Tractor Supply (TSCO) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 26, 2021	Jul. 24, 2021
Cover [Abstract]
Document Type	10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	true
Document Period End Date	Jun. 26, 2021
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	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
Title of 12(b) Security	Common Stock, $0.008 par value
Trading Symbol	TSCO
Security Exchange Name	NASDAQ
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
Entity Central Index Key	0000916365
Entity Common Stock, Shares Outstanding		114,338,347
Current Fiscal Year End Date	--12-26
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 26, 2021	Dec. 26, 2020	Jun. 27, 2020
Current assets:
Cash and cash equivalents	$ 1,412,001	$ 1,341,756	$ 1,206,366
Inventories	1,992,824	1,783,270	1,688,508
Prepaid expenses and other current assets	162,318	133,659	135,238
Total current assets	3,567,143	3,258,685	3,030,112
Property and equipment, net	1,333,852	1,248,960	1,148,225
Operating lease right-of-use assets	2,675,030	2,423,881	2,268,623
Goodwill and other intangible assets	55,520	55,520	124,492
Deferred Tax Assets, Deferred Income	18,772	31,586	12,866
Other assets	37,571	30,484	26,757
Total assets	7,687,888	7,049,116	6,611,075
Current liabilities:
Accounts payable	1,221,911	976,096	1,003,697
Accrued employee compensation	84,810	119,701	77,419
Other accrued expenses	381,836	324,813	270,463
Current portion of long-term debt	0	0	380,000
Current portion of finance lease liabilities	4,771	4,554	4,319
Current portion of operating lease liabilities	306,125	298,696	287,326
Income taxes payable	84,078	19,938	133,830
Total current liabilities	2,083,531	1,743,798	2,157,054
Long-term debt	985,353	984,324	536,051
Finance lease liabilities, less current portion	30,672	33,096	32,093
Operating lease liabilities, less current portion	2,488,088	2,220,904	2,087,934
Other long-term liabilities	120,131	143,154	102,213
Total liabilities	5,707,775	5,125,276	4,915,345
Stockholders’ equity:
Preferred stock	0	0	0
Common stock	1,410	1,401	1,396
Additional paid-in capital	1,175,123	1,095,500	1,024,089
Treasury stock	(3,813,667)	(3,356,953)	(3,277,215)
Accumulated other comprehensive loss	(798)	(3,243)	(6,335)
Retained earnings	4,618,045	4,187,135	3,953,795
Total stockholders’ equity	1,980,113	1,923,840	1,695,730
Total liabilities and stockholders’ equity	$ 7,687,888	$ 7,049,116	$ 6,611,075

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 26, 2021	Dec. 26, 2020	Jun. 27, 2020
Statement of Financial Position [Abstract]
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	176,223,000	175,128,000	174,476,000
Common Stock, Shares, Outstanding	114,623,000	116,246,000	116,180,000
Treasury Stock, Shares	61,600,000	58,882,000	58,296,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2021	Jun. 27, 2020	Jun. 26, 2021	Jun. 27, 2020
Income Statement [Abstract]
Net sales	$ 3,601,559	$ 3,176,327	$ 6,393,895	$ 5,135,515
Cost of merchandise sold	2,314,074	2,019,514	4,122,630	3,317,453
Gross profit	1,287,485	1,156,813	2,271,265	1,818,062
Selling, general and administrative expenses	736,749	656,520	1,429,939	1,153,795
Depreciation and amortization	64,853	52,547	124,907	103,983
Operating income	485,883	447,746	716,419	560,284
Interest expense, net	6,701	8,438	13,922	13,487
Income before income taxes	479,182	439,308	702,497	546,797
Income tax expense	109,160	100,630	151,121	124,342
Net income	$ 370,022	$ 338,678	$ 551,376	$ 422,455
Net income per share – basic	$ 3.21	$ 2.92	$ 4.77	$ 3.63
Net income per share – diluted	$ 3.19	$ 2.90	$ 4.73	$ 3.61
Weighted average shares outstanding:
Basic	115,133	115,912	115,643	116,325
Diluted	116,091	116,812	116,659	117,122
Dividends declared per common share outstanding	$ 0.52	$ 0.35	$ 1.04	$ 0.70

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2021	Jun. 27, 2020	Jun. 26, 2021	Jun. 27, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 370,022	$ 338,678	$ 551,376	$ 422,455
Change in fair value of interest rate swaps, net of taxes	320	(1,284)	2,445	(6,534)
Total other comprehensive income/(loss)	320	(1,284)	2,445	(6,534)
Total comprehensive income	$ 370,342	$ 337,394	$ 553,821	$ 415,921

