Tractor Supply (TSCO) 10-Q 4 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 24, 2016	Oct. 22, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	TRACTOR SUPPLY CO /DE/
Entity Central Index Key	916,365
Current Fiscal Year End Date	--12-31
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		131,249,687
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 24, 2016

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 24, 2016	Dec. 26, 2015	Sep. 26, 2015
Current assets:
Cash and cash equivalents	$ 55,507	$ 63,813	$ 51,352
Inventories	1,489,934	1,284,375	1,414,562
Prepaid expenses and other current assets	67,980	87,510	64,822
Income Taxes Receivable	16,335	3,763	0
Total current assets	1,629,756	1,439,461	1,530,736
Property and equipment:
Land	94,362	86,991	86,197
Buildings and improvements	906,624	814,802	750,170
Furniture, fixtures and equipment	556,276	523,383	489,088
Computer software and hardware	209,218	180,020	172,443
Construction in progress	50,173	38,720	85,531
Property and equipment, gross	1,816,653	1,643,916	1,583,429
Accumulated depreciation and amortization	(893,488)	(796,340)	(774,772)
Property and equipment, net	923,165	847,576	808,657
Goodwill	10,258	10,258	10,258
Deferred income taxes	53,192	55,194	72,543
Other assets	19,362	18,337	18,392
Total assets	2,635,733	2,370,826	2,440,586
Current liabilities:
Accounts payable	484,014	427,249	527,143
Accrued employee compensation	17,625	42,684	27,449
Other accrued expenses	199,327	195,024	192,335
Current portion of long-term debt	10,000	0	0
Current portion of capital lease obligations	1,294	878	540
Income taxes payable	0	5,449	18,255
Total current liabilities	712,260	671,284	765,722
Revolving credit loan		150,000	190,000
Long-term Debt, Excluding Current Maturities	283,781
Capital lease obligations, less current maturities	26,246	16,992	10,746
Deferred rent	91,681	84,793	82,905
Other long-term liabilities	57,025	54,463	53,953
Total liabilities	1,170,993	977,532	1,103,326
Stockholders’ equity:
Preferred stock, $1.00 par value; 40 shares authorized; no shares issued	0	0	0
Common stock, $0.008 par value; 400,000 shares authorized at September 24, 2016, December 26, 2015 and September 26, 2015; 169,859, 168,974 and 168,830 shares issued; 132,428, 134,224 and 134,645 shares outstanding at September 24, 2016, December 26, 2015 and September 26, 2015, respectively	1,359	1,352	1,351
Additional paid-in capital	661,665	596,131	576,175
Treasury stock – at cost, 37,431, 34,750 and 34,185 shares at September 24, 2016, December 26, 2015 and September 26, 2015, respectively	(1,645,482)	(1,429,790)	(1,381,041)
Accumulated other comprehensive loss	(1,111)	0	0
Retained earnings	2,448,309	2,225,601	2,140,775
Total stockholders’ equity	1,464,740	1,393,294	1,337,260
Total liabilities and stockholders’ equity	$ 2,635,733	$ 2,370,826	$ 2,440,586

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 24, 2016	Dec. 26, 2015	Sep. 26, 2015
Stockholders’ equity:
Common stock, par value (dollars per share)	$ 0.008	$ 0.008	$ 0.008
Common stock, shares authorized (in shares)	400,000,000	400,000,000	400,000,000
Common stock, shares issued (in shares)	169,859,000	168,974,000	168,830,000
Common stock, shares outstanding (in shares)	132,428,000	134,224,000	134,645,000
Preferred stock, shares issued (in shares)	$ 1	$ 1	$ 1
Preferred stock, shares authorized (in shares)	40,000	40,000	40,000
Preferred stock, shares issued (in shares)	0	0	0
Treasury stock, shares (in shares)	37,431,000	34,750,000	34,185,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2016	Sep. 26, 2015	Sep. 24, 2016	Sep. 26, 2015
Income Statement [Abstract]
Net sales	$ 1,542,706	$ 1,475,645	$ 4,863,037	$ 4,579,897
Cost of merchandise sold	1,007,432	963,397	3,184,097	2,997,724
Gross profit	535,274	512,248	1,678,940	1,582,173
Selling, general and administrative expenses	357,592	342,891	1,076,180	1,014,209
Depreciation and amortization	35,662	30,149	103,296	90,744
Operating income	142,020	139,208	499,464	477,220
Interest expense, net	1,110	782	4,145	2,480
Income before income taxes	140,910	138,426	495,319	474,740
Income tax expense	51,466	51,114	181,782	176,057
Net income	$ 89,444	$ 87,312	$ 313,537	$ 298,683
Net income per share – basic	$ 0.67	$ 0.64	$ 2.35	$ 2.20
Net income per share – diluted	$ 0.67	$ 0.64	$ 2.33	$ 2.18
Weighted average shares outstanding:
Basic (in shares)	133,392	135,525	133,529	135,997
Diluted (in shares)	134,256	136,741	134,509	137,292
Dividend Amount Per Share	$ 0.24	$ 0.20	$ 0.68	$ 0.56

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2016	Sep. 26, 2015	Sep. 24, 2016	Sep. 26, 2015
Interest Rate Swap [Abstract]
Net income	$ 89,444	$ 87,312	$ 313,537	$ 298,683
Change in fair value of interest rate swap, net of taxes	251	0	(1,111)	0
Total other comprehensive income (loss)	251	0	(1,111)	0
Total comprehensive income	$ 89,695	$ 87,312	$ 312,426	$ 298,683

