Floor & Decor (FND) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Cover page

Cover page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-38070
Entity Registrant Name	Floor & Decor Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-3730271
Entity Address, Address Line One	2500 Windy Ridge Parkway SE
Entity Address, City or Town	Atlanta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30339
City Area Code	(404)
Local Phone Number	471-1634
Title of 12(b) Security	Class A common stock, $0.001 par value per share
Trading Symbol	FND
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		105,591,567
Entity Central Index Key	0001507079
Amendment Flag	false
Current Fiscal Year End Date	--12-30
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 330,085	$ 307,772
Receivables, net	81,480	50,427
Inventories, net	833,122	654,000
Prepaid expenses and other current assets	49,522	28,257
Total current assets	1,294,209	1,040,456
Fixed assets, net	836,310	579,359
Right-of-use assets	1,082,031	916,325
Intangible assets, net	152,678	109,269
Goodwill	255,473	227,447
Other assets	7,409	7,569
Total long-term assets	2,333,901	1,839,969
Total assets	3,628,110	2,880,425
Current liabilities:
Current portion of term loans	1,577	1,647
Current portion of lease liabilities	98,238	94,502
Trade accounts payable	634,339	417,898
Accrued expenses and other current liabilities	255,106	162,283
Income taxes payable	1,553	12,391
Deferred revenue	21,173	10,115
Total current liabilities	1,011,986	698,836
Term loans	195,865	207,157
Lease liabilities	1,106,812	941,125
Deferred income tax liabilities, net	33,589	27,990
Other liabilities	14,948	7,929
Total long-term liabilities	1,351,214	1,184,201
Total liabilities	2,363,200	1,883,037
Commitments and Contingencies (Note 5)
Capital stock:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2021 and December 31, 2020	0	0
Additional paid-in capital	442,247	408,124
Accumulated other comprehensive income, net	204	164
Retained earnings	822,353	588,996
Total stockholders’ equity	1,264,910	997,388
Total liabilities and stockholders’ equity	3,628,110	2,880,425
Class A Common Stock
Capital stock:
Common stock	106	104
Class B Common Stock
Capital stock:
Common stock	0	0
Class C Common Stock
Capital stock:
Common stock	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Stockholders’ equity
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Stockholders’ equity
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	105,578,555	104,368,212
Common stock, shares outstanding (in shares)	105,578,555	104,368,212
Class B Common Stock
Stockholders’ equity
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Class C Common Stock
Stockholders’ equity
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 24, 2020	Sep. 30, 2021	Sep. 24, 2020
Income Statement [Abstract]
Net sales	$ 876,553	$ 684,847	$ 2,519,198	$ 1,702,136
Cost of sales	511,245	390,219	1,451,519	974,784
Gross profit	365,308	294,628	1,067,679	727,352
Operating expenses:
Selling and store operating	218,690	171,513	613,708	463,036
General and administrative	52,488	39,286	149,348	103,857
Pre-opening	10,733	5,027	26,720	13,894
Total operating expenses	281,911	215,826	789,776	580,787
Operating income	83,397	78,802	277,903	146,565
Interest expense, net	1,124	2,024	3,805	6,134
Gain on early extinguishment of debt	0	0	0	(1,015)
Income before income taxes	82,273	76,778	274,098	141,446
Provision for income taxes	7,628	8,004	40,741	3,605
Net income	74,645	68,774	233,357	137,841
Change in fair value of hedge instruments, net of tax	(36)	89	40	249
Total comprehensive income	$ 74,609	$ 68,863	$ 233,397	$ 138,090
Basic earnings per share (in dollars per share)	$ 0.71	$ 0.67	$ 2.23	$ 1.35
Diluted earnings per share (in dollars per share)	$ 0.69	$ 0.65	$ 2.17	$ 1.30

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Class A Common Stock	Common StockClass A Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance (in shares) at Dec. 26, 2019			101,458,000
Beginning balance at Dec. 26, 2019	$ 764,336		$ 101	$ 370,413	$ (193)	$ 394,015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	2,908			2,908
Exercise of stock options (in shares)			453,000
Exercise of stock options	3,783		$ 1	3,782
Issuance of restricted stock awards (in shares)			368,000
Shares issued under employee stock purchase plan (in shares)			30,000
Shares issued under employee stock purchase plan	1,131			1,131
Other comprehensive gain (loss), net of tax	68				68
Net income	37,063					37,063
Ending balance (in shares) at Mar. 26, 2020			102,309,000
Ending balance at Mar. 26, 2020	809,289		$ 102	378,234	(125)	431,078
Beginning balance (in shares) at Dec. 26, 2019			101,458,000
Beginning balance at Dec. 26, 2019	764,336		$ 101	370,413	(193)	394,015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive gain (loss), net of tax	249
Net income	137,841
Ending balance (in shares) at Sep. 24, 2020			103,909,000
Ending balance at Sep. 24, 2020	931,505		$ 104	399,489	56	531,856
Beginning balance (in shares) at Mar. 26, 2020			102,309,000
Beginning balance at Mar. 26, 2020	809,289		$ 102	378,234	(125)	431,078
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	4,234			4,234
Exercise of stock options (in shares)			838,000
Exercise of stock options	4,877		$ 1	4,876
Other comprehensive gain (loss), net of tax	92				92
Net income	32,004					32,004
Ending balance (in shares) at Jun. 25, 2020			103,147,000
Ending balance at Jun. 25, 2020	850,496		$ 103	387,344	(33)	463,082
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	4,400			4,400
Exercise of stock options (in shares)			735,000
Exercise of stock options	6,533		$ 1	6,532
Shares issued under employee stock purchase plan (in shares)			27,000
Shares issued under employee stock purchase plan	1,213			1,213
Other comprehensive gain (loss), net of tax	89				89
Net income	68,774					68,774
Ending balance (in shares) at Sep. 24, 2020			103,909,000
Ending balance at Sep. 24, 2020	931,505		$ 104	399,489	56	531,856
Beginning balance (in shares) at Dec. 31, 2020		104,368,212	104,368,000
Beginning balance at Dec. 31, 2020	997,388		$ 104	408,124	164	588,996
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	4,734			4,734
Exercise of stock options (in shares)			195,000
Exercise of stock options	2,383		$ 1	2,382
Issuance of restricted stock awards (in shares)			27,000
Forfeiture of restricted stock awards (in shares)			(2,000)
Issuance of common stock upon vesting of restricted stock units (in shares)			25,000
Shares issued under employee stock purchase plan (in shares)			26,000
Shares issued under employee stock purchase plan	1,302			1,302
Common stock redeemed for tax liability (in shares)			(10,000)
Common stock redeemed for tax liability	(966)			(966)
Other comprehensive gain (loss), net of tax	83				83
Net income	75,796					75,796
Ending balance (in shares) at Apr. 01, 2021			104,629,000
Ending balance at Apr. 01, 2021	1,080,720		$ 105	415,576	247	664,792
Beginning balance (in shares) at Dec. 31, 2020		104,368,212	104,368,000
Beginning balance at Dec. 31, 2020	$ 997,388		$ 104	408,124	164	588,996
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	1,071,838
Other comprehensive gain (loss), net of tax	$ 40
Net income	233,357
Ending balance (in shares) at Sep. 30, 2021		105,578,555	105,579,000
Ending balance at Sep. 30, 2021	1,264,910		$ 106	442,247	204	822,353
Beginning balance (in shares) at Apr. 01, 2021			104,629,000
Beginning balance at Apr. 01, 2021	1,080,720		$ 105	415,576	247	664,792
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	5,319			5,319
Exercise of stock options (in shares)			409,000
Exercise of stock options	3,943			3,943
Issuance of restricted stock awards (in shares)			2,000
Issuance of common stock upon vesting of restricted stock units (in shares)			2,000
Shares issued under employee stock purchase plan (in shares)			21,000
Shares issued under employee stock purchase plan	1,761			1,761
Issuance of stock related to acquisition (in shares)			50,000
Issuance of stock related to acquisition	5,000			5,000
Common stock redeemed for tax liability (in shares)			(1,000)
Common stock redeemed for tax liability	(50)			(50)
Other comprehensive gain (loss), net of tax	(7)				(7)
Net income	82,916					82,916
Ending balance (in shares) at Jul. 01, 2021			105,111,000
Ending balance at Jul. 01, 2021	1,179,602		$ 105	431,549	240	747,708
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	5,282			5,282
Exercise of stock options (in shares)			468,000
Exercise of stock options	5,429		$ 1	5,428
Common stock redeemed for tax liability	(12)			(12)
Other comprehensive gain (loss), net of tax	(36)				(36)
Net income	74,645					74,645
Ending balance (in shares) at Sep. 30, 2021		105,578,555	105,579,000
Ending balance at Sep. 30, 2021	$ 1,264,910		$ 106	$ 442,247	$ 204	$ 822,353

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 24, 2020
Operating activities
Net income	$ 233,357	$ 137,841
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	84,496	67,249
Stock-based compensation expense	15,335	11,542
Deferred income taxes	5,599	22,173
Loss on asset impairments and disposals, net	475	84
Interest cap derivative contracts	40	264
Gain on early extinguishment of debt	0	(1,015)
Changes in operating assets and liabilities, net of effects of acquisition:
Receivables, net	(19,785)	14,008
Inventories, net	(174,649)	(16,596)
Trade accounts payable	202,386	(6,002)
Accrued expenses and other current liabilities	38,492	40,331
Income taxes	(10,838)	(22,849)
Deferred revenue	9,840	4,170
Other, net	(19,856)	18,485
Net cash provided by operating activities	364,892	269,685
Investing activities
Purchases of fixed assets	(277,688)	(109,653)
Acquisition, net of cash acquired	(63,567)	0
Net cash used in investing activities	(341,255)	(109,653)
Financing activities
Borrowings on revolving line of credit	13,466	275,000
Payments on revolving line of credit	(15,969)	(275,000)
Proceeds from term loans	65,000	75,000
Payments on term loans	(76,202)	(1,598)
Proceeds from exercise of stock options	11,755	15,193
Proceeds from employee stock purchase plan	3,063	2,344
Debt issuance costs	(1,409)	(6,882)
Tax payments for stock-based compensation awards	(1,028)	0
Net cash (used in) provided by financing activities	(1,324)	84,057
Net increase in cash and cash equivalents	22,313	244,089
Cash and cash equivalents, beginning of the period	307,772	27,037
Cash and cash equivalents, end of the period	330,085	271,126
Supplemental disclosures of cash flow information
Buildings and equipment acquired under operating leases	238,023	129,803
Cash paid for interest, net of capitalized interest	1,676	4,897
Cash paid for income taxes, net of refunds	45,996	4,272
Fixed assets accrued at the end of the period	$ 94,839	$ 26,441

