Document_And_Entity_Informatio
Document And Entity Information (USD $) | 9 Months Ended | ||
Sep. 28, 2013 | Oct. 26, 2013 | Jun. 29, 2012 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'TRACTOR SUPPLY CO /DE/ | ' | ' |
Entity Central Index Key | '0000916365 | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $5,800,000,000 |
Entity Common Stock, Shares Outstanding | ' | 139,587,064 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 28-Sep-13 | ' | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $45,988 | $138,630 | $70,185 |
Restricted cash | 0 | 8,400 | 8,400 |
Inventories | 1,142,013 | 908,116 | 1,020,140 |
Prepaid expenses and other current assets | 45,794 | 51,808 | 50,892 |
Deferred income taxes | 19,823 | 23,098 | 12,307 |
Total current assets | 1,253,618 | 1,130,052 | 1,161,924 |
Property and equipment: | ' | ' | ' |
Land | 72,225 | 61,522 | 51,665 |
Buildings and improvements | 556,153 | 511,188 | 499,695 |
Furniture, fixtures and equipment | 395,159 | 350,224 | 340,285 |
Computer software and hardware | 141,986 | 109,121 | 112,523 |
Construction in progress | 55,022 | 37,122 | 33,000 |
Property and equipment, gross | 1,220,545 | 1,069,177 | 1,037,168 |
Accumulated depreciation and amortization | -586,149 | -519,179 | -508,169 |
Property and equipment, net | 634,396 | 549,998 | 528,999 |
Goodwill | 10,258 | 10,258 | 10,258 |
Deferred income taxes | 5,283 | 0 | 0 |
Other assets | 15,751 | 16,500 | 15,122 |
Total assets | 1,919,306 | 1,706,808 | 1,716,303 |
Current liabilities: | ' | ' | ' |
Accounts payable | 403,521 | 320,392 | 362,059 |
Accrued employee compensation | 28,398 | 48,400 | 29,221 |
Other accrued expenses | 136,234 | 148,316 | 125,884 |
Current portion of capital lease obligations | 39 | 38 | 35 |
Income taxes payable | 2,323 | 43,359 | 24,834 |
Total current liabilities | 570,515 | 560,505 | 542,033 |
Revolving credit loan | 40,000 | 0 | 0 |
Capital lease obligations, less current maturities | 1,214 | 1,242 | 1,255 |
Deferred income taxes | 0 | 1,477 | 2,478 |
Deferred rent | 76,914 | 76,236 | 77,414 |
Other long-term liabilities | 46,152 | 42,374 | 38,910 |
Total liabilities | 734,795 | 681,834 | 662,090 |
Stockholders' equity: | ' | ' | ' |
Preferred stock | 0 | 0 | 0 |
Common stock | 1,326 | 1,307 | 1,305 |
Additional paid-in capital | 429,144 | 361,106 | 347,793 |
Treasury stock - at cost | -799,773 | -709,172 | -601,213 |
Retained earnings | 1,553,814 | 1,371,733 | 1,306,328 |
Total stockholders' equity | 1,184,511 | 1,024,974 | 1,054,213 |
Total liabilities and stockholders' equity | $1,919,306 | $1,706,808 | $1,716,303 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 29, 2012 |
In Thousands, except Per Share data, unless otherwise specified | |||
Stockholders' equity: | ' | ' | ' |
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 200,000 | 200,000 | 200,000 |
Common stock, shares issued | 165,722 | 163,390 | 163,008 |
Common stock, shares outstanding | 139,587 | 139,008 | 141,126 |
Preferred stock, par value | $1 | $1 | $1 |
Preferred stock, shares authorized | 40 | 40 | 40 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Treasury stock - shares | 26,135 | 24,382 | 21,954 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $1,208,090 | $1,065,638 | $3,749,695 | $3,377,954 |
Cost of merchandise sold | 792,424 | 708,467 | 2,475,798 | 2,236,522 |
Gross profit | 415,666 | 357,171 | 1,273,897 | 1,141,432 |
Selling, general and administrative expenses | 287,859 | 257,184 | 833,269 | 763,036 |
Depreciation and amortization | 26,137 | 22,208 | 73,056 | 66,380 |
Operating income | 101,670 | 77,779 | 367,572 | 312,016 |
Interest expense, net | 350 | 241 | 1,085 | 855 |
Income before income taxes | 101,320 | 77,538 | 366,487 | 311,161 |
Income tax expense | 36,553 | 27,517 | 134,134 | 114,191 |
Net income | $64,767 | $50,021 | $232,353 | $196,970 |
Net income per share - basic (in dollars per share) | $0.46 | $0.35 | $1.67 | $1.38 |
Net income per share - diluted (in dollars per share) | $0.46 | $0.35 | $1.64 | $1.35 |
Weighted average shares outstanding | ' | ' | ' | ' |
Basic (in shares) | 139,524 | 141,482 | 139,304 | 142,766 |