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 24, 2016	Sep. 26, 2015
Cash flows from operating activities:
Net income	$ 313,537	$ 298,683
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	103,296	90,744
Loss on disposition of property and equipment	219	115
Share-based compensation expense	17,326	14,837
Excess tax benefit of stock options exercised	(11,637)	(16,994)
Deferred income taxes	2,002	(22,799)
Change in assets and liabilities:
Inventories	(205,559)	(299,112)
Prepaid expenses and other current assets	19,530	1,622
Accounts payable	56,765	156,320
Accrued employee compensation	(25,059)	(9,607)
Other accrued expenses	2,626	882
Income taxes	(6,384)	22,813
Other	7,336	5,950
Net cash provided by operating activities	273,998	243,454
Cash flows from investing activities:
Capital expenditures	(167,161)	(163,468)
Proceeds from sale of property and equipment	366	371
Net cash used in investing activities	(166,795)	(163,097)
Cash flows from financing activities:
Borrowings under senior credit facility	695,000	525,000
Repayments under senior credit facility	550,000	335,000
Debt issuance costs	(1,380)	0
Excess tax benefit of stock options exercised	11,637	16,994
Principal payments under capital lease obligations	(823)	(318)
Repurchase of shares to satisfy tax obligations	(843)	(2,998)
Repurchase of common stock	(215,692)	(243,956)
Net proceeds from issuance of common stock	37,421	36,354
Cash dividends paid to stockholders	(90,829)	(76,215)
Net cash used in financing activities	(115,509)	(80,139)
Net change in cash and cash equivalents	(8,306)	218
Cash and cash equivalents at beginning of period	63,813	51,134
Cash and cash equivalents at end of period	55,507	51,352
Cash paid during the period for:
Interest	3,445	1,694
Income taxes	184,817	175,485
Supplemental disclosures of non-cash activities:
Property and equipment acquired through capital lease	10,493	6,434
Non-cash accruals for construction in progress	$ 17,727	$ 23,731

General

General	9 Months Ended
	Sep. 24, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	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 September 24, 2016 , the Company operated a total of 1,575 retail stores in 49 states and also offered an expanded assortment of products online at TractorSupply.com .
Consolidation, Policy	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 of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and notes required by U.S. GAAP 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 26, 2015 . The results of operations for our interim periods are not necessarily indicative of results for the full fiscal year.
Impact of new accounting pronouncement	In the first quarter of fiscal 2016, the Company adopted accounting guidance which affected the presentation of deferred tax liabilities and assets as discussed in Note 12. This guidance was applied retrospectively for all periods presented and therefore the presentation of previously reported deferred tax assets has been changed to conform to the presentation used in the current period. The adoption of this guidance resulted in the reclassification of deferred tax assets of $ 46.0 million and $ 42.6 million from current assets to noncurrent assets in the Unaudited Condensed Consolidated Balance Sheets as of December 26, 2015 and September 26, 2015 , respectively. New Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date” which implemented a one-year deferral of ASU 2014-09. As a result of the deferral, the amendments in ASU 2014-09 are effective for reporting periods beginning after December 15, 2017. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” (“ASU 2016-08”) which further clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” (“ASU 2016-10”) which further clarifies the aspects of (a) identifying performance obligations and (b) the licensing implementation guidance. In May 2016, the FASB issued ASU 2016-12 “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”) which provides implementation guidance in regards to (a) assessing the collectability criterion, (b) the presentation of taxes collected from customers, (c) noncash consideration, (d) contract modification at transition, (e) completed contracts at transition and (f) other technical corrections. The effective date and transition requirements for ASU 2016-08, ASU 2016-10, and ASU 2016-12 are the same as the effective date and transition requirements of ASU 2014-09. Entities that transition to these standards may either retrospectively restate each prior reporting period or reflect the cumulative effect of initially applying the updates with an adjustment to retained earnings at the date of adoption. The Company is currently assessing the impact the adoption of these standards will have on our Consolidated Financial Statements and related disclosures, including which transition method it will adopt. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). This update requires that debt issuance costs related to a recognized debt liability be presented in the consolidated balance sheet as a direct reduction from the carrying amount of that debt liability. ASU 2015-03 requires retrospective application and is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company adopted this guidance in the first quarter of fiscal 2016. The adoption of this guidance affected the presentation of debt issuance costs in our Consolidated Balance Sheet but did not have any other material impacts on our Consolidated Financial Statements and related disclosures. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory" (“ASU 2015-11”). This update requires an entity that determines the cost of inventory by methods other than last-in, first-out and the retail inventory method to measure inventory at the lower of cost and net realizable value. ASU 2015-11 requires prospective application and is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company does not expect that the adoption of this guidance will have a material impact on our Consolidated Financial Statements and related disclosures. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”). This update requires that deferred tax liabilities and assets be classified as noncurrent in the consolidated balance sheet. ASU 2015-17 may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The updated guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company adopted this guidance in the first quarter of fiscal 2016. The Company elected to apply this guidance retrospectively for all periods presented. The adoption of this guidance affected the presentation of the deferred tax liabilities and assets within the Company’s Consolidated Balance Sheet; however, the updated guidance did not affect the accounting for deferred tax liabilities and assets. Other than the change in presentation, the adoption of this guidance did not have any material impact on our Consolidated Financial Statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). This update requires a dual approach for lessee accounting under which a lessee will account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability on its balance sheet, with differing methodology for income statement recognition. This guidance is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. A modified retrospective approach is required for all leases existing or entered into after the beginning of the earliest comparative period in the consolidated financial statements. The Company is currently assessing the impact that adoption of this guidance will have on its Consolidated Financial Statements and related disclosures. In March 2016, the FASB issued ASU 2016-04, “Liabilities - Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products” (“ASU 2016-04”). This update requires that liabilities related to the sale of prepaid stored-value products (gift cards) be adjusted periodically to reflect breakage. This guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The guidance can be applied using either a modified retrospective transition method or retrospectively to each period presented. The Company does not expect that the adoption of this guidance will have a material impact on our Consolidated Financial Statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). The update addresses several aspects of the accounting for share-based compensation transactions including: (a) income tax consequences when awards vest or are settled, (b) classification of awards as either equity or liabilities, (c) a policy election to account for forfeitures as they occur rather than on an estimated basis and (d) classification of excess tax impacts on the statement of cash flows. The updated guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact that adoption of this guidance will have on its Consolidated Financial Statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). This update clarifies and provides specific guidance on eight cash flow classification issues that are not currently addressed by U.S. GAAP and thereby reduces the current and potential future diversity in practice. This guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The guidance should be applied using a retrospective transition method to each period presented. The Company does not expect that the adoption of this guidance will have a material impact on our Consolidated Financial Statements and related disclosures.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 24, 2016
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, debt instruments and an interest rate swap. 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 $295.0 million in borrowings under the Senior Credit Facility (as defined in Note 5) at September 24, 2016 , $150.0 million in borrowings at December 26, 2015 , and $190.0 million in borrowings at September 26, 2015 . Based on market interest rates (Level 2 inputs), the carrying value of our borrowings under the Senior Credit Facility approximates fair value for each period reported. The fair value of the Company’s interest rate swap liability is determined based on the present value of expected future cash flows using forward rate curves (a Level 2 input). As described in further detail in Note 6, the fair value of the interest rate swap liability, excluding accrued interest, is $1.8 million at September 24, 2016 . The interest rate swap did not have a fair value at either December 26, 2015 or September 26, 2015 , as it was not in place at either date as described in Note 6.

