Floor & Decor (FND) 10-Q 1 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 27, 2018	Oct. 30, 2018
Document and Entity Information
Entity Registrant Name	Floor & Decor Holdings, Inc.
Entity Central Index Key	1,507,079
Document Type	10-Q
Document Period End Date	Sep. 27, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-27
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		97,328,165
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,018

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 27, 2018	Dec. 28, 2017
Current assets:
Cash and cash equivalents	$ 534	$ 556
Income taxes receivable	10,233	12,472
Receivables, net	55,668	54,041
Inventories, net	403,772	427,950
Prepaid expenses and other current assets	16,553	8,193
Total current assets	486,760	503,212
Fixed assets, net	300,279	220,952
Intangible assets, net	109,338	109,362
Goodwill	227,447	227,447
Other assets	8,043	7,019
Total long-term assets	645,107	564,780
Total assets	1,131,867	1,067,992
Current liabilities:
Current portion of term loans	3,500	3,500
Trade accounts payable	237,785	258,730
Accrued expenses and other current liabilities	77,826	74,547
Deferred revenue	5,047	22,523
Total current liabilities	324,158	359,300
Term loans	142,516	144,562
Revolving line of credit		41,000
Deferred rent	32,835	25,570
Deferred income tax liabilities, net	30,528	27,218
Tenant improvement allowances	35,476	26,779
Other liabilities	2,678	703
Total long-term liabilities	244,033	265,832
Total liabilities	568,191	625,132
Commitments and contingencies
Capital stock:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at September 27, 2018 and December 28, 2017	0	0
Additional paid-in capital	337,327	323,419
Accumulated other comprehensive income (loss), net	591	(205)
Retained earnings	225,661	119,550
Total stockholders' equity	563,676	442,860
Total liabilities and stockholders' equity	1,131,867	1,067,992
Class A Common Stock
Capital stock:
Common stock	97	96
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. 27, 2018	Dec. 28, 2017
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	97,326,534	95,509,179
Common stock, shares outstanding	97,326,534	95,509,179
Class B Common Stock
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0
Class C Common Stock
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2018	Sep. 28, 2017	Sep. 27, 2018	Sep. 28, 2017
Income Statement [Abstract]
Net Sales	$ 435,882	$ 343,923	$ 1,273,109	$ 995,266
Type of Revenue [Extensible List]			us-gaap:ProductMember
Cost of sales	257,656	201,432	$ 751,859	585,076
Type of Cost, Good or Service [Extensible List]			us-gaap:ProductMember
Gross profit	178,226	142,491	$ 521,250	410,190
Operating expenses:
Selling and store operating	109,182	85,023	320,375	251,424
General and administrative	26,477	22,172	74,995	59,571
Pre-opening	8,330	6,700	17,892	13,825
Total operating expenses	143,989	113,895	413,262	324,820
Operating income	34,237	28,596	107,988	85,370
Interest expense	2,171	2,610	6,100	11,377
Loss on extinguishment of debt	0	0	0	5,442
Income before income taxes	32,066	25,986	101,888	68,551
Provision for income taxes	5,498	2,731	3,603	13,739
Net income	$ 26,568	$ 23,255	$ 98,285	$ 54,812
Basic earnings per share	$ 0.27	$ 0.25	$ 1.02	$ 0.61
Diluted earnings per share	$ 0.25	$ 0.22	$ 0.94	$ 0.56

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2018	Sep. 28, 2017	Sep. 27, 2018	Sep. 28, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 26,568	$ 23,255	$ 98,285	$ 54,812
Other comprehensive income (loss) - change in fair value of hedge instruments, net of tax	131	(121)	796	(887)
Total comprehensive income	$ 26,699	$ 23,134	$ 99,081	$ 53,925

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2018	Sep. 28, 2017
Operating activities
Net income	$ 98,285	$ 54,812
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37,043	27,637
Non-cash loss on early extinguishment of debt	0	5,442
Amortization of tenant improvement allowances	(3,277)	(2,366)
Deferred income taxes	2,605	9,575
Interest cap derivative contracts	(878)	0
Stock based compensation expense	4,611	3,553
Changes in operating assets and liabilities:
Receivables, net	(1,627)	(14,082)
Inventories, net	13,685	(101,918)
Other assets	(7,848)	(1,590)
Trade accounts payable	(20,945)	90,780
Accrued expenses	(2,352)	(3,097)
Income taxes	312	(9,767)
Deferred revenue	2,806	11,145
Deferred rent	7,340	7,778
Tenant improvement allowances	11,974	4,878
Other	1,965	83
Net cash provided by operating activities	143,699	82,863
Investing activities
Purchases of fixed assets	(109,395)	(69,639)
Net cash used in investing activities	(109,395)	(69,639)
Financing activities
Borrowings on revolving line of credit	204,050	175,300
Payments on revolving line of credit	(245,050)	(187,200)
Payments on term loans	(2,625)	(196,625)
Net proceeds from initial public offering	0	192,083
Proceeds from exercise of stock options	9,299	4,327
Debt issuance costs	0	(993)
Net cash used in financing activities	(34,326)	(13,108)
Net (decrease) increase in cash and cash equivalents	(22)	116
Cash and cash equivalents, beginning of the period	556	451
Cash and cash equivalents, end of the period	534	567
Supplemental disclosures of cash flow information
Cash paid for interest	5,732	13,742
Cash paid for income taxes	722	13,942
Fixed assets accrued at the end of the period	14,500	10,350
Fixed assets acquired as part of lease - paid for by lessor	$ 0	$ 1,786

