O'Reilly Automotive (ORLY) 10-K 28 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 21, 2022	Jun. 30, 2021
Document and Entity Information
Document type	10-K
Document annual report	true
Document transition report	false
Amendment flag	false
Current fiscal year end date	--12-31
Document period end date	Dec. 31, 2021
Document fiscal year focus	2021
Document fiscal period focus	FY
Entity registrant name	O Reilly Automotive Inc
Entity central index key	0000898173
Entity incorporation, state	MO
Entity file number	000-21318
Entity tax identification number	27-4358837
Entity address, address	233 South Patterson Avenue
Entity address, city	Springfield
Entity address, postal zip code	65802
Entity address, state	MO
City area code	417
Local phone number	862-6708
Title of 12(b) security	Common Stock
Trading symbol	ORLY
Security exchange name	NASDAQ
Entity current reporting status	Yes
Entity well-known seasoned issuer	Yes
Entity voluntary filers	No
Entity filer category	Large Accelerated Filer
Entity small business	false
Entity emerging growth company	false
Entity interactive data current	Yes
ICFR auditor attestation flag	true
Entity shell company	false
Entity public float			$ 32,941,377,581
Entity common stock, shares outstanding		66,600,918
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Kansas City, Missouri

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 362,113	$ 465,640
Accounts receivable, less allowance for doubtful accounts $11,870 in 2021 and $12,670 in 2020	272,562	229,679
Amounts receivable from suppliers	113,112	100,615
Inventory	3,686,383	3,653,195
Other current assets	70,092	50,658
Total current assets	4,504,262	4,499,787
Property and equipment, at cost	6,948,038	6,559,911
Less: accumulated depreciation and amortization	2,734,523	2,464,993
Net property and equipment	4,213,515	4,094,918
Operating lease, right-of-use assets	1,982,478	1,995,127
Goodwill	879,340	881,030
Other assets, net	139,112	125,780
Total assets	11,718,707	11,596,642
Liabilities and shareholders' equity (deficit)
Accounts payable	4,695,312	4,184,662
Self-insurance reserves	128,794	109,199
Accrued payroll	107,588	88,875
Accrued benefits and withholdings	234,872	242,724
Income taxes payable	0	16,786
Current portion of operating lease liabilities	337,832	322,778
Other current liabilities	370,217	297,393
Total current liabilities	5,874,615	5,262,417
Long-term debt	3,826,978	4,123,217
Operating lease liabilities, less current portion	1,701,757	1,718,691
Deferred income taxes	175,212	155,899
Other liabilities	206,568	196,160
Shareholders' equity (deficit):
Preferred stock, $0.01 par value: Authorized shares - 5,000,000; Issued and outstanding shares - none	0	0
Common stock, $0.01 par value: Authorized shares - 245,000,000 Issued and outstanding shares - 67,029,042 as of December 31, 2021, and 71,123,109 as of December 31, 2020	670	711
Additional paid-in capital	1,305,508	1,280,841
Retained deficit	(1,365,802)	(1,139,139)
Accumulated other comprehensive loss	(6,799)	(2,155)
Total shareholders' (deficit) equity	(66,423)	140,258
Total liabilities and shareholders' equity (deficit)	$ 11,718,707	$ 11,596,642

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts	$ 11,870	$ 12,670
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	245,000,000	245,000,000
Common stock, shares issued	67,029,042	71,123,109
Common stock, shares outstanding	67,029,042	71,123,109

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Income
Sales	$ 13,327,563	$ 11,604,493	$ 10,149,985
Cost of goods sold, including warehouse and distribution expenses	6,307,614	5,518,801	4,755,294
Gross profit	7,019,949	6,085,692	5,394,691
Selling, general and administrative expenses	4,102,781	3,666,356	3,473,965
Operating income	2,917,168	2,419,336	1,920,726
Other income (expense):
Interest expense	(144,768)	(161,126)	(139,975)
Interest income	1,971	2,491	2,545
Other, net	7,543	5,704	7,033
Total other expense	(135,254)	(152,931)	(130,397)
Income before income taxes	2,781,914	2,266,405	1,790,329
Provision for income taxes	617,229	514,103	399,287
Net income	$ 2,164,685	$ 1,752,302	$ 1,391,042
Earnings per share-basic:
Earnings per share	$ 31.39	$ 23.74	$ 18.07
Weighted-average common shares outstanding - basic	68,967	73,817	76,985
Earnings per share-assuming dilution:
Earnings per share	$ 31.10	$ 23.53	$ 17.88
Weighted-average common shares outstanding - assuming dilution	69,611	74,462	77,788

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Comprehensive Income
Net income	$ 2,164,685	$ 1,752,302	$ 1,391,042
Other comprehensive income (loss):
Foreign currency translation adjustments	(4,644)	(7,045)	4,890
Total other comprehensive (loss) income	(4,644)	(7,045)	4,890
Comprehensive income	$ 2,160,041	$ 1,745,257	$ 1,395,932

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common stock [Member]	Additional paid-in capital [Member]	Retained earnings (deficit) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained earnings (deficit) [Member]	Accumulated other comprehensive income [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Total
Balance at beginning of period (ASU 2016-02 [Member]) at Dec. 31, 2018			$ (1,410)			$ (1,410)
Balance at beginning of period at Dec. 31, 2018	$ 790	$ 1,262,063		$ (909,186)	$ 0		$ 353,667
Balance (in shares) at Dec. 31, 2018	79,044,000
Net income				1,391,042			1,391,042
Other comprehensive income					4,890		4,890
Issuance of common stock under employee benefit plans, net of forfeitures and shares withheld to cover taxes		15,302					15,302
Issuance of common stock under employee benefit plans, net of forfeitures and shares withheld to cover taxes, shares	46,000
Net issuance of common stock upon exercise of stock options	$ 5	46,101					46,106
Net issuance of common stock upon exercise of stock options, shares	406,000
Share-based compensation		20,534					20,534
Share repurchases, including fees	$ (39)	(63,240)		(1,369,512)			(1,432,791)
Share repurchases, including fees, shares	(3,877,000)
Balance at end of period at Dec. 31, 2019	$ 756	1,280,760		(889,066)	4,890		397,340
Balance (in shares) at Dec. 31, 2019	75,619,000
Net income				1,752,302			1,752,302
Other comprehensive income					(7,045)		(7,045)
Issuance of common stock under employee benefit plans, net of forfeitures and shares withheld to cover taxes		17,314					17,314
Issuance of common stock under employee benefit plans, net of forfeitures and shares withheld to cover taxes, shares	48,000
Net issuance of common stock upon exercise of stock options	$ 3	46,279					46,282
Net issuance of common stock upon exercise of stock options, shares	288,000
Share-based compensation		21,259					21,259
Share repurchases, including fees	$ (48)	(84,771)		(2,002,375)			$ (2,087,194)
Share repurchases, including fees, shares	(4,832,000)						(4,832,000)
Balance at end of period at Dec. 31, 2020	$ 711	1,280,841		(1,139,139)	(2,155)		$ 140,258
Balance (in shares) at Dec. 31, 2020	71,123,000						71,123,109
Net income				2,164,685			$ 2,164,685
Other comprehensive income					(4,644)		(4,644)
Issuance of common stock under employee benefit plans, net of forfeitures and shares withheld to cover taxes		18,511					18,511
Issuance of common stock under employee benefit plans, net of forfeitures and shares withheld to cover taxes, shares	39,000
Net issuance of common stock upon exercise of stock options	$ 4	67,757					67,761
Net issuance of common stock upon exercise of stock options, shares	404,000
Share-based compensation		23,054					23,054
Share repurchases, including fees	$ (45)	(84,655)		(2,391,348)			$ (2,476,048)
Share repurchases, including fees, shares	(4,537,000)						(4,537,000)
Balance at end of period at Dec. 31, 2021	$ 670	$ 1,305,508		$ (1,365,802)	$ (6,799)		$ (66,423)
Balance (in shares) at Dec. 31, 2021	67,029,000						67,029,042

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities:
Net income	$ 2,164,685	$ 1,752,302	$ 1,391,042
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, equipment and intangibles	328,217	314,635	270,875
Amortization of debt discount and issuance costs	4,388	4,580	3,916
Deferred income taxes	20,383	12,381	21,158
Share-based compensation programs	24,656	22,747	21,921
Other	2,128	4,686	7,529
Changes in operating assets and liabilities:
Accounts receivable	(47,427)	(20,515)	(15,577)
Inventory	(32,634)	(198,864)	(239,912)
Accounts payable	510,911	580,608	213,423
Income taxes payable	152,339	197,739	(20,139)
Accrued payroll	18,714	(11,941)	14,296
Accrued benefits and withholdings	9,214	189,332	16,868
Other	51,736	(11,087)	23,079
Net cash provided by operating activities	3,207,310	2,836,603	1,708,479
Investing activities:
Purchases of property and equipment	(442,853)	(465,579)	(628,057)
Proceeds from sale of property and equipment	9,494	15,770	7,118
Investment in tax credit equity investments	(180,333)	(164,111)	(33,781)
Other	(1,928)	(975)	(142,026)
Net cash used in investing activities	(615,620)	(614,895)	(796,746)
Financing activities:
Proceeds from borrowings on revolving credit facility	0	1,162,000	2,708,000
Payments on revolving credit facility	0	(1,423,000)	(2,734,000)
Proceeds from the issuance of long-term debt	0	997,515	499,955
Principal payments on long-term debt	(300,000)	(500,000)	0
Payment of debt issuance costs	(3,412)	(7,929)	(3,990)
Repurchases of common stock	(2,476,048)	(2,087,194)	(1,432,791)
Net proceeds from issuance of common stock	84,915	62,284	60,206
Other	(313)	(253)	(191)
Net cash used in financing activities	(2,694,858)	(1,796,577)	(902,811)
Effect of exchange rate changes on cash	(359)	103	169
Net (decrease) increase in cash and cash equivalents	(103,527)	425,234	9,091
Cash and cash equivalents at beginning of the period	465,640	40,406	31,315
Cash and cash equivalents at end of the period	362,113	465,640	40,406
Supplemental disclosures of cash flow information:
Income taxes paid	450,935	305,087	394,931
Interest paid, net of capitalized interest	$ 144,293	$ 159,717	$ 134,634