Share Based Compensation

Share Based Compensation	9 Months Ended
	Sep. 24, 2016
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 24, 2016 . For the third quarters of fiscal 2016 and 2015 , share-based compensation expense was $6.1 million and $5.0 million , respectively, and $17.3 million and $14.8 million for the first nine months of fiscal 2016 and 2015 , respectively. Stock Options The following summarizes information concerning stock option grants during the first nine months of fiscal 2016 and 2015 : Fiscal nine months ended September 24, September 26, Stock options granted 1,134,121 1,049,291 Weighted average exercise price $ 86.41 $ 83.44 Weighted average fair value per option $ 19.62 $ 19.47 As of September 24, 2016 , total unrecognized compensation expense related to non-vested stock options was approximately $27.1 million with a remaining weighted average expense recognition period of 1.3 years. Restricted Stock Units The following summarizes information concerning restricted stock unit grants during the first nine months of fiscal 2016 and 2015 : Fiscal nine months ended September 24, September 26, Restricted stock units granted 59,019 53,228 Weighted average fair value per share $ 84.25 $ 84.46 As of September 24, 2016 , total unrecognized compensation expense related to non-vested restricted stock units was approximately $6.6 million with a remaining weighted average expense recognition period of 1.7 years.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 24, 2016
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 Fiscal three months ended September 24, 2016 September 26, 2015 Income Shares Per Share Amount Income Shares Per Share Amount Basic net income per share: $ 89,444 133,392 $ 0.67 $ 87,312 135,525 $ 0.64 Dilutive stock options and restricted stock units outstanding — 864 — — 1,216 — Diluted net income per share: $ 89,444 134,256 $ 0.67 $ 87,312 136,741 $ 0.64 Fiscal nine months ended Fiscal nine months ended September 24, 2016 September 26, 2015 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 313,537 133,529 $ 2.35 $ 298,683 135,997 $ 2.20 Dilutive stock options and restricted stock units outstanding — 980 (0.02 ) — 1,295 (0.02 ) Diluted net income per share: $ 313,537 134,509 $ 2.33 $ 298,683 137,292 $ 2.18 Anti-dilutive stock options excluded from the above calculations totaled approximately 1.8 million and 0.7 million shares for the three months ended September 24, 2016 and September 26, 2015 , respectively, and 1.6 million and 0.9 million shares for the fiscal nine months ended September 24, 2016 and September 26, 2015 , respectively.

Senior Credit Facility

Senior Credit Facility	9 Months Ended
	Sep. 24, 2016
Debt Disclosure [Abstract]
Senior Credit Facility	Senior Credit Facility: On February 19, 2016, the Company entered into a senior credit facility (the “2016 Senior Credit Facility”) consisting of a $200 million term loan and a $500 million revolving credit facility (with a sublimit of $50 million for swingline loans). This agreement is unsecured and matures on February 19, 2021 . During the period of October 24, 2011 through February 19, 2016, the Company was party to a senior credit facility (the “2011 Senior Credit Facility”), which provided for borrowings up to $400 million (with a sublimit of $30 million for swingline loans) as of December 26, 2015 and September 26, 2015 . 2016 Senior Credit Facility The 2016 Senior Credit Facility contains a $200 million term loan which requires quarterly payments totaling $ 10 million per year in years one and two and $ 20 million per year in years three through five, with the remaining balance due in full on the maturity date of February 19, 2021 . The 2016 Senior Credit Facility also contains a $ 500 million revolving credit facility (with a sublimit of $ 50 million for swingline loans). As of September 24, 2016 , the Company had outstanding total borrowings of $295.0 million under the 2016 Senior Credit Facility consisting of $ 195.0 million in borrowings under the term loan and $ 100.0 million in borrowings under the revolving credit facility. Unamortized debt issuance costs recorded as an offset to the outstanding borrowings were approximately $ 1.2 million at September 24, 2016 . Additionally, there were $44.4 million of outstanding letters of credit under the 2016 Senior Credit Facility as of September 24, 2016 . Borrowings under both the term loan and the revolver bear interest at either the bank’s base rate ( 3.500% at September 24, 2016 ) or the London Inter-Bank Offer Rate (“LIBOR”) ( 0.522% at September 24, 2016 ) plus an additional amount ranging from 0.500% to 1.125% per annum ( 0.625% at September 24, 2016 ), 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 0.075% to 0.200% per annum ( 0.100% at September 24, 2016 ), adjusted quarterly based on the Company’s leverage ratio. Proceeds from the 2016 Senior Credit Facility may be used for working capital, capital expenditures, dividends, share repurchases, and other matters. There are no compensating balance requirements associated with the 2016 Senior Credit Facility. The 2016 Senior Credit Facility requires quarterly compliance with respect to two material covenants: a fixed charge coverage ratio and a leverage ratio. Both ratios are calculated on a trailing twelve-month basis at the end of each fiscal quarter. The fixed charge coverage ratio compares earnings before interest, taxes, depreciation, amortization, share-based compensation and rent expense (“consolidated EBITDAR”) to the sum of interest paid and rental expense (excluding any straight-line rent adjustments). The fixed charge coverage ratio shall be greater than or equal to 2.00 as of the last day of each fiscal quarter. The leverage ratio compares rental expense (excluding any straight-line rent adjustments) multiplied by a factor of six plus total debt to consolidated EBITDAR. The leverage ratio shall be less than or equal to 4.00 as of the last day of each fiscal quarter. The 2016 Senior Credit Facility also contains certain other restrictions regarding additional indebtedness, capital expenditures, business operations, guarantees, investments, mergers, consolidations and sales of assets, transactions with subsidiaries or affiliates, and liens. As of September 24, 2016 , the Company was in compliance with all debt covenants. 2011 Senior Credit Facility Under the 2011 Senior Credit Facility, the Company had outstanding borrowings of $150.0 million and $190.0 million as of December 26, 2015 and September 26, 2015 , respectively. In addition, there were $48.7 million and $42.8 million of outstanding letters of credit under the 2011 Senior Credit Facility as of December 26, 2015 and September 26, 2015 , respectively.

