Tractor Supply (TSCO) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 24, 2022	Oct. 22, 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	Sep. 24, 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		110,463,245
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021	Sep. 25, 2021
Current assets:
Cash and cash equivalents	$ 211,241	$ 878,030	$ 1,111,711
Inventories	2,678,193	2,191,192	2,199,773
Prepaid expenses and other current assets	211,941	164,118	149,550
Income taxes receivable	8,430	17,100	6,827
Total current assets	3,109,805	3,250,440	3,467,861
Property and equipment, net	1,843,324	1,617,806	1,441,704
Operating lease right-of-use assets	2,803,798	2,785,858	2,725,510
Goodwill and other intangible assets	55,520	55,520	55,520
Deferred Tax Assets, Deferred Income	0	2,437	16,590
Other assets	99,281	55,406	38,009
Total assets	7,911,728	7,767,467	7,745,194
Current liabilities:
Accounts payable	1,219,593	1,155,630	1,197,813
Accrued employee compensation	80,390	109,618	122,007
Other accrued expenses	453,747	474,412	408,887
Current portion of long-term debt	0	0	0
Current portion of finance lease liabilities	3,140	3,897	4,242
Current portion of operating lease liabilities	333,388	321,285	312,296
Income taxes payable	4,942	0	762
Total current liabilities	2,095,200	2,064,842	2,046,007
Long-term debt	1,077,926	986,382	985,867
Finance lease liabilities, less current portion	35,460	32,848	30,041
Operating lease liabilities, less current portion	2,608,832	2,574,882	2,536,875
Deferred Income Tax Liabilities, Net	39,540	0	0
Other long-term liabilities	113,625	105,848	125,651
Total liabilities	5,970,583	5,764,802	5,724,441
Stockholders’ equity:
Preferred stock	0	0	0
Common stock	1,414	1,411	1,410
Additional paid-in capital	1,236,161	1,210,512	1,191,785
Treasury stock	(4,763,862)	(4,155,846)	(3,954,926)
Accumulated other comprehensive income/(loss)	12,298	1,345	(592)
Retained earnings	5,455,134	4,945,243	4,783,076
Total stockholders’ equity	1,941,145	2,002,665	2,020,753
Total liabilities and stockholders’ equity	$ 7,911,728	$ 7,767,467	$ 7,745,194

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 24, 2022	Dec. 25, 2021	Sep. 25, 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	176,771,000	176,371,000	176,290,000
Common Stock, Shares, Outstanding	110,587,000	113,125,000	113,946,000
Treasury Stock, Shares	66,184,000	63,246,000	62,344,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Income Statement [Abstract]
Net sales	$ 3,270,804	$ 3,017,926	$ 10,198,342	$ 9,411,821
Cost of merchandise sold	2,104,989	1,932,616	6,589,763	6,055,246
Gross profit	1,165,815	1,085,310	3,608,579	3,356,575
Selling, general and administrative expenses	772,167	718,261	2,284,604	2,148,200
Depreciation and amortization	87,236	69,824	248,242	194,731
Operating income	306,412	297,225	1,075,733	1,013,644
Interest expense, net	6,226	6,146	20,392	20,068
Income before income taxes	300,186	291,079	1,055,341	993,576
Income tax expense	66,049	66,679	237,499	217,800
Net income	$ 234,137	$ 224,400	$ 817,842	$ 775,776
Net income per share – basic	$ 2.11	$ 1.96	$ 7.32	$ 6.74
Net income per share – diluted	$ 2.10	$ 1.95	$ 7.27	$ 6.68
Weighted average shares outstanding:
Basic	110,861	114,223	111,660	115,170
Diluted	111,560	115,193	112,461	116,170
Dividends declared per common share outstanding	$ 0.92	$ 0.52	$ 2.76	$ 1.56

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 234,137	$ 224,400	$ 817,842	$ 775,776
Change in fair value of interest rate swaps, net of taxes	3,150	206	10,953	2,651
Total other comprehensive income	3,150	206	10,953	2,651
Total comprehensive income	$ 237,287	$ 224,606	$ 828,795	$ 778,427
Weighted average number of shares outstanding, basic	110,861	114,223	111,660	115,170
Earnings Per Share, Basic	$ 2.11	$ 1.96	$ 7.32	$ 6.74
Antidilutive securities excluded from computation of earnings per share, amount	100	100	100	100
Weighted average number of shares outstanding, diluted	111,560	115,193	112,461	116,170
Net income per share, diluted (in dollars per share)	$ 2.10	$ 1.95	$ 7.27	$ 6.68

