Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 29, 2018 | Oct. 27, 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 Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 122,068,054 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 29, 2018 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 | Sep. 30, 2017 |
Current assets: | |||
Cash and cash equivalents | $ 71,302 | $ 109,148 | $ 70,046 |
Inventories | 1,737,273 | 1,453,208 | 1,591,555 |
Prepaid expenses and other current assets | 109,478 | 88,252 | 75,618 |
Income taxes receivable | 23,655 | 4,760 | 4,776 |
Total current assets | 1,941,708 | 1,655,368 | 1,741,995 |
Property and equipment: | |||
Land | 100,250 | 99,336 | 99,323 |
Buildings and improvements | 1,096,222 | 1,037,730 | 1,013,937 |
Furniture, fixtures and equipment | 632,985 | 605,957 | 593,329 |
Computer software and hardware | 334,497 | 266,898 | 259,508 |
Construction in progress | 117,454 | 83,816 | 56,006 |
Property and equipment, gross | 2,281,408 | 2,093,737 | 2,022,103 |
Accumulated depreciation and amortization | (1,169,359) | (1,049,234) | (1,025,266) |
Property and equipment, net | 1,112,049 | 1,044,503 | 996,837 |
Goodwill and other intangible assets | 124,492 | 124,492 | 124,492 |
Deferred income taxes | 13,485 | 18,494 | 40,592 |
Other assets | 29,200 | 25,912 | 24,435 |
Total assets | 3,220,934 | 2,868,769 | 2,928,351 |
Current liabilities: | |||
Accounts payable | 683,672 | 576,568 | 609,883 |
Accrued employee compensation | 51,673 | 31,673 | 34,497 |
Other accrued expenses | 209,199 | 201,656 | 186,037 |
Current portion of long-term debt | 26,250 | 25,000 | 22,500 |
Current portion of capital lease obligations | 3,747 | 3,545 | 3,545 |
Income taxes payable | 0 | 10,772 | 15,732 |
Total current liabilities | 974,541 | 849,214 | 872,194 |
Long-term debt | 547,505 | 401,069 | 487,228 |
Capital lease obligations, less current maturities | 29,690 | 32,617 | 33,509 |
Deferred rent | 108,487 | 105,906 | 104,617 |
Other long-term liabilities | 65,414 | 61,290 | 59,402 |
Total liabilities | 1,725,637 | 1,450,096 | 1,556,950 |
Stockholders’ equity: | |||
Preferred stock, $1.00 par value; 40 shares authorized; no shares issued | 0 | 0 | 0 |
Common stock, $0.008 par value; 400,000 shares authorized at September 29, 2018, December 30, 2017 and September 30, 2017; 171,488, 170,375 and 170,232 shares issued; 122,120, 125,303 and 125,853 shares outstanding at September 29, 2018, December 30, 2017 and September 30, 2017, respectively | 1,372 | 1,363 | 1,362 |
Additional paid-in capital | 793,090 | 716,228 | 703,292 |
Treasury stock – at cost, 49,368, 45,072 and 44,379 shares at September 29, 2018, December 30, 2017 and September 30, 2017, respectively | (2,420,106) | (2,130,901) | (2,088,145) |
Accumulated other comprehensive income | 5,969 | 3,358 | 1,557 |
Retained earnings | 3,114,972 | 2,828,625 | 2,753,335 |
Total stockholders’ equity | 1,495,297 | 1,418,673 | 1,371,401 |
Total liabilities and stockholders’ equity | $ 3,220,934 | $ 2,868,769 | $ 2,928,351 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 29, 2018 | Dec. 30, 2017 | Sep. 30, 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) | 171,488,000 | 170,375,000 | 170,232,000 |
Common stock, shares outstanding (in shares) | 122,120,000 | 125,303,000 | 125,853,000 |
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) | 49,368,000 | 45,072,000 | 44,379,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Net sales | $ 1,881,625 | $ 1,721,704 | $ 5,777,775 | $ 5,303,544 |
Cost of merchandise sold | 1,228,493 | 1,121,248 | 3,791,580 | 3,480,177 |
Gross profit | 653,132 | 600,456 | 1,986,195 | 1,823,367 |
Selling, general and administrative expenses | 454,998 | 410,276 | 1,333,457 | 1,198,126 |
Depreciation and amortization | 44,986 | 41,927 | 131,383 | 122,701 |
Operating income | 153,148 | 148,253 | 521,355 | 502,540 |
Interest expense, net | 4,460 | 3,752 | 13,906 | 9,621 |
Income before income taxes | 148,688 | 144,501 | 507,449 | 492,919 |
Income tax expense | 31,904 | 52,605 | 111,943 | 180,063 |
Net income | $ 116,784 | $ 91,896 | $ 395,506 | $ 312,856 |
Net income per share – basic | $ 0.96 | $ 0.73 | $ 3.22 | $ 2.44 |
Net income per share – diluted | $ 0.95 | $ 0.72 | $ 3.20 | $ 2.43 |
Weighted average shares outstanding: | ||||
Basic | 121,876 | 126,416 | 122,818 | 128,293 |
Diluted | 122,761 | 126,919 | 123,570 | 128,910 |
Dividends declared per common share outstanding | $ 0.31 | $ 0.27 | $ 0.89 | $ 0.78 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 116,784 | $ 91,896 | $ 395,506 | $ 312,856 |
