Tractor Supply (TSCO) 10-Q 9 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 28, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	TRACTOR SUPPLY CO /DE/
Entity Central Index Key	916,365
Current Fiscal Year End Date	--12-29
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		121,804,677
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 30, 2017	Jul. 01, 2017
Current assets:
Cash and cash equivalents	$ 69,954	$ 109,148	$ 67,793
Inventories	1,632,280	1,453,208	1,468,254
Prepaid expenses and other current assets	103,379	88,252	90,409
Income taxes receivable	5,115	4,760	4,066
Total current assets	1,810,728	1,655,368	1,630,522
Property and equipment:
Land	100,564	99,336	99,267
Buildings and improvements	1,072,866	1,037,730	995,716
Furniture, fixtures and equipment	619,284	605,957	584,275
Computer software and hardware	290,599	266,898	243,577
Construction in progress	125,945	83,816	48,521
Property and equipment, gross	2,209,258	2,093,737	1,971,356
Accumulated depreciation and amortization	(1,127,715)	(1,049,234)	(988,998)
Property and equipment, net	1,081,543	1,044,503	982,358
Goodwill and other intangible assets	124,492	124,492	125,717
Deferred income taxes	20,741	18,494	52,960
Other assets	29,902	25,912	24,015
Total assets	3,067,406	2,868,769	2,815,572
Current liabilities:
Accounts payable	649,665	576,568	510,820
Accrued employee compensation	22,758	31,673	14,264
Other accrued expenses	205,352	201,656	184,829
Current portion of long-term debt	25,000	25,000	20,000
Current portion of capital lease obligations	3,714	3,545	3,418
Income taxes payable	34,997	10,772	73,157
Total current liabilities	941,486	849,214	806,488
Long-term debt	516,410	401,069	433,676
Capital lease obligations, less current maturities	30,639	32,617	33,860
Deferred rent	107,827	105,906	102,525
Other long-term liabilities	65,002	61,290	56,457
Total liabilities	1,661,364	1,450,096	1,433,006
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 June 30, 2018, December 30, 2017 and July 1, 2017; 170,728, 170,375 and 170,184 shares issued; 121,811, 125,303 and 127,231 shares outstanding at June 30, 2018, December 30, 2017 and July 1, 2017, respectively	1,366	1,363	1,361
Additional paid-in capital	746,410	716,228	693,775
Treasury stock – at cost, 48,917, 45,072 and 42,953 shares at June 30, 2018, December 30, 2017 and July 1, 2017, respectively	(2,383,446)	(2,130,901)	(2,009,645)
Accumulated other comprehensive income	5,742	3,358	1,521
Retained earnings	3,035,970	2,828,625	2,695,554
Total stockholders’ equity	1,406,042	1,418,673	1,382,566
Total liabilities and stockholders’ equity	$ 3,067,406	$ 2,868,769	$ 2,815,572

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 30, 2017	Jul. 01, 2017
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)	170,728,000	170,375,000	170,184,000
Common stock, shares outstanding (in shares)	121,811,000	125,303,000	127,231,000
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)	48,917,000	45,072,000	42,953,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Income Statement [Abstract]
Net sales	$ 2,213,249	$ 2,017,762	$ 3,896,150	$ 3,581,840
Cost of merchandise sold	1,443,835	1,313,054	2,563,087	2,358,929
Gross profit	769,414	704,708	1,333,063	1,222,911
Selling, general and administrative expenses	452,346	405,736	878,459	787,850
Depreciation and amortization	43,610	41,047	86,397	80,774
Operating income	273,458	257,925	368,207	354,287
Interest expense, net	4,978	3,092	9,446	5,869
Income before income taxes	268,480	254,833	358,761	348,418
Income tax expense	61,191	94,184	80,039	127,458
Net income	$ 207,289	$ 160,649	$ 278,722	$ 220,960
Net income per share – basic	$ 1.70	$ 1.25	$ 2.26	$ 1.71
Net income per share – diluted	$ 1.69	$ 1.25	$ 2.25	$ 1.70
Weighted average shares outstanding:
Basic	122,100	128,186	123,288	129,231
Diluted	122,775	128,722	123,975	129,906
Dividends declared per common share outstanding	$ 0.31	$ 0.27	$ 0.58	$ 0.51

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 207,289	$ 160,649	$ 278,722	$ 220,960
Change in fair value of interest rate swaps, net of taxes	552	(152)	2,384	129
Total other comprehensive income (loss)	552	(152)	2,384	129
Total comprehensive income	$ 207,841	$ 160,497	$ 281,106	$ 221,089