Diluted (in shares) | 141,726 | 144,626 | 141,689 | 146,196 |
Dividends declared per common share outstanding (in dollars per share) | $0.13 | $0.10 | $0.36 | $0.26 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $232,353 | $196,970 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation and amortization | 73,056 | 66,380 |
Gain on disposition of property and equipment | -170 | -65 |
Stock compensation expense | 10,349 | 14,051 |
Excess tax benefit of stock options exercised | -31,626 | -19,738 |
Deferred income taxes | -3,485 | -14,789 |
Change in assets and liabilities: | ' | ' |
Inventories | -233,897 | -189,321 |
Prepaid expenses and other current assets | 6,014 | 836 |
Accounts payable | 83,129 | 95,650 |
Accrued employee compensation | -20,002 | -19,040 |
Other accrued expenses | -12,982 | -11,613 |
Income taxes payable | -9,410 | 32,698 |
Other | 5,281 | 3,822 |
Net cash provided by operating activities | 98,610 | 155,841 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -156,791 | -111,176 |
Proceeds from sale of property and equipment | 331 | 321 |
Decrease in restricted cash | 8,400 | 13,470 |
Net cash used in investing activities | -148,060 | -97,385 |
Cash flows from financing activities: | ' | ' |
Borrowings under revolving credit agreement | 175,000 | 0 |
Repayments under revolving credit agreement | -135,000 | 0 |
Excess tax benefit of stock options exercised | 31,626 | 19,738 |
Principal payments under capital lease obligations | -27 | -27 |
Repurchase of shares to satisfy tax obligations | -3,942 | -6,581 |
Repurchase of common stock | -90,601 | -163,840 |
Net proceeds from issuance of common stock | 30,024 | 22,710 |
Cash dividends paid to stockholders | -50,272 | -37,236 |
Net cash used in financing activities | -43,192 | -165,236 |
Net decrease in cash and cash equivalents | -92,642 | -106,780 |
Cash and cash equivalents at beginning of period | 138,630 | 176,965 |
Cash and cash equivalents at end of period | 45,988 | 70,185 |
Cash paid during the period for: | ' | ' |
Interest | 406 | 1,143 |
Income taxes | 148,519 | 95,577 |
Non-cash accruals for construction in progress | $11,798 | $8,911 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 28, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation: | |
The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 29, 2012. The results of operations for our interim periods are not necessarily indicative of results for the full fiscal year. | |
The presentation of non-cash accruals for construction in progress on the unaudited condensed consolidated statements of cash flows was changed to conform to the presentation used in the current period. | |
On August 28, 2013, our Board of Directors declared a two-for-one split of our outstanding shares of common stock to be effected in the form of a stock dividend. On September 26, 2013, stockholders of record at the close of business on September 18, 2013, received one additional share of common stock for each share owned by such stockholder. All share and per-share information in the Quarterly Report on Form 10-Q has been retroactively restated to reflect the stock split. The total number of authorized common shares and the par value of each share was not changed by the split. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 28, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments: | |
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |
Our financial instruments consist of cash and cash equivalents, restricted cash, short-term receivables, trade payables and long-term debt instruments. Due to their short-term nature, the carrying values of cash and cash equivalents, restricted cash, short-term receivables and trade payables approximate current fair value at each balance sheet date. We had $40.0 million in borrowings under the revolving credit facility at September 28, 2013. We had no borrowings outstanding under the Senior Credit Facility at December 29, 2012 or September 29, 2012. Based on current market interest rates, the carrying value of our revolving credit facility approximates fair value. |
