities) were as follows: December 30, 2023 December 31, 2022 Deferred income tax assets: Accrued expenses not currently deductible for tax $ 22,377 $ 19,589 Share-based compensation 10,698 12,642 Accrued medical and workers compensation 9,704 13,666 Net operating loss carryforwards 3,273 3,577 Operating lease liabilities 670,030 678,432 Other, net 13,602 9,291 Total deferred income tax assets before valuation allowances 729,684 737,197 Less: Valuation allowance (5,179) (5,036) Total deferred income tax assets 724,505 732,161 Deferred income tax liabilities: Property and equipment (91,084) (125,651) Inventories (219,446) (226,499) Intangible assets (136,366) (137,464) Operating lease right-of-use assets (640,151) (653,296) Total deferred income tax liabilities (1,087,047) (1,142,910) Net deferred income tax liabilities $ (362,542) $ (410,749) As of December 30, 2023 and December 31, 2022, our net operating loss (“NOL”) carryforwards comprised state NOLs of $102.2 million and $108.9 million. These NOLs may be used to reduce future taxable income and expire periodically through 2039. Due to uncertainties related to the realization of these NOLs in certain jurisdictions, as well as other credits available to us, we have recorded a valuation allowance of $2.9 million as of December 30, 2023 and $3.0 million as of December 31, 2022. In addition, we recorded a $2.2 million valuation allowance on foreign tax credit carryforwards as of December 30, 2023. The amount of deferred income tax assets realizable could change in the future if projections of future taxable income change. We have not recorded deferred taxes when earnings from foreign operations are considered to be indefinitely invested outside of the U.S. As of December 30, 2023 and December 31, 2022, these accumulated net earnings generated by our foreign operations were $118.3 million and $98.7 million, which did not include earnings deemed to be repatriated as part of the U.S. Tax Cuts and Jobs Act. It is not practicable to determine the income tax liability that would be payable if such earnings were repatriated. Unrecognized Tax Benefits The following table summarizes the activity of our gross unrecognized tax benefits: December 30, 2023 December 31, 2022 January 1, 2022 Unrecognized tax benefits, beginning of period $ 15,211 $ 20,979 $ 26,967 Increases related to prior period tax positions 245 75 484 Decreases related to prior period tax positions — (261) (849) Increases related to current period tax positions 563 928 2,240 Settlements — (256) (2,993) Expiration of statute of limitations (4,829) (6,254) (4,870) Unrecognized tax benefits, end of period $ 11,190 $ 15,211 $ 20,979 As of December 30, 2023, December 31, 2022 and January 1, 2022, the entire amount of unrecognized tax benefits, if recognized, would reduce our annual effective tax rate of 6.6%, 23.2% and 23.8%. During 2023, 2022 and 2021, we recorded income tax-related interest and penalties of $0.2 million, $0.6 million and $0.7 million due to uncertain tax positions included in the Provision for income taxes in the accompanying Consolidated Statements of Operations. As of December 30, 2023 and December 31, 2022, we recorded a liability for potential interest of $2.5 million and $2.7 million and for potential penalties of $0.1 million for each year. We do not provide for any penalties associated with tax contingencies unless considered probable of assessment. We do not expect our unrecognized tax benefits to change significantly over the next 12 months. With few exceptions, we are no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2020. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Currently and from time to time, we are subject to litigation, claims and other disputes, including legal and regulatory proceedings, arising in the normal course of business. We record a loss contingency liability when a loss is considered probable and the amount can be reasonably estimated. Although the final outcome of pending legal matters cannot be determined, based on the facts presently known, it is management’s opinion that the final outcome of any pending matters will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. Our Western Auto subsidiary, together with other defendants (including Advance and other of its subsidiaries), has been named as a defendant in lawsuits alleging injury as a result of exposure to asbestos-containing products. The plaintiffs have alleged that certain products contained asbestos and were manufactured, distributed and/or sold by the various defendants. Many of the cases pending against us are in the early stages of litigation. While the damages claimed against the defendants in some of these proceedings are substantial, we believe many of these claims are at least partially covered by insurance and historically asbestos claims against us have been inconsistent in fact patterns alleged and immaterial. We do not believe the cases currently pending will have a material adverse effect on our financial position, results of operations or cash flows. On October 9, 2023 and October 27, 2023, two putative class actions on behalf of purchasers of our securities who purchased or otherwise acquired their securities between November 16, 2022 and May 30, 2023, inclusive (the “Class Period”), were commenced against us and certain of our former officers in the United States District Court for the Eastern District of North Carolina. The plaintiffs allege that the defendants made certain false and materially misleading statements during the alleged Class Period in violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. These cases were consolidated on February 9, 2024 and the matter is in preliminary stages. We strongly dispute the allegations and intend to defend the case vigorously. On January 17, 2024, a derivative shareholder complaint was commenced against our directors and certain former officers alleging derivative liability for the allegations made in the securities class action complaints noted above. This case is still in preliminary stages. We strongly dispute the allegations of the complaint and intend to defend the case vigorously. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 30, 2023 | |
Postemployment Benefits [Abstract] | |
Benefit Plans | Benefit Plans 401(k) Plan We maintain a defined contribution benefit plan, which covers substantially all team members after one year of service and who have attained the age of 21. The plan allows for team member salary deferrals, which are matched at our discretion. Company contributions to these plans were $26.3 million, $24.5 million and $27.3 million in 2023, 2022 and 2021. Deferred Compensation We maintain a non-qualified deferred compensation plan for certain team members. This plan provides for a minimum and maximum deferral percentage of the team member’s base salary and bonus as determined by the Retirement Plan Committee. We established and maintain a deferred compensation liability for this plan. As of December 30, 2023 and December 31, 2022, these liabilities were $14.3 million and $13.7 million and are included within Accrued Expenses in the Consolidated Balance Sheets. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation Overview We grant share-based compensation awards to our team members and members of our Board of Directors as provided for under our 2023 Omnibus Incentive Compensation Plan (“2023 Plan”), approved on May 24, 2023, which replaced our 2014 Long-Term Incentive Plan. In 2023, 2022 and 2021, we granted share-based compensation in the form of RSUs or deferred stock units (“DSUs”). Our grants, which have three methods of measuring fair value, generally include a time-based service or a performance-based or a market-based portion, which collectively represent the target award. In 2023 and 2022, we also granted options to purchase common stock to certain employees under our 2023 Plan. The options are granted at an exercise price equal to the closing market price of Advance's common stock on the date of the grant, expire after ten years and vest one-third annually over three years. We record compensation expense for the grant date fair value of the option awards evenly over the vesting period. At December 30, 2023, there were 2.4 million shares of common stock available for future issuance under the 2023 Plan based on management’s current estimate of the probable vesting outcome for performance-based awards. Shares forfeited become available for reissuance and are included in availability. Restricted Stock Units For time-based RSUs, the fair value of each award was determined based on the market price of our common stock on the date of grant. Time-based RSUs generally vest over a three-year period in equal annual installments beginning on the first anniversary of the grant date. During the vesting period, holders of RSUs are entitled to receive dividend equivalents, but are not entitled to voting rights. For performance-based RSUs, the fair value of each award was determined based on the market price of our common stock on the date of grant. Performance-based awards generally may vest following a three-year period subject to the achievement of certain financial goals as specified in the grant agreements. Depending on our results during the three-year performance period, the actual number of awards vesting at the end of the period generally ranges from 0% to 200% of the performance award. Performance-based RSUs generally do not have dividend equivalent rights and do not have voting rights until the shares are earned and issued following the applicable performance period. The number of performance-based awards outstanding is based on the number of awards that we believed were probable of vesting at December 30, 2023. There were 22 thousand performance-based RSUs granted during 2023. There were no performance-based RSUs granted during 2022 or 2021. The change in units based on performance represents the change in the number of granted awards expected to vest based on the updated probability assessment as of December 30, 2023. Compensation expense for performance-based awards of $6.4 million, $11.8 million and $22.8 million in 2023, 2022 and 2021 was determined based on management’s estimate of the probable vesting outcome. For market-based RSUs, the fair value of each award was determined using a Monte Carlo simulation model. The model uses multiple input variables that determined the probability of satisfying the market condition requirements as follows: 2023 2022 2021 Risk-free interest rate (1) 4.6 % 1.6 % 0.3 % Expected dividend yield — % — % — % Expected stock price volatility (2) 37.4 % 34.6 % 36.0 % (1) The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate having a term consistent with the vesting period of the award. (2) Expected volatility is determined based on historical volatility over a matching look-back period and is consistent with the correlation coefficients between our stock prices and our peer group. Additionally, we estimated a liquidity discount of 12.2% using the Chaffe Model to adjust the fair value for the post-vest restrictions. Vesting of market-based RSUs depends on our relative total shareholder return among a designated group of peer companies during a three-year period and will be subject to a one-year holding period after vesting. The following table summarizes activity for time-based, performance-based and market-based RSUs in 2023: Time-Based Performance-Based Market-Based Number of Awards Weighted Average Number of Awards Weighted Average Number of Awards Weighted Average Nonvested at December 31, 2022 394 $ 180.41 105 $ 130.88 135 $ 191.72 Granted 627 $ 89.81 22 $ 135.13 73 $ 139.75 Change in units based on performance — $ — (15) $ 137.11 — $ — Vested (1) (195) $ 169.61 (112) $ 130.88 (30) $ 145.04 Forfeited (126) $ 139.70 — $ 130.03 (55) $ 173.13 Nonvested at December 30, 2023 700 $ 109.56 — $ — 123 $ 180.63 (1) The vested shares of market-based RSUs were not exercised due to low multiplier effect for 2020 awards. The following table summarizes certain information concerning activity for time-based, performance-based and market-based RSUs: Year Ended December 30, 2023 December 31, 2022 January 1, 2022 Time-based: Weighted average fair value of RSUs granted $ 89.81 $ 196.61 $ 183.41 Total grant date fair value of RSUs vested $ 33,125 $ 34,685 $ 34,555 Performance-based: Weighted average fair value of RSUs granted $ 135.13 $ — $ — Total grant date fair value of RSUs vested $ 14,711 $ 12,460 $ 7,987 Market-based: Weighted average fair value of RSUs granted $ 139.75 $ 205.52 $ 204.97 Total grant date fair value of RSUs vested $ 4,400 $ 3,695 $ 3,650 As of December 30, 2023, the maximum potential payout under our currently outstanding performance-based and market-based RSUs were 44 thousand and 255 thousand units. Stock Options In 2023, we granted 316 thousand stock options where the weighted average fair value of stock options granted was $28.97 per share. The fair value was estimated on the date of grant by applying the Black-Scholes-Merton option-pricing valuation model. The following table includes summary information for stock options as of December 30, 2023: Number of Awards Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at December 31, 2022 206 $ 190.75 Granted 316 $ 94.03 Exercised — $ — Forfeited (104) $ 162.54 Outstanding at December 30, 2023 417 $ 124.59 8.7 $ 529 Exercisable at December 30, 2023 80 $ 186.22 6.9 $ — The following table presents the range of the weighted-average assumptions used in determining the fair values of options granted: Year Ended December 30, 2023 Risk-free interest rate (1) 4.08% – 4.31% Expected life (2) 6 years Expected volatility (3) 35.1% – 42.9% Expected dividend yield (4) 1.45% – 4.05% (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 Securities and Exchange Commission 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. Other Considerations Total income tax benefit related to share-based compensation expense for 2023, 2022 and 2021 was $11.0 million, $12.5 million and $15.2 million. As of December 30, 2023, there was $69.5 million of unrecognized compensation expense related to all share-based awards that is expected to be recognized over a weighted average period of 1.50 years. Deferred Stock Units We grant share-based awards annually to our Board of Directors in connection with our annual meeting of stockholders. These awards are granted in the form of DSUs as provided for in the Advance Auto Parts, Inc. Deferred Stock Unit Plan for Non-Employee Directors and Selected Executives (“DSU Plan”) . Each DSU is equivalent to one share of our common stock and will be distributed in common shares after the director’s service on the Board ends. DSUs granted vest over a one-year service period. Additionally, the DSU Plan provides for the deferral of compensation earned in the form of (i) an annual retainer for directors and (ii) wages for certain highly compensated team members. These DSUs are settled in common stock with the participants at a future date, or over a specified time period, as elected by the participants in accordance with the DSU Plan. We granted 74 thousand, nine thousand and ten thousand DSUs in 2023, 2022 and 2021. The weighted average fair value of DSUs granted during 2023, 2022 and 2021 was $66.60, $193.05 and $191.24. The DSUs were awarded at a price equal to the market price of our underlying common stock on the date of the grant. For 2023, 2022 and 2021, we recognized $3.4 million, $1.7 million and $1.6 million of share-based compensation expense for these DSU grants. Employee Stock Purchase Plan We also offer an employee stock purchase plan (“ESPP”). Under the ESPP, eligible team members may elect salary deferrals to purchase our common stock at a discount of 10% from its fair market value on the date of purchase. There are annual limitations on the amounts a team member may elect of either $25 thousand per team member or 10% of compensation, whichever is less. As of December 30, 2023, there were 2.5 million shares available to be issued under the ESPP. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, net of tax, consisted of the following: Unrealized Gain (Loss) on Foreign Currency Translation Accumulated Other Comprehensive Balance, January 2, 2021 $ 1,170 $ (27,906) $ (26,736) 2021 activity (264) (59) (323) Balance, January 1, 2022 906 (27,965) (27,059) 2022 activity (186) (17,450) (17,636) Balance, December 31, 2022 720 (45,415) (44,695) 2023 activity 82 (7,619) (7,537) Balance, December 30, 2023 $ 802 $ (53,034) $ (52,232) |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 30, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | Advance Auto Parts, Inc. Schedule II - Valuation and Qualifying Accounts (in thousands) Allowance for credit losses Balance at Beginning of Period Charges to Expenses Deductions (1) Balance at End of Period January 1, 2022 $ 11,929 $ 11,125 $ (12,892) $ 10,162 December 31, 2022 $ 10,162 $ 25,994 $ (19,348) $ 16,808 December 30, 2023 $ 16,808 $ 22,112 $ (11,331) $ 27,589 (1) Accounts written off during the period. These amounts did not impact our Statements of Operations for any year presented. Other valuation and qualifying accounts have not been reported in this schedule because they are either not applicable or because the information has been included elsewhere in this report. |
Supplier Finance Program
Supplier Finance Program | 12 Months Ended |
Dec. 30, 2023 | |
Payables and Accruals [Abstract] | |
Supplier Finance Program | Supplier Finance Programs We maintain supply chain financing agreements with third-party financial institutions to provide our suppliers with enhanced receivables options. Through these agreements, our suppliers, at their sole discretion, may elect to sell their receivables due from us to the third-party financial institution at terms negotiated between the supplier and the third-party financial institution. We do not provide any guarantees to any third party in connection with these financing arrangements. Our obligations to our suppliers, including amounts due and scheduled payment terms, are not impacted, and no assets are pledged under the agreements. All outstanding amounts due to third-party financial institutions related to suppliers participating in such financing arrangements are recorded within Accounts payable and represent obligations outstanding under these supplier finance programs for invoices that were confirmed as valid and owed to the third-party financial institutions in our Consolidated Balance Sheets. As of December 30, 2023 and December 31, 2022, $3.4 billion and $3.1 billion of our Accounts payable Our confirmed obligations to suppliers participating in these financing arrangements consist of the following: December 30, 2023 Confirmed obligations outstanding at the beginning of the year $ 3,100,172 Invoices confirmed during the year 3,430,710 Confirmed invoices paid during the year (3,169,633) Confirmed obligations outstanding at the end of the year $ 3,361,249 |
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 | Apr. 22, 2023 | Jul. 15, 2023 | Oct. 07, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net Income (Loss) | $ (62,037) | $ 78,577 | $ 48,323 | $ 126,900 | $ 64,862 | $ 29,735 | $ 464,402 | $ 596,615 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Policies [Abstract] | |
Accounting Period | Accounting Period Our fiscal year ends on the Saturday closest to December 31 st . All references herein for the years 2023, 2022 and 2021 represent the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively, and consisted of fifty-two weeks. |
Basis of Presentation | Basis of Presentation |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Inventory | Inventory Our inventory consists primarily of parts, batteries, accessories and other products used on vehicles that have reasonably long shelf lives and is stated at the lower of cost or market. The cost of our merchandise inventory is primarily determined using the last-in, first-out (“LIFO”) method. Under the LIFO method, our cost of sales reflects the costs of the most recently purchased inventories, while the inventory carrying balance represents the costs relating to prices paid in 2023 and prior years. We regularly review inventory quantities on-hand, consider whether we may have excess or obsolete inventory based on our current approach for managing slower moving inventory and adjust the carrying value as necessary. In 2023, we performed a strategic and operational review of the business, which included the rationalization of product assortment and planned decisive actions. As a result, we made a change in our estimate of excess inventory reserves resulting in a $116.0 million charge to cost of sales. |
Vendor Incentives | Vendor Incentives We receive incentives in the form of reductions to amounts owed to and/or payments from vendors related to volume rebates and other promotional considerations. Many of these incentives are under long-term agreements in excess of one year, while others are negotiated on an annual or more frequent basis. Advertising allowances provided as a reimbursement of specific, incremental and identifiable costs incurred to promote a vendor’s products are included as an offset to SG&A when the cost is incurred. Volume rebates and allowances that do not meet the requirements for offsetting in SG&A are recorded as a reduction to inventory as volume rebates and allowances are earned based on inventory purchases. Total deferred vendor incentives recorded as a reduction of Inventories were $67.9 million and $77.5 million as of December 30, 2023 and December 31, 2022. |
Preopening Expenses | Preopening Expenses Preopening expenses, which consist primarily of payroll and occupancy costs related to the opening of new stores, are expensed as incurred as a component of SG&A in the accompanying Consolidated Statements of Operations. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged directly to expense when incurred; major improvements are capitalized. When items are sold or retired, the related cost and accumulated depreciation are removed from the account balances, with any gain or loss reflected in the Consolidated Statements of Operations. Costs incurred with the acquisition or development of software for internal use are capitalized and amortized over the expected useful life of the software, generally five years. Subsequent additions, modifications or upgrades are capitalized to the extent it enhances the software’s functionality. Capitalized software is classified in the Construction in progress category, but once placed into service is removed from Construction in progress and classified within the Furniture, fixtures and equipment category and is depreciated on the straight-line method over three |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Other Indefinite-Lived Intangible Assets We perform our evaluation for the impairment of goodwill and other indefinite-lived intangible assets for our reporting units annually as of the first day of the fourth quarter, or when indications of potential impairment exist. These indicators would include a significant change in operating performance, the business climate, legal factors, competition, or a planned sale or disposition of a significant portion of the business, among other factors. Our evaluation of goodwill and other indefinite-lived intangibles may be a Step-0 analysis, which consists of a qualitative assessment, or a Step-1 analysis, which includes a quantitative assessment. In a Step-0 analysis, we assess qualitative factors such as current company performance and overall economic factors to determine if it is more-likely-than-not that the goodwill might be impaired and whether it is necessary to perform a quantitative goodwill impairment test. In the quantitative goodwill impairment test, we compare the carrying value of a reporting unit to its fair value. In performing a Step-1 analysis, we have historically used an income approach which requires many assumptions including forecast, discount rate, long-term growth rate, among other items. We have also utilized the market approach which derives metrics from comparable publicly-traded companies. We have generally engaged a third-party valuation firm to assist in the fair value assessment of goodwill. If the fair value of the reporting unit is lower than its carrying amount, goodwill is written down for the amount by which the carrying amount exceeds the reporting unit's fair value. Our other indefinite-lived intangible assets are tested for impairment at the asset group level. Other indefinite-lived intangible assets are evaluated by comparing the carrying amount of the asset to the future discounted cash flows that the asset is expected to generate. If the fair value based on the future discounted cash flows exceeds the carrying value, we conclude that no intangible asset impairment has occurred. If the carrying value of the indefinite-lived intangible asset exceeds the fair value, we recognize an impairment loss. We have three operating segments, defined as “Advance Auto Parts/Carquest U.S.,” “Carquest Canada” and “Worldpac”. As each operating segment represents a reporting unit, goodwill is assigned to each reporting unit. See Not e 4. Goodwill and Intangibles for additional information. |
Valuation of Long-Lived Assets | Valuation of Long-Lived Assets |
Self-Insurance | Self-Insurance |
Leases | Leases We lease certain store locations, distribution centers, office spaces, equipment and vehicles. We recognize lease expense on a straight-line basis over the initial term of the lease unless external economic factors exist such that renewals are reasonably certain. In those instances, the renewal period would be included in the lease term to determine the period in which to recognize the lease expense. Most leases require us to pay non-lease components, such as taxes, maintenance, insurance and other certain costs applicable to the leased asset. For leases related to our store locations, distribution centers, office spaces and vehicles, we account for lease and non-lease components as a single amount. |
Fair Value Measurements | Fair Value Measurements |
Share-Based Payments | Share-Based Payments |
Revenue Recognition | Revenues Accounting Standards Codification 606, Revenue From Contracts With Customers (Topic 606) (“ASC 606”) defines a performance obligation as a promise in a contract to transfer a distinct good or service to the customer and is considered the unit of account. The majority of our contracts have one single performance obligation as the promise to transfer the individual goods is not separately identifiable from other promises in the contracts and is, therefore, not distinct. Discounts and incentives are treated as separate performance obligations. We allocate the contract’s transaction price to each of these performance obligations separately using explicitly stated amounts or our best estimate using historical data. In accordance with ASC 606, revenue is recognized at the time the sale is made at which time our walk-in customers take immediate possession of the merchandise or same-day delivery is made to our professional delivery customers, which include certain independently owned store locations. Payment terms are established for our professional delivery customers based on pre-established credit requirements. Payment terms vary depending on the customer and generally range from one to 30 days. Based on the nature of receivables, no significant financing components exist. For e-commerce sales, revenue is recognized either at the time of pick-up at one of our store locations or at the time of shipment depending on the customer's order designation. Sales are recorded net of discounts, sales incentives and rebates, sales taxes, and estimated returns and allowances. We estimate the reduction to Net sales and Cost of sales for returns based on current sales levels and our historical return experience. We provide assurance-type warranty coverage primarily on batteries, brakes and struts whereby we are required to provide replacement product at no cost or a reduced cost for a set period of time. We estimate our warranty obligation at the time of sale based on the historical return experience, sales level and cost of the respective product sold. To the extent vendors provide upfront allowances in lieu of accepting the obligation for warranty claims and the allowance is in excess of the related warranty expense, the excess is recorded as a reduction to cost of sales. |
