Tractor Supply (TSCO) 10-Q 10 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Apr. 01, 2017	Apr. 29, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	TRACTOR SUPPLY CO /DE/
Entity Central Index Key	916,365
Current Fiscal Year End Date	--12-30
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		128,564,140
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 1, 2017

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 01, 2017	Dec. 31, 2016	Mar. 26, 2016
Current assets:
Cash and cash equivalents	$ 72,701	$ 53,916	$ 74,501
Inventories	1,657,761	1,369,656	1,470,691
Prepaid expenses and other current assets	86,459	90,557	80,858
Income taxes receivable	7,339	3,680	0
Total current assets	1,824,260	1,517,809	1,626,050
Property and equipment:
Land	96,535	94,940	87,005
Buildings and improvements	975,155	965,582	838,336
Furniture, fixtures and equipment	578,352	567,653	534,335
Computer software and hardware	231,091	224,370	187,477
Construction in progress	26,067	21,320	37,137
Property and equipment, gross	1,907,200	1,873,865	1,684,290
Accumulated depreciation and amortization	(950,163)	(911,557)	(828,789)
Property and equipment, net	957,037	962,308	855,501
Goodwill and other intangible assets	125,717	125,717	10,258
Deferred income taxes	46,829	45,218	55,798
Other assets	22,559	23,890	16,921
Total assets	2,976,402	2,674,942	2,564,528
Current liabilities:
Accounts payable	563,525	519,522	582,745
Accrued employee compensation	21,049	25,246	10,994
Other accrued expenses	187,247	215,650	178,747
Current portion of long-term debt	12,500	10,000	10,000
Current portion of capital lease obligations	1,356	1,294	1,081
Income taxes payable	31,407	5,482	29,830
Total current liabilities	817,084	777,194	813,397
Long-term debt	598,919	263,850	238,641
Capital lease obligations, less current maturities	25,525	25,919	21,761
Deferred rent	101,001	100,078	86,960
Other long-term liabilities	54,375	54,683	51,066
Total liabilities	1,596,904	1,221,724	1,211,825
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 April 1, 2017, December 31, 2016 and March 26, 2016; 170,093, 169,943 and 169,236 shares issued; 129,349, 130,795 and 133,302 shares outstanding at April 1, 2017, December 31, 2016 and March 26, 2016, respectively	1,361	1,360	1,354
Additional paid-in capital	683,012	671,515	613,686
Treasury stock – at cost, 40,744, 39,148 and 35,934 shares at April 1, 2017, December 31, 2016 and March 26, 2016, respectively	(1,876,045)	(1,761,498)	(1,528,892)
Accumulated other comprehensive income	1,673	1,392	0
Retained earnings	2,569,497	2,540,449	2,266,555
Total stockholders’ equity	1,379,498	1,453,218	1,352,703
Total liabilities and stockholders’ equity	$ 2,976,402	$ 2,674,942	$ 2,564,528

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 01, 2017	Dec. 31, 2016	Mar. 26, 2016
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)	170,093,000	169,943,000	169,236,000
Common stock, shares outstanding (in shares)	129,349,000	130,795,000	133,302,000
Preferred stock, par value (dollars per share)	$ 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)	40,744,000	39,148,000	35,934,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Income Statement [Abstract]
Net sales	$ 1,564,078	$ 1,467,797
Cost of merchandise sold	1,045,875	973,353
Gross profit	518,203	494,444
Selling, general and administrative expenses	382,114	352,672
Depreciation and amortization	39,727	33,577
Operating income	96,362	108,195
Interest expense, net	2,777	1,125
Income before income taxes	93,585	107,070
Income tax expense	33,274	39,402
Net income	$ 60,311	$ 67,668
Net income per share – basic	$ 0.46	$ 0.51
Net income per share – diluted	$ 0.46	$ 0.50
Weighted average shares outstanding:
Basic	130,276	133,630
Diluted	131,090	134,709
Dividends declared per common share outstanding	$ 0.24	$ 0.20

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 60,311	$ 67,668
Change in fair value of interest rate swap, net of taxes	281	0
Total other comprehensive income (loss)	281	0
Total comprehensive income	$ 60,592	$ 67,668

