SiteOne Landscape Supply (SITE) 10-Q 3 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Apr. 02, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 02, 2023
Document Transition Report	false
Entity File Number	001-37760
Entity Registrant Name	SiteOne Landscape Supply, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4056061
Entity Address, Address Line One	300 Colonial Center Parkway
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Roswell
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30076
City Area Code	470
Local Phone Number	277-7000
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	SITE
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		44,984,372
Entity Central Index Key	0001650729
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Apr. 02, 2023	Jan. 01, 2023
Current assets:
Cash and cash equivalents	$ 40.3	$ 29.1
Accounts receivable, net of allowance for doubtful accounts of $21.5 and $21.7, respectively	496.1	455.5
Inventory, net	943.1	767.7
Income tax receivable	14	10.9
Prepaid expenses and other current assets	73.6	56.1
Total current assets	1,567.1	1,319.3
Property and equipment, net (Note 5)	194.4	188.8
Operating lease right-of-use assets, net (Note 7)	358.7	321.6
Goodwill (Note 6)	422.4	411.9
Intangible assets, net (Note 6)	276.8	276
Deferred tax assets	3.8	3.7
Other assets	9.4	12.6
Total assets	2,832.6	2,533.9
Current liabilities:
Accounts payable	365.6	279.7
Current portion of finance leases (Note 7)	16.1	14.8
Current portion of operating leases (Note 7)	72.6	70.1
Accrued compensation	47.9	81.2
Long-term debt, current portion (Note 9)	4.1	4
Accrued liabilities	101.3	110
Total current liabilities	607.6	559.8
Other long-term liabilities	14.7	12.8
Finance leases, less current portion (Note 7)	47.4	43.9
Operating leases, less current portion (Note 7)	294.1	260.1
Deferred tax liabilities	7.3	7.8
Long-term debt, less current portion (Note 9)	558.8	346.6
Total liabilities	1,529.9	1,231
Commitments and contingencies (Note 11)
Stockholders' equity:
Common stock, par value $0.01; 1,000,000,000 shares authorized; 45,211,180 and 45,148,312 shares issued, and 44,979,159 and 44,916,291 shares outstanding at April 2, 2023 and January 1, 2023, respectively	0.5	0.5
Additional paid-in capital	583.1	577.1
Retained earnings	738.4	742.9
Accumulated other comprehensive income	6	7.7
Treasury stock, at cost, 232,021 and 232,021 shares at April 2, 2023 and January 1, 2023, respectively	(25.3)	(25.3)
Total stockholders' equity	1,302.7	1,302.9
Total liabilities and stockholders' equity	$ 2,832.6	$ 2,533.9

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Apr. 02, 2023	Jan. 01, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 21.5	$ 21.7
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	45,211,180	45,148,312
Common stock, shares outstanding (in shares)	44,979,159	44,916,291
Treasury stock (in shares)	232,021	232,021

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Income Statement [Abstract]
Net sales	$ 837.4	$ 805.3
Cost of goods sold	550.3	536.1
Gross profit	287.1	269.2
Selling, general and administrative expenses	291.4	230.5
Other income	4	2.5
Operating income (loss)	(0.3)	41.2
Interest and other non-operating expenses, net	6.9	4.3
Income (loss) before taxes	(7.2)	36.9
Income tax (benefit) expense	(2.7)	4.6
Net income (loss)	$ (4.5)	$ 32.3
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.10)	$ 0.72
Diluted (in dollars per share)	$ (0.10)	$ 0.70
Weighted average number of common shares outstanding:
Basic (in shares)	45,045,851	44,935,765
Diluted (in shares)	45,045,851	45,850,602

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (4.5)	$ 32.3
Other comprehensive income (loss):
Foreign currency translation adjustments	0.2	0.6
Interest rate swaps - net unrealized gains (losses) and reclassifications into earnings, net of taxes of $0.7 and $(2.6), respectively	(1.9)	7.6
Total other comprehensive income (loss)	(1.7)	8.2
Comprehensive income (loss)	$ (6.2)	$ 40.5

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on interest rate swaps, tax	$ 0.7	$ (2.6)

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in-Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Stockholders' equity, beginning balance (in shares) at Jan. 02, 2022		44,767,500
Stockholders' equity, beginning balance at Jan. 02, 2022	$ 1,057.7	$ 0.4	$ 562.3	$ 497.5	$ (2.2)	$ (0.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	32.3			32.3
Other comprehensive income (loss)	8.2				8.2
Issuance of common shares under stock-based compensation plan ( in shares)		134,100
Issuance of common shares under stock-based compensation plan	(2.7)		(2.7)
Stock-based compensation	3.7		3.7
Stockholders' equity, ending balance (in shares) at Apr. 03, 2022		44,901,600
Stockholders' equity, ending balance at Apr. 03, 2022	$ 1,099.2	$ 0.4	563.3	529.8	6	(0.3)
Stockholders' equity, beginning balance (in shares) at Jan. 01, 2023	44,916,291	44,916,300
Stockholders' equity, beginning balance at Jan. 01, 2023	$ 1,302.9	$ 0.5	577.1	742.9	7.7	(25.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(4.5)			(4.5)
Other comprehensive income (loss)	(1.7)				(1.7)
Issuance of common shares under stock-based compensation plan ( in shares)		62,900
Issuance of common shares under stock-based compensation plan	(2.6)		(2.6)
Stock-based compensation	$ 8.6		8.6
Stockholders' equity, ending balance (in shares) at Apr. 02, 2023	44,979,159	44,979,200
Stockholders' equity, ending balance at Apr. 02, 2023	$ 1,302.7	$ 0.5	$ 583.1	$ 738.4	$ 6	$ (25.3)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Apr. 02, 2023	Apr. 03, 2022	Jan. 01, 2023
Cash Flows from Operating Activities:
Net income (loss)	$ (4.5)	$ 32.3
Adjustments to reconcile Net income (loss) to net cash used in operating activities:
Amortization of finance lease right-of-use assets and depreciation	15.5	10
Stock-based compensation	8.6	3.7
Amortization of software and intangible assets	15.3	11.7
Amortization of debt related costs	0.3	0.3
Gain on sale of equipment	(0.4)	(0.1)
Other	(3.2)	(0.5)
Changes in operating assets and liabilities, net of the effects of acquisitions:
Receivables	(39.3)	(39.9)
Inventory	(168.2)	(216.1)
Income tax receivable	(3.1)	3.3
Prepaid expenses and other assets	(14.8)	(6.3)
Accounts payable	81.8	134.3
Income tax payable	0	1.6
Accrued expenses and other liabilities	(40.6)	(52.6)
Net Cash Used In Operating Activities	(152.6)	(118.3)
Cash Flows from Investing Activities:
Purchases of property and equipment	(7.1)	(7.5)
Purchases of intangible assets	0	(2.5)
Acquisitions, net of cash acquired	(33.2)	(31.5)
Proceeds from the sale of property and equipment	0.7	0.5
Net Cash Used In Investing Activities	(39.6)	(41)
Cash Flows from Financing Activities:
Equity proceeds from common stock	1.1	1.2
Repurchases of common stock	(0.6)	0
Repayments under term loan	(0.6)	(0.6)
Borrowings on asset-based credit facility	298.3	223.5
Repayments on asset-based credit facility	(85.3)	(60.8)
Payments on finance lease obligations	(3.9)	(2.9)
Payments of acquisition related contingent obligations	(1.6)	(5.6)
Other financing activities	(4)	(4.2)
Net Cash Provided By Financing Activities	203.4	150.6
Effect of exchange rate on cash	0	0.1
Net change in cash	11.2	(8.6)
Cash and cash equivalents:
Beginning	29.1	53.7	$ 53.7
Ending	40.3	45.1	$ 29.1
Supplemental Disclosures of Cash Flow Information:
Cash paid during the year for interest	6	3.2
Cash paid during the year for income taxes	$ 1.2	$ 2.4

Nature of Business and Signific

Nature of Business and Significant Accounting Policies	3 Months Ended
	Apr. 02, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Significant Accounting Policies	Nature of Business and Significant Accounting Policies Nature of Business SiteOne Landscape Supply, Inc. (hereinafter collectively with all its consolidated subsidiaries referred to as the “Company”) is a wholesale distributor of irrigation supplies, hardscapes (including pavers, natural stone, and blocks), fertilizer and control products (e.g., herbicides), landscape accessories, nursery goods, outdoor lighting, and ice melt products to green industry professionals. The Company also provides value-added consultative services to complement its product offering and to help customers operate and grow their businesses. Substantially all of the Company’s sales are to customers located in the United States of America (“U.S.”), with less than two percent of sales and less than four percent of total assets in Canada for all periods presented. As of April 2, 2023, the Company had over 640 branches. Based on the nature of the Company’s products and customers’ business cycles, sales are significantly higher in the second and third quarters of each fiscal year. Share Repurchase Program On October 20, 2022, the Company’s Board of Directors authorized the Company to repurchase, at any time or from time to time, shares of the Company’s common stock having an aggregate purchase price not to exceed $400.0 million pursuant to a Rule 10b5-1 plan and/or pursuant to open market or accelerated share repurchase arrangements, tender offers, or privately negotiated transactions. The repurchase authorization does not have an expiration date and may be amended, suspended, or terminated by the Company’s Board of Directors at any time. During the three months ended April 2, 2023, there were no shares purchased under the share repurchase program. As of April 2, 2023, the dollar value of shares that may yet be purchased under the share repurchase authorization was $375.0 million. Inflation Reduction Act of 2022 In August 2022, the Inflation Reduction Act of 2022 was enacted, which, among other things, implements a 15% corporate alternative minimum tax on book income of certain large corporations effective for tax years beginning after December 31, 2022, and imposes a 1% excise tax on corporate stock repurchases after December 31, 2022. The Company does not expect the enacted legislation to have a material impact on the Company’s consolidated financial statements and related disclosures. Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as applicable to interim financial reporting. In management’s opinion, the unaudited financial information for the interim periods presented includes all adjustments, consisting of normal recurring accruals necessary for a fair statement of the financial position, results of operations, and cash flows. Certain information and disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC for the fiscal year ended January 1, 2023. The interim period unaudited financial results for the three-month periods presented are not necessarily indicative of results to be expected for any other interim period or for the entire year. Certain prior period amounts, which are not material, have been reclassified to conform to the current period presentation on the Consolidated Statements of Equity. For the three months ended April 2, 2023, the Company reclassified Treasury stock shares of 20,911 and the corresponding share amount of $0.3 million, which in previous years were reported in Common stock shares and Additional paid-in capital, respectively. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ from these estimates. Fiscal Year The Company’s fiscal year is a 52- or 53-week period ending on the Sunday nearest to December 31. The fiscal years ending December 31, 2023 and January 1, 2023 both include 52 weeks. Additionally, the Company’s fiscal quarters end on the Sunday nearest to March 31, June 30, and September 30, respectively. The three months ended April 2, 2023 and April 3, 2022 both include 13 weeks. Principles of Consolidation The Company’s consolidated financial statements include the assets and liabilities used in operating the Company’s business, including entities in which the Company owns or controls more than 50% of the voting shares. All of the Company’s subsidiaries are wholly owned. All intercompany balances and transactions have been eliminated in consolidation. Significant Accounting Policies Except as updated by the Recently Issued and Adopted Accounting Pronouncements section below, a description of the Company’s significant accounting policies is included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 2023. Recently Issued and Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contact Liabilities from Contracts with Customers” (“ASU 2021-08”). The guidance requires an acquirer in a business combination to recognize and measure contract assets and liabilities in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) rather than at fair value. The Company adopted ASU 2021-08 on a prospective basis when it became effective in the first quarter of fiscal year 2023. The adoption of ASU 2021-08 did not have a material impact on the Company’s consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), as amended in January 2021 by ASU 2021-01, “Reference Rate Reform (Topic 848): Scope” (“ASU 2021-01”), and in December 2022 by ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” (“ASU 2022-06”). • ASU 2020-04 provided optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria were met. • ASU 2021-01 amended the scope of the guidance in ASU 2020-04 on the facilitation of the effects of reference rate reform on financial reporting. The amendments in ASU 2021-01 clarified that “certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting can apply to derivatives that are affected by the discounting transition”. These amendments applied only to contracts and hedging relationships that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. The expedients are applicable to contract modifications made and hedging relationships entered into on or before December 31, 2022. The guidance was permitted to be elected over time as reference rate reform activities occurred. • ASU 2022-06 deferred the expiration date of the reference rate reform relief guidance provided by ASU 2020-04 and ASU 2021-01 to December 31, 2024. The Company previously elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions would be based matches the index for the corresponding derivatives. On March 27, 2023, the Company amended its term loans to implement a forward-looking interest rate based on the secured overnight financing rate (“SOFR”) in lieu of LIBOR. On March 31, 2023, the Company amended the terms of its interest rate swaps to implement SOFR in place of LIBOR. Concurrent with the amendments to its interest rate swaps, the Company elected certain of the optional expedients provided in Topic 848 that allowed the Company to preserve the past presentation of its derivatives without de-designating the existing hedging relationships. The adoption of Topic 848 did not have a material impact on the Company’s consolidated financial statements. Refer to “ Note 9 . Long-Term Debt” and “ Note 4 . Fair Value Measurement and Interest Rate Swaps” for additional information regarding these amended agreements.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Apr. 02, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers The following table presents Net sales disaggregated by product category (in millions): Three Months Ended April 2, 2023 April 3, 2022 Landscaping products (a) $ 636.9 $ 587.7 Agronomic and other products (b) 200.5 217.6 $ 837.4 $ 805.3 ______________ (a) Landscaping products include irrigation supplies, hardscapes, landscape accessories, nursery goods, and outdoor lighting. (b) Agronomic and other products include fertilizer, control products, ice melt, equipment, and other products. Remaining Performance Obligations Remaining performance obligations related to Accounting Standards Codification Topic 606 represent the aggregate transaction price allocated to performance obligations with an original contract term greater than one year that are fully or partially unsatisfied at the end of the period. Remaining performance obligations include the outstanding points balance related to the customer loyalty rewards program. The program allows enrolled customers to earn loyalty rewards on purchases to be used on future purchases, to pay for annual customer trips hosted by the Company, or to obtain gift cards to other third-party retailers. As of April 2, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $9.5 million. The Company expects to recognize revenue on the remaining performance obligations over the next 12 months. Contract Balances The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, deferred revenue, and billings in excess of revenue recognized in the Company’s Consolidated Balance Sheets. Contract liabilities As of April 2, 2023 and January 1, 2023, contract liabilities were $9.5 million and $10.5 million, respectively, and were included within Accrued liabilities in the accompanying Consolidated Balance Sheets. The decrease in the contract liability balance during the three months ended April 2, 2023 is primarily a result of $2.4 million of revenue recognized and the expiration of points related to the customer loyalty rewards program during the period, partially offset by cash payments received in advance of satisfying performance obligations.