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. (Loss)/Income	Retained Earnings
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
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]
Repurchase of shares to satisfy tax obligations	(7,391)
Repurchase of common stock	(263,219)
Dividends paid	(81,493)
Change in fair value of interest rate swaps, net of taxes	(6,534)
Net income	422,455
Ending balance, shares outstanding (in shares) at Jun. 27, 2020		116,180
Ending balance, Stockholders' equity at Jun. 27, 2020	1,695,730	$ 1,396	1,024,089	(3,277,215)	(6,335)	3,953,795
Beginning balance, shares outstanding (in shares) at Mar. 28, 2020		115,592
Beginning balance, Stockholders' equity at Mar. 28, 2020	1,353,723	$ 1,391	978,837	(3,277,215)	(5,051)	3,655,761
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance under stock award plans & ESPP (in shares)		588
Common stock issuance under stock award plans & ESPP	39,737	$ 5	39,732
Share-based compensation	7,504		7,504
Repurchase of shares to satisfy tax obligations	(1,984)		(1,984)
Repurchase of common stock, shares (in shares)		0
Repurchase of common stock	0			0
Dividends paid	(40,644)					(40,644)
Change in fair value of interest rate swaps, net of taxes	(1,284)				(1,284)
Net income	338,678					338,678
Ending balance, shares outstanding (in shares) at Jun. 27, 2020		116,180
Ending balance, Stockholders' equity at Jun. 27, 2020	1,695,730	$ 1,396	1,024,089	(3,277,215)	(6,335)	3,953,795
Beginning balance, shares outstanding (in shares) at Dec. 26, 2020		116,246
Beginning balance, Stockholders' equity at Dec. 26, 2020	1,923,840	$ 1,401	1,095,500	(3,356,953)	(3,243)	4,187,135
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance under stock award plans & ESPP (in shares)		941
Common stock issuance under stock award plans & ESPP	58,708	$ 8	58,700
Share-based compensation	12,318		12,318
Repurchase of shares to satisfy tax obligations	(12,067)		(12,067)
Repurchase of common stock, shares (in shares)		(1,600)
Repurchase of common stock	(253,409)			(253,409)
Dividends paid	(60,570)					(60,570)
Change in fair value of interest rate swaps, net of taxes	2,125				2,125
Net income	181,354					181,354
Ending balance, shares outstanding (in shares) at Mar. 27, 2021		115,587
Ending balance, Stockholders' equity at Mar. 27, 2021	1,852,299	$ 1,409	1,154,451	(3,610,362)	(1,118)	4,307,919
Beginning balance, shares outstanding (in shares) at Dec. 26, 2020		116,246
Beginning balance, Stockholders' equity at Dec. 26, 2020	1,923,840	$ 1,401	1,095,500	(3,356,953)	(3,243)	4,187,135
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of shares to satisfy tax obligations	(13,588)
Repurchase of common stock	(456,714)
Dividends paid	(120,466)
Change in fair value of interest rate swaps, net of taxes	2,445
Net income	551,376
Ending balance, shares outstanding (in shares) at Jun. 26, 2021		114,623
Ending balance, Stockholders' equity at Jun. 26, 2021	1,980,113	$ 1,410	1,175,123	(3,813,667)	(798)	4,618,045
Beginning balance, shares outstanding (in shares) at Mar. 27, 2021		115,587
Beginning balance, Stockholders' equity at Mar. 27, 2021	1,852,299	$ 1,409	1,154,451	(3,610,362)	(1,118)	4,307,919
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance under stock award plans & ESPP (in shares)		154
Common stock issuance under stock award plans & ESPP	11,318	$ 1	11,317
Share-based compensation	10,876		10,876
Repurchase of shares to satisfy tax obligations	(1,521)		(1,521)
Repurchase of common stock, shares (in shares)		(1,118)
Repurchase of common stock	(203,305)			(203,305)
Dividends paid	(59,896)					(59,896)
Change in fair value of interest rate swaps, net of taxes	320				320
Net income	370,022					370,022
Ending balance, shares outstanding (in shares) at Jun. 26, 2021		114,623
Ending balance, Stockholders' equity at Jun. 26, 2021	$ 1,980,113	$ 1,410	$ 1,175,123	$ (3,813,667)	$ (798)	$ 4,618,045

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 26, 2021	Jun. 27, 2020
Cash flows from operating activities:
Net income	$ 551,376	$ 422,455
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	124,907	103,983
Loss/(gain) on disposition of property and equipment	3,752	(342)
Share-based compensation expense	23,194	14,449
Deferred income taxes	12,814	(13,019)
Change in assets and liabilities:
Inventories	(209,554)	(85,727)
Prepaid expenses and other current assets	(28,659)	(34,373)
Accounts payable	245,815	360,661
Accrued employee compensation	(34,891)	37,664
Other accrued expenses	59,247	24,908
Income taxes	64,140	127,846
Other	(3,234)	34,633
Net cash provided by operating activities	808,907	993,138
Cash flows from investing activities:
Capital expenditures	(216,029)	(86,624)
Proceeds from sale of property and equipment	316	646
Net cash used in investing activities	(215,713)	(85,978)
Cash flows from financing activities:
Borrowings under debt facilities	0	1,159,000
Repayments under debt facilities	0	(639,000)
Debt discounts and issuance costs	0	(1,237)
Principal payments under finance lease liabilities	(2,207)	(2,035)
Repurchase of shares to satisfy tax obligations	(13,588)	(7,391)
Repurchase of common stock	(456,714)	(263,219)
Net proceeds from issuance of common stock	70,026	50,340
Cash dividends paid to stockholders	(120,466)	(81,493)
Net cash (used in)/provided by financing activities	(522,949)	214,965
Net change in cash and cash equivalents	70,245	1,122,125
Cash and cash equivalents at beginning of period	1,341,756	84,241
Cash and cash equivalents at end of period	1,412,001	1,206,366
Cash paid during the period for:
Interest	11,626	10,587
Income taxes	74,457	6,825
Supplemental disclosures of non-cash activities:
Non-cash accruals for property and equipment	10,418	5,789
Increase of operating lease assets and liabilities from new or modified leases	404,100	219,105
Increase of finance lease assets and liabilities from new or modified leases	$ 0	$ 4,022

General

General	6 Months Ended
	Jun. 26, 2021
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. Our 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 June 26, 2021, the Company operated a total of 2,129 retail stores in 49 states (1,955 Tractor Supply and Del’s retail stores and 174 Petsense retail stores) and also offered an expanded assortment of products through the Tractor Supply Company mobile application and online at TractorSupply.com and Petsense.com . On February 17, 2021, the Company announced that it has entered into an agreement to acquire all of the outstanding equity interests of Orscheln Farm and Home, LLC, a farm and ranch retailer with 167 retail stores in 11 states, in an all-cash transaction for approximately $320 million. The Company intends to fund the acquisition through cash-on-hand. The acquisition is conditioned on the receipt of regulatory clearance and satisfactory completion of customary closing conditions. 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 26, 2020. The results of operations for our interim periods are not necessarily indicative of results for the full fiscal year. COVID-19 Pandemic 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).