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 27, 2018
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. 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 and natural stone flooring along with decorative and installation accessories 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 the products for professional installation (“Buy it Yourself” or “BIY”). We operate within one reportable segment. As of September 27, 2018, the Company, through its wholly owned subsidiary, Floor and Decor Outlets of America, Inc. (“F&D”) , operates 95 warehouse-format stores, which average 75,000 square feet, and one small-format standalone design center in 26 states, as well as three 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 years ended December 27, 2018 (“fiscal 2018”) and December 28, 2017 (“fiscal 2017”) 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 the first, second, third and fourth quarters of the fiscal year. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and our 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 28, 2017 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 2017, filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2018 (the “Annual Report”). Unless indicated otherwise, the information in this quarterly report on Form 10-Q (the “Quarterly Report”) has been adjusted to give effect to a 321.820-for-one stock split of the Company’s outstanding common stock, which was approved by the Company’s board of directors and shareholders on April 13, 2017 and effected on April 24, 2017. Certain prior year amounts have been reclassified in the consolidated financial statements to conform to the current year presentation. 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 27, 2018 and September 28, 2017 are not necessarily indicative of the results to be expected for the full year. Revenue Recognition We recognize revenue and the related cost of sales when we satisfy the performance obligations in contracts with our customers. Our performance obligations for our retail store sales as well as for orders placed through our website and shipped to our customers are satisfied at the point-of-sale, which is the point at which the customer obtains control of the inventory as described under Accounting Standards Update (ASU) No. 2014-09, "Revenue from Contracts with Customers” (Topic 606). Shipping and handling activities are performed after the customer obtains control of the goods and are accounted for as activities to fulfill the promise to transfer goods, rather than a separate performance obligation as outlined within Topic 606. Payment is due from the customer immediately at the point-of-sale for both retail store sales and website sales. The nature of the goods offered include hard surface flooring and related accessories. We do not perform installation services, and we offer free design services in-store. The transaction price recognized in revenues represents the selling price of the products offered. Sales taxes collected are not recognized as revenue as these amounts are ultimately remitted to the appropriate taxing authorities. Our customers have the right to return the goods sold to them within a reasonable period, typically ninety days. The right of return is an element of variable consideration as defined within Topic 606. We reserve for future returns of previously sold goods based on historical experience and various other assumptions that we believe to be reasonable. This reserve reduces sales and cost of sales as well as establishes a return asset and refund liability as defined with ASC 606. For the period ended September 27, 2018, the return asset is included within Prepaid expenses and other current assets and the refund liability is included within Accrued expenses and other current liabilities, each respectively on the Condensed Consolidated Balance Sheets. We adopted the standard using the modified retrospective transition method within ASC 606; therefore, we accounted for the return asset and all provisions of ASC 606 prospectively. The return asset is included in Inventories, net on the December 28, 2017 Condensed Consolidated Balance Sheets. The refund liability under ASC 605 and ASC 606 is included within Accrued expenses and other current liabilities. Merchandise exchanges of similar product and price are not considered merchandise returns and, therefore, are excluded when calculating the sales returns reserve. Gift Cards and Merchandise Credits We sell gift cards to our customers in our stores and through our website and issue merchandise credits in our stores. We account for the programs by recognizing a liability at the time the gift card is sold or the merchandise credit is issued. The liability is relieved and revenue is recognized upon redemption. Additionally, we recognize breakage income in proportion to the pattern of rights exercised by the customer when we expect to be entitled to breakage. Net sales related to the estimated breakage are included in net sales in the Condensed Consolidated Statements of Income. We have an agreement with an unrelated third-party who is the issuer of our gift cards and also assumes the liability for unredeemed gift cards. We are not subject to claims under unclaimed property statutes, as the agreement effectively transfers the ownership of such unredeemed gift cards and the related future escheatment liability, if any, to the third-party. Accordingly, in the thirty-nine weeks ended September 27, 2018 and September 28, 2017, gift card breakage income of $1,340 thousand and $568 thousand, respectively was recognized in net sales in the Condensed Consolidated Statements of Income for such unredeemed gift cards. Accounting for Income Taxes on GILTI The Tax Cuts and Jobs Act subjects a U.S. shareholder to tax on global intangible low-taxed income (“GILTI”) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. We have elected to recognize the resulting tax on GILTI as a period expense in the period the tax is incurred. However, we do not expect to incur tax for the period ending December 27, 2018. There have been no other additional updates to our Significant Accounting Policies since the Annual Report. For 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 In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, " Leases (Topic 842) ." ASU No. 2016-02 requires that lessees recognize lease assets and lease liabilities for all leases with greater than 12 month terms on the balance sheet. The guidance also requires disclosures about the amount, timing and uncertainty of cash flows arising from leases. This new guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. We will adopt the ASU on December 28, 2018, the first day of our fiscal year 2019, using the modified retrospective approach We will utilize a new lease accounting software to facilitate implementation. We are currently testing the software and are in the process of identifying any changes to our business processes and controls to support adoption of the new standard. We plan to elect the package of practical expedients upon transition that will retain the lease classification and initial direct costs for any leases that exist prior to adoption of the standard. Management is progressing with the implementation, but we are still evaluating the impact that ASU No. 2016-02 will have on our Consolidated Financial Statements. We currently believe that when implemented, the new standard will have a material impact on our Consolidated Balance Sheet, but we do not believe adoption of this standard will have a material impact on our Consolidated Statements of Income or Statements of Cash Flows. There have been no other updates to Recently Issued Accounting Pronouncements since the Annual Report. For information regarding Recently Issued Accounting Pronouncements, see the “Summary of Significant Accounting Policies” section of “Item 8. Financial Statements and Supplementary Data” of our Annual Report. Recently Adopted Accounting Pronouncements In October 2016, the FASB issued ASU No. 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory." This standard update requires an entity to recognize the income tax consequences of intra-entity transfers of assets other than inventory when the transfer occurs. ASU No. 2016-16 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The amendments in this update should be applied using a modified retrospective approach. The adoption of ASU No. 2016-16 in the first quarter of fiscal 2018 did not have a material impact on the Company's Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments." The standard update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The amendments in this update should be applied using a retrospective approach. The adoption of ASU No. 2016-15 in the first quarter of fiscal 2018 did not have a material impact on the Company's Consolidated Statements of Cash Flows. In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, "Revenue from Contracts with Customers." ASU No. 2014-09 provides new guidance related to the core principle that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services provided. We adopted this standard using the modified retrospective approach in the first quarter of fiscal 2018, effective December 29, 2017. Under the new guidance, we recognize revenue at the time the customer obtains control of the inventory. The cumulative adjustment upon adoption primarily resulted in a reduction of deferred revenue and related inventories and an increase to retained earnings. The adoption of ASU No. 2014-09 did not have a material impact to the Company’s Consolidated Financial Statements.