Share_Based_Compensation
Share Based Compensation | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Share-based Compensation [Abstract] | ' | |||||||
Share Based Compensation | ' | |||||||
Share-Based Compensation: | ||||||||
Share-based compensation includes stock option and restricted stock unit awards and certain transactions under our Employee Stock Purchase Plan (the “ESPP”). Share-based compensation expense is recognized based on grant date fair value of all options and restricted stock unit awards plus a discount on shares purchased by employees as a part of the ESPP. | ||||||||
There were no significant modifications to the Company's share-based compensation plans during the fiscal nine months ended September 28, 2013. In connection with the 2013 stock split as discussed in Note 1, the number of shares of our common stock that are reserved under the 2009 Stock Incentive Plan increased from 6.2 million to 12.4 million and the number of shares of our common stock that are reserved under the ESPP increased from 8.0 million to 16.0 million. | ||||||||
For the third quarters of fiscal 2013 and 2012, share-based compensation expense was $3.4 million and $4.7 million, respectively, and $10.3 million and $14.1 million for the first nine months of fiscal 2013 and 2012, respectively. | ||||||||
Stock Options | ||||||||
The following summarizes information concerning stock option grants during the first nine months of fiscal 2013 and 2012: | ||||||||
Fiscal nine months ended | ||||||||
September 28, | September 29, | |||||||
2013 | 2012 | |||||||
Stock options granted | 1,022,426 | 1,140,554 | ||||||
Weighted average exercise price | $ | 51.77 | $ | 42.77 | ||||
Weighted average fair value per option | $ | 14.66 | $ | 13.13 | ||||
As of September 28, 2013, total unrecognized compensation expense related to non-vested stock options was approximately $18.0 million with a remaining weighted average expense recognition period of 1.4 years. | ||||||||
Restricted Stock Units | ||||||||
The following summarizes information concerning restricted stock unit grants during the first nine months of fiscal 2013 and 2012: | ||||||||
Fiscal nine months ended | ||||||||
September 28, | September 29, | |||||||
2013 | 2012 | |||||||
Restricted stock units granted | 59,864 | 80,034 | ||||||
Weighted average fair value per share | $ | 51.72 | $ | 43.55 | ||||
As of September 28, 2013, total unrecognized compensation expense related to non-vested restricted stock units was approximately $3.5 million with a remaining weighted average expense recognition period of 1.8 years. |
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | |||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Net Income Per Share | ' | |||||||||||||||||||||
Net Income Per Share: | ||||||||||||||||||||||
We present both basic and diluted net income per share on the face of the unaudited condensed consolidated statements of income. Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average dilutive shares outstanding. Dilutive shares are computed using the treasury stock method for stock options and restricted stock units. Net income per share is calculated as follows (in thousands, except per share amounts): | ||||||||||||||||||||||
Fiscal three months ended September 28, 2013 | Fiscal three months ended September 29, 2012 | |||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Basic net income per share: | ||||||||||||||||||||||
Net income | $ | 64,767 | 139,524 | $ | 0.46 | $ | 50,021 | 141,482 | $ | 0.35 | ||||||||||||
Diluted net income per share: | ||||||||||||||||||||||
Dilutive stock options and restricted stock units outstanding | — | 2,202 | — | — | 3,144 | — | ||||||||||||||||
Net income | $ | 64,767 | 141,726 | $ | 0.46 | $ | 50,021 | 144,626 | $ | 0.35 | ||||||||||||
Fiscal nine months ended September 28, 2013 | Fiscal nine months ended September 29, 2012 | |||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Basic net income per share: | ||||||||||||||||||||||
Net income | $ | 232,353 | 139,304 | $ | 1.67 | $ | 196,970 | 142,766 | $ | 1.38 | ||||||||||||
Diluted net income per share: | ||||||||||||||||||||||