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 26, 2021
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 $1.0 billion in borrowings under its debt facilities at June 26, 2021 and December 26, 2020, and $917.5 million in borrowings under its debt facilities at June 27, 2020. 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 $1.1 million, $4.4 million, and $8.5 million at June 26, 2021, December 26, 2020, and June 27, 2020, respectively.

Share Based Compensation

Share Based Compensation	6 Months Ended
	Jun. 26, 2021
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 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 six months ended June 26, 2021. Share-based compensation expense was $10.9 million and $7.5 million for the second quarter of fiscal 2021 and 2020, respectively, and $23.2 million and $14.4 million for the first six months of fiscal 2021 and 2020, respectively. Stock Options The following table summarizes information concerning stock option grants during the first six months of fiscal 2021: Fiscal Six Months Ended June 26, 2021 Stock options granted 244,189 Weighted average exercise price $ 144.98 Weighted average grant date fair value per option $ 30.57 As of June 26, 2021, total unrecognized compensation expense related to non-vested stock options was approximately $11.8 million with a remaining weighted average expense recognition period of 2.1 years. Restricted Stock Units and Performance-Based Restricted Share Units The following table summarizes information concerning restricted stock unit and performance-based restricted share unit grants during the first six months of fiscal 2021: Fiscal Six Months Ended June 26, 2021 Restricted stock units granted 262,888 Performance-based restricted share units granted (a) 59,120 Weighted average grant date fair value per share $ 142.99 (a) Assumes 100% target level achievement of the relative performance targets. In the first six months of fiscal 2021, the Company granted performance-based restricted share unit 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 and also include a relative total shareholder return modifier. 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-based restricted share unit awards, which may be higher or lower than the target, will be determined by the level of achievement of the performance goals and the relative total shareholder return modifier. If the performance targets are achieved, the units will be issued based on the achievement level, inclusive of the relative total shareholder return modifier, and the grant date fair value and will cliff vest in full on the third anniversary of the date of the grant. As of June 26, 2021, total unrecognized compensation expense related to non-vested restricted stock units and non-vested performance-based restricted share units was approximately $65.3 million with a remaining weighted average expense recognition period of 2.1 years.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 26, 2021
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 June 26, 2021 June 27, 2020 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 370,022 115,133 $ 3.21 $ 338,678 115,912 $ 2.92 Dilutive effect of share-based awards — 958 (0.02) — 900 (0.02) Diluted net income per share: $ 370,022 116,091 $ 3.19 $ 338,678 116,812 $ 2.90 Fiscal Six Months Ended Fiscal Six Months Ended June 26, 2021 June 27, 2020 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 551,376 115,643 $ 4.77 $ 422,455 116,325 $ 3.63 Dilutive effect of share-based awards — 1,016 (0.04) — 797 (0.02) Diluted net income per share: $ 551,376 116,659 $ 4.73 $ 422,455 117,122 $ 3.61 Anti-dilutive stock awards excluded from the above calculations totaled less than 0.1 million shares and approximately 0.5 million shares for the fiscal three months ended June 26, 2021 and June 27, 2020, respectively, and approximately 0.2 million and 0.6 million shares for the fiscal six months ended June 26, 2021 and June 27, 2020, respectively.