Acquisitions

Acquisitions	3 Months Ended
	Apr. 02, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions From time to time, the Company enters into strategic acquisitions in an effort to better service existing customers and to attract new customers. The Company completed the following acquisitions for an aggregate purchase price of $31.8 million and $32.9 million and deferred contingent consideration of $3.5 million and $0.9 million for the three months ended April 2, 2023 and April 3, 2022, respectively. • In March 2023, the Company acquired the assets and assumed the liabilities of Triangle Landscape Supplies, Inc., Triangle Landscape Supplies of J.C., LLC, and Triangle Landscape Supplies of Apex, Inc. (collectively, “Triangle”). With four locations in the Raleigh-Durham, North Carolina market, Triangle is a wholesale distributor of hardscapes and landscape supplies to landscape professionals. • In March 2023, the Company acquired the assets and assumed the liabilities of J&J Materials Corp. (“J&J Materials”). With five locations in Rhode Island and Southeastern Massachusetts, J&J Materials is a wholesale distributor of hardscapes to landscape professionals. • In December 2022, the Company acquired all of the outstanding stock of Whittlesey Landscape Supplies and Recycling, Inc. (“Whittlesey”). With seven locations in the greater Austin, Texas market, Whittlesey is a producer and wholesale distributor of bulk landscape supplies and hardscapes to landscape professionals. • In December 2022, the Company acquired the assets and assumed the liabilities of Telluride Natural Stone, Inc. (“Telluride Natural Stone”). With one location in Phoenix, Arizona, Telluride Natural Stone is a wholesale distributor of hardscape products and landscape supplies to landscape professionals. • In October 2022, the Company acquired the assets and assumed the liabilities of Madison Block & Stone, LLC (“Madison Block & Stone”). With one location in Madison, Wisconsin, Madison Block & Stone is a wholesale distributor of natural stone, pavers, bulk materials, and landscape supplies to landscape professionals. • In August 2022, the Company acquired the assets and assumed the liabilities of Kaknes Landscape Supply, Inc. (“Kaknes”). With one location in Naperville, Illinois, Kaknes is a wholesale distributor of nursery products to landscape professionals. • In August 2022, the Company acquired the assets and assumed the liabilities of Stone Plus, LLC (“Stone Plus”). With three locations in Northeast Florida, Stone Plus is a wholesale distributor of landscape supplies and hardscapes to landscape professionals. • In August 2022, the Company acquired the assets and assumed the liabilities of JimStone Co. of Louisiana, LLC (“Jim Stone”). With three locations in Southern Louisiana, Jim Stone is a wholesale distributor of natural stone and other hardscapes to landscape professionals. • In August 2022, the Company acquired the assets and assumed the liabilities of Linzel Distributing Inc. (“Linzel”). With one location in Hamilton, Ontario, Canada, Linzel is a wholesale distributor of outdoor lighting and landscape supplies to landscape professionals. • In August 2022, the Company acquired the assets and assumed the liabilities of Cape Cod Stone & Masonry Supply, Inc. (“Cape Cod Stone”). With one location in Orleans, Massachusetts, Cape Cod Stone is a wholesale distributor of hardscapes to landscape professionals. • In July 2022, the Company acquired the assets and assumed the liabilities of River Valley Horticultural Products, Inc. and River Valley Equipment Rental and Sales, LLC (collectively, “River Valley”). With one location in Little Rock, Arkansas, River Valley is a wholesale distributor of nursery products, hardscapes, and landscape supplies to landscape professionals. • In July 2022, the Company acquired all of the outstanding stock of A&A Stepping Stone Manufacturing, Inc. (“A&A Stepping Stone”). With four locations in Sacramento, California, A&A Stepping Stone is a wholesale distributor of hardscapes and landscape supplies to landscape professionals. • In June 2022, the Company acquired the assets and assumed the liabilities of Prescott Dirt, LLC (“Prescott Dirt”). With two locations in Prescott and Prescott Valley, Arizona, Prescott Dirt is a wholesale distributor of landscape supplies to landscape professionals. • In June 2022, the Company acquired the assets and assumed the liabilities of Yard Works, LLC (“Yard Works”). With 13 locations in Central Virginia, Yard Works is a wholesale distributor of bulk landscape supplies to landscape professionals. • In June 2022, the Company acquired the assets and assumed the liabilities of Across the Pond, Inc. (“Across the Pond”). With one location in Huntsville, Alabama, Across the Pond is a wholesale distributor of hardscapes and bulk landscape supplies to landscape professionals. • In April 2022, the Company acquired the assets and assumed the liabilities of Preferred Seed Company, Inc. (“Preferred Seed”). With one location in Buffalo, New York, Preferred Seed is a wholesale distributor of seed and agronomic products to landscape professionals. • In April 2022, the Company acquired the assets and assumed the liabilities of RTSB Enterprises, Inc., doing business as Bellstone Masonry Supply (“Bellstone”). With one location in Fort Worth, Texas, Bellstone is a wholesale distributor of hardscapes and landscape supplies to landscape professionals. • In March 2022, the Company acquired all of the outstanding stock of J K Enterprise, Inc., Culpeper Recycling Hauling LLC, Culpeper Recycling Transport LLC, Gateway Home & Garden Center, LLC, JK Enterprise Landscape Supply, Limited Liability Company, Madera Farm Transport, LLC, Saunders LS, LLC, and Tilden Farm Nursery, LLC, and also acquired the assets of Metro Landscape Supply, Limited and Culpeper Recycling, LLC (collectively, “JK Enterprise”). With six locations in Northern Virginia and one location in Maryland, JK Enterprise is a wholesale distributor of bulk and bagged mulches and soil, hardscapes, and nursery products to landscape professionals. These transactions were accounted for by the acquisition method, and accordingly, the results of operations were included in the Company’s consolidated financial statements from their respective acquisition dates.