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Nature of Business Floor & Decor Holdings, Inc., together with its subsidiaries (the “Company,” “we,” “our,” or “us”) is a highly differentiated, rapidly growing specialty retailer of hard surface flooring and related accessories. We offer a broad in-stock assortment of tile, wood, laminate, vinyl, and natural stone flooring along with decorative and installation accessories and adjacent categories at everyday low prices. Our stores appeal to a variety of customers, including professional installers and commercial businesses (“Pro”), Do it Yourself customers (“DIY”), and customers who buy our products for professional installation (“Buy it Yourself” or “BIY”). We operate within one reportable segment. On June 4, 2021, the Company acquired Spartan Surfaces, Inc. (“Spartan”), a commercial specialty hard-surface flooring distribution company for total estimated purchase consideration of $77.7 million. Refer to Note 8 for additional information. As of September 30, 2021, the Company, through its wholly owned subsidiary, Floor and Decor Outlets of America, Inc. (“Outlets”), operates 153 warehouse-format stores, which average 78,000 square feet, and two small-format standalone design studios in 33 states, as well as four distribution centers and an e-commerce site, FloorandDecor.com. Fiscal Year The Company’s fiscal year is the 52- or 53-week period ending on the Thursday on or preceding December 31st. Fiscal year ending December 30, 2021 (“fiscal 2021”) includes 52 weeks, and the fiscal year ended December 31, 2020 (“fiscal 2020”) included 53 weeks. When a 53-week fiscal year occurs, we report the additional week at the end of the fiscal fourth quarter. 52-week fiscal years consist of thirteen-week periods in each quarter of the fiscal year. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. The Condensed Consolidated Balance Sheet as of December 31, 2020 has been derived from the audited Consolidated Balance Sheet for the fiscal year then ended. The interim condensed consolidated financial statements should be read together with the audited consolidated financial statements and related footnote disclosures included in the Company’s Annual Report on Form 10-K for fiscal 2020, filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2021 (the “Annual Report”). Management believes the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments considered necessary for a fair statement of results for the interim periods presented. Results of operations for the thirteen and thirty-nine weeks ended September 30, 2021 and September 24, 2020 are not necessarily indicative of the results to be expected for the full years. Impact of the COVID-19 Pandemic On March 11, 2020, the World Health Organization announced that infections of the coronavirus (“COVID-19”) had become a pandemic, and on March 13, 2020, the President of the United States announced a National Emergency relating to the COVID-19 pandemic . The full impact that the COVID-19 pandemic could continue to have on the Company’s business remains an evolving situation and is highly uncertain. While the Company’s operations during the first thirty-nine weeks of fiscal 2021 did not appear to be negatively impacted, the COVID-19 pandemic had a material negative impact on the Company’s operations and financial results during the first half of fiscal 2020 and could have additional negative impacts in the future. The extent of the impact of the pandemic on the Company’s business and financial results will depend on future developments, including the duration of the pandemic, the success of vaccination programs, the spread of COVID-19, including its developing variants, within the markets in which the Company operates, as well as the countries from which the Company sources inventory, fixed assets, and other supplies, the effect of the pandemic on consumer confidence and spending, and actions taken by government entities in response to the pandemic, all of which are highly uncertain. Summary of Significant Accounting Policies Other than as noted below, there have been no updates to our Significant Accounting Policies since the Annual Report. For more information regarding our Significant Accounting Policies and Estimates, see the “Summary of Significant Accounting Policies” section of “Item 8. Financial Statements and Supplementary Data” of our Annual Report. Business Combinations The Company accounts for acquisitions in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations . The purchase price of an acquisition is measured as the aggregate fair value of the consideration transferred at the date of acquisition. The purchase price is allocated to the fair values of the tangible and intangible assets acquired and liabilities assumed, with any excess recorded as goodwill. These fair value determinations require judgment and may involve the use of significant estimates and assumptions. The purchase price allocation may be provisional during a measurement period of up to one year from the acquisition date to provide reasonable time to obtain the information necessary to identify and measure the assets acquired and liabilities assumed. Only facts and circumstances that existed as of the acquisition date are considered for subsequent adjustment to the purchase price allocation, and any such adjustment will be recognized in the period in which it is determined prior to completion of the measurement period. Transaction costs associated with acquisitions are expensed as incurred. Recently Adopted Accounting Pronouncements Simplifying the Accounting for Income Taxes. In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The ASU also clarifies and amends existing guidance to improve consistent application among reporting entities. In the first quarter of fiscal 2021, the Company adopted ASU No. 2019-12 on a prospective basis. The adoption of ASU No. 2019-12 did not have a material impact on the Company’s condensed consolidated financial statements. Recently Issued Accounting Pronouncements Reference Rate Reform. In January 2021, the FASB issued ASU No. 2021-01, “ Reference Rate Reform (Topic 848), ” which provides optional guidance to ease the potential accounting and financial reporting burden of reference rate reform, including the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The new guidance provides temporary optional expedients and exceptions for applying U.S. GAAP to transactions affected by reference rate reform if certain criteria are met. These transactions include contract modifications, hedging relationships, and the sale or transfer of debt securities classified as held-to-maturity. Entities may apply the provisions of the new standard as of the beginning of the reporting period when the election is made. Unlike other topics, the provisions of this update are only available until December 31, 2022, by which time the reference rate replacement activity is expected to be completed. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures and has yet to elect an adoption date. Presentation of Financial Statements, Financial Services—Depository and Lending, Financial Services—Investment Companies. In August 2021, the FASB issued ASU No. 2021-06, “ Presentation of Financial Statements (Topic 205), Financial Services—Depository and Lending (Topic 942), and Financial Services—Investment Companies (Topic 946) .” The ASU includes Release No.33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses . This update amends certain SEC disclosure guidance that is included in the accounting standards codification to reflect the SEC’s recent issuance of rules intended to modernize and streamline disclosure requirements, including updates to business acquisition and disposition significance tests used, the significance thresholds for proforma statement disclosures, the number of preceding years of financial statements required for disclosure, and other provisions in the SEC releases. The guidance is effective upon its addition to the FASB codification. The Company is assessing the impact of ASU No. 2021-06 but does not expect that it will have a material impact on its consolidated financial statements and related disclosures. Business Combinations. In October 2021, the FASB issued ASU No. 2021-08, “ Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers .” The ASU addresses diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination and require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. This standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the standard is permitted, including adoption in an interim period. The adoption of this standard update is not expected to have a material impact on the Company's consolidated financial statements and related disclosures.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Net sales consist of revenue associated with contracts with customers for the sale of goods and services in amounts that reflect the consideration the Company is entitled to receive in exchange for those goods and services. Deferred Revenue & Contract Liabilities Under ASC 606, Revenue from Contracts with Customers , the Company recognizes revenue when the customer obtains control of the inventory. Amounts in deferred revenue at period-end reflect orders for which the inventory was not yet ready for physical transfer to customers. Contract liabilities within the Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 primarily consisted of deferred revenue as well as amounts in accrued expenses and other current liabilities related to the Pro Premier loyalty program and unredeemed gift cards. As of September 30, 2021, contract liabilities totaled $43.0 million and included $21.2 million of deferred revenue, $18.4 million of loyalty program liabilities, and $3.4 million of unredeemed gift cards. As of December 31, 2020, contract liabilities totaled $24.8 million and included $10.1 million of deferred revenue, $12.1 million of loyalty program liabilities, and $2.6 million of unredeemed gift cards. Of the contract liabilities outstanding as of December 31, 2020, approximately $8.5 million was recognized in revenue during the thirty-nine weeks ended September 30, 2021. Disaggregated Revenue The Company has one reportable segment. The following table presents the net sales of each major product category (in thousands): Thirteen Weeks Ended September 30, 2021 September 24, 2020 (1) Product Category Net Sales % of Net Sales Net Sales % of Net Sales Laminate / luxury vinyl plank $ 230,279 26 % $ 157,795 23 % Tile 201,674 23 173,466 25 Decorative accessories / wall tile (1) 160,195 18 130,136 19 Installation materials and tools 138,794 16 113,202 17 Wood 64,798 7 60,515 9 Natural stone 48,267 6 41,712 6 Adjacent categories (1) 13,685 2 5,732 1 Other (2) 18,861 2 2,289 — Total $ 876,553 100 % $ 684,847 100 % Thirty-nine Weeks Ended September 30, 2021 September 24, 2020 (1) Product Category Net Sales % of Net Sales Net Sales % of Net Sales Laminate / luxury vinyl plank $ 630,956 25 % $ 388,216 23 % Tile 599,489 24 427,359 25 Decorative accessories / wall tile (1) 481,525 19 325,397 19 Installation materials and tools 410,764 16 280,991 17 Wood 193,087 8 151,411 9 Natural stone 149,501 6 106,908 6 Adjacent categories (1) 39,508 2 11,615 1 Other (2) 14,368 — 10,239 — Total $ 2,519,198 100 % $ 1,702,136 100 % (1) To conform to the current period presentation, the presentation of revenue by product category for the thirteen and thirty-nine weeks ended September 24, 2020 has been updated within this table to provide disclosure of adjacent categories, which primarily includes bathroom and kitchen products and accessories, as a separate category. In prior periods, adjacent categories revenue was included as a component of the decorative accessories / wall tile product category. (2) Other includes delivery, sample, and other product revenue and adjustments for deferred revenue, sales returns reserves, customer rewards under our Pro Premier Loyalty program, and other revenue related adjustments that are not allocated on a product-level basis .

