Floor & Decor (FND) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Cover page

Cover page - shares	9 Months Ended
	Sep. 29, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2022
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		106,117,628
Entity Central Index Key	0001507079
Amendment Flag	false
Current Fiscal Year End Date	--12-29
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 29, 2022	Dec. 30, 2021
Current assets:
Cash and cash equivalents	$ 7,687	$ 139,444
Income taxes receivable	9,867	3,507
Receivables, net	102,580	81,463
Inventories, net	1,320,456	1,008,151
Prepaid expenses and other current assets	56,502	40,780
Total current assets	1,497,092	1,273,345
Fixed assets, net	1,164,119	929,083
Right-of-use assets	1,157,347	1,103,750
Intangible assets, net	150,851	151,935
Goodwill	255,473	255,473
Deferred income tax assets, net	8,024	9,832
Other assets	11,762	7,277
Total long-term assets	2,747,576	2,457,350
Total assets	4,244,668	3,730,695
Current liabilities:
Current portion of term loans	2,103	2,103
Current portion of lease liabilities	107,258	104,602
Trade accounts payable	642,136	661,883
Accrued expenses and other current liabilities	294,022	248,935
Deferred revenue	15,907	14,492
Total current liabilities	1,061,426	1,032,015
Term loan	195,454	195,762
Revolving line of credit	176,400	0
Lease liabilities	1,177,413	1,120,990
Deferred income tax liabilities, net	42,584	40,958
Other liabilities	8,772	17,771
Total long-term liabilities	1,600,623	1,375,481
Total liabilities	2,662,049	2,407,496
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 29, 2022 and December 30, 2021	0	0
Additional paid-in capital	476,905	450,332
Accumulated other comprehensive income, net	4,424	535
Retained earnings	1,101,184	872,226
Total stockholders’ equity	1,582,619	1,323,199
Total liabilities and stockholders’ equity	4,244,668	3,730,695
Class A Common Stock
Capital stock:
Common stock	106	106
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. 29, 2022	Dec. 30, 2021
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)	106,117,337	105,760,650
Common stock, shares outstanding (in shares)	106,117,337	105,760,650
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. 29, 2022	Sep. 30, 2021	Sep. 29, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net sales	$ 1,097,824	$ 876,553	$ 3,216,404	$ 2,519,198
Cost of sales	650,349	511,245	1,924,589	1,451,519
Gross profit	447,475	365,308	1,291,815	1,067,679
Operating expenses:
Selling and store operating	280,735	218,690	798,437	613,708
General and administrative	54,697	52,488	162,449	149,348
Pre-opening	10,386	10,733	28,890	26,720
Total operating expenses	345,818	281,911	989,776	789,776
Operating income	101,657	83,397	302,039	277,903
Interest expense, net	3,032	1,124	5,866	3,805
Income before income taxes	98,625	82,273	296,173	274,098
Provision for income taxes	22,450	7,628	67,215	40,741
Net income	76,175	74,645	228,958	233,357
Change in fair value of hedge instruments, net of tax	1,513	(36)	3,889	40
Total comprehensive income	$ 77,688	$ 74,609	$ 232,847	$ 233,397
Basic earnings per share (in dollars per share)	$ 0.72	$ 0.71	$ 2.17	$ 2.23
Diluted earnings per share (in dollars per share)	$ 0.71	$ 0.69	$ 2.13	$ 2.17

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Class A Common Stock	Common Stock Class A Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2020			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, 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			104,368,000
Beginning balance at Dec. 31, 2020	997,388		$ 104	408,124	164	588,996
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive gain, net of tax	40
Net income	233,357
Ending balance (in shares) at Sep. 30, 2021			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
Forfeiture of restricted stock awards (in shares)			(1,000)
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, 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, net of tax	(36)				(36)
Net income	74,645					74,645
Ending balance (in shares) at Sep. 30, 2021			105,579,000
Ending balance at Sep. 30, 2021	1,264,910		$ 106	442,247	204	822,353
Beginning balance (in shares) at Dec. 30, 2021		105,760,650	105,761,000
Beginning balance at Dec. 30, 2021	1,323,199		$ 106	450,332	535	872,226
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	5,980			5,980
Exercise of stock options (in shares)			32,000
Exercise of stock options	577			577
Issuance of common stock upon vesting of restricted stock units (in shares)			47,000
Shares issued under employee stock purchase plan (in shares)			21,000
Shares issued under employee stock purchase plan	1,963			1,963
Common stock redeemed for tax liability (in shares)			(19,000)
Common stock redeemed for tax liability	(1,807)			(1,807)
Other comprehensive gain, net of tax	1,554				1,554
Net income	70,951					70,951
Ending balance (in shares) at Mar. 31, 2022			105,842,000
Ending balance at Mar. 31, 2022	1,402,417		$ 106	457,045	2,089	943,177
Beginning balance (in shares) at Dec. 30, 2021		105,760,650	105,761,000
Beginning balance at Dec. 30, 2021	$ 1,323,199		$ 106	450,332	535	872,226
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	321,756
Other comprehensive gain, net of tax	$ 3,889
Net income	228,958
Ending balance (in shares) at Sep. 29, 2022		106,117,337	106,117,000
Ending balance at Sep. 29, 2022	1,582,619		$ 106	476,905	4,424	1,101,184
Beginning balance (in shares) at Mar. 31, 2022			105,842,000
Beginning balance at Mar. 31, 2022	1,402,417		$ 106	457,045	2,089	943,177
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	4,889			4,889
Exercise of stock options (in shares)			209,000
Exercise of stock options	4,599			4,599
Forfeiture of restricted stock awards (in shares)			(59,000)
Issuance of common stock upon vesting of restricted stock units (in shares)			5,000
Common stock redeemed for tax liability (in shares)			(4,000)
Common stock redeemed for tax liability	(273)			(273)
Other comprehensive gain, net of tax	822				822
Net income	81,832					81,832
Ending balance (in shares) at Jun. 30, 2022			105,993,000
Ending balance at Jun. 30, 2022	1,494,286		$ 106	466,260	2,911	1,025,009
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	6,360			6,360
Exercise of stock options (in shares)			81,000
Exercise of stock options	1,924			1,924
Issuance of common stock upon vesting of restricted stock units (in shares)			2,000
Shares issued under employee stock purchase plan (in shares)			41,000
Shares issued under employee stock purchase plan	2,416			2,416
Common stock redeemed for tax liability	(55)			(55)
Other comprehensive gain, net of tax	1,513				1,513
Net income	76,175					76,175
Ending balance (in shares) at Sep. 29, 2022		106,117,337	106,117,000
Ending balance at Sep. 29, 2022	$ 1,582,619		$ 106	$ 476,905	$ 4,424	$ 1,101,184

