Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 28, 2015 | Apr. 25, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | TRACTOR SUPPLY CO /DE/ | |
Entity Central Index Key | 916365 | |
Current Fiscal Year End Date | -14 | |
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 | 136,426,761 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 28-Mar-15 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 28, 2015 | Dec. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $57,133 | $51,134 | $47,789 |
Inventories | 1,370,965 | 1,115,450 | 1,225,232 |
Prepaid expenses and other current assets | 64,967 | 66,444 | 47,154 |
Deferred income taxes | 33,850 | 40,962 | 19,963 |
Total current assets | 1,526,915 | 1,273,990 | 1,340,138 |
Property and equipment: | |||
Land | 80,705 | 79,571 | 74,398 |
Buildings and improvements | 713,132 | 698,462 | 594,150 |
Furniture, fixtures and equipment | 466,663 | 453,692 | 418,473 |
Computer software and hardware | 161,884 | 154,818 | 147,803 |
Construction in progress | 52,523 | 30,803 | 74,867 |
Property and equipment, gross | 1,474,907 | 1,417,346 | 1,309,691 |
Accumulated depreciation and amortization | -725,155 | -696,346 | -629,998 |
Property and equipment, net | 749,752 | 721,000 | 679,693 |
Goodwill | 10,258 | 10,258 | 10,258 |
Deferred income taxes | 15,535 | 8,782 | 7,351 |
Other assets | 19,550 | 20,541 | 18,952 |
Total assets | 2,322,010 | 2,034,571 | 2,056,392 |
Current liabilities: | |||
Accounts payable | 585,551 | 370,823 | 477,508 |
Accrued employee compensation | 9,483 | 37,056 | 6,696 |
Other accrued expenses | 180,829 | 182,565 | 138,696 |
Current portion of capital lease obligations | 441 | 213 | 42 |
Income taxes payable | 28,684 | 12,436 | 22,481 |
Total current liabilities | 804,988 | 603,093 | 645,423 |
Revolving credit loan | 60,000 | 0 | 80,000 |
Capital lease obligations, less current maturities | 8,761 | 4,957 | 1,190 |
Deferred rent | 80,946 | 79,807 | 77,386 |
Other long-term liabilities | 52,437 | 53,153 | 47,836 |
Total liabilities | 1,007,132 | 741,010 | 851,835 |
Stockholders' equity: | |||
Preferred stock | 0 | 0 | 0 |
Common stock | 1,347 | 1,342 | 1,333 |
Additional paid-in capital | 544,042 | 510,997 | 464,058 |
Treasury stock - at cost | -1,185,030 | -1,137,085 | -923,043 |
Retained earnings | 1,954,519 | 1,918,307 | 1,662,209 |
Total stockholders' equity | 1,314,878 | 1,293,561 | 1,204,557 |
Total liabilities and stockholders' equity | $2,322,010 | $2,034,571 | $2,056,392 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 | Mar. 29, 2014 |
Stockholders' equity: | |||
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 | 200,000,000 |
Common stock, shares issued | 168,347,000 | 167,716,000 | 166,623,000 |
Common stock, shares outstanding | 136,416,000 | 136,382,000 | 138,691,000 |
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 | 31,931,000 | 31,334,000 | 27,932,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Income Statement [Abstract] | ||
Net sales | $1,331,352 | $1,183,680 |
Cost of merchandise sold | 886,747 | 787,461 |
Gross profit | 444,605 | 396,219 |
Selling, general and administrative expenses | 321,476 | 290,270 |
Depreciation and amortization | 30,282 | 27,220 |
Operating income | 92,847 | 78,729 |
Interest expense, net | 866 | 454 |
Income before income taxes | 91,981 | 78,275 |
Income tax expense | 33,941 | 29,466 |
Net income | $58,040 | $48,809 |
Net income per share - basic (in dollars per share) | $0.43 | $0.35 |
Net income per share - diluted (in dollars per share) | $0.42 | $0.35 |
Weighted average shares outstanding | ||
Basic (in shares) | 136,347 | 139,118 |
Diluted (in shares) | 137,735 | 141,032 |
Dividends declared per common share outstanding (in dollars per share) | $0.16 | $0.13 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Cash flows from operating activities: | ||
Net income | $58,040 | $48,809 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 30,282 | 27,220 |
Gain on disposition of property and equipment | -47 | -57 |
Stock compensation expense | 4,999 | 3,941 |
Excess tax benefit of stock options exercised | -8,181 | -1,690 |
Deferred income taxes | 359 | 2,616 |
Change in assets and liabilities: | ||
Inventories | -255,515 | -245,924 |
Prepaid expenses and other current assets | 1,477 | 10,205 |
Accounts payable | 214,728 | 161,021 |
Accrued employee compensation | -27,573 | -43,877 |