Receivables | Receivables, net, consists primarily of receivables from professional customers and is stated at net realizable value. We grant credit to certain professional customers who meet our pre-established credit requirements. We regularly review accounts receivable balances and maintain allowances for credit losses estimated whenever events or circumstances indicate the carrying value may not be recoverable. We consider the following factors when determining if collection is reasonably assured: customer creditworthiness, past transaction history with the customer, current economic and industry trends and changes in customer payment terms. We control credit risk through credit approvals, credit limits and accounts receivable and credit monitoring procedures. |
Cost of Sales | Cost of Sales Cost of sales includes actual product cost, warranty costs, vendor incentives, cash discounts on payments to vendors, costs associated with operating our distribution network, including payroll and benefits costs, occupancy costs and depreciation, in-bound freight-related costs from our vendors, impairment of inventory resulting from store closures and inventory-related reserves and costs associated with moving merchandise inventories from our distribution centers to stores, branch locations and customers. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses |
Advertising Costs | Advertising Costs |
Foreign Currency Translation | Foreign Currency Translation The assets and liabilities of our foreign operations are translated into U.S. dollars at current exchange rates. Revenues, expenses and cash flows are translated at average exchange rates for the year. Resulting translation adjustments are reflected as a separate component in the Consolidated Statements of Comprehensive Income. Foreign currency transactions, which are included in Other income (expense), net, were a loss of $3.4 million in 2023, loss of $4.8 million in 2022 and income of $1.7 million in 2021. |
Income Taxes | Income Taxes We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under the asset and liability method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred income taxes reflect the net income tax effect of temporary differences between the basis of assets and liabilities for financial reporting purposes and for income tax reporting purposes. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period of the enactment date. We recognize tax benefits and/or tax liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more-likely-than-not that the position will be sustained in an audit, including resolution of related appeals or litigation processes, if any. The second step requires us to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts as we must determine the probability of various possible outcomes. |
Earnings per Share | Earnings per Share |
Segment Information | Segment Information Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) for purposes of allocating resources and evaluating financial performance. Our CODM, the Chief Executive Officer, reviews financial information presented on a consolidated basis, accompanied by information about our three operating segments, for the purpose of allocating resources and evaluating financial performance. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements - Adopted Supplier Finance Programs In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations (“ASU 2022-04”), which requires a company to disclose sufficient qualitative and quantitative information about any supplier finance program in which it participates as a buyer. In each annual reporting period, the company should disclose the key terms of the program, including a rollforward of those obligations outstanding at the beginning of the period. ASU 2022-04 is 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. The adoption of ASU 2022-04 on our consolidated financial statements and related disclosures does not have a material impact on our consolidated financial statements. Reference Rate Reform In March 2021, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Policies [Abstract] | |
Revenue From External Customers By Products And Services | The following table summarizes financial information for each of our product groups: Year Ended December 30, 2023 December 31, 2022 January 1, 2022 Percentage of Sales, by Product Group Parts and Batteries 65 % 66 % 67 % Accessories and Chemicals 19 20 20 Engine Maintenance 15 13 12 Other 1 1 1 Total 100 % 100 % 100 % |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Inventory, Net [Abstract] | |
Schedule Of Inventory | Inventory balances were as follows: December 30, 2023 December 31, 2022 Inventories at first-in, first-out (“FIFO”) $ 5,041,752 $ 5,174,918 Adjustments to state inventories at LIFO (184,050) (278,649) Inventories at LIFO $ 4,857,702 $ 4,896,269 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Indefinite-Lived Intangible Assets | A summary of the composition of the gross carrying amounts and accumulated amortization of acquired other intangible assets are presented in the following table: December 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Amortized intangible assets: Customer relationships $ 350,092 $ (296,205) $ 53,887 $ 349,428 $ (267,806) $ 81,622 Non-compete and other 40,157 (38,575) 1,582 40,157 (38,051) 2,106 390,249 (334,780) 55,469 389,585 (305,857) 83,728 Indefinite-lived intangible assets: Brands, trademark and trade names 537,872 — 537,872 537,173 — 537,173 Total intangible assets $ 928,121 $ (334,780) $ 593,341 $ 926,758 $ (305,857) $ 620,901 |
Schedule Of Expected Amortization Expense | The expected amortization expense for the next five years and thereafter for acquired intangible assets recorded as of December 30, 2023 was as follows: Year Amount 2024 $ 28,164 2025 26,633 2026 380 2027 292 $ 55,469 |
Receivables, net (Tables)
Receivables, net (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Receivables [Abstract] | |
Schedule Of Accounts Receivable | Receivables, net, consisted of the following: December 30, 2023 December 31, 2022 Trade $ 558,953 $ 557,195 Vendor 257,847 133,023 Other 10,930 10,638 Total receivables 827,730 700,856 Less: allowance for credit losses (27,589) (16,808) Receivables, net $ 800,141 $ 684,048 |
Long-term Debt and Fair Value o
Long-term Debt and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | Long-term debt consisted of the following: December 30, 2023 December 31, 2022 5.90% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $1,631 at December 30, 2023) due March 9, 2026 $ 298,369 $ — 1.75% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $2,486 and $3,053 at December 30, 2023 and December 31, 2022) due October 1, 2027 347,514 346,947 5.95% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $1,884 at December 30, 2023) due March 9, 2028 298,116 — 3.90% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $3,851 and $4,438 at December 30, 2023, and December 31, 2022) due April 15, 2030 496,149 495,562 3.50% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $3,787 and $4,226 at December 30, 2023, and December 31, 2022) due March 15, 2032 346,213 345,774 Revolving credit facility (interest rate of 7.50% as of December 30, 2023) — 185,000 1,786,361 1,373,283 Less: Current portion of long-term debt — (185,000) Long-term debt, excluding the current portion $ 1,786,361 $ 1,188,283 Fair value of long-term debt $ 1,641,409 $ 1,021,396 |
Schedule Of Maturities Of Long-term Debt | As of December 30, 2023, the aggregate future annual maturities of long-term debt instruments were as follows: Year Amount 2024 $ — 2025 — 2026 300,000 2027 350,000 2028 300,000 Thereafter 850,000 $ 1,800,000 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment consisted of the following: Useful Lives December 30, 2023 December 31, 2022 Land and land improvements (1) 10 years $ 470,890 $ 471,349 Buildings 30 - 40 years 543,467 535,884 Building and leasehold improvements 3 - 15 years 800,621 722,006 Furniture, fixtures and equipment 3 - 20 years 2,563,043 2,398,818 Vehicles 3 years 14,539 14,549 Construction in progress 113,712 137,915 4,506,272 4,280,521 Less: Accumulated depreciation (2,857,726) (2,590,382) Property and equipment, net $ 1,648,546 $ 1,690,139 (1) Land is deemed to have an indefinite life. |
Leases and Other Commitments (T
Leases and Other Commitments (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Leases and Other Commitments [Abstract] | |
Schedule of Operating Lease Liabilities | Operating lease liabilities consisted of the following: December 30, 2023 December 31, 2022 Total operating lease liabilities $ 2,660,827 $ 2,692,861 Less: Current portion of operating lease liabilities (445,061) (414,543) Non-current operating lease liabilities $ 2,215,766 $ 2,278,318 |
Lease, Cost | Total lease cost comprised the following: Year Ended December 30, 2023 December 31, 2022 Operating lease cost $ 572,024 $ 563,959 Variable lease cost 177,504 171,621 Total lease cost $ 749,528 $ 735,580 |
Lessee, Operating Lease, Liability, Maturity | The future maturity of lease liabilities are as follows: Year Amount 2024 $ 539,836 2025 582,552 2026 466,443 2027 383,426 2028 294,932 Thereafter 775,662 Total lease payments 3,042,851 Less: Imputed interest (382,024) Total operating lease liabilities $ 2,660,827 |
Schedule of Other Information Relating to Lease Liabilities | Other information relating to our lease liabilities were as follows: Year Ended December 30, 2023 December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 603,108 $ 624,484 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 447,988 $ 432,497 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule Of Accrued Liabilities | Accrued expenses consisted of the following: December 30, 2023 December 31, 2022 Payroll and related benefits $ 161,607 $ 155,441 Taxes payable 118,791 84,454 Self-insurance reserves 74,536 72,337 Inventory related accruals 68,188 43,025 Accrued rebates 51,656 42,415 Accrued professional services/legal 14,425 22,317 Capital expenditures 5,287 8,927 Other 176,747 200,548 Total accrued expenses $ 671,237 $ 629,464 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share, Basic And Diluted | The computations of basic and diluted earnings per share were as follows: Year Ended December 30, 2023 December 31, 2022 January 1, 2022 Numerator Net income applicable to common shares $ 29,735 $ 464,402 $ 596,615 Denominator Basic weighted average common shares 59,432 60,351 64,028 Dilutive impact of share-based awards 176 366 481 Diluted weighted average common shares (1) 59,608 60,717 64,509 Basic earnings per common share $ 0.50 $ 7.70 $ 9.32 Diluted earnings per common share $ 0.50 $ 7.65 $ 9.25 (1) For 2023, 2022 and 2021, restricted stock units (“RSUs”) excluded from the diluted calculation as their inclusion would have been anti-dilutive were 299 thousand |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Provision For Income Taxes, Current And Deferred | Provision for income taxes consisted of the following: Current Deferred Total 2023 Federal $ 20,363 $ (36,935) $ (16,572) State 6,137 (11,321) (5,184) Foreign 23,394 474 23,868 $ 49,894 $ (47,782) $ 2,112 2022 Federal $ 81,564 $ 12,609 $ 94,173 State 15,902 5,546 21,448 Foreign 25,966 (1,627) 24,339 $ 123,432 $ 16,528 $ 139,960 2021 Federal $ 83,979 $ 47,558 $ 131,537 State 22,927 10,240 33,167 Foreign 20,186 988 21,174 $ 127,092 $ 58,786 $ 185,878 |
Schedule Of Effective Income Tax Rate Reconciliation | The provision for income taxes differed from the amount computed by applying the federal statutory income tax rate due to: Year Ended December 30, 2023 December 31, 2022 January 1, 2022 Income before provision for income taxes at statutory U.S. federal income tax rate (21% for 2023, 2022 and 2021) $ 6,689 $ 126,730 $ 163,965 State income taxes, net of federal income tax (4,962) 16,222 27,517 Other, net 385 (2,992) (5,604) Provision for income taxes $ 2,112 $ 139,960 $ 185,878 |
Schedule Of Deferred Tax Assets and Liabilities | Temporary differences that give rise to significant deferred income tax assets (liabilities) were as follows: December 30, 2023 December 31, 2022 Deferred income tax assets: Accrued expenses not currently deductible for tax $ 22,377 $ 19,589 Share-based compensation 10,698 12,642 Accrued medical and workers compensation 9,704 13,666 Net operating loss carryforwards 3,273 3,577 Operating lease liabilities 670,030 678,432 Other, net 13,602 9,291 Total deferred income tax assets before valuation allowances 729,684 737,197 Less: Valuation allowance (5,179) (5,036) Total deferred income tax assets 724,505 732,161 Deferred income tax liabilities: Property and equipment (91,084) (125,651) Inventories (219,446) (226,499) Intangible assets (136,366) (137,464) Operating lease right-of-use assets (640,151) (653,296) Total deferred income tax liabilities (1,087,047) (1,142,910) Net deferred income tax liabilities $ (362,542) $ (410,749) |
Unrecognized Tax Benefits | he following table summarizes the activity of our gross unrecognized tax benefits: December 30, 2023 December 31, 2022 January 1, 2022 Unrecognized tax benefits, beginning of period $ 15,211 $ 20,979 $ 26,967 Increases related to prior period tax positions 245 75 484 Decreases related to prior period tax positions — (261) (849) Increases related to current period tax positions 563 928 2,240 Settlements — (256) (2,993) Expiration of statute of limitations (4,829) (6,254) (4,870) Unrecognized tax benefits, end of period $ 11,190 $ 15,211 $ 20,979 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule Of Share-based Payment Award Valuation Assumptions | For market-based RSUs, the fair value of each award was determined using a Monte Carlo simulation model. The model uses multiple input variables that determined the probability of satisfying the market condition requirements as follows: 2023 2022 2021 Risk-free interest rate (1) 4.6 % 1.6 % 0.3 % Expected dividend yield — % — % — % Expected stock price volatility (2) 37.4 % 34.6 % 36.0 % (1) The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate having a term consistent with the vesting period of the award. (2) Expected volatility is determined based on historical volatility over a matching look-back period and is consistent with the correlation coefficients between our stock prices and our peer group. |
