Tractor Supply (TSCO) 10-Q 3 Nov 14 2014 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 27, 2014	Oct. 25, 2014
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 Common Stock, Shares Outstanding	'	135,938,869
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	27-Sep-14	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 27, 2014	Dec. 28, 2013	Sep. 28, 2013
In Thousands, unless otherwise specified
Current assets:	'	'	'
Cash and cash equivalents	$47,510	$142,743	$45,988
Inventories	1,295,824	979,308	1,142,013
Prepaid expenses and other current assets	49,936	57,359	45,794
Deferred income taxes	33,317	29,838	19,823
Total current assets	1,426,587	1,209,248	1,253,618
Property and equipment:	'	'	'
Land	73,424	73,350	72,225
Buildings and improvements	684,700	581,938	556,153
Furniture, fixtures and equipment	440,314	408,021	395,159
Computer software and hardware	158,480	140,222	141,986
Construction in progress	25,015	65,312	55,022
Property and equipment, gross	1,381,933	1,268,843	1,220,545
Accumulated depreciation and amortization	-675,132	-603,911	-586,149
Property and equipment, net	706,801	664,932	634,396
Goodwill	10,258	10,258	10,258
Deferred income taxes	24,929	92	5,283
Other assets	20,123	18,861	15,751
Total assets	2,188,698	1,903,391	1,919,306
Current liabilities:	'	'	'
Accounts payable	483,042	316,487	403,521
Accrued employee compensation	19,530	50,573	28,398
Other accrued expenses	154,631	155,615	136,234
Current portion of capital lease obligations	125	42	39
Income taxes payable	19,014	9,424	2,323
Total current liabilities	676,342	532,141	570,515
Revolving credit loan	150,000	0	40,000
Capital lease obligations, less current maturities	3,048	1,200	1,214
Deferred rent	78,356	76,930	76,914
Other long-term liabilities	50,745	46,226	46,152
Total liabilities	958,491	656,497	734,795
Stockholders' equity:	'	'	'
Preferred stock	0	0	0
Common stock	1,337	1,331	1,326
Additional paid-in capital	483,804	452,668	429,144
Treasury stock - at cost	-1,082,970	-838,588	-799,773
Retained earnings	1,828,036	1,631,483	1,553,814
Total stockholders' equity	1,230,207	1,246,894	1,184,511
Total liabilities and stockholders' equity	$2,188,698	$1,903,391	$1,919,306

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 27, 2014	Dec. 28, 2013	Sep. 28, 2013
Stockholders' equity:	'	'	'
Common stock, par value	$0.01	$0.01	$0.01
Common stock, shares authorized	400,000,000	200,000,000	200,000,000
Common stock, shares issued	167,082,000	166,324,000	165,722,000
Common stock, shares outstanding	136,615,000	139,654,000	139,587,000
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	30,467,000	26,670,000	26,135,000

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. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013
Income Statement [Abstract]	'	'	'	'
Net sales	$1,359,950	$1,208,090	$4,127,461	$3,749,695
Cost of merchandise sold	895,881	792,424	2,716,641	2,475,798
Gross profit	464,069	415,666	1,410,820	1,273,897
Selling, general and administrative expenses	312,669	287,859	914,528	833,269
Depreciation and amortization	29,387	26,137	84,521	73,056
Operating income	122,013	101,670	411,771	367,572
Interest expense, net	505	350	1,267	1,085
Income before income taxes	121,508	101,320	410,504	366,487
Income tax expense	44,905	36,553	151,681	134,134
Net income	$76,603	$64,767	$258,823	$232,353
Net income per share - basic (in dollars per share)	$0.56	$0.46	$1.87	$1.67
Net income per share - diluted (in dollars per share)	$0.55	$0.46	$1.85	$1.64
Weighted average shares outstanding	'	'	'	'
Basic (in shares)	137,367	139,524	138,293	139,304
Diluted (in shares)	138,863	141,726	140,002	141,689
Dividends declared per common share outstanding (in dollars per share)	$0.16	$0.13	$0.45	$0.36