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes the Company’s long-term debt as of September 30, 2021 and December 31, 2020: in thousands Maturity Date Interest Rate Per Annum at September 30, 2021 September 30, 2021 December 31, 2020 Credit Facilities: Term Loan B February 14, 2027 2.09% Variable $ 206,602 $ 143,179 Term Loan B-1 February 14, 2027 n/a n/a — 74,625 Total secured debt at par value 206,602 217,804 Less: current maturities 1,577 1,647 Long-term debt maturities 205,025 216,157 Less: unamortized discount and debt issuance costs 9,160 9,000 Total long-term debt $ 195,865 $ 207,157 Total debt at fair value $ 204,536 $ 215,626 n/a - not applicable Market risk associated with the Company’s fixed and variable rate long-term debt relates to the potential change in fair value and negative impact to future earnings, respectively, from a change in interest rates. The aggregate fair value of debt is based primarily on the Company’s estimates of interest rates, maturities, credit risk, and underlying collateral and is classified as Level 3 within the fair value hierarchy. The following table summarizes scheduled maturities of the Company’s debt, including current maturities, as of September 30, 2021: in thousands Amount Thirteen weeks ending December 30, 2021 $ — 2022 2,103 2023 2,103 2024 2,103 2025 2,103 Thereafter 198,190 Total minimum debt payments $ 206,602 Components of interest expense are as follows for the periods presented: Thirteen Weeks Ended Thirty-nine Weeks Ended in thousands September 30, 2021 September 24, 2020 September 30, 2021 September 24, 2020 Total interest costs $ 1,906 $ 2,489 $ 5,737 $ 6,915 Interest capitalized 782 465 1,932 781 Interest expense, net $ 1,124 $ 2,024 $ 3,805 $ 6,134 Term Loan Facility On February 9, 2021 (the “Effective Date”), Outlets entered into a fifth amendment to the credit agreement governing its senior secured term loan facility (as amended, the “Term Loan Facility”). The fifth amendment provided for, among other things, a supplemental term loan in the aggregate principal amount of $65.0 million (the “Supplemental Term Loan Facility”) that increased the term loan B facility. The Supplemental Term Loan Facility has the same maturity date (February 14, 2027) and terms as the term loan B facility, except that voluntary prepayments made within six months after the Effective Date are subject to a 1% soft call prepayment premium. The other terms of loans under the Term Loan Facility remain unchanged, including the applicable margin for loans under the term loan B facility. The proceeds of the Supplemental Term Loan Facility, together with cash on hand, were used to (i) repay the $75.0 million term loan B-1 facility and (ii) pay fees and expenses incurred in connection with the Supplemental Term Loan Facility. The Term Loan Facility (including loans under the Supplemental Term Loan Facility) provides a margin for loans of: (x) in the case of ABR Loans (as defined in the Term Loan Facility) 1.00% per annum (subject to a leverage-based step-up to 1.25% if Outlets exceeds certain leverage ratio tests), and (y) in the case of Eurodollar Loans (as defined in the Term Loan Facility) 2.00% per annum (subject to a leverage-based step-up to 2.25% if Outlets exceeds certain leverage ratio tests and a 0.00% floor on Eurodollar Loans). All obligations under the Term Loan Facility (including loans under the Supplemental Term Loan Facility) are secured by (1) a first-priority security interest in substantially all of the property and assets of Outlets and the other guarantors under the Term Loan Facility, with certain exceptions, and (2) a second-priority security interest in the collateral securing the revolving credit facility (“ABL Facility”). The Company evaluated the fifth amendment to the Term Loan Facility in accordance with ASC 470-50, Debt , and determined that the amendment resulted in a debt modification that was not an extinguishment. Therefore, no loss on debt extinguishment was recognized. The Company incurred costs of $1.6 million in connection with the refinancing which were comprised of (i) $1.4 million of fees to creditors that were accounted for as debt issuance costs and are amortizing to interest expense over the term of the Term Loan Facility using the interest method and (ii) $0.2 million of professional fees to other third parties that were expensed during the thirteen week period ended April 1, 2021 and included in general and administrative expense on the consolidated statements of operations and comprehensive income. Asset-based Loan Facility (“ABL”) As of September 30, 2021, the Company’s ABL Facility had a maximum availability of $400.0 million with actual available borrowings limited to the sum, at the time of calculation, of (a) eligible credit card receivables multiplied by the credit card advance rate, plus (b) the cost of eligible inventory, net of inventory reserves, multiplied by the applicable appraisal percentage, plus (c) 85% of eligible net trade receivables, plus (d) all eligible cash on hand, plus (e) 100% of the amount for which the eligible letter of credit must be honored after giving effect to any draws, minus certain Availability Reserves (each component as defined in the ABL Facility). The ABL Facility has a maturity date of February 14, 2025 and is available for issuance of letters of credit and contains a sublimit of $50.0 million for standby letters of credit and commercial letters of credit combined. Available borrowings under the facility are reduced by the face amount of outstanding letters of credit. All obligations under the ABL Facility are secured by (1) a first-priority security interest in the cash and cash equivalents, accounts receivable, inventory, and related assets of Outlets and the other guarantors under the ABL Facility, with certain exceptions, and (2) a second-priority security interest in substantially all of the other property and assets of Outlets and the other guarantors under the Term Loan Facility. Net availability under the ABL Facility, as reduced by outstanding letters of credit of $21.2 million, was $378.8 million based on financial data as of September 30, 2021. Spartan Revolving Line of Credit Facility In connection with its June 4, 2021 acquisition of Spartan, the Company assumed Spartan’s existing short-term line of credit facility (the “Spartan LOC”), which has a maximum borrowing availability of $8.0 million with actual available borrowings based on Spartan’s eligible working capital balances. The Spartan LOC is an on-demand line of credit that has no stated maturity date, although it is cancellable at any time by either the Company or the lender with any amounts outstanding upon cancellation becoming immediately due and payable. Net availability under the Spartan LOC was $8.0 million as of September 30, 2021. Covenants The credit agreements governing the Term Loan Facility, ABL Facility, and Spartan LOC contain customary restrictive covenants, which, among other things and with certain exceptions, limit the Company’s ability to (i) incur additional indebtedness and liens in connection with such indebtedness, (ii) pay dividends and make certain other restricted payments, (iii) effect mergers or consolidations, (iv) enter into transactions with affiliates, (v) sell or dispose of property or assets, and (vi) engage in unrelated lines of business. In addition, these credit agreements subject the Company to certain reporting obligations and require that the Company satisfy certain financial covenants, including, among other things, a requirement that if borrowings under the ABL Facility exceed 90% of availability, the Company will maintain a certain fixed charge coverage ratio (defined as Consolidated EBITDA less non-financed capital expenditures and income taxes paid to consolidated fixed charges, in each case as more fully defined in the ABL Facility). The Term Loan Facility has no financial maintenance covenants. The Company is currently in compliance with all material covenants under the credit agreements.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Effective tax rates for the thirteen and thirty-nine weeks ended September 30, 2021 and September 24, 2020 were based on the Company’s forecasted annualized effective tax rates and were adjusted for discrete items that occurred within each period. The Company’s effective income tax rate was 9.3% and 10.4% for the thirteen weeks ended September 30, 2021 and September 24, 2020, respectively. The Company’s effective income tax rate was 14.9% and 2.5% for the thirty-nine weeks ended September 30, 2021 and September 24, 2020, respectively. For each period, the effective income tax rate was lower than the statutory federal income tax rate of 21.0% primarily due to the recognition of income tax benefits from tax deductions in excess of book expense related to stock option exercises and other discrete items. Additionally, the thirty-nine weeks ended September 24, 2020 included income tax benefits resulting from the enactment of the CARES Act. The Company recognizes discrete expense for loss contingencies related to uncertain tax positions, including estimated interest and penalties. The Company recognized no expense related to uncertain tax positions during the thirteen and thirty-nine weeks ended September 30, 2021. The Company recognized a $0.3 million benefit and $2.2 million expense related to uncertain tax positions during the thirteen and thirty-nine weeks ended September 24, 2020, respectively. The Company accounts for income taxes under the asset and liability method in accordance with ASC 740, Income Taxes , which requires the recognition of deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and tax basis of existing assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Changes in tax laws and rates could affect recorded deferred tax assets and liabilities in the future. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in the period that includes the enactment date of such a change. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the associated temporary differences become deductible. On a quarterly basis, the Company evaluates whether it is more likely than not that its deferred tax assets will be realized in the future and concludes whether or not a valuation allowance must be established. The Company accounts for uncertain tax positions in accordance with ASC 740, Income Taxes . ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements using a two-step process for evaluating tax positions taken, or expected to be taken, on a tax return. The Company may only recognize the tax benefit from an uncertain tax position if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. In addition, the Company recognizes a loss contingency for uncertain tax positions when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The amounts recognized for uncertain tax positions require that management make estimates and judgments based on provisions of the tax law, which may be subject to change or varying interpretations. The Company includes estimated interest and penalties related to uncertain tax position accruals within accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets and within income tax expense in the Condensed Consolidated Statements of Operations and Comprehensive Income. Coronavirus Aid, Relief, and Economic Security Act (CARES Act) The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) provides for, among other things, the temporary deferral of the employer portion of social security taxes incurred through the end of calendar 2020 and an employee retention credit for 50% of wages and health benefits paid to employees not providing services due to the COVID-19 pandemic. In December 2020, the Consolidated Appropriations Act, 2021 was signed into law and generally extended and expanded the availability of the CARES Act employee retention credit through June 30, 2021. Subsequently, the American Rescue Plan Act of 2021, enacted in March 2021, generally extended and expanded the availability of the CARES Act employee retention credit through December 31, 2021. As of September 30, 2021, the Company has deferred $12.1 million of employer social security taxes under the CARES Act, of which 50% are required to be deposited by December 2021 and the remaining 50% by December 2022. Of the deferred employer social security taxes outstanding as of September 30, 2021, approximately $6.1 million is included in accrued expenses and other current liabilities and $6.0 million is included in other liabilities within the Condensed Consolidated Balance Sheets.