Revenues

Revenues	9 Months Ended
	Sep. 27, 2018
Revenue from Contract with Customer [Abstract]
Revenues	2. Revenues Adoption of ASC Topic 606, “Revenue from Contracts with Customers” On December 29, 2017, we adopted Topic 606 using the modified retrospective method applied to those contracts that were not completed as of December 29, 2017. Results for reporting periods beginning after December 29, 2017 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605, Revenue Recognition (Topic 605). We recorded a net increase to opening retained earnings of $7.8 million, net of tax, as of December 29, 2017 due to the cumulative impact of adopting Topic 606, with the impact primarily related to transactions for which we allow customers to store their merchandise at our retail stores for final delivery at a later date. The cumulative adjustment primarily resulted in a reduction of deferred revenue and related inventories and an increase to retained earnings. The impact to revenues as a result of applying Topic 606 was immaterial for the thirteen and thirty-nine weeks ended September 27, 2018. Deferred Revenue Under Topic 605 we recognized revenue for certain transactions for which we allow customers to store their merchandise at our retail stores for final delivery at a later date when both collection or reasonable assurance of collection of payment and final delivery of the product had occurred. Under Topic 605, the amount of revenue for which final delivery of the product had not occurred for these transactions was reflected in the Deferred revenue caption on the Consolidated Balance Sheet as of December 28, 2017. Under Topic 606, we evaluated the bill-and-hold criteria, and now recognize revenue at the point-of-sale, when the customer obtains control of the inventory. Amounts in Deferred revenue at period-end reflect orders for which the inventory is not currently ready for physical transfer to the customer. Gift Card Breakage Under Topic 605, gift card breakage income was recognized based upon historical redemption patterns. Under Topic 606, gift card breakage income is recognized in proportion to the pattern of rights exercised by the customer when we expect to be entitled to breakage. The timing and amounts of revenue related to gift card breakage income in the cumulative transition adjustment, and for the thirty-nine weeks ended September 27, 2018 were immaterial to the Consolidated Financial Statements. Disaggregated Revenue The following table presents the net sales of each major product category (in thousands): Thirteen Weeks Ended Thirteen Weeks Ended September 27, 2018 September 28, 2017 % of % of Product Category Net Sales Net Sales Net Sales Net Sales Tile $ 119,988 28 % $ 103,209 30 % Decorative Accessories 82,814 19 57,729 17 Laminate / Luxury Vinyl Plank 83,667 19 52,758 15 Accessories (Installation Materials and Tools) 69,412 16 59,314 17 Wood 49,005 11 42,488 12 Natural Stone 28,025 6 25,327 8 Delivery and Other 2,971 1 3,098 1 Total $ 435,882 100 % $ 343,923 100 % Thirty-nine Weeks Ended Thirty-nine Weeks Ended September 27, 2018 September 28, 2017 % of % of Product Category Net Sales Net Sales Net Sales Net Sales Tile $ 360,798 28 % $ 299,685 30 % Decorative Accessories 244,279 19 183,004 18 Laminate / Luxury Vinyl Plank 227,995 18 146,240 15 Accessories (Installation Materials and Tools) 201,194 16 162,033 16 Wood 144,401 11 121,270 12 Natural Stone 85,564 7 76,754 8 Delivery and Other 8,878 1 6,280 1 Total $ 1,273,109 100 % $ 995,266 100 %

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 27, 2018
Fair Value Measurements
Fair Value Measurements	3. Fair Value Measurements We estimate fair values in accordance with ASC 820, Fair Value Measurement . ASC 820 provides a framework for measuring fair value and expands disclosures required about fair value measurements. ASC 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Additionally, ASC 820 defines levels within a hierarchy based upon observable and non-observable inputs . · Level 1—Inputs that are quoted prices in active markets for identical assets or liabilities · Level 2—Inputs other than quoted prices in active markets for assets or liabilities that are either directly or indirectly observable · Level 3—Inputs that are non‑observable that reflect the reporting entity’s own assumptions Assets (Liabilities) Measured at Fair Value on a Recurring Basis As of September 27, (in thousands) 2018 Level 1 Level 2 Level 3 Designated as hedges: Interest rate cap (cash flow hedge) $ 1,670 $ — $ 1,670 $ — Not designated as hedges: Interest rate cap $ 1,670 $ — $ 1,670 $ — As of December 28, (in thousands) 2017 Level 1 Level 2 Level 3 Designated as hedges: Interest rate cap (cash flow hedge) $ 710 $ — $ 710 $ — Not designated as hedges: Interest rate cap $ 710 $ — $ 710 $ — Our derivative contracts are negotiated with counterparties without going through a public exchange. Accordingly, our fair value assessments give consideration to the risk of counterparty default (as well as our own credit risk). Our interest rate derivatives consist of interest rate cap contracts and are valued primarily based on data readily observable in public markets.