Dilutive stock options and restricted stock units outstanding | — | 2,385 | (0.03 | ) | — | 3,430 | (0.03 | ) | ||||||||||||||
Net income | $ | 232,353 | 141,689 | $ | 1.64 | $ | 196,970 | 146,196 | $ | 1.35 | ||||||||||||
Anti-dilutive stock options excluded from the above calculations totaled approximately 0.7 million and 0.8 million for the three months ended September 28, 2013 and September 29, 2012, respectively, and 1.2 million and 0.9 million for the nine months ended September 28, 2013 and September 29, 2012, respectively. |
Credit_Agreement
Credit Agreement | 9 Months Ended |
Sep. 28, 2013 | |
Debt Disclosure [Abstract] | ' |
Credit Agreement | ' |
Credit Agreement: | |
The Senior Credit Facility provides for borrowings up to $250 million (with a sublimit of $20 million for swingline loans). The Senior Credit Facility has an Increase Option for $150 million (subject to additional lender group commitments). This agreement is unsecured and matures in October 2016, with proceeds available to be used for working capital, capital expenditures, dividends, share repurchases and other matters. At September 28, 2013, there were $40.0 million in outstanding borrowings and $47.3 million outstanding letters of credit under the Senior Credit Facility. Borrowings bear interest at either the bank’s base rate or LIBOR plus an additional amount ranging from 0.40% to 1.00% per annum (0.50% at September 28, 2013), adjusted quarterly based on our leverage ratio. We are also required to pay quarterly in arrears, a commitment fee for unused capacity ranging from 0.08% to 0.20% per annum (0.10% at September 28, 2013), adjusted quarterly based on our leverage ratio. The agreement requires quarterly compliance with respect to fixed charge coverage and leverage ratios. As of September 28, 2013, we were in compliance with all debt covenants. |
Treasury_Stock
Treasury Stock | 9 Months Ended |
Sep. 28, 2013 | |
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract] | ' |
Treasury Stock | ' |
Treasury Stock: | |
The Company’s Board of Directors has authorized common stock repurchases under the share repurchase program up to $1.0 billion, exclusive of any fees, commissions, or other expenses related to such repurchases, through April 2015. The repurchases may be made from time to time on the open market or in privately negotiated transactions. The timing and amount of any shares repurchased under the program will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability, and other market conditions. Repurchased shares will be held in Treasury. The program may be limited or terminated at any time without prior notice. | |
We repurchased 352,886 and 1,361,410 shares of common stock under the share repurchase program for a total cost of $21.3 million and $61.3 million during the third quarters of fiscal 2013 and fiscal 2012, respectively. During the first nine months of 2013 and 2012, we repurchased 1,751,536 and 3,682,810 shares under the share repurchase program for a total cost of $90.6 million and $163.8 million, respectively. As of September 28, 2013, we had remaining authorization under the share repurchase program of $200.6 million, exclusive of any fees, commissions, or other expenses. |
Dividends
Dividends | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Dividends [Abstract] | ' | ||||||||
Dividends | ' | ||||||||
Dividends: | |||||||||
During the first nine months of fiscal 2013, the Board of Directors declared the following dividends: | |||||||||
Date Declared | Dividend Amount | Stockholders of Record Date | Date Paid | ||||||
Per Share | |||||||||
February 6, 2013 | $ | 0.1 | February 25, 2013 | March 12, 2013 | |||||
May 1, 2013 | $ | 0.13 | May 20, 2013 | June 4, 2013 | |||||
July 31, 2013 | $ | 0.13 | August 19, 2013 | September 4, 2013 | |||||
It is the present intention of the Board of Directors to continue to pay a quarterly cash dividend; however, the declaration and payment of future dividends will be determined by the Board of Directors in its sole discretion and will depend upon the earnings, financial condition, and capital needs of the Company, along with other factors which the Board of Directors deems relevant. | |||||||||