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2022	Sep. 30, 2021
Operating activities
Net income	$ 228,958	$ 233,357
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	112,691	84,496
Stock-based compensation expense	17,229	15,335
Deferred income taxes	1,747	5,599
Change in fair value of contingent earn-out liabilities	1,530	0
Loss on asset impairments and disposals, net	0	475
Interest cap derivative contracts	85	40
Changes in operating assets and liabilities, net of effects of acquisitions:
Receivables, net	(21,014)	(19,785)
Inventories, net	(312,288)	(174,649)
Trade accounts payable	(25,761)	202,386
Accrued expenses and other current liabilities	27,796	38,492
Income taxes	(6,360)	(10,838)
Deferred revenue	1,415	9,840
Other, net	(18,703)	(19,856)
Net cash provided by operating activities	7,325	364,892
Investing activities
Purchases of fixed assets	(322,825)	(277,688)
Acquisitions, net of cash acquired	(1,121)	(63,567)
Proceeds from sales of property	4,773	0
Net cash used in investing activities	(319,173)	(341,255)
Financing activities
Borrowings on revolving line of credit	663,200	13,466
Payments on revolving line of credit	(486,800)	(15,969)
Proceeds from term loans	0	65,000
Payments on term loans	(1,577)	(76,202)
Payments of contingent earn-out consideration	(2,571)	0
Proceeds from exercise of stock options	7,100	11,755
Proceeds from employee stock purchase plan	4,379	3,063
Debt issuance costs	(1,505)	(1,409)
Tax payments for stock-based compensation awards	(2,135)	(1,028)
Net cash provided by (used in) financing activities	180,091	(1,324)
Net (decrease) increase in cash and cash equivalents	(131,757)	22,313
Cash and cash equivalents, beginning of the period	139,444	307,772
Cash and cash equivalents, end of the period	7,687	330,085
Supplemental disclosures of cash flow information
Buildings and equipment acquired under operating leases	148,665	238,023
Cash paid for interest, net of capitalized interest	3,437	1,676
Cash paid for income taxes, net of refunds	71,800	45,996
Fixed assets accrued at the end of the period	$ 118,453	$ 94,839

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 29, 2022
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 multi-channel specialty retailer and commercial flooring distributor. The Company offers a broad assortment of in-stock hard-surface flooring, including tile, wood, laminate, vinyl, and natural stone along with decorative accessories and wall tile, installation materials, 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. As of September 29, 2022, the Company, through its wholly owned subsidiary, Floor and Decor Outlets of America, Inc. (“F&D” or“Outlets”), operates 178 warehouse-format stores, which average 78,000 square feet, and five small-format standalone design studios in 35 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. The fiscal year ending December 29, 2022 (“fiscal 2022”) and the fiscal year ended December 30, 2021 (“fiscal 2021”) include 52 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 30, 2021 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 2021, filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022 (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 thirty-nine weeks ended September 29, 2022 and September 30, 2021 are not necessarily indicative of the results to be expected for the full years. Impact of the COVID-19 Pandemic The ongoing presence of COVID-19 and its potential impact 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 2022 did not appear to be negatively impacted, the COVID-19 pandemic 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 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. Recently Issued Accounting Pronouncements Reference Rate Reform. In January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. 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 requires 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 is not expected to have a material impact on the Company's consolidated financial statements or related disclosures. Supplier Finance Programs . In September 2022, the FASB issued ASU No. 2022-04, “ Liabilities - Supplier Finance Programs (Subtopic 405-50). ” The ASU requires that buyers in a supplier finance program disclose sufficient information for a user of the financial statements to understand the program's nature, activity, changes since prior period, and potential magnitude. The guidance in ASU 2022-04 is effective for interim and fiscal years beginning after December 15, 2022. Once adopted, it should be applied retrospectively to each period in which a balance sheet is presented, excluding the amendment on roll forward information, which should be presented prospectively. Early adoption of the standard is permitted. 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.

Revenue

Revenue	9 Months Ended
	Sep. 29, 2022
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 In accordance with Accounting Standards Codification (“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 29, 2022 and December 30, 2021 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 29, 2022, contract liabilities totaled $58.9 million and included $15.9 million of deferred revenue, $31.7 million of loyalty program liabilities, and $11.3 million of unredeemed gift cards. As of December 30, 2021, contract liabilities totaled $40.2 million and included $14.5 million of deferred revenue, $20.4 million of loyalty program liabilities, and $5.3 million of unredeemed gift cards. Of the contract liabilities outstanding as of December 30, 2021, approximately $15.8 million was recognized in revenue during the thirty-nine weeks ended September 29, 2022. 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 29, 2022 September 30, 2021 Product Category Net Sales % of Net Sales Net Sales % of Net Sales Laminate / luxury vinyl plank $ 314,502 29 % $ 230,279 26 % Tile 246,336 22 201,674 23 Decorative accessories / wall tile 187,369 17 160,195 18 Installation materials and tools 183,495 17 138,794 16 Wood 69,691 6 64,798 7 Natural stone 52,670 5 48,267 6 Adjacent categories (1) 17,338 2 13,685 2 Other (2) 26,423 2 18,861 2 Total $ 1,097,824 100 % $ 876,553 100 % Thirty-nine Weeks Ended September 29, 2022 September 30, 2021 Product Category Net Sales % of Net Sales Net Sales % of Net Sales Laminate / luxury vinyl plank $ 896,347 28 % $ 630,956 25 % Tile 725,242 22 599,489 24 Decorative accessories / wall tile 569,370 18 481,525 19 Installation materials and tools 529,659 16 410,764 16 Wood 213,126 7 193,087 8 Natural stone 161,374 5 149,501 6 Adjacent categories (1) 51,363 2 39,508 2 Other (2) 69,923 2 14,368 — Total $ 3,216,404 100 % $ 2,519,198 100 % (1) Adjacent categories primarily include bathroom and kitchen products and accessories. (2) Other includes delivery, sample, and other product revenue and adjustments for deferred revenue, sales returns reserves, customer rewards under the Company’s Pro Premier Loyalty program, and other revenue related adjustments that are not allocated on a product-level basis.

