Tractor Supply (TSCO) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 25, 2022	Jul. 23, 2022
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. 25, 2022
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		111,000,088
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 25, 2022	Dec. 25, 2021	Jun. 26, 2021
Current assets:
Cash and cash equivalents	$ 530,822	$ 878,030	$ 1,412,001
Inventories	2,485,138	2,191,192	1,992,824
Prepaid expenses and other current assets	214,436	164,118	162,318
Income taxes receivable	0	17,100	0
Total current assets	3,230,396	3,250,440	3,567,143
Property and equipment, net	1,744,556	1,617,806	1,333,852
Operating lease right-of-use assets	2,760,148	2,785,858	2,675,030
Goodwill and other intangible assets	55,520	55,520	55,520
Deferred Tax Assets, Deferred Income	0	2,437	18,772
Other assets	78,574	55,406	37,571
Total assets	7,869,194	7,767,467	7,687,888
Current liabilities:
Accounts payable	1,280,518	1,155,630	1,221,911
Accrued employee compensation	42,474	109,618	84,810
Other accrued expenses	470,082	474,412	381,836
Current portion of long-term debt	0	0	0
Current portion of finance lease liabilities	3,502	3,897	4,771
Current portion of operating lease liabilities	364,643	321,285	306,125
Income taxes payable	80,959	0	84,078
Total current liabilities	2,242,178	2,064,842	2,083,531
Long-term debt	987,411	986,382	985,353
Finance lease liabilities, less current portion	35,859	32,848	30,672
Operating lease liabilities, less current portion	2,543,133	2,574,882	2,488,088
Deferred Income Tax Liabilities, Net	36,256	0	0
Other long-term liabilities	110,490	105,848	120,131
Total liabilities	5,955,327	5,764,802	5,707,775
Stockholders’ equity:
Preferred stock	0	0	0
Common stock	1,414	1,411	1,410
Additional paid-in capital	1,220,682	1,210,512	1,175,123
Treasury stock	(4,640,236)	(4,155,846)	(3,813,667)
Accumulated other comprehensive income/(loss)	9,148	1,345	(798)
Retained earnings	5,322,859	4,945,243	4,618,045
Total stockholders’ equity	1,913,867	2,002,665	1,980,113
Total liabilities and stockholders’ equity	$ 7,869,194	$ 7,767,467	$ 7,687,888

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 25, 2022	Dec. 25, 2021	Jun. 26, 2021
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	176,743,000	176,371,000	176,223,000
Common Stock, Shares, Outstanding	111,197,000	113,125,000	114,623,000
Treasury Stock, Shares	65,546,000	63,246,000	61,600,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Income Statement [Abstract]
Net sales	$ 3,903,406	$ 3,601,559	$ 6,927,538	$ 6,393,895
Cost of merchandise sold	2,517,151	2,314,074	4,484,774	4,122,630
Gross profit	1,386,255	1,287,485	2,442,764	2,271,265
Selling, general and administrative expenses	777,860	736,749	1,512,437	1,429,939
Depreciation and amortization	83,360	64,853	161,006	124,907
Operating income	525,035	485,883	769,321	716,419
Interest expense, net	7,097	6,701	14,166	13,922
Income before income taxes	517,938	479,182	755,155	702,497
Income tax expense	121,460	109,160	171,450	151,121
Net income	$ 396,478	$ 370,022	$ 583,705	$ 551,376
Net income per share – basic	$ 3.55	$ 3.21	$ 5.21	$ 4.77
Net income per share – diluted	$ 3.53	$ 3.19	$ 5.17	$ 4.73
Weighted average shares outstanding:
Basic	111,590	115,133	112,060	115,643
Diluted	112,318	116,091	112,911	116,659
Dividends declared per common share outstanding	$ 0.92	$ 0.52	$ 1.84	$ 1.04