Other accrued expenses | -8,074 | -17,016 |
Income taxes payable | 24,429 | 14,747 |
Other | 1,389 | 1,929 |
Net cash provided by (used in) operating activities | 36,313 | -38,076 |
Cash flows from investing activities: | ||
Capital expenditures | -48,767 | -41,863 |
Proceeds from sale of property and equipment | 265 | 82 |
Net cash used in investing activities | -48,502 | -41,781 |
Cash flows from financing activities: | ||
Borrowings under revolving credit agreement | 110,000 | 80,000 |
Repayments under revolving credit agreement | -50,000 | 0 |
Excess tax benefit of stock options exercised | 8,181 | 1,690 |
Principal payments under capital lease obligations | -90 | -10 |
Repurchase of shares to satisfy tax obligations | -1,078 | -1,211 |
Repurchase of common stock | -47,945 | -84,455 |
Net proceeds from issuance of common stock | 20,948 | 6,972 |
Cash dividends paid to stockholders | -21,828 | -18,083 |
Net cash provided by (used in) financing activities | 18,188 | -15,097 |
Net increase (decrease) in cash and cash equivalents | 5,999 | -94,954 |
Cash and cash equivalents at beginning of period | 51,134 | 142,743 |
Cash and cash equivalents at end of period | 57,133 | 47,789 |
Cash paid during the period for: | ||
Interest | 464 | 172 |
Income taxes | 8,979 | 11,994 |
Property acquired through capital lease | 4,122 | 0 |
Non-cash accruals for construction in progress | $21,181 | $8,355 |
General
General | 3 Months Ended |
Mar. 28, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | General: |
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 27, 2014. The results of operations for our interim periods are not necessarily indicative of results for the full fiscal year. | |
Nature of Business | |
Tractor Supply Company (the “Company”) is the largest operator of rural lifestyle retail stores in the United States. The Company is focused on supplying the needs of recreational farmers and ranchers and those who enjoy the rural lifestyle, as well as tradesmen and small businesses. Stores are located in towns outlying major metropolitan markets and in rural communities. At March 28, 2015, the Company operated a total of 1,422 retail stores in 49 states and also offered a number of products online at TractorSupply.com. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 28, 2015 | |
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, short-term receivables and trade payables approximate current fair value at each balance sheet date. The Company had $60 million and $80 million in borrowings under the Senior Credit Facility (as defined in Note 5) at March 28, 2015 and March 29, 2014, respectively. The Company had no borrowings under the Senior Credit Facility at December 27, 2014. 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 | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
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 28, 2015. | ||||||||
For the first quarters of fiscal 2015 and 2014, share-based compensation expense was $5.0 million and $3.9 million, respectively. | ||||||||
Stock Options | ||||||||
The following summarizes information concerning stock option grants during the first three months of fiscal 2015 and 2014: | ||||||||
Fiscal three months ended | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Stock options granted | 995,508 | 1,106,609 | ||||||
Weighted average exercise price | $ | 83.11 | $ | 63.86 | ||||
Weighted average fair value per option | $ | 19.42 | $ | 15.32 | ||||
As of March 28, 2015, total unrecognized compensation expense related to non-vested stock options was approximately $31.8 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 2015 and 2014: | ||||||||
Fiscal three months ended | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Restricted stock units granted | 39,121 | 45,866 | ||||||
Weighted average fair value per share | $ | 83.11 | $ | 64 | ||||
As of March 28, 2015, total unrecognized compensation expense related to non-vested restricted stock units was approximately $8.4 million with a remaining weighted average expense recognition period of 2.8 years. |
Net_Income_Per_Share
Net Income Per Share | 3 Months Ended | |||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||
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 28, 2015 | Fiscal three months ended March 29, 2014 | |||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Basic net income per share: | ||||||||||||||||||||||