Fair Value Measurement and Inte

Fair Value Measurement and Interest Rate Swaps	3 Months Ended
	Apr. 02, 2023
Fair Value Disclosures and Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value Measurement and Interest Rate Swaps	Fair Value Measurement and Interest Rate Swaps Fair value is defined as an exit price, representing an amount that would be received to sell an asset or the amount paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The inputs used to measure fair value are prioritized into the following three-tiered value hierarchy: • Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or inputs, other than quoted prices in active markets, which are observable either directly or indirectly. • Level 3: Unobservable inputs for which there is little or no market data. The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The classification of fair value measurement within the hierarchy is based upon the lowest level of input that is significant to the measurement. The Company’s financial instruments consist of cash and cash equivalents, accounts receivables, a forward-starting interest rate swap contract, interest rate swap contracts, and long-term debt. The variable interest rate on the long-term debt is reflective of current market borrowing rates. As such, the Company has determined that the carrying value of these financial instruments approximates fair value. Interest Rate Swaps The Company is subject to interest rate risk with regard to existing and future issuances of debt. The Company utilizes interest rate swap contracts to reduce its exposure to fluctuations in variable interest rates for future interest payments on existing debt. The Company is party to a forward-starting interest rate swap contract and interest rate swap contracts to convert the variable interest rate to a fixed interest rate on the borrowings under the term loans. The Company recognizes any differences between the variable interest rate payments and the fixed interest rate settlements with the swap counterparties as an adjustment to interest expense over the life of the swaps. The Company has designated these swaps as cash flow hedges and records the estimated fair value of the swaps to Accumulated other comprehensive income (loss) (“AOCI”) on its Consolidated Balance Sheets. If it becomes probable the forecasted transactions will not occur, the hedge relationship will be de-designated and amounts accumulated in AOCI will be reclassified to Interest and other non-operating expenses, net in the current period. On March 31, 2023, the Company amended the terms of its interest rate swaps to implement a forward-looking interest rate based on SOFR in place of LIBOR. Since the interest rate swaps were affected by reference rate reform, the Company applied the expedients and exceptions provided in Topic 848 to preserve the past presentation of its derivatives without de-designating the existing hedging relationships. All interest rate swap amendments were executed with the existing counterparties and did not change the notional amounts, maturity dates, or other critical terms of the hedging relationships. The interest rate swaps will continue to be net settled on a quarterly basis with the counterparties for the difference between the fixed rates and the variable rates based upon three-month Term SOFR (subject to a floor of 0.23839%) as applied to the notional amounts of each interest rate swap. On March 23, 2021, the Company restructured the interest rate swap positions of its Forward-starting interest rate swaps 4, 5, and 6 to extend the terms to maturity using a strategy commonly referred to as a “blend and extend” in order to continue to manage its exposure to interest rate risk on borrowings under the term loans. Refer to “ Note 9 . Long-Term Debt” for additional information regarding the Company’s term loans. As a result of these transactions, all existing agreements for Forward-starting interest rate swaps 4, 5, and 6 at that time were amended and restructured as new agreements designated by the Company as interest rate swaps 7, 8, and 9 with the same counterparties. Each of these amended interest rate swap agreements blended the liability positions of the Forward-starting interest rate swaps into the interest rate swaps and extended the term of the hedged positions to mature on March 23, 2025. The interest rate swaps were net settled on a quarterly basis with the counterparties for the difference between the fixed rates and the variable rates based upon three-month LIBOR (subject to a floor of 0.50%) as applied to the notional amounts of each interest rate swap. Due to the size of the initial net investment amounts resulting from the termination values of the Forward-starting interest rate swaps that were rolled into the interest rate swap arrangements, interest rate swaps 7, 8, and 9 were determined to be hybrid debt instruments containing embedded at-market interest rate swap derivatives. As a result, the Company bifurcated the derivative instruments from the debt host instruments for accounting purposes. Refer to “ Note 9 . Long-Term Debt” for additional information regarding the Company’s hybrid debt instruments. The following table provides additional details related to the swap contracts designated as hedging instruments as of April 2, 2023: Derivatives designated as hedging instruments Inception Date Effective Date Maturity Date Notional Amount Fixed Interest Rate Type of Hedge Forward-starting interest rate swap 3 (a) December 17, 2018 July 14, 2020 January 14, 2024 $ 34.0 2.93450 % Cash flow Interest rate swap 7 March 23, 2021 March 31, 2023 March 23, 2025 $ 50.0 0.73300 % Cash flow Interest rate swap 8 March 23, 2021 March 31, 2023 March 23, 2025 $ 90.0 0.74300 % Cash flow Interest rate swap 9 March 23, 2021 March 31, 2023 March 23, 2025 $ 70.0 0.75424 % Cash flow ______________ (a) Forward-starting interest rate swap 3 was amended on March 31, 2023. The change to three-month Term SOFR was not effective until April 14, 2023. The fixed interest rate will be 2.73040% (subject to a floor of 0.73839%) from the effective date until maturity. The Company recognizes the unrealized gains or unrealized losses for interest rate swap contracts as either assets or liabilities at fair value on its Consolidated Balance Sheets. The interest rate swap contracts are subject to master netting arrangements. The Company has elected not to offset the fair value of assets with the fair value of liabilities related to these contracts. The following tables summarize the fair value of the derivative instruments and the respective lines in which they were recorded in the Consolidated Balance Sheets as of April 2, 2023 and January 1, 2023 (in millions): Derivative Assets April 2, 2023 January 1, 2023 Derivatives designated as hedging instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate contracts Prepaid expenses and other current assets $ 8.5 Prepaid expenses and other current assets $ 8.6 Other assets 5.1 Other assets 7.7 Total derivative assets $ 13.6 $ 16.3 As of April 2, 2023, the net fair value of the interest rate swaps in the amount of $10.1 million, net of taxes, was recorded in AOCI for the derivatives designated as hedging instruments. To the extent the interest rate swaps designated as hedging instruments are determined to be ineffective, the Company recognizes the changes in the estimated fair value of the swaps in earnings. For determining the fair value of the interest rate swap contracts, the Company uses significant observable market data or assumptions (Level 2 inputs) that market participants would use in pricing similar assets or liabilities, including assumptions about counterparty risk. The fair value estimates reflect an income approach based on the terms of the interest rate swap contracts and inputs corroborated by observable market data including interest rate curves. For the three months ended April 2, 2023 and April 3, 2022, there was no ineffectiveness recognized in earnings. The after-tax amount of unrealized gain on derivative instruments included in AOCI related to the interest rate swap contracts expected to be reclassified to earnings during the next twelve months was $6.3 million as of April 2, 2023. The ultimate amount recognized will vary based on fluctuations of interest rates through the maturity dates. The table below details pre-tax amounts in AOCI and gain (loss) reclassified into income for derivatives designated as cash flow hedges for the three months ended April 2, 2023 and April 3, 2022 (in millions): Three Months Ended April 2, 2023 April 3, 2022 Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recorded in OCI Classification of Gain (Loss) Reclassified from AOCI into Income Gain (Loss) Reclassified from Gain (Loss) Recorded in OCI Classification of Gain (Loss) Reclassified from AOCI into Income Gain (Loss) Reclassified from Interest rate contracts $ (0.8) Interest and other non-operating expenses, net $ 1.9 $ 9.1 Interest and other non-operating expenses, net $ (0.4) The table below details gain (loss) recorded in income and reclassified from AOCI into income for derivatives not designated as hedging instruments for the three months ended April 2, 2023 and April 3, 2022 (in millions): Three Months Ended Gain (Loss) Reclassified from AOCI into Income Gain (Loss) Recognized in Income Derivatives not designated as hedging instruments Location of Gain (Loss) April 2, 2023 April 3, 2022 April 2, 2023 April 3, 2022 Interest rate contracts Interest and other non-operating expenses, net $ (0.1) $ (0.7) $ — $ — Failure of the swap counterparties to make payments would result in the loss of any potential benefit to the Company under the swap agreements. In this case, the Company would still be obligated to pay the variable interest payments underlying the debt agreements. Additionally, failure of the swap counterparties would not eliminate the Company’s obligation to continue to make payments under the existing swap agreements if it continues to be in a net pay position.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Apr. 02, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment consisted of the following (in millions): April 2, 2023 January 1, 2023 Land $ 13.2 $ 13.2 Buildings and leasehold improvements: Buildings 8.1 8.1 Leasehold improvements 48.2 46.2 Branch equipment 116.0 114.7 Office furniture and fixtures and vehicles: Office furniture and fixtures 28.3 28.2 Vehicles 44.9 43.2 Finance lease right-of-use assets 108.6 103.1 Mineral rights 2.2 — Tooling 0.1 0.1 Construction in progress 11.9 7.7 Total property and equipment, gross 381.5 364.5 Less: accumulated depreciation and amortization 187.1 175.7 Property and equipment, net $ 194.4 $ 188.8 Amortization of finance right-of-use (“ROU”) assets and depreciation expense was $15.5 million and $10.0 million for the three months ended April 2, 2023 and April 3, 2022, respectively. Capitalized software has an estimated useful life of three years. The amounts of total capitalized software costs, including purchased and internally developed software, included in Other assets at April 2, 2023 and January 1, 2023 were $10.8 million and $10.8 million, less accumulated amortization of $10.4 million and $10.2 million, respectively. Amortization of these software costs was $0.2 million and $0.4 million for the three months ended April 2, 2023 and April 3, 2022, respectively.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	3 Months Ended
	Apr. 02, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	Goodwill and Intangible Assets, Net Goodwill The changes in the carrying amount of goodwill were as follows (in millions): January 1, 2023 January 3, 2022 to April 2, 2023 to January 1, 2023 Beginning balance $ 411.9 $ 311.1 Goodwill acquired during the period (a) 13.4 101.8 Goodwill adjusted during the period (2.9) (1.0) Ending balance $ 422.4 $ 411.9 ______________ (a) Additions to goodwill during the three months ended April 2, 2023 related to the acquisitions completed in 2023 as described in Note 3 . Intangible Assets Intangible assets include customer relationships as well as trademarks and other intangibles acquired through acquisitions. Intangible assets with finite useful lives are amortized on an accelerated method or a straight-line method over their estimated useful lives. An accelerated amortization method reflecting the pattern in which the asset will be consumed is utilized if that pattern can be reliably determined. If that pattern cannot be reliably determined, a straight-line amortization method is used. The Company considers the period of expected cash flows and the underlying data used to measure the fair value of the intangible assets when selecting a useful life. The Company’s customer relationships are amortized on an accelerated method. The following table summarizes the components of intangible assets (in millions, except weighted average remaining useful life): April 2, 2023 January 1, 2023 Weighted Average Remaining Useful Life Amount Accumulated Amortization Net Amount Accumulated Amortization Net Customer relationships 17.2 years $ 506.3 $ 254.2 $ 252.1 $ 490.5 $ 241.2 $ 249.3 Trademarks and other 3.7 years 45.8 21.1 24.7 47.9 21.2 26.7 Total intangibles $ 552.1 $ 275.3 $ 276.8 $ 538.4 $ 262.4 $ 276.0 During the three months ended April 2, 2023, the Company recorded $15.9 million of intangible assets, including $15.8 million in Customer relationship intangibles and $0.1 million in Trademarks and other intangibles. The change in Customer relationship intangibles and Trademarks and other intangibles included additions of $13.3 million and $1.1 million, respectively, as a result of the acquisitions completed in 2023 as described in Note 3 . Updates of purchase price allocations related to prior year acquisitions during the allowable measurement period and currency translation adjustments of Customer relationship intangibles and Trademarks and other intangibles, net were $2.5 million and $(1.0) million, respectively. During the three months ended April 3, 2022, the Company recorded $16.4 million of intangible assets, including $13.9 million in Customer relationship intangibles and $2.5 million in Trademarks and other intangibles. The change in Customer relationship intangibles and Trademarks and other intangibles included additions of $12.8 million and $1.1 million, respectively, as a result of the acquisitions completed in 2022 as described in Note 3 . Updates of purchase price allocations related to prior year acquisitions during the allowable measurement period and currency translation adjustments of Customer relationship intangibles and Trademarks and other intangibles, net were $1.1 million and $1.4 million, respectively. The Customer relationship intangible are amortized over a weighted-average period of approximately 20 years. The trademarks and other intangible assets are amortized over a weighted-average period of approximately five years. Amortization expense for intangible assets was $15.1 million and $11.3 million for the three months ended April 2, 2023 and April 3, 2022, respectively. Total future amortization estimated as of April 2, 2023 is as follows (in millions): Fiscal year ending: 2023 (remainder) $ 43.4 2024 46.5 2025 38.4 2026 31.5 2027 24.5 Thereafter 92.5 Total future amortization $ 276.8

Leases

Leases	3 Months Ended
	Apr. 02, 2023
Leases [Abstract]
Leases	Leases The Company determines if an arrangement is a lease at inception of a contract. The Company leases equipment and real estate including office space, branch locations, and distribution centers under operating leases. Finance lease obligations consist primarily of the Company’s vehicle fleet. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one year to five years or more. The exercise of lease renewal options is at the Company’s sole discretion. Certain leases include options to purchase the leased property. ROU assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the commencement date based on the net present value of fixed lease payments over the lease term. As most of the Company's operating leases do not provide an implicit interest rate, the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Finance lease agreements generally include an interest rate that is used to determine the present value of future lease payments. Variable lease payment amounts that cannot be determined at the commencement of the lease such as increases in lease payments based on changes in index rates or usage, are not included in the ROU assets or lease liabilities and are expensed as incurred and recorded as variable lease expense. Leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheets. The components of lease expense were as follows (in millions): Three Months Ended Lease Cost Classification April 2, 2023 April 3, 2022 Finance lease cost: Amortization of right-of-use assets Selling, general and administrative expenses $ 4.2 $ 3.0 Interest on lease liabilities Interest and other non-operating expenses, net 0.8 0.4 Operating lease cost Cost of goods sold 1.7 1.5 Operating lease cost Selling, general and administrative expenses 20.4 18.4 Short-term lease cost Selling, general and administrative expenses 0.8 0.5 Variable lease cost Selling, general and administrative expenses 0.4 0.2 Sublease income Selling, general and administrative expenses (0.2) (0.3) Total lease cost $ 28.1 $ 23.7 Supplemental cash flow information related to leases was as follows (in millions): Three Months Ended Other Information April 2, 2023 April 3, 2022 Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows from finance leases $ 0.8 $ 0.4 Operating cash flows from operating leases $ 22.2 $ 19.3 Financing cash flows from finance leases $ 3.9 $ 2.9 Right-of-use assets obtained in exchange for new lease liabilities: Finance leases $ 8.7 $ 1.9 Operating leases $ 49.8 $ 26.0 The aggregate future lease payments for operating and finance leases as of April 2, 2023 were as follows (in millions): Maturity of Lease Liabilities Operating Leases Finance Leases Fiscal year: 2023 (remainder) $ 58.5 $ 14.2 2024 80.2 17.7 2025 67.8 14.7 2026 53.4 11.6 2027 42.1 7.9 2028 31.1 4.4 Thereafter 93.1 0.2 Total lease payments 426.2 70.7 Less: interest 59.5 7.2 Present value of lease liabilities $ 366.7 $ 63.5 The weighted-average lease terms and discount rates were as follows: Lease Term and Discount Rate April 2, 2023 April 3, 2022 Weighted-average remaining lease term: Finance leases 4.3 years 4.2 years Operating leases 6.4 years 6.8 years Weighted-average discount rate: Finance leases 5.0 % 3.7 % Operating leases 4.7 % 4.7 %
Leases	Leases The Company determines if an arrangement is a lease at inception of a contract. The Company leases equipment and real estate including office space, branch locations, and distribution centers under operating leases. Finance lease obligations consist primarily of the Company’s vehicle fleet. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one year to five years or more. The exercise of lease renewal options is at the Company’s sole discretion. Certain leases include options to purchase the leased property. ROU assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the commencement date based on the net present value of fixed lease payments over the lease term. As most of the Company's operating leases do not provide an implicit interest rate, the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Finance lease agreements generally include an interest rate that is used to determine the present value of future lease payments. Variable lease payment amounts that cannot be determined at the commencement of the lease such as increases in lease payments based on changes in index rates or usage, are not included in the ROU assets or lease liabilities and are expensed as incurred and recorded as variable lease expense. Leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheets. The components of lease expense were as follows (in millions): Three Months Ended Lease Cost Classification April 2, 2023 April 3, 2022 Finance lease cost: Amortization of right-of-use assets Selling, general and administrative expenses $ 4.2 $ 3.0 Interest on lease liabilities Interest and other non-operating expenses, net 0.8 0.4 Operating lease cost Cost of goods sold 1.7 1.5 Operating lease cost Selling, general and administrative expenses 20.4 18.4 Short-term lease cost Selling, general and administrative expenses 0.8 0.5 Variable lease cost Selling, general and administrative expenses 0.4 0.2 Sublease income Selling, general and administrative expenses (0.2) (0.3) Total lease cost $ 28.1 $ 23.7 Supplemental cash flow information related to leases was as follows (in millions): Three Months Ended Other Information April 2, 2023 April 3, 2022 Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows from finance leases $ 0.8 $ 0.4 Operating cash flows from operating leases $ 22.2 $ 19.3 Financing cash flows from finance leases $ 3.9 $ 2.9 Right-of-use assets obtained in exchange for new lease liabilities: Finance leases $ 8.7 $ 1.9 Operating leases $ 49.8 $ 26.0 The aggregate future lease payments for operating and finance leases as of April 2, 2023 were as follows (in millions): Maturity of Lease Liabilities Operating Leases Finance Leases Fiscal year: 2023 (remainder) $ 58.5 $ 14.2 2024 80.2 17.7 2025 67.8 14.7 2026 53.4 11.6 2027 42.1 7.9 2028 31.1 4.4 Thereafter 93.1 0.2 Total lease payments 426.2 70.7 Less: interest 59.5 7.2 Present value of lease liabilities $ 366.7 $ 63.5 The weighted-average lease terms and discount rates were as follows: Lease Term and Discount Rate April 2, 2023 April 3, 2022 Weighted-average remaining lease term: Finance leases 4.3 years 4.2 years Operating leases 6.4 years 6.8 years Weighted-average discount rate: Finance leases 5.0 % 3.7 % Operating leases 4.7 % 4.7 %