Debt

Debt	9 Months Ended
	Sep. 29, 2022
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes the Company’s long-term debt as of September 29, 2022 and December 30, 2021: in thousands Maturity Date Interest Rate Per Annum at 9/29/2022 (1) September 29, 2022 December 30, 2021 Credit Facilities: Term Loan Facility February 14, 2027 4.53% Variable $ 205,025 $ 206,602 Asset-based Loan Facility (“ABL”) August 4, 2027 3.92% Variable 176,400 — Total secured debt at par value 381,425 206,602 Less: current maturities 2,103 2,103 Long-term debt maturities 379,322 204,499 Less: unamortized discount and debt issuance costs 7,468 8,737 Total long-term debt $ 371,854 $ 195,762 (1) The applicable interest rate for the Term Loan Facility does not include the effect of interest rate cap agreements. Market risk associated with the Company’s 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. The estimated fair values and classifications within the fair value hierarchy of the Term Loan Facility and ABL were as follows as of September 29, 2022 and December 30, 2021: in thousands Fair Value Hierarchy Classification September 29, 2022 December 30, 2021 Term Loan Facility Level 3 $ 199,899 $ 202,986 ABL Facility Level 2 176,400 — Total $ 376,299 $ 202,986 The following table summarizes scheduled maturities of the Company’s debt as of September 29, 2022: in thousands Amount Thirteen weeks ending December 29, 2022 $ 526 2023 2,103 2024 2,103 2025 2,103 2026 2,103 Thereafter 372,487 Total minimum debt payments $ 381,425 Components of interest expense are as follows for the periods presented: Thirteen Weeks Ended Thirty-nine Weeks Ended in thousands September 29, 2022 September 30, 2021 September 29, 2022 September 30, 2021 Total interest costs $ 4,092 $ 1,906 $ 8,617 $ 5,737 Interest capitalized 1,060 782 2,751 1,932 Interest expense, net $ 3,032 $ 1,124 $ 5,866 $ 3,805 Term Loan Facility The 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 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 asset-based loan facility (“ABL” or “ABL Facility”). ABL Facility On August 4, 2022, the Company entered into a second amendment to the ABL Facility which, among other things, (a) increased the Company’s revolving commitments to a total aggregate principal amount of $800 million, (b) allows for the Company, under certain circumstances, to increase the size of the facility by an additional amount of up to $200 million, and (c) extended the stated maturity date of the ABL Facility to August 4, 2027. As of September 29, 2022, the Company’s ABL Facility had a maximum availability of $800.0 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 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 borrowings of $176.4 million and letters of credit of $29.5 million, was $594.1 million based on financial data as of September 29, 2022. Covenants The credit agreements governing the Term Loan Facility and ABL Facility 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. 29, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesEffective tax rates for the thirteen and thirty-nine weeks ended September 29, 2022 and September 30, 2021 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 22.8% and 9.3% for the thirteen weeks ended September 29, 2022 and September 30, 2021, respectively, and 22.7% and 14.9% for the thirty-nine weeks ended September 29, 2022 and September 30, 2021, respectively. For the thirteen and thirty-nine weeks ended September 29, 2022, the effective income tax rate was higher than the statutory federal income tax rate of 21.0% primarily due to state income taxes and other permanent differences including meals and entertainment expenses that were partially offset by tax deductions in excess of book expense related to stock option exercises. For the thirteen and thirty-nine weeks ended September 30, 2021, 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. On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022, which, among other things, implements a 15% minimum tax on book income of certain large corporations, a 1% excise tax on net stock repurchases and several tax incentives to promote clean energy. Based on our current analysis of the provisions, we do not believe this legislation will have a material impact on our consolidated financial statements.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 29, 2022
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 2042. 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 generally 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, the Company uses 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 29, 2022 and September 30, 2021, the Company’s weighted average discount rate was 5.3% and 5.2%, respectively. As of both September 29, 2022 and September 30, 2021, the Company’s weighted average remaining lease term was approximately 11 years. Lease Costs The table below presents components of lease expense for operating leases. Thirteen Weeks Ended Thirty-nine Weeks Ended in thousands Classification September 29, 2022 September 30, 2021 September 29, 2022 September 30, 2021 Fixed operating lease cost: Selling and store operating $ 33,991 $ 31,940 $ 103,035 $ 91,528 Cost of sales 6,354 5,668 19,178 16,984 Pre-opening 2,558 3,272 7,542 7,927 General and administrative 1,136 1,029 3,407 3,088 Total fixed operating lease cost $ 44,039 $ 41,909 $ 133,162 $ 119,527 Variable lease cost (1): Selling and store operating $ 13,524 $ 10,605 $ 38,450 $ 30,356 Cost of sales 1,231 1,101 3,886 3,693 Pre-opening 114 13 354 83 General and administrative 194 78 598 (10) Total variable lease cost $ 15,063 $ 11,797 $ 43,288 $ 34,122 Sublease income Cost of sales (681) (597) (2,041) (1,791) Total operating lease cost (2) $ 58,421 $ 53,109 $ 174,409 $ 151,858 (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 thirty-nine weeks ended September 29, 2022 and September 30, 2021. 