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017
Cash flows from operating activities:
Net income	$ 278,722	$ 220,960
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	86,397	80,774
Loss on disposition of property and equipment	623	198
Share-based compensation expense	16,409	15,079
Deferred income taxes	(2,247)	(7,742)
Change in assets and liabilities:
Inventories	(179,072)	(98,598)
Prepaid expenses and other current assets	(15,127)	148
Accounts payable	73,097	(8,702)
Accrued employee compensation	(8,915)	(10,982)
Other accrued expenses	(3,884)	(33,895)
Income taxes	23,870	67,289
Other	4,141	2,979
Net cash provided by operating activities	274,014	227,508
Cash flows from investing activities:
Capital expenditures	(116,695)	(96,610)
Proceeds from sale of property and equipment	288	10,781
Net cash used in investing activities	(116,407)	(85,829)
Cash flows from financing activities:
Borrowings under debt facilities	673,000	578,000
Repayments under debt facilities	(557,500)	(398,000)
Debt issuance costs	(346)	(313)
Principal payments under capital lease obligations	(1,809)	(669)
Repurchase of shares to satisfy tax obligations	(569)	(653)
Repurchase of common stock	(252,545)	(248,147)
Net proceeds from issuance of common stock	14,345	7,835
Cash dividends paid to stockholders	(71,377)	(65,855)
Net cash used in financing activities	(196,801)	(127,802)
Net change in cash and cash equivalents	(39,194)	13,877
Cash and cash equivalents at beginning of period	109,148	53,916
Cash and cash equivalents at end of period	69,954	67,793
Cash paid during the period for:
Interest	6,337	5,218
Income taxes	58,949	67,752
Supplemental disclosures of non-cash activities:
Property and equipment acquired through capital lease	0	10,734
Non-cash accruals for construction in progress	$ 16,227	$ 15,377

General

General	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General: Nature of Business Founded in 1938, Tractor Supply Company (the “Company” or “we” or “our”) is the largest operator of rural lifestyle retail stores in the United States (“U.S.”). The Company is focused on supplying the needs of recreational farmers and ranchers and those who enjoy the rural lifestyle (which we refer to as the “ Out Here ” lifestyle), as well as tradesmen and small businesses. Stores are located in towns outlying major metropolitan markets and in rural communities. The Company also owns and operates Petsense LLC (“Petsense”), a small-box pet specialty supply retailer focused on meeting the needs of pet owners, primarily in small and mid-sized communities, and offering a variety of pet products and services. At June 30, 2018 , the Company operated a total of 1,899 retail stores in 49 states ( 1,725 Tractor Supply and Del’s retail stores and 174 Petsense retail stores) and also offered an expanded assortment of products online at TractorSupply.com and Petsense.com . 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 (“SEC”). 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 30, 2017 . 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 2018, the Company adopted accounting guidance that allowed for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act (the “TCJA”) as discussed in Note 12. This guidance was applied retrospectively, which resulted in the reclassification of $0.6 million from accumulated other comprehensive income to retained earnings in the Condensed Consolidated Balance Sheet as of December 30, 2017 . No other periods presented were affected by the adoption of this accounting guidance.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2018
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 $543.0 million in borrowings under its debt facilities (as discussed in Note 5) at June 30, 2018 , $427.5 million in borrowings at December 30, 2017 , and $455.0 million in borrowings at July 1, 2017 . Based on market interest rates (Level 2 inputs), the carrying value of borrowings in our debt facilities 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 6, the fair value of the interest rate swaps, excluding accrued interest, was an $8.4 million asset at June 30, 2018 , a $5.2 million asset at December 30, 2017 and a $3.0 million asset at July 1, 2017 .