Debt

Debt	6 Months Ended
	Jun. 26, 2021
Debt Disclosure [Abstract]
Debt	Debt: The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions): June 26, December 26, June 27, 1.75% Senior Notes due 2030 $ 650.0 $ 650.0 $ — 3.70% Senior Notes due 2029 150.0 150.0 150.0 Senior Credit Facility: February 2016 Term Loan — — 135.0 June 2017 Term Loan — — 82.5 March 2020 Term Loan — — 200.0 April 2020 Term Loan — — 350.0 November 2020 Term Loan 200.0 200.0 — Revolving credit loans — — — Total outstanding borrowings 1,000.0 1,000.0 917.5 Less: unamortized debt discounts and issuance costs (14.6) (15.7) (1.4) Total debt 985.4 984.3 916.1 Less: current portion of long-term debt — — (380.0) Long-term debt $ 985.4 $ 984.3 $ 536.1 Outstanding letters of credit $ 68.1 $ 48.7 $ 52.4 1.75% Senior Notes due 2030 On October 30, 2020, the Company issued and sold, in a public offering, $650 million in aggregate principal amount of senior unsecured notes due November 1, 2030 bearing interest at 1.75% per annum (the “1.75% Senior Notes”). The entire principal amount of the 1.75% Senior Notes is due in full on November 1, 2030. Interest is payable semi-annually in arrears on each November 1 and May 1. The terms of the 1.75% Senior Notes are governed by an indenture dated as of October 30, 2020 (the “Base Indenture”) between the Company and Regions Bank, as trustee, as amended and supplemented by a first supplemental indenture dated as of October 30, 2020 (the “Supplemental Indenture”), between the Company and Regions Bank, as trustee. The 1.75% Senior Notes are senior unsecured debt obligations of the Company and will rank equally with the Company’s other senior unsecured liabilities and senior to any future subordinated indebtedness of the Company. The 1.75% Senior Notes are subject to customary covenants restricting the Company’s ability, subject to certain exceptions, to incur debt secured by liens, to enter into sale and leaseback transactions, or to merge or consolidate with another entity or sell substantially all of its assets to another person. At any time prior to August 1, 2030, the Company will have the right, at its option, to redeem the 1.75% Senior Notes, in whole or in part, at any time and from time to time, by paying the greater of 100% of the principal amount of the 1.75% Senior Notes to be redeemed, or the sum of the present values of the remaining scheduled payments of principal and interest through the par call date, plus, in each case, accrued and unpaid interest to, but not including, the date of redemption. In addition, on or after August 1, 2030, the Company will have the right, at its option, to redeem the 1.75% Senior Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 1.75% Senior Notes to be redeemed, plus accrued and unpaid interest to, but not including, the date of redemption. If a Change of Control Triggering Event (as defined in the Supplemental Indenture) occurs, unless the Company has exercised its right to redeem the 1.75% Senior Notes, holders of the 1.75% Senior Notes may require the Company to repurchase all or any part of such holder’s 1.75% Senior Notes at a purchase price of 101% of the principal amount of the 1.75% Senior Notes being purchased, plus accrued and unpaid interest, if any, on such 1.75% Senior Notes to, but not including, the purchase date. Upon the occurrence of an event of default with respect to the 1.75% Senior Notes, which includes payment defaults, defaults in the performance of certain covenants, cross defaults, and bankruptcy and insolvency related defaults, the Company’s obligations under the 1.75% Senior Notes may be accelerated, in which case the entire principal amount of the 1.75% Senior Notes would be due and payable immediately. Senior Note Facility (including 3.70% Senior Notes due 2029) On August 14, 2017, the Company entered into a note purchase and private shelf agreement (the “Note Purchase Agreement”), as amended from time to time, pursuant to which the Company agreed to sell, in a private placement, $150 million aggregate principal amount of senior unsecured notes due August 14, 2029 bearing interest at 3.70% per annum (the “3.70% Senior Notes”). The entire principal amount of the 3.70% Senior Notes is due in full on August 14, 2029. Interest is 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. 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 $300 million minus the aggregate principal amount of all notes outstanding and issued under the Note Purchase Agreement. 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 November 4, 2023, unless earlier terminated in accordance with the terms of the Note Purchase Agreement. Pursuant to the Note Purchase Agreement, the 3.70% Senior Notes and any Shelf Notes (collectively, the "Senior Note Facility") 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 Senior Note Facility being redeemed, together with accrued and unpaid interest thereon and a make whole amount calculated by discounting all remaining scheduled payments on the Senior Note Facility by the yield on the U.S. Treasury security with a maturity equal to the remaining average life of the Senior Note Facility plus 0.50%. Senior Credit Facility On February 19, 2016, the Company entered into a senior credit facility, as amended from time to time, and as amended and restated on November 4, 2020 (the “Senior Credit Facility”), which provides borrowing capacity under term loan facilities as well as a revolving credit facility. There are no compensating balance requirements associated with the Senior Credit Facility. The Senior Credit Facility contains a $500 million revolving credit facility (the “Revolver”) with a sublimit of $50 million for swingline loans and a sublimit of $150 million for letters of credit. This agreement is unsecured and matures on November 4, 2023, which, subject to satisfaction of certain terms and conditions, may be extended at the option of the Company to November 4, 2024 (as may be extended, the “Senior Credit Facility Maturity Date”). Under the Senior Credit Facility, on November 4, 2020, a $200 million term loan (the “November 2020 Term Loan”) was extended to the Company. The November 2020 Term Loan is unsecured and the entire principal amount is due in full on the Senior Credit Facility Maturity Date. Borrowings under both the Revolver and the November 2020 Term Loan each bear interest either at the bank’s base rate (3.250% at June 26, 2021) plus an additional amount ranging from 0.000% to 0.375% (0.125% at June 26, 2021) or at the London Inter-Bank Offer Rate (“LIBOR”) (0.096% at June 26, 2021) plus an additional amount ranging from 0.875% to 1.375% per annum (1.125% at June 26, 2021), adjusted based on the Company's public credit ratings. The Company is also required to pay, quarterly in arrears, a commitment fee related to unused capacity on the Revolver ranging from 0.090% to 0.200% per annum (0.125% at June 26, 2021), adjusted based on the Company's public credit ratings. As further described in Note 6, the Company has entered into an interest rate swap agreement in order to hedge our exposure to variable rate interest payments associated with the Senior Credit Facility. On February 19, 2016, the Company entered into a $200 million term loan agreement (the “February 2016 Term Loan”). This agreement was repaid in full on November 4, 2020 and is no longer in effect. On June 15, 2017, the Company entered into a $100 million incremental term loan agreement (the “June 2017 Term Loan”). This agreement was repaid in full on November 4, 2020 and is no longer in effect. On March 12, 2020, the Company entered into a $200 million incremental term loan agreement (the “March 2020 Term Loan”). This agreement was repaid in full on November 4, 2020 and is no longer in effect. On April 22, 2020, the Company entered into a $350 million incremental term loan agreement (the "April 2020 Term Loan"). This agreement was repaid in full on October 30, 2020 and is no longer in effect. Covenants and Default Provisions of the Debt Agreements The 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 total funded 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 subsidiary indebtedness, business operations, subsidiary guarantees, mergers, consolidations and sales of assets, transactions with subsidiaries or affiliates, and liens. As of June 26, 2021, 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 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.