Interest Rate Swap (Notes)

Interest Rate Swap (Notes)	9 Months Ended
	Sep. 24, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	Interest Rate Swap: On March 28, 2016, the Company entered into an interest rate swap agreement which became effective on March 31, 2016 with a maturity date of February 19, 2021 . The interest rate swap was executed for risk management and is not held for trading purposes. The objective of the interest rate swap is to mitigate interest rate risk associated with future changes in interest rates. To accomplish this objective, the interest rate swap is intended to hedge the variable cash flows associated with the variable rate term loan borrowings under the 2016 Senior Credit Facility. The notional amount of the interest rate swap began at $197.5 million (the principal amount of the term loan borrowings as of March 31, 2016) and will amortize at the same time and in the same amount as the term loan borrowings as described in Note 5. As of September 24, 2016 , the notional amount of the interest rate swap was $195.0 million . The interest rate swap entitles the Company to receive, at specified intervals, a variable rate of interest based on LIBOR in exchange for the payment of a fixed rate of interest throughout the life of the agreement without exchange of the underlying notional amount. The Company has designated this interest rate swap as a cash flow hedge and will account for the underlying activity in accordance with hedge accounting. The interest rate swap is presented within the consolidated balance sheets at fair value. In accordance with hedge accounting, the effective portion of gains and losses on interest rate swaps that are designated and qualify as cash flow hedges are recorded as a component of Other Comprehensive Income (“OCI”) and reclassified into earnings in the period during which the hedged transactions affect earnings. The ineffective portion of gains and losses on the interest rate swap, if any, are recognized in current earnings. The liabilities measured at fair value related to the Company’s interest rate swap, excluding accrued interest, were as follows (in thousands): Balance Sheet Location September 24, 2016 December 26, 2015 September 26, 2015 Interest rate swap (short-term portion) Other accrued expenses $ 887 $ — $ — Interest rate swap (long-term portion) Other long-term liabilities 935 — — Total liabilities $ 1,822 $ — $ — The offset to the interest rate swap liability is recorded in Accumulated Other Comprehensive Loss (“AOCL”) (a component of equity), net of deferred taxes, and will be reclassified into earnings over the term of the underlying debt as interest payments are made. The following table summarizes the changes in AOCL, net of tax, related to the Company’s interest rate swaps (in thousands): September 24, 2016 December 26, 2015 September 26, 2015 Beginning fiscal year AOCL balance $ — $ — $ — Current fiscal period gain recognized in OCI (1,111 ) — — Amounts reclassified from AOCL into current fiscal period earnings — — — Other comprehensive gain, net of tax (1,111 ) — — Ending fiscal period AOCL balance $ (1,111 ) $ — $ — As of September 24, 2016 , the estimated pre-tax portion of AOCL that is expected to be reclassified into earnings over the next twelve months is $0.9 million . Cash flows related to the interest rate swap are included in operating activities on the Condensed Consolidated Statements of Cash Flows. The following table summarizes the impact of pre-tax gains and losses derived from the interest rate swap (in thousands): Fiscal three months ended Fiscal nine months ended Financial Statement Location September 24, 2016 September 26, 2015 September 24, 2016 September 26, 2015 Effective portion of gains and (losses) recognized in OCI during the period Other comprehensive income (loss) $ 412 $ — $ (1,822 ) $ — Amounts reclassified from AOCL into earnings Interest expense, net — — — — Ineffective portion of gains and (losses) recognized in earnings during the period Interest expense, net 306 — — — The following table summarizes the impact of taxes affecting AOCL as a result of the interest rate swap (in thousands): Fiscal three months ended Fiscal nine months ended September 24, 2016 September 26, 2015 September 24, 2016 September 26, 2015 Income tax expense (benefit) of interest rate swap on AOCL $ 161 $ — $ (711 ) $ — Credit-risk-related contingent features In accordance with the underlying interest rate swap agreement, the Company could be declared in default on its interest rate swap obligations if repayment of the underlying indebtedness (i.e. - the Company’s term loan) is accelerated by the lender due to the Company's default on such indebtedness. As of September 24, 2016 , the interest rate swap is in a net liability position, which, including accrued interest, had a fair value of $1.9 million . If the Company had breached any of the provisions in the underlying agreement at September 24, 2016 , it could have been required to post full collateral or settle its obligations under the interest rate swap agreement. However, as of September 24, 2016 , the Company had not breached any of these provisions or posted any collateral related to the underlying interest rate swap agreement.

