Tractor Supply (TSCO) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 28, 2020	Apr. 25, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 28, 2020
Document Transition Report	false
Entity File Number	000-23314
Entity Registrant Name	TRACTOR SUPPLY CO /DE/
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3139732
Entity Address, Street Address	5401 Virginia Way
Entity Address, City	Brentwood
Entity Address, State	TN
Entity Address, Postal Zip Code	37027
City Area Code	615
Local Phone Number	440-4000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of each class	Common Stock, $0.008 par value
Trading Symbol	TSCO
Name of each exchange on which registered	NASDAQ
Entity Central Index Key	0000916365
Entity Common Stock, Shares Outstanding		115,630,120
Current Fiscal Year End Date	--12-26
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019	Mar. 30, 2019
Current assets:
Cash and cash equivalents	$ 461,473	$ 84,241	$ 102,215
Inventories	1,905,913	1,602,781	1,881,332
Prepaid expenses and other current assets	112,853	100,865	90,692
Income taxes receivable	0	0	4,846
Total current assets	2,480,239	1,787,887	2,079,085
Property and equipment, net	1,143,189	1,163,956	1,120,869
Operating lease right-of-use assets	2,228,597	2,188,802	2,086,950
Goodwill and other intangible assets	124,492	124,492	124,492
Other assets	25,888	24,131	25,805
Total assets	6,002,405	5,289,268	5,437,201
Current liabilities:
Accounts payable	887,938	643,036	785,068
Accrued employee compensation	31,146	39,755	28,704
Other accrued expenses	234,460	247,690	204,797
Current portion of long-term debt	30,000	30,000	21,250
Current portion of finance lease liabilities	4,172	4,036	3,683
Current portion of operating lease liabilities	281,620	277,099	260,441
Income taxes payable	24,789	5,984	7,991
Total current liabilities	1,494,125	1,247,600	1,311,934
Long-term debt	989,074	366,480	605,695
Finance lease liabilities, less current portion	31,157	30,389	28,336
Operating lease liabilities, less current portion	2,051,885	2,001,162	1,929,520
Deferred Income Tax Liabilities, Net	1,796	153	6,878
Other long-term liabilities	80,645	76,361	69,262
Total liabilities	4,648,682	3,722,145	3,951,625
Stockholders’ equity:
Preferred stock	0	0	0
Common stock	1,391	1,389	1,380
Additional paid-in capital	978,837	966,698	864,738
Treasury stock	(3,277,215)	(3,013,996)	(2,635,996)
Accumulated other comprehensive (loss)/income	(5,051)	199	3,067
Retained earnings	3,655,761	3,612,833	3,252,387
Total stockholders’ equity	1,353,723	1,567,123	1,485,576
Total liabilities and stockholders’ equity	$ 6,002,405	$ 5,289,268	$ 5,437,201
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1	$ 1
Preferred Stock, Shares Authorized	40,000	40,000	40,000
Preferred Stock, Shares Issued	0	0	0
Common Stock, Par or Stated Value Per Share	$ 0.008	$ 0.008	$ 0.008
Common Stock, Shares Authorized	400,000,000	400,000,000	400,000,000
Common Stock, Shares, Issued	173,888,000	173,608,000	172,457,000
Common Stock, Shares, Outstanding	115,592,000	118,165,000	120,674,000
Treasury Stock, Shares	58,296,000	55,443,000	51,783,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Income Statement [Abstract]
Net sales	$ 1,959,188	$ 1,822,220
Cost of merchandise sold	1,297,939	1,207,236
Gross profit	661,249	614,984
Depreciation and amortization	51,436	45,767
Selling, general and administrative expenses	497,275	465,809
Operating income	112,538	103,408
Interest expense, net	5,049	4,930
Income before income taxes	107,489	98,478
Income tax expense	23,712	21,646
Net income	$ 83,777	$ 76,832
Net income per share – basic	$ 0.72	$ 0.63
Net income per share – diluted	$ 0.71	$ 0.63
Weighted average shares outstanding:
Basic	116,738	121,211
Diluted	117,432	122,152
Dividends declared per common share outstanding	$ 0.35	$ 0.31

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 83,777	$ 76,832
Change in fair value of interest rate swaps, net of taxes	(5,250)	(1,464)
Total other comprehensive loss	(5,250)	(1,464)
Total comprehensive income	$ 78,527	$ 75,368