Change in fair value of interest rate swaps, net of taxes | 227 | 36 | 2,611 | 165 |
Total other comprehensive income | 227 | 36 | 2,611 | 165 |
Total comprehensive income | $ 117,011 | $ 91,932 | $ 398,117 | $ 313,021 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 29, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 395,506 | $ 312,856 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 131,383 | 122,701 |
(Gain) / loss on disposition of property and equipment | (285) | 509 |
Share-based compensation expense | 22,787 | 22,931 |
Deferred income taxes | 5,009 | 4,626 |
Change in assets and liabilities: | ||
Inventories | (284,065) | (221,899) |
Prepaid expenses and other current assets | (21,226) | 14,939 |
Accounts payable | 107,104 | 90,361 |
Accrued employee compensation | 20,000 | 9,251 |
Other accrued expenses | 667 | (33,259) |
Income taxes | (29,667) | 9,154 |
Other | 6,206 | 8,792 |
Net cash provided by operating activities | 353,419 | 340,962 |
Cash flows from investing activities: | ||
Capital expenditures | (193,693) | (152,040) |
Proceeds from sale of property and equipment | 2,029 | 10,880 |
Net cash used in investing activities | (191,664) | (141,160) |
Cash flows from financing activities: | ||
Borrowings under debt facilities | 968,500 | 1,010,000 |
Repayments under debt facilities | (820,750) | (773,750) |
Debt issuance costs | (346) | (599) |
Principal payments under capital lease obligations | (2,725) | (1,554) |
Repurchase of shares to satisfy tax obligations | (622) | (771) |
Repurchase of common stock | (289,205) | (326,647) |
Net proceeds from issuance of common stock | 54,706 | 9,619 |
Cash dividends paid to stockholders | (109,159) | (99,970) |
Net cash used in financing activities | (199,601) | (183,672) |
Net change in cash and cash equivalents | (37,846) | 16,130 |
Cash and cash equivalents at beginning of period | 109,148 | 53,916 |
Cash and cash equivalents at end of period | 71,302 | 70,046 |
Cash paid during the period for: | ||
Interest | 15,445 | 8,010 |
Income taxes | 137,041 | 166,027 |
Supplemental disclosures of non-cash activities: | ||
Property and equipment acquired through capital lease | 0 | 11,395 |
Non-cash accruals for construction in progress | $ 15,521 | $ 15,949 |
General
General | 9 Months Ended |
Sep. 29, 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 rural lifestyle retailer 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 September 29, 2018 , the Company operated a total of 1,929 retail stores in 49 states ( 1,748 Tractor Supply and Del’s retail stores and 181 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 | 9 Months Ended |
Sep. 29, 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 $575.3 million in borrowings under its debt facilities (as discussed in Note 5) at September 29, 2018 , $427.5 million in borrowings at December 30, 2017 , and $511.3 million in borrowings at September 30, 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 $8.7 million asset at September 29, 2018 , a $5.2 million asset at December 30, 2017 and a $3.1 million asset at September 30, 2017 . |
Share Based Compensation
Share Based Compensation | 9 Months Ended |
Sep. 29, 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 each grant and certain awards will vest only upon established performance conditions being met. For the third quarters of fiscal 2018 and 2017 , share-based compensation expense was $6.4 million and $7.9 million , respectively, and $22.8 million and $22.9 million for the first nine months of fiscal 2018 and 2017 , respectively. Stock Options The following table summarizes information concerning stock option grants during the first nine months of fiscal 2018 and 2017 : Fiscal nine months ended September 29, September 30, Stock options granted 691,086 1,619,280 Weighted average exercise price $ 67.72 $ 72.16 Weighted average grant date fair value per option $ 14.99 $ 14.57 As of September 29, 2018 , total unrecognized compensation expense related to non-vested stock options was approximately $15.5 million with a remaining weighted average expense recognition period of 1.7 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 nine months of fiscal 2018 and 2017 : Fiscal nine months ended September 29, September 30, Restricted stock units granted 306,338 85,049 Performance-based restricted share units granted 41,310 — Weighted average grant date fair value per share $ 63.73 $ 66.34 In 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 September 29, 2018 , total unrecognized compensation expense related to non-vested restricted