Treasury Stock

Treasury Stock	9 Months Ended
	Sep. 24, 2016
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]
Treasury Stock	Treasury Stock: The Company’s Board of Directors has authorized common stock repurchases under a share repurchase program. On October 31, 2016, the Board of Directors authorized a $1 billion increase to the existing share repurchase program, bringing the total amount authorized to $3 billion , exclusive of any fees, commissions, or other expenses related to such repurchases and extended the program through December 31, 2020 . 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 approximately 1.4 million shares of common stock under the share repurchase program during both the third quarters of fiscal 2016 and 2015 , for a total cost of $108.8 million and $119.4 million , respectively. During the first nine months of fiscal 2016 and fiscal 2015 , the Company repurchased 2.7 million and 2.9 million shares under the share repurchase program for a total cost of $215.7 million and $244.0 million , respectively. As of September 24, 2016 , the Company had remaining authorization under the share repurchase program of $355.0 million , exclusive of any fees, commissions, or other expenses.

Capital Stock and Dividends

Capital Stock and Dividends	9 Months Ended
	Sep. 24, 2016
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 nine months of fiscal 2016 and 2015 , the Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid August 1, 2016 $ 0.24 August 15, 2016 August 30, 2016 May 2, 2016 $ 0.24 May 16, 2016 June 1, 2016 February 3, 2016 $ 0.20 February 22, 2016 March 8, 2016 August 3, 2015 $ 0.20 August 17, 2015 September 1, 2015 May 4, 2015 $ 0.20 May 18, 2015 June 2, 2015 February 4, 2015 $ 0.16 February 23, 2015 March 10, 2015 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 31, 2016 , the Company’s Board of Directors declared a quarterly cash dividend of $0.24 per share of the Company’s outstanding common stock. The dividend will be paid on November 29, 2016 to stockholders of record as of the close of business on November 14, 2016 .

Income Taxes

Income Taxes	9 Months Ended
	Sep. 24, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes: The Company’s effective income tax rate decreased to 36.5% in the third quarter of fiscal 2016 compared to 36.9% for the third quarter of fiscal 2015 . For the first nine months of fiscal 2016 , our effective income tax rate decreased to 36.7% compared to 37.1% for the first nine months of fiscal 2015 . The decrease in the effective income tax rate was due principally to the availability of federal and state tax incentives.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 24, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: Construction and Real Estate Commitments At September 24, 2016 , the Company had no material commitments related to construction projects extending greater than twelve months. Letters of Credit At September 24, 2016 , there were $44.4 million of outstanding letters of credit under the 2016 Senior Credit Facility. Litigation The Company is 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 for 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. 24, 2016
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 and nine months ended September 24, 2016 and September 26, 2015 : Fiscal three months ended Fiscal nine months ended September 24, 2016 September 26, 2015 September 24, 2016 September 26, 2015 Product Category: Livestock and Pet 48 % 46 % 47 % 45 % Hardware, Tools and Truck 23 23 22 22 Seasonal, Gift and Toy Products 18 19 20 21 Clothing and Footwear 6 6 6 7 Agriculture 5 6 5 5 Total 100 % 100 % 100 % 100 %

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 24, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	In the first quarter of fiscal 2016, the Company adopted accounting guidance which affected the presentation of deferred tax liabilities and assets as discussed in Note 12. This guidance was applied retrospectively for all periods presented and therefore the presentation of previously reported deferred tax assets has been changed to conform to the presentation used in the current period. The adoption of this guidance resulted in the reclassification of deferred tax assets of $ 46.0 million and $ 42.6 million from current assets to noncurrent assets in the Unaudited Condensed Consolidated Balance Sheets as of December 26, 2015 and September 26, 2015 , respectively. New Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date” which implemented a one-year deferral of ASU 2014-09. As a result of the deferral, the amendments in ASU 2014-09 are effective for reporting periods beginning after December 15, 2017. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” (“ASU 2016-08”) which further clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” (“ASU 2016-10”) which further clarifies the aspects of (a) identifying performance obligations and (b) the licensing implementation guidance. In May 2016, the FASB issued ASU 2016-12 “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”) which provides implementation guidance in regards to (a) assessing the collectability criterion, (b) the presentation of taxes collected from customers, (c) noncash consideration, (d) contract modification at transition, (e) completed contracts at transition and (f) other technical corrections. The effective date and transition requirements for ASU 2016-08, ASU 2016-10, and ASU 2016-12 are the same as the effective date and transition requirements of ASU 2014-09. Entities that transition to these standards may either retrospectively restate each prior reporting period or reflect the cumulative effect of initially applying the updates with an adjustment to retained earnings at the date of adoption. The Company is currently assessing the impact the adoption of these standards will have on our Consolidated Financial Statements and related disclosures, including which transition method it will adopt. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). This update requires that debt issuance costs related to a recognized debt liability be presented in the consolidated balance sheet as a direct reduction from the carrying amount of that debt liability. ASU 2015-03 requires retrospective application and is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company adopted this guidance in the first quarter of fiscal 2016. The adoption of this guidance affected the presentation of debt issuance costs in our Consolidated Balance Sheet but did not have any other material impacts on our Consolidated Financial Statements and related disclosures. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory" (“ASU 2015-11”). This update requires an entity that determines the cost of inventory by methods other than last-in, first-out and the retail inventory method to measure inventory at the lower of cost and net realizable value. ASU 2015-11 requires prospective application and is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company does not expect that the adoption of this guidance will have a material impact on our Consolidated Financial Statements and related disclosures. In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”). This update requires that deferred tax liabilities and assets be classified as noncurrent in the consolidated balance sheet. ASU 2015-17 may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The updated guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company adopted this guidance in the first quarter of fiscal 2016. The Company elected to apply this guidance retrospectively for all periods presented. The adoption of this guidance affected the presentation of the deferred tax liabilities and assets within the Company’s Consolidated Balance Sheet; however, the updated guidance did not affect the accounting for deferred tax liabilities and assets. Other than the change in presentation, the adoption of this guidance did not have any material impact on our Consolidated Financial Statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). This update requires a dual approach for lessee accounting under which a lessee will account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability on its balance sheet, with differing methodology for income statement recognition. This guidance is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. A modified retrospective approach is required for all leases existing or entered into after the beginning of the earliest comparative period in the consolidated financial statements. The Company is currently assessing the impact that adoption of this guidance will have on its Consolidated Financial Statements and related disclosures. In March 2016, the FASB issued ASU 2016-04, “Liabilities - Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products” (“ASU 2016-04”). This update requires that liabilities related to the sale of prepaid stored-value products (gift cards) be adjusted periodically to reflect breakage. This guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The guidance can be applied using either a modified retrospective transition method or retrospectively to each period presented. The Company does not expect that the adoption of this guidance will have a material impact on our Consolidated Financial Statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). The update addresses several aspects of the accounting for share-based compensation transactions including: (a) income tax consequences when awards vest or are settled, (b) classification of awards as either equity or liabilities, (c) a policy election to account for forfeitures as they occur rather than on an estimated basis and (d) classification of excess tax impacts on the statement of cash flows. The updated guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact that adoption of this guidance will have on its Consolidated Financial Statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). This update clarifies and provides specific guidance on eight cash flow classification issues that are not currently addressed by U.S. GAAP and thereby reduces the current and potential future diversity in practice. This guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The guidance should be applied using a retrospective transition method to each period presented. The Company does not expect that the adoption of this guidance will have a material impact on our Consolidated Financial Statements and related disclosures.