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) Statement - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accum. Other Comp. Income/(Loss)	Retained Earnings
Beginning balance, shares outstanding (in shares) at Dec. 29, 2018		121,828
Beginning balance, Stockholders' equity at Dec. 29, 2018	$ 1,561,820	$ 1,375	$ 823,413	$ (2,480,677)	$ 3,814	$ 3,213,895
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance under stock award plans & ESPP (in shares)		570
Common stock issuance under stock award plans & ESPP	34,732	$ 5	34,727
Share-based compensation	9,624		9,624
Repurchase of shares to satisfy tax obligations	(3,026)		(3,026)
Repurchase of common stock, shares (in shares)		(1,724)
Repurchase of common stock	(155,319)			(155,319)
Dividends paid	(37,623)					(37,623)
Change in fair value of interest rate swaps, net of taxes	(1,464)				(1,464)
Net income	76,832					76,832
Ending balance, shares outstanding (in shares) at Mar. 30, 2019		120,674
Ending balance, Stockholders' equity at Mar. 30, 2019	1,485,576	$ 1,380	864,738	(2,635,996)	3,067	3,252,387
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative adjustment as a result of ASU 2017-12 adoption	0				717	(717)
Beginning balance, shares outstanding (in shares) at Dec. 28, 2019		118,165
Beginning balance, Stockholders' equity at Dec. 28, 2019	1,567,123	$ 1,389	966,698	(3,013,996)	199	3,612,833
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance under stock award plans & ESPP (in shares)		280
Common stock issuance under stock award plans & ESPP	10,603	$ 2	10,601
Share-based compensation	6,945		6,945
Repurchase of shares to satisfy tax obligations	(5,407)		(5,407)
Repurchase of common stock, shares (in shares)		(2,853)
Repurchase of common stock	(263,219)			(263,219)
Dividends paid	(40,849)					(40,849)
Change in fair value of interest rate swaps, net of taxes	(5,250)				(5,250)
Net income	83,777					83,777
Ending balance, shares outstanding (in shares) at Mar. 28, 2020		115,592
Ending balance, Stockholders' equity at Mar. 28, 2020	$ 1,353,723	$ 1,391	$ 978,837	$ (3,277,215)	$ (5,051)	$ 3,655,761

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Cash flows from operating activities:
Net income	$ 83,777	$ 76,832
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization	51,436	45,767
Gain on disposition of property and equipment	(315)	(224)
Share-based compensation expense	6,945	9,624
Deferred income taxes	1,643	13,485
Change in assets and liabilities:
Inventories	(303,132)	(291,790)
Prepaid expenses and other current assets	(11,988)	23,755
Accounts payable	244,902	165,087
Accrued employee compensation	(8,609)	(25,342)
Other accrued expenses	(12,352)	(31,159)
Income taxes	18,805	5,488
Other	12,820	(4,547)
Net cash provided by/(used in) operating activities	83,932	(13,024)
Cash flows from investing activities:
Capital expenditures	(29,648)	(28,785)
Proceeds from sale of property and equipment	320	358
Net cash used in investing activities	(29,328)	(28,427)
Cash flows from financing activities:
Borrowings under debt facilities	809,000	385,000
Repayments under debt facilities	(186,500)	(165,500)
Principal payments under finance lease liabilities	(1,000)	(897)
Repurchase of shares to satisfy tax obligations	(5,407)	(3,026)
Repurchase of common stock	(263,219)	(155,319)
Net proceeds from issuance of common stock	10,603	34,732
Cash dividends paid to stockholders	(40,849)	(37,623)
Net cash provided by financing activities	322,628	57,367
Net change in cash and cash equivalents	377,232	15,916
Cash and cash equivalents at beginning of period	84,241	86,299
Cash and cash equivalents at end of period	461,473	102,215
Cash paid during the period for:
Interest	5,781	6,137
Income taxes	1,358	2,080
Supplemental disclosures of non-cash activities:
Non-cash accruals for construction in progress	7,046	6,540
Increase of operating lease assets and liabilities from new or modified leases	108,872	64,519
Increase of finance lease assets and liabilities from new or modified leases	1,904	0
Operating lease assets and liabilities recognized upon adoption of ASC 842	$ 0	$ 2,084,880

General

General	3 Months Ended
	Mar. 28, 2020
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” or “us”) is the largest rural lifestyle retailer in the United States (“U.S.”). The Company is focused on supplying the needs of recreational farmers, ranchers, and all those who enjoy living the rural lifestyle (which we refer to as the “ Out Here ” lifestyle), as well as tradesmen and small businesses. Stores are located primarily 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 March 28, 2020, the Company operated a total of 2,043 retail stores in 49 states (1,863 Tractor Supply and Del’s retail stores and 180 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 28, 2019. The results of operations for our interim periods are not necessarily indicative of results for the full fiscal year. The COVID-19 pandemic has created significant public health concerns as well as economic disruption, uncertainty, and volatility which may negatively affect our business operations. As a result, if the pandemic persists or worsens, our accounting estimates and assumptions could be impacted in subsequent interim reports and upon final determination at year-end, and it is reasonably possible such changes could be significant (although the potential effects cannot be estimated at this time).