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	(14,636)
Repurchase of common stock	(597,973)
Dividends paid	(179,835)
Change in fair value of interest rate swaps, net of taxes	2,651
Net income	775,776
Ending balance, shares outstanding (in shares) at Sep. 25, 2021		113,946
Ending balance, Stockholders' equity at Sep. 25, 2021	2,020,753	$ 1,410	1,191,785	(3,954,926)	(592)	4,783,076
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance under stock award plans & ESPP (in shares)		67
Common stock issuance under stock award plans & ESPP	5,167	$ 0	5,167
Share-based compensation	12,543		12,543
Repurchase of shares to satisfy tax obligations	(1,048)		(1,048)
Repurchase of common stock, shares (in shares)		(744)
Repurchase of common stock	(141,259)			(141,259)
Dividends paid	(59,369)					(59,369)
Change in fair value of interest rate swaps, net of taxes	206				206
Net income	224,400					224,400
Ending balance, shares outstanding (in shares) at Sep. 25, 2021		113,946
Ending balance, Stockholders' equity at Sep. 25, 2021	2,020,753	$ 1,410	1,191,785	(3,954,926)	(592)	4,783,076
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	(28,376)
Repurchase of common stock	(608,016)
Dividends paid	(307,951)
Change in fair value of interest rate swaps, net of taxes	10,953
Net income	817,842
Ending balance, shares outstanding (in shares) at Sep. 24, 2022		110,587
Ending balance, Stockholders' equity at Sep. 24, 2022	1,941,145	$ 1,414	1,236,161	(4,763,862)	12,298	5,455,134
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance under stock award plans & ESPP (in shares)		28
Common stock issuance under stock award plans & ESPP	2,502	$ 0	2,502
Share-based compensation	13,681		13,681
Repurchase of shares to satisfy tax obligations	(704)		(704)
Repurchase of common stock, shares (in shares)		(638)
Repurchase of common stock	(123,626)			(123,626)
Dividends paid	(101,862)					(101,862)
Change in fair value of interest rate swaps, net of taxes	3,150				3,150
Net income	234,137					234,137
Ending balance, shares outstanding (in shares) at Sep. 24, 2022		110,587
Ending balance, Stockholders' equity at Sep. 24, 2022	$ 1,941,145	$ 1,414	$ 1,236,161	$ (4,763,862)	$ 12,298	$ 5,455,134

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021
Cash flows from operating activities:
Net income	$ 817,842	$ 775,776
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	248,242	194,731
Loss on disposition of property and equipment	1,453	3,295
Share-based compensation expense	38,531	35,737
Deferred income taxes	41,977	14,996
Change in assets and liabilities:
Inventories	(487,001)	(416,503)
Prepaid expenses and other current assets	(47,823)	(15,891)
Accounts payable	63,963	221,717
Accrued employee compensation	(29,228)	2,306
Other accrued expenses	(40,241)	74,680
Income taxes	13,612	(26,003)
Other	5,003	6,996
Net cash provided by operating activities	626,330	871,837
Cash flows from investing activities:
Capital expenditures	(451,154)	(382,358)
Proceeds from sale of property and equipment	169	1,094
Net cash used in investing activities	(450,985)	(381,264)
Cash flows from financing activities:
Borrowings under debt facilities	120,000	0
Repayments under debt facilities	(30,000)	0
Principal payments under finance lease liabilities	(3,288)	(3,367)
Repurchase of shares to satisfy tax obligations	(28,376)	(14,636)
Repurchase of common stock	(608,016)	(597,973)
Net proceeds from issuance of common stock	15,497	75,193
Cash dividends paid to stockholders	(307,951)	(179,835)
Net cash used in financing activities	(842,134)	(720,618)
Net decrease in cash and cash equivalents	(666,789)	(230,045)
Cash and cash equivalents at beginning of period	878,030	1,341,756
Cash and cash equivalents at end of period	211,241	1,111,711
Cash paid during the period for:
Interest	16,130	16,008
Income taxes	184,887	229,122
Supplemental disclosures of non-cash activities:
Non-cash accruals for property and equipment	43,984	22,036
Increase of operating lease assets and liabilities from new or modified leases	264,318	534,222
Increase of finance lease assets and liabilities from new or modified leases	$ 5,143	$ 0