Share Based Compensation

Share Based Compensation	6 Months Ended
	Jun. 30, 2018
Share-based Compensation [Abstract]
Share Based Compensation	Share-Based Compensation: Share-based compensation includes stock options, restricted stock units, performance-based restricted share 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 stock options, restricted stock units and performance-based restricted share unit awards plus a discount on shares purchased by employees as a part of the ESPP. In fiscal 2018 and 2017, there were no significant modifications to the Company’s share-based compensation plans prior to May 10, 2018, when the Company’s shareholders approved the 2018 Omnibus Incentive Plan (the “2018 Plan”) replacing the 2009 Stock Incentive Plan. Following the adoption of the 2018 Plan, no further grants may be made under the 2009 Stock Incentive Plan. The maximum number of shares of common stock with respect to which awards may be granted under the 2018 Plan is 12,562,318 . Under our 2018 Plan, awards may be granted to officers, non-employee directors, other employees and independent contractors. The per share exercise price of options granted shall not be less than the fair market value of the stock on the date of grant and such awards will expire no later than ten years from the date of grant. Vesting of awards commences at various anniversary dates following the dates of grant and certain awards will vest only upon established performance conditions being met. For the second quarters of fiscal 2018 and 2017 , share-based compensation expense was $7.8 million and $7.5 million , respectively, and $16.4 million and $15.1 million for the first six months of fiscal 2018 and 2017 , respectively. Stock Options The following table summarizes information concerning stock option grants during the first six months of fiscal 2018 and 2017 : Fiscal six months ended June 30, July 1, Stock options granted 664,686 1,557,681 Weighted average exercise price $ 67.27 $ 72.76 Weighted average grant date fair value per option $ 14.86 $ 14.68 As of June 30, 2018 , total unrecognized compensation expense related to non-vested stock options was approximately $18.8 million with a remaining weighted average expense recognition period of 1.9 years. Restricted Stock Units and Performance-Based Restricted Share Units The following table summarizes information concerning restricted stock unit and performance-based restricted share unit grants during the first six months of fiscal 2018 and 2017 : Fiscal six months ended June 30, July 1, Restricted stock units granted 298,249 82,835 Performance-based restricted share units granted 39,330 — Weighted average grant date fair value per share $ 63.37 $ 66.70 During the first quarter of fiscal 2018 , the Company granted awards that are subject to the achievement of specified performance goals. The performance metrics for the units are growth in net sales and growth in earnings per diluted share. The number of performance-based restricted share units presented in the foregoing table represent the shares that can be achieved at the performance metric target value. The actual number of shares that will be issued under the performance share awards, which may be higher or lower than the target, will be determined by the level of achievement of the performance goals. If the performance targets are achieved, the units will be issued based on the achievement level and the grant date fair value and vest on a pro rata basis over a three-year period. As of June 30, 2018 , total unrecognized compensation expense related to non-vested restricted stock units and non-vested performance-based restricted share units was approximately $18.5 million with a remaining weighted average expense recognition period of 2.4 years.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 30, 2018
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 share-based awards. Performance-based restricted share units are included in diluted shares only if the related performance conditions are considered satisfied as of the end of the reporting period. Net income per share is calculated as follows (in thousands, except per share amounts): Fiscal three months ended Fiscal three months ended June 30, 2018 July 1, 2017 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 207,289 122,100 $ 1.70 $ 160,649 128,186 $ 1.25 Dilutive effect of share-based awards — 675 (0.01 ) — 536 — Diluted net income per share: $ 207,289 122,775 $ 1.69 $ 160,649 128,722 $ 1.25 Fiscal six months ended Fiscal six months ended June 30, 2018 July 1, 2017 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 278,722 123,288 $ 2.26 $ 220,960 129,231 $ 1.71 Dilutive effect of share-based awards — 687 (0.01 ) — 675 (0.01 ) Diluted net income per share: $ 278,722 123,975 $ 2.25 $ 220,960 129,906 $ 1.70 Anti-dilutive stock options excluded from the above calculations totaled approximately 3.8 million and 4.1 million shares for the three months ended June 30, 2018 and July 1, 2017 , respectively, and 3.7 million and 3.2 million shares for the fiscal six months ended June 30, 2018 and July 1, 2017 , respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	Debt: The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions): June 30, December 30, July 1, Senior Notes $ 150.0 $ 150.0 $ — Senior Credit Facility: February 2016 Term Loan 170.0 180.0 185.0 June 2017 Term Loan 95.0 97.5 100.0 Revolving credit loans 128.0 — 170.0 Total outstanding borrowings 543.0 427.5 455.0 Less: unamortized debt issuance costs (1.6 ) (1.4 ) (1.3 ) Total debt 541.4 426.1 453.7 Less: current portion of long-term debt (25.0 ) (25.0 ) (20.0 ) Long-term debt $ 516.4 $ 401.1 $ 433.7 Outstanding letters of credit $ 39.9 $ 39.6 $ 44.3 Senior Notes On August 14, 2017, the Company entered into a note purchase and private shelf agreement (the “Note Purchase Agreement”), pursuant to which the Company agreed to sell $150 million aggregate principal amount of senior unsecured notes due August 14, 2029 (the “2029 Notes”) in a private placement. The 2029 Notes bear interest at 3.70% per annum with interest payable semi-annually in arrears on each annual and semi-annual anniversary of the issuance date. The obligations under the Note Purchase Agreement are unsecured, but guaranteed by each of the Company’s material subsidiaries. The Company may from time to time issue and sell additional senior unsecured notes (the “Shelf Notes”) pursuant to the Note Purchase Agreement, in an aggregate principal amount of up to $150 million . The Shelf Notes will have a maturity date of no more than 12 years after the date of original issuance and may be issued through August 14, 2020 , unless earlier terminated in accordance with the terms of the Note Purchase Agreement. Pursuant to the Note Purchase Agreement, the 2029 Notes and any Shelf Notes (collectively, the "Notes") are redeemable by the Company, in whole at any time or in part from time to time, at 100% of the principal amount of the Notes being redeemed, together with accrued and unpaid interest thereon and a make whole amount calculated by discounting all remaining scheduled payments on the Notes by the yield on the U.S. Treasury security with a maturity equal to the remaining average life of the Notes plus 0.50% . 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 (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. On February 16, 2018, the maturity date was extended from February 19, 2021 to February 19, 2022. 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 . 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 through the maturity date, with the remaining balance due in full on the maturity date of February 19, 2022 . 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 the maturity date, 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 ( 5.000% at June 30, 2018 ) or the London Inter-Bank Offer Rate (“LIBOR”) ( 2.090% at June 30, 2018 ) plus an additional amount ranging from 0.500% to 1.125% per annum ( 0.750% at June 30, 2018 ), 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 June 30, 2018 ), 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 ( 5.000% at June 30, 2018 ) or LIBOR ( 2.090% at June 30, 2018 ) plus an additional 1.000% per annum. As further described in Note 6, the Company has entered into interest rate swap agreements in order to hedge our exposure to variable rate interest payments associated with each of the term loans under the 2016 Senior Credit Facility. 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. Covenants and Default Provisions of the Debt Agreements The 2016 Senior Credit Facility and the Note Purchase Agreement (collectively, the “Debt Agreements”) require 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 to 1.0 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 to 1.0 as of the last day of each fiscal quarter. The Debt Agreements also contain certain other restrictions regarding additional indebtedness, capital expenditures, business operations, guarantees, investments, mergers, consolidations and sales of assets, prepayment of debts, transactions with subsidiaries or affiliates, and liens. As of June 30, 2018 , the Company was in compliance with all debt covenants. The Debt Agreements contain customary events of default, including payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to other material indebtedness, certain events of bankruptcy and insolvency, material judgments, certain ERISA events and invalidity of loan documents. Upon certain changes of control, payment under the Debt Agreements could become due and payable. In addition, under the Note Purchase Agreement, upon an event of default or change of control, the make whole payment described above may become due and payable. The Note Purchase Agreement also requires that, in the event the Company amends its 2016 Senior Credit Facility, or any subsequent credit facility of $100 million or greater, such that it contains covenant or default provisions that are not provided in the Note Purchase Agreement or that are similar to those contained in the Note Purchase Agreement but which contain percentages, amounts, formulas or grace periods that are more restrictive than those set forth in the Note Purchase Agreement or are otherwise more beneficial to the lenders thereunder, the Note Purchase Agreement shall be automatically amended to include such additional or amended covenants and/or default provisions.