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Cash flows from operating activities:
Net income	$ 60,311	$ 67,668
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	39,727	33,577
Loss on disposition of property and equipment	179	80
Share-based compensation expense	7,557	5,269
Deferred income taxes	(1,611)	(604)
Change in assets and liabilities:
Inventories	(288,105)	(186,316)
Prepaid expenses and other current assets	4,098	6,652
Accounts payable	44,003	155,496
Accrued employee compensation	(4,197)	(31,690)
Other accrued expenses	(28,144)	(15,879)
Income taxes	22,266	31,234
Other	2,258	157
Net cash (used in) provided by operating activities	(141,658)	65,644
Cash flows from investing activities:
Capital expenditures	(34,883)	(36,732)
Proceeds from sale of property and equipment	28	20
Net cash used in investing activities	(34,855)	(36,712)
Cash flows from financing activities:
Borrowings under senior credit facility	475,000	475,000
Repayments under senior credit facility	(137,500)	(375,000)
Debt issuance costs	0	(1,380)
Principal payments under capital lease obligations	(332)	(246)
Repurchase of shares to satisfy tax obligations	(653)	(843)
Repurchase of common stock	(114,547)	(99,102)
Net proceeds from issuance of common stock	4,593	10,041
Cash dividends paid to stockholders	(31,263)	(26,714)
Net cash provided by (used in) financing activities	195,298	(18,244)
Net change in cash and cash equivalents	18,785	10,688
Cash and cash equivalents at beginning of period	53,916	63,813
Cash and cash equivalents at end of period	72,701	74,501
Cash paid during the period for:
Interest	2,125	791
Income taxes	12,739	8,642
Supplemental disclosures of non-cash activities:
Property and equipment acquired through capital lease	0	5,218
Non-cash accruals for construction in progress	$ 12,044	$ 15,652

General

General	3 Months Ended
	Apr. 01, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	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 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 31, 2016 . The results of operations for our interim periods are not necessarily indicative of results for the full fiscal year. In the first quarter of fiscal 2017, the Company adopted accounting guidance which affected the presentation in the statement of cash flows of excess tax benefits or deficiencies from the exercise of stock options as discussed in Note 13. The Company has elected to apply the amendments using a retrospective transition method for all periods presented and therefore the presentation of previously reported excess tax benefits on the unaudited condensed consolidated statements of cash flows has been changed to conform to the presentation used in the current period. As a result, $3.1 million of excess tax benefits related to share-based awards which were previously classified as cash flows from financing activities in the fiscal three months ended March 26, 2016 have been reclassified as cash flows from operating activities. 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 April 1, 2017 , the Company operated a total of 1,769 retail stores in 49 states ( 1,617 Tractor Supply and Del’s retail stores and 152 Petsense retail stores) and also offered an expanded assortment of products online at TractorSupply.com .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Apr. 01, 2017
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 $612.5 million in borrowings under the Senior Credit Facility (as defined in Note 6) at April 1, 2017 , $275.0 million in borrowings at December 31, 2016 , and $250.0 million in borrowings at March 26, 2016 . 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 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 7, the fair value of the interest rate swap, excluding accrued interest, is a $3.3 million asset at April 1, 2017 . The interest rate swap fair value was a $2.8 million asset at December 31, 2016 . As described in Note 7, the interest rate swap was not in place at March 26, 2016 .

Share Based Compensation

Share Based Compensation	3 Months Ended
	Apr. 01, 2017
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 April 1, 2017 . For the first quarters of fiscal 2017 and 2016 , share-based compensation expense was $7.6 million and $5.3 million , respectively. Stock Options The following summarizes information concerning stock option grants during the first three months of fiscal 2017 and 2016 : Fiscal three months ended April 1, March 26, Stock options granted 1,499,549 1,085,225 Weighted average exercise price $ 73.18 $ 86.08 Weighted average fair value per option $ 14.75 $ 19.60 As of April 1, 2017 , total unrecognized compensation expense related to non-vested stock options was approximately $37.3 million with a remaining weighted average expense recognition period of 2.1 years. Restricted Stock Units The following summarizes information concerning restricted stock unit grants during the first three months of fiscal 2017 and 2016 : Fiscal three months ended April 1, March 26, Restricted stock units granted 63,915 49,161 Weighted average fair value per share $ 69.30 $ 82.85 As of April 1, 2017 , total unrecognized compensation expense related to non-vested restricted stock units was approximately $8.1 million with a remaining weighted average expense recognition period of 1.9 years.