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 396,478	$ 370,022	$ 583,705	$ 551,376
Change in fair value of interest rate swaps, net of taxes	1,810	320	7,803	2,445
Total other comprehensive income	1,810	320	7,803	2,445
Total comprehensive income	$ 398,288	$ 370,342	$ 591,508	$ 553,821
Weighted average number of shares outstanding, basic	111,590	115,133	112,060	115,643
Earnings Per Share, Basic	$ 3.55	$ 3.21	$ 5.21	$ 4.77
Antidilutive securities excluded from computation of earnings per share, amount	200	100	100	200
Weighted average number of shares outstanding, diluted	112,318	116,091	112,911	116,659
Net income per share, diluted (in dollars per share)	$ 3.53	$ 3.19	$ 5.17	$ 4.73

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	Retained Earnings
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
Beginning balance, shares outstanding (in shares) at Dec. 25, 2021		113,125
Beginning balance, Stockholders' equity at Dec. 25, 2021	2,002,665	$ 1,411	1,210,512	(4,155,846)	1,345	4,945,243
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance under stock award plans & ESPP (in shares)		308
Common stock issuance under stock award plans & ESPP	7,910	$ 2	7,908
Share-based compensation	12,316		12,316
Repurchase of shares to satisfy tax obligations	(26,442)		(26,442)
Repurchase of common stock, shares (in shares)		(1,358)
Repurchase of common stock	(296,180)			(296,180)
Dividends paid	(103,467)					(103,467)
Change in fair value of interest rate swaps, net of taxes	5,993				5,993
Net income	187,227					187,227
Ending balance, shares outstanding (in shares) at Mar. 26, 2022		112,075
Ending balance, Stockholders' equity at Mar. 26, 2022	1,790,022	$ 1,413	1,204,294	(4,452,026)	7,338	5,029,003
Beginning balance, shares outstanding (in shares) at Dec. 25, 2021		113,125
Beginning balance, Stockholders' equity at Dec. 25, 2021	2,002,665	$ 1,411	1,210,512	(4,155,846)	1,345	4,945,243
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of shares to satisfy tax obligations	(27,672)
Repurchase of common stock	(484,390)
Dividends paid	(206,089)
Change in fair value of interest rate swaps, net of taxes	7,803
Net income	583,705
Ending balance, shares outstanding (in shares) at Jun. 25, 2022		111,197
Ending balance, Stockholders' equity at Jun. 25, 2022	1,913,867	$ 1,414	1,220,682	(4,640,236)	9,148	5,322,859
Beginning balance, shares outstanding (in shares) at Mar. 26, 2022		112,075
Beginning balance, Stockholders' equity at Mar. 26, 2022	1,790,022	$ 1,413	1,204,294	(4,452,026)	7,338	5,029,003
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance under stock award plans & ESPP (in shares)		64
Common stock issuance under stock award plans & ESPP	5,085	$ 1	5,084
Share-based compensation	12,534		12,534
Repurchase of shares to satisfy tax obligations	(1,230)		(1,230)
Repurchase of common stock, shares (in shares)		(942)
Repurchase of common stock	(188,210)			(188,210)
Dividends paid	(102,622)					(102,622)
Change in fair value of interest rate swaps, net of taxes	1,810				1,810
Net income	396,478					396,478
Ending balance, shares outstanding (in shares) at Jun. 25, 2022		111,197
Ending balance, Stockholders' equity at Jun. 25, 2022	$ 1,913,867	$ 1,414	$ 1,220,682	$ (4,640,236)	$ 9,148	$ 5,322,859