Employee Benefit and Stock Ince

Employee Benefit and Stock Incentive Plans	3 Months Ended
	Apr. 02, 2023
Share-Based Payment Arrangement [Abstract]
Employee Benefit and Stock Incentive Plans	Employee Benefit and Stock Incentive Plans The Company sponsors a defined contribution benefit plan for substantially all of its employees. Company contributions to the plan are based on a percentage of employee wages. The Company’s contributions to the plan were $4.6 million for the three months ended April 2, 2023 and $4.4 million for the three months ended April 3, 2022, respectively. The Company’s Omnibus Equity Incentive Plan (the “2016 Plan”), which became effective on April 28, 2016, provided for the grant of awards in the form of stock options that may be either incentive stock options or non-qualified stock options; stock purchase rights; restricted stock; restricted stock units (“RSUs”); performance shares; performance stock units (“PSUs”); stock appreciation rights; dividend equivalents; deferred stock units (“DSUs”); or other stock-based awards. The Company also has outstanding stock-based awards under its stock incentive plan (“Stock Incentive Plan”), which commenced in May 2014 and terminated upon adoption of the 2016 Plan. However, awards previously granted under the Stock Incentive Plan were unaffected by the termination of the Stock Incentive Plan. At the 2020 Annual Meeting of Stockholders of the Company on May 13, 2020 (the “Effective Date”), the Company’s stockholders approved the Company’s 2020 Omnibus Equity Incentive Plan (the “2020 Plan”), which replaced the 2016 Plan. The 2020 Plan reserves 2,155,280 shares of the Company’s common stock for issuance under the 2020 Plan, consisting of 1,600,000 new shares plus 555,280 shares that were previously authorized for issuance under the 2016 Plan and that, as of the Effective Date, were not subject to outstanding awards. No further grants of awards will be made under the 2016 Plan; however, outstanding awards granted under the 2016 Plan will remain outstanding and will continue to be administered in accordance with the terms of the 2016 Plan and the applicable award agreements. Any shares covered by an award, or any portion thereof, granted under the 2020 Plan, 2016 Plan, or Stock Incentive Plan that terminates, is forfeited, is repurchased, expires, or lapses for any reason will again be available for the grant of awards. Additionally, any shares tendered or withheld to satisfy the grant or exercise price or tax withholding obligations pursuant to any award under the 2020 Plan, 2016 Plan, or Stock Incentive Plan will again be available for issuance. The aggregate number of shares that may be issued under the 2020 Plan is 2,155,280 shares of which 1,930,234 remain available as of April 2, 2023. Stock options and RSUs granted to employees vest over a four-year period at 25% per year. Stock options expire ten years after the date of grant. PSUs granted to employees vest upon the achievement of the performance conditions, over a three-year period, measured by the growth of the Company’s pre-tax income plus amortization relative to a select peer group, subject to adjustment based upon the application of a return on invested capital modifier. RSUs granted to non-employee directors vest at the earlier of the day preceding the next annual meeting of stockholders of the Company at which directors are elected or the first anniversary of the grant date, in each case, subject to the participant’s continued service as a director or other service provider (as applicable) from the grant date through such vesting date. Vested RSUs granted to non-employee directors settle into the Company’s common stock at the earlier to occur of the vesting date, termination of the director’s service on the Company’s Board of Directors, or until a change of control of the Company. Settlement may also be deferred at the director’s election until a specified date after the vesting date. DSUs granted to non-employee directors vest immediately but settlement is deferred until termination of the director’s service on the Company’s Board of Directors or until a change of control of the Company. In February 2023, the Company’s Human Resources and Compensation Committee approved amendments to the applicable equity award agreements governing the terms of the stock options, RSUs, and PSUs granted under the 2020 Plan. Pursuant to such amendments, all unvested stock options and RSUs granted to an associate after the effective date of the amendments under an applicable award agreement, as amended, will fully vest following the end of their employment, generally in four equal annual installments and expire in 10 years for stock options, if such associate’s combined age (minimum of 55 years of age) and completed years of employment with the Company (minimum of five years of service) equals 65 or more (the “Rule of 65”). The amendments did not alter any equity award agreements outstanding on or prior to the effective date or the pro-rated vesting schedule with respect to PSUs, other than to change the definition of retirement to reflect the Rule of 65. The fair value of each stock option is estimated on the date of grant using the Black-Scholes option pricing model. As of the start of fiscal year 2023, expected volatilities are based on the historical volatility of the Company’s common stock. Prior to fiscal year 2023, expected volatilities were based on the historical equity volatility of comparable publicly traded companies. The change in estimate was due to the length of time the Company’s common stock has been publicly traded now exceeding the expected term of the stock options. The expected term of stock options granted is derived from the output of the option valuation model and represents the period of time that stock options granted are expected to be outstanding. The risk-free rates utilized for periods throughout the contractual life of the stock options are based on the U.S. Treasury security yields at the time of grant. DSUs, RSUs, and PSUs have grant date fair values equal to the fair market value of the underlying stock on the date of grant. Share-based compensation expense is recognized in the financial statements based upon fair value on the date of grant. The compensation cost for stock options and RSUs is recognized on a straight-line basis over the requisite vesting period. The Company recognizes compensation expense for PSUs when it is probable that the performance conditions will be achieved. The Company reassesses the probability of vesting at each reporting period and adjusts its compensation cost accordingly. A summary of stock-based compensation activities during the three months ended April 2, 2023 was as follows (in thousands): Stock Options RSUs DSUs PSUs Outstanding as of January 1, 2023 971.9 205.3 52.0 52.2 Granted 56.5 102.0 — 26.9 Exercised/Vested/Settled (a) (19.2) (68.0) — — Expired or forfeited (1.7) (4.4) — (0.3) Outstanding as of April 2, 2023 1,007.5 234.9 52.0 78.8 ______________ (a) Does not include 21.3 thousand stock options and 17.7 thousand RSUs granted to retirement eligible associates under the Rule of 65. While these shares immediately vested, they have not been settled. The weighted average grant date fair value of awards granted were as follows: April 2, 2023 April 3, 2022 Stock options $ 72.24 $ 57.47 RSUs $ 149.09 $ 179.71 DSUs $ — $ 161.69 PSUs $ 149.36 $ 179.40 A summary of stock-based compensation expenses recognized during the periods was as follows (in millions): Three Months Ended April 2, 2023 April 3, 2022 Stock options (a) $ 2.4 $ 0.9 RSUs (a) 5.4 2.1 DSUs 0.1 0.1 PSUs 0.7 0.6 Total stock-based compensation $ 8.6 $ 3.7 ______________ (a) Stock-based compensation expense for the three months ended April 2, 2023 included accelerated expense related to retirement eligible associates under the Rule of 65. These amounts included $1.5 million related to stock options and $2.5 million related to RSUs. A summary of unrecognized stock-based compensation expense was as follows: April 2, 2023 January 1, 2023 Unrecognized Compensation Weighted Average Unrecognized Compensation Weighted Average Stock options $ 7.3 2.8 years $ 5.6 2.5 years RSUs $ 30.8 3.0 years $ 21.7 2.7 years DSUs $ 0.1 0.9 years $ 0.1 0.9 years PSUs $ 6.5 2.2 years $ 3.3 1.7 years