Acquisition of Petsense

Acquisition of Petsense	3 Months Ended
	Apr. 01, 2017
Acquisition of Petsense [Abstract]
Business Combination Disclosure	Acquisition of Petsense: On September 29, 2016 , the Company completed the acquisition of Petsense. Headquartered in Scottsdale, Arizona, Petsense is a small-box pet specialty supply retailer focused on meeting the needs of pet owners, primarily in small and mid-size communities, and offering a variety of pet products and services. Pursuant to the agreement governing the transaction, the Company acquired all the outstanding equity interests in Petsense for an all-cash purchase price of $145.7 million . The acquisition was financed with cash on-hand and revolver borrowings under the 2016 Senior Credit Facility (as defined in Note 6). The total consideration transferred in connection with the Petsense acquisition has been allocated to the assets acquired and liabilities assumed based upon their respective fair values. The fair value of the assets acquired and liabilities assumed is estimated based on one or a combination of income, cost or market approaches as determined based on the nature of the asset or liability and the level of inputs available. With respect to assets and liabilities, the determination of fair value requires management to make subjective judgments as to projections of future operating performance, the appropriate discount rate to apply, long-term growth rates, etc. (i.e. unobservable inputs classified as Level 3 inputs under the fair value hierarchy) which affect the amounts recorded in the purchase price allocation. The excess of the consideration transferred over the fair value of the identifiable assets, net of liabilities, is recorded as goodwill, which is indicative of the expected continued growth and development of the pet specialty retail business acquired. The table below summarizes the consideration transferred and provisional allocation of the purchase price for the Petsense acquisition (in thousands): Consideration transferred $ 145,701 Assets acquired: Current assets $ 21,875 Property and equipment 25,519 Other intangible assets - tradename 31,300 Other assets 428 Liabilities assumed: Current liabilities (12,091 ) Long-term liabilities (5,489 ) Total identifiable net assets acquired 61,542 Excess of consideration transferred over identifiable net assets acquired (goodwill) $ 84,159 The fair value estimates of the assets acquired and liabilities assumed as reflected in the table above are subject to adjustments during the measurement period. The preliminary values of the consideration transferred, assets acquired and liabilities assumed, including the related tax effects, are subject to receipt of a final working capital settlement, pursuant to the agreement governing the transaction. The resulting goodwill of $84.2 million and tradename of $31.3 million are deductible for income tax purposes. The results of operations of Petsense have been included in the Consolidated Financial Statements since the date of acquisition.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Apr. 01, 2017
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 April 1, 2017 March 26, 2016 Income Shares Per Share Income Shares Per Share Amount Basic net income per share: $ 60,311 130,276 $ 0.46 $ 67,668 133,630 $ 0.51 Dilutive stock options and restricted stock units outstanding — 814 — — 1,079 (0.01 ) Diluted net income per share: $ 60,311 131,090 $ 0.46 $ 67,668 134,709 $ 0.50 Anti-dilutive stock options excluded from the above calculations totaled approximately 2.8 million and 1.3 million shares for the three months ended April 1, 2017 and March 26, 2016 , respectively.

Senior Credit Facility

Senior Credit Facility	3 Months Ended
	Apr. 01, 2017
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). 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). The Company had total outstanding borrowings of $612.5 million , $275.0 million and $250.0 million under the 2016 Senior Credit Facility at April 1, 2017 , December 31, 2016 and March 26, 2016 , respectively. The borrowings consisted of $187.5 million , $190.0 million and $200.0 million under the term loan and $425.0 million , $85.0 million and $50.0 million under the revolving credit facility at April 1, 2017 , December 31, 2016 and March 26, 2016 , respectively. Unamortized debt issuance costs recorded as an offset to the outstanding borrowings were approximately $1.1 million at April 1, 2017 and December 31, 2016 , and $1.4 million at March 26, 2016 . Additionally, there were $39.5 million , $44.3 million and $47.6 million of outstanding letters of credit under the 2016 Senior Credit Facility as of April 1, 2017 , December 31, 2016 and March 26, 2016 , respectively. Borrowings under both the term loan and the revolver bear interest at either the bank’s base rate ( 4.000% at April 1, 2017 ) or the London Inter-Bank Offer Rate (“LIBOR”) ( 0.983% at April 1, 2017 ) plus an additional amount ranging from 0.500% to 1.125% per annum ( 0.750% at April 1, 2017 ), 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 ( 0.125% at April 1, 2017 ), 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 April 1, 2017 , the Company was in compliance with all debt covenants.