General Details

General Details	Mar. 28, 2020storestate
Nature of business [Abstract]
Number of states in which rural lifestyle retail stores are operated by the company | state	49
Parent Company [Member]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company	2,043
TSCO stores [Domain]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company	1,863
Petsense stores [Domain]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company	180

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 28, 2020
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. As described in further detail in Note 5 to the Condensed Consolidated Financial Statements, the Company had $1.02 billion, $0.40 billion, and $0.63 billion in borrowings under its debt facilities at March 28, 2020, December 28, 2019, and March 30, 2019, respectively. 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 to the Condensed Consolidated Financial Statements, the fair value of the interest rate swaps, excluding accrued interest, was a net liability of $6.8 million at March 28, 2020 and a net asset of $0.3 million and $3.9 million at December 28, 2019 and March 30, 2019, respectively.

Share Based Compensation

Share Based Compensation	3 Months Ended
	Mar. 28, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Share Based Compensation	Share-Based Compensation:Share-based compensation includes stock options, restricted stock units, performance-based restricted share units, 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 units plus a 15% discount on shares purchased by employees as a part of the ESPP. The discount under the ESPP represents the difference between the purchase date market value and the employee’s purchase price. There were no significant modifications to the Company’s share-based compensation plans during the fiscal three months ended March 28, 2020. For the first quarter of fiscal 2020 and 2019, share-based compensation expense was $6.9 million and $9.6 million, respectively. Stock Options The following table summarizes information concerning stock option grants during the first three months of fiscal 2020: Fiscal Three Months Ended March 28, Stock options granted 413,776 Weighted average exercise price $ 91.10 Weighted average grant date fair value per option $ 18.54 As of March 28, 2020, total unrecognized compensation expense related to non-vested stock options was approximately $12.8 million with a remaining weighted average expense recognition period of 2.4 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 three months of fiscal 2020: Fiscal Three Months Ended March 28, Restricted stock units granted 242,343 Performance-based restricted share units granted (a) 80,057 Weighted average grant date fair value per share $ 87.53 (a) Assumes 100% target level achievement of the relative performance targets. In fiscal 2020, 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 will cliff vest in full on the third anniversary of the date of the grant. As of March 28, 2020, total unrecognized compensation expense related to non-vested restricted stock units and non-vested performance-based restricted share units was approximately $44.2 million with a remaining weighted average expense recognition period of 2.3 years.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 28, 2020
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 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 during the period. 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 March 28, 2020 March 30, 2019 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 83,777 116,738 $ 0.72 $ 76,832 121,211 $ 0.63 Dilutive effect of share-based awards — 694 (0.01) — 941 — Diluted net income per share: $ 83,777 117,432 $ 0.71 $ 76,832 122,152 $ 0.63 Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.5 million and 0.3 million shares for the fiscal three months ended March 28, 2020 and March 30, 2019, respectively.

Debt

Debt	3 Months Ended
	Mar. 28, 2020
Debt Disclosure [Abstract]
Debt	Debt: The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions): March 28, December 28, March 30, Senior Notes $ 150.0 $ 150.0 $ 150.0 Senior Credit Facility: February 2016 Term Loan 140.0 145.0 155.0 June 2017 Term Loan 85.0 87.5 91.3 March 2020 Term Loan 200.0 — — Revolving credit loans 445.0 15.0 232.0 Total outstanding borrowings 1,020.0 397.5 628.3 Less: unamortized debt issuance costs (0.9) (1.0) (1.3) Total debt 1,019.1 396.5 627.0 Less: current portion of long-term debt (30.0) (30.0) (21.3) Long-term debt $ 989.1 $ 366.5 $ 605.7 Outstanding letters of credit $ 39.0 $ 32.0 $ 35.4 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 and matures on 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. On March 12, 2020, pursuant to an accordion feature available under the 2016 Senior Credit Facility, the Company entered into an incremental term loan agreement (the “March 2020 Term Loan”) which increased the term loan capacity under the 2016 Senior Credit Facility by $200 million. This agreement is unsecured and matures on March 16, 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 March 2020 Term Loan of $200 million is due in full on the maturity date of March 16, 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 (3.250% at March 28, 2020) or the London Inter-Bank Offer Rate (“LIBOR”) (0.989% at March 28, 2020) plus an additional amount ranging from 0.500% to 1.125% per annum (0.625% at March 28, 2020), adjusted quarterly based on our leverage ratio. The Company is also required to pay, quarterly in arrears, a commitment fee for unused capacity ranging from 0.075% to 0.200% per annum (0.100% at March 28, 2020), 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 (3.250% at March 28, 2020) or LIBOR (0.989% at March 28, 2020) plus an additional 1.000% per annum. Borrowings under the March 2020 Term Loan bear interest at either the bank’s base rate (3.250% at March 28, 2020) or LIBOR (0.989% at March 28, 2020) plus an additional 0.750% per annum. As further described in Note 6 to the Condensed Consolidated Financial Statements, 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 March 28, 2020, 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. Subsequent Event - Amendment to Credit Facility