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Cash flows from operating activities:
Net income	$ 396,478	$ 370,022	$ 583,705	$ 551,376
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	83,360	64,853	161,006	124,907
Loss on disposition of property and equipment			594	3,752
Share-based compensation expense	12,500	10,900	24,850	23,194
Deferred income taxes			38,693	12,814
Change in assets and liabilities:
Inventories			(293,946)	(209,554)
Prepaid expenses and other current assets			(50,318)	(28,659)
Accounts payable			124,888	245,815
Accrued employee compensation			(67,144)	(34,891)
Other accrued expenses			(22,896)	59,247
Income taxes			98,059	64,140
Other			28,114	(3,234)
Net cash provided by operating activities			625,605	808,907
Cash flows from investing activities:
Capital expenditures			(265,308)	(216,029)
Proceeds from sale of property and equipment			178	316
Net cash used in investing activities			(265,130)	(215,713)
Cash flows from financing activities:
Principal payments under finance lease liabilities			(2,527)	(2,207)
Repurchase of shares to satisfy tax obligations	(1,230)	(1,521)	(27,672)	(13,588)
Repurchase of common stock	(188,210)	(203,305)	(484,390)	(456,714)
Net proceeds from issuance of common stock			12,995	70,026
Cash dividends paid to stockholders	(102,622)	(59,896)	(206,089)	(120,466)
Net cash used in financing activities			(707,683)	(522,949)
Net (decrease)/increase in cash and cash equivalents			(347,208)	70,245
Cash and cash equivalents at beginning of period			878,030	1,341,756
Cash and cash equivalents at end of period	$ 530,822	$ 1,412,001	530,822	1,412,001
Cash paid during the period for:
Interest			11,673	11,626
Income taxes			36,820	74,457
Supplemental disclosures of non-cash activities:
Non-cash accruals for property and equipment			42,974	10,418
Increase of operating lease assets and liabilities from new or modified leases			135,858	404,100
Increase of finance lease assets and liabilities from new or modified leases			$ 5,143	$ 0

General

General	6 Months Ended
	Jun. 25, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General: Nature of Business Founded in 1938, Tractor Supply Company (the “Company,” “Tractor Supply,” “we,” “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). The Company's 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 25, 2022, the Company operated a total of 2,194 retail stores in 49 states (2,016 Tractor Supply retail stores and 178 Petsense retail stores) and also offered an expanded assortment of products through the Tractor Supply mobile application and online at TractorSupply.com and Petsense.com . On February 17, 2021, the Company announced that it entered into an agreement to acquire all of the outstanding equity interests of Orscheln Farm and Home, LLC (the "Transaction"), a farm and ranch retailer with 167 retail stores in 11 states, in an all-cash transaction for approximately $320 million. The Transaction is conditioned on the receipt of regulatory clearance and satisfactory completion of customary closing conditions. The Company continues to work collaboratively with the Federal Trade Commission on the Transaction. 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 25, 2021. The results of operations for our interim periods are not necessarily indicative of results for the full fiscal year. 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 the London Inter-Bank Offer 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 primary contract and hedging relationship for which LIBOR is used is our November 2020 Term Loan (as defined below) and related interest rate swap. As the interest rate swap is designed to be a cash flow hedge against the variable LIBOR rates of the November 2020 Term Loan, the impact of using LIBOR rates is effectively offset in our financial statements. As such, the Company does not expect the adoption of this guidance to have a material impact on its Condensed Consolidated Financial Statements and related disclosures.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 25, 2022
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 $1.00 billion in borrowings under its debt facilities at each of June 25, 2022, December 25, 2021, and June 26, 2021. The fair value of the Company's $150 million 3.70% Senior Notes (the "3.70% Senior Notes") and the $200 million term loan (the "November 2020 Term Loan") were determined based on market interest rates (Level 2 inputs). The carrying value of borrowings in the 3.70% Senior Notes and the November 2020 Term Loan approximate fair value for each period reported. The carrying value and the fair value of the Company's $650 million 1.75% Senior Notes (the "1.75% Senior Notes"), net of discount, and the Company's interest rate swap agreement were as follows (in thousands): June 25, 2022 December 25, 2021 June 26, 2021 Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Assets: Interest rate swap(s) $ 12,302 $ 12,302 $ 1,809 $ 1,809 $ — $ — Liabilities: 1.75% Senior Notes $ 638,532 $ 509,717 $ 637,844 $ 614,881 $ 637,156 $ 617,988 Interest rate swap(s) — — — — 1,073 1,073

