Tractor Supply (TSCO) 10-Q 10 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jul. 01, 2017	Jul. 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		126,695,953
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 1, 2017

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 01, 2017	Dec. 31, 2016	Jun. 25, 2016
Current assets:
Cash and cash equivalents	$ 67,793	$ 53,916	$ 151,112
Inventories	1,468,254	1,369,656	1,366,499
Prepaid expenses and other current assets	90,409	90,557	67,613
Income taxes receivable	4,066	3,680	3,311
Total current assets	1,630,522	1,517,809	1,588,535
Property and equipment:
Land	99,267	94,940	94,387
Buildings and improvements	995,716	965,582	870,053
Furniture, fixtures and equipment	584,275	567,653	544,724
Computer software and hardware	243,577	224,370	199,058
Construction in progress	48,521	21,320	55,014
Property and equipment, gross	1,971,356	1,873,865	1,763,236
Accumulated depreciation and amortization	(988,998)	(911,557)	(861,274)
Property and equipment, net	982,358	962,308	901,962
Goodwill and other intangible assets	125,717	125,717	10,258
Deferred income taxes	52,960	45,218	58,812
Other assets	24,015	23,890	19,199
Total assets	2,815,572	2,674,942	2,578,766
Current liabilities:
Accounts payable	510,820	519,522	430,394
Accrued employee compensation	14,264	25,246	27,744
Other accrued expenses	184,829	215,650	201,077
Current portion of long-term debt	20,000	10,000	10,000
Current portion of capital lease obligations	3,418	1,294	1,081
Income taxes payable	73,157	5,482	54,139
Total current liabilities	806,488	777,194	724,435
Long-term debt	433,676	263,850	186,212
Capital lease obligations, less current maturities	33,860	25,919	21,494
Deferred rent	102,525	100,078	89,317
Other long-term liabilities	56,457	54,683	55,379
Total liabilities	1,433,006	1,221,724	1,076,837
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 July 1, 2017, December 31, 2016 and June 25, 2016; 170,184, 169,943 and 169,724 shares issued; 127,231, 130,795 and 133,703 shares outstanding at July 1, 2017, December 31, 2016 and June 25, 2016, respectively	1,361	1,360	1,358
Additional paid-in capital	693,775	671,515	647,719
Treasury stock – at cost, 42,953, 39,148 and 36,021 shares at July 1, 2017, December 31, 2016 and June 25, 2016, respectively	(2,009,645)	(1,761,498)	(1,536,695)
Accumulated other comprehensive income (loss)	1,521	1,392	(1,362)
Retained earnings	2,695,554	2,540,449	2,390,909
Total stockholders’ equity	1,382,566	1,453,218	1,501,929
Total liabilities and stockholders’ equity	$ 2,815,572	$ 2,674,942	$ 2,578,766

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 01, 2017	Dec. 31, 2016	Jun. 25, 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)	170,184,000	169,943,000	169,724,000
Common stock, shares outstanding (in shares)	127,231,000	130,795,000	133,703,000
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)	42,953,000	39,148,000	36,021,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2017	Jun. 25, 2016	Jul. 01, 2017	Jun. 25, 2016
Income Statement [Abstract]
Net sales	$ 2,017,762	$ 1,852,534	$ 3,581,840	$ 3,320,331
Cost of merchandise sold	1,313,054	1,203,312	2,358,929	2,176,665
Gross profit	704,708	649,222	1,222,911	1,143,666
Selling, general and administrative expenses	405,736	365,916	787,850	718,588
Depreciation and amortization	41,047	34,057	80,774	67,634
Operating income	257,925	249,249	354,287	357,444
Interest expense, net	3,092	1,910	5,869	3,035
Income before income taxes	254,833	247,339	348,418	354,409
Income tax expense	94,184	90,914	127,458	130,316
Net income	$ 160,649	$ 156,425	$ 220,960	$ 224,093
Net income per share – basic	$ 1.25	$ 1.17	$ 1.71	$ 1.68
Net income per share – diluted	$ 1.25	$ 1.16	$ 1.70	$ 1.66
Weighted average shares outstanding:
Basic	128,186	133,564	129,231	133,597
Diluted	128,722	134,562	129,906	134,635
Dividends declared per common share outstanding	$ 0.27	$ 0.24	$ 0.51	$ 0.44

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2017	Jun. 25, 2016	Jul. 01, 2017	Jun. 25, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 160,649	$ 156,425	$ 220,960	$ 224,093
Change in fair value of interest rate swaps, net of taxes	(152)	(1,362)	129	(1,362)
Total other comprehensive (loss) income	(152)	(1,362)	129	(1,362)
Total comprehensive income	$ 160,497	$ 155,063	$ 221,089	$ 222,731