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Summary of significant accounting policies	NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ​ Nature of business: O’Reilly Automotive, Inc. and Subsidiaries, collectively, “O’Reilly” or the “Company,” is a specialty retailer and supplier of automotive aftermarket parts. The Company’s stores carry an extensive product line, including new and remanufactured automotive hard parts, maintenance items and various automotive accessories. As of December 31, 2021, the Company owned and operated 5,759 stores in 47 U.S. states and 25 stores in Mexico, servicing both do-it-yourself (“DIY”) and the professional service provider customers. The Company’s robust distribution system provides stores with same-day or overnight access to an extensive inventory of hard-to-find items not typically stocked in the stores of other auto parts retailers. ​ Segment reporting: The Company is managed and operated by a single management Team reporting to the chief operating decision maker. Product sales are the only material source of revenue for the Company and the products sold by the Company have similar economic characteristics, are sourced from the Company’s suppliers in a similar manner, and are available for sale to all of the Company’s customers through the Company’s stores. The Company’s stores have similar characteristics, including the nature of the products and services, the type and class of customers and the methods used to distribute products and provide service to its customers and, as a whole, make up a single operating segment. The Company does not regularly prepare for review by the chief operating decision maker discrete financial information with respect to product categories or types of customers and, as such, has one reportable segment. ​ Principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company balances and transactions have been eliminated in consolidation. ​ Use of estimates: The preparation of the consolidated financial statements, in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”), requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. ​ Cash equivalents: Cash equivalents include investments with maturities of 90 days or less on the date of purchase. ​ Foreign Currency: The Company accounts for its Mexican operations using the local market currency, the Mexican peso, and converts its financial statements compiled for these operations from the Mexican peso to U.S. dollars. The cumulative gain or loss on currency translation is included as a component of “Accumulated other comprehensive income” on the accompanying Consolidated Balance Sheets. See Note 10 for further information concerning the Company’s accumulated other comprehensive income. ​ Accounts receivable: The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of the Company’s customers to make required payments. The Company considers the following factors when determining if collection is reasonably assured: customer creditworthiness, past transaction history with the customer, current expectations of future economic and industry trends, changes in customer payment terms and management’s expectations. Allowances for doubtful accounts are determined based on historical experience and an evaluation of the current composition of accounts receivable. ​ The Company grants credit to certain professional service provider and jobber customers who meet the Company’s pre-established credit requirements. Concentrations of credit risk with respect to these receivables are limited because the Company’s customer base consists of a large number of small customers, spreading the credit risk across a broad base regarded as a single class of financing receivable by the Company. The Company also controls this credit risk through credit approvals, credit limits and accounts receivable and credit monitoring procedures. Generally, the Company does not require security when credit is granted to customers. Credit is granted to customers on a short-term basis, consisting primarily of daily, weekly or monthly accounts. Credit losses are provided for in the Company’s consolidated financial statements and have consistently been within management’s expectations. ​ Amounts due to the Company from its Team Members are included in “Accounts receivable” on the accompanying Consolidated Balance Sheets. These amounts consist primarily of purchases of merchandise on Team Member accounts. Accounts receivable due from Team Members was approximately $0.7 million and $0.9 million as of December 31, 2021 and 2020, respectively. ​ Amounts receivable from suppliers: The Company receives concessions from its suppliers through a variety of programs and arrangements, including allowances for new stores and warranties, volume purchase rebates and co-operative advertising. Co-operative advertising allowances that are incremental to the Company’s advertising program, specific to a product or event and identifiable for accounting purposes are reported as a reduction of advertising expense in the period in which the advertising occurred. All other supplier concessions are recognized as a reduction to the cost of sales. Amounts receivable from suppliers also include amounts due to the Company for changeover merchandise and product returns. The Company regularly reviews supplier receivables for collectability and assesses the need for a reserve for uncollectable amounts based on an evaluation of the Company’s suppliers’ financial positions and corresponding abilities to meet financial obligations. Management does not believe there is a reasonable likelihood that the Company will be unable to collect the amounts receivable from suppliers and the Company did not record a reserve for uncollectable amounts from suppliers in the consolidated financial statements as of December 31, 2021 or 2020. ​ Inventory: Inventory, which consists of automotive hard parts, maintenance items, accessories and tools, is stated at the lower of cost or market. Inventory also includes capitalized costs related to procurement, warehousing and distribution centers (“DCs”). Cost has been determined using the last-in, first-out (“LIFO”) method, which more accurately matches costs with related revenues. Over time, as the Company’s merchandise inventory purchases increased, the Company negotiated improved acquisition costs from its suppliers and the corresponding price deflation exhausted the Company’s credit LIFO reserve balance, resulting in a LIFO inventory value above replacement cost from December 31, 2013, to June 30, 2021. The Company’s policy is to not write up the value of its inventory in excess of its replacement cost, and accordingly, the Company’s merchandise inventory was effectively valued at replacement cost. During the year ended December 31, 2021, the Company’s LIFO reserve reverted back to a more typical credit balance. The replacement cost of inventory was $3.92 billion and $3.67 billion as of December 31, 2021 and 2020, respectively. LIFO costs exceeded replacement costs by $55.8 million at December 31, 2020. ​ Fair value of financial instruments: The Company uses the fair value hierarchy, which prioritizes the inputs used to measure the fair value of certain of its financial instruments. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The Company uses the income and market approaches to determine the fair value of its assets and liabilities. The three levels of the fair value hierarchy are set forth below: ● Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. ● Level 2 – Inputs other than quoted prices in active markets included within Level 1 that are observable for the asset or liability, either directly or indirectly. ● Level 3 – Unobservable inputs for the asset or liability. ​ See Note 2 for further information concerning the Company’s financial and non-financial assets and liabilities measured at fair value on a recurring and non-recurring basis. ​ Property and equipment: Property and equipment are carried at cost. Depreciation is calculated using the straight-line method, generally over the estimated useful lives of the assets. Leasehold improvements are amortized over the lesser of the lease term or the estimated economic life of the assets. The lease term includes renewal options determined by management at lease inception, for which failure to execute renewal options would result in a substantial economic penalty to the Company. Maintenance and repairs are charged to expense as incurred. Upon retirement or sale, the cost and accumulated depreciation are eliminated and the gain or loss, if any, is recognized in the Company’s Consolidated Statements of Income. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. See Note 4 for further information concerning the Company’s property and equipment. ​ Goodwill and other intangibles: The accompanying Consolidated Balance Sheets at December 31, 2021 and 2020, include goodwill and other intangible assets recorded as the result of acquisitions. The Company operates a single reporting unit and evaluates goodwill and indefinite-lived intangibles for impairment annually during the fourth quarter, or when events or changes in circumstances indicate the carrying value of these assets might exceed their current fair values. The goodwill impairment test includes an optional qualitative assessment. The Company’s qualitative assessment found no evidence to suggest it is more likely than not that its fair value is less than its carrying amount, including goodwill, as of December 31, 2021 and 2020. As such, no goodwill impairment adjustment was required as of December 31, 2021 and 2020. Finite-lived intangibles are carried at amortized cost and amortization is calculated using the straight-line method, generally over the estimated useful lives of the intangibles. See Note 6 for further information concerning the Company’s goodwill and other intangibles. ​ Leases: The Company leases certain office space, retail stores, distribution centers and equipment under long-term, non-cancelable operating leases. Lease components are not accounted for separately from nonlease components. Leases generally include renewal options and some include options to purchase, provisions for percentage rent based on sales and/or incremental step increase provisions. The exercise of renewal options is typically at the Company’s sole discretion and all operating lease expense is recognized on a straight-line basis over the lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company rents or subleases certain surplus real estate to third parties. Right-of-use assets and corresponding operating lease liabilities are recognized for all leases with an initial term greater than 12 months. See Note 5 for further information concerning the Company’s operating leases. ​ Impairment of long-lived assets: The Company reviews its long-lived assets, including its right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. When such an event occurs, the Company compares the sum of the undiscounted expected future cash flows of the asset (asset group) with the carrying amounts of the asset. If the undiscounted expected future cash flows are less than the carrying value of the assets, the Company measures the amount of impairment loss as the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Company has not historically recorded any material impairment charges to its long-lived assets. During the year ended December 31, 2021 and 2019, the Company recorded a charge of $12.6 million and $1.9 million, respectively, related to its long-lived assets, primarily due to certain hardware and software projects that were disposed or no longer expected to provide a long-term benefit. During the year ended December 31, 2020, the Company recorded a charge of $3.4 million, related to the write-down on surplus land and buildings that exceeded market value. ​ Valuation of investments: The Company has an unsecured obligation to pay, in the future, the value of deferred compensation and a Company match relating to employee participation in the Company’s nonqualified deferred compensation plan (the “Deferred Compensation Plan”). The future obligation is adjusted to reflect the performance, whether positive or negative, of selected investment measurement options, chosen by each participant. The Company invests in various marketable securities with the intention of selling these securities to fulfill its future obligations under the Deferred Compensation Plan. The investments in this plan were stated at fair value based on quoted market prices, were accounted for as trading securities and were included in “Other assets, net” on the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020. See Note 2 for further information concerning the fair value measurements of the Company’s marketable securities. See Note 12 for further information concerning the Company’s benefit plans. ​ Variable Interest Entities: The Company invests in certain tax credit funds that promote renewable energy. These investments generate a return primarily through the realization of federal tax credits and other tax benefits. The Company accounts for the tax attributes of its renewable energy investments using the deferral method. Under this method, realized investment tax credits and other tax benefits are recognized as a reduction of the renewable energy investments. ​ The Company determined its investment in these tax credit funds was an investment in a variable interest entity (“VIE”). The Company analyzes any investments in VIEs at inception and again if certain triggering events are identified to determine if it is the primary beneficiary. The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities. As of December 31, 2021, the Company had invested in four unconsolidated tax credit fund entities that were considered to be VIEs and concluded it was not the primary beneficiary of any of the entities, as it did not have the power to control the activities that most significantly impact the entities, and has accounted for these investments using the equity method. The Company’s maximum exposure to losses associated with these VIEs is limited to its net investment, which was $21.1 million as of December 31, 2021, and was included in “Other assets, net” on the accompanying Consolidated Balance Sheets. During the years ended December 31, 2021, 2020 and 2019, the Company recognized investment tax credits in the amounts of $177.1 million, $170.5 million and $8.5 million, respectively, all of which were realized through reductions in cash income taxes paid and were reflected as a component of the change in Income taxes payable on the accompanying Consolidated Statements of Cash Flows for the respective years. ​ During the second quarter ended June 30, 2021, the Company entered into an agreement to make certain additional capital contributions to one of its tax credit funds, which promotes renewable energy through the development of solar or wind energy farms, for the primary purpose of receiving renewable energy tax credits. Per the terms of the agreement, the Company is required to make capital contributions totaling approximately $5.7 million upon achievement of project milestones by the solar or wind energy farms, the timing of which is variable and outside of the Company’s control. See Note 15 for further information concerning the Company’s investment in renewable energy tax credits. ​ Self-insurance reserves: The Company uses a combination of insurance and self-insurance mechanisms to provide for potential liabilities for Team Member health care benefits, workers’ compensation, vehicle liability, general liability and property loss. With the exception of certain Team Member health care benefit liabilities, employment related claims and litigation, certain commercial litigation and certain regulatory matters, the Company obtains third-party insurance coverage to limit its exposure. The Company estimates its self-insurance liabilities by considering a number of factors, including historical claims experience and trend-lines, projected medical and legal inflation, growth patterns and exposure forecasts. Certain of these liabilities were recorded at an estimate of their net present value, using a credit-adjusted discount rate. ​ The following table identifies the components of the Company’s self-insurance reserves as of December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 2020 Self-insurance reserves (undiscounted) ​ ​ $ 233,185 ​ $ 213,332 Self-insurance reserves (discounted) ​ ​ 222,273 ​ 202,454 ​ The current portion of the Company’s discounted self-insurance reserves totaled $128.8 million and $109.2 million as of December 31, 2021 and 2020, respectively, which was included in “Self-insurance reserves” on the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020. The remainder was included in “Other liabilities” on the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020. ​ Warranties: The Company offers warranties on certain merchandise it sells with warranty periods ranging from 30 days to limited lifetime warranties. The risk of loss arising from warranty claims is typically the obligation of the Company’s suppliers. Certain suppliers provide upfront allowances to the Company in lieu of accepting the obligation for warranty claims. For this merchandise, when sold, the Company bears the risk of loss associated with the cost of warranty claims. Differences between supplier allowances received by the Company, in lieu of warranty obligations and estimated warranty expense, are recorded as an adjustment to cost of sales. Estimated warranty costs, which are recorded as obligations at the time of sale, are based on the historical failure rate of each individual product line. The Company’s historical experience has been that failure rates are relatively consistent over time and that the ultimate cost of warranty claims to the Company has been driven by volume of units sold as opposed to fluctuations in failure rates or the variation of the cost of individual claims. See Note 8 for further information concerning the Company’s aggregate product warranty liabilities. ​ Litigation accruals: The Company is currently involved in litigation incidental to the ordinary conduct of the Company’s business. Based on existing facts and historical patterns, the Company accrues for litigation losses in instances where an adverse outcome is probable and the Company is able to reasonably estimate the probable loss in accordance with Accounting Standard Codification 450-20. The Company also accrues for an estimate of legal costs to be incurred for litigation matters. Although the Company cannot ascertain the amount of liability that it may incur from legal matters, it does not currently believe that, in the aggregate, these matters, taking into account applicable insurance and accruals, will have a material adverse effect on its consolidated financial position, results of operations or cash flows in a particular quarter or annual period. ​ Share repurchases: In January of 2011, the Company’s Board of Directors approved a share repurchase program. Under the program, the Company may, from time to time, repurchase shares of its common stock, solely through open market purchases effected through a broker dealer at prevailing market prices, based on a variety of factors such as price, corporate trading policy requirements and overall market conditions. All shares repurchased under the share repurchase program are retired and recorded under the par value method on the accompanying Consolidated Balance Sheets. See Note 9 for further information concerning the Company’s share repurchase program. ​ Revenue recognition: The Company’s primary source of revenue is derived from the sale of automotive aftermarket parts and merchandise to its customers. Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied, in an amount representing the consideration the Company expects to receive in exchange for transferring goods to the customer. Generally, the Company’s performance obligations are satisfied when the customer takes possession of the merchandise, which normally occurs immediately at the point of sale or through same day delivery of the merchandise. All sales are recorded net of estimated returns allowances, discounts and taxes. The Company does not recognize revenue related to product warranties, as these are considered assurance warranty obligations. ​ Over-the-counter retail sales to DIY customers are recorded when the customer takes possession of the merchandise. Internet retail sales, included in sales to DIY customers, are recorded when the merchandise is shipped or when the customer picks up the merchandise at a store. Sales to professional service provider customers, also referred to as “commercial sales,” are recorded upon same-day delivery of the merchandise to the customer, generally at the customer’s place of business. Other sales and sales adjustments primarily includes sales to Team Members, wholesale sales to other retailers (“jobber sales”), equipment sales, discounts, rebates, deferred revenue adjustments relating to the Company’s retail loyalty program and adjustments to estimated sales returns allowances. Sales to Team Members are recorded when the Team Member takes possession of the merchandise. Jobber sales are recorded upon shipment of the merchandise from a regional distribution center with same-day delivery to the jobber customer’s location. ​ The Company maintains a retail loyalty program named O’Reilly O’Rewards, which represents a performance obligation. The Company records a deferred revenue liability, based on a breakage adjusted, estimated redemption rate and a corresponding reduction in revenue in periods when loyalty points are earned by members. The Company recognizes revenue and a corresponding reduction to the deferred revenue liability in periods when loyalty program issued coupons are redeemed by members, generally within a period of three months from issuance, or when unredeemed points expire, generally within 12 months after the date they were earned, which satisfies the Company’s performance obligation. See Note 11 for further information concerning the Company’s revenue. ​ Cost of goods sold and selling, general and administrative expenses: Below follows the primary costs classified in each major expense category. ​ Cost of goods sold, including warehouse and distribution expenses: ● Total cost of merchandise sold, including freight expenses associated with acquiring merchandise and with moving merchandise inventories from the Company’s distribution centers to the stores; and defective merchandise and warranty costs. ● Supplier allowances and incentives, including allowances that are not reimbursements for specific, incremental and identifiable costs; and cash discounts on payments to suppliers. ● Costs associated with the Company’s supply chain, including payroll and benefit costs; warehouse occupancy costs; transportation costs; depreciation; and inventory shrinkage. ​ Selling general and administrative expenses: ● Payroll benefit costs for store and corporate Team Members; ● Occupancy costs of store and corporate facilities; ● Depreciation and amortization related to store and corporate assets; ● Vehicle expenses for store and Hub delivery services; ● Self-insurance costs; ● Closed store expenses; and ● Other administrative costs, including accounting, legal and other professional services; bad debt, banking and credit card fees; supplies; travel; and advertising costs ​ Advertising expenses: Advertising expense consists primarily of expenses related to the Company’s integrated marketing program, which includes radio, in-store, digital and social media promotions, as well as sports and event sponsorships and direct mail and newspaper promotional distribution. The Company expenses advertising costs as incurred. The Company also participates in cooperative advertising arrangements with certain of its suppliers. Advertising expense, net of cooperative advertising allowances from suppliers that were incremental to the advertising program, specific to the product or event and identifiable for accounting purposes, total $72.5 million, $73.8 million and $79.3 million for the years ended December 31, 2021, 2020 and 2019, respectively, which were included in “Selling, general and administrative expenses” on the accompanying Consolidated Statements of Income. ​ Share-based compensation and benefit plans: The Company sponsors share-based compensation plans and benefit plans. The Company recognizes compensation expense over the requisite service period for its share-based plans based on the fair value of the awards on the date of the grant, award or issuance and accounts for forfeitures as they occur. Share-based plans include stock option awards, restricted stock awards and stock appreciation rights issued under the Company’s incentive plans and stock issued through the Company’s employee stock purchase plan. See Note 12 for further information concerning the Company’s share-based compensation and benefit plans. ​ Pre-opening expenses: Costs associated with the opening of new stores, which consist primarily of payroll and occupancy costs, are charged to “Selling, general and administrative expenses” on the accompanying Consolidated Statements of Income as incurred. Costs associated with the opening of new distribution centers, which consist primarily of payroll and occupancy costs, are included in “Cost of goods sold, including warehouse and distribution expenses” on the accompanying Consolidated Statements of Income as incurred. ​ Interest expense: The Company capitalizes interest costs as a component of construction in progress, based on the weighted-average interest rates incurred on its long-term borrowings. Total interest costs capitalized for the years ended December 31, 2021, 2020 and 2019, were $7.0 million, $10.2 million and $13.0 million, respectively. ​ In conjunction with the issuance or amendment of long-term debt instruments, the Company incurs various costs, including debt registration fees, accounting and legal fees and underwriter and book runner fees. Debt issuance costs related to the Company’s long-term unsecured senior notes are recorded as a reduction of the principal amount of the corresponding unsecured senior notes. Debt issuance costs related to the Company’s unsecured revolving credit facility are recorded as an asset. These debt issuance costs have been deferred and are being amortized over the term of the corresponding debt instrument and the amortization expense is included in “Interest expense” on the accompanying Consolidated Statements of Income. Deferred debt issuance costs totaled $22.0 million and $22.3 million, net of accumulated amortization, as of December 31, 2021 and 2020, respectively, of which $3.4 million and $0.6 million were included in “Other assets, net” as of December 31, 2021 and 2020, respectively, with the remainder included in “Long-term debt” on the accompanying Consolidated Balance Sheets. ​ The Company issued its long-term unsecured senior notes at a discount. The original issuance discounts on the senior notes are recorded as a reduction of the principal amount of the corresponding senior notes and are accreted over the term of the applicable senior note, with the accretion expense included in “Interest expense” on the accompanying Consolidated Statements of Income. Original issuance discounts, net of accretion, totaled $4.4 million and $5.1 million as of December 31, 2021 and 2020, respectively. ​ See Note 7 for further information concerning debt issuance costs and original issuance discounts associated with the Company’s issuances of long-term debt instruments. ​ Income taxes: The Company accounts for income taxes using the liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on differences between the U.S. GAAP basis and tax basis of assets and liabilities using enacted tax rules and rates currently scheduled to be in effect for the year in which the differences are expected to reverse. Tax carry forwards are also recognized in deferred tax assets and liabilities under this method. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period of the enactment date. The Company would record a valuation allowance against deferred tax assets to the extent it is more likely than not the amount will not be realized, based upon evidence available at the time of the determination and any change in the valuation allowance is recorded in the period of a change in such determination. The Company did not establish a valuation allowance for deferred tax assets as of December 31, 2021 and 2020, as it was considered more likely than not that deferred tax assets were realizable through a combination of future taxable income, the realization of deferred tax liabilities and tax planning strategies. ​ The Company regularly reviews its potential tax liabilities for tax years subject to audit. The amount of such liabilities is based on various factors, such as differing interpretations of tax regulations by the responsible tax authority, experience with previous tax audits and applicable tax law rulings. In management’s opinion, adequate provisions for income taxes have been made for all years presented. The estimates of the Company’s potential tax liabilities contain uncertainties because management must use judgment to estimate the exposures associated with the Company’s various tax positions and actual results could differ from estimates. See Note 15 for further information concerning the Company’s income taxes. ​ Earnings per share: Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the fiscal period. Diluted earnings per share is calculated by dividing the weighted-average number of common shares outstanding plus the common stock equivalents associated with the potential impact of dilutive stock options. Certain common stock equivalents that could potentially dilute basic earnings per share in the future were not included in the fully diluted computation because they would have been antidilutive. Generally, stock options are antidilutive and excluded from the earnings per share calculation when the exercise price exceeds the market price of the common shares. See Note 16 for further information concerning the Company’s common stock equivalents. ​ New accounting pronouncements: No recent accounting pronouncements or changes in accounting pronouncements have occurred since those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, that are of a material significance, or have potential material significance, to the Company.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2021
Fair Value Measurements
Fair value measurements	NOTE 2 – FAIR VALUE MEASUREMENTS ​ Financial assets and liabilities measured at fair value on a recurring basis: The Company’s marketable securities were accounted for as trading securities and the carrying amount of its marketable securities were included in “Other assets, net” on the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020. The Company recorded increases in fair value related to its marketable securities in the amounts of $5.7 million and $5.4 million for the years ended December 31, 2021 and 2020, respectively, which were included in “Other income (expense)” on the accompanying Consolidated Statements of Income. ​ The tables below identify the estimated fair value of the Company’s marketable securities, determined by reference to quoted market prices (Level 1), as of December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Quoted Priced in Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ for Identical Instruments ​ Observable Inputs ​ Unobservable Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Marketable securities ​ $ 52,456 ​ $ — ​ $ — ​ $ 52,456 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Quoted Prices in Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ for Identical Instruments ​ Observable Inputs ​ Unobservable Inputs ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Marketable securities ​ $ 40,411 ​ $ — ​ $ — ​ $ 40,411 ​ Non-financial assets and liabilities measured at fair value on a nonrecurring basis: Certain long-lived non-financial assets and liabilities may be required to be measured at fair value on a nonrecurring basis in certain circumstances, including when there is evidence of impairment. These non-financial assets and liabilities may include assets acquired in a business combination or property and equipment that are determined to be impaired. As of December 31, 2021 and 2020, the Company did not have any material non-financial assets or liabilities that had been measured at fair value subsequent to initial recognition. ​ Fair value of financial instruments: The carrying amounts of the Company’s senior notes and unsecured revolving credit facility borrowings are included in “Long-term debt” on the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020. ​ The table below identifies the estimated fair value of the Company’s senior notes, using the market approach. The fair values as of December 31, 2021 and 2020, were determined by reference to quoted market prices of the same or similar instruments (Level 2) (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Carrying Amount ​ Estimated Fair Value ​ Carrying Amount ​ Estimated Fair Value Senior Notes ​ $ 3,826,978 ​ $ 4,135,629 ​ $ 4,123,217 ​ $ 4,647,595 ​ The carrying amount of the Company’s unsecured revolving credit facility approximates fair value, as borrowings under the facility bear variable interest at current market rates. See Note 7 for further information concerning the Company’s senior notes and unsecured revolving credit facility. ​ The accompanying Consolidated Balance Sheets include other financial instruments, including cash and cash equivalents, accounts receivable, amounts receivable from suppliers and accounts payable. Due to the short-term nature of these financial instruments, the Company believes that the carrying values of these instruments approximate their fair values.

ALLOWANCE FOR DOUBTFUL ACCOUNTS

ALLOWANCE FOR DOUBTFUL ACCOUNTS	12 Months Ended
	Dec. 31, 2021
Allowance for Doubtful Accounts
Allowance for doubtful accounts	NOTE 3 – ALLOWANCE FOR DOUBTFUL ACCOUNTS ​ The following table identifies the changes in the Company’s allowance for doubtful accounts included in “Accounts receivable” on the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 Allowance for doubtful accounts, balance at January 1 ​ $ 12,670 ​ $ 14,417 Reserve accruals ​ 4,158 ​ 5,030 Uncollectable accounts written-off ​ ​ (4,937) ​ ​ (6,743) Foreign currency translation ​ (21) ​ (34) Allowance for doubtful accounts, balance at December 31, ​ $ 11,870 ​ $ 12,670 ​ ​

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2021
Property and Equipment
Property and equipment	NOTE 4 – PROPERTY AND EQUIPMENT ​ The following table identifies the types and balances of property and equipment included in “Property and equipment, at cost” on the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020, and includes the estimated useful lives for its types of property and equipment (in thousands, except original useful lives): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Original Useful ​ ​ ​ ​ ​ Lives ​ December 31, 2021 ​ December 31, 2020 Land ​ ​ ​ $ 888,558 $ 860,797 Buildings and building improvements ​ 15 – 39 years ​ 2,737,212 ​ 2,574,969 Leasehold improvements ​ 3 – 25 years ​ 864,169 ​ 799,013 Furniture, fixtures and equipment ​ 3 – 20 years ​ 1,700,149 ​ 1,562,664 Vehicles ​ 5 – 10 years ​ 502,643 ​ 456,957 Construction in progress ​ ​ ​ 255,307 ​ 305,511 Total property and equipment ​ ​ ​ 6,948,038 ​ 6,559,911 Less: accumulated depreciation and amortization ​ ​ ​ 2,734,523 ​ 2,464,993 Net property and equipment ​ ​ ​ $ 4,213,515 ​ $ 4,094,918 ​ The Company recorded depreciation and amortization expense related to property and equipment in the amounts of $320.4 million, $303.0 million and $267.3 million for the years ended December 31, 2021, 2020 and 2019, respectively, which were primarily included in “Selling, general and administrative expenses” on the accompanying Consolidated Statements of Income. ​ The Company recorded charges of $12.6 million and $1.9 million related to property and equipment for the year ended December 31, 2021 and 2019, respectively, primarily due to certain hardware and software projects that disposed or were no longer expected to provide a long-term benefit, and $3.4 million related to property and equipment for the year ended December 31, 2020, primarily due to the write-down on surplus land and buildings that exceeded market value, which were included in “Selling, general and administrative expenses” on the accompanying Consolidated Statements of Income.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
Leases
Leases	NOTE 5 – LEASES ​ Operating lease commitments: The following table summarizes Total lease cost for the years ended December 31, 2021, 2020 and 2019, which was primarily included in “Selling, general and administrative expenses” on the accompanying Consolidated Statements of Income (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2021 ​ 2020 ​ 2019 Operating lease cost ​ $ 351,296 ​ $ 336,156 ​ $ 320,480 Short-term operating lease cost ​ 7,694 ​ 6,131 ​ 5,899 Variable operating lease cost ​ 89,065 ​ 82,868 ​ 76,027 Sublease income ​ (4,571) ​ (4,790) ​ (4,112) Total lease cost ​ $ 443,484 ​ $ 420,365 ​ $ 398,294 ​ The following table summarizes other lease related information for the years ended December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 Cash paid for amounts included in the measurement of operating lease liabilities: ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 343,749 ​ $ 334,994 Right-of-use assets obtained in exchange for new operating lease liabilities ​ ​ 257,830 ​ ​ 322,712 ​ The following table identifies the future minimum lease payments under all of the Company’s operating leases for each of the next five years, and in the aggregate thereafter, and reconciles to the present value of the “Operating lease liabilities, less current portion” included in the accompanying Consolidated Balance Sheet as of December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Related Parties Non-Related Parties Total 2022 ​ $ 4,682 ​ $ 337,051 ​ $ 341,733 2023 ​ ​ 4,433 ​ ​ 317,607 ​ ​ 322,040 2024 ​ 2,686 ​ 287,770 ​ 290,456 2025 ​ 1,913 ​ 249,660 ​ 251,573 2026 ​ 1,298 ​ 212,939 ​ 214,237 Thereafter ​ 605 ​ 1,049,121 ​ 1,049,726 Total operating lease payments ​ 15,617 ​ 2,454,148 ​ 2,469,765 Less: present value discount ​ 1,150 ​ 429,026 ​ 430,176 Total operating lease liabilities ​ 14,467 ​ 2,025,122 ​ 2,039,589 Less: current portion of operating lease liabilities ​ 4,682 ​ 333,150 ​ 337,832 Operating lease liabilities, less current portion ​ $ 9,785 ​ $ 1,691,972 ​ $ 1,701,757 ​ See Note 14 for further information concerning the Company’s related party operating leases. ​ The future minimum lease payments under the Company’s operating leases, in the table above, do not include potential amounts for percentage rent and other variable operating lease related costs and have not been reduced by expected future minimum sublease income under non-cancelable subleases, which was approximately $14.9 million as of December 31, 2021. The weighted-average remaining lease term and weighted-average discount rate for the Company’s operating leases was 9.9 years and 3.7%, respectively, as of December 31, 2021. ​ The present value discount component of the future minimum lease payments under the Company’s operating leases, in the table above, was primarily calculated using the Company’s incremental borrowing rate based on information available at the lease commencement or modification date. Inputs for the calculation of the Company’s incremental borrowing rate include valuations and yields of U.S. domestic investment grade corporate bonds and the applicable credit spread over comparable U.S. Treasury rates, adjusted to a collateralized basis by estimating the credit spread improvement that would result from an upgrade of one ratings classification. When the implicit rate of a lease is available, the implicit rate is used in the calculation and not the Company’s incremental borrowing rate.

