Tractor Supply (TSCO) 10-Q 5 May 14 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information (USD $)	3 Months Ended
	Mar. 29, 2014	Apr. 26, 2014	Jun. 28, 2013
Entity Information [Line Items]	'	'	'
Entity Registrant Name	'TRACTOR SUPPLY CO /DE/	'	'
Entity Central Index Key	'0000916365	'	'
Current Fiscal Year End Date	'--12-27	'	'
Entity Well-known Seasoned Issuer	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Large Accelerated Filer	'	'
Entity Public Float	'	'	$7,000,000,000
Entity Common Stock, Shares Outstanding	'	138,492,953	'
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q1	'	'
Document Type	'10-Q	'	'
Amendment Flag	'false	'	'
Document Period End Date	29-Mar-14	'	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 29, 2014	Dec. 28, 2013	Mar. 30, 2013
In Thousands, unless otherwise specified
Current assets:	'	'	'
Cash and cash equivalents	$47,789	$142,743	$57,022
Restricted cash	0	0	8,400
Inventories	1,225,232	979,308	1,142,900
Prepaid expenses and other current assets	47,154	57,359	51,855
Deferred income taxes	19,963	29,838	7,214
Total current assets	1,340,138	1,209,248	1,267,391
Property and equipment:	'	'	'
Land	74,398	73,350	64,141
Buildings and improvements	594,150	581,938	522,280
Furniture, fixtures and equipment	418,473	408,021	356,730
Computer software and hardware	147,803	140,222	119,276
Construction in progress	74,867	65,312	61,801
Property and equipment, gross	1,309,691	1,268,843	1,124,228
Accumulated depreciation and amortization	-629,998	-603,911	-540,934
Property and equipment, net	679,693	664,932	583,294
Goodwill	10,258	10,258	10,258
Deferred income taxes	7,351	92	3,696
Other assets	18,952	18,861	16,689
Total assets	2,056,392	1,903,391	1,881,328
Current liabilities:	'	'	'
Accounts payable	477,508	316,487	476,043
Accrued employee compensation	6,696	50,573	9,107
Other accrued expenses	138,696	155,615	135,192
Current portion of capital lease obligations	42	42	39
Income taxes payable	22,481	9,424	3,749
Total current liabilities	645,423	532,141	624,130
Revolving credit loan	80,000	0	105,000
Capital lease obligations, less current maturities	1,190	1,200	1,233
Deferred rent	77,386	76,930	76,205
Other long-term liabilities	47,836	46,226	44,534
Total liabilities	851,835	656,497	851,102
Stockholders' equity:	'	'	'
Preferred stock	0	0	0
Common stock	1,333	1,331	1,315
Additional paid-in capital	464,058	452,668	386,136
Treasury stock - at cost	-923,043	-838,588	-759,035
Retained earnings	1,662,209	1,631,483	1,401,810
Total stockholders' equity	1,204,557	1,246,894	1,030,226
Total liabilities and stockholders' equity	$2,056,392	$1,903,391	$1,881,328

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 29, 2014	Dec. 28, 2013	Mar. 30, 2013
Stockholders' equity:	'	'	'
Common stock, par value	$0.01	$0.01	$0.01
Common stock, shares authorized	200,000,000	200,000,000	200,000,000
Common stock, shares issued	166,623,000	166,324,000	164,408,000
Common stock, shares outstanding	138,691,000	139,654,000	138,980,000
Preferred stock, par value	$1	$1	$1
Preferred stock, shares authorized	40,000	40,000	40,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Treasury stock - shares	27,932,000	26,670,000	25,428,000

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 29, 2014	Mar. 30, 2013
Income Statement [Abstract]	'	'
Net sales	$1,183,680	$1,085,838
Cost of merchandise sold	787,461	733,747
Gross profit	396,219	352,091
Selling, general and administrative expenses	290,270	261,469
Depreciation and amortization	27,220	22,699
Operating income	78,729	67,923
Interest expense, net	454	179
Income before income taxes	78,275	67,744
Income tax expense	29,466	23,738
Net income	$48,809	$44,006
Net income per share - basic (in dollars per share)	$0.35	$0.32
Net income per share - diluted (in dollars per share)	$0.35	$0.31
Weighted average shares outstanding	'	'
Basic (in shares)	139,118	138,896
Diluted (in shares)	141,032	141,610
Dividends declared per common share outstanding (in dollars per share)	$0.13	$0.10