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 29, 2022 were as follows: in thousands Amount Thirteen weeks ending December 29, 2022 $ 32,202 2023 183,545 2024 180,086 2025 167,940 2026 157,889 Thereafter 1,039,871 Total minimum lease payments (1) (2) 1,761,533 Less: amount of lease payments representing interest 476,862 Present value of future minimum lease payments 1,284,671 Less: current obligations under leases 107,258 Long-term lease obligations $ 1,177,413 (1) Future lease payments exclude approximately $237.4 million of legally binding minimum lease payments for operating leases signed but not yet commenced. (2) Operating lease payments include $146.8 million related to options to extend lease terms that are reasonably certain of being exercised. For the thirty-nine weeks ended September 29, 2022 and September 30, 2021, cash paid for operating leases was $131.3 million and $115.7 million, respectively. Litigation On November 15, 2021, the Company was added as a defendant in a wrongful death lawsuit, Nguyen v. Inspections Now, Inc., No. 21-DCV-287142, pending in the 434th Judicial District Court of Fort Bend County, Texas. Inspections Now, Inc. and Jason Post Homes, LLC were also named as defendants in the case. On March 28, 2022, Plaintiff voluntarily dismissed her claims against Jason Post Homes without prejudice. Plaintiff’s petition alleges that unspecified “wood paneling” allegedly purchased from the Company was installed in the vicinity of plaintiff’s fireplace and caught fire while the fireplace was lit. The fire consumed plaintiff’s home and resulted in injuries to plaintiff and the death of plaintiff’s three children and mother. Plaintiff alleges product defect and failure to warn claims against the Company and negligent inspection claims against Inspections Now. Plaintiff’s petition seeks damages in excess of $1.0 million for property damage, personal injury, and wrongful death. The petition also seeks exemplary damages. On August 8, 2022, Plaintiff’s ex-husband filed a petition in intervention, intervening as a plaintiff in the lawsuit. Intervenor alleges the same claims and seeks damages in excess of $10.0 million for property damage, personal injury, wrongful death, and exemplary damages. The Company has responded to Plaintiff’s and Intervenor’s petitions, denying the allegations, and the case is in the early stages of discovery. 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. An amended complaint was filed on September 14, 2022. 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 . The complaint seeks unspecified damages and restitution for the Company from the individual defendants and the payment of costs and attorneys’ fees. On October 31, 2022, the Company, along with the other defendants, filed a motion to dismiss the operative complaint. 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, the Company is 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.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 29, 2022
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 (“ASC 718”) . In accordance with ASC 718, the Company measures compensation cost for all stock-based awards at fair value on the date of grant and recognizes compensation expense, net of forfeitures, using the straight-line method over the requisite service period of awards expected to vest, which for each of the awards is the service vesting period. The table below presents components of stock-based compensation expense within the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income: Thirty-nine Weeks Ended in thousands September 29, 2022 September 30, 2021 General and administrative $ 16,911 $ 15,335 Selling and store operating 318 — Total stock-based compensation expense $ 17,229 $ 15,335 Stock Options The table below summarizes stock option activity for the thirty-nine weeks ended September 29, 2022. Options Weighted Average Exercise Price Outstanding at December 31, 2021 2,503,654 $ 26.81 Exercised (321,756) 22.07 Forfeited or expired (45,215) 51.72 Outstanding at September 29, 2022 2,136,683 $ 27.00 Vested and exercisable at September 29, 2022 1,761,333 $ 22.04 Restricted Stock Units During the thirty-nine weeks ended September 29, 2022, the Company granted service-based restricted stock units (“RSUs”) to certain employees, executive officers, and non-employee directors and performance-based restricted stock units (“PSUs”) to certain executive officers that represent an unfunded, unsecured right to receive a share of the Company’s Class A common stock upon vesting. The RSUs granted during the period have an aggregate grant-date fair value of $23.1 million and vest in three three The following table summarizes restricted stock unit activity during the thirty-nine weeks ended September 29, 2022: Restricted Stock Units Service-based Performance-based Total Restricted Stock Units Unvested at December 31, 2021 214,778 — 214,778 Granted 255,578 36,566 292,144 Vested (54,153) — (54,153) Forfeited (21,495) — (21,495) Unvested at September 29, 2022 394,708 36,566 431,274 Restricted Stock Awards The following table summarizes restricted stock award activity during the thirty-nine weeks ended September 29, 2022: Restricted Stock Awards Service-based Performance-based Total Stock Return (TSR) Total Restricted Stock Awards Unvested at December 31, 2021 144,725 160,315 104,456 409,496 Vested (24,656) — — (24,656) Forfeited (16,195) (25,997) (16,939) (59,131) Unvested at September 29, 2022 103,874 134,318 87,517 325,709