On October 30, 2013, our Board of Directors declared a quarterly cash dividend of $0.13 per share of the Company’s common stock. The dividend will be paid on December 3, 2013 to stockholders of record as of the close of business on November 18, 2013. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes: | |
The effective income tax rate increased to 36.1% in the third quarter of fiscal 2013 compared to 35.5% for the third quarter of fiscal 2012, due principally to higher effective state tax rates, reduced federal tax credits and a smaller benefit from disqualified incentive stock options relative to the prior year. For the first nine months of 2013, the effective income tax rate slightly decreased to 36.6% compared to 36.7% for the first nine months of 2012. The reduction in the tax rate for the nine month period resulted primarily from the favorable impact of the reversal of various reserves for uncertain tax positions, partially offset by higher effective state tax rates and a smaller benefit from disqualified incentive stock options relative to the prior year. The Company expects the full year effective tax rate will be approximately 36.6%. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 28, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies: | |
Construction and Real Estate Commitments | |
At September 28, 2013, we had contractual commitments related to the construction of our new store support center of approximately $33.3 million. | |
Letters of Credit | |
At September 28, 2013, there were $47.3 million outstanding letters of credit under the Senior Credit Facility and an $18.3 million outstanding letter of credit at a financial institution outside of the Senior Credit Facility. | |
Effective April 1, 2013, the outstanding letter of credit at the financial institution outside of the Senior Credit Facility of $8.4 million increased to $18.3 million, and the restriction on $8.4 million in restricted cash lapsed. | |
Litigation | |
The Company responded to a Request for Information from the United States Environmental Protection Agency (“EPA”) in the first quarter of fiscal 2009 relating to certain recreational vehicles and non-road spark ignition engines sold by the Company. In the first quarter of fiscal 2011, the Environmental Enforcement Section of the Department of Justice (“DOJ”), on behalf of the EPA, informed the Company that it believed the Company had violated the Clean Air Act by importing or causing the importation of certain engines that were noncompliant, and that unless the DOJ and the Company were able to reach a settlement, the DOJ was prepared to commence a civil action. The engines were purchased by the Company pursuant to agreements with vendors under which the vendors represented that their products complied with all applicable laws and regulations and under which the vendors agreed to indemnify the Company for any liabilities or costs relating to, among other matters, the noncompliance or alleged noncompliance of their products. The Company notified these vendors of the EPA's position and has worked with these vendors to provide additional information to the DOJ and EPA regarding the alleged violations. As a result of this process, the Company believes it has provided evidence that many of the products identified by the DOJ and EPA in early 2011 were, in fact, in compliance with the Clean Air Act and that most of the remaining issues relate to products purchased from one vendor. The vendor of these products and the Company are engaged in settlement discussions with the DOJ and EPA that would call for the payment of a civil penalty by and certain injunctive relief against the Company. In addition, the EPA in May 2012 provided the Company with a summary of preliminary findings based on inspections of certain additional products sold by the Company. In the fourth quarter of 2012, the EPA informed the Company of its position that many of the issues identified in its preliminary findings constitute violations of the Clean Air Act. The Company is working with the vendors of these products to provide additional information to EPA. The Company intends to seek reimbursement from its vendors for any penalties paid as part of a settlement of these matters. The Company does not expect the resolution of these matters to have a material adverse effect on its financial condition, results of operations or cash flows. The Company does not believe it is reasonably possible that a loss in excess of the amount accrued will be incurred. | |