Interest Rate Swaps

Interest Rate Swaps	3 Months Ended
	Mar. 28, 2020
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 to the Condensed Consolidated Financial Statements, up to the maturity date of the interest rate swap agreement on February 19, 2021. As of March 28, 2020, the notional amount of the interest rate swap was $140.0 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 to the Condensed Consolidated Financial Statements. As of March 28, 2020, the notional amount of the interest rate swap was $85.0 million. The Company entered into a third interest rate swap agreement which became effective on March 18, 2020, with a maturity date of March 18, 2025. The notional amount of this swap agreement is fixed at $200 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 Condensed Consolidated Balance Sheets at fair value. In accordance with hedge accounting, the 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”), net of related income taxes, and reclassified into earnings in the same income statement line and period during which the hedged transactions affect earnings. As of March 28, 2020, amounts to be reclassified from Accumulated Other Comprehensive Income (“AOCI”) into interest during the next twelve months are not expected to be material. No significant amounts were excluded from the assessment of cash flow hedge effectiveness as of March 28, 2020. The assets and liabilities measured at fair value related to the Company’s interest rate swaps, excluding accrued interest, were as follows (in thousands): Derivatives Designated as Cash Flow Hedges Balance Sheet Location March 28, December 28, March 30, Interest rate swaps (short-term portion) Other current assets $ — $ 558 $ 2,200 Interest rate swaps (long-term portion) Other assets — 91 1,676 Total derivative assets $ — $ 649 $ 3,876 Interest rate swaps (short-term portion) Other accrued expenses $ 2,512 $ 90 $ — Interest rate swaps (long-term portion) Other long-term liabilities 4,277 292 — Total derivative liabilities $ 6,789 $ 382 $ — The offset to the interest rate swap asset or liability is recorded as a component of equity, net of deferred taxes, in 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): March 28, December 28, March 30, Beginning fiscal year AOCI balance $ 199 $ 3,814 $ 3,814 Current fiscal period loss recognized in OCI (5,250) (4,332) (1,464) Cumulative adjustment as a result of ASU 2017-12 adoption — 717 717 Other comprehensive loss, net of tax (5,250) (3,615) (747) Ending fiscal period AOCI balance $ (5,051) $ 199 $ 3,067 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 Financial Statement Location March 28, March 30, Amount of losses recognized in OCI during the period Other comprehensive loss $ (7,056) $ (1,947) 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 March 28, March 30, Income tax benefit of interest rate swaps on AOCI $ (1,806) $ (483) 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.

Capital Stock and Dividends

Capital Stock and Dividends	3 Months Ended
	Mar. 28, 2020
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 Company's Board of Directors. Dividends During the first three months of fiscal 2020 and 2019, the Company's Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid February 5, 2020 $ 0.35 February 24, 2020 March 10, 2020 February 6, 2019 $ 0.31 February 25, 2019 March 12, 2019 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 any other factors that the Board of Directors deems relevant.

Treasury Stock

Treasury Stock	3 Months Ended
	Mar. 28, 2020
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 $4.5 billion, exclusive of any fees, commissions, or other expenses related to such repurchases. 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. As of March 28, 2020, the Company had remaining authorization under the share repurchase program of $1.22 billion, exclusive of any fees, commissions, or other expenses. The Company has suspended the share repurchase program effective March 12, 2020, in order to strengthen its liquidity and preserve cash while navigating the COVID-19 pandemic. The following table provides the number of shares repurchased, average price paid per share, and total amount paid for share repurchases during the fiscal three months ended March 28, 2020 and March 30, 2019, respectively (in thousands, except per share amounts): Fiscal Three Months Ended March 28, March 30, Total number of shares repurchased 2,853 1,724 Average price paid per share $ 92.28 $ 90.09 Total cash paid for share repurchases $ 263,219 $ 155,319

Income Taxes

Income Taxes	3 Months Ended
	Mar. 28, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes: The Company’s effective income tax rate increased to 22.1% in the first quarter of fiscal 2020 compared to 22.0% in the first quarter of fiscal 2019. The primary driver for the increase in the Company’s effective income tax rate was attributable to a reduced tax benefit associated with share-based compensation in the first quarter of fiscal 2020. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in the U.S. on March 27, 2020. We do not anticipate that the enactment of this legislation will significantly impact our full year effective tax rate in fiscal 2020; however, we continue to evaluate the potential impact that the legislation will have on the timing of our tax payments.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 28, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: Construction and Real Estate Commitments At March 28, 2020, there were no material commitments related to real estate or construction projects extending greater than twelve months. Letters of Credit At March 28, 2020, there were $39.0 million of outstanding letters of credit under the 2016 Senior Credit Facility. Litigation