Share Based Compensation

Share Based Compensation	6 Months Ended
	Jun. 25, 2022
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 the Company's 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. Share-based compensation expense is also recognized for the value of the 15% discount on shares purchased by employees as a part of the ESPP. The discount under the ESPP represents the difference between the market value on the first day of the purchase period or the market value on the purchase date, whichever is lower, 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 25, 2022. Share-based compensation expense was $12.5 million and $10.9 million for the second quarter of fiscal 2022 and 2021, respectively, and $24.9 million and $23.2 million for the first six months of fiscal 2022 and 2021, respectively. Stock Options The following table summarizes information concerning stock option grants during the first six months of fiscal 2022: Fiscal Six Months Ended June 25, 2022 Stock options granted 136,620 Weighted average exercise price $ 221.72 Weighted average grant date fair value per option $ 49.91 As of June 25, 2022, total unrecognized compensation expense related to non-vested stock options was approximately $11.3 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 2022: Fiscal Six Months Ended June 25, 2022 Restricted stock units granted 176,519 Weighted average grant date fair value per share - Restricted stock units $ 211.82 Performance-based restricted share units granted (a) 51,002 Weighted average grant date fair value per share - Performance-based restricted share units $ 224.97 (a) Assumes 100% target level achievement of the relative performance targets. In the first six months of fiscal 2022, 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, subject to continued employment. As of June 25, 2022, total unrecognized compensation expense related to non-vested restricted stock units and non-vested performance-based restricted share units was approximately $77.6 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. 25, 2022
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 June 25, 2022 June 26, 2021 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 396,478 111,590 $ 3.55 $ 370,022 115,133 $ 3.21 Dilutive effect of share-based awards — 728 (0.02) — 958 (0.02) Diluted net income per share: $ 396,478 112,318 $ 3.53 $ 370,022 116,091 $ 3.19 Fiscal Six Months Ended Fiscal Six Months Ended June 25, 2022 June 26, 2021 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 583,705 112,060 $ 5.21 $ 551,376 115,643 $ 4.77 Dilutive effect of share-based awards — 851 (0.04) — 1,016 (0.04) Diluted net income per share: $ 583,705 112,911 $ 5.17 $ 551,376 116,659 $ 4.73 Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.2 million for fiscal three months ended June 25, 2022 and less than 0.1 million shares for the fiscal three months ended June 26, 2021. Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.1 million shares for the fiscal six months ended June 25, 2022 and approximately 0.2 million shares for the fiscal six months ended June 26, 2021.

Debt

Debt	6 Months Ended
	Jun. 25, 2022
Debt Disclosure [Abstract]
Debt	Debt: The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions): June 25, December 25, June 26, 1.75% Senior Notes due 2030 $ 650.0 $ 650.0 $ 650.0 3.70% Senior Notes due 2029 (a) 150.0 150.0 150.0 Senior Credit Facility: November 2020 Term Loan 200.0 200.0 200.0 Revolving credit loans — — — Total outstanding borrowings 1,000.0 1,000.0 1,000.0 Less: unamortized debt discounts and issuance costs (12.6) (13.6) (14.6) Total debt 987.4 986.4 985.4 Less: current portion of long-term debt — — — Long-term debt $ 987.4 $ 986.4 $ 985.4 Outstanding letters of credit $ 57.6 $ 52.9 $ 68.1 (a) Also referred to herein as the "Note Purchase Agreement" Borrowings under both the Company's $500 million revolving credit facility (the "Revolver") and the Company's November 2020 Term Loan, each under the Company's senior credit facility (the "Senior Credit Facility"), bear interest either at the bank’s base rate (4.750% at June 25, 2022) plus an additional amount ranging from 0.000% to 0.375% (0.125% at June 25, 2022) or at the London Inter-Bank Offer Rate (“LIBOR”) (1.633% at June 25, 2022) plus an additional amount ranging from 0.875% to 1.375% per annum (1.125% at June 25, 2022), 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 25, 2022), adjusted based on the Company's public credit ratings. The Company has entered into an interest rate swap agreement in order to hedge its exposure to variable rate interest payments associated with the Senior Credit Facility. The interest rate swap agreement will mature on March 18, 2025 and the notional amount of the agreement is fixed at $200 million. 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 2.0 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 4.0 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 25, 2022, 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. 25, 2022
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 2022 and fiscal 2021, the Company's Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid May 10, 2022 $ 0.92 May 25, 2022 June 8, 2022 January 26, 2022 $ 0.92 February 21, 2022 March 8, 2022 May 5, 2021 $ 0.52 May 24, 2021 June 8, 2021 January 27, 2021 $ 0.52 February 22, 2021 March 9, 2021 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, 2022, the Company's Board of Directors declared a quarterly cash dividend of $0.92 per share of the Company's outstanding common stock. The dividend will be paid on September 7, 2022, to stockholders of record as of the close of business on August 22, 2022.