Interest Rate Swaps

Interest Rate Swaps	6 Months Ended
	Jun. 30, 2018
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 5, up to the maturity date of the interest rate swap agreement on February 19, 2021. As of June 30, 2018 , the notional amount of the interest rate swap was $170.0 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 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 5. As of June 30, 2018 , the notional amount of the interest rate swap was $95.0 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 (“OCI”) 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 June 30, December 30, July 1, Interest rate swaps (short-term portion) Other current assets / (Other accrued expenses) $ 2,533 $ 900 $ (56 ) Interest rate swaps (long-term portion) Other assets 5,871 4,252 3,105 Total net assets $ 8,404 $ 5,152 $ 3,049 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 (“AOCI”), 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 swaps (in thousands): June 30, December 30, July 1, Beginning fiscal year AOCI balance $ 3,358 $ 1,392 $ 1,392 Current fiscal period gain recognized in OCI 2,384 1,371 129 Reclassification of stranded tax effects to retained earnings (a) — 595 — Other comprehensive gain, net of tax 2,384 1,966 129 Ending fiscal period AOCI balance $ 5,742 $ 3,358 $ 1,521 (a) AOCI for the period ended December 30, 2017 has been adjusted from previously reported amounts as a result of the adoption of ASU 2018-02 as discussed in Notes 1 and 12. As of June 30, 2018 , the estimated pre-tax portion of AOCI that is expected to be reclassified into earnings over the next twelve months is $2.5 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 June 30, July 1, June 30, July 1, Effective portion of gains (losses) recognized in OCI during the period Other comprehensive income (loss) $ 737 $ (250 ) $ 3,205 $ 211 Ineffective portion of gains recognized in earnings during the period Interest expense, net 19 15 47 21 The following table summarizes the impact of taxes affecting AOCI as a result of the Company’s interest rate swaps (in thousands): Fiscal three months ended Fiscal six months ended June 30, July 1, June 30, July 1, Income tax expense (benefit) of interest rate swaps on AOCI $ 185 $ (98 ) $ 821 $ 82 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 June 30, 2018 , it could have been required to post full collateral or settle its obligations under the Company’s interest rate swap agreements. However, as of June 30, 2018 , the Company had not breached any of these provisions or posted any collateral related to the underlying interest rate swap agreements. Further, as of June 30, 2018 , 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.

Capital Stock and Dividends

Capital Stock and Dividends	6 Months Ended
	Jun. 30, 2018
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 thousand 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 2018 and 2017 , the Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid May 9, 2018 $ 0.31 May 29, 2018 June 12, 2018 February 7, 2018 $ 0.27 February 26, 2018 March 13, 2018 May 8, 2017 $ 0.27 May 22, 2017 June 6, 2017 February 8, 2017 $ 0.24 February 27, 2017 March 14, 2017 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 that the Board of Directors deems relevant. On August 8, 2018 , the Company’s Board of Directors declared a quarterly cash dividend of $0.31 per share of the Company’s outstanding common stock. The dividend will be paid on September 11, 2018 , to stockholders of record as of the close of business on August 27, 2018 .