Restricted Stock Units Activity | The following table summarizes activity for time-based, performance-based and market-based RSUs in 2023: Time-Based Performance-Based Market-Based Number of Awards Weighted Average Number of Awards Weighted Average Number of Awards Weighted Average Nonvested at December 31, 2022 394 $ 180.41 105 $ 130.88 135 $ 191.72 Granted 627 $ 89.81 22 $ 135.13 73 $ 139.75 Change in units based on performance — $ — (15) $ 137.11 — $ — Vested (1) (195) $ 169.61 (112) $ 130.88 (30) $ 145.04 Forfeited (126) $ 139.70 — $ 130.03 (55) $ 173.13 Nonvested at December 30, 2023 700 $ 109.56 — $ — 123 $ 180.63 (1) The vested shares of market-based RSUs were not exercised due to low multiplier effect for 2020 awards. |
Restricted Stock Units Activity Additional Information | Year Ended December 30, 2023 December 31, 2022 January 1, 2022 Time-based: Weighted average fair value of RSUs granted $ 89.81 $ 196.61 $ 183.41 Total grant date fair value of RSUs vested $ 33,125 $ 34,685 $ 34,555 Performance-based: Weighted average fair value of RSUs granted $ 135.13 $ — $ — Total grant date fair value of RSUs vested $ 14,711 $ 12,460 $ 7,987 Market-based: Weighted average fair value of RSUs granted $ 139.75 $ 205.52 $ 204.97 Total grant date fair value of RSUs vested $ 4,400 $ 3,695 $ 3,650 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule Of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive loss, net of tax, consisted of the following: Unrealized Gain (Loss) on Foreign Currency Translation Accumulated Other Comprehensive Balance, January 2, 2021 $ 1,170 $ (27,906) $ (26,736) 2021 activity (264) (59) (323) Balance, January 1, 2022 906 (27,965) (27,059) 2022 activity (186) (17,450) (17,636) Balance, December 31, 2022 720 (45,415) (44,695) 2023 activity 82 (7,619) (7,537) Balance, December 30, 2023 $ 802 $ (53,034) $ (52,232) |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Allowance for doubtful accounts receivable | Allowance for credit losses Balance at Beginning of Period Charges to Expenses Deductions (1) Balance at End of Period January 1, 2022 $ 11,929 $ 11,125 $ (12,892) $ 10,162 December 31, 2022 $ 10,162 $ 25,994 $ (19,348) $ 16,808 December 30, 2023 $ 16,808 $ 22,112 $ (11,331) $ 27,589 (1) Accounts written off during the period. These amounts did not impact our Statements of Operations for any year presented. |
Immaterial Restatement of Prior
Immaterial Restatement of Prior Period Financial Statements (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | 18. Immaterial Restatement of Prior Period Financial Statements As discussed in Note 1, we identified errors in our consolidated financial statements for fiscal years ended 2022 and 2021 and for the quarterly periods of 2023. A summary of the corrections, inclusive of adjustments discovered in the third and fourth quarters of 2023, are as follows (tables may not foot or cross foot due to rounding): Condensed Consolidated Balance Sheet January 1, 2022 As Previously Reported Adjustments As Corrected Assets Cash and cash equivalents $ 601,428 $ (13,378) $ 588,050 Receivables, net 782,785 (28,671) 754,114 Inventories, net 4,659,018 23,617 4,682,635 Total current assets 6,275,476 (18,432) 6,257,044 Total assets $ 12,194,209 $ (18,432) $ 12,175,777 Liabilities and Stockholders’ Equity Accounts payable $ 3,922,007 $ 44,567 $ 3,966,574 Accrued expenses 777,051 (2,902) 774,149 Total current liabilities 5,180,307 41,665 5,221,972 Deferred income taxes 410,606 (15,438) 395,168 Other long-term liabilities 103,034 1,840 104,874 Total liabilities 9,065,918 28,067 9,093,985 Accumulated other comprehensive loss (22,627) (4,432) (27,059) Retained earnings 4,605,791 (42,067) 4,563,724 Total stockholders’ equity 3,128,291 (46,499) 3,081,792 Total liabilities and stockholders’ equity $ 12,194,209 $ (18,432) $ 12,175,777 Condensed Consolidated Balance Sheet December 31, 2022 As Previously Reported Adjustments As Corrected Assets Cash and cash equivalents $ 269,282 $ 1,523 $ 270,805 Receivables, net 698,613 (14,565) 684,048 Inventories, net 4,915,262 (18,993) 4,896,269 Total current assets 6,046,852 (32,035) 6,014,817 Total assets $ 12,018,482 $ (32,035) $ 11,986,447 Liabilities and Stockholders’ Equity Accounts payable $ 4,123,462 $ 55,445 $ 4,178,907 Accrued expenses 634,447 (4,983) 629,464 Total current liabilities 5,370,389 50,462 5,420,851 Deferred income taxes 415,997 (5,248) 410,749 Other long-term liabilities 87,214 1,840 89,054 Total liabilities 9,340,201 47,054 9,387,255 Accumulated other comprehensive loss (45,143) 448 (44,695) Retained earnings 4,744,624 (79,537) 4,665,087 Total stockholders’ equity 2,678,281 (79,089) 2,599,192 Total liabilities and stockholders’ equity $ 12,018,482 $ (32,035) $ 11,986,447 Condensed Consolidated Balance Sheet April 22, 2023 As Previously Reported Adjustments As Corrected Assets Cash and cash equivalents $ 226,499 $ (2,619) $ 223,880 Receivables, net 782,093 (12,107) 769,986 Inventories, net 5,015,973 (14,816) 5,001,157 Other current assets 177,127 24,590 201,717 Total current assets 6,201,692 (4,952) 6,196,740 Total assets $ 12,182,238 $ (4,952) $ 12,177,286 Liabilities and Stockholders’ Equity Accounts payable $ 3,682,749 $ 72,249 $ 3,754,998 Accrued expenses 718,290 (352) 717,938 Total current liabilities 4,983,455 71,897 5,055,352 Deferred income taxes 422,984 (5,248) 417,736 Other long-term liabilities 85,762 1,840 87,602 Total liabilities 9,546,077 68,489 9,614,566 Accumulated other comprehensive loss (44,355) 424 (43,931) Retained earnings 4,697,697 (73,865) 4,623,832 Total stockholders’ equity 2,636,161 (73,441) 2,562,720 Total liabilities and stockholders’ equity $ 12,182,238 $ (4,952) $ 12,177,286 Condensed Consolidated Balance Sheet July 15, 2023 As Previously Reported Adjustments As Corrected Assets Cash and cash equivalents $ 277,064 $ (1,838) $ 275,226 Receivables, net 793,772 (11,081) 782,691 Inventories, net 5,067,467 (15,223) 5,052,244 Other current assets 188,169 22,988 211,157 Total current assets 6,326,472 (5,154) 6,321,318 Total assets $ 12,304,376 $ (5,154) $ 12,299,222 Liabilities and Stockholders’ Equity Accounts payable $ 3,780,215 $ 82,467 $ 3,862,682 Accrued expenses 685,191 (7,088) 678,103 Total current liabilities 5,026,378 75,379 5,101,757 Total liabilities 9,581,189 75,379 9,656,568 Accumulated other comprehensive loss (36,824) 117 (36,707) Retained earnings 4,767,168 (80,650) 4,686,518 Total stockholders’ equity 2,723,187 (80,533) 2,642,654 Total liabilities and stockholders’ equity $ 12,304,376 $ (5,154) $ 12,299,222 Condensed Consolidated Balance Sheet October 7, 2023 As Previously Reported Adjustments As Corrected Assets Cash and cash equivalents $ 317,528 $ (974) $ 316,554 Receivables, net 868,305 (5,045) 863,260 Inventories, net 4,949,382 (30,227) 4,919,155 Other current assets 185,249 36,475 221,724 Total current assets 6,320,464 229 6,320,693 Total assets $ 12,248,932 $ 229 $ 12,249,161 Liabilities and Stockholders’ Equity Accounts payable $ 3,943,019 $ 70,995 $ 4,014,014 Accrued expenses 714,317 9,766 724,083 Total current liabilities 5,135,939 80,761 5,216,700 Total liabilities 9,602,064 80,761 9,682,825 Accumulated other comprehensive loss (47,599) 574 (47,025) Retained earnings 4,690,424 (81,106) 4,609,318 Total stockholders’ equity 2,646,868 (80,532) 2,566,336 Total liabilities and stockholders’ equity $ 12,248,932 $ 229 $ 12,249,161 Condensed Consolidated Statement of Operations January 1, 2022 Year Ended As Previously Reported Adjustments As Corrected Cost of sales $ 6,069,241 $ 4,798 $ 6,074,039 Gross profit 4,928,748 (4,798) 4,923,950 Selling, general and administrative expenses 4,090,031 11,554 4,101,585 Operating income 838,717 (16,352) 822,365 Other (expense) income, net 4,999 (7,080) (2,081) Total other, net (32,792) (7,080) (39,872) Income before provision for income taxes 805,925 (23,432) 782,493 Provision for income taxes 189,817 (3,939) 185,878 Net income $ 616,108 $ (19,493) $ 596,615 Basic earnings per share $ 9.62 $ (0.30) $ 9.32 Diluted earnings per common share $ 9.55 $ (0.30) $ 9.25 Condensed Consolidated Statement of Operations December 31, 2022 Year Ended As Previously Reported Adjustments As Corrected Cost of sales $ 6,192,622 $ 29,865 $ 6,222,487 Gross profit 4,962,100 (29,865) 4,932,235 Selling, general and administrative expenses 4,247,949 14,033 4,261,982 Operating income 714,151 (43,898) 670,253 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 (44,325) 604,362 Provision for income taxes 146,815 (6,855) 139,960 Net income $ 501,872 $ (37,470) $ 464,402 Basic earnings per share $ 8.32 $ (0.62) $ 7.70 Diluted earnings per common share $ 8.27 $ (0.62) $ 7.65 Condensed Consolidated Statement of Operations April 22, 2023 Sixteen Weeks Ended As Previously Reported Adjustments As Corrected Cost of sales $ 1,946,931 $ 8,735 $ 1,955,666 Gross profit 1,470,663 (8,735) 1,461,928 Selling, general and administrative expenses 1,380,664 (16,674) 1,363,990 Operating income 89,999 7,939 97,938 Income before provision for income taxes 59,607 7,939 67,546 Provision for income taxes 16,956 2,267 19,223 Net income $ 42,651 $ 5,672 $ 48,323 Basic earnings per share $ 0.72 $ 0.09 $ 0.81 Diluted earnings per common share $ 0.72 $ 0.09 $ 0.81 Condensed Consolidated Statement 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 $ 7,614 $ 1,545,611 $ 3,484,927 $ 16,350 $ 3,501,277 Gross profit 1,148,069 (7,614) 1,140,455 2,618,732 (16,350) 2,602,382 Selling, general and administrative expenses 1,013,701 794 1,014,495 2,394,365 (15,881) 2,378,484 Operating income 134,368 (8,408) 125,960 224,367 (469) 223,898 Income before provision for income taxes 115,183 (8,408) 106,775 174,789 (469) 174,320 Provision for income taxes 29,821 (1,623) 28,198 46,776 644 47,420 Net income $ 85,362 $ (6,785) $ 78,577 $ 128,013 $ (1,113) $ 126,900 Basic earnings per share $ 1.44 $ (0.12) $ 1.32 $ 2.16 $ (0.02) $ 2.14 Diluted earnings per common share $ 1.43 $ (0.11) $ 1.32 $ 2.15 $ (0.02) $ 2.13 Condensed Consolidated Statement of Operations October 7, 2023 Twelve Weeks Ended Forty Weeks Ended As Previously Reported Adjustments As Corrected As Previously Reported Adjustments As Corrected Cost of sales $ 1,732,420 $ 16,379 $ 1,748,799 $ 5,220,200 $ 29,877 $ 5,250,077 Gross profit 986,659 (16,379) 970,280 3,602,538 (29,877) 3,572,661 Selling, general and administrative expenses 1,030,355 878 1,031,233 3,407,445 2,272 3,409,717 Operating (loss) income (43,696) (17,257) (60,953) 195,093 (32,149) 162,944 (Loss) income before provision for income taxes (64,319) (17,257) (81,576) 124,894 (32,149) 92,745 Provision for income taxes (15,686) (3,853) (19,539) 34,649 (6,766) 27,883 Net (loss) income $ (48,633) $ (13,404) $ (62,037) $ 90,245 $ (25,383) $ 64,862 Basic (loss) earnings per share $ (0.82) $ (0.22) $ (1.04) $ 1.52 $ (0.43) $ 1.09 Diluted (loss) earnings per common share $ (0.82) $ (0.22) $ (1.04) $ 1.51 $ (0.42) $ 1.09 Condensed Consolidated Statement of Comprehensive Income January 1, 2022 Year Ended As Previously Reported Adjustments As Corrected Net income $ 616,108 $ (19,493) $ 596,615 Currency translation adjustments 4,396 (4,455) (59) Total other comprehensive income (loss) 4,132 (4,455) (323) Comprehensive income $ 620,240 $ (23,948) $ 596,292 Condensed Consolidated Statement of Comprehensive Income December 31, 2022 Year Ended As Previously Reported Adjustments As Corrected Net income $ 501,872 $ (37,470) $ 464,402 Currency translation adjustments (22,330) 4,880 (17,450) Total other comprehensive loss (22,516) 4,880 (17,636) Comprehensive income $ 479,356 $ (32,590) $ 446,766 Condensed Consolidated Statement of Comprehensive Income April 22, 2023 Sixteen Weeks Ended As Previously Reported Adjustments As Corrected Net income $ 42,651 $ 5,672 $ 48,323 Currency translation adjustments 591 (24) 567 Total other comprehensive loss 788 (24) 764 Comprehensive income $ 43,439 $ 5,648 $ 49,087 Condensed Consolidated Statement 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 $ (6,785) $ 78,577 $ 128,013 $ (1,113) $ 126,900 Currency translation adjustments 7,569 (307) 7,262 8,160 (331) 7,829 Total other comprehensive income 7,531 (307) 7,224 8,319 (331) 7,988 Comprehensive income $ 92,893 $ (7,092) $ 85,801 $ 136,332 $ (1,444) $ 134,888 Condensed Consolidated Statement of Comprehensive Income October 7, 2023 Twelve Weeks Ended Forty Weeks Ended As Previously Reported Adjustments As Corrected As Previously Reported Adjustments As Corrected Net (loss) income $ (48,633) $ (13,404) $ (62,037) $ 90,245 $ (25,383) $ 64,862 Currency translation adjustments (10,737) 457 (10,280) (2,577) 126 (2,451) Total other comprehensive loss (10,775) 457 (10,318) (2,456) 126 (2,330) Comprehensive (loss) income $ (59,408) $ (12,947) $ (72,355) $ 87,789 $ (25,257) $ 62,532 Condensed Consolidated Statements of Changes in Stockholders’ Equity Accumulated Other Retained Total Stockholders' Equity Fifty-Two Weeks As Previously Reported Balance at January 2, 2021 $ (26,759) $ 4,196,634 $ 3,559,512 Net income — 616,108 616,108 Total other comprehensive income 4,132 — 4,132 Balance at January 1, 2022 $ (22,627) $ 4,605,791 $ 3,128,291 Adjustments Balance at January 2, 2021 $ 23 $ (22,574) $ (22,551) Net Income — (19,493) (19,493) Total other comprehensive income (4,455) — (4,455) Balance at January 1, 2022 $ (4,432) $ (42,067) $ (46,499) As Corrected Balance at January 2, 2021 $ (26,736) $ 4,174,060 $ 3,536,961 Net income — 596,615 596,615 Total other comprehensive loss (323) — (323) Balance at January 1, 2022 $ (27,059) $ 4,563,724 $ 3,081,792 Condensed Consolidated Statements of Changes in Stockholders’ Equity Accumulated Other Retained Total Stockholders' Equity 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 $ (4,432) $ (42,067) $ (46,499) Net Income — (37,470) (37,470) Total other comprehensive loss 4,880 — 4,880 Balance at December 31, 2022 $ 448 $ (79,537) $ (79,089) As Corrected Balance at January 1, 2022 $ (27,059) $ 4,563,724 $ 3,081,792 Net income — 464,402 464,402 Total other comprehensive loss (17,636) — (17,636) Balance at December 31, 2022 $ (44,695) $ 4,665,087 $ 2,599,192 Condensed Consolidated Statements of Changes in Stockholders’ Equity Sixteen Weeks Ended April 22, 2023 Accumulated Other Retained Total Stockholders' Equity Sixteen Weeks As Previously Reported Balance at December 31, 2022 $ (45,143) $ 4,744,624 $ 2,678,281 Net income — 42,651 42,651 Total other comprehensive income 788 — 788 Balance at April 22, 2023 $ (44,355) $ 4,697,697 $ 2,636,161 Adjustments