Treasury Stock

Treasury Stock	6 Months Ended
	Jun. 25, 2022
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 total authorized amount was increased by the Company's Board of Directors on January 26, 2022 by $2.0 billion for a total authorization of $6.5 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, or terminated at any time without prior notice. As of June 25, 2022, the Company had remaining authorization under the share repurchase program of $1.9 billion, 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 months and fiscal six months ended June 25, 2022 and June 26, 2021, respectively (in thousands, except per share amounts): Fiscal Three Months Ended Fiscal Six Months Ended June 25, June 26, June 25, June 26, Total number of shares repurchased 942 1,118 2,300 2,718 Average price paid per share $ 199.88 $ 181.81 $ 210.62 $ 168.00 Total cash paid for share repurchases $ 188,210 $ 203,305 $ 484,390 $ 456,714

Income Taxes

Income Taxes	6 Months Ended
	Jun. 25, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes:The Company’s effective income tax rate was 23.5% in the second quarter of fiscal 2022 compared to 22.8% in the second quarter of fiscal 2021. The effective income tax rate was 22.7% in the first six months of fiscal 2022 compared to 21.5% in the first six months of fiscal 2021. The increase in the effective income tax rate in the first six months of fiscal 2022 compared to the first six months of fiscal 2021 was driven primarily by a decrease in the benefit derived from share-based compensation awards and lower discrete state tax credits relative to pre-tax income.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 25, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: Construction and Real Estate Commitments The Company is building new distribution centers in Maumelle, Arkansas and Navarre, Ohio, for which, as of June 25, 2022, the Company had contractual commitments of approximately $76 million and $34 million, respectively. Letters of Credit At June 25, 2022, the Company had $57.6 million in outstanding letters of credit under the Senior Credit Facility. Litigation

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 25, 2022
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 25, 2022 and June 26, 2021: Fiscal Three Months Ended Fiscal Six Months Ended Product Category: June 25, June 26, June 25, June 26, Livestock and Pet 47 % 45 % 50 % 47 % Seasonal, Gift and Toy Products 25 25 22 22 Hardware, Tools and Truck 18 20 18 21 Clothing and Footwear 5 5 6 6 Agriculture 5 5 4 4 Total 100 % 100 % 100 % 100 %