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2014	Mar. 30, 2013
Cash flows from operating activities:	'	'
Net income	$48,809	$44,006
Adjustments to reconcile net income to cash used in operating activities:	'	'
Depreciation and amortization	27,220	22,699
Gain on disposition of property and equipment	-57	-156
Stock compensation expense	3,941	3,397
Excess tax benefit of stock options exercised	-1,690	-11,993
Deferred income taxes	2,616	10,711
Change in assets and liabilities:	'	'
Inventories	-245,924	-234,784
Prepaid expenses and other current assets	10,205	-47
Accounts payable	161,021	155,651
Accrued employee compensation	-43,877	-39,293
Other accrued expenses	-17,016	-14,296
Income taxes payable	14,747	-27,617
Other	1,929	-3,577
Net cash used in operating activities	-38,076	-95,299
Cash flows from investing activities:	'	'
Capital expenditures	-41,863	-49,335
Proceeds from sale of property and equipment	82	185
Net cash used in investing activities	-41,781	-49,150
Cash flows from financing activities:	'	'
Borrowings under revolving credit agreement	80,000	125,000
Repayments under revolving credit agreement	0	-20,000
Excess tax benefit of stock options exercised	1,690	11,993
Principal payments under capital lease obligations	-10	-8
Repurchase of shares to satisfy tax obligations	-1,211	-3,942
Repurchase of common stock	-84,455	-49,863
Net proceeds from issuance of common stock	6,972	13,590
Cash dividends paid to stockholders	-18,083	-13,929
Net cash (used in) provided by financing activities	-15,097	62,841
Net decrease in cash and cash equivalents	-94,954	-81,608
Cash and cash equivalents at beginning of period	142,743	138,630
Cash and cash equivalents at end of period	47,789	57,022
Cash paid during the period for:	'	'
Interest	172	148
Income taxes	11,994	41,650
Non-cash accruals for construction in progress	$8,355	$17,515

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 29, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Presentation	'
	Basis of Presentation:
	The accompanying interim unaudited condensed consolidated financial statements of Tractor Supply Company (the "Company")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 28, 2013.  The results of operations for our interim periods are not necessarily indicative of results for the full fiscal year.

SelfInsurance_Reserve_SelfInsu

Self-Insurance Reserve Self-Insurance Reserve	3 Months Ended
	Mar. 29, 2014
Self-Insurance Reserve [Abstract]	'
Self-Insurance Reserves	'
	Self-Insurance Reserves:
	The Company self-insures a significant portion of its employee medical insurance, workers’ compensation insurance and general liability (including product liability) insurance plans.  The Company has stop-loss insurance policies to protect it from individual losses over specified dollar values. For self-insured employee medical claims, we have a stop loss limit of $250,000 per person per year. Our deductible or self-insured retention, as applicable, for each claim involving workers’ compensation insurance and general liability insurance is limited to $500,000. Further, we maintain a commercially reasonable umbrella/excess policy that covers liabilities in excess of the primary insurance policy limits.
	The full extent of certain claims, especially workers’ compensation and general liability claims, may not become fully determined for several years. Therefore, the Company estimates potential obligations based upon historical data and experience, including actuarial calculations. Although the Company believes the reserves established for these obligations are reasonably estimated, any significant increase in the number of claims or costs associated with claims made under these plans could have a material adverse effect on the Company's financial results.  The Company had recorded net self-insurance reserves of $41.8 million, $41.3 million and $35.9 million at March 29, 2014, December 28, 2013 and March 30, 2013, respectively.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	3 Months Ended
	Mar. 29, 2014
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.
	The Company's 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. The Company had $80 million and $105 million in borrowings under the Senior Credit Facility at March 29, 2014 and March 30, 2013, respectively. The Company had no borrowings under the revolving credit facility at December 28, 2013. Based on current market interest rates, the carrying value of our revolving credit facility approximates fair value.