General

General	9 Months Ended
	Sep. 24, 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 by Tractor Supply"), a small-box pet specialty supply retailer focused on meeting the needs of pet owners, primarily in small and mid-sized communities, and offering a variety of pet products and services. At September 24, 2022, the Company operated a total of 2,207 retail stores in 49 states (2,027 Tractor Supply retail stores and 180 Petsense by Tractor Supply 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 October 12, 2022, the Company completed the acquisition of Orscheln Farm and Home, LLC (“Orscheln”). The Company acquired 166 Orscheln stores for approximately $320 million before working capital adjustments. As part of the remedy reached with the Federal Trade Commission ("FTC"), the Company divested 85 store locations to two buyers shortly after the closing of the acquisition. Proceeds from the store divestitures were approximately $72 million. The acquisition was financed with cash-on-hand and borrowings under the 2022 Senior Credit Facility (as defined below). Refer to Note 11 , “Subsequent Events” for more information. 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 September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, " Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations," which makes a number of changes meant to add certain disclosure requirements for a buyer in a supplier finance program. The amendments are effective for all companies for fiscal years beginning after December 15, 2022 on a retrospective basis. The Company plans to adopt this ASU effective January 1, 2023 and is currently evaluating the impact these disclosures will have on our Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” 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 was used as of September 24, 2022 are the Senior Credit Facility (as defined below) and related interest rate swap. The Senior Credit Facility was replaced by the 2022 Senior Credit Facility (as defined below) on September 30, 2022. In connection with the debt refinancing, the Company transitioned from LIBOR to the Secured Overnight Financing Rate ("SOFR") and elected the optional expedients under the standard. Refer to Note 11 , "Subsequent Events" for more information.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 24, 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 $1.09 billion in borrowings under its debt facilities as of September 24, 2022 and $1.00 billion in borrowings at each of December 25, 2021 and September 25, 2021. The fair value of the Company's $150 million 3.70% Senior Notes (the "3.70% Senior Notes"), the $200 million term loan (the "November 2020 Term Loan"), and the $90 million in borrowings under the Company's revolving credit facility (the "Revolver") were determined based on market interest rates (Level 2 inputs). The carrying value of borrowings in the 3.70% Senior Notes, the November 2020 Term Loan, and the Revolver all approximate fair value for each period reported. The fair value of the Company's $650 million 1.75% Senior Notes (the "1.75% Senior Notes") is determined based on quoted prices in active markets, which are considered Level 1 inputs. The carrying value and the fair value of the 1.75% Senior Notes, net of discount were as follows (in thousands): September 24, 2022 December 25, 2021 September 25, 2021 Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value 1.75% Senior Notes $ 638,876 $ 492,902 $ 637,844 $ 614,881 $ 637,500 $ 628,654 The Company's interest rate swap is carried at fair value, which is determined based on the present value of expected future cash flows using forward rate curves, which is considered a Level 2 input. In accordance with hedge accounting, the gains and losses on interest rate swaps that are designated and qualify as cash flow hedges are recorded as a component of Other Comprehensive Income, net of related income taxes, and reclassified into earnings in the same income statement line and period in which the hedged transactions affect earnings. The fair value of the interest rate swap, excluding accrued interest, was as follows (in thousands): Fair Value Measurements at September 24, 2022 December 25, 2021 September 25, 2021 Interest rate swap assets (Level 2) $ 16,537 $ 1,809 $ — Interest rate swap liabilities (Level 2) $ — $ — $ 795

Share Based Compensation

Share Based Compensation	9 Months Ended
	Sep. 24, 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 nine months ended September 24, 2022. Share-based compensation expense was $13.7 million and $12.5 million for the third quarter of fiscal 2022 and 2021, respectively, and $38.5 million and $35.7 million for the first nine months of fiscal 2022 and 2021, respectively. Stock Options The following table summarizes information concerning stock option grants during the first nine months of fiscal 2022: Fiscal Nine Months Ended September 24, 2022 Stock options granted 141,264 Weighted average exercise price $ 220.70 Weighted average grant date fair value per option $ 49.64 As of September 24, 2022, total unrecognized compensation expense related to non-vested stock options was approximately $9.5 million with a remaining weighted average expense recognition period of 1.9 years. Restricted Stock Units and Performance-Based Restricted Share Units The following table summarizes information concerning restricted stock unit and performance-based restricted share unit grants during the first nine months of fiscal 2022: Fiscal Nine Months Ended September 24, 2022 Restricted stock units granted 196,545 Weighted average grant date fair value per share - Restricted stock units $ 208.86 Performance-based restricted share units granted (a) 53,050 Weighted average grant date fair value per share - Performance-based restricted share units $ 223.76 (a) Assumes 100% target level achievement of the relative performance targets. In the first nine 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 September 24, 2022, total unrecognized compensation expense related to non-vested restricted stock units and non-vested performance-based restricted share units was approximately $68.9 million with a remaining weighted average expense recognition period of 2.0 years.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 24, 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 September 24, 2022 September 25, 2021 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 234,137 110,861 $ 2.11 $ 224,400 114,223 $ 1.96 Dilutive effect of share-based awards — 699 (0.01) — 970 (0.01) Diluted net income per share: $ 234,137 111,560 $ 2.10 $ 224,400 115,193 $ 1.95 Fiscal Nine Months Ended Fiscal Nine Months Ended September 24, 2022 September 25, 2021 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 817,842 111,660 $ 7.32 $ 775,776 115,170 $ 6.74 Dilutive effect of share-based awards — 801 (0.05) — 1,000 (0.06) Diluted net income per share: $ 817,842 112,461 $ 7.27 $ 775,776 116,170 $ 6.68 Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.1 million for fiscal three months ended September 24, 2022 and less than 0.1 million shares for the fiscal three months ended September 25, 2021. Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.1 million shares for the fiscal nine months ended September 24, 2022 and less than 0.1 million shares for the fiscal nine months ended September 25, 2021.