The Company is also involved in various litigation matters arising in the ordinary course of business. The Company believes that any estimated loss related to such matters has been adequately provided in accrued liabilities to the extent probable and reasonably estimable. Accordingly, the Company currently expects these matters will be resolved without material adverse effect on its consolidated financial position, results of operations or cash flows. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Reporting | ' | |||||||||||
Segment Reporting: | ||||||||||||
Tractor Supply Company has one reportable segment, which is the retail sale of farm and ranch products. The Company manages the business on the basis of one operating segment. The following chart indicates the percentage of sales represented by each of our major product categories for the fiscal three and nine months ended September 28, 2013 and September 29, 2012: | ||||||||||||
Fiscal three months ended | Fiscal nine months ended | |||||||||||
September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||
Product Category: | ||||||||||||
Livestock and Pet | 45 | % | 45 | % | 45 | % | 43 | % | ||||
Hardware, Tools and Truck | 24 | 24 | 22 | 23 | ||||||||
Seasonal, Gift and Toy Products | 18 | 18 | 20 | 21 | ||||||||
Agriculture | 6 | 6 | 6 | 6 | ||||||||
Clothing and Footwear | 7 | 7 | 7 | 7 | ||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
Share_Based_Compensation_Table
Share Based Compensation (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Share-based Compensation [Abstract] | ' | |||||||
Share-based Compensation | ' | |||||||
The following summarizes information concerning stock option grants during the first nine months of fiscal 2013 and 2012: | ||||||||
Fiscal nine months ended | ||||||||
September 28, | September 29, | |||||||
2013 | 2012 | |||||||
Stock options granted | 1,022,426 | 1,140,554 | ||||||
Weighted average exercise price | $ | 51.77 | $ | 42.77 | ||||
Weighted average fair value per option | $ | 14.66 | $ | 13.13 | ||||
Restricted Stock Units | ' | |||||||
The following summarizes information concerning restricted stock unit grants during the first nine months of fiscal 2013 and 2012: | ||||||||
Fiscal nine months ended | ||||||||
September 28, | September 29, | |||||||
2013 | 2012 | |||||||
Restricted stock units granted | 59,864 | 80,034 | ||||||
Weighted average fair value per share | $ | 51.72 | $ | 43.55 | ||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||||||
Net income per share is calculated as follows (in thousands, except per share amounts): | ||||||||||||||||||||||
Fiscal three months ended September 28, 2013 | Fiscal three months ended September 29, 2012 | |||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Basic net income per share: | ||||||||||||||||||||||
Net income | $ | 64,767 | 139,524 | $ | 0.46 | $ | 50,021 | 141,482 | $ | 0.35 | ||||||||||||
Diluted net income per share: | ||||||||||||||||||||||
Dilutive stock options and restricted stock units outstanding | — | 2,202 | — | — | 3,144 | — | ||||||||||||||||
Net income | $ | 64,767 | 141,726 | $ | 0.46 | $ | 50,021 | 144,626 | $ | 0.35 | ||||||||||||
Fiscal nine months ended September 28, 2013 | Fiscal nine months ended September 29, 2012 | |||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Basic net income per share: | ||||||||||||||||||||||
Net income | $ | 232,353 | 139,304 | $ | 1.67 | $ | 196,970 | 142,766 | $ | 1.38 | ||||||||||||
Diluted net income per share: | ||||||||||||||||||||||
Dilutive stock options and restricted stock units outstanding | — | 2,385 | (0.03 | ) | — | 3,430 | (0.03 | ) | ||||||||||||||