stock units and non-vested performance-based restricted share units was approximately $17.0 million with a remaining weighted average expense recognition period of 2.2 years. |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Sep. 29, 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 September 29, 2018 September 30, 2017 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 116,784 121,876 $ 0.96 $ 91,896 126,416 $ 0.73 Dilutive effect of share-based awards — 885 (0.01 ) — 503 (0.01 ) Diluted net income per share: $ 116,784 122,761 $ 0.95 $ 91,896 126,919 $ 0.72 Fiscal nine months ended Fiscal nine months ended September 29, 2018 September 30, 2017 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 395,506 122,818 $ 3.22 $ 312,856 128,293 $ 2.44 Dilutive effect of share-based awards — 752 (0.02 ) — 617 (0.01 ) Diluted net income per share: $ 395,506 123,570 $ 3.20 $ 312,856 128,910 $ 2.43 Anti-dilutive stock options excluded from the above calculations totaled approximately 1.8 million and 4.1 million shares for the three months ended September 29, 2018 and September 30, 2017 , respectively, and 3.4 million and 3.9 million shares for the fiscal nine months ended September 29, 2018 and September 30, 2017 , respectively. |
Debt
Debt | 9 Months Ended |
Sep. 29, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt: The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions): September 29, December 30, September 30, Senior Notes $ 150.0 $ 150.0 $ 150.0 Senior Credit Facility: February 2016 Term Loan 165.0 180.0 182.5 June 2017 Term Loan 93.8 97.5 98.8 Revolving credit loans 166.5 — 80.0 Total outstanding borrowings 575.3 427.5 511.3 Less: unamortized debt issuance costs (1.5 ) (1.4 ) (1.6 ) Total debt 573.8 426.1 509.7 Less: current portion of long-term debt (26.3 ) (25.0 ) (22.5 ) Long-term debt $ 547.5 $ 401.1 $ 487.2 Outstanding letters of credit $ 36.7 $ 39.6 $ 41.6 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 in years three 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 ( 5.250% at September 29, 2018 ) or the London Inter-Bank Offer Rate (“LIBOR”) ( 2.261% at September 29, 2018 ) plus an additional amount ranging from 0.500% to 1.125% per annum ( 0.750% at September 29, 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 September 29, 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 ( 5.250% at September 29, 2018 ) or LIBOR ( 2.261% at September 29, 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 September 29, 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 | 9 Months Ended |
Sep. 29, 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 September 29, 2018 , the notional amount of the interest rate swap was $165.0 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 September 29, 2018 , the notional amount of the interest rate swap was $93.8 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 September 29, December 30, September 30, Interest rate swaps (short-term portion) Other current assets $ 2,735 $ 900 $ 194 Interest rate swaps (long-term portion) Other assets 5,991 4,252 2,940 Total net assets $ 8,726 $ 5,152 $ 3,134 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): September 29, December 30, September 30, Beginning fiscal year AOCI balance $ 3,358 $ 1,392 $ 1,392 Current fiscal period gain recognized in OCI 2,611 1,371 165 Reclassification of stranded tax effects to retained earnings (a) — 595 — Other comprehensive gain, net of tax 2,611 1,966 165 Ending fiscal period AOCI balance $ 5,969 $ 3,358 $ 1,557 (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. 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 nine months ended Financial Statement Location September 29, September 30, September 29, September 30, Effective portion of gains recognized in OCI during the period Other comprehensive income $ 306 $ 59 $ 3,511 $ 270 Ineffective portion of gains recognized in earnings during the period Interest expense, net 16 25 63 46 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 nine months ended September 29, September 30, September 29, September 30, Income tax expense of interest rate swaps on AOCI $ 79 $ 23 $ 900 $ 105 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 September 29, 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 September 29, 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 September 29, 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 | 9 Months Ended |