Capital Stock and Dividends

Capital Stock and Dividends	6 Months Ended
	Jun. 26, 2021
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 six months of fiscal 2021 and 2020, the Company's Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid May 5, 2021 $ 0.52 May 24, 2021 June 8, 2021 January 27, 2021 $ 0.52 February 22, 2021 March 9, 2021 May 6, 2020 $ 0.35 May 26, 2020 June 9, 2020 February 5, 2020 $ 0.35 February 24, 2020 March 10, 2020 It is the present intention of the Company’s Board of Directors to continue to pay a quarterly cash dividend; however, the declaration and payment of future dividends will be determined by the Company’s 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 Company’s Board of Directors deem relevant. On August 4, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.52 per share of the Company’s outstanding common stock. The dividend will be paid on September 8, 2021, to stockholders of record as of the close of business on August 23, 2021.

Treasury Stock

Treasury Stock	6 Months Ended
	Jun. 26, 2021
Equity [Abstract]
Treasury Stock	Treasury Stock: The Company’s Board of Directors has authorized common stock repurchases under a share repurchase program which was announced in February 2007. The authorization amount of the program, which has been increased from time to time, is currently authorized for up to $4.5 billion, exclusive of any fees, commissions, or other expenses related to such repurchases. The share repurchase program does not have an expiration date. 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, temporarily paused (as it was from March 12, 2020 until November 5, 2020 in order to strengthen the Company's liquidity and preserve cash while navigating the COVID-19 pandemic), or terminated at any time without prior notice. As of June 26, 2021, the Company had remaining authorization under the share repurchase program of $687.2 million, exclusive of any fees, commissions, or other expenses. 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 and six months ended June 26, 2021 and June 27, 2020, respectively (in thousands, except per share amounts): Fiscal Three Months Ended Fiscal Six Months Ended June 26, June 27, June 26, June 27, Total number of shares repurchased 1,118 — 2,718 2,853 Average price paid per share $ 181.81 $ — $ 168.00 $ 92.28 Total cash paid for share repurchases $ 203,305 $ — $ 456,714 $ 263,219

Income Taxes

Income Taxes	6 Months Ended
	Jun. 26, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes:The Company’s effective income tax rate was 22.8% in the second quarter of fiscal 2021 compared to 22.9% in the second quarter of fiscal 2020. The effective income tax rate was 21.5% in the first six months of fiscal 2021 compared to 22.7% in the first six months of fiscal 2020. The improvement in the effective income tax rate in the first six months of fiscal 2021 compared to the first six months of fiscal 2020 was primarily related to a discrete incremental tax benefit associated with share-based compensation.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 26, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: Construction and Real Estate Commitments The Company is building a new distribution center in Navarre, Ohio which is expected to be approximately 900,000 square feet and is currently anticipated to be complete by the end of fiscal 2022. At June 26, 2021, the Company had contractual commitments of approximately $75 million related to the construction of this new distribution center. Letters of Credit At June 26, 2021, there were $68.1 million of outstanding letters of credit under the Senior Credit Facility. Litigation On October 9, 2020, an alleged stockholder, the City of Pontiac Police and Fire Retirement System, filed a derivative lawsuit in the U.S. District Court for the Middle District of Tennessee, purportedly on the Company's behalf, against certain current and former members of our Board of Directors, and the Company as a nominal defendant, seeking unspecified compensatory and punitive damages payable to the Company, disgorgement, restitution, corporate governance and hiring changes, mandated community investment, and attorneys' fees and costs. Plaintiff alleges that defendants violated the federal securities laws governing proxy solicitations and breached their fiduciary duties by misrepresenting the Company’s commitment to and support for diversity and inclusion. The Company disputes the allegations of the complaint. The Company and the individual defendants moved to dismiss the complaint based on plaintiff’s failure to make a demand on the Board of Directors and to state a claim upon which relief may be granted. While the ultimate outcome of this matter is currently not determinable, we do not believe this litigation will have a material impact on our Condensed Consolidated Financial Statements.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 26, 2021
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 and six months ended June 26, 2021 and June 27, 2020: Fiscal Three Months Ended Fiscal Six Months Ended Product Category: June 26, June 27, June 26, June 27, Livestock and Pet 45 % 43 % 47 % 47 % Seasonal, Gift and Toy Products 25 26 22 22 Hardware, Tools and Truck 20 21 21 21 Clothing and Footwear 5 5 6 5 Agriculture 5 5 4 5 Total 100 % 100 % 100 % 100 %

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 26, 2021
Accounting Policies [Abstract]
New Accounting Pronouncements Recently Adopted and Not Yet Adopted	New Accounting Pronouncements: New Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” In January 2021, the FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848): Scope." This collective 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 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.

New Accounting Pronouncements R

New Accounting Pronouncements Recently Adopted and Not Yet Adopted (Policies)	6 Months Ended
	Jun. 26, 2021
Accounting Policies [Abstract]
New Accounting Pronouncements Recently Adopted and Not Yet Adopted	New Accounting Pronouncements: New Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” In January 2021, the FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848): Scope." This collective 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 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)	6 Months Ended
	Jun. 26, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock Options	The following table summarizes information concerning stock option grants during the first six months of fiscal 2021: Fiscal Six Months Ended June 26, 2021 Stock options granted 244,189 Weighted average exercise price $ 144.98 Weighted average grant date fair value per option $ 30.57
Restricted Stock Units and Performance-Based Restricted Share Units	The following table summarizes information concerning restricted stock unit and performance-based restricted share unit grants during the first six months of fiscal 2021: Fiscal Six Months Ended June 26, 2021 Restricted stock units granted 262,888 Performance-based restricted share units granted (a) 59,120 Weighted average grant date fair value per share $ 142.99 (a) Assumes 100% target level achievement of the relative performance targets.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 26, 2021
Earnings Per Share [Abstract]
Net Income Per Share	Net income per share is calculated as follows (in thousands, except per share amounts): Fiscal Three Months Ended Fiscal Three Months Ended June 26, 2021 June 27, 2020 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 370,022 115,133 $ 3.21 $ 338,678 115,912 $ 2.92 Dilutive effect of share-based awards — 958 (0.02) — 900 (0.02) Diluted net income per share: $ 370,022 116,091 $ 3.19 $ 338,678 116,812 $ 2.90

