Tractor Supply (TSCO) 10-Q 4 Nov 13 2013 Q3 Quarterly report Financial data

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%