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES	12 Months Ended
	Dec. 31, 2021
Goodwill and Other Intangibles
Goodwill and other intangibles	NOTE 6 – GOODWILL AND OTHER INTANGIBLES ​ Goodwill: Goodwill is reviewed for impairment annually during the fourth quarter, or more frequently if events or changes in circumstances indicate that impairment may exist. Goodwill is not amortizable for financial statement purposes. The Company did not record any goodwill impairment during the years ended December 31, 2021, 2020 or 2019. ​ The following table identifies the changes in goodwill and certain acquisition intangibles, which were included in “Goodwill” on the accompanying Consolidated Balance Sheets for the years ended December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Goodwill, balance at January 1, ​ $ 881,030 ​ $ 936,814 Change in goodwill related to small acquisitions ​ 493 ​ 109 Foreign currency translation ​ ​ (2,183) ​ ​ (5,465) Final purchase price allocation of intangibles related to Mayasa acquisition ​ ​ — ​ ​ (50,428) Goodwill, balance at December 31, ​ $ 879,340 ​ $ 881,030 ​ During the year ended December 31, 2020, as result of the final purchase price allocation of the Mayasa acquisition, $61.5 million of intangible assets and $73.4 million of residual goodwill was recorded as of the acquisition date. ​ Intangibles other than goodwill: The following table identifies the components of the Company’s intangible assets, inclusive of foreign currency translation adjustments, which were included in “Other assets, net” on the accompanying Consolidated Balance Sheets for the years ended December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Cost of Accumulated ​ Net ​ Cost of Accumulated Net ​ ​ Intangibles ​ Amortization ​ Intangibles ​ Intangibles ​ Amortization ​ Intangibles Finite-lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ Trade names (1) ​ $ 8,110 ​ $ (3,553) ​ $ 4,557 ​ $ 8,363 ​ $ (1,905) ​ $ 6,458 Non-compete agreements (2) ​ ​ 6,915 ​ ​ (4,275) ​ ​ 2,640 ​ ​ 7,183 ​ ​ (2,713) ​ ​ 4,470 Other intangible assets (3) ​ ​ 11,832 ​ ​ (4,181) ​ ​ 7,651 ​ ​ 12,200 ​ ​ (2,242) ​ ​ 9,958 Total finite-lived intangible assets ​ ​ 26,857 ​ ​ (12,009) ​ ​ 14,848 ​ ​ 27,746 ​ ​ (6,860) ​ ​ 20,886 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indefinite-lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade names ​ ​ 34,348 ​ ​ — ​ ​ 34,348 ​ ​ 35,420 ​ ​ — ​ ​ 35,420 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total intangible assets ​ $ 61,205 ​ $ (12,009) ​ $ 49,196 ​ $ 63,166 ​ $ (6,860) ​ $ 56,306 (1) Weighted-average remaining useful life of approximately 3.6 years as of December 31, 2021. (2) Weighted-average remaining useful life of approximately 2.6 years as of December 31, 2021. (3) Includes internally-developed software and customer relationships and has an estimated weighted-average remaining useful life of approximately 6.9 years as of December 31, 2021. ​ During the year ended December 31, 2020, the Company recorded finite-lived and indefinite-lived intangible assets, related to trade names from the Mayasa acquisition, in the amounts of $8.5 million and $36.0 million, respectively. During the year ended December 31, 2020, the Company recorded other finite-lived intangible assets, related to internally-developed software and customer relationships from the Mayasa acquisition, in the amount of $12.4 million. During the years ended December 31, 2021 and 2020, the Company recorded non-compete agreement assets in conjunction with small acquisitions, including the acquisition of Mayasa, in the amounts of less than $0.1 million and $4.7 million, respectively. Other than the non-compete agreement assets, the Company did not record additional finite-lived or indefinite-lived intangible assets during the year ended December 31, 2021. ​ For the years ended December 31, 2021, 2020 and 2019, the Company recorded aggregate amortization expense related to its intangible assets in the amounts of $4.9 million, $5.3 million and $0.3 million, respectively. ​ The following table identifies the estimated amortization expense of the Company’s intangibles for each of the next five years, and the aggregate thereafter, and reconciles to net, finite-lived intangible assets included in “Other assets, net” on the accompanying Consolidated Balance Sheets as of December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Amortization Expense 2022 ​ $ 5,227 2023 ​ 2,658 2024 ​ 1,372 2025 ​ 1,366 2026 ​ 1,341 Thereafter ​ ​ 2,884 Total net, finite-lived intangible assets ​ $ 14,848 ​ ​

FINANCING

FINANCING	12 Months Ended
	Dec. 31, 2021
Financing
Financing	NOTE 7 – FINANCING ​ The following table identifies the amounts of the Company’s financing facilities, which were included in “Long-term debt” on the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2021 ​ ​ 2020 4.625% Senior Notes due 2021, effective interest rate of 4.643% ​ $ — ​ $ 300,000 3.800% Senior Notes due 2022, effective interest rate of 3.845% ​ 300,000 ​ 300,000 3.850% Senior Notes due 2023, effective interest rate of 3.851% ​ 300,000 ​ 300,000 3.550% Senior Notes due 2026, effective interest rate of 3.570% ​ 500,000 ​ 500,000 3.600% Senior Notes due 2027, effective interest rate of 3.619% ​ 750,000 ​ 750,000 4.350% Senior Notes due 2028, effective interest rate of 4.383% ​ 500,000 ​ 500,000 3.900% Senior Notes due 2029, effective interest rate of 3.901% ​ ​ 500,000 ​ ​ 500,000 4.200% Senior Notes due 2030, effective interest rate of 4.205% ​ ​ 500,000 ​ ​ 500,000 1.750% Senior Notes due 2031, effective interest rate of 1.798% ​ ​ 500,000 ​ ​ 500,000 Total principal amount of debt ​ ​ 3,850,000 ​ ​ 4,150,000 Less: Unamortized discount and debt issuance costs ​ ​ 23,022 ​ ​ 26,783 Total long-term debt ​ $ 3,826,978 ​ $ 4,123,217 ​ The following table identifies the principal maturity payments of the Company’s financing facilities for each of the next five years, and in the aggregate thereafter, as of December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Scheduled Maturities 2022 ​ $ 300,000 2023 ​ 300,000 2024 ​ — 2025 ​ — 2026 ​ 500,000 Thereafter ​ 2,750,000 Total principal amount of debt ​ $ 3,850,000 ​ Unsecured revolving credit facility: The Company is party to a new credit agreement dated June 15, 2021 (the “Credit Agreement”). The Credit Agreement provides for a five-year $1.8 billion unsecured revolving credit facility (the “Revolving Credit Facility”) arranged by JPMorgan Chase Bank, N.A., which is scheduled to mature in June of 2026. The Credit Agreement includes a $200 million sub-limit for the issuance of letters of credit and a $75 million sub-limit for swing line borrowings under the Revolving Credit Facility. As described in the Credit Agreement governing the Revolving Credit Facility, the Company may, from time to time, subject to certain conditions, increase the aggregate commitments under the Revolving Credit Facility by up to $900 million, provided that the aggregate amount of the commitments does not exceed $2.7 billion at any time. ​ In conjunction with the closing of the Credit Agreement, the Company’s previous credit agreement, which was originally entered into on April 5, 2017, was terminated (the “Terminated Credit Agreement”), and all outstanding loans and commitments under the Terminated Credit Agreement were terminated and replaced by the loans and commitments under the Credit Agreement. ​ As of December 31, 2021 and 2020, the Company had outstanding letters of credit, primarily to support obligations related to workers’ compensation, general liability and other insurance policies, in the amounts of $84.0 million and $66.4 million, respectively, reducing the aggregate availability under the Revolving Credit Facility by those amounts. Substantially all of the outstanding letters of credit have a one-year term from the date of issuance. ​ Borrowings under the Revolving Credit Facility (other than swing line loans) bear interest, at the Company’s option, at either an Alternate Base Rate or an Adjusted LIBO Rate (both as defined in the Credit Agreement) plus an applicable margin, which will vary from 0.000% to 0.250% in the case of loans bearing interest at the Alternate Base Rate and 0.680% to 1.250% in the case of loans bearing interest at the Adjusted LIBO Rate, in each case based upon the better of the ratings assigned to our debt by Moody’s Investor Service, Inc. and Standard & Poor’s Rating Services, subject to limited exceptions. Swing line loans made under the Revolving Credit Facility bear interest at an Alternate Base Rate plus the applicable margin for Alternate Base Rate loans. In addition, the Company pays a facility fee on the aggregate amount of the commitments under the Credit Agreement in an amount equal to a percentage of such commitments, varying from 0.070% to 0.250% per annum. The interest rate margins and facility fee are based upon the better of the ratings assigned to the Company’s debt by Moody’s Investor Service, Inc. and Standard & Poor’s Ratings Services, subject to limited exceptions. As of December 31, 2021, based upon the Company’s current credit ratings, its margin for Alternate Base Rate loans was 0.000%, its margin for Eurodollar Revolving Loans was 0.900% and its facility fee was 0.100%. ​ The Credit Agreement contains certain covenants, including limitations on subsidiary indebtedness, a minimum consolidated fixed charge coverage ratio of 2.50:1.00 and a maximum consolidated leverage ratio of 3.50:1.00. The consolidated fixed charge coverage ratio includes a calculation of earnings before interest, taxes, depreciation, amortization, rent and non-cash share-based compensation expense to fixed charges. Fixed charges include interest expense, capitalized interest and rent expense. The consolidated leverage ratio includes a calculation of adjusted debt to earnings before interest, taxes, depreciation, amortization, rent and non-cash share-based compensation expense. Adjusted debt includes outstanding debt, outstanding stand-by letters of credit and similar instruments and five-times rent expense and excludes any premium or discount recorded in conjunction with the issuance of long-term debt. In the event that the Company should default on any covenant (subject to customary grace periods, cure rights and materiality thresholds) contained in the Credit Agreement, certain actions may be taken, including, but not limited to, possible termination of commitments, immediate payment of outstanding principal amounts plus accrued interest and other amounts payable under the Credit Agreement and litigation from lenders. As of December 31, 2021, the Company remained in compliance with all covenants under the Credit Agreement. ​ Senior notes: On June 15, 2021, the Company redeemed its $300 million aggregate principal amount of unsecured 4.625% Senior Notes due 2021 at a redemption price of $300 million, plus accrued and unpaid interest up to, but not including, the date of redemption. ​ As of December 31, 2021, the Company has issued and has outstanding a cumulative $3.9 billion aggregate principal amount of unsecured senior notes, which are due between 2022 and 2031, with UMB Bank, N.A. and U.S. Bank Trust Company as trustees. Interest on the senior notes, ranging from 1.750% to 4.350%, is payable semi-annually and is computed on the basis of a 360-day year. The $300 million aggregate principal amount of 3.800% Senior Notes due 2022 were included in “Long-term debt” on the accompanying Consolidated Balance Sheet as of December 31, 2021, as the Company has the ability and intent to refinance these notes on a long-term basis. None of the Company’s subsidiaries is a guarantor under the senior notes. Each of the senior notes is subject to certain customary covenants, with which the Company complied as of December 31, 2021.

WARRANTIES

WARRANTIES	12 Months Ended
	Dec. 31, 2021
Warranties
Warranties	NOTE 8 – WARRANTIES ​ The Company’s product warranty liabilities are included in “Other current liabilities” on the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020. The following table identifies the changes in the Company’s aggregate product warranty liabilities for the years ended December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Warranty liabilities, balance at January 1, ​ $ 65,886 ​ $ 61,069 Warranty claims ​ (126,632) ​ (109,684) Warranty accruals ​ 137,960 ​ 114,526 Foreign currency translation ​ ​ (15) ​ ​ (25) Warranty liabilities, balance at December 31, ​ $ 77,199 ​ $ 65,886 ​ ​

SHARE REPURCHASE PROGRAM

SHARE REPURCHASE PROGRAM	12 Months Ended
	Dec. 31, 2021
Share Repurchase Program
Share repurchase program	NOTE 9 – SHARE REPURCHASE PROGRAM ​ In January of 2011, the Company’s Board of Directors approved a share repurchase program. Under the program, the Company may, from time to time, repurchase shares of its common stock, solely through open market purchases effected through a broker dealer at prevailing market prices, based on a variety of factors such as price, corporate trading policy requirements and overall market conditions. The Company’s Board of Directors may increase or otherwise modify, renew, suspend or terminate the share repurchase program at any time, without prior notice. As announced on February 10, 2021, May 27, 2021, and November 17, 2021, the Company’s Board of Directors each time approved a resolution to increase the authorization amount under the share repurchase program by an additional $1.0 billion, $1.5 billion and $1.5 billion, respectively, resulting in a cumulative authorization amount of $18.8 billion. Each additional authorization is effective for a three-year period, beginning on its respective announcement date. ​ The following table identifies shares of the Company’s common stock that have been repurchased as part of the Company’s publicly announced share repurchase program for the years ended December 31, 2021 and 2020 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2021 2020 Shares repurchased ​ 4,537 ​ ​ 4,832 Average price per share ​ $ 545.78 ​ $ 431.93 Total investment ​ $ 2,476,003 ​ $ 2,087,146 ​ As of December 31, 2021, the Company had $2.01 billion remaining under its share repurchase program. Subsequent to the end of the year and through February 28, 2022, the Company repurchased an additional 0.6 million shares of its common stock under its share repurchase program, at an average price of $656.52, for a total investment of $424.1 million. The Company has repurchased a total of 86.2 million shares of its common stock under its share repurchase program since the inception of the program in January of 2011 and through February 28, 2022, at an average price of $199.17, for a total aggregate investment of $17.2 billion. As of February 28, 2022, we had approximately $1.6 billion remaining under our share repurchase program.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)	NOTE 10 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ​ Accumulated other comprehensive income includes adjustments for foreign currency translations. The table below summarizes activity for changes in accumulated other comprehensive income included in “Accumulated other comprehensive (loss) income” on the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ Total Accumulated Other ​ ​ Currency (1) ​ Comprehensive Income (Loss) Accumulated other comprehensive income, balance at December 31, 2019 ​ $ 4,890 ​ $ 4,890 Change in accumulated other comprehensive loss ​ ​ (7,045) ​ ​ (7,045) Accumulated other comprehensive loss, balance at December 31, 2020 ​ $ (2,155) ​ $ (2,155) Change in accumulated other comprehensive loss ​ ​ (4,644) ​ ​ (4,644) Accumulated other comprehensive loss, balance at December 31, 2021 ​ $ (6,799) ​ $ (6,799) (1) Foreign currency is not shown net of additional U.S. tax, as other basis differences of non-U.S. subsidiaries are intended to be permanently reinvested .

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2021
Revenue
Revenue	NOTE 11 – REVENUE ​ The table below identifies the Company’s revenues disaggregated by major customer type for the years ended December 31, 2021, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2021 2020 2019 Sales to do-it-yourself customers ​ $ 7,643,832 ​ $ 6,684,183 ​ $ 5,612,390 Sales to professional service provider customers ​ 5,368,657 ​ 4,647,189 ​ 4,369,541 Other sales and sales adjustments ​ 315,074 ​ 273,121 ​ 168,054 Total sales ​ $ 13,327,563 ​ $ 11,604,493 ​ $ 10,149,985 ​ As of December 31, 2021 and 2020, the Company had recorded a deferred revenue liability of $3.4 million and $4.5 million, respectively, related to its loyalty program, which were included in “Other liabilities” on the accompanying Consolidated Balance Sheets. During the years ended December 31, 2021, 2020 and 2019, the Company recognized $13.6 million, $14.4 million and $15.6 million, respectively, of revenue related to its loyalty program, which were included in “Sales” on the accompanying Consolidated Statements of Income.