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 26, 2021
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions): June 26, December 26, June 27, 1.75% Senior Notes due 2030 $ 650.0 $ 650.0 $ — 3.70% Senior Notes due 2029 150.0 150.0 150.0 Senior Credit Facility: February 2016 Term Loan — — 135.0 June 2017 Term Loan — — 82.5 March 2020 Term Loan — — 200.0 April 2020 Term Loan — — 350.0 November 2020 Term Loan 200.0 200.0 — Revolving credit loans — — — Total outstanding borrowings 1,000.0 1,000.0 917.5 Less: unamortized debt discounts and issuance costs (14.6) (15.7) (1.4) Total debt 985.4 984.3 916.1 Less: current portion of long-term debt — — (380.0) Long-term debt $ 985.4 $ 984.3 $ 536.1 Outstanding letters of credit $ 68.1 $ 48.7 $ 52.4

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	6 Months Ended
	Jun. 26, 2021
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 June 26, December 26, June 27, Interest rate swaps (long-term portion) Other assets $ 167 $ — $ — Total derivative assets $ 167 $ — $ — Interest rate swaps (short-term portion) Other accrued expenses $ 1,240 $ 1,227 $ 3,112 Interest rate swaps (long-term portion) Other long-term liabilities — 3,137 5,403 Total derivative liabilities $ 1,240 $ 4,364 $ 8,515
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): June 26, December 26, June 27, Beginning fiscal year AOCI balance $ (3,243) $ 199 $ 199 Current fiscal period gain/(loss) recognized in OCI 2,445 (5,666) (6,534) Amounts reclassified from AOCI — 2,224 — Other comprehensive gain/(loss), net of tax 2,445 (3,442) (6,534) Ending fiscal period AOCI balance $ (798) $ (3,243) $ (6,335)
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 Fiscal Six Months Ended Financial Statement Location June 26, June 27, June 26, June 27, Amount of gains/(losses) recognized in OCI during the period Other comprehensive income/(loss) $ 430 $ (1,726) $ 3,291 $ (8,782)
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 Fiscal Six Months Ended June 26, June 27, June 26, June 27, Income tax expense/(benefit) of interest rate swaps on AOCI $ 110 $ (442) $ 846 $ (2,248)

Capital Stock and Dividends (Ta

Capital Stock and Dividends (Tables)	6 Months Ended
	Jun. 26, 2021
Equity [Abstract]
Schedule of Dividends Payable	During the first six months of fiscal 2021 and 2020, the Company's Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid May 5, 2021 $ 0.52 May 24, 2021 June 8, 2021 January 27, 2021 $ 0.52 February 22, 2021 March 9, 2021 May 6, 2020 $ 0.35 May 26, 2020 June 9, 2020 February 5, 2020 $ 0.35 February 24, 2020 March 10, 2020

Treasury Stock Treasury Stock (

Treasury Stock Treasury Stock (Tables)	6 Months Ended
	Jun. 26, 2021
Equity [Abstract]
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 and six months ended June 26, 2021 and June 27, 2020, respectively (in thousands, except per share amounts): Fiscal Three Months Ended Fiscal Six Months Ended June 26, June 27, June 26, June 27, Total number of shares repurchased 1,118 — 2,718 2,853 Average price paid per share $ 181.81 $ — $ 168.00 $ 92.28 Total cash paid for share repurchases $ 203,305 $ — $ 456,714 $ 263,219

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 26, 2021
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 and six months ended June 26, 2021 and June 27, 2020: Fiscal Three Months Ended Fiscal Six Months Ended Product Category: June 26, June 27, June 26, June 27, Livestock and Pet 45 % 43 % 47 % 47 % Seasonal, Gift and Toy Products 25 26 22 22 Hardware, Tools and Truck 20 21 21 21 Clothing and Footwear 5 5 6 5 Agriculture 5 5 4 5 Total 100 % 100 % 100 % 100 %

General (Details)

General (Details) $ in Millions	Feb. 17, 2021USD ($)statestore	Jun. 26, 2021storestate
Nature of business [Abstract]
Number of states in which rural lifestyle retail stores are operated by the company | state		49
Orscheln Farm and Home, LLC
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company	167
Number of states in which rural lifestyle retail stores are operated by the company | state	11
Business Combination, Consideration Transferred | $	$ 320
Parent Company [Member]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company		2,129
TSCO stores [Member]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company		1,955
Petsense stores [Member]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company		174

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 26, 2021	Dec. 26, 2020	Jun. 27, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured Debt	$ 1,000	$ 1,000	$ 917.5
Derivative, Fair Value, Net	$ (1.1)	$ (4.4)	$ (8.5)

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2021	Jun. 27, 2020	Jun. 26, 2021	Jun. 27, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase program discount percentage	15.00%		15.00%
Share-based compensation plan modifications			no
Share-based Payment Arrangement, Noncash Expense	$ 10,900	$ 7,500	$ 23,194	$ 14,449
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted			244,189
Weighted average exercise price			$ 144.98
Weighted average fair value per option			$ 30.57
Total unrecognized compensation expense	11,800		$ 11,800
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			2 years 1 month 6 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted			262,888
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted			59,120
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			$ 142.99
Total unrecognized compensation expense	$ 65,300		$ 65,300
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			2 years 1 month 6 days