Interest Rate Swap

Interest Rate Swap	3 Months Ended
	Apr. 01, 2017
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 6. As of April 1, 2017 , the notional amount of the interest rate swap was $187.5 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 accounts 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 assets and liabilities measured at fair value related to the Company’s interest rate swap, excluding accrued interest, were as follows (in thousands): Balance Sheet Location April 1, December 31, March 26, Interest rate swap (short-term portion) Prepaid expenses and other current assets / (Other accrued expenses) $ 101 $ (398 ) $ — Interest rate swap (long-term portion) Other assets 3,183 3,215 — Total net assets $ 3,284 $ 2,817 $ — The offset to the interest rate swap liability is recorded in Accumulated Other Comprehensive Income (“AOCI”) (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 AOCI, net of tax, related to the Company’s interest rate swap (in thousands): April 1, December 31, March 26, Beginning fiscal year AOCI balance $ 1,392 $ — $ — Current fiscal period gain recognized in OCI 281 1,392 — Amounts reclassified from AOCI into current fiscal period earnings — — — Other comprehensive gain, net of tax 281 1,392 — Ending fiscal period AOCI balance $ 1,673 $ 1,392 $ — As of April 1, 2017 , the estimated pre-tax portion of AOCI that is expected to be reclassified into earnings over the next twelve months is $0.1 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 Financial Statement Location April 1, March 26, Effective portion of gains recognized in OCI during the period Other comprehensive income $ 461 $ — Amounts reclassified from AOCI into earnings Interest expense, net — — Ineffective portion of gains recognized in earnings during the period Interest expense, net 6 — The following table summarizes the impact of taxes affecting AOCI as a result of the interest rate swap (in thousands): Fiscal three months ended April 1, March 26, Income tax expense of interest rate swap on AOCI $ 180 $ — 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. If the Company had breached any of the provisions in the underlying agreement at April 1, 2017 , it could have been required to post full collateral or settle its obligations under the interest rate swap agreement. However, as of April 1, 2017 , the Company had not breached any of these provisions or posted any collateral related to the underlying interest rate swap agreement. Further, as of April 1, 2017 , the interest rate swap is in a net asset position and therefore the Company would have no obligation upon default.

Treasury Stock

Treasury Stock	3 Months Ended
	Apr. 01, 2017
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 up to $3.0 billion , exclusive of any fees, commissions, or other expenses related to such repurchases 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 1.6 million and 1.2 million shares of common stock under the share repurchase program for a total cost of $114.5 million and $99.1 million , during the first quarters of fiscal 2017 and fiscal 2016 , respectively. As of April 1, 2017 , the Company had remaining authorization under the share repurchase program of $1.1 billion , exclusive of any fees, commissions, or other expenses.

Capital Stock and Dividends

Capital Stock and Dividends	3 Months Ended
	Apr. 01, 2017
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 2017 and 2016 , the Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid February 8, 2017 $ 0.24 February 27, 2017 March 14, 2017 February 3, 2016 $ 0.20 February 22, 2016 March 8, 2016 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 8, 2017 , the Company’s Board of Directors declared a quarterly cash dividend of $0.27 per share of the Company’s outstanding common stock. The dividend will be paid on June 6, 2017 to stockholders of record as of the close of business on May 22, 2017 .