Balance at December 31, 2022 $ 448 $ (79,537) $ (79,089) Net income — 5,672 5,672 Total other comprehensive income (24) — (24) Balance at April 22, 2023 $ 424 $ (73,865) $ (73,441) As Corrected Balance at December 31, 2022 $ (44,695) $ 4,665,087 $ 2,599,192 Net income — 48,323 48,323 Total other comprehensive income 764 — 764 Balance at April 22, 2023 $ (43,931) $ 4,623,832 $ 2,562,720 Condensed Consolidated Statements of Changes in Stockholders’ Equity Twelve Weeks Ended July 15, 2023 Accumulated Other Retained Total Stockholders' Equity Twelve Weeks As Previously Reported Balance at April 22, 2023 $ (44,355) $ 4,697,697 $ 2,636,161 Net income — 85,362 85,362 Total other comprehensive income 7,531 — 7,531 Balance at July 15, 2023 $ (36,824) $ 4,767,168 $ 2,723,187 Adjustments Balance at April 22, 2023 $ 424 $ (73,865) $ (73,441) Net income — (6,785) (6,785) Total other comprehensive income (307) — (307) Balance at July 15, 2023 $ 117 $ (80,650) $ (80,533) As Corrected Balance at April 22, 2023 $ (43,931) $ 4,623,832 $ 2,562,720 Net income — 78,577 78,577 Total other comprehensive income 7,224 — 7,224 Balance at July 15, 2023 $ (36,707) $ 4,686,518 $ 2,642,654 Condensed Consolidated Statements of Changes in Stockholders’ Equity Twenty-Eight Weeks Ended July 15, 2023 Accumulated Other Retained Total Stockholders' Equity Twenty-Eight Weeks As Previously Reported Balance at Dec 31, 2022 $ (45,143) $ 4,744,624 $ 2,678,281 Net income — 128,013 128,013 Total other comprehensive income 8,319 — 8,319 Balance at July 15, 2023 $ (36,824) $ 4,767,168 $ 2,723,187 Adjustments Balance at Dec 31, 2022 $ 448 $ (79,537) $ (79,089) Net income — (1,113) (1,113) Total other comprehensive income (331) — (331) Balance at July 15, 2023 $ 117 $ (80,650) $ (80,533) As Corrected Balance at Dec 31, 2022 $ (44,695) $ 4,665,087 $ 2,599,192 Net income — 126,900 126,900 Total other comprehensive income 7,988 — 7,988 Balance at July 15, 2023 $ (36,707) $ 4,686,518 $ 2,642,654 Condensed Consolidated Statements of Changes in Stockholders’ Equity Twelve Weeks Ended October 7, 2023 Accumulated Other Retained Total Stockholders' Equity Twelve Weeks As Previously Reported Balance at July 15, 2023 $ (36,824) $ 4,767,168 $ 2,723,187 Net loss — (48,633) (48,633) Total other comprehensive loss (10,775) — (10,775) Balance at October 7, 2023 $ (47,599) $ 4,690,424 $ 2,646,868 Adjustments Balance at July 15, 2023 $ 117 $ (80,650) $ (80,533) Net loss (1) — (13,404) (13,404) Total other comprehensive loss 457 — 457 Balance at October 7, 2023 $ 574 $ (81,106) $ (80,532) As Corrected Balance at July 15, 2023 $ (36,707) $ 4,686,518 $ 2,642,654 Net loss — (62,037) (62,037) Total other comprehensive loss (10,318) — (10,318) Balance at October 7, 2023 $ (47,025) $ 4,609,318 $ 2,566,336 (1) Adjustments to retained earnings do not foot due to the previous adjustments made in third quarter 2023. Condensed Consolidated Statements of Changes in Stockholders’ Equity Forty Weeks Ended October 7, 2023 Accumulated Other Retained Total Stockholders' Equity Forty Weeks As Previously Reported Balance at December 31, 2022 $ (45,143) $ 4,744,624 $ 2,678,281 Net income — 90,245 90,245 Total other comprehensive loss (2,456) — (2,456) Balance at October 7, 2023 $ (47,599) $ 4,690,424 $ 2,646,868 Adjustments Balance at December 31, 2022 $ 448 $ (79,537) $ (79,089) Net income (1) — (25,383) (25,383) Total other comprehensive loss 126 — 126 Balance at October 7, 2023 $ 574 $ (81,106) $ (80,532) As Corrected Balance at December 31, 2022 $ (44,695) $ 4,665,087 $ 2,599,192 Net income — 64,862 64,862 Total other comprehensive loss (2,330) — (2,330) Balance at October 7, 2023 $ (47,025) $ 4,609,318 $ 2,566,336 (1) Adjustments to retained earnings do not foot due to the previous adjustments made in third quarter 2023. Condensed Consolidated Statement of Cash Flows Fifty-Two Weeks Ended January 1, 2022 As Previously Reported Adjustments As Corrected Net income $ 616,108 $ (19,493) $ 596,615 Provision for deferred income taxes 68,202 (9,416) 58,786 Net change in: Receivables, net (32,652) 25,196 (7,456) Inventories, net (120,272) (3,867) (124,139) Accounts payable 281,064 9,978 291,042 Accrued expenses 109,983 (7,638) 102,345 Net cash provided by operating activities 1,112,262 (5,240) 1,107,022 Effect of exchange rate changes on cash 5,600 (126) 5,474 Net (decrease) increase in cash and cash equivalents (233,564) (5,366) (238,930) Cash and cash equivalents, beginning of period 834,992 (8,012) 826,980 Cash and cash equivalents, end of period $ 601,428 $ (13,378) $ 588,050 Condensed Consolidated Statement of Cash Flows Fifty-Two Weeks Ended December 31, 2022 As Previously Reported Adjustments As Corrected Net income $ 501,872 $ (37,470) $ 464,402 Provision for deferred income taxes 6,338 10,190 16,528 Net change in: Receivables, net 81,254 (14,107) 67,147 Inventories, net (272,253) 42,610 (229,643) Accounts payable 212,568 15,206 227,774 Accrued expenses (165,643) (2,080) (167,723) Net cash provided by operating activities 722,222 14,349 736,571 Effect of exchange rate changes on cash (9,216) 552 (8,664) Net (decrease) increase in cash and cash equivalents (332,146) 14,901 (317,245) Cash and cash equivalents, beginning of period 601,428 (13,378) 588,050 Cash and cash equivalents, end of period $ 269,282 $ 1,523 $ 270,805 Condensed Consolidated Statement of Cash Flows Sixteen Weeks Ended April 22, 2023 As Previously Reported Adjustments As Corrected Net income $ 42,651 $ 5,672 $ 48,323 Other, net 391 458 849 Net change in: Receivables, net (83,370) (2,457) (85,827) Inventories, net (100,178) (4,177) (104,355) Accounts payable (440,995) 16,805 (424,190) Accrued expenses 85,035 4,631 89,666 Other assets and liabilities, net 1,534 (24,591) (23,057) Net cash used in operating activities (378,865) (3,659) (382,524) Other, net (3,919) (458) (4,377) Net cash used in financing activities 425,660 (458) 425,202 Effect of exchange rate changes on cash 93 (25) 68 Net (decrease) increase in cash and cash equivalents (42,783) (4,142) (46,925) Cash and cash equivalents, beginning of period 269,282 1,523 270,805 Cash and cash equivalents, end of period $ 226,499 $ (2,619) $ 223,880 Condensed Consolidated Statement of Cash Flows Twenty-Eight Weeks Ended July 15, 2023 As Previously Reported Adjustments As Corrected Net income $ 128,013 $ (1,113) $ 126,900 Provision for deferred income taxes 16,249 $ 5,248 $ 21,497 Other, net 1,170 $ 458 $ 1,628 Net change in: Receivables, net (93,539) (3,483) (97,022) Inventories, net (145,148) (3,770) (148,918) Accounts payable (346,808) 27,023 (319,785) Accrued expenses 120,888 (2,107) 118,781 Other assets and liabilities, net (36,008) (24,828) (60,836) Net cash used in operating activities (164,559) (2,572) (167,131) Other, net (4,073) (458) (4,531) Net cash used in financing activities 314,403 (458) 313,945 Effect of exchange rate changes on cash 1,280 (331) 949 Net (decrease) increase in cash and cash equivalents 7,782 (3,361) 4,421 Cash and cash equivalents, beginning of period 269,282 1,523 270,805 Cash and cash equivalents, end of period $ 277,064 $ (1,838) $ 275,226 Condensed Consolidated Statement of Cash Flows Forty Weeks Ended October 7, 2023 As Previously Reported Adjustments As Corrected Net income $ 90,245 $ (25,383) $ 64,862 Provision for deferred income taxes (33,059) 5,248 (27,811) Other, net 1,499 937 2,436 Net change in: Receivables, net (170,371) (9,519) (179,890) Inventories, net (41,025) 15,442 (25,583) Accounts payable (191,871) 28,500 (163,371) Accrued expenses 145,704 21,521 167,225 Other Assets and Liabilities (45,015) (38,316) (83,331) Net cash provided by operating activities 30,404 (1,570) 28,834 Other, net (4,073) (937) (5,010) Net cash used in financing activities 204,984 (937) 204,047 Effect of exchange rate changes on cash (1,942) 10 (1,932) Net (decrease) increase in cash and cash equivalents 48,246 (2,497) 45,749 Cash and cash equivalents, beginning of period 269,282 1,523 270,805 Cash and cash equivalents, end of period $ 317,528 $ (974) $ 316,554 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Details) - store | 3 Months Ended | 9 Months Ended |
Dec. 30, 2023 | Oct. 07, 2023 | |
Nature of Operations and Basis of Presentation [Line Items] | ||
Immaterial Error Correction, Cost of Goods Sold | $52.7 million, | $10.2 million |
Immaterial Error Correction, Selling, General and Administrative Expenses | $19.3 million | $17.3 million |
Immaterial error correction, Other Nonoperating Income (Expense) | $1.7 million | |
Stores [Member] | ||
Nature of Operations and Basis of Presentation [Line Items] | ||
Number of Stores | 4,786 | |
Branches [Member] | ||
Nature of Operations and Basis of Presentation [Line Items] | ||
Number of Stores | 321 | |
Independently-owned Carquest store locations [Member] | ||
Nature of Operations and Basis of Presentation [Line Items] | ||
Number of Stores | 1,245 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | |
Summary of Significant Accounting Policies [Line Items] | |||
Deferred vendor incentives recorded as a reduction of inventory | $ 67,900 | $ 77,500 | |
Number of operating segments | segment | 3 | ||
Operating lease right-of-use assets | $ 2,578,776 | 2,607,690 | |
Operating lease liability | $ 2,660,827 | $ 2,692,861 | |
Percentage of sales by product group | 100% | 100% | 100% |
Advertising expense | $ 151,800 | $ 164,000 | $ 178,000 |
Losses from foreign currency transactions included in other income, net | $ 3,400 | $ 4,800 | $ 1,700 |
Number of reportable segments | segment | 1 | ||
Inventory Valuation Reserves | $ 116,000 | ||
Parts and Batteries [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Percentage of sales by product group | 65% | 66% | 67% |
Accessories and Chemicals [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Percentage of sales by product group | 19% | 20% | 20% |
Engine Maintenance [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Percentage of sales by product group | 15% | 13% | 12% |
Other [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Percentage of sales by product group | 1% | 1% | 1% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Oct. 07, 2023 | Jul. 15, 2023 | Apr. 22, 2023 | |
Inventory, Net [Abstract] | ||||||
Percentage of LIFO inventory (percent) | 91.40% | 92.40% | ||||
Increase (decrease) to Cost of sales | $ (94,600) | $ 311,800 | $ (122,300) | |||
Purchasing and Warehousing costs included in inventory | 576,900 | 635,900 | ||||
LIFO Method Related Items [Abstract] | ||||||
Inventories at first-in, first-out (“FIFO”) | 5,041,752 | 5,174,918 | ||||
Adjustments to state inventories at LIFO | (184,050) | (278,649) | ||||
Inventories at LIFO | $ 4,857,702 | $ 4,896,269 | $ 4,682,635 | $ 4,919,155 | $ 5,052,244 | $ 5,001,157 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Goodwill | ||
Goodwill, Beginning Balance | $ 990,471 | |
Change in goodwill due to foreign currency translation | 1,200 | $ 3,300 |
Goodwill, Ending Balance | 991,743 | 990,471 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 334,780 | $ 305,857 |
Document Period End Date | Dec. 30, 2023 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Acquired Intangible Assets [Line Items] | |||
Amortization Expense | $ 29,500 | $ 31,000 | $ 31,100 |
Gross Carrying Amount | 390,249 | 389,585 | |
Accumulated Amortization | (334,780) | (305,857) | |
Net | 55,469 | 83,728 | |
Intangible Assets, Gross (Excluding Goodwill) | 928,121 | 926,758 | |
Intangible Assets, Net (Excluding Goodwill) | 593,341 | 620,901 | |
Finite-lived intangible assets expected amortization expense | |||
2024 | 28,164 | ||
2025 | 26,633 | ||
2026 | 380 | ||
2027 | 292 | ||
Net | 55,469 | 83,728 | |
Trademarks [Member] | |||
Acquired Intangible Assets [Line Items] | |||
Accumulated Amortization | 0 | 0 | |
Brands, trademark and tradenames | 537,872 | 537,173 | |
Customer Relationships [Member] | |||
Acquired Intangible Assets [Line Items] | |||
Gross Carrying Amount | 350,092 | 349,428 | |
Accumulated Amortization | (296,205) | (267,806) | |
Net | 53,887 | 81,622 | |
Finite-lived intangible assets expected amortization expense | |||
Net | 53,887 | 81,622 | |
Non-Compete and Other [Member] | |||
Acquired Intangible Assets [Line Items] | |||
Gross Carrying Amount | 40,157 | 40,157 | |
Accumulated Amortization | (38,575) | (38,051) | |
Net | 1,582 | 2,106 | |
Finite-lived intangible assets expected amortization expense | |||
Net | $ 1,582 | $ 2,106 |
Receivables, net (Details)
Receivables, net (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | $ 827,730 | $ 700,856 |
Less: Allowance for doubtful accounts | (27,589) | (16,808) |
Receivables, net | 800,141 | 684,048 |
Trade [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 558,953 | 557,195 |
Vendor [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 257,847 | 133,023 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | $ 10,930 | $ 10,638 |
Long-term Debt and Fair Value_2
Long-term Debt and Fair Value of Financial Instruments - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Mar. 09, 2023 | Dec. 31, 2022 | Mar. 04, 2022 | Sep. 29, 2020 | Apr. 16, 2020 |
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Interest Rate at Period End | 0.075% | |||||
Long-term debt, excluding the current portion | $ 1,786,361 | $ 1,188,283 | ||||
Fair value of long-term debt | 1,641,409 | 1,021,396 | ||||
Debt, Long-term and Short-term, Combined Amount | 1,786,361 | 1,373,283 | ||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt, Long-term and Short-term, Combined Amount | 0 | 185,000 | ||||
1.75% senior unsecured notes (2027 Notes) | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 175% | |||||
3.90% senior unsecured notes (2030 Notes) | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.90% | |||||
3.50% senior unsecured notes (2032 Notes) | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.50% | |||||
5.95% senior unsecured notes (2028 Notes) | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.95% | |||||
5.90% senior unsecured notes (2026 Notes) | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.90% | |||||
Senior Notes | 1.75% senior unsecured notes (2027 Notes) | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 347,514 | 346,947 | ||||
Interest rate | 0.0175% | |||||
Debt issuance costs | $ 2,486 | 3,053 | ||||
Senior Notes | 3.90% senior unsecured notes (2030 Notes) | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 496,149 | 495,562 | ||||