Treasury Stock

Treasury Stock	6 Months Ended
	Jun. 30, 2018
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 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 1.5 million and 2.2 million shares of common stock under the share repurchase program for a total cost of $95.1 million and $133.6 million during the second quarters of fiscal 2018 and fiscal 2017 , respectively. The Company repurchased approximately 3.8 million shares under the share repurchase program during the first six months of both fiscal 2018 and fiscal 2017 for a total cost of $252.5 million and $248.1 million , respectively. As of June 30, 2018 , the Company had remaining authorization under the share repurchase program of $0.62 billion , exclusive of any fees, commissions or other expenses.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes: The Company’s effective income tax rate decreased to 22.8% in the second quarter of fiscal 2018 compared to 37.0% for the second quarter of fiscal 2017 . For the first six months of fiscal 2018 , the effective income tax rate decreased to 22.3% compared to 36.6% for the first six months of fiscal 2017 . The decrease for the second quarter and first six months of fiscal 2018 compared to the second quarter and first six months of fiscal 2017 was due primarily to the effect of the TCJA, which was signed into law in December 2017. In addition, income taxes were further reduced in the second quarter and first six months of fiscal 2018 by the realization of discrete federal and state tax credits. Under the provisions of the TCJA, the U.S. corporate federal income tax rate decreased from 35% to 21% effective for tax years beginning after December 31, 2017. The Company made a reasonable estimate of the effects on our existing deferred tax balances as of December 30, 2017, and recognized a provisional expense amount of $4.9 million , which was included as a component of income tax expense from continuing operations for fiscal 2017. The Company will recognize any changes to this provisional amount as we refine our estimates of our cumulative temporary differences and interpretations of guidance related to the application of the TCJA.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: Construction and Real Estate Commitments At June 30, 2018 , the Company had contractual commitments of approximately $30.0 million related to the ongoing construction of its new distribution center in Frankfort, New York. There were no material commitments related to real estate or construction projects extending greater than twelve months. Letters of Credit At June 30, 2018 , there were $39.9 million of outstanding letters of credit under the 2016 Senior Credit Facility. Litigation The Company is involved in various litigation matters arising in the ordinary course of business. The Company believes that any estimated loss related to such matters has been adequately provided for in accrued liabilities, to the extent probable and reasonably estimable. Accordingly, the Company currently expects these matters will be resolved without material adverse effect on its consolidated financial position, results of operations or cash flows.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2018
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 net sales represented by each major product category during the fiscal three months and six months ended June 30, 2018 and July 1, 2017 : Fiscal three months ended Fiscal six months ended Product Category: June 30, July 1, June 30, July 1, Livestock and Pet 44 % 45 % 48 % 48 % Seasonal, Gift and Toy Products 24 23 21 20 Hardware, Tools and Truck 21 21 21 21 Agriculture 6 6 4 5 Clothing and Footwear 5 5 6 6 Total 100 % 100 % 100 % 100 %

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2018
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 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 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 adopted this guidance in the first quarter of fiscal 2018 using the modified retrospective transition method. Based on an evaluation of the standard as a whole, the Company identified customer incentives and principal versus agent considerations as the areas that were principally affected by the new revenue recognition guidance. The adoption of this guidance did not have a material impact on our 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 and (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 adopted this guidance in the first quarter of fiscal 2018. The adoption of this guidance did not have a material impact on our Consolidated Financial Statements and related disclosures. In February 2018, the FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the TCJA. This guidance is effective for all entities for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. The amendments in ASU 2018-02 should be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the TCJA is recognized. The Company adopted this guidance in the first quarter of fiscal 2018 using a retrospective application, which resulted in the reclassification of $0.6 million from accumulated other comprehensive income to retained earnings in the Consolidated Balance Sheet as of December 30, 2017. No other periods presented were affected by the adoption of this accounting guidance. In March 2018, the FASB issued ASU 2018-05, “Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118.” The new guidance provides SEC Staff views on income tax accounting implications of the TCJA signed into law in December 2017. The guidance clarifies the measurement period timeframe, changes in subsequent reporting periods and reporting requirements as a result of the TCJA. The Company adopted this guidance in the first quarter of fiscal 2018. As further discussed in Note 9, the Company recorded a provisional impact of the TCJA in fiscal 2017 and will recognize any changes to this provisional amount as we refine our estimates of our cumulative temporary differences and interpretations of guidance related to the application of the TCJA. The adoption of this guidance has not had, nor is expected to have, a material impact on our Consolidated Financial Statements and related disclosures. New Accounting Pronouncements Not Yet Adopted 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. In January 2018, the FASB issued ASU 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842.” This update permits an entity to elect an optional transition practical expedient to not evaluate land easements that exist or expired before the entity’s adoption of ASU 2016-02 and that were not accounted for as leases under previous lease guidance. In July 2018, ASU 2018-10, “Codification Improvements to Topic 842, Leases,” was issued to provide more detailed guidance and additional clarification for implementing ASU 2016-02. Furthermore, in July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which provides an optional transition method in addition to the existing modified retrospective transition method by allowing a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. These new leasing standards are effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. The Company intends to adopt this guidance in the first quarter of fiscal 2019 using the optional transition method provided by ASU 2018-11. The Company is currently evaluating the impact that adoption of this guidance will have on its Consolidated Financial Statements and related disclosures but expects the guidance to have a material impact on its Consolidated Balance Sheet as a result of the requirement to recognize right-of-use assets and lease liabilities. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” which amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in the financial statements. This update expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. Additionally, the amendments in ASU 2017-12 provide new guidance about income statement classification and eliminates the requirement to separately measure and report hedge ineffectiveness. This guidance is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. The amendments in ASU 2017-12 require that an entity with cash flow or net investment hedges existing at the date of adoption apply a cumulative-effect adjustment to eliminate the separate measurement of ineffectiveness to the opening balance of retained earnings as of the beginning of the fiscal year in which the entity adopts this guidance. The amended presentation and disclosure guidance should be adopted prospectively. The Company is currently assessing the impact that adoption of this guidance will have on its Consolidated Financial Statements and related disclosures. In June 2018, the FASB issued ASU 2018-07, “Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. This guidance is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its Consolidated Financial Statements and related disclosures.