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2017	Jun. 25, 2016
Cash flows from operating activities:
Net income	$ 220,960	$ 224,093
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	80,774	67,634
Loss on disposition of property and equipment	198	233
Share-based compensation expense	15,079	11,212
Deferred income taxes	(7,742)	(3,618)
Change in assets and liabilities:
Inventories	(98,598)	(82,124)
Prepaid expenses and other current assets	148	19,897
Accounts payable	(8,702)	3,145
Accrued employee compensation	(10,982)	(14,940)
Other accrued expenses	(33,895)	(9,972)
Income taxes	67,289	59,424
Other	2,979	3,214
Net cash provided by operating activities	227,508	278,198
Cash flows from investing activities:
Capital expenditures	(96,610)	(100,956)
Proceeds from sale of property and equipment	10,781	40
Net cash used in investing activities	(85,829)	(100,916)
Cash flows from financing activities:
Borrowings under senior credit facility	578,000	595,000
Repayments under senior credit facility	(398,000)	(547,500)
Debt issuance costs	(313)	(1,380)
Principal payments under capital lease obligations	(669)	(513)
Repurchase of shares to satisfy tax obligations	(653)	(843)
Repurchase of common stock	(248,147)	(106,905)
Net proceeds from issuance of common stock	7,835	30,943
Cash dividends paid to stockholders	(65,855)	(58,785)
Net cash used in financing activities	(127,802)	(89,983)
Net change in cash and cash equivalents	13,877	87,299
Cash and cash equivalents at beginning of period	53,916	63,813
Cash and cash equivalents at end of period	67,793	151,112
Cash paid during the period for:
Interest	5,218	2,153
Income taxes	67,752	73,205
Supplemental disclosures of non-cash activities:
Property and equipment acquired through capital lease	10,734	5,218
Non-cash accruals for construction in progress	$ 15,377	$ 32,075

General

General	6 Months Ended
	Jul. 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, $10.3 million of excess tax benefits related to share-based awards which were previously classified as cash flows from financing activities in the fiscal six months ended June 25, 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 July 1, 2017 , the Company operated a total of 1,790 retail stores in 49 states ( 1,630 Tractor Supply and Del’s retail stores and 160 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	6 Months Ended
	Jul. 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 interest rate swaps. 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 $455.0 million in borrowings under the Senior Credit Facility (as defined in Note 6) at July 1, 2017 , $275.0 million in borrowings at December 31, 2016 , and $197.5 million in borrowings at June 25, 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 swaps 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 swaps, excluding accrued interest, was a $3.0 million asset at July 1, 2017 , a $2.8 million asset at December 31, 2016 and a $2.5 million liability at June 25, 2016 .

Share Based Compensation

Share Based Compensation	6 Months Ended
	Jul. 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 six months ended July 1, 2017 . For the second quarters of fiscal 2017 and 2016 , share-based compensation expense was $7.5 million and $5.9 million , respectively, and $15.1 million and $11.2 million for the first six months of fiscal 2017 and 2016 , respectively. Stock Options The following table summarizes information concerning stock option grants during the first six months of fiscal 2017 and 2016 : Fiscal six months ended July 1, June 25, Stock options granted 1,557,681 1,119,304 Weighted average exercise price $ 72.76 $ 86.34 Weighted average fair value per option $ 14.68 $ 19.61 As of July 1, 2017 , total unrecognized compensation expense related to non-vested stock options was approximately $30.8 million with a remaining weighted average expense recognition period of 2.0 years. Restricted Stock Units The following table summarizes information concerning restricted stock unit grants during the first six months of fiscal 2017 and 2016 : Fiscal six months ended July 1, June 25, Restricted stock units granted 82,835 59,019 Weighted average fair value per share $ 66.70 $ 84.25 As of July 1, 2017 , total unrecognized compensation expense related to non-vested restricted stock units was approximately $7.3 million with a remaining weighted average expense recognition period of 1.7 years.

Acquisition of Petsense

Acquisition of Petsense	6 Months Ended
	Jul. 01, 2017
Acquisition of Petsense [Abstract]
Acquisition of Petsense	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 either one or a combination of the following methodologies: the income approach, the cost approach or the market approach 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 amortized 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	6 Months Ended
	Jul. 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 July 1, 2017 June 25, 2016 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 160,649 128,186 $ 1.25 $ 156,425 133,564 $ 1.17 Dilutive stock options and restricted stock units outstanding — 536 — — 998 (0.01 ) Diluted net income per share: $ 160,649 128,722 $ 1.25 $ 156,425 134,562 $ 1.16 Fiscal six months ended Fiscal six months ended July 1, 2017 June 25, 2016 Income Shares Per Share Amount Income Shares Per Share Amount Basic net income per share: $ 220,960 129,231 $ 1.71 $ 224,093 133,597 $ 1.68 Dilutive stock options and restricted stock units outstanding — 675 (0.01 ) — 1,038 (0.02 ) Diluted net income per share: $ 220,960 129,906 $ 1.70 $ 224,093 134,635 $ 1.66 Anti-dilutive stock options excluded from the above calculations totaled approximately 4.1 million and 1.7 million shares for the three months ended July 1, 2017 and June 25, 2016 , respectively, and 3.2 million and 1.5 million shares for the fiscal six months ended July 1, 2017 and June 25, 2016 , respectively.