SHARE-BASED COMPENSATION AND BE

SHARE-BASED COMPENSATION AND BENEFIT PLANS	12 Months Ended
	Dec. 31, 2021
Share-Based Compensation and Benefit Plans
Share-based compensation and benefit plans	NOTE 12 – SHARE-BASED COMPENSATION AND BENEFIT PLANS ​ The Company recognizes share-based compensation expense based on the fair value of the grants, awards or shares at the time of the grant, award or issuance. Share-based compensation includes stock option awards, restricted stock awards and stock appreciation rights issued under the Company’s incentive plans and stock issued through the Company’s employee stock purchase plan. ​ ​ The table below identifies the shares that have been authorized for issuance and the shares available for future issuance under the Company plans, as of December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Total Shares Authorized for Shares Available for Future Plans ​ Issuance under the Plans ​ Issuance under the Plans Incentive Plans 35,650 5,742 Employee Stock Purchase Plan 4,250 469 Profit Sharing and Savings Plan 4,200 349 ​ Stock options: The Company’s incentive plans provide for the granting of stock options for the purchase of common stock of the Company to certain key employees of the Company. Employee stock options are granted at an exercise price that is equal to the closing market price of the Company’s common stock on the date of the grant. Employee stock options granted under the plans expire after 10 years and typically vest 25% per year, over four years. The Company records compensation expense for the grant date fair value of the option awards evenly over the vesting period or minimum required service period. ​ The table below identifies the employee stock option activity under these plans during the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average Aggregate ​ ​ Shares ​ Weighted- Average ​ Remaining ​ Intrinsic Value ​ ​ (in thousands) ​ Exercise Price ​ Contractual Terms ​ (in thousands) Outstanding at December 31, 2020 1,500 ​ $ 248.52 ​ ​ Granted 134 ​ 491.71 ​ ​ Exercised (404) ​ 167.78 ​ ​ Forfeited or expired (24) ​ 372.95 ​ ​ Outstanding at December 31, 2021 1,206 ​ $ 300.09 5.8 Years ​ $ 489,893 Vested or expected to vest at December 31, 2021 1,182 ​ $ 297.47 5.7 Years ​ $ 483,286 Exercisable at December 31, 2021 802 ​ $ 249.13 4.7 Years ​ $ 366,680 ​ The fair value of each stock option award is estimated on the date of the grant using the Black-Scholes option pricing model. The Black-Scholes model requires the use of assumptions, including the risk free rate, expected life, expected volatility and expected dividend yield. ● Risk-free interest rate – The United States Treasury rates in effect at the time the options are granted for the options’ expected life. ● Expected life – Represents the period of time that options granted are expected to be outstanding. The Company uses historical experience to estimate the expected life of options granted. ● Expected volatility – Measure of the amount, by which the Company’s stock price is expected to fluctuate, based on a historical trend. ● Expected dividend yield – The Company has not paid, nor does it have plans in the foreseeable future to pay, any dividends. ​ The table below identifies the weighted-average assumptions used for stock options awarded by the Company during the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 ​ 2020 ​ 2019 Risk free interest rate 0.82 % ​ 0.86 % ​ 2.26 % Expected life 5.9 Years ​ 5.9 Years ​ 5.7 Years Expected volatility 30.0 % ​ 26.4 % ​ 25.1 % Expected dividend yield — % ​ — % ​ — % ​ The following table summarizes activity related to stock options awarded by the Company for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2021 ​ 2020 ​ 2019 Compensation expense for stock options awarded (in thousands) ​ $ 20,035 ​ $ 18,435 ​ $ 18,044 Income tax benefit from compensation expense related to stock options (in thousands) ​ 4,989 ​ 4,620 ​ 4,436 Total intrinsic value of stock options exercised (in thousands) ​ 163,722 ​ 79,451 ​ 117,489 Cash received from exercise of stock options (in thousands) ​ 67,761 ​ 46,282 ​ 46,106 Weighted-average grant-date fair value of options awarded ​ $ 146.57 ​ $ 106.76 ​ $ 105.37 Weighted-average remaining contractual life of exercisable options (in years) ​ 4.7 ​ 4.5 ​ 4.6 ​ At December 31, 2021, the remaining unrecognized compensation expense related to unvested stock option awards was $29.9 million, and the weighted-average period of time, over which this cost will be recognized, is 2.4 years. ​ Restricted stock: The Company’s incentive plans provide for the awarding of shares of restricted stock to certain key employees that vest evenly over a three-year period and are held in escrow until such vesting has occurred. Generally, unvested shares are forfeited when an employee ceases employment. The fair value of shares awarded under these plans is based on the closing market price of the Company’s common stock on the date of award and compensation expense is recorded over the vesting period or minimum required service period. ​ The table below identifies employee restricted stock activity under these plans during the year ended December 31, 2021 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Grant-Date ​ Shares Fair Value Non-vested at December 31, 2020 4 ​ $ 358.58 Granted during the period 1 ​ 451.84 Vested during the period (1) (2) ​ 430.04 Forfeited during the period — ​ — Non-vested at December 31, 2021 3 ​ $ 419.47 (1) Includes less than one thousand shares withheld to cover employees’ taxes upon vesting. ​ The Company’s incentive plans provide for the awarding of shares of restricted stock to the non-employee directors of the Company that vest over a one-year period, except for awards issued prior to May 2020, which vests evenly over a three-year period, and are held in escrow until such vesting has occurred. Unvested shares are forfeited when a director ceases their service on the Company’s Board of Directors for reasons other than death or retirement. The fair value of shares awarded under these plans is based on the closing market price of the Company’s common stock on the date of award, and compensation expense is recorded evenly over the minimum required service period. ​ The table below identifies non-employee director restricted stock activity under these plans during the year ended December 31, 2021 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Grant-Date ​ Shares Fair Value Non-vested at December 31, 2020 4 ​ $ 371.46 Granted during the period 1 ​ 559.53 Vested during the period (3) ​ 556.74 Forfeited during the period — ​ — Non-vested at December 31, 2021 2 ​ $ 508.45 ​ The following table summarizes activity related to restricted stock awarded by the Company for the years ended December 31, 2021, 2020 and 2019 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2021 2020 2019 Compensation expense for restricted shares awarded ​ $ 1,602 ​ $ 1,488 ​ $ 1,387 Income tax benefit from compensation expense related to restricted shares ​ $ 399 ​ $ 373 ​ $ 341 Total fair value of restricted shares at vest date ​ $ 2,815 ​ $ 1,591 ​ $ 1,633 Shares awarded under the plans ​ 3 ​ 4 ​ 4 Weighted-average grant-date fair value of shares awarded under the plans ​ $ 509.24 ​ $ 412.67 ​ $ 355.91 ​ At December 31, 2021, the remaining unrecognized compensation expense related to unvested restricted share awards was $0.4 million, and the weighted-average period of time, over which this cost will be recognized, is 0.3 years . ​ Employee stock purchase plan: The Company’s employee stock purchase plan (the “ESPP”) permits eligible employees to purchase shares of the Company’s common stock at 85% of the fair market value. Employees may authorize the Company to withhold up to 5% of their annual salary to participate in the plan. The fair value of shares issued under the ESPP is based on the average of the high and low market prices of the Company’s common stock during the offering periods. Compensation expense is recognized based on the discount between the grant-date fair value and the employee purchase price for the shares sold to employees. ​ The table below summarizes activity related to the Company’s ESPP for the years ended December 31, 2021, 2020 and 2019 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2021 2020 2019 Compensation expense for shares issued under the ESPP ​ $ 3,019 ​ $ 2,824 ​ $ 2,490 Income tax benefit from compensation expense related to shares issued under the ESPP ​ $ 752 ​ $ 708 ​ $ 612 Shares issued under the ESPP ​ 36 ​ 45 ​ 43 Weighted-average price of shares issued under the ESPP ​ $ 473.22 ​ $ 353.04 ​ $ 329.69 ​ Profit sharing and savings plan: The Company sponsors a contributory profit sharing and savings plan (the “401(k) Plan”) that covers substantially all employees who are at least 21 years of age and have completed one year of service. The Company makes matching contributions equal to 100% of the first 2% of each employee’s wages that are contributed and 25% of the next 4% of each employee’s wages that are contributed. An employee generally must be employed on December 31 to receive that year’s Company matching contribution, with the matching contribution funded annually at the beginning of the subsequent year following the year in which the matching contribution was earned. The Company may also make additional discretionary profit sharing contributions to the plan on an annual basis as determined by the Board of Directors. The Company did not make any discretionary contributions to the 401(k) Plan during the years ended December 31, 2021, 2020 or 2019. The Company expensed matching contributions under the 401(k) Plan in the amounts of $32.5 million, $31.0 million and $27.5 million for the years ended December 31, 2021, 2020 and 2019, respectively, which were primarily included in “Selling, general and administrative expenses” on the accompanying Consolidated Statements of Income. ​ Nonqualified deferred compensation plan: The Company sponsors a nonqualified deferred compensation plan (the “Deferred Compensation Plan”) for highly compensated employees whose contributions to the 401(k) Plan are limited due to the application of the annual limitations under the Internal Revenue Code. The Deferred Compensation Plan provides these employees with the opportunity to defer the full 6% of matched compensation, including salary and incentive based compensation, that was precluded under the Company’s 401(k) Plan, which is then matched by the Company using the same formula as the 401(k) Plan. An employee generally must be employed on December 31 to receive that year’s Company matching contribution, with the matching contribution funded annually at the beginning of the subsequent year following the year in which the matching contribution was earned. In the event of bankruptcy, the assets of this plan are available to satisfy the claims of general creditors. The Company has an unsecured obligation to pay, in the future, the value of the deferred compensation and Company match, adjusted to reflect the performance, whether positive or negative, of selected investment measurement options chosen by each participant during the deferral period. The timing related to the ultimate payment of these future share-based compensation related payments cannot be determined. The liability for compensation deferred under the Deferred Compensation Plan was $52.5 million and $40.4 million as of December 31, 2021 and 2020, respectively, which were included in “Other liabilities” on the Consolidated Balance Sheets. The Company expensed matching contributions under the Deferred Compensation Plan in the amount of $0.2 million for each of the years ended December 31, 2021, 2020 and 2019, respectively, which were primarily included in “Selling, general and administrative expenses” on the accompanying Consolidated Statements of Income. ​ Stock appreciation rights: The Company’s incentive plans provide for the granting of stock appreciation rights, which expire after 10 years and vest 25% per year, over four years, and are settled in cash. There were 9,811 and 8,149 stock appreciation rights outstanding as of December 31, 2021 and 2020, respectively. During the year ended December 31, 2021, there were 1,662 stock appreciation rights granted. The liability for compensation to be paid for the future redemption of stock appreciation rights was $1.3 million and $0.3 million as of December 31, 2021 and 2020, respectively, which were included in “Other liabilities” on the Consolidated Balance Sheets. The Company expensed compensation expense for stock appreciation rights in the amounts of $1.0 million and $0.3 million and less than $0.1 million for the years ended December 31, 2021, 2020 and 2019, respectively, which were included in “Selling, general and administrative expenses” on the accompanying Consolidated Statements of Income.

COMMITMENTS

COMMITMENTS	12 Months Ended
	Dec. 31, 2021
Commitments
Commitments	NOTE 13 – COMMITMENTS ​ Construction commitments: As of December 31, 2021, the Company had purchase obligations for construction contract commitments in the amount of $33.8 million. ​ Letters of credit commitments: As of December 31, 2021, the Company had outstanding letters of credit, primarily to satisfy workers’ compensation, general liability and other insurance policies, in the amount of $84.0 million. See Note 7 for further information concerning the Company’s letters of credit commitments. ​ Debt financing commitments: Each series of senior notes is redeemable in whole, at any time, or in part, from time to time, at the Company’s option upon not less than 30 nor more than 60 days notice at a redemption price, plus any accrued and unpaid interest to, but not including, the redemption date, equal to the greater of (i) 100% of the principal amount thereof or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on a semiannual basis at the applicable Treasury Yield plus basis points identified in the indenture governing such series of senior notes; provided, that on or after the date that is three months prior to the maturity date of the series of senior notes, such series of senior notes is redeemable at a redemption price equal to par plus accrued and unpaid interest to, but not including, the redemption date. In addition, if at any time the Company undergoes a Change of Control Triggering Event, as defined in the indenture governing such series of senior notes, the holders may require the Company to repurchase all or a portion of their senior notes at a price equal to 101% of the principal amount of the notes being repurchased, plus accrued and unpaid interest, if any, but not including the repurchase date. See Note 7 for further information concerning the Company’s debt financing commitments. ​ Self-insurance reserves: The Company uses a combination of insurance and self-insurance mechanisms to provide for potential liabilities for Team Member health care benefits, workers’ compensation, vehicle liability, general liability and property loss. With the exception of certain Team Member health care benefit liabilities, employment related claims and litigation, certain commercial litigation and certain regulatory matters, the Company obtains third-party insurance coverage to limit its exposure to this obligation. ​ Renewable energy tax credit equity investments: The Company has entered into an agreement to make capital contributions to certain tax credit equity investments for the purpose of receiving renewable energy tax credits. As of December 31, 2021, the Company is required to make capital contributions totaling $5.7 million upon achievement of project milestones by the solar or wind energy farms, the timing of which is variable and outside of the Company’s control.

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Dec. 31, 2021
Related Parties
Related parties	NOTE 14 – RELATED PARTIES ​ The Company leases certain land and buildings related to 71 of its O’Reilly Auto Parts stores and one surplus property under fifteen

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Taxes
Income taxes	NOTE 15 – INCOME TAXES ​ The following table identifies components of income from continuing operations before income taxes included in “Income before income taxes” on the accompanying Consolidated Statements of Income for the years ended December 31, 2021, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 Domestic ​ $ 2,770,485 ​ $ 2,260,385 ​ $ 1,790,207 International ​ ​ 11,429 ​ ​ 6,020 ​ ​ 122 Income before income taxes ​ $ 2,781,914 ​ $ 2,266,405 ​ $ 1,790,329 ​ Provision for income taxes: The following tables reconcile the amounts included in “Provision for income taxes” on the accompanying Consolidated Statements of Income for the years ended December 31, 2021, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2021 2020 2019 Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal income tax expense ​ $ 485,988 ​ $ 401,331 ​ $ 315,061 State income tax expense ​ 104,837 ​ 97,085 ​ 62,795 International income tax expense ​ ​ 6,021 ​ ​ 3,306 ​ ​ 273 Total current ​ ​ 596,846 ​ ​ 501,722 ​ ​ 378,129 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal income tax expense ​ ​ 20,543 ​ ​ 16,749 ​ ​ 19,367 State income tax (benefit) expense ​ ​ 2,432 ​ ​ (2,865) ​ ​ 2,027 International income tax benefit ​ ​ (2,592) ​ ​ (1,503) ​ ​ (236) Total deferred ​ ​ 20,383 ​ ​ 12,381 ​ ​ 21,158 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income tax expense ​ $ 617,229 ​ $ 514,103 ​ $ 399,287 ​ The following table outlines the reconciliation of the “Provision for income taxes” amounts included on the accompanying Consolidated Statements of Income to the amounts computed at the federal statutory rate for the years ended December 31, 2021, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2021 2020 2019 Federal income taxes at statutory rate ​ $ 584,202 ​ $ 474,681 ​ $ 375,942 State income taxes, net of federal tax benefit ​ 90,360 ​ 76,810 ​ 54,739 Excess tax benefit from share-based compensation ​ (35,202) ​ (16,918) ​ (25,992) Benefit from investment in renewable energy tax credits ​ ​ (18,592) ​ ​ (17,904) ​ ​ (875) Other items, net ​ (3,539) ​ (2,566) ​ (4,527) Total provision for income taxes ​ $ 617,229 ​ $ 514,103 ​ $ 399,287 ​ The Company has invested in tax credit equity investments for the purposes of receiving renewable energy tax credits. During the years ended December 31, 2021, 2020 and 2019, the Company recognized investment tax credits in the amount of $177.1 million, $170.5 million and $8.5 million, respectively, all of which were realized through reductions in cash income taxes paid and were reflected as a component of the change in Income taxes payable on the accompanying Consolidated Statements of Cash Flows for the respective years. See Note 1 for further information concerning the Company’s investment in tax credit funds. ​ Deferred income tax assets and liabilities: Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and also include the tax effect of carryforwards. ​ The following table identifies significant components of the Company’s net deferred tax liabilities included in “Deferred income taxes” on the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Deferred tax assets: ​ ​ Allowance for doubtful accounts ​ $ 1,538 ​ $ 1,574 Tax credits ​ 284 ​ 1,444 Other accruals ​ 142,714 ​ 143,387 Operating lease liability ​ ​ 513,492 ​ ​ 513,134 Other ​ 16,117 ​ 16,594 Total deferred tax assets ​ 674,145 ​ 676,133 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ Inventories ​ 64,562 ​ 79,326 Property and equipment ​ 212,649 ​ 194,000 Operating lease asset ​ ​ 496,996 ​ ​ 498,042 Other ​ 75,150 ​ 60,664 Total deferred tax liabilities ​ 849,357 ​ 832,032 ​ ​ ​ ​ ​ ​ ​ Net deferred tax liabilities ​ $ (175,212) ​ $ (155,899) ​ As of December 31, 2021, the Company had tax credit carryforwards available for state tax purposes, net of federal impact, in the amount of $0.3 million, which generally expire in 2024. ​ Unrecognized tax benefits: The following table summarizes the changes in the gross amount of unrecognized tax benefits, excluding interest and penalties, for the years ended December 31, 2021, 2020 and 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Unrealized tax benefit, balance at January 1, ​ $ 30,967 ​ $ 31,475 ​ $ 33,766 Additions based on tax positions related to the current year ​ 5,446 ​ 4,795 ​ 4,627 Payments related to items settled with taxing authorities ​ (2,570) ​ — ​ (443) Reductions due to the lapse of statute of limitations and settlements ​ (6,996) ​ (5,303) ​ (6,475) Unrealized tax benefit, balance at December 31, ​ $ 26,847 ​ $ 30,967 ​ $ 31,475 ​ For the years ended December 31, 2021, 2020 and 2019, the Company recorded a reserve for unrecognized tax benefits, including interest and penalties, in the amounts of $30.7 million, $35.9 million and $36.6 million, respectively. The timing related to the ultimate resolution or settlement of these uncertain tax positions cannot be determined. All of the unrecognized tax benefits recorded as of December 31, 2021 2020 2019 ​ The Company’s United States federal income tax returns for tax years 2018 and beyond remain subject to examination by the Internal Revenue Service (“IRS”). The IRS concluded an examination of the O’Reilly consolidated 2014, 2015 and 2016 federal income tax returns in the third quarter of 2018. The Company’s state income tax returns remain subject to examination by various state authorities for tax years ranging from 2010 through 2020.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2021
Earnings Per Share
Earnings per share	NOTE 16 – EARNINGS PER SHARE ​ The following table illustrates the computation of basic and diluted earnings per share for the years ended December 31, 2021, 2020 and 2019 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2021 2020 2019 Numerator (basic and diluted): ​ ​ ​ Net income ​ $ 2,164,685 ​ $ 1,752,302 ​ $ 1,391,042 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ Weighted-average common shares outstanding – basic ​ 68,967 ​ 73,817 ​ 76,985 Effect of stock options (1) ​ 644 ​ 645 ​ 803 Weighted-average common shares outstanding – assuming dilution ​ 69,611 ​ 74,462 ​ 77,788 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share: ​ ​ ​ Earnings per share-basic ​ $ 31.39 ​ $ 23.74 ​ $ 18.07 Earnings per share-assuming dilution ​ $ 31.10 ​ $ 23.53 ​ $ 17.88 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Antidilutive potential common shares not included in the calculation of diluted earnings per share: ​ ​ ​ Stock options (1) ​ 111 ​ 291 ​ 229 Weighted-average exercise price per share of antidilutive stock options (1) ​ $ 479.90 ​ $ 393.42 ​ $ 368.11 (1) See Note 12 for further information concerning the terms of the Company’s share-based compensation plans. ​ See Note 9 for information concerning the Company’s subsequent share repurchases.

QUARTERLY RESULTS (Unaudited)