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Commitments The Company accounts for leases in accordance with ASC 842, Leases . The majority of the Company’s long-term operating lease agreements are for its corporate office, retail locations, and distribution centers, which expire in various years through 2041. Most of these agreements are retail leases wherein both the land and building are leased. For a small number of retail locations, the Company has ground leases in which only the land is leased. The initial lease terms for the Company’s corporate office, retail, and distribution center facilities range from 10-20 years. The majority of the Company’s retail and ground leases also include options to extend, which are factored into the recognition of their respective assets and liabilities when appropriate based on management’s assessment of the probability that the options will be exercised. When readily determinable, the rate implicit in the lease is used to discount lease payments to present value; however, substantially all of the Company’s leases do not provide a readily determinable implicit rate. If the rate implicit in the lease is not readily determinable, we use a third party to assist in the determination of a secured incremental borrowing rate, determined on a collateralized basis, to discount lease payments based on information available at lease commencement. The secured incremental borrowing rate is estimated based on yields obtained from Bloomberg for U.S. consumers with a BB- credit rating and is adjusted for collateralization as well as inflation. As of September 30, 2021 and September 24, 2020, the Company’s weighted average discount rate was 5.2% and 5.3%, respectively, and the Company’s weighted average remaining lease term was approximately 11 years and 10 years, respectively. Lease Costs The table below presents components of lease expense for operating leases. Thirteen Weeks Ended Thirty-nine Weeks Ended in thousands Classification September 30, 2021 September 24, 2020 (3) September 30, 2021 September 24, 2020 (3) Fixed operating lease cost: Selling and store operating $ 31,940 $ 26,549 $ 91,528 $ 77,325 Cost of sales 5,668 5,676 16,984 17,005 Pre-opening 3,272 2,230 7,927 6,103 General and administrative 1,029 1,029 3,088 3,088 Total fixed operating lease cost $ 41,909 $ 35,484 $ 119,527 $ 103,521 Variable lease cost (1): Selling and store operating $ 10,605 $ 8,583 $ 30,356 $ 25,702 Cost of sales 1,101 1,397 3,693 3,616 Pre-opening 13 128 83 297 General and administrative 78 40 (10) 112 Total variable lease cost $ 11,797 $ 10,148 $ 34,122 $ 29,727 Sublease income Cost of sales (597) (597) (1,791) (1,791) Total operating lease cost (2) $ 53,109 $ 45,035 $ 151,858 $ 131,457 (1) Includes variable costs for common area maintenance, property taxes, and insurance on leased real estate. (2) Excludes short-term lease costs, which were immaterial for the thirteen and thirty-nine weeks ended September 30, 2021 and September 24, 2020. (3) To conform to the current period presentation, the presentation of the components of operating lease expense for the thirteen weeks and thirty-nine weeks ended September 24, 2020 has been updated within this table to provide disclosure of variable lease costs and additional information related to the classification of operating leases within the Condensed Consolidated Statements of Operations and Comprehensive Income. Undiscounted Cash Flows Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) as of September 30, 2021 were as follows: in thousands Amount Thirteen weeks ending December 30, 2021 $ 40,422 2022 159,154 2023 162,826 2024 158,644 2025 147,164 Thereafter 970,806 Total minimum lease payments (1) (2) 1,639,016 Less: amount of lease payments representing interest 433,966 Present value of future minimum lease payments 1,205,050 Less: current obligations under leases 98,238 Long-term lease obligations $ 1,106,812 (1) Future lease payments exclude approximately $74.2 million of legally binding minimum lease payments for operating leases signed but not yet commenced. (2) Operating lease payments include $108.5 million related to options to extend lease terms that are reasonably certain of being exercised. For the thirty-nine weeks ended September 30, 2021 and September 24, 2020, cash paid for operating leases was $115.7 million and $92.6 million, respectively. Litigation On June 18, 2020, an alleged stockholder filed a putative derivative complaint, Lincolnshire Police Pension Fund v. Taylor, et al., No. 2020-0487-JTL, in the Delaware Court of Chancery, purportedly on behalf of the Company against certain of the Company’s officers, directors, and stockholders. The complaint alleges breaches of fiduciary duties and unjust enrichment. The factual allegations underlying these claims are similar to the factual allegations made in the previously dismissed In re Floor & Decor Holdings, Inc. Securities Litigation described in our Annual Report on Form 10-K. The complaint seeks unspecified damages and restitution for the Company from the individual defendants and the payment of costs and attorneys’ fees. The time for the defendants to respond to the complaint has not yet expired. The Company maintains insurance that may cover any liability arising out of the above-referenced litigation up to the policy limits and subject to meeting certain deductibles and to other terms and conditions thereof. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult, particularly where the matters involve indeterminate claims for monetary damages and are in the stages of the proceedings where key factual and legal issues have not been resolved. For these reasons, we are currently unable to predict the ultimate timing or outcome of or reasonably estimate the possible losses or a range of possible losses resulting from the above-referenced litigation. The Company is also subject to various other legal actions, claims and proceedings arising in the ordinary course of business, which may include claims related to general liability, workers’ compensation, product liability, intellectual property and employment-related matters resulting from its business activities. As with most actions such as these, an estimation of any possible and/or ultimate liability cannot always be determined. The Company establishes reserves for specific legal proceedings when it determines that the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated. These various other ordinary course proceedings are not expected to have a material impact on the Company's consolidated financial position, cash flows, or results of operations, however regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation-Stock Compensation, which requires measurement of compensation cost for all stock awards at fair value on the date of grant and recognition of compensation, net of forfeitures, over the requisite service period for awards expected to vest. Stock-based compensation expense for the thirty-nine weeks ended September 30, 2021 and September 24, 2020 was $15.3 million and $11.5 million, respectively, and was included in general and administrative expenses within the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income. Stock Options Stock options are granted with an exercise price greater than or equal to the fair market value on the date of grant, as authorized by the Company’s board of directors or compensation committee. Options granted have contractual terms of ten years and vesting provisions ranging from one year to five years. The stock options granted to eligible employees during the thirty-nine weeks ended September 30, 2021 vest in four four The fair value of stock option awards granted during the thirty-nine weeks ended September 30, 2021 was estimated using the Black-Scholes-Merton option pricing model with the following weighted-average assumptions: Thirty-nine Weeks Ended September 30, 2021 Weighted average fair value per stock option $ 41.75 Risk-free interest rate 0.8% Expected volatility 48.1% Expected life (in years) 5.4 Dividend yield —% The Company determines the grant date fair value of stock options with assistance from a third-party valuation specialist. Expected volatility is estimated based on the historical volatility of the Company’s Class A common stock since its initial public offering in 2017 as well as the historical volatility of the common stock of similar public entities. The Company considers various factors in determining the appropriateness of the public entities used in determining expected volatility, including the entity's life cycle stage, industry, growth profile, size, financial leverage, and products offered. To determine the expected life of the options granted, the Company relied upon a combination of the observed exercise behavior of prior grants with similar characteristics and the contractual terms and vesting schedules of the current grants. The risk-free interest rate is based on the term structure of interest rates at the time of the option grant. The table below summarizes stock option activity for the thirty-nine weeks ended September 30, 2021: Options Weighted Average Exercise Price Outstanding at January 1, 2021 3,740,604 $ 20.72 Granted 66,505 95.68 Exercised (1,071,838) 10.98 Forfeited or expired (48,988) 39.03 Outstanding at September 30, 2021 2,686,283 $ 26.13 Vested and exercisable at September 30, 2021 1,689,127 $ 17.80 The total unrecognized compensation cost related to stock options as of September 30, 2021 and December 31, 2020 was $11.6 million and $16.0 million, respectively. The unrecognized compensation cost remaining as of September 30, 2021 is expected to be recognized over a weighted average period of 2.0 years. Restricted Stock Units During the thirty-nine weeks ended September 30, 2021, the Company granted restricted stock units to certain employees that represent an unfunded, unsecured right to receive a share of the Company’s Class A common stock upon vesting. These awards vest in four four The following table summarizes restricted stock unit activity during the thirty-nine weeks ended September 30, 2021: Restricted Stock Units Unvested at January 1, 2021 128,220 Granted 123,362 Vested (26,968) Forfeited (12,472) Unvested at September 30, 2021 212,142 The total unrecognized compensation cost related to restricted stock units as of September 30, 2021 and December 31, 2020 was $14.5 million and $6.2 million, respectively. The unrecognized compensation cost remaining as of September 30, 2021 is expected to be recognized over a weighted average period of 3.2 years. Restricted Stock Awards During the thirty-nine weeks ended September 30, 2021, the Company issued service-based restricted stock awards to certain executive officers and non-employee directors that are subject to the grantee’s continued service through the applicable vesting date. Service-based restricted stock awards granted during the period to executive officers vest in four four The following table summarizes restricted stock award activity during the thirty-nine weeks ended September 30, 2021: Restricted Stock Awards Service-based Performance-based Total Stock Return (TSR) Unvested at January 1, 2021 131,844 160,315 104,456 Granted 28,814 — — Vested (13,555) — — Forfeited (2,508) — — Unvested at September 30, 2021 144,595 160,315 104,456 The fair value of performance-based and service-based restricted stock awards is based on the closing market price of the Company's Class A common stock on the date of grant. The fair value of the TSR awards is estimated on grant date using the Monte Carlo valuation method. Compensation cost for restricted stock awards is recognized using the straight-line method over the requisite service period, which for each of the awards is the service vesting period. As of September 30, 2021 and December 31, 2020, total unrecognized compensation cost related to unvested restricted stock awards was $12.7 million and $15.2 million, respectively. The unrecognized compensation cost remaining as of September 30, 2021 is expected to be recognized over a weighted average period of 2.1 years.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Net Income per Common Share The Company calculates basic earnings per share by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding adjusted for the dilutive effect of share-based awards. The following table shows the computation of basic and diluted earnings per share: Thirteen Weeks Ended Thirty-nine Weeks Ended in thousands, except per share data September 30, 2021 September 24, 2020 September 30, 2021 September 24, 2020 Net income $ 74,645 $ 68,774 $ 233,357 $ 137,841 Basic weighted average shares outstanding 104,899 103,180 104,506 102,308 Dilutive effect of share-based awards 2,587 3,199 2,795 3,500 Diluted weighted average shares outstanding 107,486 106,379 107,301 105,808 Basic earnings per share $ 0.71 $ 0.67 $ 2.23 $ 1.35 Diluted earnings per share $ 0.69 $ 0.65 $ 2.17 $ 1.30 The following potentially dilutive securities were excluded from the computation of diluted earnings per share as a result of their anti-dilutive effect: Thirteen Weeks Ended Thirty-nine Weeks Ended in thousands September 30, 2021 September 24, 2020 September 30, 2021 September 24, 2020 Stock options 66 266 66 481