Senior Credit Facility

Senior Credit Facility	6 Months Ended
	Jul. 01, 2017
Debt Disclosure [Abstract]
Senior Credit Facility	Senior Credit Facility: The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions): July 1, December 31, June 25, Senior Credit Facility: February 2016 Term Loan $ 185.0 $ 190.0 $ 197.5 June 2017 Term Loan 100.0 — — Revolving Credit Loans 170.0 85.0 — Total Outstanding Borrowings 455.0 275.0 197.5 Less: Unamortized Debt Issuance Costs (1.3 ) (1.1 ) (1.3 ) Total Debt 453.7 273.9 196.2 Less: Current Portion of Long-Term Debt (20.0 ) (10.0 ) (10.0 ) Long-Term Debt $ 433.7 $ 263.9 $ 186.2 Outstanding Letters of Credit $ 44.3 $ 44.3 $ 50.5 On February 19, 2016, the Company entered into a senior credit facility (the “2016 Senior Credit Facility”) consisting of a $200 million term loan (the “February 2016 Term Loan”) and a $500 million revolving credit facility (the “Revolver”) with a sublimit of $50 million for swingline loans. This agreement is unsecured and matures on February 19, 2021 . On June 15, 2017, pursuant to an accordion feature available under the 2016 Senior Credit Facility, the Company entered into an incremental term loan agreement (the “June 2017 Term Loan”) which increased the term loan capacity under the 2016 Senior Credit Facility by $100 million . This agreement is unsecured and matures on June 15, 2022 . 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 both the February 2016 Term Loan and June 2017 Term Loan. The February 2016 Term Loan of $200 million 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 June 2017 Term Loan of $100 million requires quarterly payments totaling $5 million per year in years one and two and $10 million per year in years three through five, with the remaining balance due in full on the maturity date of June 15, 2022 . The 2016 Senior Credit Facility also contains a $500 million revolving credit facility with a sublimit of $50 million for swingline loans. Borrowings under the February 2016 Term Loan and Revolver bear interest at either the bank’s base rate ( 4.250% at July 1, 2017 ) or the London Inter-Bank Offer Rate (“LIBOR”) ( 1.224% at July 1, 2017 ) plus an additional amount ranging from 0.500% to 1.125% per annum ( 0.625% at July 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 ( 0.100% at July 1, 2017 ), adjusted quarterly based on the Company’s leverage ratio. Borrowings under the June 2017 Term Loan bear interest at either the bank’s base rate ( 4.250% at July 1, 2017 ) or LIBOR ( 1.224% at July 1, 2017 ) plus an additional 1.000% per annum. 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 July 1, 2017 , the Company was in compliance with all debt covenants.