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 26, 2021	Mar. 27, 2021	Jun. 27, 2020	Mar. 28, 2020	Jun. 26, 2021	Jun. 27, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
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)	958		900		1,016	797
Dilutive stock options and restricted stock units outstanding , per share	$ 0.02		$ 0.02		$ 0.04	$ 0.02
Net income	$ 370,022	$ 181,354	$ 338,678	$ 83,777	$ 551,376	$ 422,455
Earnings Per Share, Basic [Abstract]
Net income	$ 370,022	181,354	$ 338,678	83,777	$ 551,376	$ 422,455
Weighted average number of shares outstanding, basic	115,133		115,912		115,643	116,325
Net income per share – basic	$ 3.21		$ 2.92		$ 4.77	$ 3.63
Earnings Per Share, Diluted [Abstract]
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)	958		900		1,016	797
Dilutive stock options and restricted stock units outstanding, per share (in dollars per share)	$ (0.02)		$ (0.02)		$ (0.04)	$ (0.02)
Net income	$ 370,022	$ 181,354	$ 338,678	$ 83,777	$ 551,376	$ 422,455
Weighted average number of shares outstanding, diluted	116,091		116,812		116,659	117,122
Net income per share, diluted (in dollars per share)	$ 3.19		$ 2.90		$ 4.73	$ 3.61
Antidilutive securities excluded from computation of earnings per share, amount	100		500		200	600

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 26, 2021	Mar. 27, 2021	Jun. 27, 2020	Dec. 26, 2020	Oct. 30, 2020	Aug. 14, 2017
Debt Instrument [Line Items]
Long-term Debt						$ 150,000
Unsecured Debt	$ 1,000,000		$ 917,500	$ 1,000,000
Unamortized Debt Issuance Costs	(14,600)		(1,400)	(15,700)
Unsecured debt, net of debt issuance costs	985,400		916,100	984,300
Unsecured Debt, Current	0		(380,000)	0
Long-term debt	985,353		536,051	984,324
Letters of Credit Outstanding, Amount	68,100		52,400	48,700
2016 Senior Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Month-end Outstanding Amount	0	$ 0	0
Bonds
Debt Instrument [Line Items]
Long-term Debt	650,000		0	650,000	$ 650,000
Notes Payable to Banks
Debt Instrument [Line Items]
Long-term Debt	150,000		150,000	150,000
February 2016 Term Loan
Debt Instrument [Line Items]
Notional Amount, Current	0		135,000	0
June 2017 Term Loan
Debt Instrument [Line Items]
Notional Amount, Current	0		82,500	0
Term Loan
Debt Instrument [Line Items]
Notional Amount, Current	0		200,000	0
April 2020 Term Loan
Debt Instrument [Line Items]
Notional Amount, Current	0		350,000	0
November 2020 Term Loan
Debt Instrument [Line Items]
Notional Amount, Current	$ 200,000		$ 0	$ 200,000

Debt (Details)

Debt (Details) - USD ($) $ in Millions	Nov. 04, 2020	Oct. 30, 2020	Apr. 22, 2020	Mar. 12, 2020	Jun. 15, 2017	Feb. 19, 2016	Jun. 26, 2021	Dec. 26, 2020	Jun. 27, 2020	Aug. 14, 2017
Debt Instrument [Line Items]
Senior Notes										$ 150
Senior Notes, Interest Rate										3.70%
Percent of principal amount redeemable							100.00%
Shelf Note - Amount							$ 300
Shelf Notes - Additional Interest Rate							0.50
Senior credit facility, maximum borrowing capacity						$ 500
Swingline Loan, Maximum Borrowing Capacity						50
Letters of Credit, Maximum Borrowing Capacity						150
Debt instrument, basis spread on variable rate							0.125%
Debt Instrument, Basis Spread on Variable Rate, Minimum							0.875%
Debt Instrument, Basis Spread on Variable Rate LIBOR Plus, Maximum							1.375%
Debt Instrument, Basis Spread on Variable Rate LIBOR Plus							1.125%
Debt Instrument, Basis Spread on Variable Rate Revolver							0.125%
Amount of incremental credit facility which will result in modification of debt covenants							100 million
Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							0.00%
Commitment fee for unused capacity							0.09%
Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							0.375%
Commitment fee for unused capacity							0.20%
Base Rate
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate at Period End							3.25%
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate at Period End							0.096%
Number of Financial Covenants [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description							two
Fixed Charge Coverage Ratio Minimum Requirement [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description							2.00
Leverage Ratio Maximum Requirement [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description							4.00
Bonds
Debt Instrument [Line Items]
Senior Notes		$ 650					$ 650	$ 650	$ 0
Senior Notes, Interest Rate		1.75%
Percent of principal amount redeemable		100.00%
Debt Instrument, Change of Control Triggering Event, Required Redemption Price, Percentage		101.00%
November 2020 Term Loan
Debt Instrument [Line Items]
Term Loan, Maximum Borrowing Capacity	$ 200
February 2016 Term Loan
Debt Instrument [Line Items]
Term Loan, Maximum Borrowing Capacity						$ 200
June 2017 Term Loan
Debt Instrument [Line Items]
Term Loan, Maximum Borrowing Capacity					$ 100
Term Loan
Debt Instrument [Line Items]
Term Loan, Maximum Borrowing Capacity				$ 200
April 2020 Term Loan
Debt Instrument [Line Items]
Term Loan, Maximum Borrowing Capacity			$ 350

Interest Rate Swaps (Details)

Interest Rate Swaps (Details) $ in Millions	Jun. 26, 2021USD ($)
Term Loan
Derivative [Line Items]
Interest Rate Swap, Beginning Notional Amount	$ 200