Income Taxes

Income Taxes	3 Months Ended
	Apr. 01, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes: The Company’s effective income tax rate decreased to 35.6% in the first quarter of fiscal 2017 compared to 36.8% for the first quarter of fiscal 2016 . The decrease in the effective income tax rate was principally due to the favorable impact of the adoption of a new accounting rule, as discussed in Note 13, related to the recognition of incremental tax benefits on stock option exercises.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 01, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: Construction and Real Estate Commitments At April 1, 2017 , the Company had no material commitments related to construction projects extending greater than twelve months. Letters of Credit At April 1, 2017 , there were $39.5 million of outstanding letters of credit under the 2016 Senior Credit Facility. Litigation Item 103 of SEC Regulation S-K requires disclosure of certain environmental legal proceedings if the proceeding reasonably involves potential monetary sanctions of $100,000 or more. We periodically receive information requests and notices of potential noncompliance with environmental laws and regulations from governmental agencies, which are addressed on a case-by-case basis with the relevant agency. The Company has received a subpoena from the District Attorney of Yolo County, California, requesting records and information regarding its hazardous waste management and disposal practices in California. The Company is currently working with Yolo County and other district attorneys in California to resolve alleged instances of noncompliance with applicable regulations. The matter is still ongoing and the ultimate outcome cannot be determined at this time; however, the Company does not expect the resolution of this matter to have a material adverse effect on its consolidated financial position, results of operations or cash flows. 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 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	3 Months Ended
	Apr. 01, 2017
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 following chart indicates the percentage of sales represented by each major product category during the fiscal three months ended April 1, 2017 and March 26, 2016 : Fiscal three months ended Product Category: April 1, March 26, Livestock and Pet 52 % 50 % Hardware, Tools and Truck 21 21 Seasonal, Gift and Toy Products 16 17 Clothing and Footwear 7 9 Agriculture 4 3 Total 100 % 100 %

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Apr. 01, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncements Recently Adopted and Not Yet Adopted	New Accounting Pronouncements: New Accounting Pronouncements Recently Adopted In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory.” 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. The Company adopted this guidance in the first quarter of fiscal 2017 using a prospective application. The adoption of this guidance did not have a material impact to our 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.” This update requires that liabilities related to the sale of prepaid stored-value products (gift cards) be adjusted periodically to reflect breakage. The Company adopted this guidance in the first quarter of fiscal 2017. The Company was recording gift card breakage prior to the adoption of this guidance; therefore, the adoption of this guidance did not have a material impact to 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.” 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 inclusion of excess tax benefits and deficiencies as a component of our income tax expense will increase volatility within our provision for income taxes as the amount of excess tax benefits or deficiencies from share-based compensation awards is dependent on our stock price at the date the awards are exercised or settled. The Company adopted this guidance in the first quarter of fiscal 2017, which did not have a material impact to our Consolidated Financial Statements and related disclosures. The Company has elected to continue estimating forfeitures of share-based awards. The Company has elected to apply the amendments related to the presentation of excess tax benefits on the statement of cash flows using a retrospective transition method, and as a result, excess tax benefits related to share-based awards which had been previously classified as cash flows from financing activities will be reclassified as cash flows from operating activities. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” 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. The Company adopted this guidance in the first quarter of fiscal 2017. The adoption of this guidance did not impact the classification of any of the Company’s cash flow activity and therefore did not have a material impact to our Consolidated Financial Statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This update simplifies the measurement of goodwill by eliminating the second step from the goodwill impairment test, which requires the comparison of the implied fair value of goodwill with the current carrying amount of goodwill. Instead, under the amendments in this guidance, an entity shall perform a goodwill impairment test by comparing the fair value of each reporting unit with its carrying amount and an impairment charge is to be recorded for the amount, if any, in which the carrying value exceeds the reporting unit’s fair value. The Company adopted this guidance in the first quarter of fiscal 2017 using a prospective application. The adoption of this guidance did not have a material impact to our Consolidated Financial Statements and related disclosures. New Accounting Pronouncements Not Yet Adopted 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),” 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,” 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,” 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. In December 2016, the FASB issued ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers,” which is intended to clarify the codification and to correct unintended application of guidance pertaining to Topic 606 and other Topics amended by ASU 2014-09 to increase stakeholders’ awareness of the proposals and to expedite improvements to ASU 2014-09. The effective date and transition requirements for ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20 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 will adopt this guidance in the first quarter of fiscal 2018. Based on an evaluation of the standard as a whole, the Company has identified customer incentives and principal versus agent considerations as the areas that will most likely be affected by the new revenue recognition guidance. The Company continues to evaluate the adoption of this standard, including the transition method; however, adoption is not expected to have a material impact on our Consolidated Financial Statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” 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.