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 29, 2022
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 29, 2022 September 30, 2021 September 29, 2022 September 30, 2021 Net income $ 76,175 $ 74,645 $ 228,958 $ 233,357 Basic weighted average shares outstanding 105,754 104,899 105,565 104,506 Dilutive effect of share-based awards 1,716 2,587 1,879 2,795 Diluted weighted average shares outstanding 107,470 107,486 107,444 107,301 Basic earnings per share $ 0.72 $ 0.71 $ 2.17 $ 2.23 Diluted earnings per share $ 0.71 $ 0.69 $ 2.13 $ 2.17 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 29, 2022 September 30, 2021 September 29, 2022 September 30, 2021 Stock options 71 66 70 66 Restricted stock 12 — — — Restricted stock units 301 — 229 —

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 29, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements As of September 29, 2022 and December 30, 2021, the Company had certain financial assets and liabilities on its Condensed Consolidated Balance Sheets that were required to be measured at fair value on a recurring or non-recurring basis. The estimated fair values of financial assets and liabilities such as cash and cash equivalents, receivables, prepaid expenses and other current assets, other assets, accounts payable, and accrued expenses and other current liabilities approximate their respective carrying values as reported within the Condensed Consolidated Balance Sheets. See Note 3, “Debt” for discussion of the fair value of the Company’s debt. Contingent Earn-out Liabilities As of September 29, 2022, contingent earn-out liabilities, primarily related to the Spartan Surfaces, Inc. acquisition that was completed during the second quarter of fiscal 2021, had an estimated fair value of $9.5 million (classified as level 3 within the fair value hierarchy), of which $4.3 million is included in other liabilities and $5.2 million is included in accrued expenses and other current liabilities within the Condensed Consolidated Balance Sheets. The table below summarizes changes in contingent earn-out liabilities during the thirty-nine weeks ended September 29, 2022. in thousands Contingent Earn-out Liabilities Balance at December 30, 2021 $ 10,231 Acquisition (1) 280 Fair value adjustments 1,530 Payments (2,571) Balance at September 29, 2022 $ 9,470 (1) During the thirty-nine weeks ended September 29, 2022, the Company acquired two small commercial flooring sales distributors and their customer lists for total consideration of $1.3 million, including $1.1 million of cash and $0.3 million of contingent earn-out consideration. The acquisitions were accounted for in accordance with ASC 805, Business Combinations. The fair values of the customer lists and contingent earn-out consideration related to these acquisitions were immaterial. The $1.5 million net increase in the fair value of contingent earn-out liabilities during the thirty-nine weeks ended September 29, 2022 was recognized in general and administrative expense within the Condensed Consolidated Statements of Operations and Comprehensive Income. Interest Rate Cap Contracts Changes in interest rates impact the Company’s results of operations. In an effort to manage exposure to this risk, the Company enters into derivative contracts and may adjust its derivative portfolio as market conditions change. The Company has outstanding interest rate cap contracts that are designated as cash flow hedges. The effective portion of the gain or loss on effective cash flow hedges is reported as a component of Accumulated Other Comprehensive Income (“AOCI”) and reclassified into earnings in the same period in which the hedged transaction affects earnings. The effective portion of the derivative represents the change in fair value of the hedge that offsets the change in fair value of the hedged item. To the extent the change in the fair value of the hedge does not perfectly offset the change in the fair value of the hedged item, the ineffective portion of the hedge is immediately recognized in earnings. The Company’s outstanding interest rate cap contracts were valued primarily using level 2 inputs based on data readily observable in public markets. The Company's interest rate cap contracts were negotiated with counterparties without going through a public exchange. Accordingly, the Company's fair value assessments for these derivative contracts gave consideration to the risk of counterparty default (as well as the Company's own credit risk). As of September 29, 2022 and December 30, 2021, the total fair value of the Company's interest rate cap contracts was approximately $5.8 million and $0.5 million, respectively, which are presented as a component of accumulated other comprehensive income within stockholders’ equity on the Condensed Consolidated Balance Sheets net of tax of $1.4 million and less than $0.1 million, respectively.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 29, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Year	Fiscal Year The Company’s fiscal year is the 52- or 53-week period ending on the Thursday on or preceding December 31st. The fiscal year ending December 29, 2022 (“fiscal 2022”) and the fiscal year ended December 30, 2021 (“fiscal 2021”) include 52 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 30, 2021 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 2021, filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022 (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 thirty-nine weeks ended September 29, 2022 and September 30, 2021 are not necessarily indicative of the results to be expected for the full years.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Reference Rate Reform. In January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. 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 requires 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 is not expected to have a material impact on the Company's consolidated financial statements or related disclosures. Supplier Finance Programs . In September 2022, the FASB issued ASU No. 2022-04, “ Liabilities - Supplier Finance Programs (Subtopic 405-50). ” The ASU requires that buyers in a supplier finance program disclose sufficient information for a user of the financial statements to understand the program's nature, activity, changes since prior period, and potential magnitude. The guidance in ASU 2022-04 is effective for interim and fiscal years beginning after December 15, 2022. Once adopted, it should be applied retrospectively to each period in which a balance sheet is presented, excluding the amendment on roll forward information, which should be presented prospectively. Early adoption of the standard is permitted. 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.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 29, 2022
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 29, 2022 September 30, 2021 Product Category Net Sales % of Net Sales Net Sales % of Net Sales Laminate / luxury vinyl plank $ 314,502 29 % $ 230,279 26 % Tile 246,336 22 201,674 23 Decorative accessories / wall tile 187,369 17 160,195 18 Installation materials and tools 183,495 17 138,794 16 Wood 69,691 6 64,798 7 Natural stone 52,670 5 48,267 6 Adjacent categories (1) 17,338 2 13,685 2 Other (2) 26,423 2 18,861 2 Total $ 1,097,824 100 % $ 876,553 100 % Thirty-nine Weeks Ended September 29, 2022 September 30, 2021 Product Category Net Sales % of Net Sales Net Sales % of Net Sales Laminate / luxury vinyl plank $ 896,347 28 % $ 630,956 25 % Tile 725,242 22 599,489 24 Decorative accessories / wall tile 569,370 18 481,525 19 Installation materials and tools 529,659 16 410,764 16 Wood 213,126 7 193,087 8 Natural stone 161,374 5 149,501 6 Adjacent categories (1) 51,363 2 39,508 2 Other (2) 69,923 2 14,368 — Total $ 3,216,404 100 % $ 2,519,198 100 % (1) Adjacent categories primarily include bathroom and kitchen products and accessories. (2) Other includes delivery, sample, and other product revenue and adjustments for deferred revenue, sales returns reserves, customer rewards under the Company’s 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. 29, 2022
Debt Disclosure [Abstract]
Schedule of Long Term Debt	The following table summarizes the Company’s long-term debt as of September 29, 2022 and December 30, 2021: in thousands Maturity Date Interest Rate Per Annum at 9/29/2022 (1) September 29, 2022 December 30, 2021 Credit Facilities: Term Loan Facility February 14, 2027 4.53% Variable $ 205,025 $ 206,602 Asset-based Loan Facility (“ABL”) August 4, 2027 3.92% Variable 176,400 — Total secured debt at par value 381,425 206,602 Less: current maturities 2,103 2,103 Long-term debt maturities 379,322 204,499 Less: unamortized discount and debt issuance costs 7,468 8,737 Total long-term debt $ 371,854 $ 195,762 (1) The applicable interest rate for the Term Loan Facility does not include the effect of interest rate cap agreements. The estimated fair values and classifications within the fair value hierarchy of the Term Loan Facility and ABL were as follows as of September 29, 2022 and December 30, 2021: in thousands Fair Value Hierarchy Classification September 29, 2022 December 30, 2021 Term Loan Facility Level 3 $ 199,899 $ 202,986 ABL Facility Level 2 176,400 — Total $ 376,299 $ 202,986
Schedule of Maturities of Debt	The following table summarizes scheduled maturities of the Company’s debt as of September 29, 2022: in thousands Amount Thirteen weeks ending December 29, 2022 $ 526 2023 2,103 2024 2,103 2025 2,103 2026 2,103 Thereafter 372,487 Total minimum debt payments $ 381,425
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 29, 2022 September 30, 2021 September 29, 2022 September 30, 2021 Total interest costs $ 4,092 $ 1,906 $ 8,617 $ 5,737 Interest capitalized 1,060 782 2,751 1,932 Interest expense, net $ 3,032 $ 1,124 $ 5,866 $ 3,805