Interest Rate Swaps - Liabiliti

Interest Rate Swaps - Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 26, 2021	Dec. 26, 2020	Jun. 27, 2020
Derivative [Line Items]
Total Derivative Asset	$ 167	$ 0	$ 0
Total Derivative Liability	1,240	4,364	8,515
Interest Rate Swap Asset Portion
Derivative [Line Items]
Derivative Asset, Noncurrent	167	0	0
Interest Rate Swap Liability Portion
Derivative [Line Items]
Derivative Liability, Current	1,240	1,227	3,112
Derivative Liability, Noncurrent	$ 0	$ 3,137	$ 5,403

Interest Rate Swaps Schedule of

Interest Rate Swaps Schedule of Changes in AOCI Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 26, 2021	Jun. 27, 2020	Jun. 26, 2021	Jun. 27, 2020	Dec. 26, 2020
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Net of Tax			$ (3,243)	$ 199	$ 199
Debt and Equity Securities, Gain (Loss), Excluding Other-than-temporary Impairment Loss			0	0	2,224
Other Comprehensive Income (Loss), Net of Tax	$ 320	$ (1,284)	2,445	(6,534)
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (798)	$ (6,335)	(798)	(6,335)	(3,243)
Other Comprehensive Income (Loss) [Member]
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Change in fair value of interest rate swaps, net of taxes			2,445	(6,534)	(5,666)
Other Comprehensive Income (Loss), Net of Tax [Member]
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax			$ 2,445	$ (6,534)	$ (3,442)

Interest Rate Swaps - Pre-Tax G

Interest Rate Swaps - Pre-Tax Gains and Losses Derived from Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2021	Jun. 27, 2020	Jun. 26, 2021	Jun. 27, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	$ 430	$ (1,726)	$ 3,291	$ (8,782)

Interest Rate Swaps Tax Impact

Interest Rate Swaps Tax Impact of Derivative Liability on Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2021	Jun. 27, 2020	Jun. 26, 2021	Jun. 27, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	$ 110	$ (442)	$ 846	$ (2,248)

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) - $ / shares	Aug. 04, 2021	May 05, 2021	Jan. 27, 2021	May 06, 2020	Feb. 05, 2020	Jun. 26, 2021	Jun. 27, 2020	Jun. 26, 2021	Jun. 27, 2020	Dec. 26, 2020
Dividends Payable [Line Items]
Common Stock, Shares Authorized						400,000,000	400,000,000	400,000,000	400,000,000	400,000,000
Preferred Stock, Shares Authorized						40,000	40,000	40,000	40,000	40,000
Dividends declared per common share outstanding		$ 0.52	$ 0.52	$ 0.35	$ 0.35	$ 0.52	$ 0.35	$ 1.04	$ 0.70
Subsequent Event
Dividends Payable [Line Items]
Dividends declared per common share outstanding	$ 0.52

Capital Stock and Dividends (De

Capital Stock and Dividends (Details) - $ / shares	May 05, 2021	Jan. 27, 2021	May 06, 2020	Feb. 05, 2020	Jun. 26, 2021	Jun. 27, 2020	Jun. 26, 2021	Jun. 27, 2020
Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.52	$ 0.52	$ 0.35	$ 0.35	$ 0.52	$ 0.35	$ 1.04	$ 0.70

Treasury Stock (Details)

Treasury Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 26, 2021	Mar. 27, 2021	Jun. 27, 2020	Mar. 28, 2020	Jun. 26, 2021	Jun. 27, 2020
Equity [Abstract]
Board-approved share repurchase program of common stock	$ 4,500,000				$ 4,500,000
Remaining authorization under the share repurchase program	$ 687,200				$ 687,200
Total number of shares repurchased	1,118		0		2,718	2,853
Average price paid per share	$ 181.81		$ 0		$ 168	$ 92.28
Total cash paid for share repurchases	$ 203,305	$ 253,409	$ 0	$ 263,219	$ 456,714	$ 263,219

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended	6 Months Ended
	Jun. 26, 2021	Jun. 26, 2021	Jun. 27, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	22.80%	21.50%	22.70%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 26, 2021USD ($)ft²	Dec. 26, 2020USD ($)	Jun. 27, 2020USD ($)
Property, Plant and Equipment [Line Items]
Contractual Obligation	$ 75
Letters of Credit Outstanding, Amount	$ 68.1	$ 48.7	$ 52.4
Construction in Progress
Property, Plant and Equipment [Line Items]
Area Of Distribution Center | ft²	900,000

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended		6 Months Ended
	Jun. 26, 2021	Jun. 27, 2020	Jun. 26, 2021	Jun. 27, 2020
Livestock and Pet
Revenue from External Customer [Line Items]
Percentage of sales	45.00%	43.00%	47.00%	47.00%
Hardware, Tools and Truck [Member]
Revenue from External Customer [Line Items]
Percentage of sales	20.00%	21.00%	21.00%	21.00%
Seasonal, Gift and Toy Products [Member]
Revenue from External Customer [Line Items]
Percentage of sales	25.00%	26.00%	22.00%	22.00%
Clothing and Footwear
Revenue from External Customer [Line Items]
Percentage of sales	5.00%	5.00%	6.00%	5.00%
Agriculture
Revenue from External Customer [Line Items]
Percentage of sales	5.00%	5.00%	4.00%	5.00%
Total
Revenue from External Customer [Line Items]
Percentage of sales	100.00%	100.00%	100.00%	100.00%

Segment Reporting Number of Rep

Segment Reporting Number of Reportable Segments (Details)	3 Months Ended
	Jun. 26, 2021segment
Segment Reporting [Abstract]
Number of Reportable Segments	1