Share Based Compensation (Table

Share Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
Share-based Compensation [Abstract]
Stock Options	The following table summarizes information concerning stock option grants during the first six months of fiscal 2018 and 2017 : Fiscal six months ended June 30, July 1, Stock options granted 664,686 1,557,681 Weighted average exercise price $ 67.27 $ 72.76 Weighted average grant date fair value per option $ 14.86 $ 14.68
Restricted Stock Units	The following table summarizes information concerning restricted stock unit and performance-based restricted share unit grants during the first six months of fiscal 2018 and 2017 : Fiscal six months ended June 30, July 1, Restricted stock units granted 298,249 82,835 Performance-based restricted share units granted 39,330 — Weighted average grant date fair value per share $ 63.37 $ 66.70

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 July 1, 2017 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 207,289 122,100 $ 1.70 $ 160,649 128,186 $ 1.25 Dilutive effect of share-based awards — 675 (0.01 ) — 536 — Diluted net income per share: $ 207,289 122,775 $ 1.69 $ 160,649 128,722 $ 1.25 Fiscal six months ended Fiscal six months ended June 30, 2018 July 1, 2017 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 278,722 123,288 $ 2.26 $ 220,960 129,231 $ 1.71 Dilutive effect of share-based awards — 687 (0.01 ) — 675 (0.01 ) Diluted net income per share: $ 278,722 123,975 $ 2.25 $ 220,960 129,906 $ 1.70

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions): June 30, December 30, July 1, Senior Notes $ 150.0 $ 150.0 $ — Senior Credit Facility: February 2016 Term Loan 170.0 180.0 185.0 June 2017 Term Loan 95.0 97.5 100.0 Revolving credit loans 128.0 — 170.0 Total outstanding borrowings 543.0 427.5 455.0 Less: unamortized debt issuance costs (1.6 ) (1.4 ) (1.3 ) Total debt 541.4 426.1 453.7 Less: current portion of long-term debt (25.0 ) (25.0 ) (20.0 ) Long-term debt $ 516.4 $ 401.1 $ 433.7 Outstanding letters of credit $ 39.9 $ 39.6 $ 44.3

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	6 Months Ended
	Jun. 30, 2018
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 June 30, December 30, July 1, Interest rate swaps (short-term portion) Other current assets / (Other accrued expenses) $ 2,533 $ 900 $ (56 ) Interest rate swaps (long-term portion) Other assets 5,871 4,252 3,105 Total net assets $ 8,404 $ 5,152 $ 3,049
Derivative Instruments, Gain (Loss)	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 June 30, July 1, June 30, July 1, Effective portion of gains (losses) recognized in OCI during the period Other comprehensive income (loss) $ 737 $ (250 ) $ 3,205 $ 211 Ineffective portion of gains recognized in earnings during the period Interest expense, net 19 15 47 21 The following table summarizes the changes in AOCI, net of tax, related to the Company’s interest rate swaps (in thousands): June 30, December 30, July 1, Beginning fiscal year AOCI balance $ 3,358 $ 1,392 $ 1,392 Current fiscal period gain recognized in OCI 2,384 1,371 129 Reclassification of stranded tax effects to retained earnings (a) — 595 — Other comprehensive gain, net of tax 2,384 1,966 129 Ending fiscal period AOCI balance $ 5,742 $ 3,358 $ 1,521 The following table summarizes the impact of taxes affecting AOCI as a result of the Company’s interest rate swaps (in thousands): Fiscal three months ended Fiscal six months ended June 30, July 1, June 30, July 1, Income tax expense (benefit) of interest rate swaps on AOCI $ 185 $ (98 ) $ 821 $ 82

Capital Stock and Dividends (Ta

Capital Stock and Dividends (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Schedule of Dividends Payable	During the first six months of fiscal 2018 and 2017 , the Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid May 9, 2018 $ 0.31 May 29, 2018 June 12, 2018 February 7, 2018 $ 0.27 February 26, 2018 March 13, 2018 May 8, 2017 $ 0.27 May 22, 2017 June 6, 2017 February 8, 2017 $ 0.24 February 27, 2017 March 14, 2017

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Major Product Category	The following table indicates the percentage of net sales represented by each major product category during the fiscal three months and six months ended June 30, 2018 and July 1, 2017 : Fiscal three months ended Fiscal six months ended Product Category: June 30, July 1, June 30, July 1, Livestock and Pet 44 % 45 % 48 % 48 % Seasonal, Gift and Toy Products 24 23 21 20 Hardware, Tools and Truck 21 21 21 21 Agriculture 6 6 4 5 Clothing and Footwear 5 5 6 6 Total 100 % 100 % 100 % 100 %

General (Details)

General (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2018USD ($)storestate	Jul. 01, 2017USD ($)	Dec. 30, 2017USD ($)
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company	1,899
Number of states in which rural lifestyle retail stores are operated by the company | state	49
Prior Period Reclassification Adjustment | $	$ 0	$ 0	$ 595
TSCO stores [Domain]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company	1,725
Petsense stores [Domain]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company	174

Fair Value of Financial Instr26

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 30, 2017	Jul. 01, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Fair Value, Net	$ 8,404	$ 5,152	$ 3,049
Unsecured Debt	$ 543,000	$ 427,500	$ 455,000