Net income | $ | 58,040 | 136,347 | $ | 0.43 | $ | 48,809 | 139,118 | $ | 0.35 | ||||||||||||
Diluted net income per share: | ||||||||||||||||||||||
Dilutive stock options and restricted stock units outstanding | — | 1,388 | (0.01 | ) | — | 1,914 | — | |||||||||||||||
Net income | $ | 58,040 | 137,735 | $ | 0.42 | $ | 48,809 | 141,032 | $ | 0.35 | ||||||||||||
Anti-dilutive stock options excluded from the above calculations totaled approximately 0.6 million shares for each of the three months ended March 28, 2015 and March 29, 2014. |
Credit_Agreement
Credit Agreement | 3 Months Ended |
Mar. 28, 2015 | |
Debt Disclosure [Abstract] | |
Credit Agreement | Senior Credit Facility: |
The Company has entered into a Credit Agreement, dated as of October 24, 2011, as amended on May 16, 2014, with certain lenders and Bank of America, N.A., as administrative agent for the lenders (the “Senior Credit Facility”). The Senior Credit Facility provides for borrowings up to $400 million (with a sublimit of $30 million for swingline loans). 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 $60 million and $80 million in outstanding borrowings under the Senior Credit Facility at March 28, 2015 and March 29, 2014, respectively. In addition, there were $50.5 million and $42.6 million outstanding letters of credit under the Senior Credit Facility as of March 28, 2015 and March 29, 2014, respectively. Borrowings bear interest at either the bank’s base rate (3.25% at March 28, 2015) or the London Inter-Bank Offer Rate (“LIBOR”) (0.18% at March 28, 2015) plus an additional amount ranging from 0.40% to 1.00% per annum (0.40% at March 28, 2015), 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 (0.08% at March 28, 2015), 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 28, 2015, the Company was in compliance with all debt covenants. |
Treasury_Stock
Treasury Stock | 3 Months Ended |
Mar. 28, 2015 | |
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract] | |
Treasury Stock | Treasury Stock: |
The Company’s Board of Directors authorized common stock repurchases under the share repurchase program up to $2 billion, 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 0.6 million and 1.3 million shares of common stock under the share repurchase program for a total cost of $47.9 million and $84.5 million during the first quarters of fiscal 2015 and fiscal 2014, respectively. As of March 28, 2015, the Company had remaining authorization under the share repurchase program of $815.4 million, exclusive of any fees, commissions, or other expenses. |
Capital_Stock_and_Dividends
Capital Stock and Dividends | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
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 400 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. | |||||||||
Dividends | |||||||||
During the first three months of fiscal 2015 and 2014, the Board of Directors declared the following cash dividends: | |||||||||
Date Declared | Dividend Amount | Stockholders of Record Date | Date Paid | ||||||
Per Share | |||||||||
February 4, 2015 | $ | 0.16 | February 23, 2015 | March 10, 2015 | |||||
February 5, 2014 | $ | 0.13 | February 24, 2014 | March 11, 2014 | |||||
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 May 4, 2015, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share of the Company’s common stock. The dividend will be paid on June 2, 2015 to stockholders of record as of the close of business on May 18, 2015. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 28, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes: |
The Company’s effective income tax rate decreased to 36.9% in the first quarter of fiscal 2015 compared to 37.6% for the first quarter of fiscal 2014 due principally to the availability of state tax incentives. The Company expects the 2015 full fiscal year effective tax rate will be approximately 37.0%. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies: |
Construction and Real Estate Commitments | |
At March 28, 2015, the Company had contractual commitments related to the construction of its new distribution center in Casa Grande, Arizona of approximately $26.7 million and the development of two smaller cross-dock facilities (“mixing centers”) in Texas for approximately $9.7 million. | |
Letters of Credit | |