Interest Rate Swaps

Interest Rate Swaps	6 Months Ended
	Jul. 01, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
interest Rate Swaps	Interest Rate Swaps: 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 notional amount of this swap agreement began at $197.5 million (the principal amount of the February 2016 Term Loan borrowings as of March 31, 2016) and will amortize at the same time and in the same amount as the February 2016 Term Loan borrowings as described in Note 6. As of July 1, 2017 , the notional amount of the interest rate swap was $185.0 million . The Company entered into a second interest rate swap agreement which became effective on June 30, 2017 , with a maturity date of June 15, 2022 . The notional amount of this swap agreement began at $100.0 million (the principal amount of the June 2017 Term Loan borrowings as of June 30, 2017) and will amortize at the same time and in the same amount as the June 2017 Term Loan borrowings as described in Note 6. As of July 1, 2017 , the notional amount of the interest rate swap was $100.0 million . The Company’s interest rate swap agreements are executed for risk management and are not held for trading purposes. The objective of the interest rate swap agreements is to mitigate interest rate risk associated with future changes in interest rates. To accomplish this objective, the interest rate swap agreements are intended to hedge the variable cash flows associated with the variable rate term loan borrowings under the 2016 Senior Credit Facility. Both interest rate swap agreements entitle 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 its interest rate swap agreements as cash flow hedges and accounts for the underlying activity in accordance with hedge accounting. The interest rate swaps are 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 (Loss) (“OCI” or “OCL”, respectively) and reclassified into earnings in the period during which the hedged transactions affect earnings. The ineffective portion of gains and losses on interest rate swaps, if any, are recognized in current earnings. The assets and liabilities measured at fair value related to the Company’s interest rate swaps, excluding accrued interest, were as follows (in thousands): Balance Sheet Location July 1, December 31, June 25, Interest rate swaps (short-term portion) Other accrued expenses $ (56 ) $ (398 ) $ (1,237 ) Interest rate swaps (long-term portion) Other assets / (Other long-term liabilities) 3,105 3,215 (1,303 ) Total net assets (liabilities) $ 3,049 $ 2,817 $ (2,540 ) The offset to the interest rate swap asset or liability is recorded as a component of equity, net of deferred taxes, in Accumulated Other Comprehensive Income (Loss) (“AOCI” or “AOCL”, respectively), 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/AOCL, net of tax, related to the Company’s interest rate swaps (in thousands): July 1, December 31, June 25, Beginning fiscal year AOCI balance $ 1,392 $ — $ — Current fiscal period gain (loss) recognized in OCI (OCL) 129 1,392 (1,362 ) Amounts reclassified from AOCI (AOCL) into current fiscal period earnings — — — Other comprehensive gain (loss), net of tax 129 1,392 (1,362 ) Ending fiscal period AOCI (AOCL) balance $ 1,521 $ 1,392 $ (1,362 ) As of July 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 swaps 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 Company’s interest rate swaps (in thousands): Fiscal three months ended Fiscal six months ended Financial Statement Location July 1, June 25, July 1, June 25, Effective portion of (losses) gains recognized in (OCL) OCI during the period Other comprehensive (loss) income $ (250 ) $ 2,234 $ 211 $ 2,234 Amounts reclassified from AOCI (AOCL) into earnings Interest expense, net — — — — Ineffective portion of gains recognized in earnings during the period Interest expense, net 15 306 21 306 The following table summarizes the impact of taxes affecting AOCI/AOCL as a result of the Company’s interest rate swaps (in thousands): Fiscal three months ended Fiscal six months ended July 1, June 25, July 1, June 25, Income tax (benefit) expense of interest rate swaps on AOCI (AOCL) $ (98 ) $ (872 ) $ 82 $ (872 ) Credit-risk-related contingent features In accordance with the underlying interest rate swap agreements, 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 loans) 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 agreements at July 1, 2017 , it could have been required to post full collateral or settle its obligations under the Company’s interest rate swap agreements. However, as of July 1, 2017 , the Company had not breached any of these provisions or posted any collateral related to the underlying interest rate swap agreements. Further, as of July 1, 2017 , the net balance of each of the Company’s interest rate swaps were in a net asset position and therefore the Company would have no obligation upon default.

Treasury Stock

Treasury Stock	6 Months Ended
	Jul. 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 2.2 million and 0.1 million shares of common stock under the share repurchase program for a total cost of $133.6 million and $7.8 million during the second quarters of fiscal 2017 and fiscal 2016 , respectively. During the first six months of fiscal 2017 and fiscal 2016 , the Company repurchased 3.8 million and 1.3 million shares under the share repurchase program for a total cost of $248.1 million and $106.9 million , respectively. As of July 1, 2017 , the Company had remaining authorization under the share repurchase program of $1.0 billion , exclusive of any fees, commissions or other expenses.

Capital Stock and Dividends

Capital Stock and Dividends	6 Months Ended
	Jul. 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 six months of fiscal 2017 and 2016 , the Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid May 8, 2017 $ 0.27 May 22, 2017 June 6, 2017 February 8, 2017 $ 0.24 February 27, 2017 March 14, 2017 May 2, 2016 $ 0.24 May 16, 2016 June 1, 2016 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 August 7, 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 September 6, 2017 to stockholders of record as of the close of business on August 21, 2017 .

Income Taxes

Income Taxes	6 Months Ended
	Jul. 01, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes: The Company’s effective income tax rate increased to 37.0% in the second quarter of fiscal 2017 compared to 36.8% for the second quarter of fiscal 2016 . The increase is primarily due to the recognition of fewer state tax credits as well as an increase in nondeductible expenses. For the first six months of fiscal 2017 , the Company’s effective income tax rate decreased to 36.6% compared to 36.8% for the first six months of fiscal 2016 . The decrease in the effective income tax rate was primarily driven by net excess tax benefits associated with the settlement of share-based payment awards due to the adoption of ASU 2016-09 (as discussed in Note 13), partially offset by the recognition of fewer state tax credits in 2017 compared to 2016.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 01, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: Construction and Real Estate Commitments At July 1, 2017 , the Company had no material commitments related to construction projects extending greater than twelve months. Letters of Credit At July 1, 2017 , there were $44.3 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 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 and the Office of the District Attorney of Yolo County engaged in settlement discussions which resulted in the settlement of the matter. A consent decree reflecting the terms of settlement was filed with the Yolo County Superior Court on June 23, 2017. Under the settlement, the Company has agreed to pay a civil penalty and fund supplemental environmental projects furthering consumer protection and environmental enforcement in California. The civil penalty did not differ materially from the amount accrued. The cost of the settlement and the compliance with the consent decree will not have a material effect on our 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	6 Months Ended
	Jul. 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 table indicates the percentage of sales represented by each major product category during the fiscal three months and six months ended July 1, 2017 and June 25, 2016 : Fiscal three months ended Fiscal six months ended Product Category: July 1, June 25, July 1, June 25, Livestock and Pet 45 % 43 % 48 % 46 % Seasonal, Gift and Toy Products 23 24 20 20 Hardware, Tools and Truck 21 22 21 22 Agriculture 6 6 5 5 Clothing and Footwear 5 5 6 7 Total 100 % 100 % 100 % 100 %