Sep. 29, 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 nine months of fiscal 2018 and 2017 , the Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid August 8, 2018 $ 0.31 August 27, 2018 September 11, 2018 May 9, 2018 $ 0.31 May 29, 2018 June 12, 2018 February 7, 2018 $ 0.27 February 26, 2018 March 13, 2018 August 7, 2017 $ 0.27 August 21, 2017 September 6, 2017 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 November 7, 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 December 11, 2018 , to stockholders of record as of the close of business on November 26, 2018 . |
Treasury Stock
Treasury Stock | 9 Months Ended |
Sep. 29, 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 0.5 million and 1.4 million shares of common stock under the share repurchase program for a total cost of $36.7 million and $78.5 million during the third quarters of fiscal 2018 and fiscal 2017 , respectively. During the first nine months of fiscal 2018 and fiscal 2017 , the Company repurchased 4.3 million and 5.2 million shares under the share repurchase program for a total cost of $289.2 million and $326.6 million , respectively. As of September 29, 2018 , the Company had remaining authorization under the share repurchase program of $580.6 million , exclusive of any fees, commissions or other expenses. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 29, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes: The Company’s effective income tax rate decreased to 21.5% in the third quarter of fiscal 2018 compared to 36.4% for the third quarter of fiscal 2017 . The decrease was primarily due to the effect of the TCJA, which was signed into law in December 2017 and, to a lesser extent, an incremental tax benefit associated with share-based compensation compared to the third quarter of 2017. For the first nine months of fiscal 2018 , the Company’s effective income tax rate decreased to 22.1% compared to 36.5% for the first nine months of fiscal 2017 . The decrease in the effective income tax rate was primarily due to the effect of the TCJA. In addition, income taxes were further reduced by the realization of discrete federal and state tax credits and an incremental tax benefit associated with share-based compensation. 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 | 9 Months Ended |
Sep. 29, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies: Construction and Real Estate Commitments At September 29, 2018 , the Company had contractual commitments of approximately $20.0 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 September 29, 2018 , there were $36.7 million of outstanding letters of credit under the 2016 Senior Credit Facility. Litigation The Company is involved in various litigation matters arising in the ordinary course of business. The Company believes that any estimated loss related to such matters has been adequately provided for in accrued liabilities, to the extent probable and reasonably estimable. Accordingly, the Company currently expects these matters will be resolved without material adverse effect on its consolidated financial position, results of operations or cash flows. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 29, 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 nine months ended September 29, 2018 and September 30, 2017 : Fiscal three months ended Fiscal nine months ended Product Category: September 29, September 30, September 29, September 30, Livestock and Pet 49 % 48 % 48 % 48 % Hardware, Tools and Truck 22 24 21 22 Seasonal, Gift and Toy Products 18 17 20 19 Clothing and Footwear 6 6 6 6 Agriculture 5 5 5 5 Total 100 % 100 % 100 % 100 % |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 29, 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. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement,” which amends the disclosure requirements for fair value measurements by removing, modifying and adding certain disclosures. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, 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. In August 2018, the FASB issued ASU 2018-15, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” This update clarifies the accounting treatment for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. This guidance is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted. The amendments may be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is currently assessing the impact that adoption of this guidance will have on its Consolidated Financial Statements and related disclosures. |
Share Based Compensation (Table
Share Based Compensation (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Share-based Compensation [Abstract] | |