Acquisition

Acquisition	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition On June 4, 2021 (“acquisition date” or “closing date”), the Company acquired Spartan Surfaces, Inc. (“Spartan”), a commercial specialty hard-surface flooring distribution company, for total estimated purchase consideration of $77.7 million. The acquisition was accounted for in accordance with ASC 805, Business Combinations , and, accordingly, Spartan’s results of operations, financial position, and cash flows have been consolidated in the Company’s condensed consolidated financial statements since the date of acquisition. Net sales and net earnings for fiscal 2021 attributable to Spartan since the completion of the acquisition were immaterial. Results of operations would not be materially different as a result of the acquisition and therefore pro forma information is not presented. During the thirteen and thirty-nine weeks ended September 30, 2021, we recognized acquisition-related costs totaling $0.1 million and $3.3 million, respectively, within general and administrative expenses within the Condensed Consolidated Statements of Operations and Comprehensive Income. The following table summarizes the fair values of the components of the purchase price as of the acquisition date: in thousands Cash, net of cash acquired $ 63,567 Floor and Decor Class A common stock 5,000 Contingent consideration 9,090 Total purchase price $ 77,657 The contingent consideration represents the estimated fair value associated with potential earn-out payments to the seller of up to $18.0 million subject to Spartan's achievement of certain financial performance targets in fiscal years 2021 through 2024. Of the total earn-out consideration, $9.0 million is related to the achievement of certain annual adjusted EBITDA margin targets, and $9.0 million is related to the achievement of certain annual gross profit targets. A portion of these earn-out opportunities are payable each year subject to achievement of the applicable performance targets for that year, with the maximum payout requiring that each of the individual annual targets are met. The Company determined the fair value of the contingent earn-out consideration (“contingent earn-out liability”) with assistance from a third-party valuation specialist using a Monte Carlo valuation method. Significant assumptions included the amount and timing of projected cash flows, growth rates, volatility, and the discount factor. The contingent earn-out liability is classified as Level 3 within the fair value hierarchy due to the use of unobservable inputs that are significant to its valuation and is required to be remeasured at each reporting date through the applicable earn-out periods, with any resulting gains or losses recognized in general and administrative expenses in the period of remeasurement. For the thirteen and thirty-nine weeks ended September 30, 2021, a $0.3 million net increase in the fair value of the contingent earn-out liability was recognized in general and administrative expense within the Condensed Consolidated Statements of Operations and Comprehensive Income. As of September 30, 2021, the estimated fair value of the contingent earn-out consideration totaled $9.4 million, of which $2.5 million is included in accrued expenses and other current liabilities and the remaining $6.9 million is included in other liabilities within the Condensed Consolidated Balance Sheets. The following table summarizes the estimated preliminary fair values of the assets acquired and liabilities assumed at the acquisition date: in thousands Fair Value Current assets $ 16,467 Fixed assets, net 970 Right-of-use assets 3,300 Intangible assets, net 44,400 Goodwill 28,026 Total assets acquired $ 93,163 Current liabilities $ 12,393 Lease liabilities 2,725 Other liabilities 388 Total liabilities assumed $ 15,506 Net assets acquired $ 77,657 The purchase price allocation reflected above is preliminary and may be subject to change as final fair values are determined . Accordingly, there may be adjustments to the assigned values of acquired assets and liabilities, including, but not limited to, intangible assets and contingent earn-out consideration. The final determination of acquisition-date fair values will be completed as soon as practicable, which is generally within the measurement period of up to one year from the acquisition date in accordance with ASC 805, Business Combinations . Any adjustments to provisional amounts that are identified during the measurement period will be recognized in the reporting period in which the adjustment is determined. The preliminary fair values of identifiable intangible assets were determined with assistance from a third-party valuation specialist using the multi-period excess earnings method for customer relationships, the relief-from-royalty method for the trade name, and an incremental income method for the non-compete agreement. These valuation methodologies included significant assumptions such as the amount and timing of projected cash flows, growth rates, customer attrition rates, discount rates, royalty rates (for use in estimating the fair value of the Spartan trade name), and the assessment of each asset’s life cycle. Following are the preliminary estimated fair values and estimated remaining useful lives of identifiable intangibles assets as of the acquisition date: in thousands Useful Life (Years) Preliminary Fair Value Identifiable intangible assets: Customer relationships 12 $ 34,900 Trade name Indefinite $ 9,200 Non-compete agreement 5 $ 300 Total identifiable intangible assets $ 44,400 The goodwill arising from the acquisition is primarily attributable to operational synergies and acceleration of growth strategies. The goodwill and intangible assets from the Spartan acquisition are expected to be deductible for U.S. federal and state tax purposes. The gross carrying amount of goodwill and other intangible assets and the related accumulated amortization for amortizable intangible assets as of September 30, 2021 and December 31, 2020 are as follows: September 30, 2021 December 31, 2020 in thousands Gross carrying amount Accumulated amortization Net carrying value Gross carrying amount Accumulated amortization Net carrying value Amortizable intangible assets: Customer relationships $ 34,900 $ (969) $ 33,931 $ — $ — $ — Non-compete agreement 300 (22) 278 — — — Total amortizable intangible assets 35,200 (991) 34,209 — — — Unamortizable intangible assets: Trade names - Floor & Decor 109,269 — 109,269 109,269 — 109,269 Trade names - Spartan 9,200 — 9,200 — — — Total intangible assets: $ 153,669 $ (991) $ 152,678 $ 109,269 $ — $ 109,269 Goodwill $ 255,473 $ — $ 255,473 $ 227,447 $ — $ 227,447 The estimated aggregate future amortizable expense for the intangible assets is as follows: in thousands Amount Thirteen weeks ending December 30, 2021 $ 743 2022 2,974 2023 2,974 2024 2,974 2025 2,974 Thereafter 21,570 Total $ 34,209