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 28, 2020
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 ended March 28, 2020 and March 30, 2019: Fiscal Three Months Ended Product Category: March 28, March 30, Livestock and Pet 54 % 52 % Hardware, Tools and Truck 20 21 Seasonal, Gift and Toy Products 17 17 Clothing and Footwear 6 7 Agriculture 3 3 Total 100 % 100 %

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 28, 2020
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 June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” which amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in more timely recognition of losses. The new guidance applies to financial assets measured at amortized cost basis, including receivables that result from revenue transactions and held-to-maturity debt securities. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and early adoption was permitted for fiscal years beginning after December 15, 2018. The Company adopted this guidance in the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on our Condensed 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 adopted this guidance in the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on our Condensed 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 adopted this guidance on a prospective basis in the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on our Condensed Consolidated Financial Statements and related disclosures. New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This guidance is in response to accounting concerns regarding contract modifications and hedge accounting because of impending rate reform associated with structural risks of interbank offered rates (IBORs), and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR) related to regulators in several jurisdictions around the world having undertaken reference rate reform initiatives to identify alternative reference rates. The guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The adoption of this guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company does not expect the adoption of this guidance to have a material impact on its Condensed Consolidated Financial Statements and related disclosures.

Accounting Changes and Error Co

Accounting Changes and Error Corrections (Policies)	3 Months Ended
	Mar. 28, 2020
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements Recently Adopted and Not Yet Adopted	New Accounting Pronouncements: New Accounting Pronouncements Recently Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” which amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in more timely recognition of losses. The new guidance applies to financial assets measured at amortized cost basis, including receivables that result from revenue transactions and held-to-maturity debt securities. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and early adoption was permitted for fiscal years beginning after December 15, 2018. The Company adopted this guidance in the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on our Condensed 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 adopted this guidance in the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on our Condensed 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 adopted this guidance on a prospective basis in the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on our Condensed Consolidated Financial Statements and related disclosures. New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This guidance is in response to accounting concerns regarding contract modifications and hedge accounting because of impending rate reform associated with structural risks of interbank offered rates (IBORs), and, particularly, the risk of cessation of the London Interbank Offered Rate (LIBOR) related to regulators in several jurisdictions around the world having undertaken reference rate reform initiatives to identify alternative reference rates. The guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The adoption of this guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company does not expect the adoption of this guidance to have a material impact on its Condensed Consolidated Financial Statements and related disclosures.

Share Based Compensation (Table

Share Based Compensation (Tables)	3 Months Ended
	Mar. 28, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock Options	The following table summarizes information concerning stock option grants during the first three months of fiscal 2020: Fiscal Three Months Ended March 28, Stock options granted 413,776 Weighted average exercise price $ 91.10 Weighted average grant date fair value per option $ 18.54
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 three months of fiscal 2020: Fiscal Three Months Ended March 28, Restricted stock units granted 242,343 Performance-based restricted share units granted (a) 80,057 Weighted average grant date fair value per share $ 87.53 (a) Assumes 100% target level achievement of the relative performance targets.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 28, 2020
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 March 28, 2020 March 30, 2019 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 83,777 116,738 $ 0.72 $ 76,832 121,211 $ 0.63 Dilutive effect of share-based awards — 694 (0.01) — 941 — Diluted net income per share: $ 83,777 117,432 $ 0.71 $ 76,832 122,152 $ 0.63

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 28, 2020
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions): March 28, December 28, March 30, Senior Notes $ 150.0 $ 150.0 $ 150.0 Senior Credit Facility: February 2016 Term Loan 140.0 145.0 155.0 June 2017 Term Loan 85.0 87.5 91.3 March 2020 Term Loan 200.0 — — Revolving credit loans 445.0 15.0 232.0 Total outstanding borrowings 1,020.0 397.5 628.3 Less: unamortized debt issuance costs (0.9) (1.0) (1.3) Total debt 1,019.1 396.5 627.0 Less: current portion of long-term debt (30.0) (30.0) (21.3) Long-term debt $ 989.1 $ 366.5 $ 605.7 Outstanding letters of credit $ 39.0 $ 32.0 $ 35.4