Share Based Compensation (Table

Share Based Compensation (Tables)	3 Months Ended
	Apr. 01, 2017
Share-based Compensation [Abstract]
Stock Options	The following summarizes information concerning stock option grants during the first three months of fiscal 2017 and 2016 : Fiscal three months ended April 1, March 26, Stock options granted 1,499,549 1,085,225 Weighted average exercise price $ 73.18 $ 86.08 Weighted average fair value per option $ 14.75 $ 19.60
Restricted Stock Units	The following summarizes information concerning restricted stock unit grants during the first three months of fiscal 2017 and 2016 : Fiscal three months ended April 1, March 26, Restricted stock units granted 63,915 49,161 Weighted average fair value per share $ 69.30 $ 82.85

Acquisition of Petsense Purchas

Acquisition of Petsense Purchase Price Allocation (Tables)	3 Months Ended
	Apr. 01, 2017
Business Combinations [Abstract]
Schedule of Consideration Transferred	The table below summarizes the consideration transferred and provisional allocation of the purchase price for the Petsense acquisition (in thousands): Consideration transferred $ 145,701 Assets acquired: Current assets $ 21,875 Property and equipment 25,519 Other intangible assets - tradename 31,300 Other assets 428 Liabilities assumed: Current liabilities (12,091 ) Long-term liabilities (5,489 ) Total identifiable net assets acquired 61,542 Excess of consideration transferred over identifiable net assets acquired (goodwill) $ 84,159

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Apr. 01, 2017
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 Fiscal three months ended April 1, 2017 March 26, 2016 Income Shares Per Share Income Shares Per Share Amount Basic net income per share: $ 60,311 130,276 $ 0.46 $ 67,668 133,630 $ 0.51 Dilutive stock options and restricted stock units outstanding — 814 — — 1,079 (0.01 ) Diluted net income per share: $ 60,311 131,090 $ 0.46 $ 67,668 134,709 $ 0.50

Interest Rate Swap (Tables)

Interest Rate Swap (Tables)	3 Months Ended
	Apr. 01, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets (Liabilities) at Fair Value	The assets and liabilities measured at fair value related to the Company’s interest rate swap, excluding accrued interest, were as follows (in thousands): Balance Sheet Location April 1, December 31, March 26, Interest rate swap (short-term portion) Prepaid expenses and other current assets / (Other accrued expenses) $ 101 $ (398 ) $ — Interest rate swap (long-term portion) Other assets 3,183 3,215 — Total net assets $ 3,284 $ 2,817 $ —
Derivative Instruments, Gain (Loss)	The following table summarizes the changes in AOCI, net of tax, related to the Company’s interest rate swap (in thousands): April 1, December 31, March 26, Beginning fiscal year AOCI balance $ 1,392 $ — $ — Current fiscal period gain recognized in OCI 281 1,392 — Amounts reclassified from AOCI into current fiscal period earnings — — — Other comprehensive gain, net of tax 281 1,392 — Ending fiscal period AOCI balance $ 1,673 $ 1,392 $ — The following table summarizes the impact of taxes affecting AOCI as a result of the interest rate swap (in thousands): Fiscal three months ended April 1, March 26, Income tax expense of interest rate swap on AOCI $ 180 $ — The following table summarizes the impact of pre-tax gains and losses derived from the interest rate swap (in thousands): Fiscal three months ended Financial Statement Location April 1, March 26, Effective portion of gains recognized in OCI during the period Other comprehensive income $ 461 $ — Amounts reclassified from AOCI into earnings Interest expense, net — — Ineffective portion of gains recognized in earnings during the period Interest expense, net 6 —

Capital Stock and Dividends (Ta

Capital Stock and Dividends (Tables)	3 Months Ended
	Apr. 01, 2017
Equity [Abstract]
Schedule of Dividends Payable	During the first three months of fiscal 2017 and 2016 , the Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid February 8, 2017 $ 0.24 February 27, 2017 March 14, 2017 February 3, 2016 $ 0.20 February 22, 2016 March 8, 2016

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Apr. 01, 2017
Segment Reporting [Abstract]
Major Product Category	The following chart indicates the percentage of sales represented by each major product category during the fiscal three months ended April 1, 2017 and March 26, 2016 : Fiscal three months ended Product Category: April 1, March 26, Livestock and Pet 52 % 50 % Hardware, Tools and Truck 21 21 Seasonal, Gift and Toy Products 16 17 Clothing and Footwear 7 9 Agriculture 4 3 Total 100 % 100 %

General (Details)