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 27, 2014	Sep. 28, 2013
Cash flows from operating activities:	'	'
Net income	$258,823	$232,353
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	84,521	73,056
Loss (gain) on disposition of property and equipment	249	-170
Stock compensation expense	12,114	10,349
Excess tax benefit of stock options exercised	-7,333	-31,626
Deferred income taxes	-28,316	-3,485
Change in assets and liabilities:	'	'
Inventories	-316,516	-233,897
Prepaid expenses and other current assets	7,423	6,014
Accounts payable	166,555	83,129
Accrued employee compensation	-31,043	-20,002
Other accrued expenses	-379	-12,982
Income taxes payable	16,923	-9,410
Other	4,543	5,281
Net cash provided by operating activities	167,564	98,610
Cash flows from investing activities:	'	'
Capital expenditures	-125,425	-156,791
Proceeds from sale of property and equipment	309	331
Decrease in Restricted Cash	0	8,400
Net cash used in investing activities	-125,116	-148,060
Cash flows from financing activities:	'	'
Borrowings under revolving credit agreement	260,000	175,000
Repayments under revolving credit agreement	-110,000	-135,000
Excess tax benefit of stock options exercised	7,333	31,626
Principal payments under capital lease obligations	-57	-27
Repurchase of shares to satisfy tax obligations	-4,766	-3,942
Repurchase of common stock	-244,382	-90,601
Net proceeds from issuance of common stock	16,461	30,024
Cash dividends paid to stockholders	-62,270	-50,272
Net cash used in by financing activities	-137,681	-43,192
Net decrease in cash and cash equivalents	-95,233	-92,642
Cash and cash equivalents at beginning of period	142,743	138,630
Cash and cash equivalents at end of period	47,510	45,988
Cash paid during the period for:	'	'
Interest	546	406
Income taxes	162,073	148,519
Property acquired through capital lease	1,988	0
Non-cash accruals for construction in progress	$7,654	$11,798

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Sep. 27, 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	9 Months Ended
	Sep. 27, 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 $45.6 million, $41.3 million and $40.2 million at September 27, 2014, December 28, 2013 and September 28, 2013, respectively.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	9 Months Ended
	Sep. 27, 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, 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 $150 million and $40 million in borrowings under the Senior Credit Facility at September 27, 2014 and September 28, 2013, respectively. The Company had no borrowings under the Senior Credit Facility at December 28, 2013. Based on current market interest rates, the carrying value of our borrowings under the Senior Credit Facility approximates fair value.

Share_Based_Compensation

Share Based Compensation	9 Months Ended
	Sep. 27, 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 nine months ended September 27, 2014.
	For the third quarters of fiscal 2014 and 2013, share-based compensation expense was $4.0 million and $3.4 million, respectively, and $12.1 million and $10.3 million for the first nine months of fiscal 2014 and 2013, respectively.
	Stock Options
	The following summarizes information concerning stock option grants during the first nine months of fiscal 2014 and 2013:
		Fiscal nine months ended
		September 27,		September 28,
		2014		2013
	Stock options granted	1,142,719		1,022,426
	Weighted average exercise price	$	63.88	$	51.77
	Weighted average fair value per option	$	15.32	$	14.66
	As of September 27, 2014, total unrecognized compensation expense related to non-vested stock options was approximately $20.4 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 2014 and 2013:
		Fiscal nine months ended
		September 27,		September 28,
		2014		2013
	Restricted stock units granted	57,452		59,864
	Weighted average fair value per share	$	64.51	$	51.72
	As of September 27, 2014, total unrecognized compensation expense related to non-vested restricted stock units was approximately $3.8 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. 27, 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 September 27, 2014						Fiscal three months ended September 28, 2013
		Income		Shares	Per Share			Income		Shares	Per Share
					Amount						Amount
	Basic net income per share:
	Net income	$	76,603	137,367	$	0.56		$	64,767	139,524	$	0.46
	Diluted net income per share:
	Dilutive stock options and restricted stock units outstanding	—		1,496	(0.01		)	—		2,202	—
	Net income	$	76,603	138,863	$	0.55		$	64,767	141,726	$	0.46
		Fiscal nine months ended September 27, 2014						Fiscal nine months ended September 28, 2013
		Income		Shares	Per Share			Income		Shares	Per Share
					Amount						Amount
	Basic net income per share:
	Net income	$	258,823	138,293	$	1.87		$	232,353	139,304	$	1.67
	Diluted net income per share:
	Dilutive stock options and restricted stock units outstanding	—		1,709	(0.02		)	—		2,385	(0.03		)
	Net income	$	258,823	140,002	$	1.85		$	232,353	141,689	$	1.64
	Anti-dilutive stock options excluded from the above calculations totaled approximately 1.4 million and 0.7 million for the three months ended September 27, 2014 and September 28, 2013, and 1.1 million and 1.2 million for the nine months ended September 27, 2014 and September 28, 2013, respectively.