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	3 Months Ended
	Mar. 28, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets/Liabilities at Fair Value, Excluding Accrued Interest	The assets and liabilities measured at fair value related to the Company’s interest rate swaps, excluding accrued interest, were as follows (in thousands): Derivatives Designated as Cash Flow Hedges Balance Sheet Location March 28, December 28, March 30, Interest rate swaps (short-term portion) Other current assets $ — $ 558 $ 2,200 Interest rate swaps (long-term portion) Other assets — 91 1,676 Total derivative assets $ — $ 649 $ 3,876 Interest rate swaps (short-term portion) Other accrued expenses $ 2,512 $ 90 $ — Interest rate swaps (long-term portion) Other long-term liabilities 4,277 292 — Total derivative liabilities $ 6,789 $ 382 $ —
Derivative Instruments, Gain (Loss)	The following table summarizes the changes in AOCI, net of tax, related to the Company’s interest rate swaps (in thousands): March 28, December 28, March 30, Beginning fiscal year AOCI balance $ 199 $ 3,814 $ 3,814 Current fiscal period loss recognized in OCI (5,250) (4,332) (1,464) Cumulative adjustment as a result of ASU 2017-12 adoption — 717 717 Other comprehensive loss, net of tax (5,250) (3,615) (747) Ending fiscal period AOCI balance $ (5,051) $ 199 $ 3,067
Derivative Instruments, Gain (Loss), pre-tax	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 Financial Statement Location March 28, March 30, Amount of losses recognized in OCI during the period Other comprehensive loss $ (7,056) $ (1,947)
Derivative Instruments, Gain (Loss), tax impact	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 March 28, March 30, Income tax benefit of interest rate swaps on AOCI $ (1,806) $ (483)

Capital Stock and Dividends (Ta

Capital Stock and Dividends (Tables)	3 Months Ended
	Mar. 28, 2020
Equity [Abstract]
Schedule of Dividends Payable	During the first three months of fiscal 2020 and 2019, the Company's Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid February 5, 2020 $ 0.35 February 24, 2020 March 10, 2020 February 6, 2019 $ 0.31 February 25, 2019 March 12, 2019

Treasury Stock Treasury Stock (

Treasury Stock Treasury Stock (Tables)	3 Months Ended
	Mar. 28, 2020
Equity, Class of Treasury Stock [Line Items]
Class of Treasury Stock, Shares Repurchased	The following table provides the number of shares repurchased, average price paid per share, and total amount paid for share repurchases during the fiscal three months ended March 28, 2020 and March 30, 2019, respectively (in thousands, except per share amounts): Fiscal Three Months Ended March 28, March 30, Total number of shares repurchased 2,853 1,724 Average price paid per share $ 92.28 $ 90.09 Total cash paid for share repurchases $ 263,219 $ 155,319

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 28, 2020
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 ended March 28, 2020 and March 30, 2019: Fiscal Three Months Ended Product Category: March 28, March 30, Livestock and Pet 54 % 52 % Hardware, Tools and Truck 20 21 Seasonal, Gift and Toy Products 17 17 Clothing and Footwear 6 7 Agriculture 3 3 Total 100 % 100 %

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 28, 2020	Dec. 28, 2019	Mar. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured Debt	$ 1,020	$ 397.5	$ 628.3
Derivative, Fair Value, Net	$ (6.8)	$ 0.3	$ 3.9

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase program discount percentage	15.00%
Share-based compensation plan modifications	no
Share-based Payment Arrangement, Noncash Expense	$ 6,945	$ 9,624
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted	413,776
Weighted average exercise price	$ 91.10
Weighted average fair value per option	$ 18.54
Total unrecognized compensation expense	$ 12,800
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 4 months 24 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted	242,343
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted	80,057
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	$ 87.53
Total unrecognized compensation expense	$ 44,200
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 3 months 18 days

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Earnings Per Share, Basic [Abstract]
Net income	$ 83,777	$ 76,832
Weighted average number of shares outstanding, basic	116,738	121,211
Net income per share – basic	$ 0.72	$ 0.63
Earnings Per Share, Diluted [Abstract]
Dilutive stock options and restricted stock units outstanding, income	$ 0	$ 0
Dilutive stock options and restricted stock units outstanding, per share (in shares)	694	941
Dilutive stock options and restricted stock units outstanding, per share (in dollars per share)	$ (0.01)	$ 0
Net income	$ 83,777	$ 76,832
Weighted average number of shares outstanding, diluted	117,432	122,152
Net income per share, diluted (in dollars per share)	$ 0.71	$ 0.63
Antidilutive securities excluded from computation of earnings per share, amount	500	300

Senior Notes (Details)

Senior Notes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2020	Dec. 28, 2019	Mar. 30, 2019	Aug. 14, 2017
Debt Instrument [Line Items]
Senior Notes	$ 150	$ 150	$ 150	$ 150
Senior Notes, Maturity Date	Aug. 14, 2029
Senior Notes, Interest Rate	3.70%
Shelf Note - Amount	$ 150
Shelf Notes - Maximum Maturity Date Range - in years	12 years
Shelf Notes - Maximum Issuance Date	August 14, 2020
Debt Instrument, Percentage of Principal Amount Redeemable	100.00%
Shelf Notes - Additional Interest Rate	Notes plus 0.50%