Stock Options | The following table summarizes information concerning stock option grants during the first nine months of fiscal 2018 and 2017 : Fiscal nine months ended September 29, September 30, Stock options granted 691,086 1,619,280 Weighted average exercise price $ 67.72 $ 72.16 Weighted average grant date fair value per option $ 14.99 $ 14.57 |
Restricted Stock Units | The following table summarizes information concerning restricted stock unit and performance-based restricted share unit grants during the first nine months of fiscal 2018 and 2017 : Fiscal nine months ended September 29, September 30, Restricted stock units granted 306,338 85,049 Performance-based restricted share units granted 41,310 — Weighted average grant date fair value per share $ 63.73 $ 66.34 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Sep. 29, 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 September 29, 2018 September 30, 2017 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 116,784 121,876 $ 0.96 $ 91,896 126,416 $ 0.73 Dilutive effect of share-based awards — 885 (0.01 ) — 503 (0.01 ) Diluted net income per share: $ 116,784 122,761 $ 0.95 $ 91,896 126,919 $ 0.72 Fiscal nine months ended Fiscal nine months ended September 29, 2018 September 30, 2017 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 395,506 122,818 $ 3.22 $ 312,856 128,293 $ 2.44 Dilutive effect of share-based awards — 752 (0.02 ) — 617 (0.01 ) Diluted net income per share: $ 395,506 123,570 $ 3.20 $ 312,856 128,910 $ 2.43 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions): September 29, December 30, September 30, Senior Notes $ 150.0 $ 150.0 $ 150.0 Senior Credit Facility: February 2016 Term Loan 165.0 180.0 182.5 June 2017 Term Loan 93.8 97.5 98.8 Revolving credit loans 166.5 — 80.0 Total outstanding borrowings 575.3 427.5 511.3 Less: unamortized debt issuance costs (1.5 ) (1.4 ) (1.6 ) Total debt 573.8 426.1 509.7 Less: current portion of long-term debt (26.3 ) (25.0 ) (22.5 ) Long-term debt $ 547.5 $ 401.1 $ 487.2 Outstanding letters of credit $ 36.7 $ 39.6 $ 41.6 |
Interest Rate Swaps (Tables)
Interest Rate Swaps (Tables) | 9 Months Ended |
Sep. 29, 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 September 29, December 30, September 30, Interest rate swaps (short-term portion) Other current assets $ 2,735 $ 900 $ 194 Interest rate swaps (long-term portion) Other assets 5,991 4,252 2,940 Total net assets $ 8,726 $ 5,152 $ 3,134 |
Derivative Instruments, Gain (Loss) | 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 nine months ended September 29, September 30, September 29, September 30, Income tax expense of interest rate swaps on AOCI $ 79 $ 23 $ 900 $ 105 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 nine months ended Financial Statement Location September 29, September 30, September 29, September 30, Effective portion of gains recognized in OCI during the period Other comprehensive income $ 306 $ 59 $ 3,511 $ 270 Ineffective portion of gains recognized in earnings during the period Interest expense, net 16 25 63 46 The following table summarizes the changes in AOCI, net of tax, related to the Company’s interest rate swaps (in thousands): September 29, December 30, September 30, Beginning fiscal year AOCI balance $ 3,358 $ 1,392 $ 1,392 Current fiscal period gain recognized in OCI 2,611 1,371 165 Reclassification of stranded tax effects to retained earnings (a) — 595 — Other comprehensive gain, net of tax 2,611 1,966 165 Ending fiscal period AOCI balance $ 5,969 $ 3,358 $ 1,557 |
Capital Stock and Dividends (Ta
Capital Stock and Dividends (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Equity [Abstract] | |
Schedule of Dividends Payable | During the first nine months of fiscal 2018 and 2017 , the Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid August 8, 2018 $ 0.31 August 27, 2018 September 11, 2018 May 9, 2018 $ 0.31 May 29, 2018 June 12, 2018 February 7, 2018 $ 0.27 February 26, 2018 March 13, 2018 August 7, 2017 $ 0.27 August 21, 2017 September 6, 2017 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) | 9 Months Ended |
Sep. 29, 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 nine months ended September 29, 2018 and September 30, 2017 : Fiscal three months ended Fiscal nine months ended Product Category: September 29, September 30, September 29, September 30, Livestock and Pet 49 % 48 % 48 % 48 % Hardware, Tools and Truck 22 24 21 22 Seasonal, Gift and Toy Products 18 17 20 19 Clothing and Footwear 6 6 6 6 Agriculture 5 5 5 5 Total 100 % 100 % 100 % 100 % |
General (Details)