QUARTERLY RESULTS (Unaudited)	12 Months Ended
	Dec. 31, 2021
Quarterly Results (Unaudited)
Quarterly results (unaudited)	NOTE 17 – QUARTERLY RESULTS (Unaudited) ​ The following tables set forth certain quarterly unaudited operating data for the fiscal years ended December 31, 2021 and 2020. The unaudited quarterly information includes all adjustments, which the Company considers necessary for a fair presentation of the information shown (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal 2021 ​ First Second Third Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter Sales ​ $ 3,090,899 ​ $ 3,465,601 ​ $ 3,479,570 ​ $ 3,291,493 Gross profit ​ 1,640,795 ​ 1,826,378 ​ 1,818,240 ​ 1,734,536 Operating income ​ 691,105 ​ 795,583 ​ 754,599 ​ 675,881 Net income ​ 501,609 ​ 585,451 ​ 558,652 ​ 518,973 Earnings per share – basic (1) ​ $ 7.13 ​ $ 8.41 ​ $ 8.14 ​ $ 7.71 Earnings per share – assuming dilution (1) ​ $ 7.06 ​ $ 8.33 ​ $ 8.07 ​ $ 7.64 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal 2020 ​ First Second Third Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter Sales ​ $ 2,476,487 ​ $ 3,091,595 ​ $ 3,207,638 ​ $ 2,828,773 Gross profit ​ 1,295,906 ​ 1,637,180 ​ 1,680,468 ​ 1,472,138 Operating income ​ 423,561 ​ 736,490 ​ 725,013 ​ 534,272 Net income ​ 300,438 ​ 531,667 ​ 527,252 ​ 392,945 Earnings per share – basic (1) ​ $ 4.00 ​ $ 7.16 ​ $ 7.13 ​ $ 5.45 Earnings per share – assuming dilution (1) ​ $ 3.97 ​ $ 7.10 ​ $ 7.07 ​ $ 5.40 (1) Earnings per share amounts are computed independently for each quarter and annual period. The quarterly earnings per share amounts may not sum to equal the full-year earnings per share amount. ​ The unaudited operating data presented above should be read in conjunction with the Company’s consolidated financial statements and related notes and the other financial information included therein.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Nature of business	Nature of business: O’Reilly Automotive, Inc. and Subsidiaries, collectively, “O’Reilly” or the “Company,” is a specialty retailer and supplier of automotive aftermarket parts. The Company’s stores carry an extensive product line, including new and remanufactured automotive hard parts, maintenance items and various automotive accessories. As of December 31, 2021, the Company owned and operated 5,759 stores in 47 U.S. states and 25 stores in Mexico, servicing both do-it-yourself (“DIY”) and the professional service provider customers. The Company’s robust distribution system provides stores with same-day or overnight access to an extensive inventory of hard-to-find items not typically stocked in the stores of other auto parts retailers.
Segment reporting	Segment reporting: The Company is managed and operated by a single management Team reporting to the chief operating decision maker. Product sales are the only material source of revenue for the Company and the products sold by the Company have similar economic characteristics, are sourced from the Company’s suppliers in a similar manner, and are available for sale to all of the Company’s customers through the Company’s stores. The Company’s stores have similar characteristics, including the nature of the products and services, the type and class of customers and the methods used to distribute products and provide service to its customers and, as a whole, make up a single operating segment. The Company does not regularly prepare for review by the chief operating decision maker discrete financial information with respect to product categories or types of customers and, as such, has one reportable segment.
Principles of consolidation	Principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company balances and transactions have been eliminated in consolidation.
Use of estimates	Use of estimates: The preparation of the consolidated financial statements, in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”), requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Cash equivalents	Cash equivalents: Cash equivalents include investments with maturities of 90 days or less on the date of purchase.
Foreign Currency	Foreign Currency: The Company accounts for its Mexican operations using the local market currency, the Mexican peso, and converts its financial statements compiled for these operations from the Mexican peso to U.S. dollars. The cumulative gain or loss on currency translation is included as a component of “Accumulated other comprehensive income” on the accompanying Consolidated Balance Sheets. See Note 10 for further information concerning the Company’s accumulated other comprehensive income.
Accounts receivable	Accounts receivable: The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of the Company’s customers to make required payments. The Company considers the following factors when determining if collection is reasonably assured: customer creditworthiness, past transaction history with the customer, current expectations of future economic and industry trends, changes in customer payment terms and management’s expectations. Allowances for doubtful accounts are determined based on historical experience and an evaluation of the current composition of accounts receivable. ​ The Company grants credit to certain professional service provider and jobber customers who meet the Company’s pre-established credit requirements. Concentrations of credit risk with respect to these receivables are limited because the Company’s customer base consists of a large number of small customers, spreading the credit risk across a broad base regarded as a single class of financing receivable by the Company. The Company also controls this credit risk through credit approvals, credit limits and accounts receivable and credit monitoring procedures. Generally, the Company does not require security when credit is granted to customers. Credit is granted to customers on a short-term basis, consisting primarily of daily, weekly or monthly accounts. Credit losses are provided for in the Company’s consolidated financial statements and have consistently been within management’s expectations. ​ Amounts due to the Company from its Team Members are included in “Accounts receivable” on the accompanying Consolidated Balance Sheets. These amounts consist primarily of purchases of merchandise on Team Member accounts. Accounts receivable due from Team Members was approximately $0.7 million and $0.9 million as of December 31, 2021 and 2020, respectively.
Amounts receivable from suppliers	Amounts receivable from suppliers: The Company receives concessions from its suppliers through a variety of programs and arrangements, including allowances for new stores and warranties, volume purchase rebates and co-operative advertising. Co-operative advertising allowances that are incremental to the Company’s advertising program, specific to a product or event and identifiable for accounting purposes are reported as a reduction of advertising expense in the period in which the advertising occurred. All other supplier concessions are recognized as a reduction to the cost of sales. Amounts receivable from suppliers also include amounts due to the Company for changeover merchandise and product returns. The Company regularly reviews supplier receivables for collectability and assesses the need for a reserve for uncollectable amounts based on an evaluation of the Company’s suppliers’ financial positions and corresponding abilities to meet financial obligations. Management does not believe there is a reasonable likelihood that the Company will be unable to collect the amounts receivable from suppliers and the Company did not record a reserve for uncollectable amounts from suppliers in the consolidated financial statements as of December 31, 2021 or 2020.
Inventory	Inventory: Inventory, which consists of automotive hard parts, maintenance items, accessories and tools, is stated at the lower of cost or market. Inventory also includes capitalized costs related to procurement, warehousing and distribution centers (“DCs”). Cost has been determined using the last-in, first-out (“LIFO”) method, which more accurately matches costs with related revenues. Over time, as the Company’s merchandise inventory purchases increased, the Company negotiated improved acquisition costs from its suppliers and the corresponding price deflation exhausted the Company’s credit LIFO reserve balance, resulting in a LIFO inventory value above replacement cost from December 31, 2013, to June 30, 2021. The Company’s policy is to not write up the value of its inventory in excess of its replacement cost, and accordingly, the Company’s merchandise inventory was effectively valued at replacement cost. During the year ended December 31, 2021, the Company’s LIFO reserve reverted back to a more typical credit balance. The replacement cost of inventory was $3.92 billion and $3.67 billion as of December 31, 2021 and 2020, respectively. LIFO costs exceeded replacement costs by $55.8 million at December 31, 2020.
Fair value of financial instruments	Fair value of financial instruments: The Company uses the fair value hierarchy, which prioritizes the inputs used to measure the fair value of certain of its financial instruments. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The Company uses the income and market approaches to determine the fair value of its assets and liabilities. The three levels of the fair value hierarchy are set forth below: ● Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. ● Level 2 – Inputs other than quoted prices in active markets included within Level 1 that are observable for the asset or liability, either directly or indirectly. ● Level 3 – Unobservable inputs for the asset or liability. ​ See Note 2 for further information concerning the Company’s financial and non-financial assets and liabilities measured at fair value on a recurring and non-recurring basis.
Property and equipment	Property and equipment: Property and equipment are carried at cost. Depreciation is calculated using the straight-line method, generally over the estimated useful lives of the assets. Leasehold improvements are amortized over the lesser of the lease term or the estimated economic life of the assets. The lease term includes renewal options determined by management at lease inception, for which failure to execute renewal options would result in a substantial economic penalty to the Company. Maintenance and repairs are charged to expense as incurred. Upon retirement or sale, the cost and accumulated depreciation are eliminated and the gain or loss, if any, is recognized in the Company’s Consolidated Statements of Income. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. See Note 4 for further information concerning the Company’s property and equipment. ​
Goodwill and other intangibles	Goodwill and other intangibles: The accompanying Consolidated Balance Sheets at December 31, 2021 and 2020, include goodwill and other intangible assets recorded as the result of acquisitions. The Company operates a single reporting unit and evaluates goodwill and indefinite-lived intangibles for impairment annually during the fourth quarter, or when events or changes in circumstances indicate the carrying value of these assets might exceed their current fair values. The goodwill impairment test includes an optional qualitative assessment. The Company’s qualitative assessment found no evidence to suggest it is more likely than not that its fair value is less than its carrying amount, including goodwill, as of December 31, 2021 and 2020. As such, no goodwill impairment adjustment was required as of December 31, 2021 and 2020. Finite-lived intangibles are carried at amortized cost and amortization is calculated using the straight-line method, generally over the estimated useful lives of the intangibles. See Note 6 for further information concerning the Company’s goodwill and other intangibles.
Leases	Leases: The Company leases certain office space, retail stores, distribution centers and equipment under long-term, non-cancelable operating leases. Lease components are not accounted for separately from nonlease components. Leases generally include renewal options and some include options to purchase, provisions for percentage rent based on sales and/or incremental step increase provisions. The exercise of renewal options is typically at the Company’s sole discretion and all operating lease expense is recognized on a straight-line basis over the lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company rents or subleases certain surplus real estate to third parties. Right-of-use assets and corresponding operating lease liabilities are recognized for all leases with an initial term greater than 12 months. See Note 5 for further information concerning the Company’s operating leases.
Impairment of long-lived assets	Impairment of long-lived assets: The Company reviews its long-lived assets, including its right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. When such an event occurs, the Company compares the sum of the undiscounted expected future cash flows of the asset (asset group) with the carrying amounts of the asset. If the undiscounted expected future cash flows are less than the carrying value of the assets, the Company measures the amount of impairment loss as the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Company has not historically recorded any material impairment charges to its long-lived assets. During the year ended December 31, 2021 and 2019, the Company recorded a charge of $12.6 million and $1.9 million, respectively, related to its long-lived assets, primarily due to certain hardware and software projects that were disposed or no longer expected to provide a long-term benefit. During the year ended December 31, 2020, the Company recorded a charge of $3.4 million, related to the write-down on surplus land and buildings that exceeded market value.
Valuation of investments	Valuation of investments: The Company has an unsecured obligation to pay, in the future, the value of deferred compensation and a Company match relating to employee participation in the Company’s nonqualified deferred compensation plan (the “Deferred Compensation Plan”). The future obligation is adjusted to reflect the performance, whether positive or negative, of selected investment measurement options, chosen by each participant. The Company invests in various marketable securities with the intention of selling these securities to fulfill its future obligations under the Deferred Compensation Plan. The investments in this plan were stated at fair value based on quoted market prices, were accounted for as trading securities and were included in “Other assets, net” on the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020. See Note 2 for further information concerning the fair value measurements of the Company’s marketable securities. See Note 12 for further information concerning the Company’s benefit plans.
Variable Interest Entities	Variable Interest Entities: The Company invests in certain tax credit funds that promote renewable energy. These investments generate a return primarily through the realization of federal tax credits and other tax benefits. The Company accounts for the tax attributes of its renewable energy investments using the deferral method. Under this method, realized investment tax credits and other tax benefits are recognized as a reduction of the renewable energy investments. ​ The Company determined its investment in these tax credit funds was an investment in a variable interest entity (“VIE”). The Company analyzes any investments in VIEs at inception and again if certain triggering events are identified to determine if it is the primary beneficiary. The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities. As of December 31, 2021, the Company had invested in four unconsolidated tax credit fund entities that were considered to be VIEs and concluded it was not the primary beneficiary of any of the entities, as it did not have the power to control the activities that most significantly impact the entities, and has accounted for these investments using the equity method. The Company’s maximum exposure to losses associated with these VIEs is limited to its net investment, which was $21.1 million as of December 31, 2021, and was included in “Other assets, net” on the accompanying Consolidated Balance Sheets. During the years ended December 31, 2021, 2020 and 2019, the Company recognized investment tax credits in the amounts of $177.1 million, $170.5 million and $8.5 million, respectively, all of which were realized through reductions in cash income taxes paid and were reflected as a component of the change in Income taxes payable on the accompanying Consolidated Statements of Cash Flows for the respective years. ​ During the second quarter ended June 30, 2021, the Company entered into an agreement to make certain additional capital contributions to one of its tax credit funds, which promotes renewable energy through the development of solar or wind energy farms, for the primary purpose of receiving renewable energy tax credits. Per the terms of the agreement, the Company is required to make capital contributions totaling approximately $5.7 million upon achievement of project milestones by the solar or wind energy farms, the timing of which is variable and outside of the Company’s control. See Note 15 for further information concerning the Company’s investment in renewable energy tax credits.
Self-insurance reserves	Self-insurance reserves: The Company uses a combination of insurance and self-insurance mechanisms to provide for potential liabilities for Team Member health care benefits, workers’ compensation, vehicle liability, general liability and property loss. With the exception of certain Team Member health care benefit liabilities, employment related claims and litigation, certain commercial litigation and certain regulatory matters, the Company obtains third-party insurance coverage to limit its exposure. The Company estimates its self-insurance liabilities by considering a number of factors, including historical claims experience and trend-lines, projected medical and legal inflation, growth patterns and exposure forecasts. Certain of these liabilities were recorded at an estimate of their net present value, using a credit-adjusted discount rate. ​ The following table identifies the components of the Company’s self-insurance reserves as of December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 2020 Self-insurance reserves (undiscounted) ​ ​ $ 233,185 ​ $ 213,332 Self-insurance reserves (discounted) ​ ​ 222,273 ​ 202,454 ​ The current portion of the Company’s discounted self-insurance reserves totaled $128.8 million and $109.2 million as of December 31, 2021 and 2020, respectively, which was included in “Self-insurance reserves” on the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020. The remainder was included in “Other liabilities” on the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020.
Warranties	Warranties: The Company offers warranties on certain merchandise it sells with warranty periods ranging from 30 days to limited lifetime warranties. The risk of loss arising from warranty claims is typically the obligation of the Company’s suppliers. Certain suppliers provide upfront allowances to the Company in lieu of accepting the obligation for warranty claims. For this merchandise, when sold, the Company bears the risk of loss associated with the cost of warranty claims. Differences between supplier allowances received by the Company, in lieu of warranty obligations and estimated warranty expense, are recorded as an adjustment to cost of sales. Estimated warranty costs, which are recorded as obligations at the time of sale, are based on the historical failure rate of each individual product line. The Company’s historical experience has been that failure rates are relatively consistent over time and that the ultimate cost of warranty claims to the Company has been driven by volume of units sold as opposed to fluctuations in failure rates or the variation of the cost of individual claims. See Note 8 for further information concerning the Company’s aggregate product warranty liabilities.
Litigation accruals	Litigation accruals: The Company is currently involved in litigation incidental to the ordinary conduct of the Company’s business. Based on existing facts and historical patterns, the Company accrues for litigation losses in instances where an adverse outcome is probable and the Company is able to reasonably estimate the probable loss in accordance with Accounting Standard Codification 450-20. The Company also accrues for an estimate of legal costs to be incurred for litigation matters. Although the Company cannot ascertain the amount of liability that it may incur from legal matters, it does not currently believe that, in the aggregate, these matters, taking into account applicable insurance and accruals, will have a material adverse effect on its consolidated financial position, results of operations or cash flows in a particular quarter or annual period.
Share repurchases	Share repurchases: In January of 2011, the Company’s Board of Directors approved a share repurchase program. Under the program, the Company may, from time to time, repurchase shares of its common stock, solely through open market purchases effected through a broker dealer at prevailing market prices, based on a variety of factors such as price, corporate trading policy requirements and overall market conditions. All shares repurchased under the share repurchase program are retired and recorded under the par value method on the accompanying Consolidated Balance Sheets. See Note 9 for further information concerning the Company’s share repurchase program.
Revenue recognition	Revenue recognition: The Company’s primary source of revenue is derived from the sale of automotive aftermarket parts and merchandise to its customers. Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied, in an amount representing the consideration the Company expects to receive in exchange for transferring goods to the customer. Generally, the Company’s performance obligations are satisfied when the customer takes possession of the merchandise, which normally occurs immediately at the point of sale or through same day delivery of the merchandise. All sales are recorded net of estimated returns allowances, discounts and taxes. The Company does not recognize revenue related to product warranties, as these are considered assurance warranty obligations. ​ Over-the-counter retail sales to DIY customers are recorded when the customer takes possession of the merchandise. Internet retail sales, included in sales to DIY customers, are recorded when the merchandise is shipped or when the customer picks up the merchandise at a store. Sales to professional service provider customers, also referred to as “commercial sales,” are recorded upon same-day delivery of the merchandise to the customer, generally at the customer’s place of business. Other sales and sales adjustments primarily includes sales to Team Members, wholesale sales to other retailers (“jobber sales”), equipment sales, discounts, rebates, deferred revenue adjustments relating to the Company’s retail loyalty program and adjustments to estimated sales returns allowances. Sales to Team Members are recorded when the Team Member takes possession of the merchandise. Jobber sales are recorded upon shipment of the merchandise from a regional distribution center with same-day delivery to the jobber customer’s location. ​ The Company maintains a retail loyalty program named O’Reilly O’Rewards, which represents a performance obligation. The Company records a deferred revenue liability, based on a breakage adjusted, estimated redemption rate and a corresponding reduction in revenue in periods when loyalty points are earned by members. The Company recognizes revenue and a corresponding reduction to the deferred revenue liability in periods when loyalty program issued coupons are redeemed by members, generally within a period of three months from issuance, or when unredeemed points expire, generally within 12 months after the date they were earned, which satisfies the Company’s performance obligation. See Note 11 for further information concerning the Company’s revenue.
Cost of goods sold and selling, general and administrative expenses	Cost of goods sold and selling, general and administrative expenses: Below follows the primary costs classified in each major expense category. ​ Cost of goods sold, including warehouse and distribution expenses: ● Total cost of merchandise sold, including freight expenses associated with acquiring merchandise and with moving merchandise inventories from the Company’s distribution centers to the stores; and defective merchandise and warranty costs. ● Supplier allowances and incentives, including allowances that are not reimbursements for specific, incremental and identifiable costs; and cash discounts on payments to suppliers. ● Costs associated with the Company’s supply chain, including payroll and benefit costs; warehouse occupancy costs; transportation costs; depreciation; and inventory shrinkage. ​ Selling general and administrative expenses: ● Payroll benefit costs for store and corporate Team Members; ● Occupancy costs of store and corporate facilities; ● Depreciation and amortization related to store and corporate assets; ● Vehicle expenses for store and Hub delivery services; ● Self-insurance costs; ● Closed store expenses; and ● Other administrative costs, including accounting, legal and other professional services; bad debt, banking and credit card fees; supplies; travel; and advertising costs
Advertising expenses	Advertising expenses: Advertising expense consists primarily of expenses related to the Company’s integrated marketing program, which includes radio, in-store, digital and social media promotions, as well as sports and event sponsorships and direct mail and newspaper promotional distribution. The Company expenses advertising costs as incurred. The Company also participates in cooperative advertising arrangements with certain of its suppliers. Advertising expense, net of cooperative advertising allowances from suppliers that were incremental to the advertising program, specific to the product or event and identifiable for accounting purposes, total $72.5 million, $73.8 million and $79.3 million for the years ended December 31, 2021, 2020 and 2019, respectively, which were included in “Selling, general and administrative expenses” on the accompanying Consolidated Statements of Income.
Share-based compensation and benefit plans	Share-based compensation and benefit plans: The Company sponsors share-based compensation plans and benefit plans. The Company recognizes compensation expense over the requisite service period for its share-based plans based on the fair value of the awards on the date of the grant, award or issuance and accounts for forfeitures as they occur. Share-based plans include stock option awards, restricted stock awards and stock appreciation rights issued under the Company’s incentive plans and stock issued through the Company’s employee stock purchase plan. See Note 12 for further information concerning the Company’s share-based compensation and benefit plans.
Pre-opening expenses	Pre-opening expenses: Costs associated with the opening of new stores, which consist primarily of payroll and occupancy costs, are charged to “Selling, general and administrative expenses” on the accompanying Consolidated Statements of Income as incurred. Costs associated with the opening of new distribution centers, which consist primarily of payroll and occupancy costs, are included in “Cost of goods sold, including warehouse and distribution expenses” on the accompanying Consolidated Statements of Income as incurred.
Interest expense	Interest expense: The Company capitalizes interest costs as a component of construction in progress, based on the weighted-average interest rates incurred on its long-term borrowings. Total interest costs capitalized for the years ended December 31, 2021, 2020 and 2019, were $7.0 million, $10.2 million and $13.0 million, respectively. ​ In conjunction with the issuance or amendment of long-term debt instruments, the Company incurs various costs, including debt registration fees, accounting and legal fees and underwriter and book runner fees. Debt issuance costs related to the Company’s long-term unsecured senior notes are recorded as a reduction of the principal amount of the corresponding unsecured senior notes. Debt issuance costs related to the Company’s unsecured revolving credit facility are recorded as an asset. These debt issuance costs have been deferred and are being amortized over the term of the corresponding debt instrument and the amortization expense is included in “Interest expense” on the accompanying Consolidated Statements of Income. Deferred debt issuance costs totaled $22.0 million and $22.3 million, net of accumulated amortization, as of December 31, 2021 and 2020, respectively, of which $3.4 million and $0.6 million were included in “Other assets, net” as of December 31, 2021 and 2020, respectively, with the remainder included in “Long-term debt” on the accompanying Consolidated Balance Sheets. ​ The Company issued its long-term unsecured senior notes at a discount. The original issuance discounts on the senior notes are recorded as a reduction of the principal amount of the corresponding senior notes and are accreted over the term of the applicable senior note, with the accretion expense included in “Interest expense” on the accompanying Consolidated Statements of Income. Original issuance discounts, net of accretion, totaled $4.4 million and $5.1 million as of December 31, 2021 and 2020, respectively. ​ See Note 7 for further information concerning debt issuance costs and original issuance discounts associated with the Company’s issuances of long-term debt instruments.
Income taxes	Income taxes: The Company accounts for income taxes using the liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on differences between the U.S. GAAP basis and tax basis of assets and liabilities using enacted tax rules and rates currently scheduled to be in effect for the year in which the differences are expected to reverse. Tax carry forwards are also recognized in deferred tax assets and liabilities under this method. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period of the enactment date. The Company would record a valuation allowance against deferred tax assets to the extent it is more likely than not the amount will not be realized, based upon evidence available at the time of the determination and any change in the valuation allowance is recorded in the period of a change in such determination. The Company did not establish a valuation allowance for deferred tax assets as of December 31, 2021 and 2020, as it was considered more likely than not that deferred tax assets were realizable through a combination of future taxable income, the realization of deferred tax liabilities and tax planning strategies. ​ The Company regularly reviews its potential tax liabilities for tax years subject to audit. The amount of such liabilities is based on various factors, such as differing interpretations of tax regulations by the responsible tax authority, experience with previous tax audits and applicable tax law rulings. In management’s opinion, adequate provisions for income taxes have been made for all years presented. The estimates of the Company’s potential tax liabilities contain uncertainties because management must use judgment to estimate the exposures associated with the Company’s various tax positions and actual results could differ from estimates. See Note 15 for further information concerning the Company’s income taxes.
Earnings per share	Earnings per share: Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the fiscal period. Diluted earnings per share is calculated by dividing the weighted-average number of common shares outstanding plus the common stock equivalents associated with the potential impact of dilutive stock options. Certain common stock equivalents that could potentially dilute basic earnings per share in the future were not included in the fully diluted computation because they would have been antidilutive. Generally, stock options are antidilutive and excluded from the earnings per share calculation when the exercise price exceeds the market price of the common shares. See Note 16 for further information concerning the Company’s common stock equivalents.
New accounting pronouncements	New accounting pronouncements: No recent accounting pronouncements or changes in accounting pronouncements have occurred since those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, that are of a material significance, or have potential material significance, to the Company.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Components of self-insurance reserves	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 2020 Self-insurance reserves (undiscounted) ​ ​ $ 233,185 ​ $ 213,332 Self-insurance reserves (discounted) ​ ​ 222,273 ​ 202,454