At March 28, 2015, there were $50.5 million outstanding letters of credit under 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. 28, 2015 | ||||||
Segment Reporting [Abstract] | ||||||
Segment Reporting | Segment Reporting: | |||||
The Company has one reportable segment which is the retail sale of products that support 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 during the fiscal three months ended March 28, 2015 and March 29, 2014: | ||||||
Fiscal three months ended | ||||||
March 28, 2015 | March 29, 2014 | |||||
Product Category: | ||||||
Livestock and Pet | 49 | % | 49 | % | ||
Hardware, Tools and Truck | 22 | 22 | ||||
Seasonal, Gift and Toy Products | 17 | 16 | ||||
Clothing and Footwear | 9 | 9 | ||||
Agriculture | 3 | 4 | ||||
Total | 100 | % | 100 | % |
New_Accounting_Pronouncements_
New Accounting Pronouncements New Accounting Pronouncements | 3 Months Ended |
Mar. 28, 2015 | |
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; however, the FASB has proposed a one-year deferral. 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) | 3 Months Ended | |||||||
Mar. 28, 2015 | ||||||||
Share-based Compensation [Abstract] | ||||||||
Share-based Compensation | The following summarizes information concerning stock option grants during the first three months of fiscal 2015 and 2014: | |||||||
Fiscal three months ended | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Stock options granted | 995,508 | 1,106,609 | ||||||
Weighted average exercise price | $ | 83.11 | $ | 63.86 | ||||
Weighted average fair value per option | $ | 19.42 | $ | 15.32 | ||||
Restricted Stock Units | The following summarizes information concerning restricted stock unit grants during the first three months of fiscal 2015 and 2014: | |||||||
Fiscal three months ended | ||||||||
March 28, | March 29, | |||||||
2015 | 2014 | |||||||
Restricted stock units granted | 39,121 | 45,866 | ||||||
Weighted average fair value per share | $ | 83.11 | $ | 64 | ||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 28, 2015 | ||||||||||||||||||||||
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 28, 2015 | Fiscal three months ended March 29, 2014 | |||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Basic net income per share: | ||||||||||||||||||||||
Net income | $ | 58,040 | 136,347 | $ | 0.43 | $ | 48,809 | 139,118 | $ | 0.35 | ||||||||||||
Diluted net income per share: | ||||||||||||||||||||||
Dilutive stock options and restricted stock units outstanding | — | 1,388 | (0.01 | ) | — | 1,914 | — | |||||||||||||||
Net income | $ | 58,040 | 137,735 | $ | 0.42 | $ | 48,809 | 141,032 | $ | 0.35 | ||||||||||||
Capital_Stock_and_Dividends_Ta
Capital Stock and Dividends (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Equity [Abstract] | |||||||||
Schedule of Dividends Payable | During the first three months of fiscal 2015 and 2014, the Board of Directors declared the following cash dividends: | ||||||||
Date Declared | Dividend Amount | Stockholders of Record Date | Date Paid | ||||||
Per Share | |||||||||
February 4, 2015 | $ | 0.16 | February 23, 2015 | March 10, 2015 | |||||
February 5, 2014 | $ | 0.13 | February 24, 2014 | March 11, 2014 | |||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||
Mar. 28, 2015 | ||||||
Segment Reporting [Abstract] | ||||||
Segment Reporting | The following chart indicates the percentage of sales represented by each major product category during the fiscal three months ended March 28, 2015 and March 29, 2014: | |||||
Fiscal three months ended | ||||||
March 28, 2015 | March 29, 2014 | |||||
Product Category: | ||||||
Livestock and Pet | 49 | % | 49 | % | ||
Hardware, Tools and Truck | 22 | 22 | ||||
Seasonal, Gift and Toy Products | 17 | 16 | ||||
Clothing and Footwear | 9 | 9 | ||||
Agriculture | 3 | 4 | ||||
Total | 100 | % | 100 | % |
General_Details
General (Details) | Mar. 28, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Stores | 1,422 |
Number of States in which Entity Operates | 49 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |||
Fair Value Disclosures [Abstract] | |||
Senior credit facility amount outstanding | $60,000 | $0 | $80,000 |
Share_Based_Compensation_Detai
Share Based Compensation (Details) (USD $) | 3 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $4,999,000 | $3,941,000 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted | 995,508 | 1,106,609 |