Credit_Agreement

Credit Agreement	9 Months Ended
	Sep. 27, 2014
Debt Disclosure [Abstract]	'
Credit Agreement	'
	Credit Agreement:
	On May 16, 2014, the Company exercised the option to increase the availability under the Senior Credit Facility by $150 million, which increased the aggregate principal amount available thereunder from $250 million to $400 million. The sublimit for swingline loans was also increased from $20 million to $30 million. 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$150 million and $40 million in outstanding borrowings under the Senior Credit Facility at September 27, 2014 and September 28, 2013, respectively. In addition, there were $41.1 million and $47.3 million outstanding letters of credit under the Senior Credit Facility as of September 27, 2014 and September 28, 2013, respectively. Borrowings bear interest at either the bank’s base rate (3.25% at September 27, 2014) or the London Inter-Bank Offer Rate ("LIBOR") (0.15% at September 27, 2014) plus an additional amount ranging from 0.40% to 1.00% per annum (0.50% at September 27, 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 September 27, 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 September 27, 2014, the Company was in compliance with all debt covenants.

Treasury_Stock

Treasury Stock	9 Months Ended
	Sep. 27, 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 1.6 million and 0.4 million shares of common stock under the share repurchase program for a total cost of $97.4 million and $21.3 million during the third quarters of fiscal 2014 and fiscal 2013, respectively. During the first nine months of 2014 and 2013, the Company repurchased 3.8 million and 1.8 million shares under the share repurchase program for a total cost of $244.4 million and $90.6 million, respectively. As of September 27, 2014, the Company had remaining authorization under the share repurchase program of $917.4 million, exclusive of any fees, commissions, or other expenses.

Capital_Stock_and_Dividends

Capital Stock and Dividends	9 Months Ended
	Sep. 27, 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. 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. 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.
	Dividends
	During the first nine 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
	July 30, 2014	$	0.16	August 18, 2014	September 3, 2014
	April 30, 2014	$	0.16	May 19, 2014	June 3, 2014
	February 5, 2014	$	0.13	February 24, 2014	March 11, 2014
	July 31, 2013	$	0.13	August 19, 2013	September 4, 2013
	May 1, 2013	$	0.13	May 20, 2013	June 4, 2013
	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 October 29, 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 December 2, 2014 to stockholders of record as of the close of business on November 17, 2014.

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 27, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Income Taxes:
	The Company's effective income tax rate increased to 37.0% in the third quarter of fiscal 2014 compared to 36.1% for the third quarter of fiscal 2013 due principally to a prior year reduction in reserves for uncertain tax positions, a current year reduction of federal tax credits and a current year smaller benefit from disqualified incentive stock options. For the first nine months of fiscal 2014, our effective tax rate increased to 36.9% compared to 36.6% for the first nine months of fiscal 2013. The increase in the effective tax rate was due to a current year reduction in tax credits, principally the federal Wage Opportunity Tax Credit which has not been reinstated for 2014, and a prior year reduction in reserves for uncertain tax positions. The Company expects the 2014 full year effective tax rate will be approximately 36.9%.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 27, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies:
	Letters of Credit
	At September 27, 2014, there were $41.1 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	9 Months Ended
	Sep. 27, 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 and nine months ended September 27, 2014 and September 28, 2013:
		Fiscal three months ended				Fiscal nine months ended
		September 27, 2014		September 28, 2013		September 27, 2014		September 28, 2013
	Product Category:
	Livestock and Pet	45	%	45	%	45	%	45	%
	Hardware, Tools and Truck	23		24		22		22
	Seasonal, Gift and Toy Products	19		18		20		20
	Clothing and Footwear	7		7		7		7
	Agriculture	6		6		6		6
	Total	100	%	100	%	100	%	100	%

New_Accounting_Pronouncements_

New Accounting Pronouncements (Notes)	9 Months Ended
	Sep. 27, 2014
New Accounting Pronouncements [Abstract]	'
New Accounting Pronouncements	'
	New Accounting Pronouncements:
	In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 amends the guidance for revenue recognition to replace numerous, industry-specific requirements and converges areas under this topic with those of the International Financial Reporting Standards. The ASU implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. Other major provisions include the capitalization and amortization of certain contract costs, ensuring the time value of money is considered in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The amendments in this ASU are effective for reporting periods beginning after December 15, 2016, and early adoption is prohibited. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Management is currently assessing the impact the adoption of ASU 2014-09 will have on our Condensed Consolidated Financial Statements and related disclosures, including which transition method it will adopt.