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Year	Fiscal YearThe Company’s fiscal year is the 52- or 53-week period ending on the Thursday on or preceding December 31st. Fiscal year ending December 30, 2021 (“fiscal 2021”) includes 52 weeks, and the fiscal year ended December 31, 2020 (“fiscal 2020”) included 53 weeks. When a 53-week fiscal year occurs, we report the additional week at the end of the fiscal fourth quarter. 52-week fiscal years consist of thirteen-week periods in each quarter of the fiscal year.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. The Condensed Consolidated Balance Sheet as of December 31, 2020 has been derived from the audited Consolidated Balance Sheet for the fiscal year then ended. The interim condensed consolidated financial statements should be read together with the audited consolidated financial statements and related footnote disclosures included in the Company’s Annual Report on Form 10-K for fiscal 2020, filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2021 (the “Annual Report”). Management believes the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments considered necessary for a fair statement of results for the interim periods presented. Results of operations for the thirteen and thirty-nine weeks ended September 30, 2021 and September 24, 2020 are not necessarily indicative of the results to be expected for the full years.
Business Combinations	Business Combinations The Company accounts for acquisitions in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations . The purchase price of an acquisition is measured as the aggregate fair value of the consideration transferred at the date of acquisition. The purchase price is allocated to the fair values of the tangible and intangible assets acquired and liabilities assumed, with any excess recorded as goodwill. These fair value determinations require judgment and may involve the use of significant estimates and assumptions. The purchase price allocation may be provisional during a measurement period of up to one year from the acquisition date to provide reasonable time to obtain the information necessary to identify and measure the assets acquired and liabilities assumed. Only facts and circumstances that existed as of the acquisition date are considered for subsequent adjustment to the purchase price allocation, and any such adjustment will be recognized in the period in which it is determined prior to completion of the measurement period. Transaction costs associated with acquisitions are expensed as incurred.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Simplifying the Accounting for Income Taxes. In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The ASU also clarifies and amends existing guidance to improve consistent application among reporting entities. In the first quarter of fiscal 2021, the Company adopted ASU No. 2019-12 on a prospective basis. The adoption of ASU No. 2019-12 did not have a material impact on the Company’s condensed consolidated financial statements. Recently Issued Accounting Pronouncements Reference Rate Reform. In January 2021, the FASB issued ASU No. 2021-01, “ Reference Rate Reform (Topic 848), ” which provides optional guidance to ease the potential accounting and financial reporting burden of reference rate reform, including the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The new guidance provides temporary optional expedients and exceptions for applying U.S. GAAP to transactions affected by reference rate reform if certain criteria are met. These transactions include contract modifications, hedging relationships, and the sale or transfer of debt securities classified as held-to-maturity. Entities may apply the provisions of the new standard as of the beginning of the reporting period when the election is made. Unlike other topics, the provisions of this update are only available until December 31, 2022, by which time the reference rate replacement activity is expected to be completed. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures and has yet to elect an adoption date. Presentation of Financial Statements, Financial Services—Depository and Lending, Financial Services—Investment Companies. In August 2021, the FASB issued ASU No. 2021-06, “ Presentation of Financial Statements (Topic 205), Financial Services—Depository and Lending (Topic 942), and Financial Services—Investment Companies (Topic 946) .” The ASU includes Release No.33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses . This update amends certain SEC disclosure guidance that is included in the accounting standards codification to reflect the SEC’s recent issuance of rules intended to modernize and streamline disclosure requirements, including updates to business acquisition and disposition significance tests used, the significance thresholds for proforma statement disclosures, the number of preceding years of financial statements required for disclosure, and other provisions in the SEC releases. The guidance is effective upon its addition to the FASB codification. The Company is assessing the impact of ASU No. 2021-06 but does not expect that it will have a material impact on its consolidated financial statements and related disclosures. Business Combinations. In October 2021, the FASB issued ASU No. 2021-08, “ Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers .” The ASU addresses diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination and require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. This standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the standard is permitted, including adoption in an interim period. The adoption of this standard update is not expected to have a material impact on the Company's consolidated financial statements and related disclosures.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenue	The following table presents the net sales of each major product category (in thousands): Thirteen Weeks Ended September 30, 2021 September 24, 2020 (1) Product Category Net Sales % of Net Sales Net Sales % of Net Sales Laminate / luxury vinyl plank $ 230,279 26 % $ 157,795 23 % Tile 201,674 23 173,466 25 Decorative accessories / wall tile (1) 160,195 18 130,136 19 Installation materials and tools 138,794 16 113,202 17 Wood 64,798 7 60,515 9 Natural stone 48,267 6 41,712 6 Adjacent categories (1) 13,685 2 5,732 1 Other (2) 18,861 2 2,289 — Total $ 876,553 100 % $ 684,847 100 % Thirty-nine Weeks Ended September 30, 2021 September 24, 2020 (1) Product Category Net Sales % of Net Sales Net Sales % of Net Sales Laminate / luxury vinyl plank $ 630,956 25 % $ 388,216 23 % Tile 599,489 24 427,359 25 Decorative accessories / wall tile (1) 481,525 19 325,397 19 Installation materials and tools 410,764 16 280,991 17 Wood 193,087 8 151,411 9 Natural stone 149,501 6 106,908 6 Adjacent categories (1) 39,508 2 11,615 1 Other (2) 14,368 — 10,239 — Total $ 2,519,198 100 % $ 1,702,136 100 % (1) To conform to the current period presentation, the presentation of revenue by product category for the thirteen and thirty-nine weeks ended September 24, 2020 has been updated within this table to provide disclosure of adjacent categories, which primarily includes bathroom and kitchen products and accessories, as a separate category. In prior periods, adjacent categories revenue was included as a component of the decorative accessories / wall tile product category. (2) Other includes delivery, sample, and other product revenue and adjustments for deferred revenue, sales returns reserves, customer rewards under our Pro Premier Loyalty program, and other revenue related adjustments that are not allocated on a product-level basis .

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long Term Debt	The following table summarizes the Company’s long-term debt as of September 30, 2021 and December 31, 2020: in thousands Maturity Date Interest Rate Per Annum at September 30, 2021 September 30, 2021 December 31, 2020 Credit Facilities: Term Loan B February 14, 2027 2.09% Variable $ 206,602 $ 143,179 Term Loan B-1 February 14, 2027 n/a n/a — 74,625 Total secured debt at par value 206,602 217,804 Less: current maturities 1,577 1,647 Long-term debt maturities 205,025 216,157 Less: unamortized discount and debt issuance costs 9,160 9,000 Total long-term debt $ 195,865 $ 207,157 Total debt at fair value $ 204,536 $ 215,626
Schedule of Maturities of Debt	The following table summarizes scheduled maturities of the Company’s debt, including current maturities, as of September 30, 2021: in thousands Amount Thirteen weeks ending December 30, 2021 $ — 2022 2,103 2023 2,103 2024 2,103 2025 2,103 Thereafter 198,190 Total minimum debt payments $ 206,602
Schedule of Components of Interest Expense	Components of interest expense are as follows for the periods presented: Thirteen Weeks Ended Thirty-nine Weeks Ended in thousands September 30, 2021 September 24, 2020 September 30, 2021 September 24, 2020 Total interest costs $ 1,906 $ 2,489 $ 5,737 $ 6,915 Interest capitalized 782 465 1,932 781 Interest expense, net $ 1,124 $ 2,024 $ 3,805 $ 6,134

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Components of Lease Expense	The table below presents components of lease expense for operating leases. Thirteen Weeks Ended Thirty-nine Weeks Ended in thousands Classification September 30, 2021 September 24, 2020 (3) September 30, 2021 September 24, 2020 (3) Fixed operating lease cost: Selling and store operating $ 31,940 $ 26,549 $ 91,528 $ 77,325 Cost of sales 5,668 5,676 16,984 17,005 Pre-opening 3,272 2,230 7,927 6,103 General and administrative 1,029 1,029 3,088 3,088 Total fixed operating lease cost $ 41,909 $ 35,484 $ 119,527 $ 103,521 Variable lease cost (1): Selling and store operating $ 10,605 $ 8,583 $ 30,356 $ 25,702 Cost of sales 1,101 1,397 3,693 3,616 Pre-opening 13 128 83 297 General and administrative 78 40 (10) 112 Total variable lease cost $ 11,797 $ 10,148 $ 34,122 $ 29,727 Sublease income Cost of sales (597) (597) (1,791) (1,791) Total operating lease cost (2) $ 53,109 $ 45,035 $ 151,858 $ 131,457 (1) Includes variable costs for common area maintenance, property taxes, and insurance on leased real estate. (2) Excludes short-term lease costs, which were immaterial for the thirteen and thirty-nine weeks ended September 30, 2021 and September 24, 2020. (3) To conform to the current period presentation, the presentation of the components of operating lease expense for the thirteen weeks and thirty-nine weeks ended September 24, 2020 has been updated within this table to provide disclosure of variable lease costs and additional information related to the classification of operating leases within the Condensed Consolidated Statements of Operations and Comprehensive Income.
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases	Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) as of September 30, 2021 were as follows: in thousands Amount Thirteen weeks ending December 30, 2021 $ 40,422 2022 159,154 2023 162,826 2024 158,644 2025 147,164 Thereafter 970,806 Total minimum lease payments (1) (2) 1,639,016 Less: amount of lease payments representing interest 433,966 Present value of future minimum lease payments 1,205,050 Less: current obligations under leases 98,238 Long-term lease obligations $ 1,106,812 (1) Future lease payments exclude approximately $74.2 million of legally binding minimum lease payments for operating leases signed but not yet commenced. (2) Operating lease payments include $108.5 million related to options to extend lease terms that are reasonably certain of being exercised.

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Estimated Fair Value of Stock Option Grants	The fair value of stock option awards granted during the thirty-nine weeks ended September 30, 2021 was estimated using the Black-Scholes-Merton option pricing model with the following weighted-average assumptions: Thirty-nine Weeks Ended September 30, 2021 Weighted average fair value per stock option $ 41.75 Risk-free interest rate 0.8% Expected volatility 48.1% Expected life (in years) 5.4 Dividend yield —%
Stock Option Activity	The table below summarizes stock option activity for the thirty-nine weeks ended September 30, 2021: Options Weighted Average Exercise Price Outstanding at January 1, 2021 3,740,604 $ 20.72 Granted 66,505 95.68 Exercised (1,071,838) 10.98 Forfeited or expired (48,988) 39.03 Outstanding at September 30, 2021 2,686,283 $ 26.13 Vested and exercisable at September 30, 2021 1,689,127 $ 17.80
Restricted Stock Unit Activity	The following table summarizes restricted stock unit activity during the thirty-nine weeks ended September 30, 2021: Restricted Stock Units Unvested at January 1, 2021 128,220 Granted 123,362 Vested (26,968) Forfeited (12,472) Unvested at September 30, 2021 212,142
Restricted Stock Award Activity	The following table summarizes restricted stock award activity during the thirty-nine weeks ended September 30, 2021: Restricted Stock Awards Service-based Performance-based Total Stock Return (TSR) Unvested at January 1, 2021 131,844 160,315 104,456 Granted 28,814 — — Vested (13,555) — — Forfeited (2,508) — — Unvested at September 30, 2021 144,595 160,315 104,456

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table shows the computation of basic and diluted earnings per share: Thirteen Weeks Ended Thirty-nine Weeks Ended in thousands, except per share data September 30, 2021 September 24, 2020 September 30, 2021 September 24, 2020 Net income $ 74,645 $ 68,774 $ 233,357 $ 137,841 Basic weighted average shares outstanding 104,899 103,180 104,506 102,308 Dilutive effect of share-based awards 2,587 3,199 2,795 3,500 Diluted weighted average shares outstanding 107,486 106,379 107,301 105,808 Basic earnings per share $ 0.71 $ 0.67 $ 2.23 $ 1.35 Diluted earnings per share $ 0.69 $ 0.65 $ 2.17 $ 1.30
Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Earnings Per Share	The following potentially dilutive securities were excluded from the computation of diluted earnings per share as a result of their anti-dilutive effect: Thirteen Weeks Ended Thirty-nine Weeks Ended in thousands September 30, 2021 September 24, 2020 September 30, 2021 September 24, 2020 Stock options 66 266 66 481

Acquisition (Tables)