Long-Term Debt

Long-Term Debt	3 Months Ended
	Apr. 02, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt was as follows (in millions): April 2, 2023 January 1, 2023 ABL facility $ 313.0 $ 100.0 Term loans 252.2 252.8 Hybrid debt instruments 3.0 3.3 Total gross long-term debt 568.2 356.1 Less: unamortized debt issuance costs and discounts on debt (5.3) (5.5) Total debt $ 562.9 $ 350.6 Less: current portion (4.1) (4.0) Total long-term debt $ 558.8 $ 346.6 ABL Facility SiteOne Landscape Supply Holding, LLC (“Landscape Holding”) and SiteOne Landscape Supply, LLC (“Landscape” and together with Landscape Holding, the “Borrowers”), each an indirect wholly-owned subsidiary of the Company, are parties to the credit agreement dated December 23, 2013 (as amended by the First Amendment to the Credit Agreement, dated June 13, 2014, the Second Amendment to the Credit Agreement, dated January 26, 2015, the Third Amendment to the Credit Agreement, dated February 13, 2015, the Fourth Amendment to the Credit Agreement, dated October 20, 2015, the Omnibus Amendment to the Credit Agreement, dated May 24, 2017, the Sixth Amendment to the Credit Agreement, dated February 1, 2019, and the Seventh Amendment to the Credit Agreement, dated July 22, 2022, the “ABL Credit Agreement”) providing for an asset-based credit facility (the “ABL Facility”) of up to $600.0 million, subject to borrowing base availability. The ABL Facility is secured by a first lien on the inventory and receivables of the Borrowers. The ABL Facility is guaranteed by SiteOne Landscape Supply Bidco, Inc. (“Bidco”), an indirect wholly-owned subsidiary of the Company, and each direct and indirect wholly-owned U.S. restricted subsidiary of Landscape. The availability under the ABL Facility was $272.7 million and $487.4 million as of April 2, 2023 and January 1, 2023, respectively. Availability is determined using borrowing base calculations of eligible inventory and receivable balances less the current outstanding ABL Facility and letters of credit balances. On July 22, 2022, the Company, through its subsidiaries, entered into the Seventh Amendment to the ABL Credit Agreement (the “Seventh Amendment”). The Seventh Amendment amended and restated the ABL Credit Agreement in order to, among other things, (i) increase the aggregate principal amount of the commitments to $600.0 million, (ii) extend the final scheduled maturity of the revolving credit facility to July 22, 2027, (iii) establish an alternate rate of interest to the LIBOR rate, (iv) replace the administrative and collateral agent, and (v) make such other changes as agreed among the Borrowers and the lenders. Proceeds of the initial borrowings under the ABL Credit Agreement on the closing date of the Seventh Amendment were used, among other things, (i) to repay in full the loans outstanding under the ABL Credit Agreement immediately prior to the effectiveness of the Seventh Amendment, (ii) to pay fees and expenses related to the Seventh Amendment and the ABL Credit Agreement, and (iii) for working capital and other general corporate purposes. Loans under the ABL Credit Agreement bear interest, at Landscape Holding’s option, at either (i) an adjusted term SOFR rate equal to term SOFR plus 0.10% (subject to a floor of 0.00%) plus an applicable margin of 1.25% or 1.50% or (ii) an alternate base rate plus an applicable margin of 0.25% or 0.50%, in each case depending on average daily excess availability under the ABL Credit Agreement, and in each case subject to a 0.125% reduction when the Consolidated First Lien Leverage Ratio (as defined in the ABL Credit Agreement) is less than 1.50:1.00. Additionally, undrawn commitments under the ABL Credit Agreement bear a commitment fee of 0.20% or 0.25%, depending on the average daily undrawn portion of the commitments under the ABL Credit Agreement. The interest rate on outstanding balances under the ABL Facility ranged from 6.07431% to 8.00000% as of April 2, 2023 and ranged from 5.68561% to 5.77336% as of January 1, 2023. Additionally, the Borrowers paid a commitment fee of 0.25% on the unfunded amount as of April 2, 2023 and a commitment fee of 0.20% on the unfunded amount as of January 1, 2023. The ABL Facility is subject to mandatory prepayments if the outstanding loans and letters of credit exceed either the aggregate revolving commitments or the current borrowing base, in an amount equal to such excess. Additionally, the ABL Facility is subject to various covenants, including incurrence covenants that require the Company to meet minimum financial ratios, and additional borrowings and other corporate transactions may be limited by failure to meet these financial ratios. Failure to meet any of these covenants could result in an event of default under these agreements. If an event of default occurs, the lenders could elect to declare all amounts outstanding under these agreements to be immediately due and payable, enforce their interest in collateral pledged under the agreement, or restrict the Borrowers’ ability to obtain additional borrowings under these agreements. The ABL Facility is secured by a first lien security interest over inventory and receivables and a second lien security interest over all other assets pledged as collateral. The ABL Facility contains customary representations and warranties and customary affirmative and negative covenants. The negative covenants are limited to the following: financial condition, fundamental changes, dividends and distributions, acquisitions, dispositions of collateral, payments and modifications of restricted indebtedness, negative pledge clauses, changes in line of business, currency, commodity and other hedging transactions, transactions with affiliates, investments, indebtedness, and liens. The negative covenants are subject to customary exceptions and also permit the payment of dividends and distributions, investments, permitted acquisitions, payments or redemptions of indebtedness under the Second Amended and Restated Credit Agreement, asset sales and mergers, consolidations, and sales of all or substantially all assets involving subsidiaries upon satisfaction of a “payment condition.” The payment condition is deemed satisfied upon 30-day specified excess availability and specified availability exceeding agreed upon thresholds and, in certain cases, the absence of specified events of default or known events of default and pro forma compliance with a consolidated fixed charge coverage ratio of 1.00 to 1.00. As of April 2, 2023, the Company was in compliance with all of the ABL Facility covenants. Term Loans The Borrowers entered into a syndicated senior term loan facility dated April 29, 2016, which was amended on November 23, 2016, May 24, 2017, December 12, 2017, and August 14, 2018. On March 23, 2021, the Borrowers entered into the Fifth Amendment to the Amended and Restated Credit Agreement (the “Fifth Amendment”), in order to, among other things, incur $325.0 million of term loans (the “New Term Loans”) which were used in part to prepay all of the existing term loans outstanding immediately prior to effectiveness of the Fifth Amendment (the “Tranche E Term Loans”). On March 27, 2023, Landscape Holding, as representative for the Borrowers, entered into the First Amendment to the Second Amended and Restated Credit Agreement (the “Sixth Amendment”), to implement a forward-looking interest rate based on SOFR in lieu of LIBOR. The New Term Loans are guaranteed by Bidco and each direct and indirect wholly-owned U.S. restricted subsidiary of Landscape. The New Term Loans are secured by a second lien security interest over inventory and receivables and a first lien security interest over all other assets pledged as collateral. The New Term Loans mature on March 23, 2028. Amendments of the Term Loans On March 27, 2023, the Company, through its subsidiary, Landscape Holding, entered into the Sixth Amendment, among Landscape Holding, as borrower representative, and JPMorgan Chase Bank, N.A., as administrative agent. The Sixth Amendment amends the Second Amended and Restated Credit Agreement, dated as of March 23, 2021, among the Borrowers, JPMorgan Chase Bank, N.A. and the lenders, and other financial institutions from time to time party thereto, to implement a forward-looking interest rate based on SOFR in lieu of LIBOR. The New Term Loans bear interest, at Landscape Holding’s option, at either (i) an adjusted Term SOFR rate plus an applicable margin equal to 2.00% (with a Term SOFR floor of 0.50% on initial term loans and 0.00% on all other term loans) or (ii) an alternative base rate plus an applicable margin equal to 1.00%. Voluntary prepayments of the New Term Loans are permitted at any time, in minimum principal amounts, without premium or penalty, subject to a 1.00% premium payable in connection with certain repricing transactions within the first 12 months after the date of the initial funding of the New Term Loans. The interest rate on the outstanding balance of the New Terms Loans was 7.15994% at April 2, 2023. On March 23, 2021, the Company, through its subsidiaries, entered into the Fifth Amendment, by and among the Borrowers, JPMorgan Chase Bank, N.A. (the “New Agent”), as administrative agent and collateral agent, the several banks and other financial institutions party thereto and certain other parties party thereto from time to time. The Fifth Amendment amends and restates the Amended and Restated Credit Agreement, dated as of April 29, 2016, among the Borrowers, the lenders from time to time party thereto and UBS AG, Stamford Branch (the “Existing Agent”) as administrative agent and collateral agent (as amended prior to March 23, 2021, the “Existing Credit Agreement” and, as so amended and restated pursuant to the Fifth Amendment, the “Second Amended and Restated Credit Agreement”) in order to, among other things, (i) incur $325.0 million of term loans, (ii) replace the Existing Agent as administrative and collateral agent with the New Agent, and (iii) make such other changes in the Second Amended and Restated Credit Agreement as agreed among the Borrowers and the lenders. Proceeds of the New Term Loans were used, among other things, (i) to repay in full the Tranche E Term Loans outstanding under the Existing Credit Agreement immediately prior to effectiveness of the Fifth Amendment, (ii) to pay fees and expenses related to the Fifth Amendment and the Second Amended and Restated Credit Agreement, and (iii) for working capital and other general corporate purposes. The Second Amended and Restated Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants. The negative covenants are limited to the following: limitations on indebtedness, restricted payments, restrictive agreements, sales of assets and subsidiary stock, transactions with affiliates, liens, fundamental changes, amendments, and lines of business. The negative covenants are subject to exceptions customary for transactions of the type. The New Term Loans are payable in consecutive quarterly installments equal to 0.25% of the aggregate initial principal amount of the New Term Loans until the maturity date. In addition, the New Term Loans are subject to annual mandatory prepayments in an amount equal to 50% of excess cash flow, as defined in the Second Amended and Restated Credit Agreement for the applicable fiscal year if 50% of excess cash flow exceeds $15.0 million and the secured leverage ratio is greater than 3.00 to 1.00. There are also mandatory prepayments with the proceeds of certain asset sales and from the issuance of debt not permitted to be incurred under the Second Amended and Restated Credit Agreement. As of April 2, 2023, the Company was in compliance with all of the Second Amended and Restated Credit Agreement covenants. Interest Expense During the three months ended April 2, 2023, the Company incurred total interest expense of $6.9 million, of which $5.9 million related to interest on the ABL Facility and the term loans. The debt issuance costs and discounts are amortized as interest expense over the life of the debt. Amortization expense related to debt issuance costs and discounts was $0.3 million for the three months ended April 2, 2023. The remaining $0.7 million of interest expense is primarily related to interest attributable to finance leases, partially offset by interest income for the three months ended April 2, 2023. During the three months ended April 3, 2022, the Company incurred total interest expense of $4.3 million, of which $3.6 million related to interest on the ABL Facility and the term loans. The debt issuance costs and discounts are amortized as interest expense over the life of the debt. Amortization expense related to debt issuance costs and discounts was $0.3 million for the three months ended April 3, 2022. The remaining $0.4 million of interest expense primarily related to interest attributable to finance leases for the three months ended April 3, 2022. Hybrid Debt Instruments Since the interest rate swap arrangements executed on March 23, 2021 were determined to be hybrid debt instruments containing embedded at-market swap derivatives, the Company reclassified $5.9 million from Accrued liabilities and Other long-term liabilities to long-term debt with $1.5 million classified as Long-term debt, current portion and $4.4 million classified as Long-term debt, less current portion on its Consolidated Balance Sheets during the first quarter of 2021. As of April 2, 2023, approximately $1.5 million was classified as Long-term debt, current portion and approximately $1.5 million was classified as Long-term debt, less current portion on the Company’s Consolidated Balance Sheets. Refer to “ Note 4 . Fair Value Measurement and Interest Rate Swaps” for additional information regarding interest rate swaps and hybrid debt instruments.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 02, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate was approximately 37.5% for the three months ended April 2, 2023 and approximately 12.5% for the three months ended April 3, 2022. The change in the effective rate was due primarily to a decrease in Income before taxes to a Loss before taxes and a decrease in the amount of excess tax benefits from stock-based compensation recognized as a component of Income tax benefit in the Company’s Consolidated Statements of Operations. The Company recognized excess tax benefits of $0.8 million for the three months ended April 2, 2023, and $5.0 million for the three months ended April 3, 2022. The Company’s effective tax rate differs from its statutory rate based on a variety of factors, including overall profitability, the geographical mix of income taxes, and the related tax rates in the jurisdictions in which it operates. The Company provides a valuation allowance against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The assessment considers all available positive and negative evidence and is measured quarterly. The Company maintains a valuation allowance against certain state deferred tax assets where sufficient negative evidence exists to require a valuation allowance. During the three months ended April 2, 2023 and April 3, 2022, the Company recorded no material increases or decreases to the valuation allowance against deferred tax assets.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 02, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Environmental liability : As part of the sale by LESCO, Inc. of its manufacturing assets in 2005, the Company retained the environmental liability associated with those assets. Remediation activities can vary substantially in duration and cost and it is difficult to develop precise estimates of future site remediation costs. The Company recorded in Other long-term liabilities the undiscounted cost estimate of future remediation efforts of $3.9 million and $3.9 million as of April 2, 2023 and January 1, 2023, respectively. As part of the CD&R Acquisition, Deere & Company agreed to pay the first $2.5 million of the liability and the Company’s exposure is capped at $2.4 million. The Company has recorded an indemnification asset in Other assets against the liability as a result of these actions of $1.5 million and $1.5 million as of April 2, 2023 and January 1, 2023, respectively. Letters of credit : As of April 2, 2023 and January 1, 2023, outstanding letters of credit were $14.3 million and $11.5 million, respectively. There were no amounts drawn on the letters of credit for either period presented.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Apr. 02, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The Company computes basic earnings (loss) per share (“EPS”) by dividing Net income (loss) attributable to common shares by the weighted average number of common shares outstanding for the period. The Company includes vested RSUs, DSUs, and PSUs that have not been settled in common shares in the basic weighted average number of common shares calculation. The Company’s computation of diluted EPS reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock, which include in-the-money outstanding stock options and RSUs. PSUs are excluded from the calculation of dilutive potential common shares until the performance conditions have been achieved on the basis of the assumption that the end of the reporting period was the end of the contingency period, if such shares issuable are dilutive. Using the treasury stock method, the effect of dilutive securities includes the additional shares of common stock that would have been outstanding based on the assumption that these potentially dilutive securities had been issued. The treasury stock method assumes proceeds from the exercise price of stock options and the unamortized compensation expense of RSUs and stock options are used to repurchase common shares at the average market price during the period, thus reducing the dilutive effect. RSUs and stock options with assumed proceeds per unit above the Company’s average share price for the periods presented are excluded from the diluted EPS calculation because the effect is anti-dilutive. The following table sets forth the computation of the weighted average number of diluted common shares outstanding for the three months ended April 2, 2023 and April 3, 2022: Three Months Ended April 2, 2023 April 3, 2022 Shares used in the computation of basic earnings per share 45,045,851 44,935,765 Effect of dilutive securities: Stock options — 811,922 RSUs and PSUs — 96,833 DSUs — 6,082 Shares used in the computation of diluted earnings per share (a) 45,045,851 45,850,602 ______________ (a) The shares used in the computation of diluted EPS do not give effect to any dilutive securities for the three months ended April 2, 2023 as its inclusion would have the effect of decreasing the Net loss per common share. The diluted earnings per common share calculation for the three months ended April 2, 2023 and April 3, 2022 excluded the effect of 1,253,714 and 151,642 potential shares of common stock, respectively, because the assumed exercises of a portion of the Company’s employee stock options and RSUs were anti-dilutive.