Share Based Compensation (Table

Share Based Compensation (Tables)	9 Months Ended
	Sep. 24, 2016
Share-based Compensation [Abstract]
Share-based Compensation	The following summarizes information concerning stock option grants during the first nine months of fiscal 2016 and 2015 : Fiscal nine months ended September 24, September 26, Stock options granted 1,134,121 1,049,291 Weighted average exercise price $ 86.41 $ 83.44 Weighted average fair value per option $ 19.62 $ 19.47
Restricted Stock Units	The following summarizes information concerning restricted stock unit grants during the first nine months of fiscal 2016 and 2015 : Fiscal nine months ended September 24, September 26, Restricted stock units granted 59,019 53,228 Weighted average fair value per share $ 84.25 $ 84.46

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 24, 2016
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 Fiscal three months ended September 24, 2016 September 26, 2015 Income Shares Per Share Amount Income Shares Per Share Amount Basic net income per share: $ 89,444 133,392 $ 0.67 $ 87,312 135,525 $ 0.64 Dilutive stock options and restricted stock units outstanding — 864 — — 1,216 — Diluted net income per share: $ 89,444 134,256 $ 0.67 $ 87,312 136,741 $ 0.64 Fiscal nine months ended Fiscal nine months ended September 24, 2016 September 26, 2015 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 313,537 133,529 $ 2.35 $ 298,683 135,997 $ 2.20 Dilutive stock options and restricted stock units outstanding — 980 (0.02 ) — 1,295 (0.02 ) Diluted net income per share: $ 313,537 134,509 $ 2.33 $ 298,683 137,292 $ 2.18 Anti-dilutive stock options excluded from the above calculations totaled approximately 1.8 million and 0.7 million shares for the three months ended September 24, 2016 and September 26, 2015 , respectively, and 1.6 million and 0.9 million shares for the fiscal nine months ended September 24, 2016 and September 26, 2015 , respectively.

Interest Rate Swap (Tables)

Interest Rate Swap (Tables)	9 Months Ended
	Sep. 24, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	The liabilities measured at fair value related to the Company’s interest rate swap, excluding accrued interest, were as follows (in thousands): Balance Sheet Location September 24, 2016 December 26, 2015 September 26, 2015 Interest rate swap (short-term portion) Other accrued expenses $ 887 $ — $ — Interest rate swap (long-term portion) Other long-term liabilities 935 — — Total liabilities $ 1,822 $ — $ —
Derivative Instruments, Gain (Loss) [Table Text Block]	The following table summarizes the impact of taxes affecting AOCL as a result of the interest rate swap (in thousands): Fiscal three months ended Fiscal nine months ended September 24, 2016 September 26, 2015 September 24, 2016 September 26, 2015 Income tax expense (benefit) of interest rate swap on AOCL $ 161 $ — $ (711 ) $ — The following table summarizes the impact of pre-tax gains and losses derived from the interest rate swap (in thousands): Fiscal three months ended Fiscal nine months ended Financial Statement Location September 24, 2016 September 26, 2015 September 24, 2016 September 26, 2015 Effective portion of gains and (losses) recognized in OCI during the period Other comprehensive income (loss) $ 412 $ — $ (1,822 ) $ — Amounts reclassified from AOCL into earnings Interest expense, net — — — — Ineffective portion of gains and (losses) recognized in earnings during the period Interest expense, net 306 — — — The following table summarizes the changes in AOCL, net of tax, related to the Company’s interest rate swaps (in thousands): September 24, 2016 December 26, 2015 September 26, 2015 Beginning fiscal year AOCL balance $ — $ — $ — Current fiscal period gain recognized in OCI (1,111 ) — — Amounts reclassified from AOCL into current fiscal period earnings — — — Other comprehensive gain, net of tax (1,111 ) — — Ending fiscal period AOCL balance $ (1,111 ) $ — $ —

Capital Stock and Dividends (Ta

Capital Stock and Dividends (Tables)	9 Months Ended
	Sep. 24, 2016
Equity [Abstract]
Schedule of Dividends Payable	During the first nine months of fiscal 2016 and 2015 , the Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid August 1, 2016 $ 0.24 August 15, 2016 August 30, 2016 May 2, 2016 $ 0.24 May 16, 2016 June 1, 2016 February 3, 2016 $ 0.20 February 22, 2016 March 8, 2016 August 3, 2015 $ 0.20 August 17, 2015 September 1, 2015 May 4, 2015 $ 0.20 May 18, 2015 June 2, 2015 February 4, 2015 $ 0.16 February 23, 2015 March 10, 2015