Share_Based_Compensation_Table

Share Based Compensation (Tables)	9 Months Ended
	Sep. 27, 2014
Share-based Compensation [Abstract]	'
Share-based Compensation	'
	The following summarizes information concerning stock option grants during the first nine months of fiscal 2014 and 2013:
		Fiscal nine months ended
		September 27,		September 28,
		2014		2013
	Stock options granted	1,142,719		1,022,426
	Weighted average exercise price	$	63.88	$	51.77
	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 nine months of fiscal 2014 and 2013:
		Fiscal nine months ended
		September 27,		September 28,
		2014		2013
	Restricted stock units granted	57,452		59,864
	Weighted average fair value per share	$	64.51	$	51.72

Net_Income_Per_Share_Tables

Net Income Per Share (Tables)	9 Months Ended
	Sep. 27, 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 September 27, 2014						Fiscal three months ended September 28, 2013
		Income		Shares	Per Share			Income		Shares	Per Share
					Amount						Amount
	Basic net income per share:
	Net income	$	76,603	137,367	$	0.56		$	64,767	139,524	$	0.46
	Diluted net income per share:
	Dilutive stock options and restricted stock units outstanding	—		1,496	(0.01		)	—		2,202	—
	Net income	$	76,603	138,863	$	0.55		$	64,767	141,726	$	0.46
		Fiscal nine months ended September 27, 2014						Fiscal nine months ended September 28, 2013
		Income		Shares	Per Share			Income		Shares	Per Share
					Amount						Amount
	Basic net income per share:
	Net income	$	258,823	138,293	$	1.87		$	232,353	139,304	$	1.67
	Diluted net income per share:
	Dilutive stock options and restricted stock units outstanding	—		1,709	(0.02		)	—		2,385	(0.03		)
	Net income	$	258,823	140,002	$	1.85		$	232,353	141,689	$	1.64

Capital_Stock_and_Dividends_Ta

Capital Stock and Dividends (Tables)	9 Months Ended
	Sep. 27, 2014
Equity [Abstract]	'
Schedule of Dividends Payable	'
	During the first nine 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
	July 30, 2014	$	0.16	August 18, 2014	September 3, 2014
	April 30, 2014	$	0.16	May 19, 2014	June 3, 2014
	February 5, 2014	$	0.13	February 24, 2014	March 11, 2014
	July 31, 2013	$	0.13	August 19, 2013	September 4, 2013
	May 1, 2013	$	0.13	May 20, 2013	June 4, 2013
	February 6, 2013	$	0.1	February 25, 2013	March 12, 2013

Segment_Reporting_Tables

Segment Reporting (Tables)	9 Months Ended
	Sep. 27, 2014
Segment Reporting [Abstract]	'
Segment Reporting	'
	The following chart indicates the percentage of sales represented by each major product category for the fiscal three and nine months ended September 27, 2014 and September 28, 2013:
		Fiscal three months ended				Fiscal nine months ended
		September 27, 2014		September 28, 2013		September 27, 2014		September 28, 2013
	Product Category:
	Livestock and Pet	45	%	45	%	45	%	45	%
	Hardware, Tools and Truck	23		24		22		22
	Seasonal, Gift and Toy Products	19		18		20		20
	Clothing and Footwear	7		7		7		7
	Agriculture	6		6		6		6
	Total	100	%	100	%	100	%	100	%

SelfInsurance_Reserve_Details

Self-Insurance Reserve (Details) (USD $)	9 Months Ended
	Sep. 27, 2014	Dec. 28, 2013	Sep. 28, 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	$45,600,000	$41,300,000	$40,200,000

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Details) (USD $)	Sep. 27, 2014	Dec. 28, 2013	Sep. 28, 2013
In Thousands, unless otherwise specified
Fair Value Disclosures [Abstract]	'	'	'
Senior credit facility amount outstanding	$150,000	$0	$40,000