General (Details) $ in Millions	3 Months Ended
	Mar. 26, 2016USD ($)	Apr. 01, 2017state
Nature of business [Abstract]
Excess Tax Benefit from Share-based Compensation, Operating Activities | $	$ 3.1
Number of rural lifestyle retail stores operated by the company		1,769
Number of states in which rural lifestyle retail stores are operated by the company | state		49
TSCO stores [Domain]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company		1,617
Petsense stores [Domain]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company		152

Fair Value of Financial Instr27

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Apr. 01, 2017	Dec. 31, 2016	Mar. 26, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Liability	$ 3,284	$ 2,817	$ 0
2016 Senior Credit Facility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured Debt	$ 612,500	$ 275,000	$ 250,000

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 01, 2017	Apr. 01, 2017	Mar. 26, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 7,557	$ 5,269
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted		1,499,549	1,085,225
Weighted average exercise price		$ 73.18	$ 86.08
Weighted average fair value per option		$ 14.75	$ 19.60
Total unrecognized compensation expense	$ 37,300	$ 37,300
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 1 month 21 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted		63,915	49,161
Weighted average fair value per share		$ 69.30	$ 82.85
Total unrecognized compensation expense	$ 8,100	$ 8,100
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 10 months 12 days

Acquisition of Petsense (Detail

Acquisition of Petsense (Details) - USD ($) $ in Thousands	Apr. 01, 2017	Sep. 29, 2016
Business Acquisition [Line Items]
Business Acquisition, Effective Date of Acquisition		Sep. 29, 2016
Current Assets	$ 21,875
Property, Plant, and Equipment	25,519
Other intangible assets - tradename	31,300
Other Assets	428
Current Liabilities	(12,091)
Long-term Liabilities	(5,489)
Total identifiable net assets acquired	61,542
Excess of consideration transferred over identifiable net assets acquired (goodwill)	84,159
Consideration Transferred	$ 145,701
Goodwill, Acquired During Period		$ 84,200
Indefinite-lived Intangible Assets Acquired		$ 31,300

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Basic net income per share:
Net income	$ 60,311	$ 67,668
Weighted average number of shares outstanding, basic	130,276	133,630
Net income per share – basic	$ 0.46	$ 0.51
Diluted net income per share:
Dilutive stock options and restricted stock units outstanding, income	$ 0	$ 0
Dilutive stock options and restricted stock units outstanding, per share (in shares)	814	1,079
Dilutive stock options and restricted stock units outstanding, per share (in dollars per share)	$ 0	$ (0.01)
Net income	$ 60,311	$ 67,668
Weighted average number of shares outstanding, diluted	131,090	134,709
Net income per share, diluted (in dollars per share)	$ 0.46	$ 0.50
Antidilutive securities excluded from computation of earnings per share, amount	2,800	1,300

Senior Credit Facility - Credit

Senior Credit Facility - Credit Agreement (Details) - USD ($)	Apr. 01, 2017	Dec. 31, 2016	Mar. 26, 2016	Feb. 19, 2016	Apr. 01, 2017
Line of Credit Facility [Line Items]
Senior credit facility, maximum borrowing capacity	$ 500,000,000			$ 500,000,000	$ 500,000,000
Swingline Loan, Maximum Borrowing Capacity				50,000,000	50,000,000
Debt Issuance Costs, Gross	$ 1,100,000	$ 1,100,000	$ 1,400,000		1,100,000
Term Loan, Maximum Borrowing Capacity				200,000,000	200,000,000
Debt Instrument, Maturity Date	Feb. 19, 2021
Letters of Credit Outstanding, Amount	$ 39,500,000	44,300,000	47,600,000		$ 39,500,000
Debt instrument, basis spread on variable rate	0.75%
Commitment fee for unused capacity	0.13%
Base Rate
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate Description	.04
London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate Description	.0098278
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%
Swingline loan [Member]
Line of Credit Facility [Line Items]
Swingline 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	$ 188,000,000	190,000,000	200,000,000		$ 188,000,000
Senior credit facility [Member]
Line of Credit Facility [Line Items]
Senior credit facility, maximum borrowing capacity				$ 400,000,000
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	425,000,000	85,000,000	50,000,000
Unsecured Debt	612,500,000	$ 275,000,000	$ 250,000,000		$ 612,500,000
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	Apr. 01, 2017	Mar. 31, 2016	Apr. 01, 2017	Mar. 26, 2016	Dec. 31, 2016	Dec. 26, 2015
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Liability		$ 3,284		$ 3,284	$ 0	$ 2,817
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion				461	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax				0	0
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred		100
Fair Value, Option, Changes in Fair Value, Gain (Loss)				281	0	1,392
Interest Rate Swap Inception Date			Mar. 31, 2016
Derivative Liability, Notional Amount		187,500	$ 197,500	187,500
Other Comprehensive Income (Loss), Net of Tax				281	0	1,392
Accumulated Other Comprehensive Income (Loss), Net of Tax		1,673		1,673	0	1,392
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing				6	0
Assets Needed for Immediate Settlement, Aggregate Fair Value		0		0
Interest Rate Swap Long Term Portion [Member]
Derivative [Line Items]
Other Short-term Borrowings					0
Derivative Asset		3,183		3,183		3,215
Interest Rate Swap Short Term Portion [Member]
Derivative [Line Items]
Other Short-term Borrowings					$ 0	(398)
Derivative Asset		$ 101		$ 101
Beginning Balance [Member]
Derivative [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax						$ 1,392	$ 0
Subsequent Event
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	Apr. 01, 2017	Apr. 01, 2017	Mar. 26, 2016	Dec. 31, 2016	Dec. 26, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion		$ 461	$ 0
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	$ 100
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 1,673	$ 1,673	$ 0	$ 1,392
Beginning Balance [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax				$ 1,392	$ 0