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 29, 2022
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 29, 2022 September 30, 2021 September 29, 2022 September 30, 2021 Fixed operating lease cost: Selling and store operating $ 33,991 $ 31,940 $ 103,035 $ 91,528 Cost of sales 6,354 5,668 19,178 16,984 Pre-opening 2,558 3,272 7,542 7,927 General and administrative 1,136 1,029 3,407 3,088 Total fixed operating lease cost $ 44,039 $ 41,909 $ 133,162 $ 119,527 Variable lease cost (1): Selling and store operating $ 13,524 $ 10,605 $ 38,450 $ 30,356 Cost of sales 1,231 1,101 3,886 3,693 Pre-opening 114 13 354 83 General and administrative 194 78 598 (10) Total variable lease cost $ 15,063 $ 11,797 $ 43,288 $ 34,122 Sublease income Cost of sales (681) (597) (2,041) (1,791) Total operating lease cost (2) $ 58,421 $ 53,109 $ 174,409 $ 151,858 (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 thirty-nine weeks ended September 29, 2022 and September 30, 2021.
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 29, 2022 were as follows: in thousands Amount Thirteen weeks ending December 29, 2022 $ 32,202 2023 183,545 2024 180,086 2025 167,940 2026 157,889 Thereafter 1,039,871 Total minimum lease payments (1) (2) 1,761,533 Less: amount of lease payments representing interest 476,862 Present value of future minimum lease payments 1,284,671 Less: current obligations under leases 107,258 Long-term lease obligations $ 1,177,413 (1) Future lease payments exclude approximately $237.4 million of legally binding minimum lease payments for operating leases signed but not yet commenced. (2) Operating lease payments include $146.8 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. 29, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	The table below presents components of stock-based compensation expense within the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income: Thirty-nine Weeks Ended in thousands September 29, 2022 September 30, 2021 General and administrative $ 16,911 $ 15,335 Selling and store operating 318 — Total stock-based compensation expense $ 17,229 $ 15,335
Stock Option Activity	The table below summarizes stock option activity for the thirty-nine weeks ended September 29, 2022. Options Weighted Average Exercise Price Outstanding at December 31, 2021 2,503,654 $ 26.81 Exercised (321,756) 22.07 Forfeited or expired (45,215) 51.72 Outstanding at September 29, 2022 2,136,683 $ 27.00 Vested and exercisable at September 29, 2022 1,761,333 $ 22.04
Restricted Stock Unit Activity	The following table summarizes restricted stock unit activity during the thirty-nine weeks ended September 29, 2022: Restricted Stock Units Service-based Performance-based Total Restricted Stock Units Unvested at December 31, 2021 214,778 — 214,778 Granted 255,578 36,566 292,144 Vested (54,153) — (54,153) Forfeited (21,495) — (21,495) Unvested at September 29, 2022 394,708 36,566 431,274
Restricted Stock Award Activity	The following table summarizes restricted stock award activity during the thirty-nine weeks ended September 29, 2022: Restricted Stock Awards Service-based Performance-based Total Stock Return (TSR) Total Restricted Stock Awards Unvested at December 31, 2021 144,725 160,315 104,456 409,496 Vested (24,656) — — (24,656) Forfeited (16,195) (25,997) (16,939) (59,131) Unvested at September 29, 2022 103,874 134,318 87,517 325,709

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 29, 2022
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 29, 2022 September 30, 2021 September 29, 2022 September 30, 2021 Net income $ 76,175 $ 74,645 $ 228,958 $ 233,357 Basic weighted average shares outstanding 105,754 104,899 105,565 104,506 Dilutive effect of share-based awards 1,716 2,587 1,879 2,795 Diluted weighted average shares outstanding 107,470 107,486 107,444 107,301 Basic earnings per share $ 0.72 $ 0.71 $ 2.17 $ 2.23 Diluted earnings per share $ 0.71 $ 0.69 $ 2.13 $ 2.17
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 29, 2022 September 30, 2021 September 29, 2022 September 30, 2021 Stock options 71 66 70 66 Restricted stock 12 — — — Restricted stock units 301 — 229 —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 29, 2022
Fair Value Disclosures [Abstract]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The table below summarizes changes in contingent earn-out liabilities during the thirty-nine weeks ended September 29, 2022. in thousands Contingent Earn-out Liabilities Balance at December 30, 2021 $ 10,231 Acquisition (1) 280 Fair value adjustments 1,530 Payments (2,571) Balance at September 29, 2022 $ 9,470 (1) During the thirty-nine weeks ended September 29, 2022, the Company acquired two small commercial flooring sales distributors and their customer lists for total consideration of $1.3 million, including $1.1 million of cash and $0.3 million of contingent earn-out consideration. The acquisitions were accounted for in accordance with ASC 805, Business Combinations. The fair values of the customer lists and contingent earn-out consideration related to these acquisitions were immaterial.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) ft² in Thousands	9 Months Ended
	Sep. 29, 2022 ft² designStudio segment state distributionCenter store
Real Estate Properties [Line Items]
Number of reportable segments | segment	1
Number of states with facilities | state	35
Number of distribution centers | distributionCenter	4
Warehouse-format stores
Real Estate Properties [Line Items]
Number of stores (facilities) | store	178
Area of facility (in square feet) | ft²	78
Small-format standalone design studios
Real Estate Properties [Line Items]
Number of stores (facilities) | designStudio	5

Revenue (Details)

Revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 29, 2022 USD ($) segment	Sep. 30, 2021 USD ($)	Dec. 30, 2021 USD ($)
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 58,900		$ 58,900		$ 40,200
Deferred revenue	15,907		15,907		14,492
Loyalty program liabilities	31,700		31,700		20,400
Unredeemed gift cards	11,300		11,300		$ 5,300
Contract liabilities, revenue recognized			$ 15,800
Number of reportable segments | segment			1
Net Sales	$ 1,097,824	$ 876,553	$ 3,216,404	$ 2,519,198
Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
% of Net Sales	100%	100%	100%	100%
Laminate / luxury vinyl plank
Disaggregation of Revenue [Line Items]
Net Sales	$ 314,502	$ 230,279	$ 896,347	$ 630,956
Laminate / luxury vinyl plank | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
% of Net Sales	29%	26%	28%	25%
Tile
Disaggregation of Revenue [Line Items]
Net Sales	$ 246,336	$ 201,674	$ 725,242	$ 599,489
Tile | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
% of Net Sales	22%	23%	22%	24%
Decorative accessories / wall tile
Disaggregation of Revenue [Line Items]
Net Sales	$ 187,369	$ 160,195	$ 569,370	$ 481,525
Decorative accessories / wall tile | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
% of Net Sales	17%	18%	18%	19%
Installation materials and tools
Disaggregation of Revenue [Line Items]
Net Sales	$ 183,495	$ 138,794	$ 529,659	$ 410,764
Installation materials and tools | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
% of Net Sales	17%	16%	16%	16%
Wood
Disaggregation of Revenue [Line Items]
Net Sales	$ 69,691	$ 64,798	$ 213,126	$ 193,087
Wood | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
% of Net Sales	6%	7%	7%	8%
Natural stone
Disaggregation of Revenue [Line Items]
Net Sales	$ 52,670	$ 48,267	$ 161,374	$ 149,501
Natural stone | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
% of Net Sales	5%	6%	5%	6%
Adjacent categories
Disaggregation of Revenue [Line Items]
Net Sales	$ 17,338	$ 13,685	$ 51,363	$ 39,508
Adjacent categories | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
% of Net Sales	2%	2%	2%	2%
Other
Disaggregation of Revenue [Line Items]
Net Sales	$ 26,423	$ 18,861	$ 69,923	$ 14,368
Other | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
% of Net Sales	2%	2%	2%	0%

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 29, 2022	Dec. 30, 2021
Debt Instrument [Line Items]
Total debt	$ 381,425	$ 206,602
Less: current maturities	2,103	2,103
Long-term debt maturities	379,322	204,499
Less: unamortized discount and debt issuance costs	7,468	8,737
Total long-term debt	371,854	195,762
Long-term debt, fair value	$ 376,299	202,986
Term Loan Facility
Debt Instrument [Line Items]
Interest rate per annum	4.53%
Total debt	$ 205,025	206,602
Term Loan Facility | Level 3
Debt Instrument [Line Items]
Long-term debt, fair value	$ 199,899	202,986
Asset-based Loan Facility (“ABL”) | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Interest rate per annum	3.92%
Total debt	$ 176,400	0
Asset-based Loan Facility (“ABL”) | Revolving Credit Facility | Line of Credit | Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 176,400	$ 0

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Debt (Details) $ in Thousands	Sep. 29, 2022 USD ($)
Debt Disclosure [Abstract]
Thirteen weeks ending December 29, 2022	$ 526
2023	2,103
2024	2,103
2025	2,103
2026	2,103
Thereafter	372,487
Total secured debt at par value	$ 381,425

Debt - Schedule of Components o

Debt - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2022	Sep. 30, 2021	Sep. 29, 2022	Sep. 30, 2021
Debt Disclosure [Abstract]
Total interest costs	$ 4,092	$ 1,906	$ 8,617	$ 5,737
Interest capitalized	1,060	782	2,751	1,932
Interest expense, net	$ 3,032	$ 1,124	$ 5,866	$ 3,805

Debt - Term Loan Facility (Deta

Debt - Term Loan Facility (Details) - Amended Term Loan Facility	9 Months Ended
	Sep. 29, 2022
Base rate
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Leverage based step-up, percent	1.25%
Eurodollar rate
Debt Instrument [Line Items]
Basis spread on variable rate	2%
Leverage based step-up, percent	2.25%
Interest rate floor	0%

Debt - ABL Facility (Details)

Debt - ABL Facility (Details) - USD ($)	9 Months Ended
	Sep. 29, 2022	Aug. 04, 2022	Dec. 30, 2021
Line of Credit Facility [Line Items]
Long-term debt	$ 381,425,000		$ 206,602,000
Asset-based Loan Facility (“ABL”)
Line of Credit Facility [Line Items]
Outstanding letters of credit	$ 29,500,000
Asset-based Loan Facility (“ABL”) | Revolving Credit Facility
Line of Credit Facility [Line Items]
Eligible net trade receivables, percent	85%
Eligible letter of credit, percent	100%
Available borrowing capacity	$ 594,100,000
Asset-based Loan Facility (“ABL”) | Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Long-term debt	176,400,000		$ 0
Revolving Credit Facility Accordion Feature | Revolving Credit Facility
Line of Credit Facility [Line Items]
Borrowing capacity	800,000,000	$ 800,000,000
Line of credit facility, accordion feature, increase limit		$ 200,000,000
Letter of Credit
Line of Credit Facility [Line Items]
Borrowing capacity	$ 50,000,000

Debt - Covenants (Details)

Debt - Covenants (Details)	9 Months Ended
	Sep. 29, 2022
Asset-based Loan Facility (“ABL”) | Revolving Credit Facility
Debt Instrument [Line Items]
Percentage usage of facility to trigger covenant	90%

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 29, 2022	Sep. 30, 2021	Sep. 29, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	22.80%	9.30%	22.70%	14.90%

Commitments and Contingencies -

Commitments and Contingencies - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2022	Sep. 30, 2021	Sep. 29, 2022	Sep. 30, 2021
Lease Commitments
Weighted average discount rate	5.30%	5.20%	5.30%	5.20%
Weighted average remaining lease term	11 years	11 years	11 years	11 years
Components of lease expense for operating leases:
Total fixed operating lease cost	$ 44,039	$ 41,909	$ 133,162	$ 119,527
Total variable lease cost	15,063	11,797	43,288	34,122
Sublease income	(681)	(597)	(2,041)	(1,791)
Total operating lease cost	$ 58,421	53,109	$ 174,409	151,858
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	$ 33,991	31,940	$ 103,035	91,528
Total variable lease cost	13,524	10,605	38,450	30,356
Cost of sales
Components of lease expense for operating leases:
Total fixed operating lease cost	6,354	5,668	19,178	16,984
Total variable lease cost	1,231	1,101	3,886	3,693
Pre-opening
Components of lease expense for operating leases:
Total fixed operating lease cost	2,558	3,272	7,542	7,927
Total variable lease cost	114	13	354	83
General and administrative
Components of lease expense for operating leases:
Total fixed operating lease cost	1,136	1,029	3,407	3,088
Total variable lease cost	$ 194	$ 78	$ 598	$ (10)