Share_Based_Compensation

Share Based Compensation	3 Months Ended
	Mar. 29, 2014
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 three months ended March 29, 2014.
	For the first quarters of fiscal 2014 and 2013, share-based compensation expense was $3.9 million and $3.4 million, respectively.
	Stock Options
	The following summarizes information concerning stock option grants during the first three months of fiscal 2014 and 2013:
		Fiscal three months ended
		March 29,		March 30,
		2014		2013
	Stock options granted	1,106,609		986,726
	Weighted average exercise price	$	63.86	$	51.66
	Weighted average fair value per option	$	15.32	$	14.66
	As of March 29, 2014, total unrecognized compensation expense related to non-vested stock options was approximately $28.0 million with a remaining weighted average expense recognition period of 1.6 years.
	Restricted Stock Units
	The following summarizes information concerning restricted stock unit grants during the first three months of fiscal 2014 and 2013:
		Fiscal three months ended
		March 29,		March 30,
		2014		2013
	Restricted stock units granted	45,866		48,580
	Weighted average fair value per share	$	64	$	51.5
	As of March 29, 2014, total unrecognized compensation expense related to non-vested restricted stock units was approximately $4.7 million with a remaining weighted average expense recognition period of 2.3 years.

Net_Income_Per_Share

Net Income Per Share	3 Months Ended
	Mar. 29, 2014
Earnings Per Share [Abstract]	'
Net Income Per Share	'
	Net Income Per Share:
	The Company presents 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 diluted 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 March 29, 2014					Fiscal three months ended March 30, 2013
		Income		Shares	Per Share		Income		Shares	Per Share
					Amount					Amount
	Basic net income per share:
	Net income	$	48,809	139,118	$	0.35	$	44,006	138,896	$	0.32
	Diluted net income per share:
	Dilutive stock options and restricted stock units outstanding	—		1,914	—		—		2,714	(0.01		)
	Net income	$	48,809	141,032	$	0.35	$	44,006	141,610	$	0.31
	Anti-dilutive stock options excluded from the above calculations totaled approximately 0.6 million and 1.3 million for the three months ended March 29, 2014 and March 30, 2013, respectively.

Credit_Agreement

Credit Agreement	3 Months Ended
	Mar. 29, 2014
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.  The Company had $80 million and $105 million in borrowings under the Senior Credit Facility at March 29, 2014 and March 30, 2013, respectively. There were $42.6 million and $46.0 million outstanding letters of credit under the Senior Credit Facility as of March 29, 2014 and March 30, 2013, respectively. Borrowings bear interest at either the bank’s base rate (3.25% at March 29, 2014) or the London Inter-Bank Offer Rate ("LIBOR") (0.15% at March 29, 2014) plus an additional amount ranging from 0.40% to 1.00% per annum (0.50% at March 29, 2014), adjusted quarterly based on our leverage ratio.  The Company is 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 March 29, 2014), adjusted quarterly based on the Company's leverage ratio.  The agreement requires quarterly compliance with respect to fixed charge coverage and leverage ratios.  As of March 29, 2014, the Company was in compliance with all debt covenants.

Treasury_Stock

Treasury Stock	3 Months Ended
	Mar. 29, 2014
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]	'
Treasury Stock	'
	Treasury Stock:
	On February 24, 2014, the Company’s Board of Directors authorized a $1 billion increase to the existing share repurchase program, bringing the total amount authorized to date under the program to an aggregate of $2 billion of common stock, exclusive of any fees, commissions, or other expenses related to such repurchases, through December 2017. 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 are accounted for at cost and will be held in treasury for future issuance.  The program may be limited or terminated at any time without prior notice.
	The Company repurchased 1.3 million and 1.0 million shares of common stock under the share repurchase program for a total cost of $84.5 million and $49.9 million during the first quarters of fiscal 2014 and fiscal 2013, respectively. As of March 29, 2014, the Company had remaining authorization under the share repurchase program of $1.08 billion, exclusive of any fees, commissions, or other expenses.