Debt

Debt	9 Months Ended
	Sep. 24, 2022
Debt Disclosure [Abstract]
Debt	Debt: The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions): September 24, December 25, September 25, 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 Revolver 90.0 — — Total outstanding borrowings 1,090.0 1,000.0 1,000.0 Less: unamortized debt discounts and issuance costs (12.1) (13.6) (14.1) Total debt 1,077.9 986.4 985.9 Less: current portion of long-term debt — — — Long-term debt $ 1,077.9 $ 986.4 $ 985.9 Outstanding letters of credit $ 55.8 $ 52.9 $ 46.5 (a) Also referred to herein as the "Note Purchase Agreement," referring to the Note Purchase and Private Shelf Agreement dated as of August 14, 2017 by and among the Company, PGIM, Inc. ("Prudential") and the noteholders party thereto, as amended through September 24, 2022, under which the notes were purchased. The Note Purchase Agreement was further amended on September 30, 2022 and November 2, 2022. Refer to Note 11 , "Subsequent Events" for information regarding the amendments. Borrowings under both the Company's $500 million Revolver and the Company's November 2020 Term Loan, each under the Company's senior credit facility (the "Senior Credit Facility"), bore interest either at the bank’s base rate (6.250% at September 24, 2022) plus an additional amount ranging from 0.000% to 0.375% (0.125% at September 24, 2022) or at LIBOR (3.080% at September 24, 2022) plus an additional amount ranging from 0.875% to 1.375% per annum (1.125% at September 24, 2022), adjusted based on the Company's public credit ratings. The Company was 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 September 24, 2022), adjusted based on the Company's public credit ratings. Refer to Note 11 , "Subsequent Events" for information regarding the Company's entry into a new credit facility on September 30, 2022. The 2022 Senior Credit Facility (as defined below) replaced the Company's Senior Credit Facility. Proceeds from borrowings under the 2022 Senior Credit Facility were used to pay off the Senior Credit Facility. 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, which was replaced by the 2022 Senior Credit Facility (as defined below). 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 As of September 24, 2022, the Senior Credit Facility and the Note Purchase Agreement (collectively, the “Debt Agreements”) required 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 was required to 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 was required to 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 September 24, 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, amounts outstanding 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, a whole payment may become due and payable.
Subsequent Events	Note 11 – Subsequent Events: Credit Facility Refinancing On September 30, 2022, the Company entered into a new credit agreement, providing for a credit facility (the “2022 Senior Credit Facility”), consisting of a revolving credit facility in the maximum principal amount of $1.20 billion (with a sublimit of $50 million for swingline loans and a sublimit of $150 million for letters of credit). In addition, the Company has an option to increase the revolving credit facility or establish term loans in an amount not to exceed $500 million in the aggregate, subject to, among other things, the receipt of commitments for the increased amount. The 2022 Senior Credit Facility is unsecured and has a five-year term with two options to request that the lenders extend the maturity date of the notes held by each lender for one year. Borrowings for the revolving credit facility will bear interest at either the bank’s base rate plus an additional margin ranging from 0.000% to 0.250% or adjusted SOFR plus an additional margin ranging from 0.750% to 1.250% 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 ranging from 0.080% to 0.150% per annum, adjusted based on the Company's public credit ratings. The 2022 Senior Credit Facility replaced the Company’s Senior Credit Facility. Proceeds from borrowings under the 2022 Senior Credit Facility were used to pay off the Senior Credit Facility. In connection with the debt refinancing, the Company amended its interest rate swap agreement to convert the reference rate from one-month LIBOR to one-month term SOFR and elected the optional expedients offered under the Accounting Standards Codification 848, Reference Rate Reform , which allows the cash flow hedge to continue being recognized under hedge accounting without dedesignation. Amendments to Note Purchase and Private Shelf Agreement On September 30, 2022, the Company entered into a Third Amendment to Note Purchase and Private Shelf Agreement (the “Third Amendment”) by and among the Company, PGIM, Inc. (“Prudential”) and other holders of the notes. The Third Amendment modifies certain provisions of the Note Purchase and Private Shelf Agreement dated as of August 14, 2017 by and among the Company, Prudential and the noteholders party thereto, as amended (collectively as amended by the Amendment, the“Note Purchase Facility”) and conforms certain representations, warranties and covenants with the 2022 Senior Credit Facility. On November 2, 2022, the Company entered into a Fourth Amendment to Note Purchase and Private Shelf Agreement (the “Fourth Amendment”) by and among the Company, Prudential and other holders of the notes which also amends the Note Purchase Facility. The Fourth Amendment extends the issuance period in which the Company may issue and sell, and Prudential may consider in its sole discretion the purchase of, in one or a series of transactions, additional senior unsecured notes of the Company (the “Shelf Note”), in an aggregate principal amount of up to $150 million under the Note Purchase Facility. The Shelf Notes may be issued through November 1, 2025, unless either party terminates such issuance right. Acquisition of Orscheln Farm and Home, LLC On October 12, 2022, the Company completed the acquisition of Orscheln. The Company acquired 166 Orscheln stores for approximately $320 million before working capital adjustments. Consistent with the remedy negotiated with the FTC, the Company divested 85 locations to two buyers, Bomgaars Supply, Inc. (73 stores) and Buchheit Enterprises, Inc. (12 stores), shortly after closing the acquisition. Proceeds from the store divestitures were approximately $72 million. In addition, the

Capital Stock and Dividends

Capital Stock and Dividends	9 Months Ended
	Sep. 24, 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 nine 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 August 4, 2022 $ 0.92 August 22, 2022 September 7, 2022 May 10, 2022 $ 0.92 May 25, 2022 June 8, 2022 January 26, 2022 $ 0.92 February 21, 2022 March 8, 2022 August 4, 2021 $ 0.52 August 23, 2021 September 8, 2021 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 November 2, 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 December 6, 2022, to stockholders of record as of the close of business on November 21, 2022.