Nature of Business and Signif_2

Nature of Business and Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 02, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Statement Presentation	Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as applicable to interim financial reporting. In management’s opinion, the unaudited financial information for the interim periods presented includes all adjustments, consisting of normal recurring accruals necessary for a fair statement of the financial position, results of operations, and cash flows. Certain information and disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC for the fiscal year ended January 1, 2023. The interim period unaudited financial results for the three-month periods presented are not necessarily indicative of results to be expected for any other interim period or for the entire year.
Reclassification	Certain prior period amounts, which are not material, have been reclassified to conform to the current period presentation on the Consolidated Statements of Equity. For the three months ended April 2, 2023, the Company reclassified Treasury stock shares of 20,911 and the corresponding share amount of $0.3 million, which in previous years were reported in Common stock shares and Additional paid-in capital, respectively.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ from these estimates.
Fiscal Year	Fiscal Year The Company’s fiscal year is a 52- or 53-week period ending on the Sunday nearest to December 31. The fiscal years ending December 31, 2023 and January 1, 2023 both include 52 weeks. Additionally, the Company’s fiscal quarters end on the Sunday nearest to March 31, June 30, and September 30, respectively. The three months ended April 2, 2023 and April 3, 2022 both include 13 weeks.
Principles of Consolidation	Principles of Consolidation The Company’s consolidated financial statements include the assets and liabilities used in operating the Company’s business, including entities in which the Company owns or controls more than 50% of the voting shares. All of the Company’s subsidiaries are wholly owned. All intercompany balances and transactions have been eliminated in consolidation.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contact Liabilities from Contracts with Customers” (“ASU 2021-08”). The guidance requires an acquirer in a business combination to recognize and measure contract assets and liabilities in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) rather than at fair value. The Company adopted ASU 2021-08 on a prospective basis when it became effective in the first quarter of fiscal year 2023. The adoption of ASU 2021-08 did not have a material impact on the Company’s consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), as amended in January 2021 by ASU 2021-01, “Reference Rate Reform (Topic 848): Scope” (“ASU 2021-01”), and in December 2022 by ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” (“ASU 2022-06”). • ASU 2020-04 provided optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria were met. • ASU 2021-01 amended the scope of the guidance in ASU 2020-04 on the facilitation of the effects of reference rate reform on financial reporting. The amendments in ASU 2021-01 clarified that “certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting can apply to derivatives that are affected by the discounting transition”. These amendments applied only to contracts and hedging relationships that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. The expedients are applicable to contract modifications made and hedging relationships entered into on or before December 31, 2022. The guidance was permitted to be elected over time as reference rate reform activities occurred. • ASU 2022-06 deferred the expiration date of the reference rate reform relief guidance provided by ASU 2020-04 and ASU 2021-01 to December 31, 2024. The Company previously elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions would be based matches the index for the corresponding derivatives. On March 27, 2023, the Company amended its term loans to implement a forward-looking interest rate based on the secured overnight financing rate (“SOFR”) in lieu of LIBOR. On March 31, 2023, the Company amended the terms of its interest rate swaps to implement SOFR in place of LIBOR. Concurrent with the amendments to its interest rate swaps, the Company elected certain of the optional expedients provided in Topic 848 that allowed the Company to preserve the past presentation of its derivatives without de-designating the existing hedging relationships. The adoption of Topic 848 did not have a material impact on the Company’s consolidated financial statements. Refer to “ Note 9 . Long-Term Debt” and “ Note 4 . Fair Value Measurement and Interest Rate Swaps” for additional information regarding these amended agreements.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Apr. 02, 2023
Revenue from Contract with Customer [Abstract]
Summary of Net Sales Disaggregated By Product Category	The following table presents Net sales disaggregated by product category (in millions): Three Months Ended April 2, 2023 April 3, 2022 Landscaping products (a) $ 636.9 $ 587.7 Agronomic and other products (b) 200.5 217.6 $ 837.4 $ 805.3 ______________ (a) Landscaping products include irrigation supplies, hardscapes, landscape accessories, nursery goods, and outdoor lighting. (b) Agronomic and other products include fertilizer, control products, ice melt, equipment, and other products.

Fair Value Measurement and In_2

Fair Value Measurement and Interest Rate Swaps (Tables)	3 Months Ended
	Apr. 02, 2023
Fair Value Disclosures and Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap Contracts	The following table provides additional details related to the swap contracts designated as hedging instruments as of April 2, 2023: Derivatives designated as hedging instruments Inception Date Effective Date Maturity Date Notional Amount Fixed Interest Rate Type of Hedge Forward-starting interest rate swap 3 (a) December 17, 2018 July 14, 2020 January 14, 2024 $ 34.0 2.93450 % Cash flow Interest rate swap 7 March 23, 2021 March 31, 2023 March 23, 2025 $ 50.0 0.73300 % Cash flow Interest rate swap 8 March 23, 2021 March 31, 2023 March 23, 2025 $ 90.0 0.74300 % Cash flow Interest rate swap 9 March 23, 2021 March 31, 2023 March 23, 2025 $ 70.0 0.75424 % Cash flow ______________ (a) Forward-starting interest rate swap 3 was amended on March 31, 2023. The change to three-month Term SOFR was not effective until April 14, 2023. The fixed interest rate will be 2.73040% (subject to a floor of 0.73839%) from the effective date until maturity. Derivative Assets April 2, 2023 January 1, 2023 Derivatives designated as hedging instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate contracts Prepaid expenses and other current assets $ 8.5 Prepaid expenses and other current assets $ 8.6 Other assets 5.1 Other assets 7.7 Total derivative assets $ 13.6 $ 16.3
Schedule of Pre-tax Amounts of Derivatives Designated as Cash Flow Hedges in AOCI	The table below details pre-tax amounts in AOCI and gain (loss) reclassified into income for derivatives designated as cash flow hedges for the three months ended April 2, 2023 and April 3, 2022 (in millions): Three Months Ended April 2, 2023 April 3, 2022 Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recorded in OCI Classification of Gain (Loss) Reclassified from AOCI into Income Gain (Loss) Reclassified from Gain (Loss) Recorded in OCI Classification of Gain (Loss) Reclassified from AOCI into Income Gain (Loss) Reclassified from Interest rate contracts $ (0.8) Interest and other non-operating expenses, net $ 1.9 $ 9.1 Interest and other non-operating expenses, net $ (0.4) The table below details gain (loss) recorded in income and reclassified from AOCI into income for derivatives not designated as hedging instruments for the three months ended April 2, 2023 and April 3, 2022 (in millions): Three Months Ended Gain (Loss) Reclassified from AOCI into Income Gain (Loss) Recognized in Income Derivatives not designated as hedging instruments Location of Gain (Loss) April 2, 2023 April 3, 2022 April 2, 2023 April 3, 2022 Interest rate contracts Interest and other non-operating expenses, net $ (0.1) $ (0.7) $ — $ —

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Apr. 02, 2023
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	Property and equipment consisted of the following (in millions): April 2, 2023 January 1, 2023 Land $ 13.2 $ 13.2 Buildings and leasehold improvements: Buildings 8.1 8.1 Leasehold improvements 48.2 46.2 Branch equipment 116.0 114.7 Office furniture and fixtures and vehicles: Office furniture and fixtures 28.3 28.2 Vehicles 44.9 43.2 Finance lease right-of-use assets 108.6 103.1 Mineral rights 2.2 — Tooling 0.1 0.1 Construction in progress 11.9 7.7 Total property and equipment, gross 381.5 364.5 Less: accumulated depreciation and amortization 187.1 175.7 Property and equipment, net $ 194.4 $ 188.8

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	3 Months Ended
	Apr. 02, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill were as follows (in millions): January 1, 2023 January 3, 2022 to April 2, 2023 to January 1, 2023 Beginning balance $ 411.9 $ 311.1 Goodwill acquired during the period (a) 13.4 101.8 Goodwill adjusted during the period (2.9) (1.0) Ending balance $ 422.4 $ 411.9 ______________ (a) Additions to goodwill during the three months ended April 2, 2023 related to the acquisitions completed in 2023 as described in Note 3 .
Schedule of Components of Intangible Assets	The following table summarizes the components of intangible assets (in millions, except weighted average remaining useful life): April 2, 2023 January 1, 2023 Weighted Average Remaining Useful Life Amount Accumulated Amortization Net Amount Accumulated Amortization Net Customer relationships 17.2 years $ 506.3 $ 254.2 $ 252.1 $ 490.5 $ 241.2 $ 249.3 Trademarks and other 3.7 years 45.8 21.1 24.7 47.9 21.2 26.7 Total intangibles $ 552.1 $ 275.3 $ 276.8 $ 538.4 $ 262.4 $ 276.0
Schedule of Future Amortization Expense	Total future amortization estimated as of April 2, 2023 is as follows (in millions): Fiscal year ending: 2023 (remainder) $ 43.4 2024 46.5 2025 38.4 2026 31.5 2027 24.5 Thereafter 92.5 Total future amortization $ 276.8

Leases (Tables)

Leases (Tables)	3 Months Ended
	Apr. 02, 2023
Leases [Abstract]
Schedule of Lease Costs	The components of lease expense were as follows (in millions): Three Months Ended Lease Cost Classification April 2, 2023 April 3, 2022 Finance lease cost: Amortization of right-of-use assets Selling, general and administrative expenses $ 4.2 $ 3.0 Interest on lease liabilities Interest and other non-operating expenses, net 0.8 0.4 Operating lease cost Cost of goods sold 1.7 1.5 Operating lease cost Selling, general and administrative expenses 20.4 18.4 Short-term lease cost Selling, general and administrative expenses 0.8 0.5 Variable lease cost Selling, general and administrative expenses 0.4 0.2 Sublease income Selling, general and administrative expenses (0.2) (0.3) Total lease cost $ 28.1 $ 23.7 Supplemental cash flow information related to leases was as follows (in millions): Three Months Ended Other Information April 2, 2023 April 3, 2022 Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows from finance leases $ 0.8 $ 0.4 Operating cash flows from operating leases $ 22.2 $ 19.3 Financing cash flows from finance leases $ 3.9 $ 2.9 Right-of-use assets obtained in exchange for new lease liabilities: Finance leases $ 8.7 $ 1.9 Operating leases $ 49.8 $ 26.0 The weighted-average lease terms and discount rates were as follows: Lease Term and Discount Rate April 2, 2023 April 3, 2022 Weighted-average remaining lease term: Finance leases 4.3 years 4.2 years Operating leases 6.4 years 6.8 years Weighted-average discount rate: Finance leases 5.0 % 3.7 % Operating leases 4.7 % 4.7 %
Schedule of Future Lease Payments for Operating Leases	The aggregate future lease payments for operating and finance leases as of April 2, 2023 were as follows (in millions): Maturity of Lease Liabilities Operating Leases Finance Leases Fiscal year: 2023 (remainder) $ 58.5 $ 14.2 2024 80.2 17.7 2025 67.8 14.7 2026 53.4 11.6 2027 42.1 7.9 2028 31.1 4.4 Thereafter 93.1 0.2 Total lease payments 426.2 70.7 Less: interest 59.5 7.2 Present value of lease liabilities $ 366.7 $ 63.5
Schedule of Future Lease Payments for Finance Leases	The aggregate future lease payments for operating and finance leases as of April 2, 2023 were as follows (in millions): Maturity of Lease Liabilities Operating Leases Finance Leases Fiscal year: 2023 (remainder) $ 58.5 $ 14.2 2024 80.2 17.7 2025 67.8 14.7 2026 53.4 11.6 2027 42.1 7.9 2028 31.1 4.4 Thereafter 93.1 0.2 Total lease payments 426.2 70.7 Less: interest 59.5 7.2 Present value of lease liabilities $ 366.7 $ 63.5