Acquisition (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Fair Values of the Components of the Purchase Price	The following table summarizes the fair values of the components of the purchase price as of the acquisition date: in thousands Cash, net of cash acquired $ 63,567 Floor and Decor Class A common stock 5,000 Contingent consideration 9,090 Total purchase price $ 77,657
Schedule of the Estimated Preliminary Fair Values of the Assets Acquired and Liabilities Assumed	The following table summarizes the estimated preliminary fair values of the assets acquired and liabilities assumed at the acquisition date: in thousands Fair Value Current assets $ 16,467 Fixed assets, net 970 Right-of-use assets 3,300 Intangible assets, net 44,400 Goodwill 28,026 Total assets acquired $ 93,163 Current liabilities $ 12,393 Lease liabilities 2,725 Other liabilities 388 Total liabilities assumed $ 15,506 Net assets acquired $ 77,657
Schedule of the Preliminary Estimated Fair Values and Estimated Remaining Useful Lives of Identifiable Intangible Assets	Following are the preliminary estimated fair values and estimated remaining useful lives of identifiable intangibles assets as of the acquisition date: in thousands Useful Life (Years) Preliminary Fair Value Identifiable intangible assets: Customer relationships 12 $ 34,900 Trade name Indefinite $ 9,200 Non-compete agreement 5 $ 300 Total identifiable intangible assets $ 44,400
Schedule of Intangible Assets and Goodwill	The gross carrying amount of goodwill and other intangible assets and the related accumulated amortization for amortizable intangible assets as of September 30, 2021 and December 31, 2020 are as follows: September 30, 2021 December 31, 2020 in thousands Gross carrying amount Accumulated amortization Net carrying value Gross carrying amount Accumulated amortization Net carrying value Amortizable intangible assets: Customer relationships $ 34,900 $ (969) $ 33,931 $ — $ — $ — Non-compete agreement 300 (22) 278 — — — Total amortizable intangible assets 35,200 (991) 34,209 — — — Unamortizable intangible assets: Trade names - Floor & Decor 109,269 — 109,269 109,269 — 109,269 Trade names - Spartan 9,200 — 9,200 — — — Total intangible assets: $ 153,669 $ (991) $ 152,678 $ 109,269 $ — $ 109,269 Goodwill $ 255,473 $ — $ 255,473 $ 227,447 $ — $ 227,447
Schedule of Estimated Aggregate Future Amortizable Expense for the Intangible Assets	The estimated aggregate future amortizable expense for the intangible assets is as follows: in thousands Amount Thirteen weeks ending December 30, 2021 $ 743 2022 2,974 2023 2,974 2024 2,974 2025 2,974 Thereafter 21,570 Total $ 34,209

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) ft² in Thousands, $ in Thousands	Jun. 04, 2021USD ($)	Sep. 30, 2021ft²distributionCenterstoredesignStudiostatesegment
Real Estate Properties [Line Items]
Number of reportable segments | segment		1
Number of states with facilities | state		33
Number of distribution centers | distributionCenter		4
Spartan
Real Estate Properties [Line Items]
Purchase consideration | $	$ 77,657
Warehouse-format stores
Real Estate Properties [Line Items]
Number of stores (facilities) | store		153
Area of facility (in square feet) | ft²		78
Small-format standalone design studios
Real Estate Properties [Line Items]
Number of stores (facilities) | designStudio		2

Revenue (Details)

Revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 24, 2020USD ($)	Sep. 30, 2021USD ($)segment	Sep. 24, 2020USD ($)	Dec. 31, 2020USD ($)
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 43,000		$ 43,000		$ 24,800
Deferred revenue	21,173		21,173		10,115
Loyalty program liabilities	18,400		18,400		12,100
Unredeemed gift cards	3,400		3,400		$ 2,600
Contract liabilities, revenue recognized			$ 8,500
Number of reportable segments | segment			1
Net Sales	$ 876,553	$ 684,847	$ 2,519,198	$ 1,702,136
Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
% of Net Sales	100.00%	100.00%	100.00%	100.00%
Laminate / luxury vinyl plank
Disaggregation of Revenue [Line Items]
Net Sales	$ 230,279	$ 157,795	$ 630,956	$ 388,216
Laminate / luxury vinyl plank | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
% of Net Sales	26.00%	23.00%	25.00%	23.00%
Tile
Disaggregation of Revenue [Line Items]
Net Sales	$ 201,674	$ 173,466	$ 599,489	$ 427,359
Tile | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
% of Net Sales	23.00%	25.00%	24.00%	25.00%
Decorative accessories / wall tile
Disaggregation of Revenue [Line Items]
Net Sales	$ 160,195	$ 130,136	$ 481,525	$ 325,397
Decorative accessories / wall tile | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
% of Net Sales	18.00%	19.00%	19.00%	19.00%
Installation materials and tools
Disaggregation of Revenue [Line Items]
Net Sales	$ 138,794	$ 113,202	$ 410,764	$ 280,991
Installation materials and tools | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
% of Net Sales	16.00%	17.00%	16.00%	17.00%
Wood
Disaggregation of Revenue [Line Items]
Net Sales	$ 64,798	$ 60,515	$ 193,087	$ 151,411
Wood | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
% of Net Sales	7.00%	9.00%	8.00%	9.00%
Natural stone
Disaggregation of Revenue [Line Items]
Net Sales	$ 48,267	$ 41,712	$ 149,501	$ 106,908
Natural stone | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
% of Net Sales	6.00%	6.00%	6.00%	6.00%
Adjacent categories
Disaggregation of Revenue [Line Items]
Net Sales	$ 13,685	$ 5,732	$ 39,508	$ 11,615
Adjacent categories | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
% of Net Sales	2.00%	1.00%	2.00%	1.00%
Other
Disaggregation of Revenue [Line Items]
Net Sales	$ 18,861	$ 2,289	$ 14,368	$ 10,239
Other | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
% of Net Sales	2.00%	0.00%	0.00%	0.00%

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total secured debt at par value	$ 206,602	$ 217,804
Less: current maturities	1,577	1,647
Long-term debt maturities	205,025	216,157
Less: unamortized discount and debt issuance costs	9,160	9,000
Total long-term debt	195,865	207,157
Total debt at fair value	$ 204,536	215,626
Term Loan B
Debt Instrument [Line Items]
Interest Rate Per Annum (as a percent)	2.09%
Long-term debt	$ 206,602	143,179
Term Loan B-1
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 74,625

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Remainder of fiscal year	$ 0
2022	2,103
2023	2,103
2024	2,103
2025	2,103
Thereafter	198,190
Total secured debt at par value	$ 206,602	$ 217,804

Debt - Schedule of Components o

Debt - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 24, 2020	Sep. 30, 2021	Sep. 24, 2020
Debt Disclosure [Abstract]
Total interest costs	$ 1,906	$ 2,489	$ 5,737	$ 6,915
Interest capitalized	782	465	1,932	781
Interest expense, net	$ 1,124	$ 2,024	$ 3,805	$ 6,134

Debt - Term Loan Facility (Narr

Debt - Term Loan Facility (Narrative) (Details) - USD ($)	Feb. 09, 2021	Sep. 30, 2021	Sep. 24, 2020	Sep. 30, 2021	Sep. 24, 2020
Debt Instrument [Line Items]
Loss on debt extinguishment		$ 0	$ 0	$ 0	$ 1,015,000
Supplemental Term Loan Facility
Debt Instrument [Line Items]
Principal amount	$ 65,000,000
Voluntary prepayments subject to soft call prepayment premium, period (in months)	6 months
Soft call prepayment premium (as a percent)	1.00%
Term Loan B-1
Debt Instrument [Line Items]
Repayments of debt	$ 75,000,000
Amended Term Loan Facility
Debt Instrument [Line Items]
Loss on debt extinguishment	0
Costs incurred in connection with the refinancing	1,600,000
Debt issuance costs	1,400,000
Professional fees	$ 200,000
Amended Term Loan Facility | Base rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Leverage based step-up (as a percent)	1.25%
Amended Term Loan Facility | Eurodollar rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Leverage based step-up (as a percent)	2.25%
Interest rate floor (as a percent)	0.00%

Debt - ABL Facility (Narrative)

Debt - ABL Facility (Narrative) (Details)	9 Months Ended
	Sep. 30, 2021USD ($)
Asset-based Loan Facility (“ABL”)
Line of Credit Facility [Line Items]
Outstanding letters of credit	$ 21,200,000
Asset-based Loan Facility (“ABL”) | Revolving Credit Facility
Line of Credit Facility [Line Items]
Eligible net trade receivables (as a percent)	85.00%
Eligible letter of credit (as a percent)	100.00%
Available borrowing capacity	$ 378,800,000
Revolving Credit Facility Accordion Feature | Revolving Credit Facility
Line of Credit Facility [Line Items]
Borrowing capacity	400,000,000
Letter of Credit
Line of Credit Facility [Line Items]
Borrowing capacity	$ 50,000,000

Debt - Spartan Revolving Line o

Debt - Spartan Revolving Line of Credit Facility (Narrative) (Details) - Spartan Revolving Line of Credit Facility - Revolving Credit Facility - USD ($)	Sep. 30, 2021	Jun. 04, 2021
Line of Credit Facility [Line Items]
Borrowing capacity		$ 8,000,000
Available borrowing capacity	$ 8,000,000

Debt - Covenants (Narrative) (D

Debt - Covenants (Narrative) (Details)	9 Months Ended
	Sep. 30, 2021
Asset-based Loan Facility (“ABL”) | Revolving Credit Facility
Debt Instrument [Line Items]
Percentage usage of facility to trigger covenant	90.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 24, 2020	Sep. 30, 2021	Sep. 24, 2020
Tax Credit Carryforward [Line Items]
Effective income tax rate	9.30%	10.40%	14.90%	2.50%
Benefit (expense) related to loss contingencies for uncertain tax positions	$ 0	$ 300,000	$ 0	$ (2,200,000)
CARES Act
Tax Credit Carryforward [Line Items]
Deferred employer social security taxes	12,100,000		12,100,000
Employer social security taxes required to be deposited by December 2021	6,100,000		6,100,000
Employer social security taxes required to be deposited by December 2022	6,000,000		6,000,000
Employee retention credit recorded	$ 0			1,400,000
Offset to selling and store operating expenses | CARES Act
Tax Credit Carryforward [Line Items]
Employee retention credit recorded		$ 300,000	$ 1,000,000
Offset to general and administrative expenses | CARES Act
Tax Credit Carryforward [Line Items]
Employee retention credit recorded				$ 200,000