Treasury Stock

Treasury Stock	9 Months Ended
	Sep. 24, 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 $2.00 billion for a total authorization of $6.50 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 September 24, 2022, the Company had remaining authorization under the share repurchase program of $1.74 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 nine months ended September 24, 2022 and September 25, 2021, respectively (in thousands, except per share amounts): Fiscal Three Months Ended Fiscal Nine Months Ended September 24, September 25, September 24, September 25, Total number of shares repurchased 638 744 2,938 3,462 Average price paid per share $ 193.70 $ 190.03 $ 206.95 $ 172.73 Total cash paid for share repurchases $ 123,626 $ 141,259 $ 608,016 $ 597,973

Income Taxes

Income Taxes	9 Months Ended
	Sep. 24, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes:The Company’s effective income tax rate was 22.0% in the third quarter of fiscal 2022 compared to 22.9% in the third quarter of fiscal 2021. The decrease in the effective income tax rate in the third quarter of fiscal 2022 compared to the third quarter of fiscal 2021 was driven primarily by an increase in certain state tax credits. The effective income tax rate was 22.5% in the first nine months of fiscal 2022 compared to 21.9% in the first nine months of fiscal 2021. The increase in the effective income tax rate in the first nine months of fiscal 2022 compared to the first nine months of fiscal 2021 was driven primarily by a decrease in the benefit derived from share-based compensation awards.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 24, 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 September 24, 2022, the Company had contractual commitments of approximately $94.3 million and $20.5 million, respectively. Letters of Credit At September 24, 2022, the Company had $55.8 million in outstanding letters of credit under the Senior Credit Facility. Litigation

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 24, 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 nine months ended September 24, 2022 and September 25, 2021: Fiscal Three Months Ended Fiscal Nine Months Ended Product Category: September 24, September 25, September 24, September 25, Livestock and Pet 54 % 49 % 51 % 48 % Seasonal, Gift and Toy Products 18 19 20 21 Hardware, Tools and Truck 19 22 19 21 Clothing and Footwear 5 5 6 6 Agriculture 4 5 4 4 Total 100 % 100 % 100 % 100 %

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 24, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 11 – Subsequent Events: Credit Facility Refinancing On September 30, 2022, the Company entered into a new credit agreement, providing for a credit facility (the “2022 Senior Credit Facility”), consisting of a revolving credit facility in the maximum principal amount of $1.20 billion (with a sublimit of $50 million for swingline loans and a sublimit of $150 million for letters of credit). In addition, the Company has an option to increase the revolving credit facility or establish term loans in an amount not to exceed $500 million in the aggregate, subject to, among other things, the receipt of commitments for the increased amount. The 2022 Senior Credit Facility is unsecured and has a five-year term with two options to request that the lenders extend the maturity date of the notes held by each lender for one year. Borrowings for the revolving credit facility will bear interest at either the bank’s base rate plus an additional margin ranging from 0.000% to 0.250% or adjusted SOFR plus an additional margin ranging from 0.750% to 1.250% 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 ranging from 0.080% to 0.150% per annum, adjusted based on the Company's public credit ratings. The 2022 Senior Credit Facility replaced the Company’s Senior Credit Facility. Proceeds from borrowings under the 2022 Senior Credit Facility were used to pay off the Senior Credit Facility. In connection with the debt refinancing, the Company amended its interest rate swap agreement to convert the reference rate from one-month LIBOR to one-month term SOFR and elected the optional expedients offered under the Accounting Standards Codification 848, Reference Rate Reform , which allows the cash flow hedge to continue being recognized under hedge accounting without dedesignation. Amendments to Note Purchase and Private Shelf Agreement On September 30, 2022, the Company entered into a Third Amendment to Note Purchase and Private Shelf Agreement (the “Third Amendment”) by and among the Company, PGIM, Inc. (“Prudential”) and other holders of the notes. The Third Amendment modifies certain provisions of the Note Purchase and Private Shelf Agreement dated as of August 14, 2017 by and among the Company, Prudential and the noteholders party thereto, as amended (collectively as amended by the Amendment, the“Note Purchase Facility”) and conforms certain representations, warranties and covenants with the 2022 Senior Credit Facility. On November 2, 2022, the Company entered into a Fourth Amendment to Note Purchase and Private Shelf Agreement (the “Fourth Amendment”) by and among the Company, Prudential and other holders of the notes which also amends the Note Purchase Facility. The Fourth Amendment extends the issuance period in which the Company may issue and sell, and Prudential may consider in its sole discretion the purchase of, in one or a series of transactions, additional senior unsecured notes of the Company (the “Shelf Note”), in an aggregate principal amount of up to $150 million under the Note Purchase Facility. The Shelf Notes may be issued through November 1, 2025, unless either party terminates such issuance right. Acquisition of Orscheln Farm and Home, LLC On October 12, 2022, the Company completed the acquisition of Orscheln. The Company acquired 166 Orscheln stores for approximately $320 million before working capital adjustments. Consistent with the remedy negotiated with the FTC, the Company divested 85 locations to two buyers, Bomgaars Supply, Inc. (73 stores) and Buchheit Enterprises, Inc. (12 stores), shortly after closing the acquisition. Proceeds from the store divestitures were approximately $72 million. In addition, the