Derivatives and Risk Management

Derivatives and Risk Management	9 Months Ended
	Sep. 27, 2018
Derivatives and Risk Management
Derivatives and Risk Management	4. Derivatives and Risk Management Changes in interest rates impact our results of operations. In an effort to manage our exposure to this risk, we enter into derivative contracts and may adjust our derivative portfolio as market conditions change. Designated as Cash Flow Hedge For derivative contracts designated as cash flow hedges, the effective portion of the gain or loss on the derivative 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. Not Designated as Accounting Hedge For derivative contracts de-designated as accounting hedges, the change in the fair value is reflected through earnings. These changes in fair value are mark-to-market adjustments ("MTM adjustments"). MTM adjustments are defined as fair value changes recorded in periods other than the settlement period. Such fair value changes are not necessarily indicative of the actual settlement value of the underlying hedge in the contract settlement period. The AOCI related to the interest rate cap prior to the de-designation is being amortized over the remaining maturity period. Interest Rate Risk Our exposure to market risk from adverse changes in interest rates is primarily associated with our long‑term debt obligations, which carry variable interest rates. Market risk associated with our variable interest rate long‑term debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates. In an effort to manage our exposure to the risk associated with our variable interest rate long‑term debt, we periodically enter into interest rate derivative contracts. We designate interest rate derivative contracts used to convert the interest rate exposure on a portion of our debt portfolio from a floating rate to a capped rate as cash flow hedges. Hedge Position as of September 27, 2018: Final Maturity Other AOCI, Net (in thousands) Notional Balance Date Assets of Tax Designated as hedges: Interest rate cap (cash flow hedge) $ 102,500 U.S. dollars December 2021 $ 1,670 $ 599 Not designated as hedges: Interest rate cap $ 102,500 U.S. dollars December 2021 $ 1,670 $ (8) Hedge Position as of December 28, 2017: Final Maturity Other AOCI, Net (in thousands) Notional Balance Date Assets of Tax Designated as hedges: Interest rate cap (cash flow hedge) $ 102,500 U.S. dollars December 2021 $ 710 $ (133) Not designated as hedges: Interest rate cap $ 102,500 U.S. dollars December 2021 $ 710 $ (72) Designated Hedge Gains (Losses) Gains (losses) related to our designated hedge contracts are as follows: Effective Portion Reclassified Effective Portion Recognized in From AOCI to Earnings Other Comprehensive Income (Loss) Thirteen Weeks Ended September 27, September 28, September 27, September 28, (in thousands) 2018 2017 2018 2017 Interest rate cap (cash flow hedge) $ — $ — $ 131 $ (121) Effective Portion Reclassified Effective Portion Recognized in From AOCI to Earnings Other Comprehensive Income (Loss) Thirty-nine Weeks Ended September 27, September 28, September 27, September 28, (in thousands) 2018 2017 2018 2017 Interest rate cap (cash flow hedge) $ — $ — $ 796 $ (887) Credit Risk To manage credit risk associated with our interest rate hedging program, we select counterparties based on their credit ratings and limit our exposure to any one counterparty. The counterparties to our derivative contracts are large financial institutions with investment grade credit ratings. To manage our credit risk related to our derivative financial instruments, we periodically monitor the credit risk of our counterparties, limit our exposure in the aggregate and to any single counterparty, and adjust our hedging position, as appropriate. The impact of credit risk, as well as the ability of each party to fulfill its obligations under our derivative financial instruments, is considered in determining the fair value of the contracts. Credit risk has not had a significant effect on the fair value of our derivative contracts. We do not have any credit risk‑related contingent features or collateral requirements with our derivative financial instruments.

Debt

Debt	9 Months Ended
	Sep. 27, 2018
Debt
Debt	5. Debt Fair Value of Debt Market risk associated with our 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 our estimates of interest rates, maturities, credit risk, and underlying collateral and is classified as Level 3 within the fair value hierarchy. At September 27, 2018 and December 28, 2017, the carrying amounts and fair values of our debt were as follows: September 27, December 28, (in thousands) 2018 2017 Total debt at par value $ 149,875 $ 193,500 Less: unamortized discount and debt issuance costs 3,859 4,438 Net carrying amount $ 146,016 $ 189,062 Fair value $ 149,875 $ 193,881