Share Based Compensation (Table

Share Based Compensation (Tables)	6 Months Ended
	Jun. 25, 2022
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 2022: Fiscal Six Months Ended June 25, 2022 Stock options granted 136,620 Weighted average exercise price $ 221.72 Weighted average grant date fair value per option $ 49.91
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 2022: Fiscal Six Months Ended June 25, 2022 Restricted stock units granted 176,519 Weighted average grant date fair value per share - Restricted stock units $ 211.82 Performance-based restricted share units granted (a) 51,002 Weighted average grant date fair value per share - Performance-based restricted share units $ 224.97 (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. 25, 2022
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 June 25, 2022 June 26, 2021 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 396,478 111,590 $ 3.55 $ 370,022 115,133 $ 3.21 Dilutive effect of share-based awards — 728 (0.02) — 958 (0.02) Diluted net income per share: $ 396,478 112,318 $ 3.53 $ 370,022 116,091 $ 3.19 Fiscal Six Months Ended Fiscal Six Months Ended June 25, 2022 June 26, 2021 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 583,705 112,060 $ 5.21 $ 551,376 115,643 $ 4.77 Dilutive effect of share-based awards — 851 (0.04) — 1,016 (0.04) Diluted net income per share: $ 583,705 112,911 $ 5.17 $ 551,376 116,659 $ 4.73 Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.2 million for fiscal three months ended June 25, 2022 and less than 0.1 million shares for the fiscal three months ended June 26, 2021. Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.1 million shares for the fiscal six months ended June 25, 2022 and approximately 0.2 million shares for the fiscal six months ended June 26, 2021.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 25, 2022
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions): June 25, December 25, June 26, 1.75% Senior Notes due 2030 $ 650.0 $ 650.0 $ 650.0 3.70% Senior Notes due 2029 (a) 150.0 150.0 150.0 Senior Credit Facility: November 2020 Term Loan 200.0 200.0 200.0 Revolving credit loans — — — Total outstanding borrowings 1,000.0 1,000.0 1,000.0 Less: unamortized debt discounts and issuance costs (12.6) (13.6) (14.6) Total debt 987.4 986.4 985.4 Less: current portion of long-term debt — — — Long-term debt $ 987.4 $ 986.4 $ 985.4 Outstanding letters of credit $ 57.6 $ 52.9 $ 68.1

Capital Stock and Dividends (Ta

Capital Stock and Dividends (Tables)	6 Months Ended
	Jun. 25, 2022
Equity [Abstract]
Schedule of Dividends Payable	During the first six months of fiscal 2022 and fiscal 2021, the Company's Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid May 10, 2022 $ 0.92 May 25, 2022 June 8, 2022 January 26, 2022 $ 0.92 February 21, 2022 March 8, 2022 May 5, 2021 $ 0.52 May 24, 2021 June 8, 2021 January 27, 2021 $ 0.52 February 22, 2021 March 9, 2021

Treasury Stock Treasury Stock (

Treasury Stock Treasury Stock (Tables)	6 Months Ended
	Jun. 25, 2022
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 months and fiscal six months ended June 25, 2022 and June 26, 2021, respectively (in thousands, except per share amounts): Fiscal Three Months Ended Fiscal Six Months Ended June 25, June 26, June 25, June 26, Total number of shares repurchased 942 1,118 2,300 2,718 Average price paid per share $ 199.88 $ 181.81 $ 210.62 $ 168.00 Total cash paid for share repurchases $ 188,210 $ 203,305 $ 484,390 $ 456,714

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 25, 2022
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 25, 2022 and June 26, 2021: Fiscal Three Months Ended Fiscal Six Months Ended Product Category: June 25, June 26, June 25, June 26, Livestock and Pet 47 % 45 % 50 % 47 % Seasonal, Gift and Toy Products 25 25 22 22 Hardware, Tools and Truck 18 20 18 21 Clothing and Footwear 5 5 6 6 Agriculture 5 5 4 4 Total 100 % 100 % 100 % 100 %

General (Details)

General (Details) $ in Millions	Feb. 17, 2021 USD ($) state store	Jun. 25, 2022 store state
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		2,194
Number of states in which rural lifestyle retail stores are operated by the company | state		49
TSCO stores [Member]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company		2,016
Petsense stores [Member]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company		178

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 25, 2022	Dec. 25, 2021	Jun. 26, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured Debt	$ 1,000	$ 1,000	$ 1,000
Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	$ 650	$ 650	$ 650