Interest rate | 0.039% | 3.90% | ||||
Debt issuance costs | $ 3,851 | 4,438 | ||||
Senior Notes | 3.50% senior unsecured notes (2032 Notes) | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 346,213 | $ 345,774 | ||||
Interest rate | 0.035% | 350% | ||||
Debt issuance costs | 3,787 | $ 4,226 | ||||
Senior Notes | 5.95% senior unsecured notes (2028 Notes) | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 298,116 | 0 | ||||
Interest rate | 0.0595% | 5.95% | ||||
Debt issuance costs | $ 1,884 | |||||
Senior Notes | 5.90% senior unsecured notes (2026 Notes) | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 298,369 | $ 0 | ||||
Interest rate | 0.059% | 5.90% | ||||
Debt issuance costs | $ 1,631 |
Long-term Debt and Fair Value_3
Long-term Debt and Fair Value of Financial Instruments - Additional Information (Details) - USD ($) | 12 Months Ended | ||||||||||
Feb. 27, 2023 | Dec. 30, 2023 | Mar. 09, 2023 | Dec. 31, 2022 | Apr. 04, 2022 | Mar. 04, 2022 | Mar. 01, 2022 | Nov. 09, 2021 | Sep. 29, 2020 | Apr. 16, 2020 | Dec. 03, 2013 | |
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 1,000% | ||||||||||
Minimum threshold amount | $ 25,000,000 | ||||||||||
Discharged or acceleration period | 10 days | ||||||||||
Minimum percent required in aggregate principal amount of notes outstanding | 25% | ||||||||||
Maximum exposure, undiscounted | $ 106,900,000 | ||||||||||
Collateral held | $ 221,200,000 | ||||||||||
ChargesRelatingtoMakeWholeProvisionof2022SeniorUnsecuredNotesAgreement | $ 7,000,000 | ||||||||||
ChargesRelatingtoDebtIssuanceCostsfrom2022SeniorUnsecuredNotes | 400,000 | ||||||||||
Debt Instrument, Restrictive Covenants | $400 million | ||||||||||
Debt Instrument, Restrictive Covenants, Eliminated | $250 million | ||||||||||
4.50% senior unsecured notes (2023 Notes) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 4.50% | ||||||||||
3.90% senior unsecured notes (2030 Notes) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 3.90% | ||||||||||
1.75% senior unsecured notes (2027 Notes) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 175% | ||||||||||
4.50% senior unsecured notes (2022 Notes) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repurchased face amount | $ 193,200,000 | ||||||||||
3.50% senior unsecured notes (2032 Notes) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 3.50% | ||||||||||
Face amount | $ 350,000,000 | ||||||||||
Debt issuance, percentage of principal | 9,961% | ||||||||||
Debt issuance costs | $ 3,200,000 | ||||||||||
5.90% senior unsecured notes (2026 Notes) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 5.90% | ||||||||||
Debt issuance costs | $ 1,600,000 | ||||||||||
5.95% senior unsecured notes (2028 Notes) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 5.95% | ||||||||||
Bilateral Letter of Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Letters of credit autstanding | $ 91,200,000 | $ 90,200,000 | |||||||||
Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price, percentage | 101% | ||||||||||
Senior Notes | 4.50% senior unsecured notes (2023 Notes) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 4.50% | ||||||||||
Face amount | $ 450,000,000 | ||||||||||
Debt issuance, percentage of principal | 99.69% | ||||||||||
Debt issuance costs | $ 1,400,000 | ||||||||||
Repurchased face amount | 256,300,000 | ||||||||||
Unamortized premium | 30,500,000 | ||||||||||
Senior Notes | 3.90% senior unsecured notes (2030 Notes) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 0.039% | 3.90% | |||||||||
Face amount | $ 500,000,000 | ||||||||||
Debt issuance, percentage of principal | 99.65% | ||||||||||
Senior Notes | 1.75% senior unsecured notes (2027 Notes) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 0.0175% | ||||||||||
Face amount | $ 350,000,000 | ||||||||||
Debt issuance, percentage of principal | 9,967% | ||||||||||
Debt issuance costs | $ 2,900,000 | ||||||||||
Senior Notes | 3.50% senior unsecured notes (2032 Notes) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 0.035% | 350% | |||||||||
Senior Notes | 5.90% senior unsecured notes (2026 Notes) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 0.059% | 5.90% | |||||||||
Face amount | $ 300,000,000 | ||||||||||
Debt issuance, percentage of principal | 99.94% | ||||||||||
Senior Notes | 5.95% senior unsecured notes (2028 Notes) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 0.0595% | 5.95% | |||||||||
Face amount | $ 300,000,000 | ||||||||||
Debt issuance, percentage of principal | 99.92% | ||||||||||
Debt issuance costs | $ 1,900,000 | ||||||||||
Revolving Credit Facility | 2021 Credit Agreement | Letter of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 200,000,000 | ||||||||||
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 1,200,000,000 | ||||||||||
Possible maximum increase | $ 500,000,000 | ||||||||||
Long-term line of credit | $ 0 | $ 185,000,000 | |||||||||
Remaining borrowing capacity | 1,200,000,000 | ||||||||||
Letters of credit autstanding | $ 0 | 0 | |||||||||
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 0.08% | ||||||||||
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 0.20% | ||||||||||
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Base Rate | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 0% | ||||||||||
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Base Rate | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 0.30% | ||||||||||
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | London Interbank Offered Rate | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 0.795% | ||||||||||
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | London Interbank Offered Rate | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 1.30% | ||||||||||
Revolving Credit Facility | Unsecured Debt | 2017 Credit Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Remaining borrowing capacity | $ 1,000,000,000 | ||||||||||
Commitment fee percentage | 0.125% | ||||||||||
Revolving Credit Facility | Unsecured Debt | 2017 Credit Agreement | Base Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 0% | ||||||||||
Revolving Credit Facility | Unsecured Debt | 2017 Credit Agreement | London Interbank Offered Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 1% |
Long-term Debt and Fair Value_4
Long-term Debt and Fair Value of Financial Instruments - Future Payments (Details) $ in Thousands | Dec. 30, 2023 USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2024 | $ 0 |
2025 | 0 |
2026 | 300,000 |
2027 | 350,000 |
2028 | 300,000 |
2028 | 850,000 |
Future payment | $ 1,800,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | $ 4,506,272 | $ 4,280,521 | |
Accumulated depreciation | (2,857,726) | (2,590,382) | |
Property and Equipment, Net | 1,648,546 | 1,690,139 | |
Depreciation | 276,900 | 252,800 | $ 228,800 |
Capitalized Computer Software, Gross | 1,000,000 | 922,900 | |
Capitalized Computer Software, Accumulated Amortization | 711,400 | 617,100 | |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | 470,890 | 471,349 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | 543,467 | 535,884 | |
Building and Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | 800,621 | 722,006 | |
Furniture, Fixtures and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | $ 2,563,043 | 2,398,818 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Property and Equipment, Gross | $ 14,539 | 14,549 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | $ 113,712 | $ 137,915 | |
Minimum | Software Development [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum | Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 30 years | ||
Minimum | Building and Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum | Furniture, Fixtures and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum | Software Development [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Maximum | Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Maximum | Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Maximum | Building and Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Maximum | Furniture, Fixtures and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years |
Leases and Other Commitments (D
Leases and Other Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | ||
Total operating lease liabilities | $ 2,660,827 | $ 2,692,861 |
Less: Current portion of operating lease liabilities | (445,061) | (414,543) |
Non-current operating lease liabilities | $ 2,215,766 | $ 2,278,318 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Operating lease cost | $ 572,024 | $ 563,959 |
Variable lease cost | 177,504 | 171,621 |
Total lease cost | 749,528 | 735,580 |
2024 | 539,836 | |
2025 | 582,552 | |
2026 | 466,443 | |
2027 | 383,426 | |
2028 | 294,932 | |
Thereafter | 775,662 | |
Total lease payments | 3,042,851 | |
Less: Imputed interest | (382,024) | |
Lessee Option to Extend Reasonably Certain | 30,000 | |
Operating lease legally binding minimum payments for lease that have not yet commenced | $ 49,700 | |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 6 months | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.90% | |
Operating cash flows from operating leases | $ 603,108 | 624,484 |
Operating leases | $ 447,988 | 432,497 |
Unrecorded Unconditional Purchase Obligation | $ 133,000 | |
Document Period End Date | Dec. 30, 2023 | |
Facilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Renewal term | 5 years | |
Facilities [Member] | Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Typical initial term | 5 years | |
Facilities [Member] | Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Typical initial term | 10 years | |
Equipment [Member] | Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Typical initial term | 3 years | |
Equipment [Member] | Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Typical initial term | 6 years |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Oct. 07, 2023 | Jul. 15, 2023 | Apr. 22, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Payables and Accruals [Abstract] | ||||||
Payroll and related benefits | $ 161,607 | $ 155,441 | ||||
Accrued expenses | 671,237 | $ 724,083 | $ 678,103 | $ 717,938 | 629,464 | $ 774,149 |
Taxes payable | 118,791 | 84,454 | ||||
Self-insurance reserves | 74,536 | 72,337 | ||||
Capital expenditures | 5,287 | 8,927 | ||||
Accrued Rebates | 51,656 | 42,415 | ||||
Accrued Professional Fees, Current | 14,425 | 22,317 | ||||
Other | 176,747 | 200,548 | ||||
Total accrued expenses | 671,237 | 629,464 | ||||
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||||
Inventory related accruals | $ 68,188 | $ 43,025 |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 30, 2023 | Feb. 08, 2022 | Apr. 19, 2021 | Nov. 08, 2019 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Shares repurchased (shares) | 3 | ||||
Aggregate cost of shares repurchased | $ 598,200 | ||||
Average repurchase price (in usd per share) | $ 201.88 | ||||
Remaining amount authorized under Share Repurchase Program | $ 947,300 | ||||
August 2019 Share Repurchase Program [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Authorized amount under Share Repurchase Program | $ 1,000,000 | $ 1,000,000 | $ 700,000 |
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 | Apr. 22, 2023 | Jul. 15, 2023 | Oct. 07, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Earnings Per Share [Abstract] | ||||||||
Net income | $ (62,037) | $ 78,577 | $ 48,323 | $ 126,900 | $ 64,862 | $ 29,735 | $ 464,402 | $ 596,615 |
Basic weighted average common shares | 59,432 | 60,351 | 64,028 | |||||
Dilutive impact of share-based awards | 176 | 366 | 481 | |||||
Diluted weighted average common shares | 59,608 | 60,717 | 64,509 | |||||
Basic earnings per common share, Net income applicable to common stockholders (in usd per share) | $ (1.04) | $ 1.32 | $ 0.81 | $ 2.14 | $ 1.09 | $ 0.50 | $ 7.70 | $ 9.32 |
Diluted earnings per common share, Net income applicable to common stockholders (in usd per share) | $ (1.04) | $ 1.32 | $ 0.81 | $ 2.13 | $ 1.09 | $ 0.50 | $ 7.65 | $ 9.25 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 299 | 115 | 9 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 07, 2023 | Jul. 15, 2023 | Apr. 22, 2023 | Jul. 15, 2023 | Oct. 07, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Federal: | ||||||||
Current Federal Tax Expense (Benefit) | $ 20,363 | $ 81,564 | $ 83,979 | |||||
Deferred Federal Income Tax Expense (Benefit) | (36,935) | 12,609 | 47,558 | |||||
Federal Income Tax Expense (Benefit), Continuing Operations | (16,572) | 94,173 | 131,537 | |||||
State: | ||||||||
Current State and Local Tax Expense (Benefit) | 6,137 | 15,902 | 22,927 | |||||
Deferred State and Local Income Tax Expense (Benefit) | (11,321) | 5,546 | 10,240 | |||||
State and Local Income Tax Expense (Benefit), Continuing Operations | (5,184) | 21,448 | 33,167 | |||||
Foreign: | ||||||||
Current Foreign Tax Expense (Benefit) | 23,394 | 25,966 | 20,186 | |||||
Deferred Foreign Income Tax Expense (Benefit) | 474 | (1,627) | 988 | |||||
Foreign Income Tax Expense (Benefit), Continuing Operations | 23,868 | 24,339 | 21,174 | |||||
Current Income Tax Expense (Benefit) | 49,894 | 123,432 | 127,092 | |||||
Provision for deferred income taxes | $ 21,497 | $ (27,811) | (47,782) | 16,528 | 58,786 | |||
Income Tax Expense (Benefit) | $ (19,539) | $ 28,198 | $ 19,223 | 47,420 | 27,883 | 2,112 | 139,960 | 185,878 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||||||
Income before provision for income taxes at statutory U.S. federal income tax rate (21% for 2023, 2022 and 2021) | 6,689 | 126,730 | 163,965 | |||||
State income taxes, net of federal income tax | (4,962) | 16,222 | 27,517 | |||||
Other, net | 385 | (2,992) | (5,604) | |||||
Income Tax Expense (Benefit) | $ (19,539) | $ 28,198 | 19,223 | 47,420 | 27,883 | 2,112 | 139,960 | 185,878 |
Deferred income tax assets: | ||||||||
Accrued expenses not currently deductible for tax | 22,377 | 19,589 | ||||||
Share-based compensation | 10,698 | 12,642 | ||||||
Accrued medical and workers compensation | 9,704 | 13,666 | ||||||
Net operating loss carryforwards | 3,273 | 3,577 | ||||||
Deferred Tax Assets Operating Lease Liabilities | 670,030 | 678,432 | ||||||
Other, net | 13,602 | 9,291 | ||||||
Total deferred income tax assets before valuation allowances | 729,684 | 737,197 | ||||||