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 24, 2016
Segment Reporting [Abstract]
Segment Reporting	The following chart indicates the percentage of sales represented by each major product category during the fiscal three months and nine months ended September 24, 2016 and September 26, 2015 : Fiscal three months ended Fiscal nine months ended September 24, 2016 September 26, 2015 September 24, 2016 September 26, 2015 Product Category: Livestock and Pet 48 % 46 % 47 % 45 % Hardware, Tools and Truck 23 23 22 22 Seasonal, Gift and Toy Products 18 19 20 21 Clothing and Footwear 6 6 6 7 Agriculture 5 6 5 5 Total 100 % 100 % 100 % 100 %

General (Details)

General (Details) $ in Millions	Sep. 24, 2016storestate	Dec. 26, 2015USD ($)	Sep. 26, 2015USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred Tax Assets, Net | $		$ 46	$ 42.6
Number of stores | store	1,575
Number of states in which entity operates | state	49

Fair Value of Financial Instr25

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 24, 2016	Dec. 26, 2015	Sep. 26, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 1,800
Revolving credit loan		$ 150,000	$ 190,000
2016 Senior Credit Facility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured Debt	$ 295,000

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 24, 2016	Sep. 24, 2016	Sep. 26, 2015	Sep. 24, 2016	Sep. 26, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 6,114	$ 5,002	$ 17,326	$ 14,837
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted				1,134,121	1,049,291
Weighted average exercise price				$ 86.41	$ 83.44
Weighted average fair value per option				$ 19.62	$ 19.47
Total unrecognized compensation expense	$ 27,100	27,100		$ 27,100
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 3 months 18 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted				59,019	53,228
Weighted average fair value per option				$ 84.25	$ 84.46
Total unrecognized compensation expense	$ 6,600	$ 6,600		$ 6,600
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 8 months 12 days

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2016	Sep. 26, 2015	Sep. 24, 2016	Sep. 26, 2015
Basic net income per share:
Net income	$ 89,444	$ 87,312	$ 313,537	$ 298,683
Weighted average number of shares outstanding, basic	133,392	135,525	133,529	135,997
Net income per share – basic	$ 0.67	$ 0.64	$ 2.35	$ 2.20
Diluted net income per share:
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)	864	1,216	980	1,295
Dilutive stock options and restricted stock units outstanding, per share (in dollars per share)	$ 0	$ 0	$ (0.02)	$ (0.02)
Net income	$ 89,444	$ 87,312	$ 313,537	$ 298,683
Weighted average number of shares outstanding, diluted	134,256	136,741	134,509	137,292
Net income per share, diluted (in dollars per share)	$ 0.67	$ 0.64	$ 2.33	$ 2.18
Antidilutive securities excluded from computation of earnings per share, amount	1,800	700	1,600	900

Senior Credit Facility - Credit

Senior Credit Facility - Credit Agreement (Details) - USD ($)	Sep. 24, 2016	Sep. 24, 2016	Feb. 19, 2016	Dec. 26, 2015	Sep. 26, 2015
Line of Credit Facility [Line Items]
Senior credit facility, maximum borrowing capacity	$ 500,000,000	$ 500,000,000
Swingline Loan, Maximum Borrowing Capacity	50,000,000
Debt Issuance Costs, Gross	1,200,000	1,200,000
Term Loan, Maximum Borrowing Capacity	$ 200,000,000	200,000,000
Debt Instrument, Maturity Date	Feb. 19, 2021
Letters of Credit Outstanding, Amount	$ 44,400,000	$ 44,400,000		$ 48,700,000	$ 42,800,000
Debt instrument, basis spread on variable rate	0.625%
Commitment fee for unused capacity	0.10%
Long-term Line of Credit				$ 150,000,000	$ 190,000,000
Base Rate
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate Description	0.0350
London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate Description	.0052222
Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		0.50%
Commitment fee for unused capacity		0.075%
Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1.125%
Commitment fee for unused capacity		0.20%
Senior credit facility [Member]
Line of Credit Facility [Line Items]
Senior credit facility, maximum borrowing capacity			$ 400,000,000
Swingline loan [Member]
Line of Credit Facility [Line Items]
Swing loan maximum borrowing capacity			$ 30,000,000
2016 Senior Credit Facility [Member]
Line of Credit Facility [Line Items]
Term loan, Maximum Month End Outstanding Amount	$ 195,000,000	$ 195,000,000
Number of Financial Covenants [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Covenant Description		2
2016 Senior Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Month-end Outstanding Amount	100,000,000
Unsecured Debt	295,000,000	$ 295,000,000
Compensating Balance, Amount	$ 0	$ 0
Debt Instrument, Covenant Compliance	all
Due in years one and two [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Frequency of Periodic Payment		10
Due in years three through five [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Frequency of Periodic Payment		20
Fixed Charge Coverage Ratio Minimum Requirement [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Covenant Description	2
Leverage Ratio Maximum Requirement [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Covenant Description	4

Interest Rate Swap (Details)

Interest Rate Swap (Details) - USD ($) $ in Thousands	Feb. 19, 2021	Sep. 24, 2016	Mar. 31, 2016	Sep. 24, 2016	Sep. 26, 2015	Sep. 24, 2016	Sep. 26, 2015	Dec. 26, 2015
Derivative [Line Items]
Derivative Liability, Fair Value, Gross Liability		$ 1,800		$ 1,800		$ 1,800
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion				(412)	$ 0	(1,822)	$ 0
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax				161	0	(711)	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax				0	0	0	0
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred		900
Fair Value, Option, Changes in Fair Value, Gain (Loss)						(1,111)	0	$ 0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax						0	0	0
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing				306	0	0	0
Other Short-term Borrowings		1,822		1,822	0	1,822	0	0
Interest Rate Swap Inception Date			Mar. 31, 2016
Derivative Liability, Notional Amount		195,000	$ 197,500	195,000		195,000
Other Comprehensive Income (Loss), Net of Tax				251	0	(1,111)	0	0
Accumulated Other Comprehensive Income (Loss), Net of Tax		(1,111)		(1,111)	0	(1,111)	0	0
Interest Rate Swap Long Term Portion [Member]
Derivative [Line Items]
Other Short-term Borrowings		935		935	0	935	0	0
Interest Rate Swap Short Term Portion [Member]
Derivative [Line Items]
Other Short-term Borrowings		$ 887		$ 887	$ 0	$ 887	$ 0	$ 0
Subsequent Event [Member]
Derivative [Line Items]
Interest Rate Swap Maturity Date	Feb. 19, 2021