Senior Credit Facility - Credit

Senior Credit Facility - Credit Agreement (Details) - USD ($)	Mar. 12, 2020	Sep. 28, 2019	Jun. 15, 2017	Feb. 19, 2016	Mar. 28, 2020	Mar. 30, 2019	Dec. 28, 2019
Line of Credit Facility [Line Items]
Unsecured Debt					$ 1,020,000,000	$ 628,300,000	$ 397,500,000
Unamortized Debt Issuance Costs					(900,000)	(1,300,000)	(1,000,000)
Unsecured debt, net of debt issuance costs					1,019,100,000	627,000,000	396,500,000
Unsecured Debt, Current					(30,000,000)	(21,250,000)	(30,000,000)
Long-term Debt, Excluding Current Maturities					989,074,000	605,695,000	366,480,000
Letters of Credit Outstanding, Amount					39,000,000	35,400,000	32,000,000
Senior credit facility, maximum borrowing capacity				$ 500,000,000	500,000,000
Swingline Loan, Maximum Borrowing Capacity				50,000,000	$ 50,000,000
Debt instrument, basis spread on variable rate					0.625%
Commitment fee for unused capacity		0.10%
Debt Instrument, Interest Rate, Stated Percentage - June 2017 Term Loan					1.00%
Compensating Balance, Amount					$ 0
Debt Instrument, Covenant Compliance		all
Amount of incremental credit facility which will result in modification of debt covenants					$100 million or greater
Base Rate
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End					3.25%
London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate at Period End					0.989%
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
Line of Credit Facility [Line Items]
Notional Amount, Current					$ 140,000,000	155,000,000	145,000,000
Term Loan, Maximum Borrowing Capacity				$ 200,000,000
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
Line of Credit Facility [Line Items]
Notional Amount, Current					85,000,000	91,300,000	87,500,000
Term Loan, Maximum Borrowing Capacity			$ 100,000,000
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
Term Loan (Member) [Member]
Line of Credit Facility [Line Items]
Notional Amount, Current					$ 200,000,000	0	0
Term Loan, Maximum Borrowing Capacity	$ 200,000,000
Debt instrument, basis spread on variable rate					75.00%
Number of Financial Covenants [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Covenant Description					two material covenants
2016 Senior Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Month-end Outstanding Amount					$ 445,000,000	$ 232,000,000	$ 15,000,000
Fixed Charge Coverage Ratio Minimum Requirement [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Covenant Description					2.00 to 1.0
Leverage Ratio Maximum Requirement [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Covenant Description					4.00 to 1.0

Debt (Details)

Debt (Details)	Apr. 22, 2020
Subsequent Event
Subsequent Event [Line Items]
Subsequent Event, Description	Subsequent Event - Amendment to Credit FacilityOn April 22, 2020, the Company entered into a second amendment to the 2016 Senior Credit Facility (the “Second Amendment”) to, among other things, increase the option to increase the aggregate principal amount of Revolving Loan Commitments and Incremental Term Loans up to an amount not to exceed $650 million. Simultaneously with the Second Amendment, the Company entered into an Incremental Term Loan Agreement (the “April 2020 Term Loan”) in the amount of $350 million, which is in addition to the 2016 Senior Credit Facility’s existing term loan and revolving credit facility. The April 2020 Term Loan is unsecured and has a term expiring on April 21, 2021. Borrowings under the April 2020 Term Loan (i) will bear interest at a variable rate, (ii) do not require principal payments prior to the maturity date, (iii) may be prepaid at any time, and (iv) have other terms materially identical to the existing term loans under the Senior Credit Facility other than the 364 day maturity date and LIBOR floor of 0.75%.

Interest Rate Swaps (Details)