General (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 29, 2018USD ($)storestate | Sep. 30, 2017USD ($) | Dec. 30, 2017USD ($) | |
Nature of business [Abstract] | |||
Number of rural lifestyle retail stores operated by the company | 1,929 | ||
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 | 1,748 | ||
Petsense stores [Domain] | |||
Nature of business [Abstract] | |||
Number of rural lifestyle retail stores operated by the company | 181 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 | Sep. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Fair Value, Net | $ 8,726 | $ 5,152 | $ 3,134 |
Unsecured Debt | $ 575,300 | $ 427,500 | $ 511,300 |
Share Based Compensation (Detai
Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 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 | $ 6,378 | $ 7,852 | $ 22,787 | $ 22,931 | |
Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted | 691,086 | 1,619,280 | |||
Weighted average exercise price | $ 67.72 | $ 72.16 | |||
Weighted average fair value per option | $ 14.99 | $ 14.57 | |||
Total unrecognized compensation expense | $ 15,500 | 15,500 | $ 15,500 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 19 days | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units granted | 306,338 | 85,049 | |||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units granted | 41,310 | 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 | $ 63.73 | $ 66.34 | |||
Total unrecognized compensation expense | $ 17,000 | $ 17,000 | $ 17,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 2 months 27 days |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Basic net income per share: | ||||
Net income | $ 116,784 | $ 91,896 | $ 395,506 | $ 312,856 |
Weighted average number of shares outstanding, basic | 121,876 | 126,416 | 122,818 | 128,293 |
Net income per share – basic | $ 0.96 | $ 0.73 | $ 3.22 | $ 2.44 |
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) | 885 | 503 | 752 | 617 |
Dilutive stock options and restricted stock units outstanding, per share (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.01) |
Net income | $ 116,784 | $ 91,896 | $ 395,506 | $ 312,856 |
Weighted average number of shares outstanding, diluted | 122,761 | 126,919 | 123,570 | 128,910 |
Net income per share, diluted (in dollars per share) | $ 0.95 | $ 0.72 | $ 3.20 | $ 2.43 |
Antidilutive securities excluded from computation of earnings per share, amount | 1,800 | 4,100 | 3,400 | 3,900 |
Senior Notes (Details)
Senior Notes (Details) - USD ($) $ in Millions | Sep. 29, 2018 | Sep. 29, 2018 | Dec. 30, 2017 | Sep. 30, 2017 |
Debt Instrument [Line Items] | ||||
Senior Notes | $ 150 | $ 150 | $ 150 | $ 150 |
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 ($) | Sep. 29, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jun. 15, 2017 | Feb. 19, 2016 | Sep. 29, 2018 |
Line of Credit Facility [Line Items] | ||||||
Unsecured Debt | $ 575,300,000 | $ 427,500,000 | $ 511,300,000 | $ 575,300,000 | ||
Debt Issuance Costs, Gross | (1,500,000) | (1,400,000) | (1,600,000) | (1,500,000) | ||
Unsecured debt, net of debt issuance costs | 573,800,000 | 426,100,000 | 509,700,000 | 573,800,000 | ||
Unsecured Debt, Current | (26,250,000) | (25,000,000) | (22,500,000) | (26,250,000) | ||
Long-term Debt, Excluding Current Maturities | 547,505,000 | 401,069,000 | 487,228,000 | 547,505,000 | ||
Letters of Credit Outstanding, Amount | 36,700,000 | 39,600,000 | 41,600,000 | 36,700,000 | ||
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 | 5.25% | 5.25% | ||||
London Interbank Offered Rate (LIBOR) | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Interest Rate at Period End | 2.26% | 2.26% | ||||
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 | $ 165,000,000 | 180,000,000 | 182,500,000 | $ 165,000,000 | ||
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 | $ 93,750,000 | 97,500,000 | 98,800,000 | $ 93,750,000 | ||
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 | |||||
Number of Financial Covenants [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Covenant Description | 2 | |||||
2016 Senior Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Maximum Month-end Outstanding Amount | $ 166,500,000 | $ 0 | $ 80,000,000 | |||
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 | Sep. 29, 2018 | Jun. 30, 2017 | Mar. 31, 2016 | Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | |||||||||
Derivative, Fair Value, Net | $ 8,726 | $ 8,726 | $ 3,134 | $ 8,726 | $ 3,134 | $ 5,152 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 5,969 | 5,969 | 1,557 | 5,969 | 1,557 | 3,358 | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 2,611 | 165 | 1,371 | ||||||