Commitments and Contingencies_2

Commitments and Contingencies - Lease Maturity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2022	Sep. 30, 2021	Dec. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Thirteen weeks ending December 29, 2022	$ 32,202
2023	183,545
2024	180,086
2025	167,940
2026	157,889
Thereafter	1,039,871
Total minimum lease payments	1,761,533
Less: amount of lease payments representing interest	476,862
Present value of future minimum lease payments	1,284,671
Less: current obligations under leases	107,258		$ 104,602
Long-term lease obligations	1,177,413		$ 1,120,990
Legally binding minimum lease payments for operating leases signed but not yet commenced	237,400
Minimum lease payments for options to extend lease terms	146,800
Cash paid for operating leases	$ 131,300	$ 115,700

Commitments and Contingencies_3

Commitments and Contingencies - Litigation (Details) - USD ($) $ in Millions	Aug. 08, 2022	Nov. 15, 2021
Nguyen v. Inspections Now, Inc., No. 21-DCV-287142 | Pending Litigation | Damages from Product Defects
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 10	$ 1

Stock-Based Compensation - Comp

Stock-Based Compensation - Components of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2022	Sep. 30, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 17,229	$ 15,335
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	16,911	15,335
Selling and store operating
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 318	$ 0

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 29, 2022 USD ($)
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate grant date fair value	$ 23.1
Vesting period (in years)	3 years
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate grant date fair value	$ 3.5
Vesting period (in years)	3 years
Tranche one | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (as a percent)	33.34%
Tranche two | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (as a percent)	33.33%
Tranche three | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (as a percent)	33.33%
Executive officers | Performance-based | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (as a percent)	0%
Executive officers | Performance-based | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights (as a percent)	200%

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	9 Months Ended
	Sep. 29, 2022
Options
Outstanding at beginning of period (in shares)	2,503,654
Exercised (in shares)	(321,756)
Forfeited or expired (in shares)	(45,215)
Outstanding at the end of period (in shares)	2,136,683
Vested and exercisable, Options (in shares)	1,761,333
Weighted Average Exercise Price
Outstanding at the beginning of period (in dollars per share)	$ 26.81
Exercised (in dollars per share)	22.07
Forfeited or expired (in dollars per share)	51.72
Outstanding at the end of period (in dollars per share)	27
Vested and exercisable, Weighted Average Exercise Price (in dollars per share)	$ 22.04

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Unit Activity (Details)	9 Months Ended
	Sep. 29, 2022 shares
Total Restricted Stock Units
Number of Awards
Beginning balance (in shares)	214,778
Granted (in shares)	292,144
Vested (in shares)	(54,153)
Forfeited (in shares)	(21,495)
Ending balance (in shares)	431,274
Service-based
Number of Awards
Beginning balance (in shares)	214,778
Granted (in shares)	255,578
Vested (in shares)	(54,153)
Forfeited (in shares)	(21,495)
Ending balance (in shares)	394,708
Performance-based
Number of Awards
Beginning balance (in shares)	0
Granted (in shares)	36,566
Vested (in shares)	0
Forfeited (in shares)	0
Ending balance (in shares)	36,566

Stock-Based Compensation - Re_2

Stock-Based Compensation - Restricted Stock Award Activity (Details)	9 Months Ended
	Sep. 29, 2022 shares
Service-based
Restricted Stock Awards
Beginning balance (in shares)	144,725
Vested (in shares)	(24,656)
Forfeited (in shares)	(16,195)
Ending balance (in shares)	103,874
Performance-based
Restricted Stock Awards
Beginning balance (in shares)	160,315
Vested (in shares)	0
Forfeited (in shares)	(25,997)
Ending balance (in shares)	134,318
Total Stock Return (TSR)
Restricted Stock Awards
Beginning balance (in shares)	104,456
Vested (in shares)	0
Forfeited (in shares)	(16,939)
Ending balance (in shares)	87,517
Restricted Stock Awards
Restricted Stock Awards
Beginning balance (in shares)	409,496
Vested (in shares)	(24,656)
Forfeited (in shares)	(59,131)
Ending balance (in shares)	325,709

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. 29, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jul. 01, 2021	Apr. 01, 2021	Sep. 29, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 76,175	$ 81,832	$ 70,951	$ 74,645	$ 82,916	$ 75,796	$ 228,958	$ 233,357
Basic weighted average shares outstanding (in shares)	105,754			104,899			105,565	104,506
Dilutive effect of share-based awards (in shares)	1,716			2,587			1,879	2,795
Diluted weighted average shares outstanding (in shares)	107,470			107,486			107,444	107,301
Basic earnings per share (in dollars per share)	$ 0.72			$ 0.71			$ 2.17	$ 2.23
Diluted earnings per share (in dollars per share)	$ 0.71			$ 0.69			$ 2.13	$ 2.17

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. 29, 2022	Sep. 30, 2021	Sep. 29, 2022	Sep. 30, 2021
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)	71	66	70	66
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the computation of diluted earnings (in shares)	12	0	0	0
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the computation of diluted earnings (in shares)	301	0	229	0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 30, 2021	Sep. 30, 2021	Jul. 01, 2021	Apr. 01, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stockholders' equity	$ 1,582,619	$ 1,494,286	$ 1,402,417	$ 1,323,199	$ 1,264,910	$ 1,179,602	$ 1,080,720	$ 997,388
Business Combination, Contingent Consideration, Liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustments	1,530
Interest Rate Cap | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stockholders' equity	1,400			100
Level 2 | Fair Value, Recurring | Interest Rate Cap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value	5,800			$ 500
Spartan | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	9,500
Spartan | Level 3 | Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	4,300
Spartan | Level 3 | Accrued Expenses And Other Current Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ 5,200

Fair Value Measurements - Summa

Fair Value Measurements - Summarizes Changes In Contingent Earn-Out Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 29, 2022 USD ($) business
Business Combination, Contingent Consideration, Liability
Contingent Earn-out Liabilities
Beginning balance	$ 10,231
Acquisition	280
Fair value adjustments	1,530
Payments	(2,571)
Ending balance	$ 9,470
Commercial Flooring And Sales Agency
Contingent Earn-out Liabilities
Number of businesses acquired | business	2
Purchase consideration	$ 1,300
Payments to acquire business	1,100
Contingent consideration liability	$ 300