Capital_Stock_and_Dividends

Capital Stock and Dividends	3 Months Ended
	Mar. 29, 2014
Equity [Abstract]	'
Capital Stock and Dividends	'
	Capital Stock and Dividends:
	Capital Stock
	The authorized capital stock of the Company consists of common stock and preferred stock. The Company is authorized to issue 200 million shares of common stock. The Company is also authorized to issue 40,000 shares of preferred stock, with such designations, rights and preferences as may be determined from time to time by the Board of Directors.
	On May 1, 2014, the shareholders approved an amendment to the Company's Certificate of Incorporation to increase the number of authorized shares of common stock from 200 million to 400 million.
	Dividends
	During the first three months of fiscal 2014 and 2013, the Board of Directors declared the following cash dividends:
	Date Declared	Dividend Amount		Stockholders of Record Date	Date Paid
		Per Share
	February 5, 2014	$	0.13	February 24, 2014	March 11, 2014
	February 6, 2013	$	0.1	February 25, 2013	March 12, 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 April 30, 2014, the Company's Board of Directors declared a quarterly cash dividend of $0.16 per share of the Company’s common stock.  The dividend will be paid on June 3, 2014 to stockholders of record as of the close of business on May 19, 2014.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 29, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Income Taxes:
	The Company's effective income tax rate increased to 37.6% in the first quarter of fiscal 2014 compared to 35.0% for the first quarter of fiscal 2013. The increase in the effective tax rate was principally a reflection of two favorable items in the prior year quarter that were not present in the current quarter. The first quarter of 2013 benefited from the reversal of reserves for uncertain tax positions and the reinstatement of the federal Work Opportunity Tax Credit that was approved by Congress in the early part of the prior year quarter. The Company expects the 2014 full year effective tax rate will be approximately 37.0%.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 29, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies:
	Construction and Real Estate Commitments
	At March 29, 2014, the Company had contractual commitments related to the construction of its new store support center of approximately $9.0 million.
	Letters of Credit
	At March 29, 2014, there were $42.6 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.
	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. The Company does not expect the resolution of this matter 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	3 Months Ended
	Mar. 29, 2014
Segment Reporting [Abstract]	'
Segment Reporting	'
	Segment Reporting:
	The Company has one reportable segment which is the retail sale of products that meet the needs of those who enjoy the rural lifestyle.  The Company manages the business on the basis of one operating segment.  The following chart indicates the percentage of sales represented by each major product category for the fiscal three months ended March 29, 2014 and March 30, 2013:
		Fiscal three months ended
		March 29, 2014		March 30, 2013
	Product Category:
	Livestock and Pet	49	%	49	%
	Hardware, Tools and Truck	22		22
	Seasonal, Gift and Toy Products	16		16
	Clothing and Footwear	9		9
	Agriculture	4		4
	Total	100	%	100	%

Share_Based_Compensation_Table

Share Based Compensation (Tables)	3 Months Ended
	Mar. 29, 2014
Share-based Compensation [Abstract]	'
Share-based Compensation	'
	The following summarizes information concerning stock option grants during the first three months of fiscal 2014 and 2013:
		Fiscal three months ended
		March 29,		March 30,
		2014		2013
	Stock options granted	1,106,609		986,726
	Weighted average exercise price	$	63.86	$	51.66
	Weighted average fair value per option	$	15.32	$	14.66
Restricted Stock Units	'
	The following summarizes information concerning restricted stock unit grants during the first three months of fiscal 2014 and 2013:
		Fiscal three months ended
		March 29,		March 30,
		2014		2013
	Restricted stock units granted	45,866		48,580
	Weighted average fair value per share	$	64	$	51.5