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jul. 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 Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” 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. In May 2017, the FASB issued ASU 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.” This update provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity should account for the effects of a modification unless (a) the fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified, (b) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified or (c) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments in ASU 2017-09 are effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not been issued. The amendments in ASU 2017-09 should be applied prospectively to an award modified on or after the adoption date. The Company plans to adopt this guidance in the first quarter of fiscal 2018. The adoption of this guidance is not expected to have a material impact on our Consolidated Financial Statements and related disclosures.

Share Based Compensation (Table

Share Based Compensation (Tables)	6 Months Ended
	Jul. 01, 2017
Share-based Compensation [Abstract]
Stock Options	The following table summarizes information concerning stock option grants during the first six months of fiscal 2017 and 2016 : Fiscal six months ended July 1, June 25, Stock options granted 1,557,681 1,119,304 Weighted average exercise price $ 72.76 $ 86.34 Weighted average fair value per option $ 14.68 $ 19.61
Restricted Stock Units	The following table summarizes information concerning restricted stock unit grants during the first six months of fiscal 2017 and 2016 : Fiscal six months ended July 1, June 25, Restricted stock units granted 82,835 59,019 Weighted average fair value per share $ 66.70 $ 84.25

Acquisition of Petsense Purchas

Acquisition of Petsense Purchase Price Allocation (Tables)	6 Months Ended
	Jul. 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)	6 Months Ended
	Jul. 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 July 1, 2017 June 25, 2016 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 160,649 128,186 $ 1.25 $ 156,425 133,564 $ 1.17 Dilutive stock options and restricted stock units outstanding — 536 — — 998 (0.01 ) Diluted net income per share: $ 160,649 128,722 $ 1.25 $ 156,425 134,562 $ 1.16 Fiscal six months ended Fiscal six months ended July 1, 2017 June 25, 2016 Income Shares Per Share Amount Income Shares Per Share Amount Basic net income per share: $ 220,960 129,231 $ 1.71 $ 224,093 133,597 $ 1.68 Dilutive stock options and restricted stock units outstanding — 675 (0.01 ) — 1,038 (0.02 ) Diluted net income per share: $ 220,960 129,906 $ 1.70 $ 224,093 134,635 $ 1.66

Senior Credit Facility (Tables)

Senior Credit Facility (Tables)	6 Months Ended
	Jul. 01, 2017
Debt Disclosure [Abstract]
Schedule of Senior Credit Facility	The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions): July 1, December 31, June 25, Senior Credit Facility: February 2016 Term Loan $ 185.0 $ 190.0 $ 197.5 June 2017 Term Loan 100.0 — — Revolving Credit Loans 170.0 85.0 — Total Outstanding Borrowings 455.0 275.0 197.5 Less: Unamortized Debt Issuance Costs (1.3 ) (1.1 ) (1.3 ) Total Debt 453.7 273.9 196.2 Less: Current Portion of Long-Term Debt (20.0 ) (10.0 ) (10.0 ) Long-Term Debt $ 433.7 $ 263.9 $ 186.2 Outstanding Letters of Credit $ 44.3 $ 44.3 $ 50.5