Income Taxes

Income Taxes	9 Months Ended
	Sep. 27, 2018
Income Taxes
Income Taxes	6. Income Taxes Income Taxes Our effective income tax rates were 3.5% and 20.0% for the thirty-nine weeks ended September 27, 2018 and September 28, 2017, respectively. The lower effective rate for the thirty-nine weeks ended September 27, 2018 was primarily due to tax reform passed in December 2017 and the recognition of excess tax benefits related to stock options exercised. Provisional amounts In connection with the Tax Cuts and Jobs Act (the “Act”) passed in December 2017, we remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21% for federal income tax purposes and 3.6% currently estimated for state income tax purposes. We recorded a provisional tax benefit of $17.9 million as of December 28, 2017 related to the remeasurement of certain deferred tax balances, and we have increased this provisional tax benefit by an additional $0.6 million during the thirty-nine weeks ended September 27, 2018. However, we are still analyzing certain aspects of the Act and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 27, 2018
Commitments and Contingencies.
Commitments and Contingencies	7. Commitments and Contingencies Lease Commitments We lease our corporate office, retail locations and distribution centers through F&D, under long‑term operating lease agreements that expire in various years through 2038. Additionally, certain equipment is leased under short‑term operating leases. Certain lease agreements include escalating rents over the lease terms. We expense rent on a straight‑line basis over the life of the lease, which commences on the date we have the right to control the property. The cumulative expense recognized on a straight‑line basis in excess of the cumulative payments is included in deferred rent in the accompanying balance sheets. Future minimum lease payments under non‑cancelable operating leases (with initial or remaining lease terms in excess of one year) as of September 27, 2018, were: (in thousands) Amount Thirteen weeks ended December 27, 2018 $ 24,439 2019 108,061 2020 112,264 2021 108,499 2022 102,196 Thereafter 653,461 Total minimum lease payments $ 1,108,920 Lease expense for the thirty-nine weeks ended September 27, 2018 and September 28, 2017 was approximately $67,990 thousand and $51,956 thousand, respectively. Litigation We are subject to other various 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 our business activities. We establish reserves for specific legal proceedings when we determine that the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated. These proceedings are not expected to have a material impact on our consolidated financial position, cash flows or results of operations.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 27, 2018
Stock-Based Compensation
Stock-Based Compensation	8. Stock Based Compensation At our 2018 annual meeting of stockholders held on May 17, 2018, our stockholders approved the Floor & Decor Holdings, Inc. Employee Stock Purchase Plan (the “ESPP”), which became available to substantially all of our employees beginning in the third quarter of fiscal 2018. The ESPP permits eligible employees to purchase shares of our common stock through payroll deductions, subject to certain limitations. The purchase price of the shares under the ESPP in no event will be less than the lesser of 85% of the lower of the fair market value of our common stock on either the first or last trading day of each six-month offering period. There are 1,500,000 shares of our Class A common stock, par value $0.001 per share, approved for issuance under the ESPP.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 27, 2018
Earnings Per Share
Earnings Per Share	9. Earnings Per Share Net Income per Common Share We calculate 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 stock options. The following table shows the computation of basic and diluted earnings per share: Thirteen Weeks Ended Thirty-nine Weeks Ended September 27, September 28, September 27, September 28, (in thousands, except per share data) 2018 2017 2018 2017 Net income $ 26,568 $ 23,255 $ 98,285 $ 54,812 Basic weighted average shares outstanding 97,254 94,439 96,551 89,614 Dilutive effect of share based awards 7,311 9,461 8,185 8,452 Diluted weighted average shares outstanding 104,565 103,900 104,736 98,066 Basic earnings per share $ 0.27 $ 0.25 $ 1.02 $ 0.61 Diluted earnings per share $ 0.25 $ 0.22 $ 0.94 $ 0.56 The following awards have been excluded from the computation of dilutive effect of share based awards because the effect would be anti‑dilutive: Thirteen Weeks Ended Thirty-nine Weeks Ended September 27, September 28, September 27, September 28, (in thousands) 2018 2017 2018 2017 Stock options 209 12 168 718