Share Based Compensation (Table

Share Based Compensation (Tables)	9 Months Ended
	Sep. 24, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock Options	The following table summarizes information concerning stock option grants during the first nine months of fiscal 2022: Fiscal Nine Months Ended September 24, 2022 Stock options granted 141,264 Weighted average exercise price $ 220.70 Weighted average grant date fair value per option $ 49.64
Restricted Stock Units and Performance-Based Restricted Share Units	The following table summarizes information concerning restricted stock unit and performance-based restricted share unit grants during the first nine months of fiscal 2022: Fiscal Nine Months Ended September 24, 2022 Restricted stock units granted 196,545 Weighted average grant date fair value per share - Restricted stock units $ 208.86 Performance-based restricted share units granted (a) 53,050 Weighted average grant date fair value per share - Performance-based restricted share units $ 223.76 (a) Assumes 100% target level achievement of the relative performance targets.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 24, 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 September 24, 2022 September 25, 2021 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 234,137 110,861 $ 2.11 $ 224,400 114,223 $ 1.96 Dilutive effect of share-based awards — 699 (0.01) — 970 (0.01) Diluted net income per share: $ 234,137 111,560 $ 2.10 $ 224,400 115,193 $ 1.95 Fiscal Nine Months Ended Fiscal Nine Months Ended September 24, 2022 September 25, 2021 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 817,842 111,660 $ 7.32 $ 775,776 115,170 $ 6.74 Dilutive effect of share-based awards — 801 (0.05) — 1,000 (0.06) Diluted net income per share: $ 817,842 112,461 $ 7.27 $ 775,776 116,170 $ 6.68 Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.1 million for fiscal three months ended September 24, 2022 and less than 0.1 million shares for the fiscal three months ended September 25, 2021. Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.1 million shares for the fiscal nine months ended September 24, 2022 and less than 0.1 million shares for the fiscal nine months ended September 25, 2021.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 24, 2022
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions): September 24, December 25, September 25, 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 Revolver 90.0 — — Total outstanding borrowings 1,090.0 1,000.0 1,000.0 Less: unamortized debt discounts and issuance costs (12.1) (13.6) (14.1) Total debt 1,077.9 986.4 985.9 Less: current portion of long-term debt — — — Long-term debt $ 1,077.9 $ 986.4 $ 985.9 Outstanding letters of credit $ 55.8 $ 52.9 $ 46.5

Capital Stock and Dividends (Ta

Capital Stock and Dividends (Tables)	9 Months Ended
	Sep. 24, 2022
Equity [Abstract]
Schedule of Dividends Payable	During the first nine 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 August 4, 2022 $ 0.92 August 22, 2022 September 7, 2022 May 10, 2022 $ 0.92 May 25, 2022 June 8, 2022 January 26, 2022 $ 0.92 February 21, 2022 March 8, 2022 August 4, 2021 $ 0.52 August 23, 2021 September 8, 2021 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)	9 Months Ended
	Sep. 24, 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 nine months ended September 24, 2022 and September 25, 2021, respectively (in thousands, except per share amounts): Fiscal Three Months Ended Fiscal Nine Months Ended September 24, September 25, September 24, September 25, Total number of shares repurchased 638 744 2,938 3,462 Average price paid per share $ 193.70 $ 190.03 $ 206.95 $ 172.73 Total cash paid for share repurchases $ 123,626 $ 141,259 $ 608,016 $ 597,973

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 24, 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 nine months ended September 24, 2022 and September 25, 2021: Fiscal Three Months Ended Fiscal Nine Months Ended Product Category: September 24, September 25, September 24, September 25, Livestock and Pet 54 % 49 % 51 % 48 % Seasonal, Gift and Toy Products 18 19 20 21 Hardware, Tools and Truck 19 22 19 21 Clothing and Footwear 5 5 6 6 Agriculture 4 5 4 4 Total 100 % 100 % 100 % 100 %

General (Details)

General (Details) $ in Millions	Oct. 12, 2022 USD ($)	Sep. 24, 2022 store state
Orscheln Farm and Home, LLC
Nature of business [Abstract]
Business Combination, Consideration Transferred | $	$ 320
Disposal Group, Including Discontinued Operation, Consideration | $	$ 72
Parent Company [Member]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company		2,207
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		2,027
Petsense stores [Member]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company		180

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Dec. 25, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unsecured Debt	$ 1,090	$ 1,000	$ 1,000
Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	650	650	650
Notes Payable to Banks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	150	150	150
November 2020 Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional Amount, Current	200	200	200
2016 Senior Credit Facility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of Credit Facility, Maximum Month-end Outstanding Amount	$ 90	$ 0	$ 0