Commitments and Contingencies -

Commitments and Contingencies - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 24, 2020	Sep. 30, 2021	Sep. 24, 2020
Lease Commitments
Weighted average discount rate	5.20%	5.30%	5.20%	5.30%
Weighted average remaining lease term (in years)	11 years	10 years	11 years	10 years
Components of lease expense for operating leases:
Total fixed operating lease cost	$ 41,909	$ 35,484	$ 119,527	$ 103,521
Total variable lease cost	11,797	10,148	34,122	29,727
Sublease income	(597)	(597)	(1,791)	(1,791)
Total operating lease cost	$ 53,109	45,035	$ 151,858	131,457
Minimum
Lease Commitments
Lease term (in years)	10 years		10 years
Maximum
Lease Commitments
Lease term (in years)	20 years		20 years
Selling and store operating
Components of lease expense for operating leases:
Total fixed operating lease cost	$ 31,940	26,549	$ 91,528	77,325
Total variable lease cost	10,605	8,583	30,356	25,702
Cost of sales
Components of lease expense for operating leases:
Total fixed operating lease cost	5,668	5,676	16,984	17,005
Total variable lease cost	1,101	1,397	3,693	3,616
Pre-opening
Components of lease expense for operating leases:
Total fixed operating lease cost	3,272	2,230	7,927	6,103
Total variable lease cost	13	128	83	297
General and administrative
Components of lease expense for operating leases:
Total fixed operating lease cost	1,029	1,029	3,088	3,088
Total variable lease cost	$ 78	$ 40	$ (10)	$ 112

Commitments and Contingencies_2

Commitments and Contingencies - Lease Maturity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 24, 2020	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Remainder of year	$ 40,422
2022	159,154
2023	162,826
2024	158,644
2025	147,164
Thereafter	970,806
Total minimum lease payments	1,639,016
Less: amount of lease payments representing interest	433,966
Present value of future minimum lease payments	1,205,050
Less: current obligations under leases	98,238		$ 94,502
Long-term lease obligations	1,106,812		$ 941,125
Legally binding minimum lease payments for operating leases signed but not yet commenced	74,200
Minimum lease payments for options to extend lease terms	108,500
Cash paid for operating leases	$ 115,700	$ 92,600

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 24, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 15.3	$ 11.5
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term (in years)	10 years
Vesting period (in years)	4 years
Unrecognized compensation cost	$ 11.6		$ 16
Weighted average period for recognition (in years)	2 years
Stock options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year
Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	5 years
Stock options | Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (as a percent)	25.00%
Stock options | Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (as a percent)	25.00%
Stock options | Tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (as a percent)	25.00%
Stock options | Tranche four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (as a percent)	25.00%
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Unrecognized compensation cost	$ 14.5		6.2
Weighted average period for recognition (in years)	3 years 2 months 12 days
Restricted stock units | Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (as a percent)	25.00%
Restricted stock units | Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (as a percent)	25.00%
Restricted stock units | Tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (as a percent)	25.00%
Restricted stock units | Tranche four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (as a percent)	25.00%
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 12.7		$ 15.2
Weighted average period for recognition (in years)	2 years 1 month 6 days

Stock-Based Compensation - Esti

Stock-Based Compensation - Estimated Fair Value of Stock Option Grants (Details) - Stock options	9 Months Ended
	Sep. 30, 2021$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value per stock option (in dollars per share)	$ 41.75
Risk-free interest rate	0.80%
Expected volatility	48.10%
Expected life (in years)	5 years 4 months 24 days
Dividend yield	0.00%

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021
Options
Outstanding at beginning of period (in shares)	3,740,604
Granted (in shares)	66,505
Exercised (in shares)	(1,071,838)
Forfeited or expired (in shares)	(48,988)
Outstanding at the end of period (in shares)	2,686,283
Vested and exercisable (in shares)	1,689,127
Weighted Average Exercise Price
Outstanding at the beginning of period (in dollars per share)	$ 20.72
Granted (in dollars per share)	95.68
Exercised (in dollars per share)	10.98
Forfeited or expired (in dollars per share)	39.03
Outstanding at the end of period (in dollars per share)	26.13
Vested and exercisable (in dollars per share)	$ 17.80

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2021shares
Number of Awards
Beginning balance (in shares)	128,220
Granted (in shares)	123,362
Vested (in shares)	(26,968)
Forfeited (in shares)	(12,472)
Ending balance (in shares)	212,142

Stock-Based Compensation - Re_2

Stock-Based Compensation - Restricted Stock Award Activity (Details)	9 Months Ended
	Sep. 30, 2021shares
Service-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance (in shares)	131,844
Granted (in shares)	28,814
Vested (in shares)	(13,555)
Forfeited (in shares)	(2,508)
Ending balance (in shares)	144,595
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance (in shares)	160,315
Granted (in shares)	0
Vested (in shares)	0
Forfeited (in shares)	0
Ending balance (in shares)	160,315
Total Stock Return (TSR)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance (in shares)	104,456
Granted (in shares)	0
Vested (in shares)	0
Forfeited (in shares)	0
Ending balance (in shares)	104,456

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jul. 01, 2021	Apr. 01, 2021	Sep. 24, 2020	Jun. 25, 2020	Mar. 26, 2020	Sep. 30, 2021	Sep. 24, 2020
Earnings Per Share [Abstract]
Net income	$ 74,645	$ 82,916	$ 75,796	$ 68,774	$ 32,004	$ 37,063	$ 233,357	$ 137,841
Basic weighted average shares outstanding (in shares)	104,899			103,180			104,506	102,308
Dilutive effect of share based awards (in shares)	2,587			3,199			2,795	3,500
Diluted weighted average shares outstanding (in shares)	107,486			106,379			107,301	105,808
Basic earnings per share (in dollars per share)	$ 0.71			$ 0.67			$ 2.23	$ 1.35
Diluted earnings per share (in dollars per share)	$ 0.69			$ 0.65			$ 2.17	$ 1.30

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 24, 2020	Sep. 30, 2021	Sep. 24, 2020
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the computation of diluted earnings (in shares)	66	266	66	481

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - Spartan - USD ($) $ in Thousands	Jun. 04, 2021	Sep. 30, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Purchase consideration	$ 77,657
Acquisition-related costs		$ 100	$ 3,300
Contingent consideration, potential earnout payments	18,000
Net increase in fair value of contingent earn-out liability		300	300
Contingent consideration liability		9,400	9,400
Contingent consideration liability, current		2,500	2,500
Contingent consideration liability, noncurrent		$ 6,900	$ 6,900
Annual Adjusted EBITDA Margin Targets
Business Acquisition [Line Items]
Contingent consideration, potential earnout payments	9,000
Annual Gross Profit Targets
Business Acquisition [Line Items]
Contingent consideration, potential earnout payments	$ 9,000

Acquisition - Schedule of Fair

Acquisition - Schedule of Fair Values of the Components of the Purchase Price (Details) - USD ($) $ in Thousands	Jun. 04, 2021	Sep. 30, 2021	Sep. 24, 2020
Business Acquisition [Line Items]
Cash, net of cash acquired		$ 63,567	$ 0
Spartan
Business Acquisition [Line Items]
Cash, net of cash acquired	$ 63,567
Floor and Decor Class A common stock	5,000
Contingent consideration	9,090
Total purchase price	$ 77,657

Acquisition - Schedule of the E

Acquisition - Schedule of the Estimated Preliminary Fair Values of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 04, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 255,473		$ 227,447
Spartan
Business Acquisition [Line Items]
Current assets		$ 16,467
Fixed assets, net		970
Right-of-use assets		3,300
Intangible assets, net		44,400
Goodwill	$ 255,473	28,026	$ 227,447
Total assets acquired		93,163
Current liabilities		12,393
Lease liabilities		2,725
Other liabilities		388
Total liabilities assumed		15,506
Net assets acquired		$ 77,657

Acquisition - Schedule of the P

Acquisition - Schedule of the Preliminary Estimated Fair Values and Estimated Remaining Useful Lives of Identifiable Intangible Assets (Details) - Spartan $ in Thousands	Jun. 04, 2021USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Total identifiable intangible assets	$ 44,400
Trade name
Acquired Indefinite-lived Intangible Assets [Line Items]
Preliminary fair value of indefinite-lived identifiable intangible assets	$ 9,200
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	12 years
Preliminary fair value of finite-lived identifiable intangible assets	$ 34,900
Non-compete agreement
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	5 years
Preliminary fair value of finite-lived identifiable intangible assets	$ 300

Acquisition - Schedule of Intan

Acquisition - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 04, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (991)		$ 0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross carrying amount	153,669		109,269
Accumulated amortization	(991)		0
Net carrying value	152,678		109,269
Goodwill [Line Items]
Net carrying value	255,473		227,447
Trade Names
Acquired Indefinite-lived Intangible Assets [Line Items]
Unamortizable intangible assets	109,269		109,269
Spartan
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	35,200		0
Accumulated amortization	(991)		0
Total amortizable intangible assets	34,209		0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	(991)		0
Goodwill [Line Items]
Gross carrying amount	255,473		227,447
Accumulated amortization	0		0
Net carrying value	255,473	$ 28,026	227,447
Spartan | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	34,900		0
Accumulated amortization	(969)		0
Total amortizable intangible assets	33,931		0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	(969)		0
Spartan | Non-compete agreement
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	300		0
Accumulated amortization	(22)		0
Total amortizable intangible assets	278		0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	(22)		0
Spartan | Trade Names
Acquired Indefinite-lived Intangible Assets [Line Items]
Unamortizable intangible assets	$ 9,200		$ 0

Acquisition - Schedule of Estim

Acquisition - Schedule of Estimated Aggregate Future Amortizable Expense for the Intangible Assets (Details) - Spartan - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Thirteen weeks ending December 30, 2021	$ 743
2022	2,974
2023	2,974
2024	2,974
2025	2,974
Thereafter	21,570
Total amortizable intangible assets	$ 34,209	$ 0