Interest Rate Swap Estimated Am

Interest Rate Swap Estimated Amount to be Reclassified into Earnings Next 12 Months (Details) - USD ($) $ in Thousands	Sep. 24, 2016	Dec. 26, 2015	Sep. 26, 2015	Dec. 27, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	$ 900
Accumulated Other Comprehensive Income (Loss), Net of Tax	(1,111)	$ 0	$ 0
Derivative Instruments, Gain (Loss) Reclassification from Accumulated Other Comprehensive Income	$ 1,900
Beginning Balance [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax		$ 0		$ 0

Interest Rate Swap Schedule of

Interest Rate Swap Schedule of Changes in AOCL Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 24, 2016	Sep. 26, 2015	Sep. 24, 2016	Sep. 26, 2015	Dec. 26, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion	$ 412	$ 0	$ 1,822	$ 0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0	0	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			0	0	$ 0
Other Comprehensive Income (Loss), Net of Tax	251	0	(1,111)	0	0
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (1,111)	$ 0	$ (1,111)	$ 0	$ 0

Interest Rate Swap Tax Impact o

Interest Rate Swap Tax Impact of Derivative Liability on Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2016	Sep. 26, 2015	Sep. 24, 2016	Sep. 26, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	$ 161	$ 0	$ (711)	$ 0

Interest Rate Swap Reclassifica

Interest Rate Swap Reclassification from AOCI to Income (Details) $ in Millions	Sep. 24, 2016USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	$ 0.9

Interest Rate Swap Ending Fisca

Interest Rate Swap Ending Fiscal Period AOCL Balance (Details) - USD ($) $ in Thousands	Sep. 24, 2016	Dec. 26, 2015	Sep. 26, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (1,111)	$ 0	$ 0

Interest Rate Swap Effective Da

Interest Rate Swap Effective Date of Interest Rate Swap Agreement (Details)	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative, Inception Date	Mar. 31, 2016

Treasury Stock (Details)

Treasury Stock (Details) - USD ($) shares in Millions	Sep. 24, 2016	Sep. 24, 2016	Sep. 26, 2015	Sep. 24, 2016	Sep. 26, 2015
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]
Increase Shares Authorized Share Repurchase Program	1,000
Board-approved share repurchase program of common stock	$ 3,000,000,000	$ 3,000,000,000		$ 3,000,000,000
Stock Repurchase Program Expiration Date	Dec. 31, 2020
Repurchased shares under the share repurchase program		1.4		2.7	2.9
Cost of share repurchased under the share repurchase program		$ (108,787,000)	$ (119,416,000)	$ (215,692,000)	$ (243,956,000)
Remaining authorization under the share repurchase program	$ 355,000,000	$ 355,000,000		$ 355,000,000

Treasury Stock Increase Shares

Treasury Stock Increase Shares Authorized Share Repurchase Program (Details) shares in Billions	Sep. 24, 2016shares
Share Repurchase Program [Abstract]
Increase Shares Authorized Share Repurchase Program	1

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) - shares	Sep. 24, 2016	Dec. 26, 2015	Sep. 26, 2015
Equity [Abstract]
Common stock, shares authorized (in shares)	400,000,000	400,000,000	400,000,000
Preferred stock, shares authorized (in shares)	40,000	40,000	40,000

Capital Stock and Dividends (De

Capital Stock and Dividends (Details) - $ / shares	Oct. 31, 2016	Aug. 01, 2016	May 02, 2016	Feb. 03, 2016	Aug. 03, 2015	May 04, 2015	Feb. 04, 2015	Sep. 24, 2016	Sep. 26, 2015	Sep. 24, 2016	Sep. 26, 2015
Subsequent Event [Line Items]
Dividend Amount Per Share		$ 0.24	$ 0.24	$ 0.20	$ 0.20	$ 0.20	$ 0.16	$ 0.24	$ 0.20	$ 0.68	$ 0.56
Subsequent Event
Subsequent Event [Line Items]
Dividend Amount Per Share	$ 0.24

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 24, 2016	Sep. 26, 2015	Sep. 24, 2016	Sep. 26, 2015
Income Tax Disclosure [Abstract]
Effective income tax rate	36.50%	36.90%	36.70%	37.10%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Sep. 24, 2016	Dec. 26, 2015	Sep. 26, 2015
Commitments and Contingencies Disclosure [Abstract]
Purchase Obligation, Due in Next Twelve Months	$ 0
Letters of Credit Outstanding, Amount	$ 44.4	$ 48.7	$ 42.8

Segment Reporting (Details)

Segment Reporting (Details) - segment	Sep. 24, 2016	Sep. 24, 2016	Sep. 26, 2015	Sep. 24, 2016	Sep. 26, 2015
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
Revenue from External Customer [Line Items]
Average percentage of sales (in hundredths)		48.00%	46.00%	47.00%	45.00%
Hardware, Tools and Truck
Revenue from External Customer [Line Items]
Average percentage of sales (in hundredths)		23.00%	23.00%	22.00%	22.00%
Seasonal, Gift and Toy Products
Revenue from External Customer [Line Items]
Average percentage of sales (in hundredths)		18.00%	19.00%	20.00%	21.00%
Clothing and Footwear
Revenue from External Customer [Line Items]
Average percentage of sales (in hundredths)		6.00%	6.00%	6.00%	7.00%
Agriculture
Revenue from External Customer [Line Items]
Average percentage of sales (in hundredths)		5.00%	6.00%	5.00%	5.00%

Segment Reporting Number of Rep

Segment Reporting Number of Reportable Segments (Details)	Sep. 24, 2016segment
Segment Reporting [Abstract]
Number of Reportable Segments	1