Net_Income_Per_Share_Tables

Net Income Per Share (Tables)	3 Months Ended
	Mar. 29, 2014
Earnings Per Share [Abstract]	'
Net Income Per Share	'
	Net income per share is calculated as follows (in thousands, except per share amounts):
		Fiscal three months ended March 29, 2014					Fiscal three months ended March 30, 2013
		Income		Shares	Per Share		Income		Shares	Per Share
					Amount					Amount
	Basic net income per share:
	Net income	$	48,809	139,118	$	0.35	$	44,006	138,896	$	0.32
	Diluted net income per share:
	Dilutive stock options and restricted stock units outstanding	—		1,914	—		—		2,714	(0.01		)
	Net income	$	48,809	141,032	$	0.35	$	44,006	141,610	$	0.31

Capital_Stock_and_Dividends_Ta

Capital Stock and Dividends (Tables)	3 Months Ended
	Mar. 29, 2014
Equity [Abstract]	'
Schedule of Dividends Payable	'
	During the first three months of fiscal 2014 and 2013, the Board of Directors declared the following cash dividends:
	Date Declared	Dividend Amount		Stockholders of Record Date	Date Paid
		Per Share
	February 5, 2014	$	0.13	February 24, 2014	March 11, 2014
	February 6, 2013	$	0.1	February 25, 2013	March 12, 2013

Segment_Reporting_Tables

Segment Reporting (Tables)	3 Months Ended
	Mar. 29, 2014
Segment Reporting [Abstract]	'
Segment Reporting	'
	The following chart indicates the percentage of sales represented by each major product category for the fiscal three months ended March 29, 2014 and March 30, 2013:
		Fiscal three months ended
		March 29, 2014		March 30, 2013
	Product Category:
	Livestock and Pet	49	%	49	%
	Hardware, Tools and Truck	22		22
	Seasonal, Gift and Toy Products	16		16
	Clothing and Footwear	9		9
	Agriculture	4		4
	Total	100	%	100	%

SelfInsurance_Reserve_Details

Self-Insurance Reserve (Details) (USD $)	3 Months Ended
	Mar. 29, 2014	Dec. 28, 2013	Mar. 30, 2013
Self-Insurance Reserve [Abstract]	'	'	'
Self-insured employee medical stop loss limit	$250,000	'	'
Workers compensation and general liability deductible	500,000	'	'
Self insurance reserve	$41,800,000	$41,300,000	$35,900,000

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Details) (USD $)	Mar. 29, 2014	Dec. 28, 2013	Mar. 30, 2013
In Thousands, unless otherwise specified
Fair Value Disclosures [Abstract]	'	'	'
Senior credit facility amount outstanding	$80,000	$0	$105,000

Share_Based_Compensation_Detai

Share Based Compensation (Details) (USD $)	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Share-based compensation expense	$3,941,000	$3,397,000
Employee Stock Option [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock options granted	1,106,609	986,726
Weighted average exercise price	$63.86	$51.66
Weighted average fair value per share	$15.32	$14.66
Total unrecognized compensation expense	28,000,000	'
Remaining weighted average expense recognition period	'1 year 7 months 6 days	'
Restricted Stock Units (RSUs) [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Restricted stock units granted	45,866	48,580
Weighted average fair value per share	$64	$51.50
Total unrecognized compensation expense	$4,700,000	'
Remaining weighted average expense recognition period	'2 years 3 months 18 days	'

Net_Income_Per_Share_Details

Net Income Per Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 29, 2014	Mar. 30, 2013
Earnings Per Share, Basic [Abstract]	'	'
Net income, basic	$48,809	$44,006
Weighted average number of shares outstanding, basic	139,118,000	138,896,000
Net income per share - basic (in dollars per share)	$0.35	$0.32
Earnings Per Share, Diluted [Abstract]	'	'
Net income, dilutive	48,809	44,006
Weighted average number of shares outstanding, diluted	141,032,000	141,610,000
Net income per share - diluted (in dollars per share)	$0.35	$0.31
Dilutive stock options and restricted stock units outstanding, income	$0	$0
Dilutive stock options and restricted stock units outstanding, per share (in shares)	1,914,000	2,714,000
Dilutive stock options and restricted stock units outstanding, per share (in dollars per share)	$0	($0.01)
Antidilutive securities excluded from computation of earnings per share, amount	600,000	1,300,000