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Measurements
Valuation of marketable securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Quoted Priced in Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ for Identical Instruments ​ Observable Inputs ​ Unobservable Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Marketable securities ​ $ 52,456 ​ $ — ​ $ — ​ $ 52,456 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Quoted Prices in Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ for Identical Instruments ​ Observable Inputs ​ Unobservable Inputs ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Marketable securities ​ $ 40,411 ​ $ — ​ $ — ​ $ 40,411
Valuation of senior notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Carrying Amount ​ Estimated Fair Value ​ Carrying Amount ​ Estimated Fair Value Senior Notes ​ $ 3,826,978 ​ $ 4,135,629 ​ $ 4,123,217 ​ $ 4,647,595

ALLOWANCE FOR DOUBTFUL ACCOUN_2

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables)	12 Months Ended
	Dec. 31, 2021
Allowance for Doubtful Accounts
Changes in allowance for doubtful accounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 Allowance for doubtful accounts, balance at January 1 ​ $ 12,670 ​ $ 14,417 Reserve accruals ​ 4,158 ​ 5,030 Uncollectable accounts written-off ​ ​ (4,937) ​ ​ (6,743) Foreign currency translation ​ (21) ​ (34) Allowance for doubtful accounts, balance at December 31, ​ $ 11,870 ​ $ 12,670

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2021
Property and Equipment
Property and equipment, including original useful lives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Original Useful ​ ​ ​ ​ ​ Lives ​ December 31, 2021 ​ December 31, 2020 Land ​ ​ ​ $ 888,558 $ 860,797 Buildings and building improvements ​ 15 – 39 years ​ 2,737,212 ​ 2,574,969 Leasehold improvements ​ 3 – 25 years ​ 864,169 ​ 799,013 Furniture, fixtures and equipment ​ 3 – 20 years ​ 1,700,149 ​ 1,562,664 Vehicles ​ 5 – 10 years ​ 502,643 ​ 456,957 Construction in progress ​ ​ ​ 255,307 ​ 305,511 Total property and equipment ​ ​ ​ 6,948,038 ​ 6,559,911 Less: accumulated depreciation and amortization ​ ​ ​ 2,734,523 ​ 2,464,993 Net property and equipment ​ ​ ​ $ 4,213,515 ​ $ 4,094,918

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
Leases
Summary of total lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2021 ​ 2020 ​ 2019 Operating lease cost ​ $ 351,296 ​ $ 336,156 ​ $ 320,480 Short-term operating lease cost ​ 7,694 ​ 6,131 ​ 5,899 Variable operating lease cost ​ 89,065 ​ 82,868 ​ 76,027 Sublease income ​ (4,571) ​ (4,790) ​ (4,112) Total lease cost ​ $ 443,484 ​ $ 420,365 ​ $ 398,294
Other lease related information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 Cash paid for amounts included in the measurement of operating lease liabilities: ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 343,749 ​ $ 334,994 Right-of-use assets obtained in exchange for new operating lease liabilities ​ ​ 257,830 ​ ​ 322,712
Schedule of future minimum lease payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Related Parties Non-Related Parties Total 2022 ​ $ 4,682 ​ $ 337,051 ​ $ 341,733 2023 ​ ​ 4,433 ​ ​ 317,607 ​ ​ 322,040 2024 ​ 2,686 ​ 287,770 ​ 290,456 2025 ​ 1,913 ​ 249,660 ​ 251,573 2026 ​ 1,298 ​ 212,939 ​ 214,237 Thereafter ​ 605 ​ 1,049,121 ​ 1,049,726 Total operating lease payments ​ 15,617 ​ 2,454,148 ​ 2,469,765 Less: present value discount ​ 1,150 ​ 429,026 ​ 430,176 Total operating lease liabilities ​ 14,467 ​ 2,025,122 ​ 2,039,589 Less: current portion of operating lease liabilities ​ 4,682 ​ 333,150 ​ 337,832 Operating lease liabilities, less current portion ​ $ 9,785 ​ $ 1,691,972 ​ $ 1,701,757

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Other Intangibles
Change in goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Goodwill, balance at January 1, ​ $ 881,030 ​ $ 936,814 Change in goodwill related to small acquisitions ​ 493 ​ 109 Foreign currency translation ​ ​ (2,183) ​ ​ (5,465) Final purchase price allocation of intangibles related to Mayasa acquisition ​ ​ — ​ ​ (50,428) Goodwill, balance at December 31, ​ $ 879,340 ​ $ 881,030
Schedule of components of intangible assets other than goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Cost of Accumulated ​ Net ​ Cost of Accumulated Net ​ ​ Intangibles ​ Amortization ​ Intangibles ​ Intangibles ​ Amortization ​ Intangibles Finite-lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ Trade names (1) ​ $ 8,110 ​ $ (3,553) ​ $ 4,557 ​ $ 8,363 ​ $ (1,905) ​ $ 6,458 Non-compete agreements (2) ​ ​ 6,915 ​ ​ (4,275) ​ ​ 2,640 ​ ​ 7,183 ​ ​ (2,713) ​ ​ 4,470 Other intangible assets (3) ​ ​ 11,832 ​ ​ (4,181) ​ ​ 7,651 ​ ​ 12,200 ​ ​ (2,242) ​ ​ 9,958 Total finite-lived intangible assets ​ ​ 26,857 ​ ​ (12,009) ​ ​ 14,848 ​ ​ 27,746 ​ ​ (6,860) ​ ​ 20,886 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indefinite-lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade names ​ ​ 34,348 ​ ​ — ​ ​ 34,348 ​ ​ 35,420 ​ ​ — ​ ​ 35,420 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total intangible assets ​ $ 61,205 ​ $ (12,009) ​ $ 49,196 ​ $ 63,166 ​ $ (6,860) ​ $ 56,306 (1) Weighted-average remaining useful life of approximately 3.6 years as of December 31, 2021. (2) Weighted-average remaining useful life of approximately 2.6 years as of December 31, 2021. (3) Includes internally-developed software and customer relationships and has an estimated weighted-average remaining useful life of approximately 6.9 years as of December 31, 2021.
Estimated net amortization of intangibles	​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Amortization Expense 2022 ​ $ 5,227 2023 ​ 2,658 2024 ​ 1,372 2025 ​ 1,366 2026 ​ 1,341 Thereafter ​ ​ 2,884 Total net, finite-lived intangible assets ​ $ 14,848

FINANCING (Tables)

FINANCING (Tables)	12 Months Ended
	Dec. 31, 2021
Financing
Outstanding financing facilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2021 ​ ​ 2020 4.625% Senior Notes due 2021, effective interest rate of 4.643% ​ $ — ​ $ 300,000 3.800% Senior Notes due 2022, effective interest rate of 3.845% ​ 300,000 ​ 300,000 3.850% Senior Notes due 2023, effective interest rate of 3.851% ​ 300,000 ​ 300,000 3.550% Senior Notes due 2026, effective interest rate of 3.570% ​ 500,000 ​ 500,000 3.600% Senior Notes due 2027, effective interest rate of 3.619% ​ 750,000 ​ 750,000 4.350% Senior Notes due 2028, effective interest rate of 4.383% ​ 500,000 ​ 500,000 3.900% Senior Notes due 2029, effective interest rate of 3.901% ​ ​ 500,000 ​ ​ 500,000 4.200% Senior Notes due 2030, effective interest rate of 4.205% ​ ​ 500,000 ​ ​ 500,000 1.750% Senior Notes due 2031, effective interest rate of 1.798% ​ ​ 500,000 ​ ​ 500,000 Total principal amount of debt ​ ​ 3,850,000 ​ ​ 4,150,000 Less: Unamortized discount and debt issuance costs ​ ​ 23,022 ​ ​ 26,783 Total long-term debt ​ $ 3,826,978 ​ $ 4,123,217
Principle maturities of financing facilities	​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Scheduled Maturities 2022 ​ $ 300,000 2023 ​ 300,000 2024 ​ — 2025 ​ — 2026 ​ 500,000 Thereafter ​ 2,750,000 Total principal amount of debt ​ $ 3,850,000

WARRANTIES (Tables)

WARRANTIES (Tables)	12 Months Ended
	Dec. 31, 2021
Warranties
Changes in product warranty liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Warranty liabilities, balance at January 1, ​ $ 65,886 ​ $ 61,069 Warranty claims ​ (126,632) ​ (109,684) Warranty accruals ​ 137,960 ​ 114,526 Foreign currency translation ​ ​ (15) ​ ​ (25) Warranty liabilities, balance at December 31, ​ $ 77,199 ​ $ 65,886

SHARE REPURCHASE PROGRAM (Table

SHARE REPURCHASE PROGRAM (Tables)	12 Months Ended
	Dec. 31, 2021
Share Repurchase Program
Schedule of shares repurchased	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2021 2020 Shares repurchased ​ 4,537 ​ ​ 4,832 Average price per share ​ $ 545.78 ​ $ 431.93 Total investment ​ $ 2,476,003 ​ $ 2,087,146

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss)
Summary of activity for changes in accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ Total Accumulated Other ​ ​ Currency (1) ​ Comprehensive Income (Loss) Accumulated other comprehensive income, balance at December 31, 2019 ​ $ 4,890 ​ $ 4,890 Change in accumulated other comprehensive loss ​ ​ (7,045) ​ ​ (7,045) Accumulated other comprehensive loss, balance at December 31, 2020 ​ $ (2,155) ​ $ (2,155) Change in accumulated other comprehensive loss ​ ​ (4,644) ​ ​ (4,644) Accumulated other comprehensive loss, balance at December 31, 2021 ​ $ (6,799) ​ $ (6,799) (1) Foreign currency is not shown net of additional U.S. tax, as other basis differences of non-U.S. subsidiaries are intended to be permanently reinvested .

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue
Disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2021 2020 2019 Sales to do-it-yourself customers ​ $ 7,643,832 ​ $ 6,684,183 ​ $ 5,612,390 Sales to professional service provider customers ​ 5,368,657 ​ 4,647,189 ​ 4,369,541 Other sales and sales adjustments ​ 315,074 ​ 273,121 ​ 168,054 Total sales ​ $ 13,327,563 ​ $ 11,604,493 ​ $ 10,149,985

SHARE-BASED COMPENSATION AND _2

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2021
Share-Based Compensation and Benefit Plans
Summary of shares authorized and available for future issuance under compensation and benefit plans	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Total Shares Authorized for Shares Available for Future Plans ​ Issuance under the Plans ​ Issuance under the Plans Incentive Plans 35,650 5,742 Employee Stock Purchase Plan 4,250 469 Profit Sharing and Savings Plan 4,200 349
Employee stock option [Member]
Share-Based Compensation and Benefit Plans
Summary of stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average Aggregate ​ ​ Shares ​ Weighted- Average ​ Remaining ​ Intrinsic Value ​ ​ (in thousands) ​ Exercise Price ​ Contractual Terms ​ (in thousands) Outstanding at December 31, 2020 1,500 ​ $ 248.52 ​ ​ Granted 134 ​ 491.71 ​ ​ Exercised (404) ​ 167.78 ​ ​ Forfeited or expired (24) ​ 372.95 ​ ​ Outstanding at December 31, 2021 1,206 ​ $ 300.09 5.8 Years ​ $ 489,893 Vested or expected to vest at December 31, 2021 1,182 ​ $ 297.47 5.7 Years ​ $ 483,286 Exercisable at December 31, 2021 802 ​ $ 249.13 4.7 Years ​ $ 366,680
Black-Scholes option pricing model	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 ​ 2020 ​ 2019 Risk free interest rate 0.82 % ​ 0.86 % ​ 2.26 % Expected life 5.9 Years ​ 5.9 Years ​ 5.7 Years Expected volatility 30.0 % ​ 26.4 % ​ 25.1 % Expected dividend yield — % ​ — % ​ — %
Summary of activity of share-based compensation and benefit plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2021 ​ 2020 ​ 2019 Compensation expense for stock options awarded (in thousands) ​ $ 20,035 ​ $ 18,435 ​ $ 18,044 Income tax benefit from compensation expense related to stock options (in thousands) ​ 4,989 ​ 4,620 ​ 4,436 Total intrinsic value of stock options exercised (in thousands) ​ 163,722 ​ 79,451 ​ 117,489 Cash received from exercise of stock options (in thousands) ​ 67,761 ​ 46,282 ​ 46,106 Weighted-average grant-date fair value of options awarded ​ $ 146.57 ​ $ 106.76 ​ $ 105.37 Weighted-average remaining contractual life of exercisable options (in years) ​ 4.7 ​ 4.5 ​ 4.6
Restricted stock [Member]
Share-Based Compensation and Benefit Plans
Summary of activity of share-based compensation and benefit plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2021 2020 2019 Compensation expense for restricted shares awarded ​ $ 1,602 ​ $ 1,488 ​ $ 1,387 Income tax benefit from compensation expense related to restricted shares ​ $ 399 ​ $ 373 ​ $ 341 Total fair value of restricted shares at vest date ​ $ 2,815 ​ $ 1,591 ​ $ 1,633 Shares awarded under the plans ​ 3 ​ 4 ​ 4 Weighted-average grant-date fair value of shares awarded under the plans ​ $ 509.24 ​ $ 412.67 ​ $ 355.91
Employee stock purchase plan [Member]
Share-Based Compensation and Benefit Plans
Summary of ESPP plan activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2021 2020 2019 Compensation expense for shares issued under the ESPP ​ $ 3,019 ​ $ 2,824 ​ $ 2,490 Income tax benefit from compensation expense related to shares issued under the ESPP ​ $ 752 ​ $ 708 ​ $ 612 Shares issued under the ESPP ​ 36 ​ 45 ​ 43 Weighted-average price of shares issued under the ESPP ​ $ 473.22 ​ $ 353.04 ​ $ 329.69
Employee [Member] | Restricted stock [Member]
Share-Based Compensation and Benefit Plans
Summary of restricted stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Grant-Date ​ Shares Fair Value Non-vested at December 31, 2020 4 ​ $ 358.58 Granted during the period 1 ​ 451.84 Vested during the period (1) (2) ​ 430.04 Forfeited during the period — ​ — Non-vested at December 31, 2021 3 ​ $ 419.47 (1) Includes less than one thousand shares withheld to cover employees’ taxes upon vesting. ​
Director [Member] | Restricted stock [Member]
Share-Based Compensation and Benefit Plans
Summary of restricted stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Grant-Date ​ Shares Fair Value Non-vested at December 31, 2020 4 ​ $ 371.46 Granted during the period 1 ​ 559.53 Vested during the period (3) ​ 556.74 Forfeited during the period — ​ — Non-vested at December 31, 2021 2 ​ $ 508.45

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Taxes
Schedule of components of income from continuing operations before income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 Domestic ​ $ 2,770,485 ​ $ 2,260,385 ​ $ 1,790,207 International ​ ​ 11,429 ​ ​ 6,020 ​ ​ 122 Income before income taxes ​ $ 2,781,914 ​ $ 2,266,405 ​ $ 1,790,329
Schedule of components of the provision for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2021 2020 2019 Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal income tax expense ​ $ 485,988 ​ $ 401,331 ​ $ 315,061 State income tax expense ​ 104,837 ​ 97,085 ​ 62,795 International income tax expense ​ ​ 6,021 ​ ​ 3,306 ​ ​ 273 Total current ​ ​ 596,846 ​ ​ 501,722 ​ ​ 378,129 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal income tax expense ​ ​ 20,543 ​ ​ 16,749 ​ ​ 19,367 State income tax (benefit) expense ​ ​ 2,432 ​ ​ (2,865) ​ ​ 2,027 International income tax benefit ​ ​ (2,592) ​ ​ (1,503) ​ ​ (236) Total deferred ​ ​ 20,383 ​ ​ 12,381 ​ ​ 21,158 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income tax expense ​ $ 617,229 ​ $ 514,103 ​ $ 399,287
Reconciliation of the provision for income taxes to the amounts computed at the federal statutory rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2021 2020 2019 Federal income taxes at statutory rate ​ $ 584,202 ​ $ 474,681 ​ $ 375,942 State income taxes, net of federal tax benefit ​ 90,360 ​ 76,810 ​ 54,739 Excess tax benefit from share-based compensation ​ (35,202) ​ (16,918) ​ (25,992) Benefit from investment in renewable energy tax credits ​ ​ (18,592) ​ ​ (17,904) ​ ​ (875) Other items, net ​ (3,539) ​ (2,566) ​ (4,527) Total provision for income taxes ​ $ 617,229 ​ $ 514,103 ​ $ 399,287
Schedule of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Deferred tax assets: ​ ​ Allowance for doubtful accounts ​ $ 1,538 ​ $ 1,574 Tax credits ​ 284 ​ 1,444 Other accruals ​ 142,714 ​ 143,387 Operating lease liability ​ ​ 513,492 ​ ​ 513,134 Other ​ 16,117 ​ 16,594 Total deferred tax assets ​ 674,145 ​ 676,133 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ Inventories ​ 64,562 ​ 79,326 Property and equipment ​ 212,649 ​ 194,000 Operating lease asset ​ ​ 496,996 ​ ​ 498,042 Other ​ 75,150 ​ 60,664 Total deferred tax liabilities ​ 849,357 ​ 832,032 ​ ​ ​ ​ ​ ​ ​ Net deferred tax liabilities ​ $ (175,212) ​ $ (155,899)
Summary of changes in gross amount of unrecognized tax benefits, excluding interest and penalties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Unrealized tax benefit, balance at January 1, ​ $ 30,967 ​ $ 31,475 ​ $ 33,766 Additions based on tax positions related to the current year ​ 5,446 ​ 4,795 ​ 4,627 Payments related to items settled with taxing authorities ​ (2,570) ​ — ​ (443) Reductions due to the lapse of statute of limitations and settlements ​ (6,996) ​ (5,303) ​ (6,475) Unrealized tax benefit, balance at December 31, ​ $ 26,847 ​ $ 30,967 ​ $ 31,475

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share
Computation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, ​ 2021 2020 2019 Numerator (basic and diluted): ​ ​ ​ Net income ​ $ 2,164,685 ​ $ 1,752,302 ​ $ 1,391,042 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ Weighted-average common shares outstanding – basic ​ 68,967 ​ 73,817 ​ 76,985 Effect of stock options (1) ​ 644 ​ 645 ​ 803 Weighted-average common shares outstanding – assuming dilution ​ 69,611 ​ 74,462 ​ 77,788 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share: ​ ​ ​ Earnings per share-basic ​ $ 31.39 ​ $ 23.74 ​ $ 18.07 Earnings per share-assuming dilution ​ $ 31.10 ​ $ 23.53 ​ $ 17.88 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Antidilutive potential common shares not included in the calculation of diluted earnings per share: ​ ​ ​ Stock options (1) ​ 111 ​ 291 ​ 229 Weighted-average exercise price per share of antidilutive stock options (1) ​ $ 479.90 ​ $ 393.42 ​ $ 368.11 (1) See Note 12 for further information concerning the terms of the Company’s share-based compensation plans.

