Tractor Supply (TSCO) 10-Q 7 May 15 2015 Q1 Quarterly report Financial data

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%