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2018	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant under the 2018 Plan	12,562,318	12,562,318		12,562,318
Share-based compensation expense		$ 7,842	$ 7,522	$ 16,409	$ 15,079
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted				664,686	1,557,681
Weighted average exercise price				$ 67.27	$ 72.76
Weighted average fair value per option				$ 14.86	$ 14.68
Total unrecognized compensation expense	$ 18,800	18,800		$ 18,800
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 10 months 10 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted				298,249	82,835
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted				39,330	0
Restricted Stock Units and Performance-Based Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value per share				$ 63.37	$ 66.70
Total unrecognized compensation expense	$ 18,500	$ 18,500		$ 18,500
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 4 months 21 days

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
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Basic net income per share:
Net income	$ 207,289	$ 160,649	$ 278,722	$ 220,960
Weighted average number of shares outstanding, basic	122,100	128,186	123,288	129,231
Net income per share – basic	$ 1.70	$ 1.25	$ 2.26	$ 1.71
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)	675	536	687	675
Dilutive stock options and restricted stock units outstanding, per share (in dollars per share)	$ (0.01)	$ 0	$ (0.01)	$ (0.01)
Net income	$ 207,289	$ 160,649	$ 278,722	$ 220,960
Weighted average number of shares outstanding, diluted	122,775	128,722	123,975	129,906
Net income per share, diluted (in dollars per share)	$ 1.69	$ 1.25	$ 2.25	$ 1.70
Antidilutive securities excluded from computation of earnings per share, amount	3,800	4,100	3,700	3,200

Senior Notes (Details)

Senior Notes (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2018	Dec. 30, 2017	Jul. 01, 2017
Debt Instrument [Line Items]
Senior Notes	$ 150	$ 150	$ 150	$ 0
Senior Notes, Maturity Date	Aug. 14, 2029
Senior Notes, Interest Rate	3.70%	3.70%
Shelf Note - Amount	$ 150	$ 150
Shelf Notes - Maximum Maturity Date Range - in years	12
Shelf Notes - Maximum Issuance Date	August 14, 2020
Debt Instrument, Percentage of Principal Amount Redeemable	1
Shelf Notes - Additional Interest Rate	0.005
Debt Instrument, Covenant Compliance	all
Amount of incremental credit facility which will result in modification of debt covenants		100
Number of Financial Covenants [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description		2
Fixed Charge Coverage Ratio Minimum Requirement [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description		2
Leverage Ratio Maximum Requirement [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description		4

Senior Credit Facility - Credit

Senior Credit Facility - Credit Agreement (Details) - USD ($)	Jun. 30, 2018	Dec. 30, 2017	Jul. 01, 2017	Jun. 15, 2017	Feb. 19, 2016	Jun. 30, 2018
Line of Credit Facility [Line Items]
Unsecured Debt	$ 543,000,000	$ 427,500,000	$ 455,000,000			$ 543,000,000
Debt Issuance Costs, Gross	(1,600,000)	(1,400,000)	(1,300,000)			(1,600,000)
Unsecured debt, net of debt issuance costs	541,400,000	426,100,000	453,700,000			541,400,000
Unsecured Debt, Current	(25,000,000)	(25,000,000)	(20,000,000)			(25,000,000)
Long-term Debt, Excluding Current Maturities	516,410,000	401,069,000	433,676,000			516,410,000
Letters of Credit Outstanding, Amount	39,900,000	39,600,000	44,300,000			39,900,000
Term Loan, Maximum Borrowing Capacity				$ 100,000,000	$ 200,000,000
Senior credit facility, maximum borrowing capacity	$ 500,000,000				500,000,000	500,000,000
Swingline Loan, Maximum Borrowing Capacity						$ 50,000,000
Debt instrument, basis spread on variable rate	0.75%
Commitment fee for unused capacity	0.125%
Debt Instrument, Interest Rate, Stated Percentage - June 2017 Term Loan	1.00%					1.00%
Compensating Balance, Amount	$ 0					$ 0
Debt Instrument, Covenant Compliance	all
Base Rate
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	5.00%					5.00%
London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End	2.09%					2.09%
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	$ 170,000,000	180,000,000	185,000,000			$ 170,000,000
Term Loan, Maximum Borrowing Capacity					$ 200,000,000
Debt Instrument, Maturity Date	Feb. 19, 2022
Due in years one and two February 2016 Term Loan [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Amount of Periodic Payment						10,000,000
Due in years three through Maturity February 2016 Term Loan [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Amount of Periodic Payment						20,000,000
June 2017 Term Loan [Member]
Line of Credit Facility [Line Items]
Term loan, Maximum Month End Outstanding Amount	$ 95,000,000	97,500,000	100,000,000			$ 95,000,000
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, Amount of Periodic Payment						5,000,000
Due in years three through five June 2017 Term Loan [Member] [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Amount of Periodic Payment						10,000,000
2016 Senior Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Month-end Outstanding Amount	$ 128,000,000	$ 0	$ 170,000,000
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	Jun. 30, 2018	Jun. 30, 2017	Mar. 31, 2016	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017	Dec. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Derivative, Fair Value, Net	$ 8,404			$ 8,404	$ 3,049	$ 8,404	$ 3,049	$ 5,152
Accumulated Other Comprehensive Income (Loss), Net of Tax	5,742			5,742	1,521	5,742	1,521	3,358
Fair Value, Option, Changes in Fair Value, Gain (Loss)						2,384	129	1,371
Prior Period Reclassification Adjustment						0	0	595
Other Comprehensive Income (Loss), Net of Tax				552	(152)	2,384	129	1,966
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	2,500
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion				737		3,205	211
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion					250
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing				19	15	47	21
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax				185	(98)	821	82
Assets Needed for Immediate Settlement, Aggregate Fair Value	0			0		0
Interest Rate Swap Long Term Portion [Member]
Derivative [Line Items]
Derivative Asset	5,871			5,871	3,105	5,871	3,105	4,252
Interest Rate Swap Short Term Portion [Member]
Derivative [Line Items]
Derivative Asset	$ 2,533			2,533		2,533		900
Derivative Liability					$ (56)		$ (56)
Beginning Balance [Member]
Derivative [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax								$ 3,358	$ 1,392
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	$ 170,000		$ 197,500	170,000		170,000
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	$ 95,000	$ 100,000		$ 95,000		$ 95,000