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 27, 2018
Subsequent Events
Subsequent Events	10. Subsequent Event In October 2018, we signed a lease to relocate our Store Support Center. The new location has approximately 185,473 square feet of office space with room for expansion. The lease has a twelve year term with rent expense of approximately $469 thousand per month and is expected to commence July 2019. We are still evaluating our options related to our current Store Support Center. If we decide to exit the current lease, we could incur lease exit costs of up to $10 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 27, 2018
Summary of Significant Accounting Policies
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. Fiscal years ended December 27, 2018 (“fiscal 2018”) and December 28, 2017 (“fiscal 2017”) 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 the first, second, third and fourth quarters of the fiscal year.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and our 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 28, 2017 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 2017, filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2018 (the “Annual Report”). Unless indicated otherwise, the information in this quarterly report on Form 10-Q (the “Quarterly Report”) has been adjusted to give effect to a 321.820-for-one stock split of the Company’s outstanding common stock, which was approved by the Company’s board of directors and shareholders on April 13, 2017 and effected on April 24, 2017. Certain prior year amounts have been reclassified in the consolidated financial statements to conform to the current year presentation. 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 27, 2018 and September 28, 2017 are not necessarily indicative of the results to be expected for the full year.
Revenue Recognition, Gift Cards and Merchandise Credits and Sales Returns and Allowances	Revenue Recognition We recognize revenue and the related cost of sales when we satisfy the performance obligations in contracts with our customers. Our performance obligations for our retail store sales as well as for orders placed through our website and shipped to our customers are satisfied at the point-of-sale, which is the point at which the customer obtains control of the inventory as described under Accounting Standards Update (ASU) No. 2014-09, "Revenue from Contracts with Customers” (Topic 606). Shipping and handling activities are performed after the customer obtains control of the goods and are accounted for as activities to fulfill the promise to transfer goods, rather than a separate performance obligation as outlined within Topic 606. Payment is due from the customer immediately at the point-of-sale for both retail store sales and website sales. The nature of the goods offered include hard surface flooring and related accessories. We do not perform installation services, and we offer free design services in-store. The transaction price recognized in revenues represents the selling price of the products offered. Sales taxes collected are not recognized as revenue as these amounts are ultimately remitted to the appropriate taxing authorities. Our customers have the right to return the goods sold to them within a reasonable period, typically ninety days. The right of return is an element of variable consideration as defined within Topic 606. We reserve for future returns of previously sold goods based on historical experience and various other assumptions that we believe to be reasonable. This reserve reduces sales and cost of sales as well as establishes a return asset and refund liability as defined with ASC 606. For the period ended September 27, 2018, the return asset is included within Prepaid expenses and other current assets and the refund liability is included within Accrued expenses and other current liabilities, each respectively on the Condensed Consolidated Balance Sheets. We adopted the standard using the modified retrospective transition method within ASC 606; therefore, we accounted for the return asset and all provisions of ASC 606 prospectively. The return asset is included in Inventories, net on the December 28, 2017 Condensed Consolidated Balance Sheets. The refund liability under ASC 605 and ASC 606 is included within Accrued expenses and other current liabilities. Merchandise exchanges of similar product and price are not considered merchandise returns and, therefore, are excluded when calculating the sales returns reserve. Gift Cards and Merchandise Credits We sell gift cards to our customers in our stores and through our website and issue merchandise credits in our stores. We account for the programs by recognizing a liability at the time the gift card is sold or the merchandise credit is issued. The liability is relieved and revenue is recognized upon redemption. Additionally, we recognize breakage income in proportion to the pattern of rights exercised by the customer when we expect to be entitled to breakage. Net sales related to the estimated breakage are included in net sales in the Condensed Consolidated Statements of Income. We have an agreement with an unrelated third-party who is the issuer of our gift cards and also assumes the liability for unredeemed gift cards. We are not subject to claims under unclaimed property statutes, as the agreement effectively transfers the ownership of such unredeemed gift cards and the related future escheatment liability, if any, to the third-party. Accordingly, in the thirty-nine weeks ended September 27, 2018 and September 28, 2017, gift card breakage income of $1,340 thousand and $568 thousand, respectively was recognized in net sales in the Condensed Consolidated Statements of Income for such unredeemed gift cards.
Accounting for Income Taxes on GILTI	Accounting for Income Taxes on GILTI The Tax Cuts and Jobs Act subjects a U.S. shareholder to tax on global intangible low-taxed income (“GILTI”) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. We have elected to recognize the resulting tax on GILTI as a period expense in the period the tax is incurred. However, we do not expect to incur tax for the period ending December 27, 2018. There have been no other additional updates to our Significant Accounting Policies since the Annual Report. For 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.
Recent Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, " Leases (Topic 842) ." ASU No. 2016-02 requires that lessees recognize lease assets and lease liabilities for all leases with greater than 12 month terms on the balance sheet. The guidance also requires disclosures about the amount, timing and uncertainty of cash flows arising from leases. This new guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. We will adopt the ASU on December 28, 2018, the first day of our fiscal year 2019, using the modified retrospective approach We will utilize a new lease accounting software to facilitate implementation. We are currently testing the software and are in the process of identifying any changes to our business processes and controls to support adoption of the new standard. We plan to elect the package of practical expedients upon transition that will retain the lease classification and initial direct costs for any leases that exist prior to adoption of the standard. Management is progressing with the implementation, but we are still evaluating the impact that ASU No. 2016-02 will have on our Consolidated Financial Statements. We currently believe that when implemented, the new standard will have a material impact on our Consolidated Balance Sheet, but we do not believe adoption of this standard will have a material impact on our Consolidated Statements of Income or Statements of Cash Flows. There have been no other updates to Recently Issued Accounting Pronouncements since the Annual Report. For information regarding Recently Issued Accounting Pronouncements, see the “Summary of Significant Accounting Policies” section of “Item 8. Financial Statements and Supplementary Data” of our Annual Report. Recently Adopted Accounting Pronouncements In October 2016, the FASB issued ASU No. 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory." This standard update requires an entity to recognize the income tax consequences of intra-entity transfers of assets other than inventory when the transfer occurs. ASU No. 2016-16 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The amendments in this update should be applied using a modified retrospective approach. The adoption of ASU No. 2016-16 in the first quarter of fiscal 2018 did not have a material impact on the Company's Consolidated Financial Statements. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments." The standard update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The amendments in this update should be applied using a retrospective approach. The adoption of ASU No. 2016-15 in the first quarter of fiscal 2018 did not have a material impact on the Company's Consolidated Statements of Cash Flows. In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, "Revenue from Contracts with Customers." ASU No. 2014-09 provides new guidance related to the core principle that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services provided. We adopted this standard using the modified retrospective approach in the first quarter of fiscal 2018, effective December 29, 2017. Under the new guidance, we recognize revenue at the time the customer obtains control of the inventory. The cumulative adjustment upon adoption primarily resulted in a reduction of deferred revenue and related inventories and an increase to retained earnings. The adoption of ASU No. 2014-09 did not have a material impact to the Company’s Consolidated Financial Statements.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 27, 2018
Disaggregation of Revenue [Abstract]
Disaggregated Revenue	Thirteen Weeks Ended Thirteen Weeks Ended September 27, 2018 September 28, 2017 % of % of Product Category Net Sales Net Sales Net Sales Net Sales Tile $ 119,988 28 % $ 103,209 30 % Decorative Accessories 82,814 19 57,729 17 Laminate / Luxury Vinyl Plank 83,667 19 52,758 15 Accessories (Installation Materials and Tools) 69,412 16 59,314 17 Wood 49,005 11 42,488 12 Natural Stone 28,025 6 25,327 8 Delivery and Other 2,971 1 3,098 1 Total $ 435,882 100 % $ 343,923 100 % Thirty-nine Weeks Ended Thirty-nine Weeks Ended September 27, 2018 September 28, 2017 % of % of Product Category Net Sales Net Sales Net Sales Net Sales Tile $ 360,798 28 % $ 299,685 30 % Decorative Accessories 244,279 19 183,004 18 Laminate / Luxury Vinyl Plank 227,995 18 146,240 15 Accessories (Installation Materials and Tools) 201,194 16 162,033 16 Wood 144,401 11 121,270 12 Natural Stone 85,564 7 76,754 8 Delivery and Other 8,878 1 6,280 1 Total $ 1,273,109 100 % $ 995,266 100 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 27, 2018
Fair Value Measurements
Schedule of Assets (Liabilities) Measured at Fair Value on a Recurring Basis	As of September 27, (in thousands) 2018 Level 1 Level 2 Level 3 Designated as hedges: Interest rate cap (cash flow hedge) $ 1,670 $ — $ 1,670 $ — Not designated as hedges: Interest rate cap $ 1,670 $ — $ 1,670 $ — As of December 28, (in thousands) 2017 Level 1 Level 2 Level 3 Designated as hedges: Interest rate cap (cash flow hedge) $ 710 $ — $ 710 $ — Not designated as hedges: Interest rate cap $ 710 $ — $ 710 $ —