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 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	$ 13,700	$ 12,500	$ 38,531	$ 35,737
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted			141,264
Weighted average exercise price			$ 220.70
Weighted average fair value per option			$ 49.64
Total unrecognized compensation expense	9,500		$ 9,500
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			1 year 10 months 24 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted			196,545
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted			53,050
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	$ 68,900		$ 68,900
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			2 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value per share			$ 208.86
Performance-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value per share			$ 223.76

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 24, 2022	Jun. 25, 2022	Mar. 26, 2022	Sep. 25, 2021	Jun. 26, 2021	Mar. 27, 2021	Sep. 24, 2022	Sep. 25, 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)	699			970			801	1,000
Dilutive stock options and restricted stock units outstanding , per share	$ 0.01			$ 0.01			$ 0.05	$ 0.06
Net income	$ 234,137	$ 396,478	$ 187,227	$ 224,400	$ 370,022	$ 181,354	$ 817,842	$ 775,776
Antidilutive securities excluded from computation of earnings per share, amount	100			100			100	100
Earnings Per Share, Basic [Abstract]
Net income	$ 234,137	396,478	187,227	$ 224,400	370,022	181,354	$ 817,842	$ 775,776
Weighted average number of shares outstanding, basic	110,861			114,223			111,660	115,170
Net income per share – basic	$ 2.11			$ 1.96			$ 7.32	$ 6.74
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)	699			970			801	1,000
Dilutive stock options and restricted stock units outstanding, per share (in dollars per share)	$ (0.01)			$ (0.01)			$ (0.05)	$ (0.06)
Net income	$ 234,137	$ 396,478	$ 187,227	$ 224,400	$ 370,022	$ 181,354	$ 817,842	$ 775,776
Weighted average number of shares outstanding, diluted	111,560			115,193			112,461	116,170
Net income per share, diluted (in dollars per share)	$ 2.10			$ 1.95			$ 7.27	$ 6.68
Antidilutive securities excluded from computation of earnings per share, amount	100			100			100	100

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021	Dec. 25, 2021
Debt Instrument [Line Items]
Unsecured Debt	$ 1,090,000	$ 1,000,000	$ 1,090,000	$ 1,000,000	$ 1,000,000
Unamortized Debt Issuance Costs	(12,100)	(14,100)	(12,100)	(14,100)	(13,600)
Unsecured debt, net of debt issuance costs	1,077,900	985,900	1,077,900	985,900	986,400
Unsecured Debt, Current	0	0	0	0	0
Letters of Credit Outstanding, Amount	55,800	46,500	55,800	46,500	52,900
Long-term debt	$ 1,077,926	$ 985,867	$ 1,077,926	$ 985,867	986,382
Effective Income Tax Rate Reconciliation, Percent	22%	22.90%	22.50%	21.90%
2016 Senior Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Month-end Outstanding Amount	$ 90,000	$ 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			9 Months Ended
	Nov. 02, 2022	Sep. 30, 2022	Sep. 24, 2022	Dec. 25, 2021	Sep. 25, 2021	Feb. 19, 2016
Debt Instrument [Line Items]
Shelf Note - Amount	$ 150
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
Interest Rate Swap
Debt Instrument [Line Items]
Interest Rate Swap, Beginning Notional Amount			$ 200
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			6.25%
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate at Period End			3.08%
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
2022 Senior Credit Facility
Debt Instrument [Line Items]
Senior credit facility, maximum borrowing capacity		$ 1,200
Swingline Loan, Maximum Borrowing Capacity		50
Letters of Credit, Maximum Borrowing Capacity		150
Term Loan, Maximum Borrowing Capacity		$ 500
Long-Term Debt, Description		Credit Facility RefinancingOn September 30, 2022, the Company entered into a new credit agreement, providing for a credit facility (the “2022 Senior Credit Facility”), consisting of a revolving credit facility in the maximum principal amount of $1.20 billion (with a sublimit of $50 million for swingline loans and a sublimit of $150 million for letters of credit). In addition, the Company has an option to increase the revolving credit facility or establish term loans in an amount not to exceed $500 million in the aggregate, subject to, among other things, the receipt of commitments for the increased amount. The 2022 Senior Credit Facility is unsecured and has a five-year term with two options to request that the lenders extend the maturity date of the notes held by each lender for one year. Borrowings for the revolving credit facility will bear interest at either the bank’s base rate plus an additional margin ranging from 0.000% to 0.250% or adjusted SOFR plus an additional margin ranging from 0.750% to 1.250% 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 ranging from 0.080% to 0.150% per annum, adjusted based on the Company's public credit ratings.The 2022 Senior Credit Facility replaced the Company’s Senior Credit Facility. Proceeds from borrowings under the 2022 Senior Credit Facility were used to pay off the Senior Credit Facility. In connection with the debt refinancing, the Company amended its interest rate swap agreement to convert the reference rate from one-month LIBOR to one-month term SOFR and elected the optional expedients offered under the Accounting Standards Codification 848, Reference Rate Reform, which allows the cash flow hedge to continue being recognized under hedge accounting without dedesignation.
2022 Senior Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee for unused capacity		0.08%
2022 Senior Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee for unused capacity		0.15%
2022 Senior Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0%
2022 Senior Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.25%
2022 Senior Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.75%
2022 Senior Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.25%
Bonds
Debt Instrument [Line Items]
Senior Notes			$ 650	$ 650	$ 650
Notes Payable to Banks
Debt Instrument [Line Items]
Senior Notes			$ 150	$ 150	$ 150
Long-Term Debt, Description	On November 2, 2022, the Company entered into a Fourth Amendment to Note Purchase and Private Shelf Agreement (the “Fourth Amendment”) by and among the Company, Prudential and other holders of the notes which also amends the Note Purchase Facility. The Fourth Amendment extends the issuance period in which the Company may issue and sell, and Prudential may consider in its sole discretion the purchase of, in one or a series of transactions, additional senior unsecured notes of the Company (the “Shelf Note”), in an aggregate principal amount of up to $150 million under the Note Purchase Facility. The Shelf Notes may be issued through November 1, 2025, unless either party terminates such issuance right.	Amendments to Note Purchase and Private Shelf AgreementOn September 30, 2022, the Company entered into a Third Amendment to Note Purchase and Private Shelf Agreement (the “Third Amendment”) by and among the Company, PGIM, Inc. (“Prudential”) and other holders of the notes. The Third Amendment modifies certain provisions of the Note Purchase and Private Shelf Agreement dated as of August 14, 2017 by and among the Company, Prudential and the noteholders party thereto, as amended (collectively as amended by the Amendment, the“Note Purchase Facility”) and conforms certain representations, warranties and covenants with the 2022 Senior Credit Facility.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021	Sep. 25, 2021
Derivative [Line Items]
Senior Notes	$ 638,876	$ 637,844	$ 637,500
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value	0	0	795
Cash Flow Hedge Derivative Instrument Assets at Fair Value	16,537	1,809	0
Bonds
Derivative [Line Items]
Long-term Debt, Fair Value	$ 492,902	$ 614,881	$ 628,654