QUARTERLY RESULTS (Unaudited) (

QUARTERLY RESULTS (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2021
Quarterly Results (Unaudited)
Quarterly operating data (unaudited)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal 2021 ​ First Second Third Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter Sales ​ $ 3,090,899 ​ $ 3,465,601 ​ $ 3,479,570 ​ $ 3,291,493 Gross profit ​ 1,640,795 ​ 1,826,378 ​ 1,818,240 ​ 1,734,536 Operating income ​ 691,105 ​ 795,583 ​ 754,599 ​ 675,881 Net income ​ 501,609 ​ 585,451 ​ 558,652 ​ 518,973 Earnings per share – basic (1) ​ $ 7.13 ​ $ 8.41 ​ $ 8.14 ​ $ 7.71 Earnings per share – assuming dilution (1) ​ $ 7.06 ​ $ 8.33 ​ $ 8.07 ​ $ 7.64 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal 2020 ​ First Second Third Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter Sales ​ $ 2,476,487 ​ $ 3,091,595 ​ $ 3,207,638 ​ $ 2,828,773 Gross profit ​ 1,295,906 ​ 1,637,180 ​ 1,680,468 ​ 1,472,138 Operating income ​ 423,561 ​ 736,490 ​ 725,013 ​ 534,272 Net income ​ 300,438 ​ 531,667 ​ 527,252 ​ 392,945 Earnings per share – basic (1) ​ $ 4.00 ​ $ 7.16 ​ $ 7.13 ​ $ 5.45 Earnings per share – assuming dilution (1) ​ $ 3.97 ​ $ 7.10 ​ $ 7.07 ​ $ 5.40 (1) Earnings per share amounts are computed independently for each quarter and annual period. The quarterly earnings per share amounts may not sum to equal the full-year earnings per share amount.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	12 Months Ended
	Dec. 31, 2021USD ($)statestore	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Summary of Significant Accounting Policies
Accounts receivable due from employees to the Company	$ 700,000	$ 900,000
Allowance for doubtful supplier receivables	0	0
Replacement cost of inventory	3,920,000,000	3,670,000,000
LIFO inventory value in excess of replacement cost of inventory		55,800,000
Goodwill impairment	0	0
Impairment of long-lived assets	12,600,000	3,400,000	$ 1,900,000
Self-insurance reserves, current	128,794,000	109,199,000
Equity method investment in VIEs, net	21,100,000
Investment tax credit amount	177,100,000	170,500,000	8,500,000
Advertising expense, net	72,500,000	73,800,000	79,300,000
Total interest costs capitalized	7,000,000	10,200,000	$ 13,000,000
Deferred debt issuance costs, net of amortization	22,000,000	22,300,000
Original issuance discounts, net of accretion	4,400,000	5,100,000
Valuation allowance for deferred tax assets	0	0
Other Assets
Summary of Significant Accounting Policies
Deferred debt issuance costs, net of amortization	3,400,000	$ 600,000
Renewable energy tax credit equity investments
Summary of Significant Accounting Policies
Capital contributions	$ 5,700,000
U.S.
Summary of Significant Accounting Policies
Number of stores | store	5,759
Number of states, in which the Company operates | state	47
Mexico
Summary of Significant Accounting Policies
Number of stores | store	25
Loyalty Program Points [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Summary of Significant Accounting Policies
Deferred revenue, period expect to be recognized within	12 months
Loyalty Program Coupon [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Summary of Significant Accounting Policies
Deferred revenue, period expect to be recognized within	3 months

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Components of Self-Insurance Reserves) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Self-insurance reserves (undiscounted)	$ 233,185	$ 213,332
Self-insurance reserves (discounted)	$ 222,273	$ 202,454

FAIR VALUE MEASUREMENTS (Narrat

FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value Measurements
Increase in fair value of marketable securities	$ 5.7	$ 5.4
Non-financial assets and liabilities measured at fair value on a nonrecurring basis	$ 0	$ 0

FAIR VALUE MEASUREMENTS (Fair V

FAIR VALUE MEASUREMENTS (Fair Value of Marketable Securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Measurements
Estimated fair value of marketable securities	$ 52,456	$ 40,411
Fair value, inputs, Level 1 [Member]
Fair Value Measurements
Estimated fair value of marketable securities	$ 52,456	$ 40,411

FAIR VALUE MEASUREMENTS (Fair_2

FAIR VALUE MEASUREMENTS (Fair Value of Senior Notes) (Details) - Fair value, inputs, Level 2 [Member] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Measurements
Carrying amount of senior notes	$ 3,826,978	$ 4,123,217
Estimated fair value of senior notes	$ 4,135,629	$ 4,647,595

ALLOWANCE FOR DOUBTFUL ACCOUN_3

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Changes in Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Allowance for Doubtful Accounts
Allowance for doubtful accounts, beginning balance	$ 12,670	$ 14,417
Reserve accruals	4,158	5,030
Uncollectable accounts written-off	(4,937)	(6,743)
Foreign currency translation	(21)	(34)
Allowance for doubtful accounts, ending balance	$ 11,870	$ 12,670

PROPERTY AND EQUIPMENT (Narrati

PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property and Equipment
Depreciation and amortization expense	$ 328,217	$ 314,635	$ 270,875
Impairment of long-lived assets	12,600	3,400	1,900
Property and equipment [Member]
Property and Equipment
Depreciation and amortization expense	$ 320,400	$ 303,000	$ 267,300

PROPERTY AND EQUIPMENT (Propert

PROPERTY AND EQUIPMENT (Property and Equipment, Including Original Useful Lives) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property and Equipment
Property and equipment	$ 6,948,038	$ 6,559,911
Less: accumulated depreciation and amortization	2,734,523	2,464,993
Net property and equipment	4,213,515	4,094,918
Land [Member]
Property and Equipment
Property and equipment	888,558	860,797
Buildings and building improvements [Member]
Property and Equipment
Property and equipment	$ 2,737,212	2,574,969
Buildings and building improvements [Member] | Minimum [Member]
Property and Equipment
Property and equipment, useful lives	15 years
Buildings and building improvements [Member] | Maximum [Member]
Property and Equipment
Property and equipment, useful lives	39 years
Leasehold improvements [Member]
Property and Equipment
Property and equipment	$ 864,169	799,013
Leasehold improvements [Member] | Minimum [Member]
Property and Equipment
Property and equipment, useful lives	3 years
Leasehold improvements [Member] | Maximum [Member]
Property and Equipment
Property and equipment, useful lives	25 years
Furniture, fixtures and equipment [Member]
Property and Equipment
Property and equipment	$ 1,700,149	1,562,664
Furniture, fixtures and equipment [Member] | Minimum [Member]
Property and Equipment
Property and equipment, useful lives	3 years
Furniture, fixtures and equipment [Member] | Maximum [Member]
Property and Equipment
Property and equipment, useful lives	20 years
Vehicles [Member]
Property and Equipment
Property and equipment	$ 502,643	456,957
Vehicles [Member] | Minimum [Member]
Property and Equipment
Property and equipment, useful lives	5 years
Vehicles [Member] | Maximum [Member]
Property and Equipment
Property and equipment, useful lives	10 years
Construction in Progress [Member]
Property and Equipment
Property and equipment	$ 255,307	$ 305,511

LEASES (Narrative) (Details)

LEASES (Narrative) (Details) $ in Millions	Dec. 31, 2021USD ($)
Leases
Weighted-average remaining lease term - operating leases	9 years 10 months 24 days
Weighted-average discount rate - operating leases	3.70%
Minimum [Member] | Sublease
Leases
Future minimum sublease income under non-cancelable subleases	$ 14.9

LEASES (Summary of Total Lease

LEASES (Summary of Total Lease Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases
Operating lease cost	$ 351,296	$ 336,156	$ 320,480
Short-term operating lease cost	7,694	6,131	5,899
Variable operating lease cost	89,065	82,868	76,027
Sublease income	(4,571)	(4,790)	(4,112)
Total lease cost	$ 443,484	$ 420,365	$ 398,294

LEASES (Supplemental Cash Flow

LEASES (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases
Cash paid for amounts included in the measurement of operating lease liabilities, operating cash flows from operating leases	$ 343,749	$ 334,994
Right-of-use asset obtained in exchange for new operating lease liability	$ 257,830	$ 322,712

LEASES (Future Minimum Lease Pa

LEASES (Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases
2022	$ 341,733
2023	322,040
2024	290,456
2025	251,573
2026	214,237
Thereafter	1,049,726
Total operating lease payments	2,469,765
Less: present value discount	430,176
Total operating lease liabilities	2,039,589
Less: current portion of operating lease liabilities	337,832	$ 322,778
Operating lease liabilities, less current portion	1,701,757	$ 1,718,691
Related Parties.
Leases
2022	4,682
2023	4,433
2024	2,686
2025	1,913
2026	1,298
Thereafter	605
Total operating lease payments	15,617
Less: present value discount	1,150
Total operating lease liabilities	14,467
Less: current portion of operating lease liabilities	4,682
Operating lease liabilities, less current portion	9,785
Non-Related Parties
Leases
2022	337,051
2023	317,607
2024	287,770
2025	249,660
2026	212,939
Thereafter	1,049,121
Total operating lease payments	2,454,148
Less: present value discount	429,026
Total operating lease liabilities	2,025,122
Less: current portion of operating lease liabilities	333,150
Operating lease liabilities, less current portion	$ 1,691,972

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLES (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 29, 2019
Goodwill and Other Intangibles
Goodwill impairment	$ 0	$ 0
Amortization expense of amortizable intangible assets	4.9	5.3	$ 0.3
Mayasa [Member]
Goodwill and Other Intangibles
Final purchase price allocation of intangibles related to Mayasa acquisition				$ 61.5
Mayasa [Member] | Trade names [Member]
Goodwill and Other Intangibles
Indefinite-lived intangible assets acquired		36
Mayasa [Member] | Non-compete Agreements [Member]
Goodwill and Other Intangibles
Finite-lived intangible assets	$ 0.1	4.7
Mayasa [Member] | Trade names [Member]
Goodwill and Other Intangibles
Finite-lived intangible assets		8.5
Mayasa [Member] | Other intangible assets [Member]
Goodwill and Other Intangibles
Finite-lived intangible assets		$ 12.4
Mayasa [Member] | Goodwill [Member]
Goodwill and Other Intangibles
Residual goodwill				$ 73.4

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLES (Changes in Net Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Other Intangibles
Goodwill, beginning balance	$ 881,030	$ 936,814
Change in goodwill related to small acquisitions	493	109
Foreign currency translation	(2,183)	(5,465)
Final purchase price allocation of intangibles related to Mayasa acquisition	0	(50,428)
Goodwill, ending balance	$ 879,340	$ 881,030

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLES (Intangibles Other Than Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-lived intangible assets
Finite-lived intangibles, cost of intangibles	$ 26,857	$ 27,746
Finite-lived intangibles, accumulated amortization	(12,009)	(6,860)
Finite-lived intangibles, net intangibles	14,848	20,886
Indefinite-lived intangible assets
Total intangible assets, excluding goodwill	61,205	63,166
Net amortizable intangible assets	49,196	56,306
Trade names [Member]
Indefinite-lived intangible assets
Indefinite-lived intangible assets, other than goodwill	34,348	35,420
Trade names [Member]
Finite-lived intangible assets
Finite-lived intangibles, cost of intangibles	8,110	8,363
Finite-lived intangibles, accumulated amortization	(3,553)	(1,905)
Finite-lived intangibles, net intangibles	$ 4,557	6,458
Indefinite-lived intangible assets
Weighted-average remaining useful life of favorable leases	3 years 7 months 6 days
Non-compete Agreements [Member]
Finite-lived intangible assets
Finite-lived intangibles, cost of intangibles	$ 6,915	7,183
Finite-lived intangibles, accumulated amortization	(4,275)	(2,713)
Finite-lived intangibles, net intangibles	$ 2,640	4,470
Indefinite-lived intangible assets
Weighted-average remaining useful life of favorable leases	2 years 7 months 6 days
Other intangible assets [Member]
Finite-lived intangible assets
Finite-lived intangibles, cost of intangibles	$ 11,832	12,200
Finite-lived intangibles, accumulated amortization	(4,181)	(2,242)
Finite-lived intangibles, net intangibles	$ 7,651	$ 9,958
Indefinite-lived intangible assets
Weighted-average remaining useful life of favorable leases	6 years 10 months 24 days

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLES (Estimated Amortization of Intangibles) (Details) $ in Thousands	Dec. 31, 2021USD ($)
Goodwill and Other Intangibles
2022 amortization expense	$ 5,227
2023 amortization expense	2,658
2024 amortization expense	1,372
2025 amortization expense	1,366
2026 amortization expense	1,341
Thereafter amortization expense	2,884
Total net, finite-lived intangible assets	$ 14,848

FINANCING (Unsecured Revolving

FINANCING (Unsecured Revolving Credit Facility) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing
Line of credit facility covenant compliance	As of December 31, 2021, the Company remained in compliance with all covenants under the Credit Agreement.
Minimum [Member]
Financing
Line of credit facility fee percentage	0.07%
Maximum [Member]
Financing
Line of credit facility fee percentage	0.25%
Spread over Alternate Base rate [Member] | Minimum [Member]
Financing
Line of credit current interest rate	0.00%
Spread over Alternate Base rate [Member] | Maximum [Member]
Financing
Line of credit current interest rate	0.25%
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Financing
Line of credit current interest rate	0.68%
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Financing
Line of credit current interest rate	1.25%
Line of credit facility [Member] | Unsecured debt [Member]
Financing
Credit agreement inception date	Jun. 15, 2021
Number of years in credit facility, term	5 years
Current maximum borrowing capacity under credit facility	$ 1,800
Maximum aggregate increase to credit facility allowable	900
Maximum aggregate capacity of credit facility allowable	2,700
Letters of credit	$ 84	$ 66.4
Line of credit facility fee percentage	0.10%
Line of credit facility [Member] | Unsecured debt [Member] | Spread over Alternate Base rate [Member]
Financing
Line of credit current interest rate	0.00%
Line of credit facility [Member] | Unsecured debt [Member] | Spread over Eurodollar Revolving rate [Member]
Financing
Line of credit current interest rate	0.90%
Line of credit facility [Member] | Unsecured debt [Member] | Through maturity [Member]
Financing
Minimum debt instrument consolidated fixed charge coverage ratio covenant	2.50
Maximum debt instrument consolidated leverage ratio covenant	3.50
Line of credit facility [Member] | Unsecured debt [Member] | Letter of credit [Member]
Financing
Line of credit facility sublimit	$ 200
Line of credit facility [Member] | Unsecured debt [Member] | Swing line revolver [Member]
Financing
Line of credit facility sublimit	$ 75

FINANCING (Senior Notes) (Narra

FINANCING (Senior Notes) (Narrative) (Details) - Senior notes [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)D	Jun. 15, 2021USD ($)	Dec. 31, 2020USD ($)
Financing
Face amount of senior notes	$ 3,900,000
Number of days in annual interest calculation period | D	360
Minimum [Member]
Financing
Interest rate of senior notes	1.75%
Maximum [Member]
Financing
Interest rate of senior notes	4.35%
3.800% Senior Notes due 2022 [Member]
Financing
Face amount of senior notes	$ 300,000		$ 300,000
Interest rate of senior notes	3.80%		3.80%
4.625% Senior Notes due 2021 [Member]
Financing
Face amount of senior notes		$ 300,000	$ 300,000
Interest rate of senior notes		4.625%	4.625%
Debt redemption price		$ 300,000
4.200% Senior Notes due 2030 [Member]
Financing
Face amount of senior notes	$ 500,000		$ 500,000
Interest rate of senior notes	4.20%		4.20%
1.750% Senior Notes due 2031 [Member]
Financing
Face amount of senior notes	$ 500,000		$ 500,000
Interest rate of senior notes	1.75%		1.75%

FINANCING (Outstanding Financin

FINANCING (Outstanding Financing Facilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 15, 2021	Dec. 31, 2020
Financing
Total principal amount of debt	$ 3,850,000		$ 4,150,000
Less: Unamortized discount and debt issuance costs	23,022		26,783
Total long-term debt	3,826,978		4,123,217
Senior notes [Member]
Financing
Senior notes, principal amount	3,900,000
Senior notes [Member] | 4.625% Senior Notes due 2021 [Member]
Financing
Senior notes, principal amount		$ 300,000	$ 300,000
Interest rate of senior notes		4.625%	4.625%
Senior notes, effective interest rate			4.643%
Senior notes [Member] | 3.800% Senior Notes due 2022 [Member]
Financing
Senior notes, principal amount	$ 300,000		$ 300,000
Interest rate of senior notes	3.80%		3.80%
Senior notes, effective interest rate	3.845%		3.845%
Senior notes [Member] | 3.850% Senior Notes due 2023 [Member]
Financing
Senior notes, principal amount	$ 300,000		$ 300,000
Interest rate of senior notes	3.85%
Senior notes, effective interest rate	3.851%		3.851%
Senior notes [Member] | 3.550% Senior Notes due 2026 [Member]
Financing
Senior notes, principal amount	$ 500,000		$ 500,000
Interest rate of senior notes	3.55%		3.55%
Senior notes, effective interest rate	3.57%		3.57%
Senior notes [Member] | 3.600% Senior Notes due 2027 [Member]
Financing
Senior notes, principal amount	$ 750,000		$ 750,000
Interest rate of senior notes	3.60%		3.60%
Senior notes, effective interest rate	3.619%		3.619%
Senior notes [Member] | 4.350% Senior Notes due 2028 [Member]
Financing
Senior notes, principal amount	$ 500,000		$ 500,000
Interest rate of senior notes	4.35%		4.35%
Senior notes, effective interest rate	4.383%		4.383%
Senior notes [Member] | 3.900% Senior Notes due 2029 [Member]
Financing
Senior notes, principal amount	$ 500,000		$ 500,000
Interest rate of senior notes	3.90%		3.90%
Senior notes, effective interest rate	3.901%		3.901%
Senior notes [Member] | 4.200% Senior Notes due 2030 [Member]
Financing
Senior notes, principal amount	$ 500,000		$ 500,000
Interest rate of senior notes	4.20%		4.20%
Senior notes, effective interest rate	4.205%		4.205%
Senior notes [Member] | 1.750% Senior Notes due 2031 [Member]
Financing
Senior notes, principal amount	$ 500,000		$ 500,000
Interest rate of senior notes	1.75%		1.75%
Senior notes, effective interest rate	1.798%		1.798%

FINANCING (Principal Maturities

FINANCING (Principal Maturities of Financing Facilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Maturities of financing facilities
2022	$ 300,000
2023	300,000
2024	0
2025	0
2026	500,000
Thereafter	2,750,000
Total principal amount of debt	$ 3,850,000	$ 4,150,000

WARRANTIES (Product Warranty Li

WARRANTIES (Product Warranty Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Warranties
Warranty liabilities, beginning balance	$ 65,886	$ 61,069
Warranty claims	(126,632)	(109,684)
Warranty accruals	137,960	114,526
Foreign currency translation	(15)	(25)
Warranty liabilities, ending balance	$ 77,199	$ 65,886