Employee Benefit and Stock In_2

Employee Benefit and Stock Incentive Plans (Tables)	3 Months Ended
	Apr. 02, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	A summary of stock-based compensation activities during the three months ended April 2, 2023 was as follows (in thousands): Stock Options RSUs DSUs PSUs Outstanding as of January 1, 2023 971.9 205.3 52.0 52.2 Granted 56.5 102.0 — 26.9 Exercised/Vested/Settled (a) (19.2) (68.0) — — Expired or forfeited (1.7) (4.4) — (0.3) Outstanding as of April 2, 2023 1,007.5 234.9 52.0 78.8 ______________ (a) Does not include 21.3 thousand stock options and 17.7 thousand RSUs granted to retirement eligible associates under the Rule of 65. While these shares immediately vested, they have not been settled. The weighted average grant date fair value of awards granted were as follows: April 2, 2023 April 3, 2022 Stock options $ 72.24 $ 57.47 RSUs $ 149.09 $ 179.71 DSUs $ — $ 161.69 PSUs $ 149.36 $ 179.40
Summary of DSU Activity	A summary of stock-based compensation activities during the three months ended April 2, 2023 was as follows (in thousands): Stock Options RSUs DSUs PSUs Outstanding as of January 1, 2023 971.9 205.3 52.0 52.2 Granted 56.5 102.0 — 26.9 Exercised/Vested/Settled (a) (19.2) (68.0) — — Expired or forfeited (1.7) (4.4) — (0.3) Outstanding as of April 2, 2023 1,007.5 234.9 52.0 78.8 ______________ (a) Does not include 21.3 thousand stock options and 17.7 thousand RSUs granted to retirement eligible associates under the Rule of 65. While these shares immediately vested, they have not been settled. The weighted average grant date fair value of awards granted were as follows: April 2, 2023 April 3, 2022 Stock options $ 72.24 $ 57.47 RSUs $ 149.09 $ 179.71 DSUs $ — $ 161.69 PSUs $ 149.36 $ 179.40
Summary of PSU Activity	A summary of stock-based compensation activities during the three months ended April 2, 2023 was as follows (in thousands): Stock Options RSUs DSUs PSUs Outstanding as of January 1, 2023 971.9 205.3 52.0 52.2 Granted 56.5 102.0 — 26.9 Exercised/Vested/Settled (a) (19.2) (68.0) — — Expired or forfeited (1.7) (4.4) — (0.3) Outstanding as of April 2, 2023 1,007.5 234.9 52.0 78.8 ______________ (a) Does not include 21.3 thousand stock options and 17.7 thousand RSUs granted to retirement eligible associates under the Rule of 65. While these shares immediately vested, they have not been settled. The weighted average grant date fair value of awards granted were as follows: April 2, 2023 April 3, 2022 Stock options $ 72.24 $ 57.47 RSUs $ 149.09 $ 179.71 DSUs $ — $ 161.69 PSUs $ 149.36 $ 179.40
Summary of RSU Activity	A summary of stock-based compensation activities during the three months ended April 2, 2023 was as follows (in thousands): Stock Options RSUs DSUs PSUs Outstanding as of January 1, 2023 971.9 205.3 52.0 52.2 Granted 56.5 102.0 — 26.9 Exercised/Vested/Settled (a) (19.2) (68.0) — — Expired or forfeited (1.7) (4.4) — (0.3) Outstanding as of April 2, 2023 1,007.5 234.9 52.0 78.8 ______________ (a) Does not include 21.3 thousand stock options and 17.7 thousand RSUs granted to retirement eligible associates under the Rule of 65. While these shares immediately vested, they have not been settled. The weighted average grant date fair value of awards granted were as follows: April 2, 2023 April 3, 2022 Stock options $ 72.24 $ 57.47 RSUs $ 149.09 $ 179.71 DSUs $ — $ 161.69 PSUs $ 149.36 $ 179.40
Summary of Stock-based Compensation Expense Recognized	A summary of stock-based compensation expenses recognized during the periods was as follows (in millions): Three Months Ended April 2, 2023 April 3, 2022 Stock options (a) $ 2.4 $ 0.9 RSUs (a) 5.4 2.1 DSUs 0.1 0.1 PSUs 0.7 0.6 Total stock-based compensation $ 8.6 $ 3.7 ______________ (a) Stock-based compensation expense for the three months ended April 2, 2023 included accelerated expense related to retirement eligible associates under the Rule of 65. These amounts included $1.5 million related to stock options and $2.5 million related to RSUs.
Summary of Unrecognized Stock-based Compensation Expense	A summary of unrecognized stock-based compensation expense was as follows: April 2, 2023 January 1, 2023 Unrecognized Compensation Weighted Average Unrecognized Compensation Weighted Average Stock options $ 7.3 2.8 years $ 5.6 2.5 years RSUs $ 30.8 3.0 years $ 21.7 2.7 years DSUs $ 0.1 0.9 years $ 0.1 0.9 years PSUs $ 6.5 2.2 years $ 3.3 1.7 years

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Apr. 02, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt was as follows (in millions): April 2, 2023 January 1, 2023 ABL facility $ 313.0 $ 100.0 Term loans 252.2 252.8 Hybrid debt instruments 3.0 3.3 Total gross long-term debt 568.2 356.1 Less: unamortized debt issuance costs and discounts on debt (5.3) (5.5) Total debt $ 562.9 $ 350.6 Less: current portion (4.1) (4.0) Total long-term debt $ 558.8 $ 346.6

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Apr. 02, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of the weighted average number of diluted common shares outstanding for the three months ended April 2, 2023 and April 3, 2022: Three Months Ended April 2, 2023 April 3, 2022 Shares used in the computation of basic earnings per share 45,045,851 44,935,765 Effect of dilutive securities: Stock options — 811,922 RSUs and PSUs — 96,833 DSUs — 6,082 Shares used in the computation of diluted earnings per share (a) 45,045,851 45,850,602 ______________ (a) The shares used in the computation of diluted EPS do not give effect to any dilutive securities for the three months ended April 2, 2023 as its inclusion would have the effect of decreasing the Net loss per common share.

Nature of Business and Signif_3

Nature of Business and Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Apr. 02, 2023 USD ($) location shares	Jan. 01, 2023 USD ($) shares	Oct. 20, 2022 USD ($)
Concentration Risk [Line Items]
Number of stores (over) | location	640
Stock repurchase program, authorized amount			$ 400,000,000
Stock repurchase (in shares) | shares	0
Share repurchase authorization	$ 375,000,000
Treasury stock (in shares) | shares	232,021	232,021
Treasury stock, value	$ 25,300,000	$ 25,300,000
Reclassification adjustment
Concentration Risk [Line Items]
Treasury stock (in shares) | shares	20,911
Treasury stock, value	$ 300,000
Geographic Concentration Risk | Sales | Canada
Concentration Risk [Line Items]
Concentration risk, percentage (less than)	2%
Geographic Concentration Risk | Total Assets | Canada
Concentration Risk [Line Items]
Concentration risk, percentage (less than)	4%

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 837.4	$ 805.3
Landscaping products
Disaggregation of Revenue [Line Items]
Net sales	636.9	587.7
Agronomic and other products
Disaggregation of Revenue [Line Items]
Net sales	$ 200.5	$ 217.6

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Remaining Performance Obligation (Details) $ in Millions	Apr. 02, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 9.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-03
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2023	Jan. 01, 2023
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 9.5	$ 10.5
Revenue recognized	$ 2.4

Acquisitions (Details)

Acquisitions (Details) $ in Millions	3 Months Ended
	Apr. 02, 2023 USD ($) location	Apr. 03, 2022 USD ($)	Mar. 31, 2023 location	Dec. 31, 2022 location	Oct. 31, 2022 location	Aug. 31, 2022 location	Jul. 31, 2022 location	Jun. 30, 2022 location	Apr. 30, 2022 location	Mar. 31, 2022 location
Business Acquisition [Line Items]
Aggregate purchase price | $	$ 31.8	$ 32.9
Deferred contingent consideration | $	$ 3.5	$ 0.9
Number of locations	640
Triangle Landscape Supplies, Inc.
Business Acquisition [Line Items]
Number of locations			4
J&J Materials Corp
Business Acquisition [Line Items]
Number of locations			5
Whittlesey
Business Acquisition [Line Items]
Number of locations				7
Telluride Natural Stone
Business Acquisition [Line Items]
Number of locations				1
Madison Block and Stone
Business Acquisition [Line Items]
Number of locations					1
Kaknes Landscape Supply
Business Acquisition [Line Items]
Number of locations						1
Stone Plus
Business Acquisition [Line Items]
Number of locations						3
Jim Stone
Business Acquisition [Line Items]
Number of locations						3
Linzel
Business Acquisition [Line Items]
Number of locations						1
Cape Cod Stone
Business Acquisition [Line Items]
Number of locations						1
River Valley
Business Acquisition [Line Items]
Number of locations							1
A & A Stepping Stone
Business Acquisition [Line Items]
Number of locations							4
Prescott Dirt
Business Acquisition [Line Items]
Number of locations								2
Yard Works
Business Acquisition [Line Items]
Number of locations								13
Across the Pond
Business Acquisition [Line Items]
Number of locations								1
Preferred Seed
Business Acquisition [Line Items]
Number of locations									1
Bellstone
Business Acquisition [Line Items]
Number of locations									1
JK Enterprise | Northern Virginia
Business Acquisition [Line Items]
Number of locations										6
JK Enterprise | Maryland
Business Acquisition [Line Items]
Number of locations										1

Fair Value Measurement and In_3

Fair Value Measurement and Interest Rate Swaps - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2023	Mar. 31, 2023	Jan. 01, 2023	Apr. 03, 2022	Jan. 02, 2022	Mar. 23, 2021
Derivative [Line Items]
Net of fair value	$ 1,302.7		$ 1,302.9	$ 1,099.2	$ 1,057.7
Interest rate contracts
Derivative [Line Items]
Amount to be reclassified to earnings during the next twelve months	6.3
Accumulated Gain (Loss) | Interest rate swaps
Derivative [Line Items]
Net of fair value	$ 10.1
SOFR
Derivative [Line Items]
Derivative, floor interest rate		0.23839%
LIBOR
Derivative [Line Items]
Derivative, floor interest rate						0.50%

Fair Value Measurement and In_4

Fair Value Measurement and Interest Rate Swaps - Interest Rate Swap Contracts (Details) - Derivatives designated as hedging instruments - USD ($) $ in Millions	Apr. 14, 2023	Apr. 02, 2023	Jan. 01, 2023
Interest rate contracts
Derivative [Line Items]
Fair value of hedge assets		$ 13.6	$ 16.3
Interest rate contracts | Prepaid expenses and other current assets
Derivative [Line Items]
Fair value of hedge assets		8.5	8.6
Interest rate contracts | Other assets
Derivative [Line Items]
Fair value of hedge assets		5.1	$ 7.7
Forward-starting interest rate swap 3(a)
Derivative [Line Items]
Notional Amount		$ 34
Fixed Interest Rate		2.9345%
Forward-starting interest rate swap 3(a) | Subsequent Event
Derivative [Line Items]
Fixed Interest Rate	2.7304%
Derivative, floor interest rate	0.73839%
Interest rate swap 7
Derivative [Line Items]
Notional Amount		$ 50
Fixed Interest Rate		0.733%
Interest rate swap 8
Derivative [Line Items]
Notional Amount		$ 90
Fixed Interest Rate		0.743%
Interest rate swap 9
Derivative [Line Items]
Notional Amount		$ 70
Fixed Interest Rate		0.75424%

Fair Value Measurement and In_5

Fair Value Measurement and Interest Rate Swaps - Pre-tax Amounts of Derivatives Designated as Cash Flow Hedges in AOCI (Details) - Interest rate swaps - Interest and other non-operating expenses, net - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Derivatives designated as hedging instruments
Derivative [Line Items]
Gain (Loss) Recorded in OCI	$ (0.8)	$ 9.1
Gain (Loss) Reclassified from AOCI into Income	1.9	(0.4)
Not Designated as Hedging Instrument
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Income	(0.1)	(0.7)
Gain (Loss) Recognized in Income	$ 0	$ 0

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Millions	Apr. 02, 2023	Jan. 01, 2023
Property, Plant and Equipment [Line Items]
Finance lease right-of-use assets	$ 108.6	$ 103.1
Total property and equipment, gross	381.5	364.5
Less: accumulated depreciation and amortization	187.1	175.7
Property and equipment, net	194.4	188.8
Land
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	13.2	13.2
Buildings
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	8.1	8.1
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	48.2	46.2
Branch equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	116	114.7
Office furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	28.3	28.2
Vehicles
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	44.9	43.2
Mineral rights
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	2.2	0
Tooling
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	0.1	0.1
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 11.9	$ 7.7

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022	Jan. 01, 2023
Property, Plant and Equipment [Line Items]
Amortization of finance lease right-of-use assets and depreciation	$ 15.5	$ 10
Capitalized software costs	10.8		$ 10.8
Accumulated amortization of capitalized software	10.4		$ 10.2
Amortization of software costs	$ 0.2	$ 0.4
Capitalized software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	3 years