Prior Period Reclassification Adjustment | 0 | 0 | 595 | ||||||
Other Comprehensive Income (Loss), Net of Tax | 227 | 36 | 2,611 | 165 | 1,966 | ||||
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion | 306 | 59 | 3,511 | 270 | |||||
Derivative Instruments, Loss Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing | 16 | 25 | 63 | 46 | |||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 79 | 23 | 900 | 105 | |||||
Assets Needed for Immediate Settlement, Aggregate Fair Value | 0 | 0 | 0 | ||||||
Interest Rate Swap Long Term Portion [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Asset | 5,991 | 5,991 | 2,940 | 5,991 | 2,940 | 4,252 | |||
Interest Rate Swap Short Term Portion [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Asset | $ 2,735 | 2,735 | 2,735 | 900 | |||||
Derivative Liability | $ 194 | $ 194 | |||||||
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 | $ 165,000 | $ 197,500 | 165,000 | 165,000 | |||||
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 | $ 93,800 | $ 100,000 | $ 93,800 | $ 93,800 |
Interest Rate Swaps Estimated A
Interest Rate Swaps Estimated Amount to be Reclassified into Earnings Next 12 Months (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion | $ 306 | $ 59 | $ 3,511 | $ 270 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 5,969 | $ 1,557 | $ 5,969 | $ 1,557 | $ 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 | 9 Months Ended | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion | $ 306 | $ 59 | $ 3,511 | $ 270 | |
Other Comprehensive Income (Loss), Net of Tax | 227 | 36 | 2,611 | 165 | $ 1,966 |
Ending fiscal year AOCI balance | $ 5,969 | $ 1,557 | $ 5,969 | $ 1,557 | $ 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 | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ 79 | $ 23 | $ 900 | $ 105 |
Interest Rate Swaps Ending Fisc
Interest Rate Swaps Ending Fiscal Period AOCL Balance (Details) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 | Sep. 30, 2017 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 5,969 | $ 3,358 | $ 1,557 |
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 | Sep. 29, 2018 | Dec. 30, 2017 | Sep. 30, 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 | Nov. 07, 2018 | Aug. 08, 2018 | May 09, 2018 | Feb. 07, 2018 | Aug. 07, 2017 | May 08, 2017 | Feb. 08, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 |
Dividends | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.31 | $ 0.31 | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.24 | $ 0.31 | $ 0.27 | $ 0.89 | $ 0.78 | |
Subsequent Event | |||||||||||
Dividends | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.31 |
Treasury Stock (Details)
Treasury Stock (Details) - USD ($) $ in Thousands, shares in Millions | Sep. 29, 2018 | Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 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 | 0.5 | 1.4 | 4.3 | ||
Payments for repurchase of common stock | $ 36,700 | $ 78,500 | $ 289,205 | $ 326,647 | |
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 | 9 Months Ended | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate | 21.50% | 36.40% | 22.10% | 36.50% | |
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 | Sep. 29, 2018 | Dec. 30, 2017 | Sep. 30, 2017 |
Commitments and Contingencies Disclosure [Abstract] | |||
Purchase Obligation, Due in Next Twelve Months | $ 20,000 | ||
Purchase Obligation, Due Second Year | 0 | ||
Letters of Credit Outstanding, Amount | $ 36,700 | $ 39,600 | $ 41,600 |
Segment Reporting (Details)
Segment Reporting (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 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 | 49.00% | 48.00% | 48.00% | 48.00% |
Hardware, Tools and Truck | ||||
Revenue from External Customer [Line Items] | ||||
Percentage of sales | 22.00% | 24.00% | 21.00% | 22.00% |
Seasonal, Gift and Toy Products | ||||
Revenue from External Customer [Line Items] | ||||
Percentage of sales | 18.00% | 17.00% | 20.00% | 19.00% |
Clothing and Footwear | ||||
Revenue from External Customer [Line Items] | ||||
Percentage of sales | 6.00% | 6.00% | 6.00% | 6.00% |
Agriculture | ||||
Revenue from External Customer [Line Items] | ||||
Percentage of sales | 5.00% | 5.00% | 5.00% | 5.00% |
Segment Reporting Number of Rep
Segment Reporting Number of Reportable Segments (Details) | Sep. 29, 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 | 9 Months Ended | 12 Months Ended | |
Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Prior Period Reclassification Adjustment | $ 0 | $ 0 | $ 595 |