Interest Rate Swaps Schedule of

Interest Rate Swaps Schedule of Changes in AOCI Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 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	$ 3,150	$ 206	10,953	$ 2,651
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 12,298	$ (592)	$ 12,298	$ (592)

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) - $ / shares								3 Months Ended		9 Months Ended
	Nov. 02, 2022	Aug. 04, 2022	May 10, 2022	Jan. 26, 2022	Aug. 04, 2021	May 05, 2021	Jan. 27, 2021	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 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	$ 0.92	$ 0.52	$ 0.52	$ 0.52	$ 0.92	$ 0.52	$ 2.76	$ 1.56

Capital Stock and Dividends (De

Capital Stock and Dividends (Details) - $ / shares								3 Months Ended		9 Months Ended
	Nov. 02, 2022	Aug. 04, 2022	May 10, 2022	Jan. 26, 2022	Aug. 04, 2021	May 05, 2021	Jan. 27, 2021	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.92	$ 0.92	$ 0.92	$ 0.92	$ 0.52	$ 0.52	$ 0.52	$ 0.92	$ 0.52	$ 2.76	$ 1.56

Treasury Stock (Details)

Treasury Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 24, 2022	Jun. 25, 2022	Mar. 26, 2022	Sep. 25, 2021	Jun. 26, 2021	Mar. 27, 2021	Sep. 24, 2022	Sep. 25, 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	$ 1,740,000						$ 1,740,000
Total number of shares repurchased	638			744			2,938	3,462
Average price paid per share	$ 193.70			$ 190.03			$ 206.95	$ 172.73
Total cash paid for share repurchases	$ 123,626	$ 188,210	$ 296,180	$ 141,259	$ 203,305	$ 253,409	$ 608,016	$ 597,973
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		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	22%	22.90%	22.50%	21.90%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Sep. 24, 2022	Dec. 25, 2021	Sep. 25, 2021
Property, Plant and Equipment [Table]
Letters of Credit Outstanding, Amount	$ 55.8	$ 52.9	$ 46.5
Maumelle, AR DC [Member]
Contractual Obligation	94.3
Navarre, OH DC
Contractual Obligation	$ 20.5

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Livestock and Pet
Revenue from External Customer [Line Items]
Percentage of sales	54%	49%	51%	48%
Hardware, Tools and Truck [Member]
Revenue from External Customer [Line Items]
Percentage of sales	19%	22%	19%	21%
Seasonal, Gift and Toy Products [Member]
Revenue from External Customer [Line Items]
Percentage of sales	18%	19%	20%	21%
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	4%	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
	Sep. 24, 2022 segment
Segment Reporting [Abstract]
Number of Reportable Segments	1

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 24, 2022	Nov. 02, 2022	Oct. 12, 2022	Feb. 19, 2016
Subsequent Events [Abstract]
Senior credit facility, maximum borrowing capacity				$ 500
Debt instrument, basis spread on variable rate	0.125%
Subsequent Event [Line Items]
Shelf Note - Amount		$ 150
Orscheln Distribution Center and Headquarters
Subsequent Events [Abstract]
Disposal Group, Including Discontinued Operation, Consideration			$ 10
Subsequent Event [Line Items]
Disposal Group, Including Discontinued Operation, Consideration			$ 10