Less: Valuation allowance | (5,179) | (5,036) | ||||||
Total deferred income tax assets | 724,505 | 732,161 | ||||||
Deferred income tax liabilities: | ||||||||
Property and equipment | (91,084) | (125,651) | ||||||
Inventories | (219,446) | (226,499) | ||||||
Intangible assets | (136,366) | (137,464) | ||||||
Deferred Tax Liabilities Operating Lease Assets | (640,151) | (653,296) | ||||||
Total deferred income tax liabilities | (1,087,047) | (1,142,910) | ||||||
Net deferred income tax liabilities | (362,542) | (410,749) | ||||||
Deferred Tax Assets, Valuation Allowance less Foreign Tax Carryfowards | 2,900 | 3,000 | ||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||||
Unrecognized tax benefits, beginning of period | $ 15,211 | $ 15,211 | $ 15,211 | 15,211 | 20,979 | 26,967 | ||
Increases related to prior period tax positions | 245 | 75 | 484 | |||||
Decreases related to prior period tax positions | 0 | (261) | (849) | |||||
Increases related to current period tax positions | 563 | 928 | 2,240 | |||||
Settlements | 0 | (256) | (2,993) | |||||
Expiration of statute of limitations | (4,829) | (6,254) | (4,870) | |||||
Unrecognized tax benefits, end of period | 11,190 | 15,211 | 20,979 | |||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract] | ||||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense/(Gain) | 200 | 600 | $ 700 | |||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 2,500 | 2,700 | ||||||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 100 | |||||||
Undistributed Earnings of Foreign Subsidiaries | $ 118,300 | $ 98,700 | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | |||||
Tax Credit Carryforward, Valuation Allowance | $ 2,200 | |||||||
Effective Income Tax Rate Reconciliation, Percent | 6.60% | 23.20% | 23.80% | |||||
State and Local Jurisdiction [Member] | ||||||||
Deferred income tax liabilities: | ||||||||
Operating Loss Carryforwards | $ 102,200 | $ 108,900 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Postemployment Benefits [Abstract] | |||
Company contributions to defined contribution benefit plan | $ 26.3 | $ 24.5 | $ 27.3 |
Deferred compensation plan liability | $ 14.3 | $ 13.7 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Available for Grant | 2,400 | ||
Share-based compensation expense | $ 45,647 | $ 50,978 | $ 63,067 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Deferred income tax benefit | 11,000 | $ 12,500 | 15,200 |
Unrecognized compensation expense | $ 69,500 | ||
Weighted average period unrecognized compensation expense expected to be recognized | 1 year 6 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 417 | 206 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 124.59 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 94.03 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 316 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0 | $ 190.75 | |
Issuance of shares upon the exercise of stock appreciation rights (in shares) | 0 | (3) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 162.54 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (104) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 529 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 years 8 months 12 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 186.22 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 80 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 28.97 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years 10 months 24 days | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 6,400 | $ 11,800 | $ 22,800 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested, beginning of period | 105 | ||
Granted | 22 | 0 | |
Granted, Weighted Average Grant Date Fair Value | $ 135.13 | $ 0 | $ 0 |
Change in Units Based on Performance | (15) | ||
Change in Units Based on Performance, Weighted Average Exercise Price | $ 137.11 | ||
Vested | (112) | ||
Vested, Weighted Average Exercise Price | $ 130.88 | ||
Forfeited | 0 | ||
Forfeited, Weighted Average Grant Date Fair Value | $ 130.03 | ||
Nonvested, end of period | 0 | 105 | |
Nonvested, Weighted Average Grant Date Fair Value | $ 0 | $ 130.88 | |
Maximum potential payout of outstanding awards for Equity Instruments Other than Options | 44 | ||
Total grant date fair value of vested | $ 14,711 | $ 12,460 | $ 7,987 |
Market Based Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Risk-free interest rate (1) | 4.60% | 1.60% | 0.30% |
Expected dividend yield | 0% | 0% | 0% |
Expected stock price volatility (2) | 37.40% | 34.60% | 36% |
Liquidity discount for post-vest restrictions | 12.20% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested, beginning of period | 135 | ||
Granted | 73 | ||
Granted, Weighted Average Grant Date Fair Value | $ 139.75 | $ 205.52 | $ 204.97 |
Change in Units Based on Performance | 0 | ||
Change in Units Based on Performance, Weighted Average Exercise Price | $ 0 | ||
Vested | (30) | ||
Vested, Weighted Average Exercise Price | $ 145.04 | ||
Forfeited | (55) | ||
Forfeited, Weighted Average Grant Date Fair Value | $ 173.13 | ||
Nonvested, end of period | 123 | 135 | |
Nonvested, Weighted Average Grant Date Fair Value | $ 180.63 | $ 191.72 | |
Maximum potential payout of outstanding awards for Equity Instruments Other than Options | 255 | ||
Total grant date fair value of vested | $ 4,400 | $ 3,695 | $ 3,650 |
Deferred Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 3,400 | $ 1,700 | $ 1,600 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted | 74 | 9,000 | 10,000 |
Granted, Weighted Average Grant Date Fair Value | $ 66.60 | $ 193.05 | $ 191.24 |
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Available for Grant | 2,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Purchase discount of fair market value (percent) | 10% | ||
Team Member annual purchase limit | $ 25 | ||
Team Member annual purchase limit, percentage of compensation (percent) | 10% | ||
Share-based Payment Arrangement, Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Expected life of awards (in months) (3) | 6 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested, beginning of period | 394 | ||
Granted | 627 | ||
Granted, Weighted Average Grant Date Fair Value | $ 89.81 | $ 196.61 | $ 183.41 |
Change in Units Based on Performance | 0 | ||
Change in Units Based on Performance, Weighted Average Exercise Price | $ 0 | ||
Vested | (195) | ||
Vested, Weighted Average Exercise Price | $ 169.61 | ||
Forfeited | (126) | ||
Forfeited, Weighted Average Grant Date Fair Value | $ 139.70 | ||
Nonvested, end of period | 700 | 394 | |
Nonvested, Weighted Average Grant Date Fair Value | $ 109.56 | $ 180.41 | |
Total grant date fair value of vested | $ 33,125 | $ 34,685 | $ 34,555 |
Minimum | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Typical number of awards vesting at end of period (percent) | 0% | ||
Minimum | Share-based Payment Arrangement, Option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Risk-free interest rate (1) | 4.08% | ||
Expected dividend yield | 1.45% | ||
Expected stock price volatility (2) | 35.10% | ||
Maximum | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Typical number of awards vesting at end of period (percent) | 200% | ||
Maximum | Share-based Payment Arrangement, Option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Risk-free interest rate (1) | 4.31% | ||
Expected dividend yield | 4.05% | ||
Expected stock price volatility (2) | 42.90% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, Beginning of Period | $ (44,695) | $ (27,059) | |
Activity | (7,537) | (17,636) | $ (323) |
Balance, End of Period | (52,232) | (44,695) | (27,059) |
Unrealized Gain (Loss) on Postretirement Plan | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, Beginning of Period | 720 | 906 | 1,170 |
Activity | 82 | (186) | (264) |
Balance, End of Period | 802 | 720 | 906 |
Foreign Currency Translation | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, Beginning of Period | (45,415) | (27,965) | (27,906) |
Activity | (7,619) | (17,450) | (59) |
Balance, End of Period | (53,034) | (45,415) | (27,965) |
Accumulated Other Comprehensive (Loss) Income | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, Beginning of Period | (44,695) | (27,059) | (26,736) |
Activity | (7,537) | (17,636) | (323) |
Balance, End of Period | $ (52,232) | $ (44,695) | $ (27,059) |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance for Doubtful Accounts Receivable, Current, Beginning of Period | $ 16,808 | ||
Allowance for Doubtful Accounts Receivable, Current, End of Period | 27,589 | $ 16,808 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance for Doubtful Accounts Receivable, Current, Beginning of Period | 16,808 | 10,162 | $ 11,929 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 22,112 | 25,994 | 11,125 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (11,331) | (19,348) | (12,892) |
Allowance for Doubtful Accounts Receivable, Current, End of Period | $ 27,589 | $ 16,808 | $ 10,162 |
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 | Apr. 22, 2023 | Jul. 15, 2023 | Oct. 07, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Inventories | $ 4,919,155 | $ 5,052,244 | $ 5,001,157 | $ 5,052,244 | $ 4,919,155 | $ 4,857,702 | $ 4,896,269 | $ 4,682,635 | |
Other current assets | 221,724 | 211,157 | 201,717 | 211,157 | 221,724 | 215,707 | 163,695 | ||
Total current assets | 6,320,693 | 6,321,318 | 6,196,740 | 6,321,318 | 6,320,693 | 6,377,021 | 6,014,817 | 6,257,044 | |
Assets | 12,249,161 | 12,299,222 | 12,177,286 | 12,299,222 | 12,249,161 | 12,276,326 | 11,986,447 | 12,175,777 | |
Accounts payable | 4,014,014 | 3,862,682 | 3,754,998 | 3,862,682 | 4,014,014 | 4,177,974 | 4,178,907 | 3,966,574 | |
Accrued expenses | 724,083 | 678,103 | 717,938 | 678,103 | 724,083 | 671,237 | 629,464 | 774,149 | |
Liabilities | 9,682,825 | 9,656,568 | 9,614,566 | 9,656,568 | 9,682,825 | 9,756,598 | 9,387,255 | 9,093,985 | |
Accumulated other comprehensive loss | (47,025) | (36,707) | (43,931) | (36,707) | (47,025) | (52,232) | (44,695) | (27,059) | |
Retained earnings | 4,609,318 | 4,686,518 | 4,623,832 | 4,686,518 | 4,609,318 | 4,559,139 | 4,665,087 | ||
Stockholders' equity | 2,566,336 | 2,642,654 | 2,562,720 | 2,642,654 | 2,566,336 | 2,519,728 | 2,599,192 | 3,081,792 | $ 3,536,961 |
Liabilities and Equity | 12,249,161 | 12,299,222 | 12,177,286 | 12,299,222 | 12,249,161 | 12,276,326 | 11,986,447 | 12,175,777 | |
Total current liabilities | 5,216,700 | 5,101,757 | 5,055,352 | 5,101,757 | 5,216,700 | 5,307,405 | 5,420,851 | 5,221,972 | |
Deferred income taxes | 417,736 | 362,542 | 410,749 | 395,168 | |||||
Other Liabilities, Noncurrent | 87,602 | 84,524 | 89,054 | 104,874 | |||||
Cost of sales | 1,748,799 | 1,545,611 | 1,955,666 | 3,501,277 | 5,250,077 | 6,764,105 | 6,222,487 | 6,074,039 | |
Gross profit | 970,280 | 1,140,455 | 1,461,928 | 2,602,382 | 3,572,661 | 4,523,502 | 4,932,235 | 4,923,950 | |
Selling, general and administrative expenses | 1,031,233 | 1,014,495 | 1,363,990 | 2,378,484 | 3,409,717 | 4,409,125 | 4,261,982 | 4,101,585 | |
Operating income | (60,953) | 125,960 | 97,938 | 223,898 | 162,944 | 114,377 | 670,253 | 822,365 | |
Other income (expense), net | 5,525 | (7,423) | (2,081) | ||||||
Total other, net | (82,530) | (65,891) | (39,872) | ||||||
Income before provision for income taxes | (81,576) | 106,775 | 67,546 | 174,320 | 92,745 | 31,847 | 604,362 | 782,493 | |
Provision for income taxes | (19,539) | 28,198 | 19,223 | 47,420 | 27,883 | 2,112 | 139,960 | 185,878 | |
Net Income (Loss) | (62,037) | 78,577 | 48,323 | 126,900 | 64,862 | 29,735 | 464,402 | 596,615 | |
Provision for deferred income taxes | 21,497 | (27,811) | (47,782) | 16,528 | 58,786 | ||||
Other Noncash Income (Expense) | 849 | 1,628 | 2,436 | (3,267) | (2,587) | 7,985 | |||
Receivables, net | 85,827 | 97,022 | 179,890 | (114,665) | 67,147 | (7,456) | |||
Inventories | (104,355) | 148,918 | 25,583 | 44,821 | (229,643) | (124,139) | |||
Accounts payable | (424,190) | (319,785) | (163,371) | (4,645) | 227,774 | 291,042 | |||
Accrued expenses | 89,666 | 118,781 | 167,225 | 115,673 | (167,723) | 102,345 | |||
Other assets and liabilities, net | 23,057 | 60,836 | 83,331 | (91,987) | 9,732 | (134,135) | |||
Net Cash Provided by Operating Activities | (382,524) | (167,131) | 28,834 | 287,375 | 736,571 | 1,107,022 | |||
Other, net | (4,377) | (4,531) | (5,010) | (1,493) | 1,469 | 3,021 | |||
Net Cash Provided by (Used in) Financing Activities | 425,202 | 313,945 | 204,047 | 189,267 | (620,704) | (1,064,112) | |||
Effect of exchange rate changes on cash | 68 | 949 | (1,932) | (8,487) | (8,664) | 5,474 | |||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (46,925) | 4,421 | 45,749 | 232,666 | (317,245) | (238,930) | |||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | 316,554 | 275,226 | 223,880 | 275,226 | 316,554 | 503,471 | 270,805 | 588,050 | 826,980 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (10,280) | 7,262 | 567 | 7,829 | (2,451) | (7,619) | (17,450) | (59) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (10,318) | 7,224 | 764 | 7,988 | (2,330) | (17,636) | (323) | ||
Comprehensive Income (Loss) | $ (72,355) | $ 85,801 | $ 49,087 | $ 134,888 | $ 62,532 | $ 22,198 | $ 446,766 | $ 596,292 | |
Basic earnings per common share (in usd per share) | $ (1.04) | $ 1.32 | $ 0.81 | $ 2.14 | $ 1.09 | $ 0.50 | $ 7.70 | $ 9.32 | |
Diluted earnings per common share (in usd per share) | $ (1.04) | $ 1.32 | $ 0.81 | $ 2.13 | $ 1.09 | $ 0.50 | $ 7.65 | $ 9.25 | |
Weighted average common shares outstanding - assuming dilution | 59,608 | 60,717 | 64,509 | ||||||
Receivables, net | $ 863,260 | $ 782,691 | $ 769,986 | $ 782,691 | $ 863,260 | $ 800,141 | $ 684,048 | $ 754,114 | |
Cash and cash equivalents | 316,554 | 275,226 | 223,880 | 275,226 | 316,554 | 503,471 | 270,805 | 588,050 | |
Retained Earnings | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Retained earnings | 4,563,724 | ||||||||
Stockholders' equity | 4,609,318 | 4,686,518 | 4,623,832 | 4,686,518 | 4,609,318 | 4,559,139 | 4,665,087 | 4,563,724 | 4,174,060 |
Net Income (Loss) | (62,037) | 78,577 | 48,323 | 126,900 | 64,862 | 29,735 | 464,402 | 596,615 | |
Accumulated Other Comprehensive (Loss) Income | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Accumulated other comprehensive loss | (52,232) | (44,695) | (27,059) | (26,736) | |||||