Credit_Agreement_Details

Credit Agreement (Details) (USD $)	3 Months Ended
	Mar. 29, 2014	Dec. 28, 2013	Mar. 30, 2013
Debt Disclosure [Abstract]	'	'	'
Senior credit facility, maximum borrowing capacity	$250,000,000	'	'
Swing loan maximum borrowing capacity	20,000,000	'	'
Line of credit facility increase option	150,000,000	'	'
Line of credit facility, expiration date	31-Oct-16	'	'
Senior credit facility amount outstanding	80,000,000	0	105,000,000
Letters of credit under senior credit facility amount outstanding	$42,600,000	'	$46,000,000
Bank's base rate	3.25%	'	'
London inter-bank offer rate	0.15%	'	'
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%	'	'

Treasury_Stock_Details

Treasury Stock (Details) (USD $)	3 Months Ended
Share data in Millions, unless otherwise specified	Mar. 29, 2014	Mar. 30, 2013	Feb. 24, 2014
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]	'	'	'
Additional amount authorized under share repurchase program	'	'	$1,000,000,000
Board-approved share repurchase program of common stock	2,000,000,000	'	'
Stock repurchase period	'December 2017	'	'
Repurchased shares under the share repurchase program	1.3	1	'
Cost of share repurchased under the share repurchase program	84,455,000	49,863,000	'
Remaining authorization under the share repurchase program	$1,080,000,000	'	'

Capital_Stock_Details

Capital Stock (Details)	Mar. 29, 2014	Dec. 28, 2013	Mar. 30, 2013	1-May-14	Mar. 29, 2014
				Increase number of authorized shares [Member]	Increase number of authorized shares [Member]
Class of Stock [Line Items]	'	'	'	'	'
Common stock, shares authorized	200,000,000	200,000,000	200,000,000	400,000,000	200,000,000
Preferred stock, shares authorized	40,000	40,000	40,000	'	'

Capital_Stock_and_Dividends_De

Capital Stock and Dividends (Details) (USD $)	3 Months Ended
	Jun. 28, 2014	Mar. 29, 2014	Mar. 30, 2013
Equity [Abstract]	'	'	'
Dividends payable, date declared	30-Apr-14	5-Feb-14	6-Feb-13
Dividends payable, date of record	19-May-14	24-Feb-14	25-Feb-13
Dividends payable, date to be paid	3-Jun-14	11-Mar-14	12-Mar-13
Common stock, dividends, amount per share	$0.16	$0.13	$0.10

Income_Taxes_Details

Income Taxes (Details)	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Income Tax Disclosure [Abstract]	'	'
Effective Income Tax Rate	37.60%	35.00%
Expected full year effective tax rate (in hundredths)	37.00%	'

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 29, 2014	Mar. 30, 2013
Information about Litigation Matters	'	'
Number of vendors company purchased engines	1	'
Construction Commitments	'	'
Property and construction commitments	$9	'
Letters of Credit	'	'
Letters of credit outstanding, amount	42.6	46
Letter of credit outstanding outside of the Senior credit facility	$18.30	'

Segment_Reporting_Details

Segment Reporting (Details)	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Revenue from External Customer [Line Items]	'	'
Number of operating segments	1	'
Average percentage of sales (in hundredths)	100.00%	100.00%
Livestock and Pet [Member]	'	'
Revenue from External Customer [Line Items]	'	'
Average percentage of sales (in hundredths)	49.00%	49.00%
Hardware, Tools and Truck [Member]	'	'
Revenue from External Customer [Line Items]	'	'
Average percentage of sales (in hundredths)	22.00%	22.00%
Seasonal, Gift and Toy Products [Member]	'	'
Revenue from External Customer [Line Items]	'	'
Average percentage of sales (in hundredths)	16.00%	16.00%
Clothing and Footware [Member]	'	'
Revenue from External Customer [Line Items]	'	'
Average percentage of sales (in hundredths)	9.00%	9.00%
Agriculture [Member]	'	'
Revenue from External Customer [Line Items]	'	'
Average percentage of sales (in hundredths)	4.00%	4.00%