Interest Rate Swaps Estimated A

Interest Rate Swaps Estimated Amount to be Reclassified into Earnings Next 12 Months (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017	Dec. 30, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	$ 2,500
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion		$ 737		$ 3,205	$ 211
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion			$ (250)
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 5,742	$ 5,742	$ 1,521	$ 5,742	$ 1,521	$ 3,358
Beginning Balance [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax						$ 3,358	$ 1,392

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
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017	Dec. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion	$ 737		$ 3,205	$ 211
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion		$ 250
Other Comprehensive Income (Loss), Net of Tax	552	(152)	2,384	129	$ 1,966
Ending fiscal year AOCI balance	$ 5,742	$ 1,521	$ 5,742	$ 1,521	$ 3,358

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
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	$ 185	$ (98)	$ 821	$ 82

Interest Rate Swaps Reclassific

Interest Rate Swaps Reclassification from AOCI to Income (Details) $ in Millions	Jun. 30, 2018USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred	$ 2.5

Interest Rate Swaps Ending Fisc

Interest Rate Swaps Ending Fiscal Period AOCL Balance (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 30, 2017	Jul. 01, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 5,742	$ 3,358	$ 1,521

Interest Rate Swaps Effective D

Interest Rate Swaps Effective Date of Interest Rate Swap Agreement (Details)	Jun. 30, 2017	Mar. 31, 2016
Term Loan 1 [Member]
Derivative [Line Items]
Derivative, Inception Date		Mar. 31, 2016
Term Loan 2 [Member]
Derivative [Line Items]
Derivative, Inception Date	Jun. 30, 2017

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) - shares	Jun. 30, 2018	Dec. 30, 2017	Jul. 01, 2017
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. 08, 2018	May 09, 2018	Feb. 07, 2018	May 08, 2017	Feb. 08, 2017	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Dividends
Common Stock, Dividends, Per Share, Declared		$ 0.31	$ 0.27	$ 0.27	$ 0.24	$ 0.31	$ 0.27	$ 0.58	$ 0.51
Subsequent Event
Dividends
Common Stock, Dividends, Per Share, Declared	$ 0.31

Treasury Stock (Details)

Treasury Stock (Details) - USD ($) $ in Thousands, shares in Millions	Jun. 30, 2018	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]
Board-approved share repurchase program of common stock	$ 3,000,000	$ 3,000,000		$ 3,000,000
Stock repurchase program expiration date	Dec. 31, 2020
Repurchased shares under the share repurchase program		1.5	2.2	3.8	3.8
Payments for repurchase of common stock		$ 95,100	$ 133,600	$ 252,545	$ 248,147
Remaining authorization under the share repurchase program	$ 600,000	$ 600,000		$ 600,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017	Dec. 30, 2017
Income Tax Disclosure [Abstract]
Effective income tax rate	22.80%	37.00%	22.30%	36.60%
Corporate Income Tax Rate - Prior					35.00%
Corporate Income Tax Rate - Current			21.00%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount					$ 4,900

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 30, 2017	Jul. 01, 2017
Commitments and Contingencies Disclosure [Abstract]
Purchase Obligation, Due in Next Twelve Months	$ 30,000
Purchase Obligation, Due Second Year	0
Letters of Credit Outstanding, Amount	$ 39,900	$ 39,600	$ 44,300

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Jun. 30, 2018	Jul. 01, 2017
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	44.00%	45.00%	48.00%	48.00%
Seasonal, Gift and Toy Products
Revenue from External Customer [Line Items]
Percentage of sales	24.00%	23.00%	21.00%	20.00%
Hardware, Tools and Truck
Revenue from External Customer [Line Items]
Percentage of sales	21.00%	21.00%	21.00%	21.00%
Agriculture
Revenue from External Customer [Line Items]
Percentage of sales	6.00%	6.00%	4.00%	5.00%
Clothing and Footwear
Revenue from External Customer [Line Items]
Percentage of sales	5.00%	5.00%	6.00%	6.00%

Segment Reporting Number of Rep

Segment Reporting Number of Reportable Segments (Details)	Jun. 30, 2018segment
Segment Reporting [Abstract]
Number of Reportable Segments	1

New Accounting Pronouncements N

New Accounting Pronouncements New Accounting Pronouncements and Changes in Accounting Principles (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jul. 01, 2017	Dec. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Prior Period Reclassification Adjustment	$ 0	$ 0	$ 595