Net income | $ | 232,353 | 141,689 | $ | 1.64 | $ | 196,970 | 146,196 | $ | 1.35 | ||||||||||||
Dividends_Tables
Dividends (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Dividends [Abstract] | ' | ||||||||
Dividends | ' | ||||||||
During the first nine months of fiscal 2013, the Board of Directors declared the following dividends: | |||||||||
Date Declared | Dividend Amount | Stockholders of Record Date | Date Paid | ||||||
Per Share | |||||||||
February 6, 2013 | $ | 0.1 | February 25, 2013 | March 12, 2013 | |||||
May 1, 2013 | $ | 0.13 | May 20, 2013 | June 4, 2013 | |||||
July 31, 2013 | $ | 0.13 | August 19, 2013 | September 4, 2013 | |||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Reporting | ' | |||||||||||
The following chart indicates the percentage of sales represented by each of our major product categories for the fiscal three and nine months ended September 28, 2013 and September 29, 2012: | ||||||||||||
Fiscal three months ended | Fiscal nine months ended | |||||||||||
September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||
Product Category: | ||||||||||||
Livestock and Pet | 45 | % | 45 | % | 45 | % | 43 | % | ||||
Hardware, Tools and Truck | 24 | 24 | 22 | 23 | ||||||||
Seasonal, Gift and Toy Products | 18 | 18 | 20 | 21 | ||||||||
Agriculture | 6 | 6 | 6 | 6 | ||||||||
Clothing and Footwear | 7 | 7 | 7 | 7 | ||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
Basis_of_Presentation_Basis_of
Basis of Presentation Basis of Presentation (Details) | 9 Months Ended |
Sep. 28, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' |
Stock split, conversion ratio | 2 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 29, 2012 |
In Thousands, unless otherwise specified | |||
Fair Value Disclosures [Abstract] | ' | ' | ' |
Senior Credit Facility amount outstanding | $40,000 | $0 | $0 |
Share_Based_Compensation_Detai
Share Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Stock Incentive Plan 2009 [Member] | Stock Incentive Plan 2009 [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares available for grant | ' | ' | ' | ' | 12,400,000 | 6,200,000 | 16,000,000 | 8,000,000 | ' | ' | ' | ' |
Share-based compensation expense | $3,400,000 | $4,700,000 | $10,349,000 | $14,051,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options granted | ' | ' | ' | ' | ' | ' | ' | ' | 1,022,426 | 1,140,554 | ' | ' |
Weighted average exercise price | ' | ' | ' | ' | ' | ' | ' | ' | $51.77 | $42.77 | ' | ' |
Restricted stock units granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,864 | 80,034 |
Weighted average fair value per share | ' | ' | ' | ' | ' | ' | ' | ' | $14.66 | $13.13 | $51.72 | $43.55 |
Total unrecognized compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | $18,000,000 | ' | $3,500,000 | ' |
Remaining weighted average expense recognition period | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 4 months 24 days | ' | '1 year 9 months 12 days | ' |
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Earnings Per Share, Basic [Abstract] | ' | ' | ' | ' |
Net income, basic | $64,767 | $50,021 | $232,353 | $196,970 |
Weighted Average Number of Shares Outstanding, Basic | 139,524,000 | 141,482,000 | 139,304,000 | 142,766,000 |
Net income per share - basic (in dollars per share) | $0.46 | $0.35 | $1.67 | $1.38 |
Earnings Per Share, Diluted [Abstract] | ' | ' | ' | ' |
Net income, dilutive | 64,767 | 50,021 | 232,353 | 196,970 |
Weighted Average Number of Shares Outstanding, Diluted | 141,726,000 | 144,626,000 | 141,689,000 | 146,196,000 |
Net income per share - diluted (in dollars per share) | $0.46 | $0.35 | $1.64 | $1.35 |
Dilutive stock options and restricted stock units outstanding, income | $0 | $0 | $0 | $0 |
Dilutive stock options and restricted stock units outstanding, per share (in shares) | 2,202,000 | 3,144,000 | 2,385,000 | 3,430,000 |
Dilutive stock options and restricted stock units outstanding, per share (in dollars per share) | $0 | $0 | ($0.03) | ($0.03) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 700,000 | 800,000 | 1,200,000 | 900,000 |
Credit_Agreement_Details