Derivatives and Risk Manageme_2

Derivatives and Risk Management (Tables)	9 Months Ended
	Sep. 27, 2018
Derivatives and Risk Management
Schedule of derivative position	Hedge Position as of September 27, 2018: Final Maturity Other AOCI, Net (in thousands) Notional Balance Date Assets of Tax Designated as hedges: Interest rate cap (cash flow hedge) $ 102,500 U.S. dollars December 2021 $ 1,670 $ 599 Not designated as hedges: Interest rate cap $ 102,500 U.S. dollars December 2021 $ 1,670 $ (8) Hedge Position as of December 28, 2017: Final Maturity Other AOCI, Net (in thousands) Notional Balance Date Assets of Tax Designated as hedges: Interest rate cap (cash flow hedge) $ 102,500 U.S. dollars December 2021 $ 710 $ (133) Not designated as hedges: Interest rate cap $ 102,500 U.S. dollars December 2021 $ 710 $ (72)
Schedule of gains (losses) related to our designated hedge contracts	Effective Portion Reclassified Effective Portion Recognized in From AOCI to Earnings Other Comprehensive Income (Loss) Thirteen Weeks Ended September 27, September 28, September 27, September 28, (in thousands) 2018 2017 2018 2017 Interest rate cap (cash flow hedge) $ — $ — $ 131 $ (121) Effective Portion Reclassified Effective Portion Recognized in From AOCI to Earnings Other Comprehensive Income (Loss) Thirty-nine Weeks Ended September 27, September 28, September 27, September 28, (in thousands) 2018 2017 2018 2017 Interest rate cap (cash flow hedge) $ — $ — $ 796 $ (887)

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 27, 2018
Debt
Schedule of fair value debt	September 27, December 28, (in thousands) 2018 2017 Total debt at par value $ 149,875 $ 193,500 Less: unamortized discount and debt issuance costs 3,859 4,438 Net carrying amount $ 146,016 $ 189,062 Fair value $ 149,875 $ 193,881

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 27, 2018
Commitments and Contingencies.
Schedule of future minimum lease payment	(in thousands) Amount Thirteen weeks ended December 27, 2018 $ 24,439 2019 108,061 2020 112,264 2021 108,499 2022 102,196 Thereafter 653,461 Total minimum lease payments $ 1,108,920

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 27, 2018
Earnings Per Share
Schedule of computation of basic and diluted earnings per share	Thirteen Weeks Ended Thirty-nine Weeks Ended September 27, September 28, September 27, September 28, (in thousands, except per share data) 2018 2017 2018 2017 Net income $ 26,568 $ 23,255 $ 98,285 $ 54,812 Basic weighted average shares outstanding 97,254 94,439 96,551 89,614 Dilutive effect of share based awards 7,311 9,461 8,185 8,452 Diluted weighted average shares outstanding 104,565 103,900 104,736 98,066 Basic earnings per share $ 0.27 $ 0.25 $ 1.02 $ 0.61 Diluted earnings per share $ 0.25 $ 0.22 $ 0.94 $ 0.56
Schedule of awards excluded from computation	Thirteen Weeks Ended Thirty-nine Weeks Ended September 27, September 28, September 27, September 28, (in thousands) 2018 2017 2018 2017 Stock options 209 12 168 718

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) ft² in Thousands	Apr. 24, 2017	Sep. 27, 2018ft²statesegmentfacility	Dec. 27, 2018	Dec. 28, 2017
Real Estate Properties [Line Items]
Number of reportable segments | segment		1
Number of states with facilities | state		26
Number of distribution centers		3
Fiscal year period			364 days	364 days
Fiscal quarter period		91 days
Stock split conversion ratio	321.820
Minimum
Real Estate Properties [Line Items]
Fiscal year period		364 days
Maximum
Real Estate Properties [Line Items]
Fiscal year period		371 days
Warehouse Format Store [Member]
Real Estate Properties [Line Items]
Number of stores		95
Area of facility | ft²		75
Small Format Store [Member]
Real Estate Properties [Line Items]
Number of stores		1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Revenues (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2018	Sep. 28, 2017
Revenue from Contract with Customer [Abstract]
Number of days customer may return merchandise	90 days
Gift card breakage income	$ 1,340
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Revenue from Contract with Customer [Abstract]
Gift card breakage income		$ 568

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	Sep. 27, 2018	Dec. 29, 2017	Dec. 28, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained Earnings (Accumulated Deficit)	$ 225,661		$ 119,550
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained Earnings (Accumulated Deficit)		$ 7,800

Disaggregated Revenue (Details)

Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2018	Sep. 28, 2017	Sep. 27, 2018	Sep. 28, 2017
Net Sales	$ 435,882	$ 343,923	$ 1,273,109	$ 995,266
Percentage of Net Sales	100.00%	100.00%	100.00%	100.00%
Tile
Net Sales	$ 119,988	$ 103,209	$ 360,798	$ 299,685
Percentage of Net Sales	28.00%	30.00%	28.00%	30.00%
Decorative Accessories
Net Sales	$ 82,814	$ 57,729	$ 244,279	$ 183,004
Percentage of Net Sales	19.00%	17.00%	19.00%	18.00%
Laminate Luxury Vinyl Plank
Net Sales	$ 83,667	$ 52,758	$ 227,995	$ 146,240
Percentage of Net Sales	19.00%	15.00%	18.00%	15.00%
Accessories Installation Materials and Tools
Net Sales	$ 69,412	$ 59,314	$ 201,194	$ 162,033
Percentage of Net Sales	16.00%	17.00%	16.00%	16.00%
Wood
Net Sales	$ 49,005	$ 42,488	$ 144,401	$ 121,270
Percentage of Net Sales	11.00%	12.00%	11.00%	12.00%
Natural Stone
Net Sales	$ 28,025	$ 25,327	$ 85,564	$ 76,754
Percentage of Net Sales	6.00%	8.00%	7.00%	8.00%
Delivery and Other
Net Sales	$ 2,971	$ 3,098	$ 8,878	$ 6,280
Percentage of Net Sales	1.00%	1.00%	1.00%	1.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 27, 2018	Dec. 28, 2017
Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate cap	$ 1,670	$ 710
Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate cap	1,670	710
Level 1 | Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate cap	0	0
Level 1 | Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate cap	0	0
Level 2 | Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate cap	1,670	710
Level 2 | Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate cap	1,670	710
Level 3 | Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate cap	0	0
Level 3 | Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate cap	$ 0	$ 0

Derivatives and Risk Manageme_3

Derivatives and Risk Management (Details) - Interest Rate Cap - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2018	Sep. 28, 2017	Sep. 27, 2018	Sep. 28, 2017	Dec. 28, 2017
Cash Flow Hedging
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net [Abstract]
Gain (loss) reclassified from AOCI to earnings, effective portion	$ 0	$ 0	$ 0	$ 0
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net [Abstract]
Gain (loss) recognition in other comprehensive income (loss), effective portion	131	$ (121)	796	$ (887)
Designated as Hedging Instrument [Member] | Cash Flow Hedging
Derivative [Line Items]
Notional amount	102,500		102,500		$ 102,500
Derivative Asset, Noncurrent	1,670		1,670		710
AOCI, Net of Tax	599		599		(133)
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional amount	102,500		102,500		102,500
Derivative Asset, Noncurrent	1,670		1,670		710
AOCI, Net of Tax	$ (8)		$ (8)		$ (72)

Debt - Fair Value of Debt (Deta

Debt - Fair Value of Debt (Details) - USD ($) $ in Thousands	Sep. 27, 2018	Dec. 28, 2017
Debt Instrument [Line Items]
Total debt at par value	$ 149,875	$ 193,500
Less: unamortized discount and debt issuance costs	3,859	4,438
Net carrying amount	146,016	189,062
Level 3
Debt Instrument [Line Items]
Fair value	$ 149,875	$ 193,881

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 27, 2018	Sep. 28, 2017
Income Taxes
Effective income tax rate (as a percent)	3.50%	20.00%

Income Taxes - Tax Rate (Detail

Income Taxes - Tax Rate (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 27, 2018	Dec. 28, 2017
Effect of Tax Cuts and Jobs Act of 2017 [Abstract]
Federal statutory tax rate (as a percent)	21.00%
State and local statutory rate (as a percent)	3.60%
Provisional amount related to Tax Cuts and Jobs Act of 2017	$ 0.6	$ 17.9

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2018	Sep. 28, 2017
Future minimum lease payments under non cancelable operating leases
Thirteen weeks ended December 27, 2018	$ 24,439
2,019	108,061
2,020	112,264
2,021	108,499
2,022	102,196
Thereafter	653,461
Total minimum lease payments	1,108,920
Lease expense	$ 67,990	$ 51,956

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - $ / shares	May 17, 2018	Sep. 27, 2018	Dec. 28, 2017
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value		$ 0.001	$ 0.001
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair market value measurement period	6 months
Employee Stock Purchase Plan [Member] | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price, as a percentage of fair market value	85.00%
Employee Stock Purchase Plan [Member] | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of stock authorized under the plan		1,500,000
Common stock, par value		$ 0.001

Earnings Per Share - Calculatio

Earnings Per Share - Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2018	Sep. 28, 2017	Sep. 27, 2018	Sep. 28, 2017
Earnings Per Share
Net income	$ 26,568	$ 23,255	$ 98,285	$ 54,812
Basic weighted average shares outstanding	97,254	94,439	96,551	89,614
Dilutive effect of share based awards	7,311	9,461	8,185	8,452
Diluted weighted average shares outstanding	104,565	103,900	104,736	98,066
Basic earnings per share	$ 0.27	$ 0.25	$ 1.02	$ 0.61
Diluted earnings per share	$ 0.25	$ 0.22	$ 0.94	$ 0.56

Earnings Per Share - Dilutive e

Earnings Per Share - Dilutive effects of share based awards (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2018	Sep. 28, 2017	Sep. 27, 2018	Sep. 28, 2017
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the computation of diluted earnings (per share)	209	12	168	718

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Thousands	1 Months Ended
	Oct. 25, 2018USD ($)ft²
Subsequent Event [Line Items]
Square feet of office space | ft²	185,473
Lease term	12 years
Rent per month	$ 469
Operating Lease, Early Termination [Member] | Maximum
Subsequent Event [Line Items]
Potential lease exit costs	$ 10,000