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Apr. 02, 2023	Jan. 01, 2023
Goodwill [Roll Forward]
Beginning balance	$ 411.9	$ 311.1
Goodwill acquired during the period	13.4	101.8
Goodwill adjusted during the period	(2.9)	(1)
Ending balance	$ 422.4	$ 411.9

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Summary of the Components of Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2023	Jan. 01, 2023
Finite-Lived Intangible Assets [Line Items]
Amount	$ 552.1	$ 538.4
Accumulated Amortization	275.3	262.4
Net	$ 276.8	276
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	17 years 2 months 12 days
Amount	$ 506.3	490.5
Accumulated Amortization	254.2	241.2
Net	$ 252.1	249.3
Trademarks and other
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life	3 years 8 months 12 days
Amount	$ 45.8	47.9
Accumulated Amortization	21.1	21.2
Net	$ 24.7	$ 26.7

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($)	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 15,900,000	$ 16,400,000
Amortization of intangible assets	15,100,000	11,300,000
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	15,800,000	13,900,000
Change in intangible assets, additions	13,300,000	12,800,000
Adjustments to purchase price allocations	$ 2,500,000	1,100,000
Weighted average useful life	20 years
Trademarks and other
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 100,000	2,500,000
Change in intangible assets, additions	1,100,000	1,100,000
Adjustments to purchase price allocations	$ (1,000,000)	$ 1,400,000
Weighted average useful life	5 years

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, Net - Total Future Amortization (Details) - USD ($) $ in Millions	Apr. 02, 2023	Jan. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (remainder)	$ 43.4
2024	46.5
2025	38.4
2026	31.5
2027	24.5
Thereafter	92.5
Net	$ 276.8	$ 276

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended
	Apr. 02, 2023 renewal_term
Lease cost
Number of renewal options (or more)	1
Minimum
Lease cost
Lease renewal term	1 year
Maximum
Lease cost
Lease renewal term	5 years

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Finance lease cost:
Amortization of right-of-use assets	$ 4.2	$ 3
Interest on lease liabilities	0.8	0.4
Short-term lease cost	0.8	0.5
Variable lease cost	0.4	0.2
Sublease income	(0.2)	(0.3)
Total lease cost	28.1	23.7
Cost of goods sold
Finance lease cost:
Operating lease cost	1.7	1.5
Selling, general and administrative expenses
Finance lease cost:
Operating lease cost	$ 20.4	$ 18.4

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows from finance leases	$ 0.8	$ 0.4
Operating cash flows from operating leases	22.2	19.3
Financing cash flows from finance leases	3.9	2.9
Right-of-use assets obtained in exchange for new lease liabilities:
Finance leases	8.7	1.9
Operating leases	$ 49.8	$ 26

Leases - Future Lease Payments

Leases - Future Lease Payments for Operating and Finance Leases (Details) $ in Millions	Apr. 02, 2023 USD ($)
Operating Leases
2023 (remainder)	$ 58.5
2024	80.2
2025	67.8
2026	53.4
2027	42.1
2028	31.1
Thereafter	93.1
Total lease payments	426.2
Less: interest	59.5
Present value of lease liabilities	366.7
Finance Leases
2023 (remainder)	14.2
2024	17.7
2025	14.7
2026	11.6
2027	7.9
2028	4.4
Thereafter	0.2
Total lease payments	70.7
Less: interest	7.2
Present value of lease liabilities	$ 63.5

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Apr. 02, 2023	Apr. 03, 2022
Leases [Abstract]
Weighted-average remaining lease term, finance leases	4 years 3 months 18 days	4 years 2 months 12 days
Weighted-average remaining lease term, operating leases	6 years 4 months 24 days	6 years 9 months 18 days
Weighted-average discount rate, finance leases	5%	3.70%
Weighted-average discount rate, operating leases	4.70%	4.70%

Employee Benefit and Stock In_3

Employee Benefit and Stock Incentive Plans - Additional Information (Details) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2023 installment	Apr. 02, 2023 USD ($) shares	Apr. 03, 2022 USD ($)	May 13, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contributions to the defined contribution benefit plan made by Company | $		$ 4.6	$ 4.4
Number of shares authorized (in shares)		2,155,280		2,155,280
Shares reserved for issuance (in shares)		1,930,234
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
RSUs and PSUs | 25% vested in year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
RSUs and PSUs | 25% vested in year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
RSUs and PSUs | 25% vested in year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Expiration period		10 years
Stock options | 25% vested in year 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Stock options | 25% vested in year 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Stock options | 25% vested in year 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Stock options | 25% vested in year 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				1,600,000
2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance (in shares)				555,280
Rule Of 65 | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Annual equal installments | installment	4
Years of service with company	5 years

Employee Benefit and Stock In_4

Employee Benefit and Stock Incentive Plans - Summary of Stock-based Compensation Activities (Details)	3 Months Ended
	Apr. 02, 2023 shares
Rule Of 65
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)	21,300
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning balance (in shares)	971,900
Granted (in shares)	56,500
Exercised/Vested/Settled (in shares)	(19,200)
Expired or forfeited (in shares)	(1,700)
Outstanding, ending balance (in shares)	1,007,500
RSUs
RSUs, DSUs and PSUs
Outstanding, beginning balance (in shares)	205,300
Granted (in shares)	102,000
Exercised/Vested/Settled (in shares)	(68,000)
Expired or forfeited (in shares)	(4,400)
Outstanding, ending balance (in shares)	234,900
RSUs | Rule Of 65
RSUs, DSUs and PSUs
Granted (in shares)	17,700
DSUs
RSUs, DSUs and PSUs
Outstanding, beginning balance (in shares)	52,000
Granted (in shares)	0
Exercised/Vested/Settled (in shares)	0
Expired or forfeited (in shares)	0
Outstanding, ending balance (in shares)	52,000
PSUs
RSUs, DSUs and PSUs
Outstanding, beginning balance (in shares)	52,200
Granted (in shares)	26,900
Exercised/Vested/Settled (in shares)	0
Expired or forfeited (in shares)	(300)
Outstanding, ending balance (in shares)	78,800

Employee Benefit and Stock In_5

Employee Benefit and Stock Incentive Plans - Weighted-average Grant Date Fair Value of Awards Granted (Details) - $ / shares	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Grant Date Fair Value (in dollars per share)	$ 72.24	$ 57.47
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Grant Date Fair Value (in dollars per share)	149.09	179.71
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Grant Date Fair Value (in dollars per share)	0	161.69
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Grant Date Fair Value (in dollars per share)	$ 149.36	$ 179.40

Employee Benefit and Stock In_6

Employee Benefit and Stock Incentive Plans - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 8.6	$ 3.7
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	2.4	0.9
Accelerated cost	1.5
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	5.4	2.1
Accelerated cost	2.5
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	0.1	0.1
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 0.7	$ 0.6

Employee Benefit and Stock In_7

Employee Benefit and Stock Incentive Plans - Unrecognized Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Apr. 02, 2023	Jan. 01, 2023
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation	$ 7.3	$ 5.6
Weighted Average Remaining Period	2 years 9 months 18 days	2 years 6 months
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation	$ 30.8	$ 21.7
Weighted Average Remaining Period	3 years	2 years 8 months 12 days
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation	$ 0.1	$ 0.1
Weighted Average Remaining Period	10 months 24 days	10 months 24 days
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation	$ 6.5	$ 3.3
Weighted Average Remaining Period	2 years 2 months 12 days	1 year 8 months 12 days

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Apr. 02, 2023	Jan. 01, 2023	Apr. 04, 2021
Debt Instrument [Line Items]
Total gross long-term debt	$ 568.2	$ 356.1
Less: unamortized debt issuance costs and discounts on debt	(5.3)	(5.5)
Total debt	562.9	350.6
Less: current portion	(4.1)	(4)
Total long-term debt	558.8	346.6
ABL facility
Debt Instrument [Line Items]
Total gross long-term debt	313	100
Term loans
Debt Instrument [Line Items]
Total gross long-term debt	252.2	252.8
Hybrid debt instruments
Debt Instrument [Line Items]
Total gross long-term debt	3	$ 3.3	$ 5.9
Less: current portion	(1.5)		(1.5)
Total long-term debt	$ 1.5		$ 4.4

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details)			3 Months Ended		12 Months Ended
	Jul. 22, 2022 USD ($) d	Mar. 23, 2021 USD ($)	Apr. 02, 2023 USD ($)	Apr. 03, 2022 USD ($)	Jan. 01, 2023 USD ($)	Apr. 04, 2021 USD ($)
Debt Instrument [Line Items]
Total gross long-term debt			$ 568,200,000		$ 356,100,000
Interest expense			6,900,000	$ 4,300,000
Interest expense related to ABL facility and term loan facility			5,900,000	3,600,000
Amortization expense related to debt issuance costs			300,000	300,000
Interest expense incurred related to finance leases			700,000	$ 400,000
Long term debt current			4,100,000		4,000,000
Total long-term debt			558,800,000		346,600,000
ABL facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 600,000,000
Remaining borrowing capacity under credit facility			272,700,000		487,400,000
Total gross long-term debt			$ 313,000,000		$ 100,000,000
Debt instrument, possible reduction of basis spread variable rate	0.125%
Debt instrument, consolidated total leverage ratio	1.50
Commitment fee for the unfunded amount (percent)			0.25%		0.20%
Threshold trading days | d	30
Fixed charges coverage ratio	1
ABL facility | SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percent)	0.10%
Debt instrument floor rate	0%
ABL facility | Minimum
Debt Instrument [Line Items]
Interest rate on credit facility (percent)			6.07431%		5.68561%
Commitment fee for the unfunded amount (percent)	0.20%
ABL facility | Minimum | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percent)	1.25%
ABL facility | Minimum | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percent)	0.25%
ABL facility | Maximum
Debt Instrument [Line Items]
Interest rate on credit facility (percent)			8%		5.77336%
Commitment fee for the unfunded amount (percent)	0.25%
ABL facility | Maximum | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percent)	1.50%
ABL facility | Maximum | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percent)	0.50%
Term loans
Debt Instrument [Line Items]
Total gross long-term debt			$ 252,200,000		$ 252,800,000
Face amount of loan		$ 325,000,000
Premium payable (percent)		1%
Interest rate (percent)			7.15994%
Quarterly payment as percentage of initial principal amount		0.25%
Percentage of excess cash flow to be paid for annual mandatory prepayments		50%
Threshold for mandatory annual prepayments		$ 15,000,000
Leverage ratio		3
Term loans | SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percent)		2%
Debt instrument floor rate		0.50%
Term loans | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percent)		1%
Other term loan | SOFR
Debt Instrument [Line Items]
Debt instrument floor rate		0%
Hybrid debt instruments
Debt Instrument [Line Items]
Total gross long-term debt			$ 3,000,000		$ 3,300,000	$ 5,900,000
Long term debt current			1,500,000			1,500,000
Total long-term debt			$ 1,500,000			$ 4,400,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Income Tax Disclosure [Abstract]
Effective tax rate (percent)	37.50%	12.50%
Excess tax benefits	$ 0.8	$ 5
Increase or decrease to the valuation against deferred tax assets	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		12 Months Ended
	Apr. 02, 2023	Apr. 03, 2022	Jan. 01, 2023
Line of Credit Facility [Line Items]
Undiscounted cost of future remediation efforts	$ 3,900,000		$ 3,900,000
Amount of liability to be paid by Deere	2,500,000
Maximum amount of Company's exposure to environmental liability	2,400,000
Indemnification asset recorded against the liability	1,500,000		1,500,000
Letter of credit, amount outstanding	14,300,000		11,500,000
Borrowings on asset-based credit facility	298,300,000	$ 223,500,000
Letter of credit
Line of Credit Facility [Line Items]
Borrowings on asset-based credit facility	$ 0		$ 0

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - shares	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares used in computation of basic earnings per share (in shares)	45,045,851	44,935,765
Shares used in computation of diluted earnings per share (in shares)	45,045,851	45,850,602
Antidilutive securities (in shares)	1,253,714	151,642
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Additional potential common shares included in calculation of diluted earnings per common share (in shares)	0	811,922
RSUs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Additional potential common shares included in calculation of diluted earnings per common share (in shares)	0	96,833
DSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Additional potential common shares included in calculation of diluted earnings per common share (in shares)	0	6,082