SHARE REPURCHASE PROGRAM (Narra

SHARE REPURCHASE PROGRAM (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Nov. 17, 2021	May 27, 2021	Feb. 10, 2021	Feb. 28, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 28, 2022
Share Repurchase Program
Increase in authorized amount	$ 1,500,000	$ 1,500,000	$ 1,000,000
Cumulative authorized amount	$ 18,800,000
Authorization effective period	3 years	3 years	3 years
Remaining balance under share repurchase program					$ 2,010,000
Common stock repurchased, shares					4,537	4,832
Common stock repurchased, average price per share					$ 545.78	$ 431.93
Common stock repurchased, value					$ 2,476,003	$ 2,087,146
Subsequent event [Member]
Share Repurchase Program
Remaining balance under share repurchase program				$ 1,600,000			$ 1,600,000
Common stock repurchased, shares				600			86,200
Common stock repurchased, average price per share				$ 656.52			$ 199.17
Common stock repurchased, value				$ 424,100			$ 17,200,000

SHARE REPURCHASE PROGRAM (Sched

SHARE REPURCHASE PROGRAM (Schedule of Shares Repurchased) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Repurchase Program
Shares repurchased	4,537	4,832
Average price per share	$ 545.78	$ 431.93
Total investment	$ 2,476,003	$ 2,087,146

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Balance at beginning of period	$ 140,258	$ 397,340	$ 353,667
Change in accumulated other comprehensive loss	(4,644)	(7,045)	4,890
Balance at end of period	(66,423)	140,258	397,340
Accumulated other comprehensive income (loss) [Member]
Balance at beginning of period	(2,155)	4,890	0
Change in accumulated other comprehensive loss	(4,644)	(7,045)	4,890
Balance at end of period	(6,799)	(2,155)	4,890
Foreign currency [Member]
Balance at beginning of period	(2,155)	4,890
Change in accumulated other comprehensive loss	(4,644)	(7,045)
Balance at end of period	$ (6,799)	$ (2,155)	$ 4,890

REVENUE (Narrative) (Details)

REVENUE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue
Revenue recognized	$ 3,291,493	$ 3,479,570	$ 3,465,601	$ 3,090,899	$ 2,828,773	$ 3,207,638	$ 3,091,595	$ 2,476,487	$ 13,327,563	$ 11,604,493	$ 10,149,985
Loyalty program [Member]
Revenue
Deferred revenue liability	$ 3,400				$ 4,500				3,400	4,500
Revenue recognized									$ 13,600	$ 14,400	$ 15,600

REVENUE (Disaggregation of Reve

REVENUE (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue
Sales	$ 3,291,493	$ 3,479,570	$ 3,465,601	$ 3,090,899	$ 2,828,773	$ 3,207,638	$ 3,091,595	$ 2,476,487	$ 13,327,563	$ 11,604,493	$ 10,149,985
DIY customer [Member]
Disaggregation of Revenue
Sales									7,643,832	6,684,183	5,612,390
Professional service provider customer [Member]
Disaggregation of Revenue
Sales									5,368,657	4,647,189	4,369,541
Other customers and sales adjustments [Member]
Disaggregation of Revenue
Sales									$ 315,074	$ 273,121	$ 168,054

SHARE-BASED COMPENSATION AND _3

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Stock Option) (Narrative) (Details) - Employee stock option [Member] $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Share-Based Compensation and Benefit Plans
Vesting period	4 years
Option vesting rate per year	25.00%
Remaining unrecognized compensation expense	$ 29.9
Weighted-average period for cost recognition	2 years 4 months 24 days
Stock option [Member]
Share-Based Compensation and Benefit Plans
Options expiration period	10 years

SHARE-BASED COMPENSATION AND _4

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Restricted Stock) (Narrative) (Details) - Restricted stock [Member] $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Share-Based Compensation and Benefit Plans
Remaining unrecognized compensation expense	$ 0.4
Weighted-average period for cost recognition	3 months 18 days
Employee [Member].
Share-Based Compensation and Benefit Plans
Vesting period	3 years
Minimum [Member] | Employee stock purchase plan [Member] | Director [Member]
Share-Based Compensation and Benefit Plans
Vesting period	1 year
Maximum [Member] | Employee stock purchase plan [Member]
Share-Based Compensation and Benefit Plans
Vesting period	3 years

SHARE-BASED COMPENSATION AND _5

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Employee Stock Purchase Plan) (Narrative) (Details) - Employee stock purchase plan [Member]	12 Months Ended
	Dec. 31, 2021
Share-Based Compensation and Benefit Plans
Employee stock purchase plan stock purchase percentage	85.00%
Percentage of annual salary to be withhold by company	5.00%

SHARE-BASED COMPENSATION AND _6

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Profit Sharing and Savings Plan) (Narrative) (Detail) - Profit sharing and savings plan [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-Based Compensation and Benefit Plans
Profit sharing and savings plan, employer discretionary contribution		$ 0	$ 0	$ 0
Profit sharing and savings plan, cost recognized	$ 32.5	$ 31	$ 27.5
Employee's first 2% of contributed wages [Member]
Share-Based Compensation and Benefit Plans
Profit sharing and savings plan, Company match	100.00%
Employee's next 4% of contributed wages [Member]
Share-Based Compensation and Benefit Plans
Profit sharing and savings plan, Company match	25.00%

SHARE-BASED COMPENSATION AND _7

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Nonqualified Deferred Compensation Plan) (Narrative) (Details) - Nonqualified Deferred Compensation Plan [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-Based Compensation and Benefit Plans
Deferred compensation plan obligation	$ 52.5	$ 40.4
Deferred compensation plan cost recognized	$ 0.2	$ 0.2	$ 0.2

SHARE-BASED COMPENSATION AND _8

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Stock Appreciation Rights) (Narrative) (Details) - Stock appreciation rights (SARs) [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-Based Compensation and Benefit Plans
Stock appreciation rights expiration period	10 years
Stock appreciation rights vesting rate per year	25.00%
Vesting period	4 years
Stock appreciation rights outstanding	9,811	8,149
Stock appreciation rights granted during the period, units	1,662
Liability for compensation to be paid for redeemed stock appreciation rights	$ 1.3	$ 0.3
Compensation expense for share-based compensation	$ 1	$ 0.3	$ 0.1

SHARE-BASED COMPENSATION AND _9

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Summary of Shares Authorized and Available for Future Issuance Under Benefit and Compensation Plans) (Details) shares in Thousands	Dec. 31, 2021shares
Profit sharing and savings plan [Member]
Share-Based Compensation and Benefit Plans
Shares authorized for issuance under compensation and benefit plans	4,200
Shares available for future issuance under compensation and benefit plans	349
Employee stock purchase plan [Member]
Share-Based Compensation and Benefit Plans
Shares authorized for issuance under compensation and benefit plans	4,250
Shares available for future issuance under compensation and benefit plans	469
Stock option [Member] | Restricted stock [Member]
Share-Based Compensation and Benefit Plans
Shares authorized for issuance under compensation and benefit plans	35,650
Shares available for future issuance under compensation and benefit plans	5,742

SHARE-BASED COMPENSATION AND_10

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Summary of Stock Options) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-Based Compensation and Benefit Plans
Outstanding at the end of the year, average remaining contractual term	5 years 9 months 18 days
Outstanding at the end of the year, aggregate intrinsic value	$ 489,893
Vested or expected to vest at the end of the year, average remaining contractual term	5 years 8 months 12 days
Vested or expected to vest at the end of the year, aggregate intrinsic value	$ 483,286
Exercisable at the end of the year, average remaining contractual term	4 years 8 months 12 days
Exercisable at the end of the year, aggregate intrinsic value	$ 366,680
Employee stock option [Member]
Share-Based Compensation and Benefit Plans
Outstanding at December 31, 2020, shares	1,500
Outstanding at December 31, 2020, weighted-average exercise price	$ 248.52
Granted, shares	134
Granted, weighted-average exercise price	$ 491.71
Exercised, shares	(404)
Exercised, weighted-average exercise price	$ 167.78
Forfeited or expired, shares	(24)
Forfeited or expired, weighted-average exercise price	$ 372.95
Outstanding at December 31, 2021, shares	1,206	1,500
Outstanding at December 31, 2021, weighted-average exercise price	$ 300.09	$ 248.52
Vested or expected to vest at the end of the year, shares	1,182
Vested or expected to vest at the end of the year, weighted-average exercise price	$ 297.47
Exercisable at December 31, 2021, shares	802
Exercisable at December 31, 2021, weighted-average exercise price	$ 249.13
Exercisable at the end of the year, average remaining contractual term	4 years 8 months 12 days	4 years 6 months	4 years 7 months 6 days

SHARE-BASED COMPENSATION AND_11

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Black-Scholes Option Pricing Model) (Details) - Employee stock option [Member]	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-Based Compensation and Benefit Plans
Risk-free interest rate	0.82%	0.86%	2.26%
Expected life	5 years 10 months 24 days	5 years 10 months 24 days	5 years 8 months 12 days
Expected volatility	30.00%	26.40%	25.10%
Expected dividend yield	0.00%	0.00%	0.00%

SHARE-BASED COMPENSATION AND_12

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-Based Compensation and Benefit Plans
Weighted-average remaining contractual life of options currently exercisable	4 years 8 months 12 days
Employee stock option [Member]
Share-Based Compensation and Benefit Plans
Compensation expense for share-based compensation	$ 20,035	$ 18,435	$ 18,044
Income tax benefit from compensation expense for share-based compensation	4,989	4,620	4,436
Total intrinsic value of options exercised	163,722	79,451	117,489
Cash received from the exercise of stock options	$ 67,761	$ 46,282	$ 46,106
Weighted-average grant date fair value of options awarded	$ 146.57	$ 106.76	$ 105.37
Weighted-average remaining contractual life of options currently exercisable	4 years 8 months 12 days	4 years 6 months	4 years 7 months 6 days

SHARE-BASED COMPENSATION AND_13

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Summary of Restricted Stock) (Details) - Restricted stock [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-Based Compensation and Benefit Plans
Restricted stock granted during period, weighted-average grant date fair value	$ 509.24	$ 412.67	$ 355.91
Employee [Member]
Share-Based Compensation and Benefit Plans
Non-vested restricted stock at beginning of the year, weighted-average grant date fair value	358.58
Restricted stock granted during period, weighted-average grant date fair value	451.84
Restricted stock vested during the period, weighted-average grant date fair value	430.04
Restricted stock forfeited during the period, weighted-average grant date fair value	0
Non-vested restricted stock at the end of the year, weighted-average grant date fair value	$ 419.47	$ 358.58
Employee [Member] | Performance shares [Member]
Share-Based Compensation and Benefit Plans
Non-vested restricted stock beginning balance, shares	4
Restricted stock granted during the period, shares	1
Restricted stock vested during the period, shares	(2)
Restricted stock forfeited during the period, shares	0
Non-vested restricted stock ending balance, shares	3	4
Shares withheld to cover employees' taxes upon vesting	1
Director [Member]
Share-Based Compensation and Benefit Plans
Non-vested restricted stock at beginning of the year, weighted-average grant date fair value	$ 371.46
Restricted stock granted during period, weighted-average grant date fair value	559.53
Restricted stock vested during the period, weighted-average grant date fair value	556.74
Restricted stock forfeited during the period, weighted-average grant date fair value	0
Non-vested restricted stock at the end of the year, weighted-average grant date fair value	$ 508.45	$ 371.46
Director [Member] | Performance shares [Member]
Share-Based Compensation and Benefit Plans
Non-vested restricted stock beginning balance, shares	4
Restricted stock granted during the period, shares	1
Restricted stock vested during the period, shares	(3)
Restricted stock forfeited during the period, shares	0
Non-vested restricted stock ending balance, shares	2	4

SHARE-BASED COMPENSATION AND_14

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Restricted Stock Activity) (Details) - Restricted stock [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-Based Compensation and Benefit Plans
Compensation expense for share-based compensation	$ 1,602	$ 1,488	$ 1,387
Income tax benefit from compensation expense for share-based compensation	399	373	341
Total fair value of shares vested, at vest date	$ 2,815	$ 1,591	$ 1,633
Weighted-average grant-date fair value of shares issued during the period in compensation and benefit plans other than stock options	$ 509.24	$ 412.67	$ 355.91
Performance shares [Member]
Share-Based Compensation and Benefit Plans
Shares awarded or issued under employee benefit plans, shares	3	4	4

SHARE-BASED COMPENSATION AND_15

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Employee Stock Purchase Plan Activity) (Details) - Employee stock purchase plan [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-Based Compensation and Benefit Plans
Compensation expense for shares issued under the ESPP	$ 3,019	$ 2,824	$ 2,490
Income tax benefit from compensation expense for shares issued under the ESPP	$ 752	$ 708	$ 612
Shares awarded or issued under employee benefit plans, shares	36	45	43
Weighted-average grant-date fair value of shares issued during the period in compensation and benefit plans other than stock options	$ 473.22	$ 353.04	$ 329.69

COMMITMENTS (Commitments) (Narr

COMMITMENTS (Commitments) (Narrative) (Details) $ in Millions	Dec. 31, 2021USD ($)D	Dec. 31, 2020USD ($)
Renewable energy tax credit equity investments
Commitments
Capital contributions	$ 5.7
Senior notes [Member]
Commitments
Debt instrument minimum number of days callable | D	30
Debt instrument maximum number of days callable | D	60
Percentage principal amount of debt that can be redeemed by the Company	100.00%
Percentage principal amount of debt redeemable upon change in control	101.00%
Revolving Credit Facility [Member] | Unsecured debt [Member]
Commitments
Letters of credit	$ 84	$ 66.4
Construction [Member]
Commitments
Construction commitments	$ 33.8

RELATED PARTIES (Narrative) (De

RELATED PARTIES (Narrative) (Details) - Related parties [Member] $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)storeproperty	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Related Parties
Number of stores | store	71
Number of surplus property | property	1
Operating lease agreement, renewal term	5 years
Lease payments under related party operating leases | $	$ 4.7	$ 4.7	$ 4.7
Minimum [Member]
Related Parties
Operating lease agreement, term	15 years
Maximum [Member]
Related Parties
Operating lease agreement, term	20 years

INCOME TAXES (Provision for Inc

INCOME TAXES (Provision for Income Taxes) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Investment tax credit amount	$ 177.1	$ 170.5	$ 8.5
State and local jurisdiction [Member]
Income Taxes
Tax credit carryforwards available for state tax purposes, net of federal impact	$ 0.3
Tax credit carryforwards available for state tax purposes, expiration year	2024

INCOME TAXES (Unrecognized Tax

INCOME TAXES (Unrecognized Tax Benefits) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unrecognized tax benefits
Reserve for unrecognized tax benefits, including interest and penalties	$ 30.7	$ 35.9	$ 36.6
Amounts that would affect the effective tax rate if recognized	30.7	35.9	36.6
Federal tax effect for unrecognized tax benefits	6.4
Accrual of interest and penalties related to uncertain tax positions	3.8	5	5.1
Tax expense related to an increase in liabilities for interest and penalties	1.6	$ 2.2	$ 2.7
Reduction of unrecognized tax benefits due to lapse of statute of limitations and settlements over the next twelve months	$ 5.5
Open tax year	2018

INCOME TAXES (Components of Inc

INCOME TAXES (Components of Income from Continuing Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Domestic	$ 2,770,485	$ 2,260,385	$ 1,790,207
International	11,429	6,020	122
Income before income taxes	$ 2,781,914	$ 2,266,405	$ 1,790,329

INCOME TAXES (Schedule of Compo

INCOME TAXES (Schedule of Components of the Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Provision for income taxes
Federal income tax expense, current	$ 485,988	$ 401,331	$ 315,061
State income tax expense, current	104,837	97,085	62,795
International income tax expense, current	6,021	3,306	273
Current income tax expense	596,846	501,722	378,129
Federal income tax expense, deferred	20,543	16,749	19,367
State income tax (benefit) expense, deferred	2,432	(2,865)	2,027
International income tax benefit. deferred	(2,592)	(1,503)	(236)
Total deferred	20,383	12,381	21,158
Provision for income taxes	$ 617,229	$ 514,103	$ 399,287

INCOME TAXES (Reconciliation of

INCOME TAXES (Reconciliation of the Provision for Income Taxes to the Amounts Computed at the Federal Statutory Rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of provision for income taxes
Federal income taxes at statutory rate	$ 584,202	$ 474,681	$ 375,942
State income taxes, net of federal tax benefit	90,360	76,810	54,739
Excess tax benefit from share-based compensation	(35,202)	(16,918)	(25,992)
Benefit from investment in renewable energy tax credits	(18,592)	(17,904)	(875)
Other items, net	(3,539)	(2,566)	(4,527)
Provision for income taxes	$ 617,229	$ 514,103	$ 399,287

INCOME TAXES (Schedule of Com_2

INCOME TAXES (Schedule of Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Allowance for doubtful accounts	$ 1,538	$ 1,574
Tax credits	284	1,444
Other accruals	142,714	143,387
Operating lease liability	513,492	513,134
Other	16,117	16,594
Total deferred tax assets	674,145	676,133
Deferred tax liabilities:
Inventories	64,562	79,326
Property and equipment	212,649	194,000
Operating lease asset	496,996	498,042
Other	75,150	60,664
Total deferred tax liabilities	849,357	832,032
Net deferred tax liabilities	$ (175,212)	$ (155,899)

INCOME TAXES (Summary of Change

INCOME TAXES (Summary of Changes in Gross Amount of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unrecognized tax benefits
Unrealized tax benefit, beginning balance	$ 30,967	$ 31,475	$ 33,766
Additions based on tax positions related to the current year	5,446	4,795	4,627
Payments related to items settled with taxing authorities	(2,570)	0	(443)
Reduction due to lapse of statute of limitations and settlements	(6,996)	(5,303)	(6,475)
Unrealized tax benefit, ending balance	$ 26,847	$ 30,967	$ 31,475

EARNINGS PER SHARE (Computation

EARNINGS PER SHARE (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator (basic and diluted):
Net income	$ 518,973	$ 558,652	$ 585,451	$ 501,609	$ 392,945	$ 527,252	$ 531,667	$ 300,438	$ 2,164,685	$ 1,752,302	$ 1,391,042
Denominator:
Denominator for basic earnings per share - weighted-average shares									68,967	73,817	76,985
Effect of stock options									644	645	803
Denominator for diluted earnings per share - weighted-average shares and assumed conversion									69,611	74,462	77,788
Earnings per share - basic	$ 7.71	$ 8.14	$ 8.41	$ 7.13	$ 5.45	$ 7.13	$ 7.16	$ 4	$ 31.39	$ 23.74	$ 18.07
Earnings per share - assuming dilution	$ 7.64	$ 8.07	$ 8.33	$ 7.06	$ 5.40	$ 7.07	$ 7.10	$ 3.97	$ 31.10	$ 23.53	$ 17.88
Antidilutive stock options									111	291	229
Weighted-average exercise price per share of antidilutive stock options									$ 479.90	$ 393.42	$ 368.11

QUARTERLY RESULTS (Unaudited)_2

QUARTERLY RESULTS (Unaudited) (Unaudited Operating Data) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Quarterly Results (Unaudited)
Sales	$ 3,291,493	$ 3,479,570	$ 3,465,601	$ 3,090,899	$ 2,828,773	$ 3,207,638	$ 3,091,595	$ 2,476,487	$ 13,327,563	$ 11,604,493	$ 10,149,985
Gross profit	1,734,536	1,818,240	1,826,378	1,640,795	1,472,138	1,680,468	1,637,180	1,295,906	7,019,949	6,085,692	5,394,691
Operating income	675,881	754,599	795,583	691,105	534,272	725,013	736,490	423,561	2,917,168	2,419,336	1,920,726
Net income	$ 518,973	$ 558,652	$ 585,451	$ 501,609	$ 392,945	$ 527,252	$ 531,667	$ 300,438	$ 2,164,685	$ 1,752,302	$ 1,391,042
Earnings per share - basic	$ 7.71	$ 8.14	$ 8.41	$ 7.13	$ 5.45	$ 7.13	$ 7.16	$ 4	$ 31.39	$ 23.74	$ 18.07
Earnings per share - assuming dilution	$ 7.64	$ 8.07	$ 8.33	$ 7.06	$ 5.40	$ 7.07	$ 7.10	$ 3.97	$ 31.10	$ 23.53	$ 17.88