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	6 Months Ended
	Jul. 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 swaps, excluding accrued interest, were as follows (in thousands): Balance Sheet Location July 1, December 31, June 25, Interest rate swaps (short-term portion) Other accrued expenses $ (56 ) $ (398 ) $ (1,237 ) Interest rate swaps (long-term portion) Other assets / (Other long-term liabilities) 3,105 3,215 (1,303 ) Total net assets (liabilities) $ 3,049 $ 2,817 $ (2,540 )
Derivative Instruments, Gain (Loss)	The following table summarizes the impact of taxes affecting AOCI/AOCL as a result of the Company’s interest rate swaps (in thousands): Fiscal three months ended Fiscal six months ended July 1, June 25, July 1, June 25, Income tax (benefit) expense of interest rate swaps on AOCI (AOCL) $ (98 ) $ (872 ) $ 82 $ (872 ) The following table summarizes the impact of pre-tax gains and losses derived from the Company’s interest rate swaps (in thousands): Fiscal three months ended Fiscal six months ended Financial Statement Location July 1, June 25, July 1, June 25, Effective portion of (losses) gains recognized in (OCL) OCI during the period Other comprehensive (loss) income $ (250 ) $ 2,234 $ 211 $ 2,234 Amounts reclassified from AOCI (AOCL) into earnings Interest expense, net — — — — Ineffective portion of gains recognized in earnings during the period Interest expense, net 15 306 21 306 The following table summarizes the changes in AOCI/AOCL, net of tax, related to the Company’s interest rate swaps (in thousands): July 1, December 31, June 25, Beginning fiscal year AOCI balance $ 1,392 $ — $ — Current fiscal period gain (loss) recognized in OCI (OCL) 129 1,392 (1,362 ) Amounts reclassified from AOCI (AOCL) into current fiscal period earnings — — — Other comprehensive gain (loss), net of tax 129 1,392 (1,362 ) Ending fiscal period AOCI (AOCL) balance $ 1,521 $ 1,392 $ (1,362 )

Capital Stock and Dividends (Ta

Capital Stock and Dividends (Tables)	6 Months Ended
	Jul. 01, 2017
Equity [Abstract]
Schedule of Dividends Payable	During the first six months of fiscal 2017 and 2016 , the Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid May 8, 2017 $ 0.27 May 22, 2017 June 6, 2017 February 8, 2017 $ 0.24 February 27, 2017 March 14, 2017 May 2, 2016 $ 0.24 May 16, 2016 June 1, 2016 February 3, 2016 $ 0.20 February 22, 2016 March 8, 2016

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jul. 01, 2017
Segment Reporting [Abstract]
Major Product Category	The following table indicates the percentage of sales represented by each major product category during the fiscal three months and six months ended July 1, 2017 and June 25, 2016 : Fiscal three months ended Fiscal six months ended Product Category: July 1, June 25, July 1, June 25, Livestock and Pet 45 % 43 % 48 % 46 % Seasonal, Gift and Toy Products 23 24 20 20 Hardware, Tools and Truck 21 22 21 22 Agriculture 6 6 5 5 Clothing and Footwear 5 5 6 7 Total 100 % 100 % 100 % 100 %

General (Details)

General (Details) $ in Millions	6 Months Ended
	Jun. 25, 2016USD ($)	Jul. 01, 2017state
Nature of business [Abstract]
Excess Tax Benefit from Share-based Compensation, Operating Activities | $	$ 10.3
Number of rural lifestyle retail stores operated by the company		1,790
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		1,630
Petsense stores [Domain]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company		160

Fair Value of Financial Instr28

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jul. 01, 2017	Dec. 31, 2016	Jun. 25, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Liability	$ 3,049	$ 2,817
Derivative Liability, Fair Value, Gross Liability			$ (2,540)
2016 Senior Credit Facility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured Debt	$ 455,000	$ 275,000	$ 197,500

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 01, 2017	Jul. 01, 2017	Jun. 25, 2016	Jul. 01, 2017	Jun. 25, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 7,522	$ 5,943	$ 15,079	$ 11,212
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted				1,557,681	1,119,304
Weighted average exercise price				$ 72.76	$ 86.34
Weighted average fair value per option				$ 14.68	$ 19.61
Total unrecognized compensation expense	$ 30,800	30,800		$ 30,800
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 4 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted				82,835	59,019
Weighted average fair value per share				$ 66.70	$ 84.25
Total unrecognized compensation expense	$ 7,300	$ 7,300		$ 7,300
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 8 months 9 days

Acquisition of Petsense (Detail

Acquisition of Petsense (Details) - USD ($) $ in Thousands	Jul. 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		6 Months Ended
	Jul. 01, 2017	Jun. 25, 2016	Jul. 01, 2017	Jun. 25, 2016
Basic net income per share:
Net income	$ 160,649	$ 156,425	$ 220,960	$ 224,093
Weighted average number of shares outstanding, basic	128,186	133,564	129,231	133,597
Net income per share – basic	$ 1.25	$ 1.17	$ 1.71	$ 1.68
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)	536	998	675	1,038
Dilutive stock options and restricted stock units outstanding, per share (in dollars per share)	$ 0	$ (0.01)	$ (0.01)	$ (0.02)
Net income	$ 160,649	$ 156,425	$ 220,960	$ 224,093
Weighted average number of shares outstanding, diluted	128,722	134,562	129,906	134,635
Net income per share, diluted (in dollars per share)	$ 1.25	$ 1.16	$ 1.70	$ 1.66
Antidilutive securities excluded from computation of earnings per share, amount	4,100	1,700	3,200	1,500