Weighted average exercise price | $83.11 | $63.86 |
Weighted average fair value per share | $19.42 | $15.32 |
Total unrecognized compensation expense | 31,800,000 | |
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 | 39,121 | 45,866 |
Weighted average fair value per share | $83.11 | $64 |
Total unrecognized compensation expense | $8,400,000 | |
Remaining weighted average expense recognition period | 2 years 9 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. 28, 2015 | Mar. 29, 2014 |
Earnings Per Share, Basic [Abstract] | ||
Net income, basic | $58,040 | $48,809 |
Weighted average number of shares outstanding, basic | 136,347,000 | 139,118,000 |
Net income per share - basic (in dollars per share) | $0.43 | $0.35 |
Earnings Per Share, Diluted [Abstract] | ||
Net income, dilutive | 58,040 | 48,809 |
Weighted average number of shares outstanding, diluted | 137,735,000 | 141,032,000 |
Net income per share - diluted (in dollars per share) | $0.42 | $0.35 |
Dilutive stock options and restricted stock units outstanding, income | $0 | $0 |
Dilutive stock options and restricted stock units outstanding, per share (in shares) | 1,388,000 | 1,914,000 |
Dilutive stock options and restricted stock units outstanding, per share (in dollars per share) | ($0.01) | $0 |
Antidilutive securities excluded from computation of earnings per share, amount | 600,000 | 600,000 |
Credit_Agreement_Details
Credit Agreement (Details) (USD $) | 3 Months Ended | ||
Mar. 28, 2015 | Dec. 27, 2014 | Mar. 29, 2014 | |
Line of Credit Facility [Line Items] | |||
Commitment fee for unused capacity | 0.08% | ||
Debt Instrument, Basis Spread on Variable Rate | 0.40% | ||
Senior credit facility, maximum borrowing capacity | $400,000,000 | ||
Swing loan maximum borrowing capacity | 30,000,000 | ||
Line of credit facility, expiration date | 31-Oct-16 | ||
Senior credit facility amount outstanding | 60,000,000 | 0 | 80,000,000 |
Letters of credit under senior credit facility amount outstanding | $50,500,000 | $42,600,000 | |
Bank's base rate | 3.25% | ||
London inter-bank offer rate | 0.18% | ||
Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Commitment fee for unused capacity | 0.08% | ||
Debt Instrument, Basis Spread on Variable Rate | 0.40% | ||
Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Commitment fee for unused capacity | 0.20% | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Interest Rate Description | LIBOR plus 0.18% | ||
Base Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Interest Rate Description | bankbs base rate 3.25% |
Treasury_Stock_Details
Treasury Stock (Details) (USD $) | 3 Months Ended | |
Share data in Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract] | ||
Board-approved share repurchase program of common stock | $2,000,000,000 | |
Stock repurchase period | Dec-17 | |
Repurchased shares under the share repurchase program | 0.6 | 1.3 |
Cost of share repurchased under the share repurchase program | 47,945,000 | 84,455,000 |
Remaining authorization under the share repurchase program | $815,400,000 |
Capital_Stock_Details
Capital Stock (Details) | Mar. 28, 2015 | Dec. 27, 2014 | Mar. 29, 2014 |
Equity [Abstract] | |||
Common Stock, Shares Authorized | 400,000,000 | 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 | ||
Mar. 28, 2015 | Mar. 29, 2014 | Jun. 27, 2015 | |
Subsequent Event [Line Items] | |||
Common stock, dividends, amount per share | $0.16 | $0.13 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Common stock, dividends, amount per share | $0.20 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate | 36.90% | 37.60% |
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. 28, 2015 | Mar. 29, 2014 |
Information about Litigation Matters | ||
Number of vendors company purchased engines | 1 | |
Letters of Credit | ||
Letters of credit outstanding, amount | $50.50 | $42.60 |
DC Construction Project [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Purchase Obligation, Due in Next Twelve Months | 26.7 | |
DC Mixing Center Project [Member] | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Purchase Obligation, Due in Next Twelve Months | $9.70 |
Segment_Reporting_Details
Segment Reporting (Details) | 3 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
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) | 17.00% | 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) | 3.00% | 4.00% |