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase program discount percentage	15%		15%
Share-based compensation plan modifications			no
Share-based Payment Arrangement, Noncash Expense	$ 12,500	$ 10,900	$ 24,850	$ 23,194
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted			136,620
Weighted average exercise price			$ 221.72
Weighted average fair value per option			$ 49.91
Total unrecognized compensation expense	11,300		$ 11,300
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			176,519
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted			51,002
Restricted Stock Units and Performance-Based Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense	$ 77,600		$ 77,600
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			2 years 1 month 6 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value per share			$ 211.82
Performance-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value per share			$ 224.97

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. 25, 2022	Mar. 26, 2022	Jun. 26, 2021	Mar. 27, 2021	Jun. 25, 2022	Jun. 26, 2021
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)	728		958		851	1,016
Dilutive stock options and restricted stock units outstanding , per share	$ 0.02		$ 0.02		$ 0.04	$ 0.04
Net income	$ 396,478	$ 187,227	$ 370,022	$ 181,354	$ 583,705	$ 551,376
Antidilutive securities excluded from computation of earnings per share, amount	200		100		100	200
Earnings Per Share, Basic [Abstract]
Net income	$ 396,478	187,227	$ 370,022	181,354	$ 583,705	$ 551,376
Weighted average number of shares outstanding, basic	111,590		115,133		112,060	115,643
Net income per share – basic	$ 3.55		$ 3.21		$ 5.21	$ 4.77
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)	728		958		851	1,016
Dilutive stock options and restricted stock units outstanding, per share (in dollars per share)	$ (0.02)		$ (0.02)		$ (0.04)	$ (0.04)
Net income	$ 396,478	$ 187,227	$ 370,022	$ 181,354	$ 583,705	$ 551,376
Weighted average number of shares outstanding, diluted	112,318		116,091		112,911	116,659
Net income per share, diluted (in dollars per share)	$ 3.53		$ 3.19		$ 5.17	$ 4.73
Antidilutive securities excluded from computation of earnings per share, amount	200		100		100	200

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021	Sep. 25, 2021	Dec. 25, 2021
Debt Instrument [Line Items]
Unsecured Debt	$ 1,000,000	$ 1,000,000	$ 1,000,000	$ 1,000,000		$ 1,000,000
Unamortized Debt Issuance Costs	(12,600)	(14,600)	(12,600)	(14,600)		(13,600)
Unsecured debt, net of debt issuance costs	987,400	985,400	987,400	985,400		986,400
Unsecured Debt, Current	0	0	0	0		0
Letters of Credit Outstanding, Amount	57,600	68,100	57,600	68,100		52,900
Long-term debt	$ 987,411	$ 985,353	$ 987,411	$ 985,353		986,382
Effective Income Tax Rate Reconciliation, Percent	23.50%	22.80%	22.70%	21.50%
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	650,000	$ 650,000	$ 650,000		650,000
Notes Payable to Banks
Debt Instrument [Line Items]
Long-term Debt	150,000	150,000	150,000	150,000		150,000
November 2020 Term Loan
Debt Instrument [Line Items]
Notional Amount, Current	$ 200,000	$ 200,000	$ 200,000	$ 200,000		$ 200,000

Debt (Details)

Debt (Details) - USD ($) $ in Millions		6 Months Ended
	Nov. 04, 2020	Jun. 25, 2022	Dec. 25, 2021	Jun. 26, 2021	Feb. 19, 2016
Debt Instrument [Line Items]
Senior credit facility, maximum borrowing capacity					$ 500
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%
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		4.75%
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate at Period End		1.633%
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		2.0
Leverage Ratio Maximum Requirement [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description		4.0
Bonds
Debt Instrument [Line Items]
Senior Notes		$ 650	$ 650	$ 650
November 2020 Term Loan
Debt Instrument [Line Items]
Term Loan, Maximum Borrowing Capacity	$ 200

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	Jun. 25, 2022	Dec. 25, 2021	Jun. 26, 2021
Derivative [Line Items]
Total Derivative Asset	$ 12,302	$ 1,809	$ 0
Total Derivative Liability	0	0	1,073
Long-term Debt, Fair Value	509,717	614,881	617,988
Senior Notes	638,532	637,844	637,156
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value	0	0	1,073
Cash Flow Hedge Derivative Instrument Assets at Fair Value	$ 12,302	$ 1,809	$ 0