Senior Credit Facility - Credit

Senior Credit Facility - Credit Agreement (Details) - USD ($)	Jul. 01, 2017	Jun. 15, 2017	Dec. 31, 2016	Jun. 25, 2016	Feb. 19, 2016	Jul. 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	(1,300,000)		$ (1,100,000)	$ (1,300,000)		(1,300,000)
Unsecured debt, net of debt issuance costs	453,700,000		273,900,000	196,200,000		453,700,000
Unsecured Debt, Current	(20,000,000)		(10,000,000)	(10,000,000)		(20,000,000)
Long-term Debt, Excluding Current Maturities	433,676,000		263,850,000	186,212,000		433,676,000
Term Loan, Maximum Borrowing Capacity		$ 100,000,000			200,000,000
Letters of Credit Outstanding, Amount	$ 44,300,000		44,300,000	50,500,000		$ 44,300,000
Debt Instrument, Interest Rate, Stated Percentage - June 2017 Term Loan	1.00%					1.00%
Debt instrument, basis spread on variable rate	0.625%
Commitment fee for unused capacity	0.10%
Base Rate
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	4.25%					4.25%
London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	1.224%					1.224%
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%
February 2016 Term Loan [Member]
Line of Credit Facility [Line Items]
Term loan, Maximum Month End Outstanding Amount	$ 185,000,000		190,000,000	197,500,000		$ 185,000,000
Term Loan, Maximum Borrowing Capacity						$ 200,000,000
Debt Instrument, Maturity Date	Feb. 19, 2021
Due in years one and two February 2016 Term Loan [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Frequency of Periodic Payment						10
Due in years three through five February 2016 Term Loan [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Frequency of Periodic Payment						20
June 2017 Term Loan [Member]
Line of Credit Facility [Line Items]
Term loan, Maximum Month End Outstanding Amount	$ 100,000,000		0	0		$ 100,000,000
Term Loan, Maximum Borrowing Capacity						$ 100,000,000
Debt Instrument, Maturity Date	Jun. 15, 2022
Due in years one and two June 2017 Term Loan [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Frequency of Periodic Payment						5
Due in years three through five June 2017 Term Loan [Member] [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Frequency of Periodic Payment						10
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]
Swingline Loan, Maximum Borrowing Capacity					$ 30,000,000
2016 Senior Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Month-end Outstanding Amount	$ 170,000,000		85,000,000	0
Unsecured Debt	455,000,000		$ 275,000,000	$ 197,500,000		$ 455,000,000
Compensating Balance, Amount	$ 0					$ 0
Debt Instrument, Covenant Compliance	all
Number of Financial Covenants [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Covenant Description						2
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 Swaps (Details)

Interest Rate Swaps (Details) - USD ($) $ in Thousands	Jul. 01, 2017	Jun. 30, 2017	Mar. 31, 2016	Jul. 01, 2017	Jun. 25, 2016	Jul. 01, 2017	Jun. 25, 2016	Dec. 31, 2016	Dec. 26, 2015
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Liability	$ 3,049			$ 3,049		$ 3,049		$ 2,817
Derivative Liability, Fair Value, Gross Liability					$ (2,540)		$ (2,540)
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion				(250)
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion					2,234	211	2,234
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax				0	0			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	100
Fair Value, Option, Changes in Fair Value, Gain (Loss)					(1,362)	129		1,392
Other Comprehensive Income (Loss), Net of Tax				(152)	(1,362)	129	(1,362)	1,392
Accumulated Other Comprehensive Income (Loss), Net of Tax	1,521			1,521	(1,362)	1,521	(1,362)	1,392
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing				15	306	21	306
Assets Needed for Immediate Settlement, Aggregate Fair Value	0			0		0
Interest Rate Swap Long Term Portion [Member]
Derivative [Line Items]
Other Short-term Borrowings					(1,000)		(1,000)
Derivative Asset	3,105			3,105		3,105		3,215
Interest Rate Swap Short Term Portion [Member]
Derivative [Line Items]
Other Short-term Borrowings					$ (1,000)		$ (1,000)	(398)
Derivative Asset	$ (56)			(56)		(56)
Beginning Balance [Member]
Derivative [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax								$ 1,392	$ 0
Term Loan 1 [Member]
Derivative [Line Items]
Interest Rate Swap Inception Date			Mar. 31, 2016
Interest Rate Swap Maturity Date	Feb. 19, 2021
Derivative Liability, Notional Amount	$ 185,000		$ 197,500	185,000		185,000
Term Loan 2 [Member]
Derivative [Line Items]
Interest Rate Swap Inception Date		Jun. 30, 2017
Interest Rate Swap Maturity Date	Jun. 15, 2022
Derivative Liability, Notional Amount	$ 100,000	$ 100,000		$ 100,000		$ 100,000