Share_Based_Compensation_Detai

Share Based Compensation (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Share-based compensation expense	$4,000,000	$3,400,000	$12,114,000	$10,349,000
Employee Stock Option [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Stock options granted	'	'	1,142,719	1,022,426
Weighted average exercise price	'	'	$63.88	$51.77
Weighted average fair value per share	'	'	$15.32	$14.66
Total unrecognized compensation expense	20,400,000	'	20,400,000	'
Remaining weighted average expense recognition period	'	'	'1 year 4 months 24 days	'
Restricted Stock Units (RSUs) [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Restricted stock units granted	'	'	57,452	59,864
Weighted average fair value per share	'	'	$64.51	$51.72
Total unrecognized compensation expense	$3,800,000	'	$3,800,000	'
Remaining weighted average expense recognition period	'	'	'1 year 9 months 18 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. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013
Earnings Per Share, Basic [Abstract]	'	'	'	'
Net income, basic	$76,603	$64,767	$258,823	$232,353
Weighted average number of shares outstanding, basic	137,367,000	139,524,000	138,293,000	139,304,000
Net income per share - basic (in dollars per share)	$0.56	$0.46	$1.87	$1.67
Earnings Per Share, Diluted [Abstract]	'	'	'	'
Net income, dilutive	76,603	64,767	258,823	232,353
Weighted average number of shares outstanding, diluted	138,863,000	141,726,000	140,002,000	141,689,000
Net income per share - diluted (in dollars per share)	$0.55	$0.46	$1.85	$1.64
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)	1,496,000	2,202,000	1,709,000	2,385,000
Dilutive stock options and restricted stock units outstanding, per share (in dollars per share)	($0.01)	$0	($0.02)	($0.03)
Antidilutive securities excluded from computation of earnings per share, amount	1,400,000	700,000	1,100,000	1,200,000

Credit_Agreement_Details

Credit Agreement (Details) (USD $)	9 Months Ended
	Sep. 27, 2014	16-May-14	Dec. 28, 2013	Sep. 28, 2013
Debt Disclosure [Abstract]	'	'	'	'
Senior credit facility, maximum borrowing capacity	$400,000,000	$250,000,000	'	'
Swing loan maximum borrowing capacity	30,000,000	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	150,000,000	'	0	40,000,000
Letters of credit under senior credit facility amount outstanding	$41,100,000	'	'	$47,300,000
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		9 Months Ended
Share data in Millions, unless otherwise specified	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 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	'	2,000,000,000	'	'
Stock repurchase period	'	'	'December 2017	'	'
Repurchased shares under the share repurchase program	1.6	0.4	3.8	1.8	'
Cost of share repurchased under the share repurchase program	97,400,000	21,300,000	244,382,000	90,601,000	'
Remaining authorization under the share repurchase program	$917,400,000	'	$917,400,000	'	'

Capital_Stock_Details

Capital Stock (Details)	Sep. 27, 2014	Dec. 28, 2013	Sep. 28, 2013
Equity [Abstract]	'	'	'
Common Stock, Shares Authorized	400,000,000	200,000,000	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						9 Months Ended		3 Months Ended
	Sep. 27, 2014	Jun. 28, 2014	Mar. 29, 2014	Sep. 28, 2013	Jun. 29, 2013	Mar. 30, 2013	Sep. 27, 2014	Sep. 28, 2013	Dec. 27, 2014
									Subsequent Event [Member]
Subsequent Event [Line Items]	'	'	'	'	'	'	'	'	'
Common stock, dividends, amount per share	$0.16	$0.16	$0.13	$0.13	$0.13	$0.10	$0.45	$0.36	$0.16

Income_Taxes_Details

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013
Income Tax Disclosure [Abstract]	'	'	'	'
Effective Income Tax Rate	37.00%	36.10%	36.90%	36.60%
Expected full year effective tax rate (in hundredths)	'	'	36.90%	'

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 27, 2014	Sep. 28, 2013
Information about Litigation Matters	'	'
Number of vendors company purchased engines	1	'
Letters of Credit	'	'
Letters of credit outstanding, amount	$41.10	$47.30
Letter of credit outstanding outside of the Senior credit facility	$18.30	'

Segment_Reporting_Details

Segment Reporting (Details)	3 Months Ended		9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013
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%	45.00%
Hardware, Tools and Truck [Member]	'	'	'	'
Revenue from External Customer [Line Items]	'	'	'	'
Average percentage of sales (in hundredths)	23.00%	24.00%	22.00%	22.00%
Seasonal, Gift and Toy Products [Member]	'	'	'	'
Revenue from External Customer [Line Items]	'	'	'	'
Average percentage of sales (in hundredths)	19.00%	18.00%	20.00%	20.00%
Clothing and Footware [Member]	'	'	'	'
Revenue from External Customer [Line Items]	'	'	'	'
Average percentage of sales (in hundredths)	7.00%	7.00%	7.00%	7.00%
Agriculture [Member]	'	'	'	'
Revenue from External Customer [Line Items]	'	'	'	'
Average percentage of sales (in hundredths)	6.00%	6.00%	6.00%	6.00%