Stockholders' equity | (47,025) | (36,707) | (43,931) | (36,707) | (47,025) | $ (52,232) | (44,695) | (27,059) | (26,736) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (10,318) | 7,224 | 764 | 7,988 | (2,330) | (17,636) | (323) | ||
Previously Reported | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Inventories | 5,067,467 | 5,015,973 | 5,067,467 | 4,915,262 | 4,659,018 | ||||
Other current assets | 188,169 | 177,127 | 188,169 | ||||||
Total current assets | 6,326,472 | 6,201,692 | 6,326,472 | 6,046,852 | 6,275,476 | ||||
Assets | 12,304,376 | 12,182,238 | 12,304,376 | 12,018,482 | 12,194,209 | ||||
Accounts payable | 3,780,215 | 3,682,749 | 3,780,215 | 4,123,462 | 3,922,007 | ||||
Accrued expenses | 685,191 | 718,290 | 685,191 | 634,447 | 777,051 | ||||
Liabilities | 9,581,189 | 9,546,077 | 9,581,189 | 9,340,201 | 9,065,918 | ||||
Accumulated other comprehensive loss | (36,824) | (44,355) | (36,824) | (45,143) | (22,627) | ||||
Retained earnings | 4,767,168 | 4,697,697 | 4,767,168 | 4,744,624 | 4,605,791 | ||||
Stockholders' equity | 2,723,187 | 2,636,161 | 2,723,187 | 2,678,281 | 3,128,291 | 3,559,512 | |||
Liabilities and Equity | 12,304,376 | 12,182,238 | 12,304,376 | 12,018,482 | 12,194,209 | ||||
Total current liabilities | 5,026,378 | 4,983,455 | 5,026,378 | 5,370,389 | 5,180,307 | ||||
Deferred income taxes | 422,984 | 415,997 | 410,606 | ||||||
Other Liabilities, Noncurrent | 85,762 | 87,214 | 103,034 | ||||||
Cost of sales | 1,537,997 | 1,946,931 | 3,484,927 | 6,192,622 | 6,069,241 | ||||
Gross profit | 1,148,069 | 1,470,663 | 2,618,732 | 4,962,100 | 4,928,748 | ||||
Selling, general and administrative expenses | 1,013,701 | 1,380,664 | 2,394,365 | 4,247,949 | 4,090,031 | ||||
Operating income | 134,368 | 89,999 | 224,367 | 714,151 | 838,717 | ||||
Other income (expense), net | (6,996) | 4,999 | |||||||
Total other, net | (65,464) | (32,792) | |||||||
Income before provision for income taxes | 115,183 | 59,607 | 174,789 | 648,687 | 805,925 | ||||
Provision for income taxes | 29,821 | 16,956 | 46,776 | 146,815 | 189,817 | ||||
Net Income (Loss) | 85,362 | 42,651 | 128,013 | 501,872 | 616,108 | ||||
Provision for deferred income taxes | 16,249 | 6,338 | 68,202 | ||||||
Other Noncash Income (Expense) | 391 | 1,170 | |||||||
Receivables, net | 83,370 | 93,539 | 81,254 | 32,652 | |||||
Inventories | 100,178 | 145,148 | 272,253 | 120,272 | |||||
Accounts payable | (440,995) | (346,808) | 212,568 | 281,064 | |||||
Accrued expenses | 85,035 | 120,888 | (165,643) | 109,983 | |||||
Other assets and liabilities, net | (1,534) | 36,008 | |||||||
Net Cash Provided by Operating Activities | (378,865) | (164,559) | 722,222 | 1,112,262 | |||||
Other, net | (3,919) | (4,073) | |||||||
Net Cash Provided by (Used in) Financing Activities | 425,660 | 314,403 | |||||||
Effect of exchange rate changes on cash | 93 | 1,280 | (9,216) | 5,600 | |||||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (42,783) | 7,782 | (332,146) | (233,564) | |||||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | 277,064 | 226,499 | 277,064 | 269,282 | 601,428 | 834,992 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 7,569 | 591 | 8,160 | (22,330) | 4,396 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 7,531 | 788 | 8,319 | (22,516) | 4,132 | ||||
Comprehensive Income (Loss) | $ 92,893 | $ 43,439 | $ 136,332 | $ 479,356 | $ 620,240 | ||||
Basic earnings per common share (in usd per share) | $ 1.44 | $ 0.72 | $ 2.16 | $ 8.32 | $ 9.62 | ||||
Diluted earnings per common share (in usd per share) | $ 1.43 | $ 0.72 | $ 2.15 | $ 8.27 | $ 9.55 | ||||
Receivables, net | $ 793,772 | $ 782,093 | $ 793,772 | $ 698,613 | $ 782,785 | ||||
Cash and cash equivalents | 277,064 | 226,499 | 277,064 | 269,282 | 601,428 | ||||
Previously Reported | Retained Earnings | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Stockholders' equity | 4,767,168 | 4,697,697 | 4,767,168 | 4,744,624 | 4,605,791 | 4,196,634 | |||
Net Income (Loss) | 85,362 | 42,651 | 128,013 | 501,872 | 616,108 | ||||
Previously Reported | Accumulated Other Comprehensive (Loss) Income | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Stockholders' equity | (36,824) | (44,355) | (36,824) | (45,143) | (22,627) | (26,759) | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 7,531 | 788 | 8,319 | (2,456) | (22,516) | 4,132 | |||
Revision of Prior Period, Adjustment | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Inventories | (15,223) | (14,816) | (15,223) | (18,993) | 23,617 | ||||
Other current assets | 22,988 | 24,590 | 22,988 | ||||||
Total current assets | (5,154) | (4,952) | (5,154) | (32,035) | (18,432) | ||||
Assets | (5,154) | (4,952) | (5,154) | (32,035) | (18,432) | ||||
Accounts payable | 82,467 | 72,249 | 82,467 | 55,445 | 44,567 | ||||
Accrued expenses | (7,088) | (352) | (7,088) | (4,983) | (2,902) | ||||
Liabilities | 75,379 | 68,489 | 75,379 | 47,054 | 28,067 | ||||
Accumulated other comprehensive loss | 117 | 424 | 117 | 448 | (4,432) | ||||
Retained earnings | (80,650) | (73,865) | (80,650) | (79,537) | (42,067) | ||||
Stockholders' equity | (80,533) | (73,441) | (80,533) | (79,089) | (46,499) | (22,551) | |||
Liabilities and Equity | (5,154) | (4,952) | (5,154) | (32,035) | (18,432) | ||||
Total current liabilities | 75,379 | 71,897 | 75,379 | 50,462 | 41,665 | ||||
Deferred income taxes | (5,248) | (5,248) | (15,438) | ||||||
Other Liabilities, Noncurrent | 1,840 | 1,840 | 1,840 | ||||||
Cost of sales | 7,614 | 8,735 | 16,350 | 29,865 | 4,798 | ||||
Gross profit | (7,614) | (8,735) | (16,350) | (29,865) | (4,798) | ||||
Selling, general and administrative expenses | 794 | (16,674) | (15,881) | 14,033 | 11,554 | ||||
Operating income | (8,408) | 7,939 | (469) | (43,898) | (16,352) | ||||
Other income (expense), net | (427) | (7,080) | |||||||
Total other, net | (427) | (7,080) | |||||||
Income before provision for income taxes | (8,408) | 7,939 | (469) | (44,325) | (23,432) | ||||
Provision for income taxes | (1,623) | 2,267 | 644 | (6,855) | (3,939) | ||||
Net Income (Loss) | (6,785) | 5,672 | (1,113) | (37,470) | (19,493) | ||||
Provision for deferred income taxes | 5,248 | 10,190 | (9,416) | ||||||
Other Noncash Income (Expense) | 458 | 458 | |||||||
Receivables, net | 2,457 | 3,483 | 14,107 | (25,196) | |||||
Inventories | 4,177 | 3,770 | (42,610) | 3,867 | |||||
Accounts payable | 16,805 | 27,023 | 15,206 | 9,978 | |||||
Accrued expenses | 4,631 | (2,107) | (2,080) | (7,638) | |||||
Other assets and liabilities, net | 24,591 | 24,828 | |||||||
Net Cash Provided by Operating Activities | (3,659) | (2,572) | 14,349 | (5,240) | |||||
Other, net | (458) | (458) | |||||||
Net Cash Provided by (Used in) Financing Activities | (458) | (458) | |||||||
Effect of exchange rate changes on cash | (25) | (331) | 552 | (126) | |||||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (4,142) | (3,361) | 14,901 | (5,366) | |||||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | (1,838) | (2,619) | (1,838) | 1,523 | (13,378) | (8,012) | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (307) | (24) | (331) | 4,880 | (4,455) | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (307) | (24) | (331) | 4,880 | (4,455) | ||||
Comprehensive Income (Loss) | $ (7,092) | $ 5,648 | $ (1,444) | $ (32,590) | $ (23,948) | ||||
Basic earnings per common share (in usd per share) | $ (0.12) | $ 0.09 | $ (0.02) | $ (0.62) | $ (0.30) | ||||
Diluted earnings per common share (in usd per share) | $ (0.11) | $ 0.09 | $ (0.02) | $ (0.62) | $ (0.30) | ||||
Receivables, net | $ (11,081) | $ (12,107) | $ (11,081) | $ (14,565) | $ (28,671) | ||||
Cash and cash equivalents | (1,838) | (2,619) | (1,838) | 1,523 | (13,378) | ||||
Revision of Prior Period, Adjustment | Retained Earnings | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Stockholders' equity | (80,650) | (73,865) | (80,650) | (79,537) | (42,067) | (22,574) | |||
Net Income (Loss) | (6,785) | 5,672 | (1,113) | (37,470) | (19,493) | ||||
Revision of Prior Period, Adjustment | Accumulated Other Comprehensive (Loss) Income | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Stockholders' equity | 117 | 424 | 117 | 448 | (4,432) | $ 23 | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (307) | $ (24) | (331) | 4,880 | $ (4,455) | ||||
Previously Reported, Revised | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Inventories | 4,949,382 | 4,949,382 | |||||||
Other current assets | 185,249 | 185,249 | |||||||
Total current assets | 6,320,464 | 6,320,464 | |||||||
Assets | 12,248,932 | 12,248,932 | |||||||
Accounts payable | 3,943,019 | 3,943,019 | |||||||
Accrued expenses | 714,317 | 714,317 | |||||||
Liabilities | 9,602,064 | 9,602,064 | |||||||
Accumulated other comprehensive loss | (47,599) | (47,599) | |||||||
Retained earnings | 4,690,424 | 4,690,424 | |||||||
Stockholders' equity | 2,646,868 | 2,723,187 | 2,723,187 | 2,646,868 | 2,678,281 | ||||
Liabilities and Equity | 12,248,932 | 12,248,932 | |||||||
Total current liabilities | 5,135,939 | 5,135,939 | |||||||
Cost of sales | 1,732,420 | 5,220,200 | |||||||
Gross profit | 986,659 | 3,602,538 | |||||||
Selling, general and administrative expenses | 1,030,355 | 3,407,445 | |||||||
Operating income | (43,696) | 195,093 | |||||||
Income before provision for income taxes | (64,319) | 124,894 | |||||||
Provision for income taxes | (15,686) | 34,649 | |||||||
Net Income (Loss) | (48,633) | 90,245 | |||||||
Provision for deferred income taxes | (33,059) | ||||||||
Other Noncash Income (Expense) | 1,499 | ||||||||
Receivables, net | 170,371 | ||||||||
Inventories | 41,025 | ||||||||
Accounts payable | (191,871) | ||||||||
Accrued expenses | 145,704 | ||||||||
Other assets and liabilities, net | 45,015 | ||||||||
Net Cash Provided by Operating Activities | 30,404 | ||||||||
Other, net | (4,073) | ||||||||
Net Cash Provided by (Used in) Financing Activities | 204,984 | ||||||||
Effect of exchange rate changes on cash | (1,942) | ||||||||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 48,246 | ||||||||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | 317,528 | 317,528 | 269,282 | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (10,737) | (2,577) | |||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (10,775) | (2,456) | |||||||
Comprehensive Income (Loss) | $ (59,408) | $ 87,789 | |||||||
Basic earnings per common share (in usd per share) | $ (0.82) | $ 1.52 | |||||||
Diluted earnings per common share (in usd per share) | $ (0.82) | $ 1.51 | |||||||
Receivables, net | $ 868,305 | $ 868,305 | |||||||
Cash and cash equivalents | 317,528 | 317,528 | |||||||
Previously Reported, Revised | Retained Earnings | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Stockholders' equity | 4,690,424 | 4,767,168 | 4,767,168 | 4,690,424 | 4,744,624 | ||||
Net Income (Loss) | (48,633) | 90,245 | |||||||
Previously Reported, Revised | Accumulated Other Comprehensive (Loss) Income | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Stockholders' equity | (47,599) | (36,824) | (36,824) | (47,599) | (45,143) | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | (10,775) | ||||||||
Revision of Prior Period, Adjustment, Revised | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Inventories | (30,227) | (30,227) | |||||||
Other current assets | 36,475 | 36,475 | |||||||
Total current assets | 229 | 229 | |||||||
Assets | 229 | 229 | |||||||
Accounts payable | 70,995 | 70,995 | |||||||
Accrued expenses | 9,766 | 9,766 | |||||||
Liabilities | 80,761 | 80,761 | |||||||
Accumulated other comprehensive loss | 574 | 574 | |||||||
Retained earnings | (81,106) | (81,106) | |||||||
Stockholders' equity | (80,532) | (80,533) | (80,533) | (80,532) | (79,089) | ||||
Liabilities and Equity | 229 | 229 | |||||||
Total current liabilities | 80,761 | 80,761 | |||||||
Cost of sales | 16,379 | 29,877 | |||||||
Gross profit | (16,379) | (29,877) | |||||||
Selling, general and administrative expenses | 878 | 2,272 | |||||||
Operating income | (17,257) | (32,149) | |||||||
Income before provision for income taxes | (17,257) | (32,149) | |||||||
Provision for income taxes | (3,853) | (6,766) | |||||||
Net Income (Loss) | (13,404) | (25,383) | |||||||
Provision for deferred income taxes | 5,248 | ||||||||
Other Noncash Income (Expense) | 937 | ||||||||
Receivables, net | 9,519 | ||||||||
Inventories | (15,442) | ||||||||
Accounts payable | 28,500 | ||||||||
Accrued expenses | 21,521 | ||||||||
Other assets and liabilities, net | 38,316 | ||||||||
Net Cash Provided by Operating Activities | (1,570) | ||||||||
Other, net | (937) | ||||||||
Net Cash Provided by (Used in) Financing Activities | (937) | ||||||||
Effect of exchange rate changes on cash | 10 | ||||||||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (2,497) | ||||||||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | (974) | (974) | 1,523 | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 457 | 126 | |||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 457 | 126 | |||||||
Comprehensive Income (Loss) | $ (12,947) | $ (25,257) | |||||||
Basic earnings per common share (in usd per share) | $ (0.22) | $ (0.43) | |||||||
Diluted earnings per common share (in usd per share) | $ (0.22) | $ (0.42) | |||||||
Receivables, net | $ (5,045) | $ (5,045) | |||||||
Cash and cash equivalents | (974) | (974) | |||||||
Revision of Prior Period, Adjustment, Revised | Retained Earnings | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Stockholders' equity | (81,106) | (80,650) | (80,650) | (81,106) | (79,537) | ||||
Net Income (Loss) | (13,404) | (25,383) | |||||||
Revision of Prior Period, Adjustment, Revised | Accumulated Other Comprehensive (Loss) Income | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Stockholders' equity | 574 | $ 117 | $ 117 | 574 | $ 448 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | $ 457 | $ 126 |
Supplier Finance Program (Detai
Supplier Finance Program (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Payables and Accruals [Abstract] | ||
Supplier Finance Program, Obligation | $ 3,361,249 | $ 3,100,172 |
Supplier Finance Program [Line Items] | ||
Supplier Finance Program, Obligation | 3,361,249 | $ 3,100,172 |
Supplier Finance Program, Obligation, Addition | 3,430,710 | |
Supplier Finance Program, Obligation, Settlement | $ (3,169,633) | |
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] | Accounts payable |