Interest Rate Swaps (Details) - USD ($) $ in Thousands	Mar. 18, 2020	Jun. 30, 2017	Mar. 31, 2016	Mar. 28, 2020	Mar. 30, 2019	Dec. 28, 2019	Dec. 29, 2018
Derivative [Line Items]
Cumulative adjustment as a result of ASU 2017-12 adoption					$ 0
Other Comprehensive Income (Loss), Net of Tax				$ (5,250)	(1,464)
Total Derivative Asset				0	3,876	$ 649
Total Derivative Liability				6,789	0	382
February 2016 Term Loan
Derivative [Line Items]
Notional Amount, Current				140,000	155,000	145,000
June 2017 Term Loan
Derivative [Line Items]
Notional Amount, Current				85,000	91,300	87,500
Beginning Balance [Member]
Derivative [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax						199	$ 3,814
Other Comprehensive Income (Loss) [Member]
Derivative [Line Items]
Change in fair value of interest rate swaps, net of taxes				(5,250)	(1,464)	(4,332)
Accounting Standards Update 2017-12 [Member]
Derivative [Line Items]
Cumulative adjustment as a result of ASU 2017-12 adoption				0	717	717
Other Comprehensive Income (Loss), Net of Tax [Member]
Derivative [Line Items]
Other Comprehensive Income (Loss), Net of Tax				(5,250)	(747)	(3,615)
AOCI Ending Balance [Member]
Derivative [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax				$ (5,051)	3,067	199
February 2016 Term Loan
Derivative [Line Items]
Interest Rate Swap Inception Date			Mar. 31, 2016
Interest Rate Swap Maturity Date				Feb. 19, 2021
Interest Rate Swap, Beginning Notional Amount			$ 197,500
June 2017 Term Loan
Derivative [Line Items]
Interest Rate Swap Inception Date		Jun. 30, 2017
Interest Rate Swap Maturity Date				Jun. 15, 2022
Interest Rate Swap, Beginning Notional Amount		$ 100,000
Interest Rate Swap Asset Portion
Derivative [Line Items]
Derivative Asset, Current				$ 0	2,200	558
Derivative Asset, Noncurrent				0	1,676	91
Interest Rate Swap Liability Portion
Derivative [Line Items]
Derivative Liability, Current				2,512	0	90
Derivative Liability, Noncurrent				$ 4,277	$ 0	$ 292
Term Loan (Member) [Member]
Derivative [Line Items]
Interest Rate Swap Inception Date	Mar. 18, 2020
Interest Rate Swap Maturity Date				Mar. 18, 2025
Interest Rate Swap, Beginning Notional Amount				$ 200,000

Interest Rate Swaps Schedule of

Interest Rate Swaps Schedule of Changes in AOCI Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019	Dec. 28, 2019	Dec. 29, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cumulative adjustment as a result of ASU 2017-12 adoption		$ 0
Other Comprehensive Income (Loss), Net of Tax	$ (5,250)	(1,464)
Beginning Balance [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax			$ 199	$ 3,814
Accounting Standards Update 2017-12 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cumulative adjustment as a result of ASU 2017-12 adoption	$ 0	$ 717	$ 717

Interest Rate Swaps Current Per

Interest Rate Swaps Current Period OCI Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	$ (7,056)	$ (1,947)

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
	Mar. 28, 2020	Mar. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	$ (1,806)	$ (483)

Interest Rate Swaps Effective D

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

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) - shares	Mar. 28, 2020	Dec. 28, 2019	Mar. 30, 2019
Equity [Abstract]
Common Stock, Shares Authorized	400,000,000	400,000,000	400,000,000
Preferred Stock, Shares Authorized	40,000	40,000	40,000

Capital Stock and Dividends (De

Capital Stock and Dividends (Details) - $ / shares	May 06, 2020	Feb. 06, 2019	Feb. 07, 2018	Mar. 28, 2020	Mar. 30, 2019
Dividends
Common Stock, Dividends, Per Share, Declared		$ 0.35	$ 0.31	$ 0.35	$ 0.31
Subsequent Event
Dividends
Common Stock, Dividends, Per Share, Declared	$ 0.35

Treasury Stock (Details)

Treasury Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Equity, Class of Treasury Stock [Line Items]
Board-approved share repurchase program of common stock	$ 4,500,000
Remaining authorization under the share repurchase program	$ 1,220,000
Total number of shares repurchased	2,853	1,724
Average price paid per share	$ 92.28	$ 90.09
Total cash paid for share repurchases	$ 263,219	$ 155,319

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	22.10%	22.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 28, 2020	Dec. 28, 2019	Mar. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Purchase Obligation, Due Second Year	$ 0
Letters of Credit Outstanding, Amount	$ 39	$ 32	$ 35.4

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Livestock and Pet
Revenue from External Customer [Line Items]
Percentage of sales	54.00%	52.00%
Hardware, Tools and Truck [Member]
Revenue from External Customer [Line Items]
Percentage of sales	20.00%	21.00%
Seasonal, Gift and Toy Products [Member]
Revenue from External Customer [Line Items]
Percentage of sales	17.00%	17.00%
Clothing and Footwear
Revenue from External Customer [Line Items]
Percentage of sales	6.00%	7.00%
Agriculture
Revenue from External Customer [Line Items]
Percentage of sales	3.00%	3.00%
Total
Revenue from External Customer [Line Items]
Percentage of sales	100.00%	100.00%

Segment Reporting Number of Rep

Segment Reporting Number of Reportable Segments (Details)	3 Months Ended
	Mar. 28, 2020segment
Segment Reporting [Abstract]
Number of Reportable Segments	1