Interest Rate Swaps Estimated A

Interest Rate Swaps Estimated Amount to be Reclassified into Earnings Next 12 Months (Details) - USD ($) $ in Thousands	Jul. 01, 2017	Jul. 01, 2017	Jun. 25, 2016	Jul. 01, 2017	Jun. 25, 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		$ (250)
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion			$ 2,234	$ 211	$ 2,234
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	$ 1,521	$ 1,521	$ (1,362)	$ 1,521	$ (1,362)	$ 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 Swaps Schedule of

Interest Rate Swaps Schedule of Changes in AOCL Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 01, 2017	Jun. 25, 2016	Jul. 01, 2017	Jun. 25, 2016	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion	$ 250
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion		$ 2,234	$ 211	$ 2,234
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	0	0	0	0
Other Comprehensive Income (Loss), Net of Tax	(152)	(1,362)	129	(1,362)	$ 1,392
Ending fiscal year AOCI balance	$ 1,521	$ (1,362)	$ 1,521	$ (1,362)	$ 1,392

Interest Rate Swaps Tax Impact

Interest Rate Swaps Tax Impact of Derivative Liability on Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2017	Jun. 25, 2016	Jul. 01, 2017	Jun. 25, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	$ (98)	$ (872)	$ 82	$ (872)

Interest Rate Swaps Reclassific

Interest Rate Swaps Reclassification from AOCI to Income (Details) $ in Millions	Jul. 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 Swaps Ending Fisc

Interest Rate Swaps Ending Fiscal Period AOCL Balance (Details) - USD ($) $ in Thousands	Jul. 01, 2017	Dec. 31, 2016	Jun. 25, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 1,521	$ 1,392	$ (1,362)

Interest Rate Swaps Effective D

Interest Rate Swaps Effective Date of Interest Rate Swap Agreement (Details)	Mar. 31, 2016
Term Loan 1 [Member]
Derivative [Line Items]
Derivative, Inception Date	Mar. 31, 2016

Treasury Stock (Details)

Treasury Stock (Details) - USD ($) shares in Millions	Jul. 01, 2017	Jul. 01, 2017	Jun. 25, 2016	Jul. 01, 2017	Jun. 25, 2016
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]
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		2.2	0.1	3.8	1.3
Payments for repurchase of common stock		$ 133,600,000	$ 7,803,000	$ 248,147,000	$ 106,905,000
Remaining authorization under the share repurchase program	$ 990,943,666	$ 990,943,666		$ 990,943,666

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) - shares	Jul. 01, 2017	Dec. 31, 2016	Jun. 25, 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	Aug. 07, 2017	May 08, 2017	Feb. 08, 2017	May 02, 2016	Feb. 03, 2016	Jul. 01, 2017	Jun. 25, 2016	Jul. 01, 2017	Jun. 25, 2016
Dividends
Common Stock, Dividends, Per Share, Declared		$ 0.27	$ 0.24	$ 0.24	$ 0.20	$ 0.27	$ 0.24	$ 0.51	$ 0.44
Subsequent Event
Dividends
Common Stock, Dividends, Per Share, Declared	$ 0.27

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jul. 01, 2017	Jun. 25, 2016	Jul. 01, 2017	Jun. 25, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate	37.00%	36.80%	36.60%	36.80%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jul. 01, 2017	Dec. 31, 2016	Jun. 25, 2016
Commitments and Contingencies Disclosure [Abstract]
Purchase Obligation, Due Second Year	$ 0
Letters of Credit Outstanding, Amount	$ 44,300	$ 44,300	$ 50,500

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended		6 Months Ended
	Jul. 01, 2017	Jun. 25, 2016	Jul. 01, 2017	Jun. 25, 2016
Revenue from External Customer [Line Items]
Percentage of sales	100.00%	100.00%	100.00%	100.00%
Livestock and Pet
Revenue from External Customer [Line Items]
Percentage of sales	45.00%	43.00%	48.00%	46.00%
Hardware, Tools and Truck
Revenue from External Customer [Line Items]
Percentage of sales	21.00%	22.00%	21.00%	22.00%
Seasonal, Gift and Toy Products
Revenue from External Customer [Line Items]
Percentage of sales	23.00%	24.00%	20.00%	20.00%
Clothing and Footwear
Revenue from External Customer [Line Items]
Percentage of sales	5.00%	5.00%	6.00%	7.00%
Agriculture
Revenue from External Customer [Line Items]
Percentage of sales	6.00%	6.00%	5.00%	5.00%

Segment Reporting Number of Rep

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