Interest Rate Swaps - Liabiliti

Interest Rate Swaps - Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 25, 2022	Dec. 25, 2021	Jun. 26, 2021
Derivative [Line Items]
Total Derivative Asset	$ 12,302	$ 1,809	$ 0
Total Derivative Liability	$ 0	$ 0	$ 1,073

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
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Derivatives used in Net Investment Hedge, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Net of Tax			$ 1,345
Other Comprehensive Income (Loss), Net of Tax	$ 1,810	$ 320	7,803	$ 2,445
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 9,148	$ (798)	$ 9,148	$ (798)

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) - $ / shares						3 Months Ended		6 Months Ended
	Aug. 04, 2022	May 10, 2022	Jan. 26, 2022	May 05, 2021	Jan. 27, 2021	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021	Dec. 25, 2021
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	$ 0.92	$ 0.92	$ 0.92	$ 0.52	$ 0.52	$ 0.92	$ 0.52	$ 1.84	$ 1.04

Capital Stock and Dividends (De

Capital Stock and Dividends (Details) - $ / shares						3 Months Ended		6 Months Ended
	Aug. 04, 2022	May 10, 2022	Jan. 26, 2022	May 05, 2021	Jan. 27, 2021	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.92	$ 0.92	$ 0.92	$ 0.52	$ 0.52	$ 0.92	$ 0.52	$ 1.84	$ 1.04

Treasury Stock (Details)

Treasury Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 25, 2022	Mar. 26, 2022	Jun. 26, 2021	Mar. 27, 2021	Jun. 25, 2022	Jun. 26, 2021	Jan. 26, 2022
Equity [Abstract]
Board-approved share repurchase program of common stock	$ 6,500,000				$ 6,500,000
Remaining authorization under the share repurchase program	$ 1,900,000				$ 1,900,000
Total number of shares repurchased	942		1,118		2,300	2,718
Average price paid per share	$ 199.88		$ 181.81		$ 210.62	$ 168
Total cash paid for share repurchases	$ 188,210	$ 296,180	$ 203,305	$ 253,409	$ 484,390	$ 456,714
Stock Repurchase Program, Authorized Amount	$ 6,500,000				$ 6,500,000
Repurchase Program Increase [Member]
Equity [Abstract]
Board-approved share repurchase program of common stock							$ 2,000,000
Stock Repurchase Program, Authorized Amount							$ 2,000,000

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	23.50%	22.80%	22.70%	21.50%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Jun. 25, 2022	Dec. 25, 2021	Jun. 26, 2021
Property, Plant and Equipment [Table]
Letters of Credit Outstanding, Amount	$ 57.6	$ 52.9	$ 68.1
Maumelle, AR DC [Member]
Contractual Obligation	76
Navarre, OH DC
Contractual Obligation	$ 34

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended		6 Months Ended
	Jun. 25, 2022	Jun. 26, 2021	Jun. 25, 2022	Jun. 26, 2021
Livestock and Pet
Revenue from External Customer [Line Items]
Percentage of sales	47%	45%	50%	47%
Hardware, Tools and Truck [Member]
Revenue from External Customer [Line Items]
Percentage of sales	18%	20%	18%	21%
Seasonal, Gift and Toy Products [Member]
Revenue from External Customer [Line Items]
Percentage of sales	25%	25%	22%	22%
Clothing and Footwear
Revenue from External Customer [Line Items]
Percentage of sales	5%	5%	6%	6%
Agriculture
Revenue from External Customer [Line Items]
Percentage of sales	5%	5%	4%	4%
Total
Revenue from External Customer [Line Items]
Percentage of sales	100%	100%	100%	100%

Segment Reporting Number of Rep

Segment Reporting Number of Reportable Segments (Details)	3 Months Ended
	Jun. 25, 2022 segment
Segment Reporting [Abstract]
Number of Reportable Segments	1