Interest Rate Swap Schedule of

Interest Rate Swap Schedule of Changes in AOCL Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Apr. 01, 2017	Mar. 26, 2016	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion	$ 461	$ 0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0	$ 0
Other Comprehensive Income (Loss), Net of Tax	281	0	1,392
Ending fiscal year AOCI balance	$ 1,673	$ 0	$ 1,392

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
	Apr. 01, 2017	Mar. 26, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	$ 180	$ 0

Interest Rate Swap Reclassifica

Interest Rate Swap Reclassification from AOCI to Income (Details) $ in Millions	Apr. 01, 2017USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	$ 0.1

Interest Rate Swap Ending Fisca

Interest Rate Swap Ending Fiscal Period AOCL Balance (Details) - USD ($) $ in Thousands	Apr. 01, 2017	Dec. 31, 2016	Mar. 26, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 1,673	$ 1,392	$ 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 ($) $ in Thousands, shares in Millions	Apr. 01, 2017	Apr. 01, 2017	Mar. 26, 2016
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]
Board-approved share repurchase program of common stock	$ 3,000,000	$ 3,000,000
Stock repurchase program expiration date	Dec. 31, 2020
Repurchased shares under the share repurchase program		1.6	1.2
Payments for repurchase of common stock		$ 114,547	$ 99,102
Remaining authorization under the share repurchase program	$ 1,124,500	$ 1,124,500

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) - shares	Apr. 01, 2017	Dec. 31, 2016	Mar. 26, 2016
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	May 08, 2017	Feb. 08, 2017	Feb. 03, 2016	Apr. 01, 2017	Mar. 26, 2016
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared		$ 0.24	$ 0.20	$ 0.24	$ 0.20
Subsequent Event
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.27

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate	35.60%	36.80%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Apr. 01, 2017	Dec. 31, 2016	Mar. 26, 2016
Commitments and Contingencies Disclosure [Abstract]
Purchase Obligation, Due Second Year	$ 0
Letters of Credit Outstanding, Amount	$ 39.5	$ 44.3	$ 47.6

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Revenue from External Customer [Line Items]
Percentage of sales	100.00%	100.00%
Livestock and Pet
Revenue from External Customer [Line Items]
Percentage of sales	52.00%	50.00%
Hardware, Tools and Truck
Revenue from External Customer [Line Items]
Percentage of sales	21.00%	21.00%
Seasonal, Gift and Toy Products
Revenue from External Customer [Line Items]
Percentage of sales	16.00%	17.00%
Clothing and Footwear
Revenue from External Customer [Line Items]
Percentage of sales	7.00%	9.00%
Agriculture
Revenue from External Customer [Line Items]
Percentage of sales	4.00%	3.00%

Segment Reporting Number of Rep

Segment Reporting Number of Reportable Segments (Details)	Apr. 01, 2017segment
Segment Reporting [Abstract]
Number of Reportable Segments	1