Credit Agreement (Details) (USD $) | 9 Months Ended | ||
Sep. 28, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | |
Line of Credit Facility [Line Items] | ' | ' | ' |
Senior credit facility, maximum borrowing capacity | $250,000,000 | ' | ' |
Line of credit facility increase option | 150,000,000 | ' | ' |
Line of credit facility, expiration date | 31-Oct-16 | ' | ' |
Senior Credit Facility amount outstanding | 40,000,000 | 0 | 0 |
Percentage of additional interest added to LIBOR minimum | 0.40% | ' | ' |
Percentage of additional interest added to LIBOR maximum | 1.00% | ' | ' |
Percentage of additional interest added to LIBOR | 0.50% | ' | ' |
Commitment fee minimum | 0.08% | ' | ' |
Commitment fee maximum | 0.20% | ' | ' |
Commitment fee for unused capacity | 0.10% | ' | ' |
Letters Of Credit [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Letters of credit under senior credit facility amount outstanding | 47,300,000 | ' | ' |
Swing Loan [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Swing loan maximum borrowing capacity | $20,000,000 | ' | ' |
Treasury_Stock_Details
Treasury Stock (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract] | ' | ' | ' | ' |
Board-approved share repurchase program of common stock | ' | ' | $1,000,000,000 | ' |
Stock repurchase period | ' | ' | 'April 2015 | ' |
Repurchased shares under the share repurchase program | 352,886 | 1,361,410 | 1,751,536 | 3,682,810 |
Cost of share repurchased under the share repurchase program | 21,300,000 | 61,300,000 | 90,601,000 | 163,840,000 |
Remaining authorization under the share repurchase program | ' | ' | $200,600,000 | ' |
Dividends_Details
Dividends (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Dividends [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable, Date Declared | 30-Oct-13 | 31-Jul-13 | 1-May-13 | 6-Feb-13 | ' | ' | ' |
Dividends Payable, Date of Record | 18-Nov-13 | 19-Aug-13 | 20-May-13 | 25-Feb-13 | ' | ' | ' |
Dividends Payable, Date to be Paid | 3-Dec-13 | 4-Sep-13 | 4-Jun-13 | 12-Mar-13 | ' | ' | ' |
Common Stock, Dividends, Amount Per Share | $0.13 | $0.13 | $0.13 | $0.10 | $0.10 | $0.36 | $0.26 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate | 36.10% | 35.50% | 36.60% | 36.70% |
Expected full year effective tax rate (in hundredths) | ' | ' | 36.60% | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | ||||
Sep. 28, 2013 | Apr. 01, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | |
Information about Litigation Matters | ' | ' | ' | ' | ' |
Number Of Vendors Company Purchased Engines | 1 | ' | ' | ' | ' |
Letters of Credit | ' | ' | ' | ' | ' |
Letter of credit outstanding outside of the Senior credit facility | $18,300,000 | $18,300,000 | $8,400,000 | ' | ' |
Restricted cash | 0 | ' | 8,400,000 | 8,400,000 | 8,400,000 |
SSC Construction Projects [Member] | ' | ' | ' | ' | ' |
Construction Commitments | ' | ' | ' | ' | ' |
Property and construction commitments | 33,300,000 | ' | ' | ' | ' |
Letters Of Credit [Member] | ' | ' | ' | ' | ' |
Letters of Credit | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | $47,300,000 | ' | ' | ' | ' |
Segment_Reporting_Details
Segment Reporting (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Number of operating segments | ' | ' | 1 | ' |
Average percentage of sales (in hundredths) | 100.00% | 100.00% | 100.00% | 100.00% |
Livestock and Pet [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Average percentage of sales (in hundredths) | 45.00% | 45.00% | 45.00% | 43.00% |
Seasonal, Gift and Toy Products [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Average percentage of sales (in hundredths) | 18.00% | 18.00% | 20.00% | 21.00% |
Hardware, Tools and Truck [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Average percentage of sales (in hundredths) | 24.00% | 24.00% | 22.00% | 23.00% |
Agriculture [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Average percentage of sales (in hundredths) | 6.00% | 6.00% | 6.00% | 6.00% |
Clothing and Footware [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Average percentage of sales (in hundredths) | 7.00% | 7.00% | 7.00% | 7.00% |